# EDGAR Filing Document

**Accession Number:** 0001288403
**File Stem:** 0001104659-23-007692
**Filing Date:** 2023-1
**Character Count:** 505513
**Document Hash:** 66da3998be45e3d6aff299ac31e658eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-007692.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001104659-23-007692

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230127

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Termination of a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** W&T OFFSHORE INC
- **CENTRAL INDEX KEY:** 0001288403
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **IRS NUMBER:** 721121985
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32414
- **FILM NUMBER:** 23565154

**BUSINESS ADDRESS:**
- **STREET 1:** 5718 WESTHEIMER RD
- **STREET 2:** SUITE 700
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77057-5745
- **BUSINESS PHONE:** 713-626-8525

**MAIL ADDRESS:**
- **STREET 1:** 5718 WESTHEIMER RD
- **STREET 2:** SUITE 700
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77057-5745

?xml version="1.0" encoding="utf-8"?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** 

_____________

**FORM 8-K**

**Current Report** **Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):**January 27, 2023**

**W&T Offshore, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Texas** | **1-32414** | &nbsp;&nbsp;**72-1121985** |
| &nbsp;&nbsp;(State or other jurisdiction of incorporation) | &nbsp;&nbsp;(Commission File Number) | &nbsp;&nbsp;(I.R.S. Employer Identification No.) |

---

**5718 Westheimer Road, Suite 700**

 **Houston, Texas 77057**

(Address of Principal Executive Offices)

**(713) 626-8525**

(Registrant's Telephone Number, Including Area Code)

**Not Applicable**

(Former Name or Former Address, If Changed Since Last Report)

_____________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading Symbol** | &nbsp;&nbsp;**Name of each exchange on which registered** |
| &nbsp;&nbsp;Common Stock, par value $0.00001 | &nbsp;&nbsp;WTI | &nbsp;&nbsp;New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

**Item 1.01 Entry into a Material Definitive Agreement.**

***Indenture***

On January 27, 2023 (the "Closing Date"), W&T Offshore, Inc. (the "Company") issued and sold $275 million in aggregate principal amount of its 11.750% senior second lien notes due 2026 (the "Notes") pursuant to a Purchase Agreement, dated January 12, 2023, by and among the Company, W & T Energy VI, LLC, W & T Energy VII, LLC, as subsidiary guarantors, and Morgan Stanley & Co. LLC, as initial purchaser.

On the Closing Date, the Company entered into an indenture (the "Indenture") by and among the Company, W & T Energy VI, LLC, W & T Energy VII, LLC, Aquasition III LLC, Aquasition IV LLC, Aquasition V LLC, Green Hell LLC, Seaquester LLC and Seaquestration LLC (collectively, the "Guarantors"), and Wilmington Trust, National Association, as trustee (in such capacity, the "Trustee"), which governs the terms of the Notes. The Notes mature on February 1, 2026. Interest is payable on the Notes on each February 1 and August 1, commencing August 1, 2023.

The Notes are secured by second-priority liens on the same collateral that secures the Company's revolving credit facility (the "Credit Facility"); provided, however, that pursuant to the terms of the Intercreditor Agreement (as defined below), the security interest in such collateral that secures the Notes and the related guarantees will be contractually subordinated to liens thereon that secure the Credit Facility and certain other permitted priority lien obligations. Consequently, the Notes and the guarantees will be effectively subordinated to the Credit Facility and such other permitted priority lien obligations that the Company may issue in the future to the extent of the value of such collateral.

Prior to August 1, 2024, the Company may redeem all or any portion of the Notes at a redemption price equal to 100% of the principal amount of the outstanding Notes plus accrued and unpaid interest, if any, to the redemption date, plus the "Applicable Premium" (as defined in the Indenture). In addition, prior to August 1, 2024, the Company may, at its option, on one or more occasions redeem up to 35% of the aggregate original principal amount of the Notes in an amount not greater than the net cash proceeds from certain equity offerings at a redemption price of 111.750% of the principal amount of the outstanding Notes plus accrued and unpaid interest, if any, to the redemption date.

On and after August 1, 2024, the Company may redeem the Notes, in whole or in part, at redemption prices (expressed as percentages of the principal amount thereof) equal to 105.875% for the 12-month period beginning August 1, 2024, and 100.000% on August 1, 2025 and thereafter, plus accrued and unpaid interest, if any, to the redemption date. The Notes are guaranteed by the Guarantors.

The Indenture includes a number of covenants that, among other things, limit the Company's ability and the ability of its Restricted Subsidiaries (as defined in the Indenture), including the Guarantors, to (i) make investments; (ii) incur additional indebtedness or issue certain types of preferred stock; (iii) create certain liens; (iv) sell assets; (v) enter into agreements that restrict dividends or other payments from the Company's subsidiaries to the Company; (vi) consolidate, merge or transfer all or substantially all of the assets of the Company; (vii) engage in transactions with affiliates; (viii) pay dividends or make other distributions on capital stock or subordinated indebtedness; and (ix) create subsidiaries that would not be restricted by the covenants of the Indenture. These covenants are subject to important exceptions and qualifications set forth in the Indenture. In addition, most of the above-described covenants will terminate if both S&P Global Ratings, a division of S&P Global Inc., and Moody's Investors Service, Inc. assign the Notes an investment grade rating and no default exists with respect to the Notes.

The Indenture provides for customary events of default, which include (subject in certain cases to customary grace and cure periods) nonpayment of principal or interest; breach of other agreements in the Indenture; defaults in failure to pay certain other indebtedness; the failure to pay certain final judgments against the Company or its Restricted Subsidiaries; the failure of certain guarantees to be enforceable; and certain events of bankruptcy or insolvency.

The foregoing description of the Indenture is qualified in its entirety by reference to the full text of the Indenture and the form of the Notes, copies of which are filed as Exhibits 4.1 and 4.2, respectively, to this report and is incorporated herein by reference.

***Joinder to the Intercreditor Agreement***

On January 27, 2023, the Trustee entered into a Priority Confirmation Joinder to the Intercreditor Agreement, dated as of May 11, 2015, as amended, between Alter Domus (US) LLC, as priority lien agent for the priority lien secured parties, and Wilmington Trust, National Association, as second lien collateral trustee for the second lien secured parties (the "Intercreditor Agreement"), which was acknowledged and agreed by Alter Domus (US) LLC and the Company to govern the relationship of the holders of the Notes, the holders of any other parity lien obligations that the Company may issue in the future, the lenders under the Credit Facility and holders of other priority lien obligations that the Company may issue in the future, with respect to collateral and certain other matters (the "Priority Confirmation Joinder").

The foregoing description of the Priority Confirmation Joinder is qualified in its entirety by reference to the full text of the Priority Confirmation Joinder, a copy of which is filed as Exhibit 10.1 to this report and is incorporated herein by reference.

**Item 1.02 Termination of a Material Definitive Agreement.** 

On January 27, 2023, the Company deposited the net proceeds from the offering of the Notes, together with cash on hand, with the trustee under the indenture governing the Company's outstanding 9.75% Senior Second Lien Notes due 2023 (the "Existing Notes") as trust funds in an amount sufficient to redeem all of the outstanding Existing Notes. In connection therewith, the Company irrevocably instructed such trustee to apply the trust funds toward the redemption of the Existing Notes on February 8, 2023, and elected to satisfy and discharge the Indenture, dated as of October 18, 2018, by and among the Company, the guarantors party thereto and Wilmington Trust, National Association, as trustee (the "Existing Notes Indenture"), which governs the Existing Notes. The trustee acknowledged such discharge and satisfaction. As a result, the Company and the guarantors of the Existing Notes have been released from their remaining obligations under the Existing Notes Indenture.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

The information included in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03 of this Current Report on Form 8-K.

**Item 7.01 Regulation FD Disclosure.**

On January 30, 2023, the Company issued a press release announcing the closing of the Notes offering and satisfaction and discharge of the Existing Notes Indenture. A copy of this press release is filed as Exhibit 99.1 to this report and is incorporated by reference into this Item 7.01 of this Current Report on Form 8-K.

The press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. The Notes have not been registered under the Securities Act or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws.

The information in this Item 7.01 of this report is being "furnished" pursuant to General Instruction B.2 of Form 8-K and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any Company filing, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

**9.01 Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| [4.1\*](tm234570d1_ex4-1.htm) | [Indenture, dated as of January 27, 2023, by and among W&T Offshore, Inc., the guarantors party thereto and Wilmington Trust, National Association, as trustee.](tm234570d1_ex4-1.htm) |
| [4.2](tm234570d1_ex4-1.htm) | [Form of 11.750% Senior Second Lien Note due 2026 (included in Exhibit 4.1 hereto).](tm234570d1_ex4-1.htm) |
| [10.1](tm234570d1_ex10-1.htm) | [Priority Confirmation Joinder, dated as of January 27, 2023, to the Intercreditor Agreement, by Wilmington Trust, National Association, as Second Lien Collateral Trustee.](tm234570d1_ex10-1.htm) |
| [99.1](tm234570d1_ex99-1.htm) | [Press release dated January 30, 2023.](tm234570d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

\* Certain schedules and similar attachments have been omitted. The Company agrees to furnish a supplemental copy of any omitted schedule or attachment to the Securities and Exchange Commission upon request.

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: January 30, 2023 | **W&T OFFSHORE, INC.** | **W&T OFFSHORE, INC.** |
|  | (Registrant) | (Registrant) |
|  | By: | /s/ Jonathan Curth |
|  | Name: | Jonathan Curth |
|  | Title: | Executive Vice President, General Counsel and Corporate Secretary |

---

## Exhibit 4.1

**Exhibit 4.1**

**Execution Version**

**W&T OFFSHORE, INC.**

**AND EACH OF THE GUARANTORS PARTY HERETO**

**11.750% SENIOR SECOND LIEN NOTES DUE 2026**

**INDENTURE**

**Dated as of January 27, 2023**

**Wilmington Trust, National Association**

**Trustee**

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
| **<u>Page</u>** | **<u>Page</u>** | **<u>Page</u>** |
| **Article 1** | **Article 1** | **Article 1** |
| **DEFINITIONS AND INCORPORATION** | **DEFINITIONS AND INCORPORATION** | **DEFINITIONS AND INCORPORATION** |
| **BY REFERENCE** | **BY REFERENCE** | **BY REFERENCE** |
| Section 1.01 | Definitions | 1 |
| Section 1.02 | Other Definitions | 35 |
| Section 1.03 | Rules of Construction | 36 |
| **Article 2** | **Article 2** | **Article 2** |
| **THE NOTES** | **THE NOTES** | **THE NOTES** |
| Section 2.01 | Form and Dating | 36 |
| Section 2.02 | Execution and Authentication | 37 |
| Section 2.03 | Registrar and Paying Agent | 37 |
| Section 2.04 | Paying Agent to Hold Money in Trust | 38 |
| Section 2.05 | Holder Lists | 38 |
| Section 2.06 | Transfer and Exchange | 38 |
| Section 2.07 | Replacement Notes | 48 |
| Section 2.08 | Outstanding Notes | 48 |
| Section 2.09 | Treasury Notes | 48 |
| Section 2.10 | Temporary Notes | 49 |
| Section 2.11 | Cancellation | 49 |
| Section 2.12 | Defaulted Interest | 49 |
| **Article 3** | **Article 3** | **Article 3** |
| **REDEMPTION AND PREPAYMENT** | **REDEMPTION AND PREPAYMENT** | **REDEMPTION AND PREPAYMENT** |
| Section 3.01 | Notices to Trustee | 49 |
| Section 3.02 | Selection of Notes to Be Redeemed or Purchased | 50 |
| Section 3.03 | Notice of Redemption | 50 |
| Section 3.04 | Effect of Notice of Redemption | 51 |
| Section 3.05 | Deposit of Redemption or Purchase Price | 51 |
| Section 3.06 | Notes Redeemed or Purchased in Part | 51 |
| Section 3.07 | Optional Redemption | 51 |
| Section 3.08 | Mandatory Redemption | 53 |
| Section 3.09 | Offer to Purchase by Application of Excess Proceeds | 53 |
| **Article 4** | **Article 4** | **Article 4** |
| **COVENANTS** | **COVENANTS** | **COVENANTS** |
| Section 4.01 | Payment of Notes | 54 |
| Section 4.02 | Maintenance of Office or Agency | 55 |
| Section 4.03 | Reports | 55 |
| Section 4.04 | Compliance Certificate | 56 |
| Section 4.05 | Taxes | 57 |
| Section 4.06 | Stay, Extension and Usury Laws | 57 |
| Section 4.07 | Corporate Existence | 57 |
| Section 4.08 | Restricted Payments | 57 |
| Section 4.09 | Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries | 61 |
| Section 4.10 | Incurrence of Indebtedness and Issuance of Preferred Stock | 63 |
| Section 4.11 | Asset Sales | 67 |
| Section 4.12 | Transactions with Affiliates | 69 |

---

i

---

| | | |
|:---|:---|:---|
| Section 4.13 | Liens | 71 |
| Section 4.14 | Offer to Repurchase Upon Change of Control | 71 |
| Section 4.15 | Designation of Restricted and Unrestricted Subsidiaries | 73 |
| Section 4.16 | Additional Note Guarantees and Collateral | 74 |
| Section 4.17 | Termination of Covenants | 75 |
| **Article 5** | **Article 5** | **Article 5** |
| **SUCCESSORS** | **SUCCESSORS** | **SUCCESSORS** |
| Section 5.01 | Merger, Consolidation, or Sale of Assets | 76 |
| Section 5.02 | Successor Corporation Substituted | 77 |
| **Article 6** | **Article 6** | **Article 6** |
| **DEFAULTS AND REMEDIES** | **DEFAULTS AND REMEDIES** | **DEFAULTS AND REMEDIES** |
| Section 6.01 | Events of Default | 77 |
| Section 6.02 | Acceleration | 79 |
| Section 6.03 | Other Remedies | 80 |
| Section 6.04 | Waiver of Past Defaults | 80 |
| Section 6.05 | Control by Majority | 80 |
| Section 6.06 | Limitation on Suits | 80 |
| Section 6.07 | Rights of Holders of Notes to Receive Payment | 80 |
| Section 6.08 | Collection Suit by Trustee | 81 |
| Section 6.09 | Trustee May File Proofs of Claim | 81 |
| Section 6.10 | Priorities | 81 |
| Section 6.11 | Undertaking for Costs | 82 |
| **Article 7** | **Article 7** | **Article 7** |
| **TRUSTEE** | **TRUSTEE** | **TRUSTEE** |
| Section 7.01 | Duties of Trustee | 82 |
| Section 7.02 | Rights of Trustee | 83 |
| Section 7.03 | Individual Rights of Trustee | 84 |
| Section 7.04 | Trustee's Disclaimer | 84 |
| Section 7.05 | Notice of Defaults | 84 |
| Section 7.06 | Compensation and Indemnity | 84 |
| Section 7.07 | Replacement of Trustee | 85 |
| Section 7.08 | Successor Trustee by Merger, etc. | 86 |
| Section 7.09 | Eligibility; Disqualification | 86 |
| **Article 8** | **Article 8** | **Article 8** |
| **LEGAL DEFEASANCE AND COVENANT DEFEASANCE** | **LEGAL DEFEASANCE AND COVENANT DEFEASANCE** | **LEGAL DEFEASANCE AND COVENANT DEFEASANCE** |
| Section 8.01 | Option to Effect Legal Defeasance or Covenant Defeasance | 86 |
| Section 8.02 | Legal Defeasance and Discharge | 86 |
| Section 8.03 | Covenant Defeasance | 87 |
| Section 8.04 | Conditions to Legal or Covenant Defeasance | 87 |
| Section 8.05 | Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions | 89 |
| Section 8.06 | Repayment to Company | 89 |
| Section 8.07 | Reinstatement | 89 |
| **Article 9** | **Article 9** | **Article 9** |
| **AMENDMENT, SUPPLEMENT AND WAIVER** | **AMENDMENT, SUPPLEMENT AND WAIVER** | **AMENDMENT, SUPPLEMENT AND WAIVER** |
| Section 9.01 | Without Consent of Holders of Notes | 90 |

---

ii

---

| | | |
|:---|:---|:---|
| Section 9.02 | With Consent of Holders of Notes | 91 |
| Section 9.03 | Revocation and Effect of Consents | 92 |
| Section 9.04 | Notation on or Exchange of Notes | 92 |
| Section 9.05 | Trustee to Sign Amendments, etc. | 93 |
| **Article 10** | **Article 10** | **Article 10** |
| **NOTE GUARANTEES** | **NOTE GUARANTEES** | **NOTE GUARANTEES** |
| Section 10.01 | Guarantee | 93 |
| Section 10.02 | Limitation on Guarantor Liability | 94 |
| Section 10.03 | Execution and Delivery of Note Guarantee | 94 |
| Section 10.04 | Guarantors May Consolidate, etc., on Certain Terms | 95 |
| Section 10.05 | Releases | 95 |
| **Article 11** | **Article 11** | **Article 11** |
| **SATISFACTION AND DISCHARGE** | **SATISFACTION AND DISCHARGE** | **SATISFACTION AND DISCHARGE** |
| Section 11.01 | Satisfaction and Discharge | 96 |
| Section 11.02 | Application of Trust Money | 97 |
| **Article 12** | **Article 12** | **Article 12** |
| **MISCELLANEOUS** | **MISCELLANEOUS** | **MISCELLANEOUS** |
| Section 12.01 | Notices | 97 |
| Section 12.02 | Certificate and Opinion as to Conditions Precedent | 98 |
| Section 12.03 | Statements Required in Certificate or Opinion | 99 |
| Section 12.04 | Rules by Trustee and Agents | 99 |
| Section 12.05 | No Personal Liability of Directors, Officers, Employees and Stockholders | 99 |
| Section 12.06 | Governing Law | 99 |
| Section 12.07 | No Adverse Interpretation of Other Agreements | 99 |
| Section 12.08 | Successors | 99 |
| Section 12.09 | Severability | 100 |
| Section 12.10 | Counterpart Originals | 100 |
| Section 12.11 | **Table of Contents**, Headings, etc. | 100 |
| Section 12.12 | WAIVER OF JURY TRIAL; Jurisdiction | 100 |
| **Article 13** | **Article 13** | **Article 13** |
| **COLLATERAL AND SECURITY** | **COLLATERAL AND SECURITY** | **COLLATERAL AND SECURITY** |
| Section 13.01 | Security Interest | 101 |
| Section 13.02 | Concerning the Trustee | 101 |
| Section 13.03 | Authorization of Actions to be Taken | 102 |
| Section 13.04 | Post-Issue Date Collateral Requirements | 103 |
| Section 13.05 | Intercreditor Agreement | 104 |
| Section 13.06 | Collateral Trust Agreement | 104 |
| Section 13.07 | Release of Liens in Respect of Notes | 104 |
| Section 13.08 | Additional Indebtedness | 105 |

---

---

| | |
|:---|:---|
| **Schedule I** | Mortgaged Properties |
| **Exhibit A** | Form of Note |
| **Exhibit B** | Form of Certificate of Transfer |
| **Exhibit C** | Form of Certificate of Exchange |
| **Exhibit D** | Form of Certificate from Acquiring Institutional Accredited Investor |
| **Exhibit E** | Form of Supplemental Indenture to be Delivered by Subsequent Guarantors |

---

iii

INDENTURE dated as of January 27, 2023 among W&T Offshore, Inc., a Texas corporation, the Guarantors (as defined) and Wilmington Trust, National Association, a national banking association, as trustee.

The Company, the Guarantors (as defined) and the Trustee (as defined) agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined) of the 11.750% Senior Second Lien Notes due 2026 (collectively with any Additional Notes which may be issued under this Indenture, the "*Notes*"):

Article 1<br> DEFINITIONS AND INCORPORATION<br> BY REFERENCE

Section 1.01 *Definitions*.

"*144A Global Note*" means a Global Note substantially in the form of <u>Exhibit A</u> bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will initially be issued in a denomination equal to the outstanding principal amount of the Notes sold or exchanged in reliance on Rule 144A.

"*Acquired Debt*" means, with respect to any specified Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Indebtedness of any other Person existing
 at the time such other Person is merged with or into or became a Subsidiary of such specified
 Person, whether or not such Indebtedness is incurred in connection with, or in contemplation
 of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such
 specified Person, but excluding Indebtedness which is extinguished, retired or repaid in
 connection with such Person merging with or becoming a Subsidiary of such specified Person;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Indebtedness secured by a Lien encumbering
 any asset acquired by such specified Person.

"*Additional Assets*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any assets that are not classified as
 current assets under GAAP and that are used or useful in the Oil and Gas Business, other
 than Indebtedness or Capital Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Capital Stock of a Person that becomes
 a Restricted Subsidiary as a result of the acquisition of such Capital Stock by the Company
 or any of its Restricted Subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)* Capital Stock constituting a minority
 interest in any Person that at such time is a Restricted Subsidiary;

*provided, however,* that any such Restricted Subsidiary described in clause (2) or (3) is primarily engaged in the Oil and Gas Business.

"*Additional Notes*" means additional Notes (other than the Initial Notes) issued from time to time under this Indenture in accordance with <u>Section 2.02</u> and <u>4.10</u>, as part of the same series as the Initial Notes.

"*Additional Secured Debt Designation*" means the written agreement of the holders of any Series of Parity Lien Debt or their Parity Lien Representative, as set forth in the indenture, credit agreement or other agreement governing such Series of Parity Lien Debt, for the benefit of all holders of each existing and future Series of Parity Lien Debt, the Collateral Trustee and each existing and future holder of Parity Liens or Parity Lien Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) that all Parity Lien Obligations will
 be and are secured equally and ratably by all Parity Liens at any time granted by the Company
 or any Guarantor to secure any Obligations in respect of such Series of Parity Lien
 Debt, whether or not upon property otherwise constituting collateral for such Series of
 Parity Lien Debt, and that all such Parity Liens will be enforceable by the Collateral Trustee
 for the benefit of all holders of Parity Lien Obligations equally and ratably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) that the holders of Obligations in respect
 of such Series of Parity Lien Debt are bound by the provisions of the Collateral Trust
 Agreement and the Intercreditor Agreement, including the provisions relating to the ranking
 of Parity Liens and the order of application of proceeds from the enforcement of Parity Liens;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) consenting to and directing the Collateral
 Trustee to perform its obligations under the Collateral Trust Agreement, the Intercreditor
 Agreement and the other Security Documents establishing Parity Liens.

"*Adjusted Consolidated Net Tangible Assets*" means (without duplication), as of the date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) discounted future net revenue from proved
 crude oil and natural gas reserves of the Company and its Restricted Subsidiaries calculated
 in accordance with SEC guidelines before any state or federal income taxes, as estimated
 (including any share of proved reserves attributed to oil and gas assets proportionately
 consolidated into the consolidated financial statements of the Company from any Joint Venture)
 in a Reserve Report prepared as of the end of the fiscal year ending at least 91 days
 prior to the date of determination (or as of June 30 ending at least 45 days prior
 to the date of determination, if the Company elects to prepare a mid-year Reserve Report)
 as *increased by*, as of the date of determination, the discounted future net revenue
 of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) estimated proved crude oil and natural
 gas reserves of the Company and its Restricted Subsidiaries attributable to acquisitions
 consummated since the date of such Reserve Report, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) estimated crude oil and natural gas reserves
 of the Company and its Restricted Subsidiaries attributable to extensions, discoveries and
 other additions and upward determinations of estimates of proved crude oil and natural gas
 reserves (including previously estimated development costs incurred during the period and
 the accretion of discount since the prior period end) due to exploration, development or
 exploitation, production or other activities which reserves were not reflected in such Reserve
 Report which would, in accordance with standard industry practice, result in such determinations,
 in each case calculated in accordance with SEC guidelines (including utilizing the prices
 under SEC guidelines applicable to a Reserve Report as of its date),

and decreased by, as of the date of determination, the discounted future net revenue attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) estimated proved crude oil and natural
 gas reserves of the Company and its Restricted Subsidiaries reflected in such Reserve Report
 produced or disposed of since the date of such Reserve Report, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reductions in the estimated oil and natural
 gas reserves of the Company and its Restricted Subsidiaries reflected in such Reserve Report
 since the date of such Reserve Report attributable to downward determinations of estimates
 of proved crude oil and natural gas reserves due to exploration, development or exploitation,
 production or other activities conducted or otherwise occurring since the date of such Reserve
 Report which would, in accordance with standard industry practice, result in such determinations,
 in each case calculated in accordance with SEC guidelines (including utilizing the prices
 under SEC guidelines applicable to a Reserve Report as of its date);

*provided, however,* that, in the case of each of the determinations made pursuant to clauses (i) through (iv), such increases and decreases shall be estimated by the Company's engineers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the capitalized costs that are attributable
 to crude oil and natural gas properties of the Company and its Restricted Subsidiaries to
 which no proved crude oil and natural gas reserves are attributable, based on the Company's
 books and records as of a date no earlier than the date of the Company's latest available
 annual or quarterly financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Net Working Capital (excluding, to the extent
 included in the determination of discounted future net revenues under clause (1)(a) above,
 any adjustments made pursuant to FASB ASC Topic 410-20 as of a date no earlier than the date
 of the Company's latest available annual or quarterly financial statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the greater of (i) the net book value
 as of a date no earlier than the date of the Company's latest available annual or quarterly
 financial statements and (ii) the Fair Market Value, as estimated by the Company, of
 other tangible assets of the Company and its Restricted Subsidiaries (including, without
 limitation, its proportionate share of other tangible assets proportionately consolidated
 into the consolidated financial statements of the Company from any oil and gas Joint Venture)
 as of a date no earlier than the date of the Company's latest available annual or quarterly
 financial statements (it being understood that the Company shall not be required to obtain
 such an appraisal of any assets); *minus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Minority Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any net natural gas balancing liabilities
 of the Company and its Restricted Subsidiaries reflected in the Company's latest audited
 financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent included in clause (1)(a) above,
 the discounted future net revenue, calculated in accordance with SEC guidelines (including
 utilizing the same prices in the Company's Reserve Report used for this definition),
 attributable to reserves subject to participation interests, overriding royalty interests
 or other interests of third parties, pursuant to participation, partnership, vendor financing
 or other agreements then in effect, or which otherwise are required to be delivered to third
 parties (excluding any interests subject to escrow arrangements in connection with financial
 assurance requirements for plugging and abandonment obligations of the Company and its Restricted
 Subsidiaries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent included in clause (1)(a) above,
 the discounted future net revenue calculated in accordance with SEC guidelines (including
 utilizing the same prices in the Company's Reserve Report used for this definition),
 attributable to reserves that are required to be delivered to third parties to fully satisfy
 the obligations of the Company and its Restricted Subsidiaries with respect to Volumetric
 Production Payments on the schedules specified with respect thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the discounted future net revenue, calculated
 in accordance with SEC guidelines, attributable to reserves subject to Dollar-Denominated
 Production Payments that, based on the estimates of production included in determining the
 discounted future net revenue specified in the immediately preceding clause (1)(a) (utilizing
 the same prices in the Company's Reserve Report used for this definition), would be
 necessary to satisfy fully the obligations of the Company and its Restricted Subsidiaries
 with respect to Dollar-Denominated Production Payments on the schedules specified with respect
 thereto.

If the Company changes its method of accounting from the full cost method to the successful efforts method or a similar method of accounting, "Adjusted Consolidated Net Tangible Assets" will continue to be calculated as if the Company were still using the full cost method of accounting.

"*Affiliate*" of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, "*control*," as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms "*controlling,*" "*controlled by*" and "*under common control with*" have correlative meanings.

"*Agent*" means the Custodian, any Registrar or Paying Agent.

"*Applicable Premium*" means, with respect to a Note at any redemption date, the excess of (1) the present value at such time of (a) redemption price of such Note as of August 1, 2024 (without regard to accrued and unpaid interest) plus (b) all required interest payments due on such Note through August 1, 2024 (excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate plus 50 basis points, over (2) the principal amount of such Note. The Trustee shall have no obligation to calculate or verify the calculation of the Applicable Premium.

"*Applicable Procedures*" means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange.

"*ASC*" means Accounting Standards Codification.

"*Asset Sale*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the sale, lease, conveyance or other disposition
 of any assets (including by way of a Production Payment and Reserve Sale or a Sale Leaseback
 Transaction); *provided* that the sale, lease, conveyance or other disposition of all
 or substantially all of the assets of the Company and its Restricted Subsidiaries taken as
 a whole will be governed by <u>Section 4.14</u> and/or <u>5.01</u> and not by the provisions
 of <u>Section 4.11</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the issuance of Equity Interests in any
 of the Company's Restricted Subsidiaries or the sale of Equity Interests held by the
 Company or any of its Subsidiaries in any of its other Subsidiaries.

Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any single transaction or series of related
 transactions that involves assets having a Fair Market Value of less than $40.0 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a transfer of assets between or among
 the Company and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an issuance of Equity Interests by a Restricted
 Subsidiary of the Company to the Company or to a Restricted Subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the disposition of products, services,
 inventory or accounts receivable in the ordinary course of business and any sale or other
 disposition of damaged, worn-out or obsolete assets in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the sale or other disposition of cash
 or Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a Restricted Payment that does not violate <u>Section 4.08</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Permitted Investments, including, without
 limitation, unwinding Hedging Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a disposition of Hydrocarbons or mineral
 products inventory in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sale or other disposition (whether
 or not in the ordinary course of business) of crude oil and natural gas properties or direct
 or indirect interests in real property; *provided*, that at the time of such sale or
 disposition such properties do not have associated with them any proved reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the farm-out, lease or sublease of developed
 or undeveloped crude oil or natural gas properties owned or held by the Company or such Restricted
 Subsidiary in the ordinary course of business or which are usual and customary in the Oil
 and Gas Business generally or in the geographic region in which such activities occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any trade or exchange by the Company or
 any Restricted Subsidiaries of oil and gas properties or other properties or assets for oil
 and gas properties or other properties or assets owned or held by another Person, *provided* that the fair market value of the properties or assets traded or exchanged by the Company
 or such Restricted Subsidiary (together with any cash) is reasonably equivalent to the fair
 market value of the properties or assets (together with any cash) to be received by the Company
 or such Restricted Subsidiary, and *provided further* that any net cash received must
 be applied in accordance with the provisions described in <u>Section 4.11</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the creation or perfection of a Lien (but
 not, except to the extent contemplated in clause (m) below, the sale or other disposition
 of the properties or assets subject to such Lien);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the creation or perfection of a Permitted
 Lien and the exercise by any Person in whose favor a Permitted Lien is granted of any of
 its rights in respect of that Permitted Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the licensing or sublicensing of intellectual
 property, including, without limitation, licenses for seismic data, in the ordinary course
 of business and which do not materially interfere with the business of the Company and its
 Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) a surrender or waiver of contract rights
 or the settlement, release or surrender of contract, tort or other claims of any kind; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any Production Payments and Reserve Sales; *provided* that any such Production Payments and Reserve Sales, other than incentive
 compensation programs on terms that are reasonably customary in the Oil and Gas Business
 for geologists, geophysicists and other providers of technical services to the Company or
 a Restricted Subsidiary, (i) shall have been created, incurred, issued, assumed or guaranteed
 in connection with the financing of, and within 90 days after the acquisition of, the
 property that is subject thereto or (ii) are in connection with partial or complete
 satisfaction of financial assurance requirements in connection with plugging and abandonment
 obligations of the Company and its Restricted Subsidiaries.

"*Attributable Debt*" means, on any date, in respect of any Capital Lease Obligation of any Person, the amount thereof that would appear as a liability on a balance sheet of such Person prepared as of such date in accordance with GAAP.

"*Banking Services*" means each and any of the following bank services provided to the Company or any Guarantor: (1) commercial credit cards, (2) stored value cards and (3) Treasury Management Arrangements (including controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services).

"*Banking Services Obligations*" means any and all obligations of the Company or any Guarantor, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with Banking Services.

"*Bankruptcy Law*" means Title 11, U.S. Code or any similar federal or state law for the relief of debtors.

"*Beneficial Owner*" has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular "person" (as that term is used in Section 13(d)(3) of the Exchange Act), such "person" will be deemed to have beneficial ownership of all securities that such "person" has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms "*Beneficial Ownership,*" "*Beneficially Owns*" and "*Beneficially Owned*" have a corresponding meaning.

"*Board of Directors*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) with respect to a corporation, the board
 of directors of the corporation or any committee thereof duly authorized to act on behalf
 of such board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) with respect to a partnership, the board
 of directors of the general partner of the partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) with respect to a limited liability company,
 the managing member or members or any controlling committee of managing members thereof;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) with respect to any other Person, the
 board or committee of such Person serving a similar function.

"*Borrowing Base*" means the maximum amount determined or re-determined by the lenders under the Credit Agreement as the aggregate lending value to be ascribed to the Oil and Gas Properties of the Company and its Restricted Subsidiaries against which such lenders are prepared to provide loans, letters of credit or other Indebtedness to the Company and the Restricted Subsidiaries under the Credit Agreement, using customary practices and standards for determining reserve-based borrowing base loans, which are generally applied by commercial lenders to borrowers in the Oil and Gas Business, as determined semi-annually and/or on such other occasions as may be provided for by the Credit Agreement, and which is based upon, *inter alia*, the review by such lenders of the hydrocarbon reserves, royalty interests and assets and liabilities of the Company and the Restricted Subsidiaries.

"*Building*" has the meaning assigned to such term in the applicable Flood Insurance Regulation; *provided* that, in no event shall the term "Building" include platforms and other structures located in state or federal waters offshore of the United States or other areas that are not subject to Flood Insurance Regulation.

"*Business Day*" means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York or another place of payment are authorized or required by law to close.

"*Capital Lease Obligation*" means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty; *provided* that all obligations of any Person that are or would have been treated as operating leases for purposes of GAAP prior to the issuance by the FASB on February 25, 2016 of an Accounting Standards Update (the "*ASU*") shall continue to be accounted for as operating leases for purposes of all financial definitions, covenants and calculations for purpose of this Indenture (whether or not such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective or retroactive basis or otherwise) to be treated as Capital Lease Obligations in the financial statements to be delivered pursuant to <u>Section 4.03</u>.

"*Capital Stock*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of a corporation, corporate
 stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of an association or business
 entity, any and all shares, interests, participations, rights or other equivalents (however
 designated) of corporate stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of a partnership or limited
 liability company, partnership interests (whether general or limited) or membership interests;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any other interest or participation that
 confers on a Person the right to receive a share of the profits and losses of, or distributions
 of assets of, the issuing Person, but excluding from all of the foregoing any debt securities
 convertible into Capital Stock, whether or not such debt securities include any right of
 participation with Capital Stock.

"*Cash Equivalents*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) United States dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) securities issued or directly and fully
 guaranteed or insured by the United States government or any agency or instrumentality of
 the United States government (provided that the full faith and credit of the United States
 is pledged in support of those securities) having maturities of not more than one year from
 the date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) marketable general obligations issued
 by any state of the United States of America or any political subdivision of any such state
 or any public instrumentality thereof maturing within one year from the date of acquisition
 thereof and, at the time of acquisition thereof, having a credit rating of "A"
 or better from either S&P or Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) certificates of deposit, demand deposit
 accounts and Eurodollar time deposits with maturities of one year or less from the date of
 acquisition, bankers' acceptances with maturities not exceeding one year and overnight
 bank deposits, in each case, with any domestic commercial bank having capital and surplus
 in excess of $500.0 million and a Thomson Bank Watch Rating of "B" or better;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) repurchase obligations with a term of
 not more than seven days for underlying securities of the types described in clauses (2),
 (3) and (4) above entered into with any financial institution meeting the qualifications
 specified in clause (4) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) commercial paper having one of the two
 highest ratings obtainable from Moody's or S&P and, in each case, maturing within
 nine months after the date of acquisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) money market funds at least 95% of the
 assets of which constitute Cash Equivalents of the kinds described in clauses (1) through
 (6) of this definition.

"*CFC*" means a "controlled foreign corporation" as defined in Section 957 of the Internal Revenue Code of 1986, as amended.

"*Change of Control*" means the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the direct or indirect sale, lease, transfer,
 conveyance or other disposition (other than by way of merger or consolidation), in one or
 a series of related transactions, of all or substantially all of the properties and assets
 of the Company and its Restricted Subsidiaries taken as a whole to any "person"
 (as that term is used in Section 13(d) of the Exchange Act) other than the Principals
 or a Related Party of the Principals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the adoption of a plan relating to the
 liquidation or dissolution of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the consummation of any transaction (including,
 without limitation, any merger or consolidation), the result of which is that any "person"
 (as defined above), other than the Principals or a Related Party of the Principals becomes
 the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the
 Company, measured by voting power rather than number of shares; *provided* that so long
 as the Company is a Subsidiary of any Parent Entity, no person shall be deemed to be or become
 a beneficial owner of more than 50% of the total voting power of the Voting Stock of the
 Company unless such person shall be or become a beneficial owner of more than 50% of the
 total voting power of the Voting Stock of such Parent Entity (other than a Parent Entity
 that is a Subsidiary of another Parent Entity).

Notwithstanding the preceding or any provision of Section 13d-3 of the Exchange Act, (i) a person or group shall not be deemed to beneficially own Voting Stock subject to a stock or asset purchase agreement, merger agreement, option agreement, warrant agreement or similar agreement (or voting or option or similar agreement related thereto) until the consummation of the acquisition of the Voting Stock in connection with the transactions contemplated by such agreement, (ii) a person or group will not be deemed to beneficially own the Voting Stock of another person as a result of its ownership of Voting Stock or other securities of such other person's parent entity (or related contractual rights) unless it owns 50% or more of the total voting power of the Voting Stock entitled to vote for the election of directors of such parent entity having a majority of the aggregate votes on the board of directors (or similar body) of such parent entity and (iii) the right to acquire Voting Stock (so long as such person does not have the right to direct the voting of the Voting Stock subject to such right) or any veto power in connection with the acquisition or disposition of Voting Stock will not cause a party to be a beneficial owner.

"*Clearstream*" means Clearstream Banking, S.A.

"*Collateral*" means all property of any kind (excluding any Building or Mobile Home) which is subject to a Lien in favor of the Collateral Trustee for the benefit of itself, the Trustee and the holders of Parity Lien Obligations or which under the terms of any Security Document is purported to be subject to such a Lien, subject, however, to the Intercreditor Agreement.

"*Collateral Disposition*" means any sale, transfer or other disposition (whether voluntary or involuntary) to the extent involving assets or other rights or property that constitute Collateral. The sale or issuance of Equity Interests in a Guarantor such that it thereafter is no longer a Guarantor shall be deemed to be a Collateral Disposition of the Collateral owned by such Guarantor.

"*Collateral Trust Agreement*" means the Collateral Trust Agreement, dated as of the Issue Date, among the Company, the Guarantors party thereto, the Collateral Trustee and the Trustee, as the same may be amended, supplemented, replaced (whether upon or after termination or otherwise) or otherwise modified from time to time.

"*Collateral Trustee*" means the collateral trustee for all holders of Parity Lien Obligations under the Collateral Trust Agreement. Wilmington Trust, National Association will initially serve as the Collateral Trustee.

"*Company*" means W&T Offshore, Inc., and any and all successors thereto.

"*Consolidated Cash Flow*" means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an amount equal to any extraordinary loss
 plus any net loss realized by such Person or any of its Restricted Subsidiaries in connection
 with an Asset Sale (together with any related provision for taxes and any related non-recurring
 charges relating to any premium or penalty paid, write-off of deferred financing costs or
 other financial recapitalization charges in connection with redeeming or retiring any Indebtedness
 prior to its Stated Maturity), to the extent such losses were deducted in computing such
 Consolidated Net Income; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) provision for taxes based on income or
 profits of such Person and its Restricted Subsidiaries for such period, to the extent that
 such provision for taxes was deducted in computing such Consolidated Net Income; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Fixed Charges of such Person and its
 Restricted Subsidiaries for such period, to the extent that such Fixed Charges were deducted
 in computing such Consolidated Net Income; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) depreciation, depletion, amortization
 (including amortization of intangibles but excluding amortization of prepaid cash expenses
 that were paid in a prior period), impairment and other non-cash expenses (excluding any
 such non-cash expense to the extent that it represents an accrual of or reserve for cash
 expenses in any future period or amortization of a prepaid cash expense that was paid in
 a prior period) of such Person and its Restricted Subsidiaries for such period to the extent
 that such depreciation, depletion, amortization, impairment and other non-cash expenses were
 deducted in computing such Consolidated Net Income; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) non-cash items increasing such Consolidated
 Net Income for such period, other than items that were accrued in the ordinary course of
 business; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) to the extent included in determining
 Consolidated Net Income, the sum of (a) the amount of deferred revenues that are amortized
 during such period and are attributable to reserves that are subject to Volumetric Production
 Payments and (b) amounts recorded in accordance with GAAP as repayments of principal
 and interest pursuant to Dollar-Denominated Production Payments,

in each case, on a consolidated basis and determined in accordance with GAAP.

"*Consolidated Net Income*" means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Net Income (but not loss) of any Person
 that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting
 will be included only to the extent of the amount of dividends or similar distributions paid
 in cash to the specified Person or a Restricted Subsidiary of the Person (except to the extent
 of the share of Net Income of any Joint Venture that is proportionately consolidated into
 the consolidated financial statements of the specified Person);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the cumulative effect of a change in accounting
 principles will be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) income resulting from transfers of assets
 (other than cash) between such Person or any of its Restricted Subsidiaries, on the one hand,
 and an Unrestricted Subsidiary, on the other hand, will be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any non-cash compensation charge arising
 from any grant of stock, stock options or other equity based awards will be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any asset impairment write-downs on oil
 and gas properties under GAAP or SEC guidelines will be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any unrealized non-cash gains or losses
 or charges in respect of hedge or non-hedge derivatives (including those resulting from the
 application of FASB ASC Topic 815) will be excluded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) to the extent deducted in the calculation
 of Net Income, any non-cash or nonrecurring charges associated with any premium or penalty
 paid, write-off of deferred financing costs or other financial recapitalization charges in
 connection with redeeming or retiring any Indebtedness prior to its Stated Maturity will
 be excluded.

"*Consolidated Net Worth*" means, with respect to any specified Person as of any date, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the consolidated equity of the common
 stockholders of such Person and its consolidated Subsidiaries as of such date; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the respective amounts reported on such
 Person's balance sheet as of such date with respect to any series of preferred stock
 (other than Disqualified Stock) that by its terms is not entitled to the payment of dividends
 unless such dividends may be declared and paid only out of net earnings in respect of the
 year of such declaration and payment, but only to the extent of any cash received by such
 Person upon issuance of such preferred stock.

"*Consolidated Secured Debt*" means, as of any date of determination, the aggregate principal amount of Indebtedness of the Company and its Restricted Subsidiaries outstanding on such date, determined on a consolidated basis in accordance with GAAP, consisting only of Indebtedness for borrowed money, Capital Lease Obligations and purchase money Indebtedness, in each case secured by a Lien; *provided* that Consolidated Secured Debt will not include undrawn amounts under revolving credit facilities and Indebtedness in respect of any (1) letters of credit, bank guarantees and performance, surety or similar bonds, except to the extent of obligations in respect of drawn standby letters of credit which have not been reimbursed within three Business Days and (2) Hedging Obligations.

"*Corporate Trust Office of the Trustee*" will be at the address of the Trustee specified in <u>Section 12.01</u> or such other address as to which the Trustee may give notice to the Company.

"*Credit Agreement*" means the Sixth Amended and Restated Credit Agreement, dated as of October 18, 2018, by and among the Company, as borrower, Alter Domus (US) LLC, as administrative agent, the various financial institutions and other Persons from time to time parties thereto as lenders and the issuers of letters of credit and other Persons from time to time parties thereto, including any related notes, Guarantees, collateral documents, instruments and agreements executed in connection therewith, and, in each case, as amended, restated, modified, renewed, refunded, replaced (whether upon or after termination or otherwise), supplemented or refinanced (including by means of sales of debt securities to investors issued pursuant to indentures) in whole or in part from time to time.

"*Credit Agreement Agent*" means, at any time, the Person serving at such time as the "Agent" or "Administrative Agent" under the Credit Agreement or any other representative then most recently designated in accordance with the applicable provisions of the Credit Agreement, together with its successors in such capacity.

"*Credit Facilities*" means, with respect to the Company or any of its Restricted Subsidiaries, one or more current or future debt facilities (including, without limitation, the Credit Agreement), indentures, or commercial paper facilities with banks, investment banks, insurance companies, trust companies, mutual funds, other lenders, investors or any of the foregoing providing for revolving credit loans, term loans, notes, debt securities, guarantees, receivables financing (including through the sale of receivables to such lenders, or to special purpose entities formed to borrow from (or sell such receivables to) such lenders against such receivables), letters of credit, bankers' acceptances, or other borrowings, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced (in each case, without limitation as to amount), in whole or in part, from time to time and any agreements and related documents governing Indebtedness or other Obligations incurred to refinance amounts then outstanding or permitted to be outstanding, (whether upon or after termination or otherwise) (including by means of sales of debt securities to investors) in whole or in part from time to time.

"*Custodian*" means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.

"*Customary Recourse Exceptions*" means, with respect to any Non-Recourse Debt of an Unrestricted Subsidiary, exclusions from the exculpation provisions with respect to such Non-Recourse Debt for the voluntary bankruptcy of such Unrestricted Subsidiary, fraud, misapplication of cash, environmental claims, waste, willful destruction and other circumstances customarily excluded by lenders from exculpation provisions or included in separate indemnification agreements in non-recourse financings.

"*Default*" means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

"*Definitive Note*" means a certificated Note registered in the name of the Holder thereof and issued in accordance with <u>Section 2.06</u>, substantially in the form of <u>Exhibit A</u> except that such Note shall not bear the Global Note Legend and shall not have the "Schedule of Exchanges of Interests in the Global Note" attached thereto.

"*Depositary*" means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in <u>Section 2.03</u> as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture.

"*Disqualified Stock*" means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature; *provided*, that only the portion of Capital Stock which so matures or is mandatorily redeemable, or is so redeemable at the option of the holder thereof prior to such date, will be deemed to be Disqualified Stock. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with <u>Section 4.08</u>. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Indenture will be the maximum amount that the Company and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends.

"*Dollar-Denominated Production Payments*" means production payment obligations recorded as liabilities in accordance with GAAP, together with all undertakings and obligations in connection therewith.

"*Domestic Subsidiary*" means any Restricted Subsidiary of the Company that was formed under the laws of the United States or any state of the United States or the District of Columbia.

"*Drilling Program*" means the exploration, drilling and development of identified drilling projects from Company-held leases and producing acreage in the Gulf of Mexico pursuant to the Contribution Agreement, dated as of February 23, 2018, between the Company and Monza Energy, LLC.

"*DTC*" means The Depository Trust Company.

"*Equity Interests*" means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock).

"*Equity Offering*" means any public or private sale of Capital Stock (other than Disqualified Stock) by the Company after the Issue Date.

"*Euroclear*" means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

"*Exchange Act*" means the Securities Exchange Act of 1934, as amended.

"*Excluded Assets*" means (1) cash, certificates of deposit, deposit accounts, money market accounts or other such liquid assets ("*Excluded Liquid Assets*"), but only to the extent that such Excluded Liquid Assets are on deposit or maintained with the Credit Agreement Agent or any other holder of Priority Lien Obligations to cash collateralize letters of credit constituting Priority Lien Obligations rather than generally to collateralize Priority Lien Obligations as a whole, (2) any governmental approval, license or permit that by its terms or by operation of law or regulation would be void, voidable, terminable or revocable if mortgaged, pledged or assigned (provided that such assets will constitute Excluded Assets only (a) so long as the mortgage, pledge or assignment would be void, voidable, terminable or revocable and (b) if excluded from the collateral securing the Priority Lien Obligations), (3) Equity Interests in excess of 65% of the voting Equity Interests in Subsidiaries that are (a) FSHCOs or (b) Foreign Subsidiaries that are CFCs or are disregarded entities that own Equity Interests in CFCs, (4) assets of any CFCs, (5) any Building or Mobile Home and (6) any other property or assets of the Company or any Guarantor that are not required to be subject to a Lien securing any Priority Lien Obligations pursuant to any Priority Lien Document*; provided* that any such property or assets shall not constitute Excluded Assets to the extent such property or assets are (or are required to be) subject to a Priority Lien in favor of all holders of Priority Lien Obligations.

"*Excluded Contributions*" means contributions of cash, Cash Equivalents or other assets received by the Company after the date of the Indenture from contributions to its common equity capital or as consideration for the sale (other than to a Subsidiary of the Company) of Capital Stock (other than Disqualified Stock) of the Company, in each case designated as "Excluded Contributions" pursuant to an officers' certificate.

"*Excluded Subsidiary*" means (1) a Domestic Subsidiary that is owned directly or indirectly by a CFC, or (2) a FSHCO.

"*Existing Indebtedness*" means Indebtedness of the Company and its Restricted Subsidiaries (excluding the Notes, Indebtedness under the Credit Agreement and intercompany Indebtedness) in existence on the Issue Date, until such amounts are repaid.

"*Fair Market Value*" means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party, determined in good faith by the Company's Board of Directors (except as otherwise set forth herein or unless the value is less than $10.0 million, in which case it may be determined by an officer of the Company), which determination will be conclusive for all purposes under this Indenture.

"*FASB*" means Financial Accounting Standards Board.

"*Fixed Charge Coverage Ratio*" means with respect to any specified Person for any period, the ratio of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the "*Calculation Date*"), then the Fixed Charge Coverage Ratio will be calculated giving *pro forma* effect to such incurrence, assumption, Guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference period.

In addition, for purposes of calculating the Fixed Charge Coverage Ratio:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) acquisitions that have been made by the
 specified Person or any of its Restricted Subsidiaries, including through mergers, consolidations
 or otherwise (including acquisitions of assets used or useful in the Oil and Gas Business),
 or any Person or any of its Restricted Subsidiaries acquired by the specified Person or any
 of its Restricted Subsidiaries, and including any related financing transactions and including
 increases in ownership of Restricted Subsidiaries, during the four-quarter reference period
 or subsequent to such reference period and on or prior to the Calculation Date, shall be
 deemed to have occurred on the first day of the four-quarter reference period and the Consolidated
 Cash Flow for such reference period will be calculated giving *pro forma* effect to
 any expense and cost reductions that have occurred or, in the reasonable judgment of the
 chief financial officer of the Company, are reasonably expected to occur (regardless of whether
 those operating improvements or cost savings could then be reflected in *pro forma* financial statements prepared in accordance with Regulation S-X under the Securities Act
 or any other regulation or policy of the SEC related thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Consolidated Cash Flow attributable
 to discontinued operations, as determined in accordance with GAAP, and operations or businesses
 (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Fixed Charges attributable to discontinued
 operations, as determined in accordance with GAAP, and operations or businesses (and ownership
 interests therein) disposed of prior to the Calculation Date, will be excluded, but only
 to the extent that the obligations giving rise to such Fixed Charges will not be obligations
 of the specified Person or any of its Restricted Subsidiaries following the Calculation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any Person that is a Restricted Subsidiary
 on the Calculation Date will be deemed to have been a Restricted Subsidiary at all times
 during such four-quarter period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any Person that is not a Restricted Subsidiary
 on the Calculation Date will be deemed not to have been a Restricted Subsidiary at any time
 during such four-quarter period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) if any Indebtedness bears a floating rate
 of interest, the interest expense on such Indebtedness will be calculated as if the rate
 in effect on the Calculation Date had been the applicable rate for the entire period (taking
 into account any Hedging Obligation applicable to such Indebtedness if such Hedging Obligation
 has a remaining term as at the Calculation Date in excess of 12 months).

"*Fixed Charges*" means, with respect to any specified Person for any period, the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the consolidated interest expense of such
 Person and its Restricted Subsidiaries for such period, whether paid or accrued (excluding
 any interest attributable to Dollar-Denominated Production Payments but including, without
 limitation, amortization of debt issuance costs and original issue discount, non-cash interest
 payments, the interest component of any deferred payment obligations, the interest component
 of all payments associated with Capital Lease Obligations, imputed interest with respect
 to Attributable Debt, commissions, discounts and other fees and charges incurred in respect
 of letter of credit or bankers' acceptance financings) and net of the effect of all
 payments made or received pursuant to Hedging Obligations in respect of interest rates; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the consolidated interest expense of such
 Person and its Restricted Subsidiaries that was capitalized during such period; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any interest on Indebtedness of another
 Person that is guaranteed by such Person or one of its Restricted Subsidiaries or secured
 by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not
 such Guarantee or Lien is called upon; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) all cash dividends on any series of Disqualified
 Stock of such Person, other than dividends payable to the Company or a Restricted Subsidiary
 of the Company; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) all cash dividends on any series of preferred
 stock of a Restricted Subsidiary of such Person, other than dividends payable to the Company
 or a Restricted Subsidiary of the Company.

"*Flood Insurance Regulations*" means (1) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (2) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (3) the National Flood Insurance Reform Act of 1994 (amending 42 USC 4001, et seq.), as the same may be amended or recodified from time to time and (4) the Flood Insurance Reform Act of 2004 and any regulations promulgated thereunder.

"*Foreign Subsidiary*" means any Subsidiary that is organized under the laws of a jurisdiction other than the United States of America, any state thereof or the District of Columbia.

"*FSHCO*" means any Domestic Subsidiary (including a disregarded entity for U.S. federal income tax purposes) that has no material assets (held directly or through Subsidiaries) other than (1) Equity Interests of one or more CFCs or (2) Equity Interests of one or more CFCs and indebtedness of one or more CFCs.

"*GAAP*" means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the FASB or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect from time to time. Notwithstanding any other provision contained herein, (1) the amount of any Indebtedness under GAAP with respect to Capital Lease Obligations and Attributable Indebtedness shall be determined in accordance with the definition of Capital Lease Obligations and Attributable Indebtedness, respectively, and (2) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under FASB ASC 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Company or any of its Subsidiaries at "fair value," as defined therein.

"*Global Note Legend*" means the legend set forth in <u>Section 2.06(f)(2)</u>, which is required to be placed on all Global Notes issued under this Indenture.

"*Global Notes*" means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form of <u>Exhibit A</u> and that bears the Global Note Legend and that has the "Schedule of Exchanges of Interests in the Global Note" attached thereto, issued in accordance with <u>Section 2.01</u> or <u>2.06</u>.

"*Government Securities*" means securities that are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) direct obligations of the United States
 of America for the timely payment of which its full faith and credit is pledged; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) obligations of a Person controlled or
 supervised by and acting as an agency or instrumentality of the United States of America,
 the timely payment of which is unconditionally guaranteed as a full faith and credit obligation
 by the United States of America,

that, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a) of the Securities Act), as custodian, with respect to any such Government Security or a specific payment of principal of or interest on any such Government Security held by such custodian for the account of the holder of such depository receipt; *provided, however*, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Security or the specific payment of principal of or interest on the Government Security evidenced by such depository receipt.

"*Guarantee*" means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to maintain financial statement conditions or otherwise), or entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part).

"*Guarantors*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) each Subsidiary of the Company that executed
 this Indenture on the Issue Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any other Restricted Subsidiary of the
 Company that becomes a Guarantor in accordance with the provisions of this Indenture,

and their respective successors and assigns, in each case, until the Note Guarantee of such Person has been released in accordance with the provisions of this Indenture.

"*Hedging Obligations*" means, with respect to any specified Person, the obligations of such Person under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) interest rate swap agreements (whether
 from fixed to floating or from floating to fixed), interest rate cap agreements and interest
 rate collar agreements entered into with one or more financial institutions and other arrangements
 or agreements designed to protect the Person entering into the agreement against fluctuations
 in interest rates with respect to Indebtedness incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) foreign exchange contracts and currency
 protection agreements entered into with one or more financial institutions and designed to
 protect the Person entering into the agreement against fluctuations in currency exchange
 rates with respect to Indebtedness incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any commodity futures contract, commodity
 option or other similar agreement or arrangement designed to protect against fluctuations
 in the price of commodities used, produced, processed or sold by that Person or any of its
 Restricted Subsidiaries at the time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) other agreements or arrangements designed
 to protect such Person against fluctuations in interest rates, commodity prices or currency
 exchange rates.

"*Holder*" means a Person in whose name a Note is registered.

"*Hydrocarbon Interests*" means all rights, titles, interests and estates now or hereafter acquired in and to oil and gas leases, oil, gas and mineral leases, or other liquid or gaseous hydrocarbon leases, mineral fee interests, working interests, overriding royalty and royalty interests, net profit interests and production payment interests, including any reserved or residual interests of whatever nature.

"*Hydrocarbons*" means crude oil, natural gas, casinghead gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all constituents, elements or compounds thereof and products refined or processed therefrom.

"*IAI Global Note*" means a Global Note substantially in the form of <u>Exhibit A</u> bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes transferred to Institutional Accredited Investors in compliance with the Securities Act.

"*Indebtedness*" means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether or not contingent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in respect of borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) evidenced by bonds, notes, debentures
 or similar instruments or letters of credit (or reimbursement agreements in respect thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in respect of banker's acceptances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) representing Capital Lease Obligations
 or Attributable Debt in respect of Sale Leaseback Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) representing the balance deferred and
 unpaid of the purchase price of any property due more than nine months after such property
 is acquired; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) representing any Hedging Obligations,

if, and to the extent that, any of the items described in clauses (1), (2), (4) and (5) above would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP.

In addition, the term "Indebtedness" includes (1) all Indebtedness described in the preceding paragraph of another Person secured by a Lien on any asset of the specified Person, whether or not such Indebtedness is assumed by the specified Person; *provided*, *however*, that the amount of such Indebtedness will be the lesser of (a) the Fair Market Value of such asset at such date of determination and (b) the amount of such Indebtedness of such other Person, and (2) to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness described in the preceding paragraph of any other Person (including, with respect to any Production Payment, any warranties or guarantees of production or payment by such Person with respect to such Production Payment, but excluding other contractual obligations of such Person with respect to such Production Payment). Notwithstanding any other provision of this definition, "Indebtedness" shall be deemed not to include (i) Dollar-Denominated Production Payments and Volumetric Production Payments and (ii) indebtedness arising in whole or in part as a result of the disposition and reversion of Oil and Gas Properties where the counterparty to such disposition agrees to bear costs and expenses related to the exploration, development, completion or production of such properties and activities related thereto and upon the occurrence of a specified event or events all or a portion of such counterparty's interest in such Oil and Gas Properties reverts to the Company or any Restricted Subsidiary.

In addition, "*Indebtedness*" of any Person shall include Indebtedness described in the preceding paragraph that would not appear as a liability on the balance sheet of such Person if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) such Indebtedness is the obligation of
 a Joint Venture that is not a Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) such Person or a Restricted Subsidiary
 of such Person is a general partner of the Joint Venture (a "*General Partner* ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) there is recourse, by contract or operation
 of law, with respect to the payment of such Indebtedness to property or assets by such Person
 or a Restricted Subsidiary of such Person;

and then such Indebtedness shall be included in an amount not to exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the lesser of (i) the net assets
 of the General Partner and (ii) the amount of such obligations to the extent that there
 is recourse, by contract or operation of law, to the property or assets of such Person or
 a Restricted Subsidiary of such Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if less than the amount determined pursuant
 to clause (a) immediately above, the actual amount of such Indebtedness that is recourse
 to such Person or a Restricted Subsidiary of such Person, if the Indebtedness is evidenced
 by a writing and is for a determinable amount and the related interest expense shall be included
 in Fixed Charges to the extent actually paid by such Person or its Restricted Subsidiaries.

"*Indenture*" means this Indenture, as amended or supplemented from time to time.

"*Indirect Participant*" means a Person who holds a beneficial interest in a Global Note through a Participant.

"*Initial Notes*" means the first $275,000,000 aggregate principal amount of Notes issued under this Indenture on the Issue Date.

"*Institutional Accredited Investor*" means an institution that is an "accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who is not also a QIB.

"*Intercreditor Agreement*" means the Intercreditor Agreement, dated as of May 11, 2015, among Alter Domus (US) LLC (as successor to Toronto Dominion (Texas) LLC) , as priority lien agent, and the other parties thereto from time to time (as amended, restated, supplemented or otherwise modified in accordance with the terms of this Indenture and the Intercreditor Agreement, or replaced, whether upon or after termination or otherwise) and joined on the Issue Date by the Collateral Trustee, as representative of the Holders of the Notes, pursuant to a Priority Confirmation Joinder (as defined in the Intercreditor Agreement).

"*Interest Payment Date*" has the meaning specified in <u>Exhibit A</u>.

"*Investment Grade Rating*" means a rating of Baa3 (or the equivalent) or better by Moody's, BBB- (or the equivalent) or better by S&P or an equivalent rating by a Substitute Rating Agency.

"*Investment Grade Securities*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) securities issued or directly and fully
 guaranteed or insured by the U.S. government or any agency or instrumentality thereof (other
 than Cash Equivalents) and in each case with maturities not exceeding two years from the
 date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) investments in any fund that invests exclusively
 in investments of the type described in clause (1) which fund may also hold immaterial
 amounts of cash pending investment and/or distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) corresponding instruments in countries
 other than the United States customarily utilized for high quality investments and in each
 case with maturities not exceeding two years from the date of acquisition.

"*Investments*" means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms of loans (including Guarantees) advances or capital contributions (excluding endorsements of negotiable instruments and documents in the ordinary course of business, and commission, travel and similar advances to officers, employees and consultants made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of the Company, the Company will be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of the Company's Investments in such Restricted Subsidiary that were not sold or disposed of in an amount determined as provided in <u>Section 4.08(c)</u>. The acquisition by the Company or any Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Company or such Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount determined as provided in <u>Section 4.08(c)</u>. Except as otherwise provided in this Indenture, the amount of an Investment will be determined at the time the Investment is made and without giving effect to subsequent changes in value.

"*Issue Date*" means the date of this Indenture.

"*Joint Venture*" means any Person that is not a direct or indirect Subsidiary of the Company in which the Company or any of its Restricted Subsidiaries directly or indirectly makes any Investment.

"*Legal Holiday*" means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period.

"*Lien*" means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

"*Minimum Amount*" means $25.0 million.

"*Minority Interest*" means the percentage interest represented by any Capital Stock of a Restricted Subsidiary of the Company that is not owned by the Company or a Restricted Subsidiary of the Company.

"*Mobile Home*" has the meaning assigned to the term "Manufactured Home" and "Mobile Home" in the applicable Flood Insurance Regulation; *provided* that, in no event shall the term "Mobile Home" include platforms and other structures located in state or federal waters offshore of the United States or other areas that are not subject to Flood Insurance Regulation.

"*Moody's*" means Moody's Investors Service, Inc., a subsidiary of Moody's Corporation, and its successors.

"*Mortgaged Properties*" means all property listed on <u>Schedule I</u> and all other property of the Company and any Restricted Subsidiary as to which a mortgage lien, deed of trust lien or similar lien shall be, and with respect to the property on <u>Schedule I</u>, pursuant to <u>Section 13.04</u>, granted by the Company or such Restricted Subsidiary in favor of the Collateral Trustee and/or a trustee pursuant to a deed of trust, mortgage or other similar instrument in order to secure the Obligations under the Notes and the Note Guarantees or any part thereof, subject, however, to <u>Section 13.01(c)</u>.

"*Mortgages*" means all mortgages, deeds of trust and similar documents, instruments and agreements (and all amendments, modifications and supplements thereof) creating, evidencing, perfecting or otherwise establishing the Liens on the Mortgaged Properties and other related assets to secure payment of the Notes and the Note Guarantees or any part thereof.

"*Net Income*" means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends and including any share of net income attributed to any Joint Venture proportionately consolidated into the consolidated financial statements of such specified Person; *provided*, *however*, that the foregoing shall exclude:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any gain or loss, together with any related
 provision for taxes on such gain (but not loss), realized in connection with: (a) any
 Asset Sale; or (b) the disposition of any securities by such Person or any of its Restricted
 Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted
 Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any extraordinary or nonrecurring gain
 or loss, together with any related provision for taxes on such extraordinary or nonrecurring
 gain or loss.

"*Net Proceeds*" means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all legal, accounting, investment banking,
 title and recording tax expenses, commissions and other fees and expenses incurred, and all
 federal, state, provincial, foreign and local taxes required to be paid or accrued as a liability
 under GAAP (after taking into account any available tax credits or deductions and any tax
 sharing agreements), as a consequence of such Asset Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the assets subject to such Asset Sale
 do not constitute Collateral, all payments made on any Indebtedness (other than revolving
 credit Indebtedness) which is secured by the assets subject to such Asset Sale, in accordance
 with the terms of any Lien upon such assets, or which Indebtedness must by its terms, or
 in order to obtain a necessary consent to such Asset Sale, or by applicable law be repaid
 out of the proceeds from such Asset Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all distributions and other payments required
 to be made to holders of Minority Interests in Subsidiaries or joint ventures as a result
 of such Asset Sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the deduction of appropriate amounts to
 be provided by the seller as a reserve, in accordance with GAAP, or held in escrow, in either
 case for adjustment in respect of the sale price or for any liabilities associated with the
 assets disposed of in such Asset Sale and retained by the Company or any Restricted Subsidiary
 after such Asset Sale.

"*Net Working Capital*" means (a) all current assets of the Company and its Restricted Subsidiaries except current assets from commodity price risk management activities arising in the ordinary course of business, less (b) all current liabilities of the Company and its Restricted Subsidiaries, except current liabilities included in Indebtedness and any current liabilities from commodity price risk management activities arising in the ordinary course of business, in each case as set forth in the consolidated financial statements of the Company prepared in accordance with GAAP (excluding any adjustments made pursuant to FASB ASC Topic 815).

"*Non-Recourse Debt*" means Indebtedness:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) as to which neither the Company nor any
 of its Restricted Subsidiaries (a) provides credit support of any kind (including any
 undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly
 or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender, except
 for Customary Recourse Exceptions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) as to which the lenders will not have
 any contractual recourse to the Capital Stock or assets of the Company or any of its Restricted
 Subsidiaries (other than (a) the Equity Interests of an Unrestricted Subsidiary or (b) pursuant
 to customary Liens on related arrangements under any oil and gas royalty trust or master
 limited partnership), except for Customary Recourse Exceptions.

"*Non-U.S. Person*" means a Person who is not a U.S. Person.

"*Note Documents*" means this Indenture, the Notes, the Note Guarantees, the Collateral Trust Agreement and the Security Documents (other than any Security Documents that do not secure the Notes Obligations).

"*Note Guarantee*" means the Guarantee by each Guarantor of the Company's Obligations under this Indenture and the Notes.

"*Notes*" has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and any Additional Notes shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes.

"*Obligations*" means all indebtedness, liabilities and obligations, whether matured or unmatured, liquidated or unliquidated, primary or secondary, direct or indirect, absolute, fixed or contingent, and whether or not required to be considered pursuant to GAAP from time to time, including, without limitation, any principal, premium, interest, penalties, fees, expenses, indemnifications, reimbursements, damages and other liabilities (including any interest, fees and expenses accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in this Indenture, whether or not such interest, fees or expenses is an allowed claim under any such proceeding or under applicable state, federal or foreign law) payable under the documentation governing any Indebtedness.

"*Officer*" means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Controller, the Secretary or any Vice-President of such Person.

"*Officers' Certificate*" means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of <u>Section 12.03</u>.

"*Oil and Gas Business*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the acquisition, exploration, exploitation,
 development, production, operation and disposition of interests in crude oil, natural gas
 and other Hydrocarbon properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the gathering, marketing, treating, processing
 (but not refining), storage, distribution, selling and transporting of any production from
 such interests or properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any business relating to exploration for
 or development, production, exploitation, treatment, processing (but not refining), storage,
 transportation or marketing of oil, gas and other minerals and products produced in association
 therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any activity that is ancillary or complementary
 to or necessary or appropriate for the activities described in clauses (1) through
 (3) of this definition.

"*Oil and Gas Properties*" means (1) Hydrocarbon Interests; (2) the properties now or hereafter pooled or unitized with Hydrocarbon Interests; (3) all presently existing or future unitization, pooling agreements and declarations of pooled units and the units created thereby (including without limitation all units created under orders, regulations and rules of any governmental authority) which may affect all or any portion of the Hydrocarbon Interests; (4) all operating agreements, contracts and other agreements which relate to any of the Hydrocarbon Interests or the production, sale, purchase, exchange or processing of Hydrocarbons from or attributable to such Hydrocarbon Interests; (5) all hydrocarbons in and under and which may be produced and saved or attributable to the Hydrocarbon Interests, including all oil in tanks, the lands covered thereby and all rents, issues, profits, proceeds, products, revenues and other incomes from or attributable to the Hydrocarbon Interests; (6) all tenements, hereditaments, appurtenances and properties in any manner appertaining, belonging, affixed or incidental to the Hydrocarbon Interests; and (7) all properties, rights, titles, interests and estates described or referred to above, including any and all property, real or personal, now owned or hereinafter acquired and situated upon, used, held for use or useful in connection with the operating, working or development of any of such Hydrocarbon Interests or property (excluding drilling rigs, automotive equipment or other personal property which may be on such premises for the purpose of drilling a well or for other similar temporary uses) and including any and all oil wells, gas wells, injection wells or other wells (including those used for either environmental sampling or remedial purposes), structures, fuel separators, liquid extraction plants, plant compressors, pumps, pumping units, field gathering systems, tanks and tank batteries, fixtures, valves, fittings, machinery and parts, engines, boilers, meters, apparatus, equipment, appliances, tools, implements, cables, wires, towers, casing, tubing and rods, surface leases, rights-of-way, easements and servitudes together with all additions, substitutions, replacements, accessions and attachments to any and all of the foregoing.

"*Opinion of Counsel*" means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of <u>Section 12.03</u>. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company.

"*Parent Entity*" means any direct or indirect parent of the Company.

"*Parity Lien*" means a Lien granted by the Company or any Restricted Subsidiary in favor of the Collateral Trustee pursuant to a Parity Lien Document, at any time, upon any property of the Company or any Restricted Subsidiary to secure Parity Lien Obligations.

"*Parity Lien Debt*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Notes issued on the Issue Date and
 the Note Guarantees thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any other Indebtedness (other than intercompany
 Indebtedness owing to the Company or its Subsidiaries) of the Company or any Restricted Subsidiary
 that is secured equally and ratably with the Indebtedness referenced in clause (1) of
 this definition by a Parity Lien that was permitted to be incurred and so secured under each
 applicable Secured Debt Document; *provided* that, in the case of any Indebtedness referred
 to in this clause (2):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on or before the date on which such Indebtedness
 is incurred by the Company or any Restricted Subsidiary, such Indebtedness is designated
 by the Company, in an Officers' Certificate delivered to each Parity Lien Representative
 and the Collateral Trustee, as "Parity Lien Debt" for the purposes of this Indenture
 and the Collateral Trust Agreement; *provided* further that no Series of Secured
 Debt may be designated as both Parity Lien Debt and Priority Lien Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Indebtedness is governed by an indenture,
 credit agreement or other agreement that includes an Additional Secured Debt Designation
 or the Parity Lien Representative for such Indebtedness delivers an Additional Secured Debt
 Designation to each Parity Lien Representative and the Collateral Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all requirements set forth in the Collateral
 Trust Agreement as to the confirmation, grant or perfection of the Collateral Trustee's
 Liens to secure such Indebtedness in respect thereof are satisfied (and the satisfaction
 of such requirements and the other provisions of this clause (c) will be conclusively
 established if the Company delivers to the Collateral Trustee an Officers' Certificate
 stating that such requirements and other provisions have been satisfied and that such Indebtedness
 is "Parity Lien Debt").

"*Parity Lien Documents*" means, collectively, the Note Documents and any additional indenture, supplemental indenture, credit agreement or other agreement governing each other Series of Parity Lien Debt and the Security Documents.

"*Parity Lien Obligations*" means Parity Lien Debt and all other Obligations in respect thereof.

"*Parity Lien Representative*" means (1) in the case of the Notes, the Trustee and (2) in the case of any Series of Parity Lien Debt, the trustee, agent or representative of the holders of such Series of Parity Lien Debt that is appointed as a Parity Lien Representative (for purposes related to the administration of the applicable Parity Lien Documents) pursuant to the indenture, credit agreement or other agreement governing such Series of Parity Lien Debt, together with its successors in such capacity.

"*Participant*" means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream).

"*Permitted Acquisition Indebtedness*" means Indebtedness or Disqualified Stock of the Company or any of the Company's Restricted Subsidiaries to the extent such Indebtedness or Disqualified Stock was Indebtedness or Disqualified Stock of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a Subsidiary prior to the date on which
 such Subsidiary became a Restricted Subsidiary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a Person that was merged, consolidated
 or amalgamated into the Company or a Restricted Subsidiary;

*provided* that on the date such Subsidiary became a Restricted Subsidiary or the date such Person was merged, consolidated and amalgamated into the Company or a Restricted Subsidiary, as applicable, after giving *pro forma* effect thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company would be permitted to incur
 at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test
 set forth in <u>Section 4.10(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's Fixed Charge Coverage
 Ratio would be greater than its Fixed Charge Coverage Ratio immediately prior to such transaction;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company's Consolidated Net Worth
 would be greater than its Consolidated Net Worth immediately prior to such transaction.

"*Permitted Business Investments*" means Investments made in the ordinary course of, and of a nature that is or shall have become customary in, the Oil and Gas Business, including through agreements, transactions, interests or arrangements that permit one to share risk or costs, comply with regulatory requirements regarding local ownership or satisfy other objectives customarily achieved through the conduct of the Oil and Gas Business jointly with third parties, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) direct or indirect ownership of crude
 oil, natural gas, other related Hydrocarbon and mineral properties or any interest therein
 or gathering, transportation, processing, storage or related systems or ancillary real property
 interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Investments in the form of, pursuant to
 or in accordance with operating agreements, working interests, royalty interests, mineral
 leases, processing agreements, farm-in agreements, farm-out agreements, contracts for the
 sale, transportation or exchange of oil, natural gas, other Hydrocarbons and minerals, production
 sharing agreements, participation agreements, development agreements, area of mutual interest
 agreements, unitization agreements, pooling agreements, joint bidding agreements, service
 contracts, joint venture agreements, partnership agreements (whether general or limited),
 subscription agreements, stock purchase agreements, stockholder agreements and other similar
 or customary agreements (including for limited liability companies) with third parties (including
 Unrestricted Subsidiaries), transactions, properties, interests or arrangements and Investments
 and expenditures in connection therewith or pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Investments in direct or indirect ownership
 interests in drilling rigs and related equipment, including, without limitation, transportation
 equipment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Investments in (including in equity or
 other ownership interests in entities engaged in) the development of technology or infrastructure
 relating to renewable energy generation, energy storage, advanced fuels, mobility, carbon
 mitigation, carbon capture, hydrogen technologies, fuel cells, electric vehicles and other
 technologies, in each case that are consistent with the Company's environmental, social
 and governance strategy.

For the avoidance of doubt, "Permitted Business Investments" shall include the Company's Investments in Monza Energy, LLC pursuant to the Drilling Program and shall include Investments in any Joint Venture similar to the Investments in Monza Energy, LLC or in any Joint Venture formed for the purpose of acquiring or developing Oil and Gas Properties with one or more third parties.

"*Permitted Investments*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any Investment in the Company or in a
 Restricted Subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any Investment in Cash Equivalents or
 Investment Grade Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any Investment by the Company or any Restricted
 Subsidiary of the Company in a Person, if as a result of such Investment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Person becomes a Restricted Subsidiary
 of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Person is merged, consolidated or amalgamated
 with or into, or transfers or conveys substantially all of its assets to, or is liquidated
 into, the Company or a Restricted Subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any Investment made as a result of the
 receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance
 with <u>Section 4.11</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any acquisition of assets or Capital Stock
 solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of
 the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any Investments received in compromise
 or resolution of (a) obligations of trade creditors or customers that were incurred
 in the ordinary course of business of the Company or any of its Restricted Subsidiaries,
 including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy
 or insolvency of any trade creditor or customer; or (b) litigation, arbitration or other
 disputes with Persons who are not Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Investments represented by Hedging Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) loans or advances to employees in the
 ordinary course of business made for bona fide business purposes not to exceed $5.0 million
 in the aggregate at any time outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) receivables owing to the Company or any
 Restricted Subsidiary created or acquired in the ordinary course of business and payable
 or dischargeable in accordance with customary trade terms; *provided*, *however*,
 that such trade terms may include such concessionary trade terms as the Company or any such
 Restricted Subsidiary deems reasonable under the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) surety and performance bonds and workers'
 compensation, utility, lease, tax, performance and similar deposits and prepaid expenses
 in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Guarantees of Indebtedness permitted
 under <u>Section 4.10</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Guarantees by the Company or any of its
 Restricted Subsidiaries of operating leases (other than Capital Lease Obligations) or of
 other obligations that do not constitute Indebtedness, in each case entered into by any Restricted
 Subsidiary in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Investments of a Restricted Subsidiary
 acquired after the Issue Date or of any entity merged into the Company or merged into or
 consolidated or amalgamated with a Restricted Subsidiary in accordance with <u>Section 5.01</u> to the extent that such Investments were not made in contemplation of or in connection
 with such acquisition, merger or consolidation and were in existence on the date of such
 acquisition, merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Permitted Business Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Investments received as a result of a
 foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured
 Investment in default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Investments in any units of any oil and
 gas royalty trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) to the extent constituting Investments,
 contributions to any Unrestricted Subsidiary of insurance proceeds received on account of
 or in respect of such Unrestricted Subsidiary's assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) other Investments in any Person having
 an aggregate Fair Market Value (measured on the date each such Investment was made and without
 giving effect to subsequent changes in value), when taken together with all other Investments
 made pursuant to this clause (18) that are at the time outstanding not to exceed the
 greater of (a) $50.0 million and (b) 3.0% of Adjusted Consolidated Net Tangible
 Assets.

"*Permitted Liens*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Liens securing Priority Lien Debt or Parity
 Lien Debt incurred under <u>Section 4.10(b)(1)</u>; *provided* that any Liens securing
 Priority Lien Debt shall be secured equally and ratably with Liens securing Priority Lien
 Debt under this clause (1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Parity Liens securing the Notes (other
 than any Additional Notes) and the related Note Guarantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Liens in favor of the Company or the Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Liens on property of a Person existing
 at the time such Person is merged with or into or consolidated with the Company or any Subsidiary
 of the Company; *provided* that such Liens were in existence prior to the contemplation
 of such merger or consolidation and do not extend to any assets other than those of the Person
 merged into or consolidated with the Company or the Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Liens on property (including Capital Stock)
 existing at the time of acquisition of the property by the Company or any Subsidiary of the
 Company; *provided* that such Liens were in existence prior to, such acquisition, and
 not incurred in contemplation of, such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Liens existing on the Issue Date (other
 than Liens described in another clause of this definition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Liens for taxes, assessments or governmental
 charges or claims that are not yet delinquent or that are being contested in good faith by
 appropriate proceedings promptly instituted and diligently concluded; *provided* that
 any reserve or other appropriate provision as is required in conformity with GAAP has been
 made therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Liens arising from survey exceptions,
 easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric
 lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions
 as to the use of real property that were not incurred in connection with Indebtedness and
 that do not in the aggregate materially adversely affect the value of said properties or
 materially impair their use in the operation of the business of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Liens arising from leases or subleases
 granted to others that do not materially interfere with the ordinary course of business of
 the Company and its Restricted Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) landlords', carriers', warehousemen's,
 mechanics', materialmen's, repairmen's or the like Liens arising by contract
 or statute in the ordinary course of business and with respect to amounts which are not yet
 delinquent or are being contested in good faith by appropriate proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Liens arising (including from pledges
 or deposits) (a) in connection with leases, tenders, bids, statutory obligations, surety
 or appeal bonds, government contracts, performance bonds and similar obligations, or (b) in
 connection with workers' compensation, unemployment insurance and other social security
 legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Liens encumbering property or assets
 under construction arising from progress or partial payments by a customer of the Company
 or its Restricted Subsidiaries relating to such property or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Liens in favor of customs and revenue
 authorities arising as a matter of law to secure payments of customs duties in connection
 with the importation of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) any attachment or judgment Lien that
 does not constitute an Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Liens to secure any Permitted Refinancing
 Indebtedness permitted to be incurred under this Indenture; *provided, however*, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the new Lien shall be limited to all or
 part of the same property and assets that secured or, under the written agreements pursuant
 to which the original Lien arose, could secure the original Lien (plus improvements and accessions
 to, such property or proceeds or distributions thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Indebtedness secured by the new Lien
 is not increased to any amount greater than the sum of (x) the outstanding principal
 amount, or, if greater, committed amount, of the Permitted Refinancing Indebtedness and (y) an
 amount necessary to pay any fees and expenses, including premiums, related to such renewal,
 refunding, refinancing, replacement, defeasance or discharge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent the Indebtedness being refunded,
 refinanced or replaced constitutes Parity Lien Debt, then the Indebtedness secured by the
 new Lien may be only Parity Lien Debt or secured on a junior Lien basis to all Parity Lien
 Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Liens for the purpose of securing the
 payment of all or a part of the purchase price of, or Capital Lease Obligations with respect
 to, or the repair, improvement or construction cost of, assets or property acquired or repaired,
 improved or constructed in the ordinary course of business; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate principal amount of Indebtedness
 secured by such Liens is otherwise permitted to be incurred under this Indenture and does
 not exceed the cost of the assets or property so acquired or repaired, improved or constructed
 plus fees and expenses in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Liens are created within 180 days of
 repair, improvement, construction or acquisition of such assets or property and do not encumber
 any other assets or property of the Company or any of its Restricted Subsidiaries other than
 such assets or property and assets affixed or appurtenant thereto (including improvements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Liens arising solely by virtue of any
 statutory or common law provisions relating to banker's Liens, rights of set-off or
 similar rights and remedies as to deposit accounts or other funds maintained or deposited
 with a depositary institution; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such deposit account is not a dedicated
 cash collateral account and is not subject to restrictions against access by the Company
 in excess of those set forth by regulations promulgated by the Federal Reserve Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such deposit account is not intended by
 the Company or any Restricted Subsidiary to provide collateral to the depositary institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) Liens arising from Uniform Commercial
 Code financing statement filings regarding operating leases entered into by the Company and
 its Restricted Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) Liens in respect of Production Payments
 and Reserve Sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) Liens on pipelines and pipeline facilities
 that arise by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) Liens arising from farmout, carried working
 interest, joint operating, unitization, royalty, sales and similar agreements relating to
 the exploration or development of, or production from, oil and gas properties entered into
 in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) Liens reserved in oil and gas mineral
 leases for bonus or rental payments and for compliance with the terms of such leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) Liens arising under this Indenture in
 favor of the Trustee and the Collateral Trustee for its own benefit and similar Liens in
 favor of other trustees, agents and representatives arising under instruments governing Indebtedness
 permitted to be incurred under this Indenture, *provided*, *however*, that such
 Liens are solely for the benefit of the trustees, agents or representatives in their capacities
 as such and not for the benefit of the holders of the Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) Liens securing Hedging Obligations of
 the Company and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) Liens on and pledges of the Equity Interests
 of any Unrestricted Subsidiary or any Joint Venture owned by the Company or any of its Restricted
 Subsidiary to the extent securing Non-Recourse Debt of such Unrestricted Subsidiary or Joint
 Venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) Liens upon specific items of inventory,
 receivables or other goods or proceeds of the Company or any of its Restricted Subsidiaries
 securing such Person's obligations in respect of bankers' acceptances or receivables
 securitizations issued or created for the account of such Person to facilitate the purchase,
 shipment or storage of such inventory, receivables or other goods or proceeds and permitted
 by <u>Section 4.10</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) Liens securing Parity Lien Debt that
 does not exceed in principal amount the greatest of (a) $100.0 million at any one
 time outstanding, (b) 6.0% of Adjusted Consolidated Net Tangible Assets determined as
 of the date of the incurrence of such Indebtedness after giving *pro forma* effect to
 such incurrence and the application of proceeds therefrom and (c) an amount of Parity
 Lien Debt by the Company or any of its Restricted Subsidiaries to the extent that, *pro forma* for such incurrence and the application of proceeds therefrom, the Company's
 Senior Secured Leverage Ratio would not exceed 2.00:1.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) Liens of the Company or any Subsidiary
 of the Company with respect to Indebtedness that does not exceed in principal amount the
 greater of (a) $60.0 million at any one time outstanding and (b) 4.0% of the Adjusted
 Consolidated Net Tangible Assets determined as of the date of the incurrence of such Indebtedness
 after giving *pro forma* effect to such incurrence and the application of proceeds therefrom.

For purposes of determining compliance with <u>Section 4.13</u>, (a) a Lien securing an item of Indebtedness need not be permitted solely by reference to one category of permitted Liens described in the definition of "Permitted Liens" but may be permitted in part under any combination thereof and (b) in the event that a Lien securing an item of Indebtedness (or any portion thereof) meets the criteria of one or more of the categories of permitted Liens described in clauses (1) through (28) above, the Company shall, in its sole discretion, divide, classify or reclassify, or later divide, classify or reclassify, such Lien securing such item of Indebtedness (or any portion thereof) in any manner that complies with <u>Section 4.13</u> and will only be required to include the amount and type of such Lien or such item of Indebtedness secured by such Lien in one of the clauses of this definition and such Lien securing such item of Indebtedness will be treated as being incurred or existing pursuant to only one of such clauses.

"*Permitted Refinancing Indebtedness*" means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge other Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness); *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the principal amount (or accreted value,
 if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount
 (or accreted value, if applicable) of the Indebtedness being renewed, refunded, refinanced,
 replaced, defeased or discharged (plus all accrued interest on the Indebtedness and the amount
 of all fees and expenses, including premiums, incurred in connection therewith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (a) if the final maturity date of the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged is
earlier than the final maturity date of the Notes, the Permitted Refinancing Indebtedness has a final maturity date no earlier than the
final maturity date of the Indebtedness being extended, renewed, refunded, discharged, refinanced, replaced or defeased; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the final maturity date of the Indebtedness
 being extended, renewed, refunded, refinanced, replaced, defeased or discharged is later
 than the final maturity date of the Notes, the Permitted Refinancing Indebtedness has a final
 maturity date at least 91 days later than the final maturity date of the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if the Indebtedness being extended, renewed,
 refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment
 to the Notes, such Permitted Refinancing Indebtedness is subordinated in right of payment
 to the Notes on terms at least as favorable to the Holders of Notes as those contained in
 the documentation governing the Indebtedness being extended, renewed, refunded, refinanced,
 replaced, defeased or discharged; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) such Indebtedness is incurred either by
 the Company or by the Restricted Subsidiary who is the obligor on the Indebtedness being
 extended, renewed, refunded, refinanced, replaced, defeased or discharged; *provided, however*,
 that a Restricted Subsidiary that is also a Guarantor may guarantee Permitted Refinancing
 Indebtedness incurred by the Company, whether or not such Restricted Subsidiary was an obligor
 or guarantor of the Indebtedness being renewed, refunded, refinanced, replaced, defeased
 or discharged.

"*Person*" means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity.

"*Principals*" means Tracy W. Krohn, his spouse, Laurie P. Krohn, and their immediate family and descendants by blood or adoption.

"*Priority Lien*" means a Lien granted by the Company or any Guarantor in favor of any Priority Lien Representative, at any time, upon any property of the Company or any Guarantor to secure any Priority Lien Obligations.

"*Priority Lien Debt*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Indebtedness of the Company and the Guarantors
 under the Credit Agreement (including letters of credit (with outstanding letters of credit
 being deemed to have a principal amount equal to the stated amount thereof) and reimbursement
 obligations with respect thereto) that is subject to the Intercreditor Agreement and permitted
 to be incurred and secured under each applicable Secured Debt Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) additional Indebtedness of the Company
 and the Guarantors that is secured equally and ratably with the Indebtedness referenced in
 clause (1) above by a Priority Lien that was permitted to be incurred and so secured
 under each applicable Secured Debt Document; *provided* that, in the case of any Indebtedness
 referred to in this clause (2), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on or before the date on which such Indebtedness
 is incurred by the Company and the Guarantors, such Indebtedness is designated by the Company,
 in an Officers' Certificate delivered to the Priority Lien Representatives then party
 to the Intercreditor Agreement and the Collateral Trustee, as "Priority Lien Debt"
 for the purposes of the Secured Debt Documents; *provided* that if such Series of
 Secured Debt is designated as "Priority Lien Debt," it cannot also be designated
 as Parity Lien Debt (or any combination of the two);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Priority Lien Representative with respect
 to such Indebtedness, the other Priority Lien Representatives then party to the Intercreditor
 Agreement, the Collateral Trustee, the Company and each applicable Guarantor have duly executed
 and delivered the Intercreditor Agreement (or a joinder to the Intercreditor Agreement or
 a new Intercreditor Agreement substantially similar to the Intercreditor Agreement, as in
 effect on the Issue Date, and in a form reasonably acceptable to each of the parties thereto);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all other requirements set forth in the
 Intercreditor Agreement as to the confirmation, grant or perfection of the applicable Priority
 Lien Representative's Liens to secure such Indebtedness or Obligations in respect thereof
 are satisfied;

*provided* that all such Indebtedness (other than any DIP Financing (as defined in the Intercreditor Agreement) that is permitted by the Intercreditor Agreement) is *pari passu* in right of payment, it being understood that there may be different tranches of Priority Lien Debt with different maturities and amortization profiles, but the principal amount of Indebtedness under all such tranches must in all other respects be *pari passu* in right of payment. Any such Indebtedness (other than any such DIP Financing) that is not consistent with the foregoing requirement for *pari passu* treatment in right of payment with all other Priority Lien Debt shall not constitute Priority Lien Debt.

"*Priority Lien Documents*" means the Credit Agreement and any other Credit Facility pursuant to which any Priority Lien Debt is incurred and the documents pursuant to which Priority Lien Obligations are granted.

"*Priority Lien Obligations*" means the Priority Lien Debt and all other Obligations in respect of Priority Lien Debt, Hedging Obligations and Banking Services Obligations, in each case, that are secured by the Priority Liens.

"*Priority Lien Representative*" means (1) in the case of the Credit Agreement (and the Banking Services Obligations and Hedging Obligations secured thereunder), the Credit Agreement Agent and (2) in the case of any other Series of Priority Lien Debt (and the Banking Services Obligations and Hedging Obligations secured thereunder), the trustee, agent or representative of the holders of such Series of Priority Lien Debt who maintains the transfer register for such Series of Priority Lien Debt and is appointed as a representative of such Priority Lien Debt (for purposes related to the administration of the applicable Priority Lien Documents) pursuant to the credit agreement or other agreement governing such Series of Priority Lien Debt.

"*Private Placement Legend*" means the legend set forth in <u>Section 2.06(f)(1)</u> to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture.

"*Production Payments*" means, collectively, Dollar-Denominated Production Payments and Volumetric Production Payments.

"*Production Payments and Reserve Sales*" means the grant or transfer by the Company or a Restricted Subsidiary of the Company to any Person of a royalty, overriding royalty, net profits interest, Production Payment or other interest in oil and gas properties, reserves or the right to receive all or a portion of the production or the proceeds from the sale of production attributable to such properties, including any such grants or transfers pursuant to incentive compensation programs on terms that are reasonably customary in the oil and gas business for geologists, geophysicists and other providers of technical services to the Company or a Subsidiary of the Company.

"*Property*" means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including, without limitation, cash, securities, accounts and contract rights.

"*Proved Reserves*" means "Proved Reserves" as defined in the Definitions for Oil and Gas Reserves promulgated by the Society of Petroleum Engineers (or any generally recognized successor) as in effect at the time in question.

"*QIB*" means a "qualified institutional buyer" as defined in Rule 144A.

"*Rating Agencies*" means Moody's and S&P; *provided* that if Moody's or S&P ceases to rate the Notes for reasons outside the control of the Company, another security rating agency selected by the Company that is nationally recognized in the United States may be substituted therefor (a "*Substitute Rating Agency*").

"*Regulation S*" means Regulation S promulgated under the Securities Act.

"*Regulation S Global Note*" means a Global Note substantially in the form of <u>Exhibit A</u> bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes sold or exchanged in reliance on Rule 903 of Regulation S.

"*Related Party*" means any trust, corporation, partnership, limited liability company or other entity, of which one or more of the Principals or other Related Parties collectively Beneficially Own more than 50% of such entity.

"*Reserve Report*" means one or more engineering reports dated as of the December 31st immediately prior to the determination date or, if the Company elects to create and designate a mid-year report or reports as a "Reserve Report" under this Indenture, the June 30th immediately prior to the determination date (provided that if the Reserve Report as of the December 31st immediately prior to the determination date is not available and the date of determination is on or prior to the following March 31st, the Reserve Report shall be as of the prior December 31st (or if the Company so elects or elected to prepare and designate a mid-year reserve report as a "Reserve Report', the prior June 30th), in each case concerning all Oil and Gas Properties and interests owned by the Company and the Restricted Subsidiaries which are located in or offshore of the United States and which have attributable to them proved oil or gas reserves, which shall be prepared by Netherland Sewell and Associates, Inc. or other independent petroleum engineers chosen by the Company. This report shall take into account any "over-produced" status under gas balancing arrangements. This report shall in each case be in the form delivered in accordance with the requirements of the Credit Agreement, or if there is no Credit Agreement requiring delivery of a Reserve Report or if the lenders under the Credit Agreement waive the requirement for such delivery, in form substantially consistent as determined in good faith by the Company with the form of Reserve Report required under the Credit Agreement as in effect on the Issue Date.

"*Responsible Officer*" when used with respect to the Trustee, means any officer within the corporate trust group of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject, and who, in each case, shall have direct responsibility for the administration of this Indenture.

"*Restricted Definitive Note*" means a Definitive Note bearing the Private Placement Legend.

"*Restricted Global Note*" means a Global Note bearing the Private Placement Legend.

"*Restricted Investment*" means an Investment other than a Permitted Investment.

"*Restricted Subsidiary*" of a Person means any Subsidiary of such Person that is not an Unrestricted Subsidiary.

"*Rule 144*" means Rule 144 promulgated under the Securities Act.

"*Rule 144A*" means Rule 144A promulgated under the Securities Act.

"*Rule 903*" means Rule 903 promulgated under the Securities Act.

"*Rule 904*" means Rule 904 promulgated under the Securities Act.

"*S&P*" means S&P Global Ratings, a division of S&P Global Inc., and its successors.

"*Sale Leaseback Transaction*" means any arrangement providing for the leasing by the Company or any of its Restricted Subsidiaries of any real or tangible personal property, which property has been or is to be sold or transferred by the Company or such Restricted Subsidiary to a third Person in contemplation of such leasing.

"*SEC*" means the Securities and Exchange Commission.

"*Secured Debt Documents*" means the Priority Lien Documents and the Parity Lien Documents.

"*Securities Act*" means the Securities Act of 1933, as amended.

"*Security Agreement*" means the Security Agreement, dated as of the Issue Date, among the Company, the Guarantors party thereto and the Collateral Trustee, as the same may be amended, supplemented, replaced (whether upon or after termination or otherwise) or otherwise modified from time to time.

"*Security Documents*" means the Collateral Trust Agreement, the Intercreditor Agreement, the Security Agreement and all security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements or other grants or transfers for security executed and delivered by the Company or any Guarantor creating (or purporting to create) a Parity Lien upon Collateral in favor of the Collateral Trustee, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and the provisions of the Collateral Trust Agreement.

"*Senior Secured Leverage Ratio*" means, with respect to any date of determination, the ratio of (1) Consolidated Secured Debt outstanding on such date to (2) Consolidated Cash Flow of the Company for the most recently ended four full fiscal quarters for which internal financial statements are available, in each case determined on a *pro forma* basis with such *pro forma* adjustments as are appropriate and consistent with the *pro forma* provisions set forth in the definition of Fixed Charge Coverage Ratio.

"*Series of Parity Lien Debt*" means, severally, the Notes and each other issue or series of Parity Lien Debt for which a single transfer register is maintained.

"*Series of Priority Lien Debt*" means, severally, the Indebtedness outstanding under the Credit Agreement and any other Credit Facility that constitutes Priority Lien Debt.

"*Series of Secured Debt*" means each Series of Priority Lien Debt and each Series of Parity Lien Debt.

"*Significant Subsidiary*" means any Subsidiary that would be a "significant subsidiary" as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation S-X is in effect on the Issue Date.

"*Stated Maturity*" means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.

"*Subordinated Obligation*" means any Indebtedness of the Company (whether outstanding on the Issue Date or thereafter incurred) which is subordinate or junior in right of payment to the Notes pursuant to a written agreement or any Indebtedness of a Guarantor (whether outstanding on the Issue Date or thereafter incurred) which is subordinate or junior in right of payment to such Guarantor's Note Guarantee pursuant to a written agreement, as the case may be.

"*Subsidiary*" means, with respect to any specified Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any corporation, association or other
 business entity of which more than 50% of the total voting power of shares of Capital Stock
 entitled (without regard to the occurrence of any contingency and after giving effect to
 any voting agreement or stockholders' agreement that effectively transfers voting power)
 to vote in the election of directors, managers or trustees of the corporation, association
 or other business entity is at the time owned or controlled, directly or indirectly, by that
 Person or one or more of the other Subsidiaries of that Person (or a combination thereof);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any partnership (a) the sole general
 partner or the managing general partner of which is such Person or a Subsidiary of such Person
 or (b) the only general partners of which are that Person or one or more Subsidiaries
 of that Person (or any combination thereof).

"*TIA*" means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).

"*Treasury Management Arrangement*" means any agreement or other arrangement governing the provision of treasury or cash management services, including deposit accounts, overdraft, credit or debit card, funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services and other cash management services.

"*Treasury Rate*" means, with respect to the Notes as of any redemption date, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source or similar market data) most nearly equal to the period from the redemption date to August 1, 2024; *provided*, *however*, that if the period from the redemption date to August 1, 2024 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the redemption date to the final maturity of the Notes is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. The Company will (a) calculate the Treasury Rate on the second Business Day preceding the applicable redemption date and (b) on or prior to such redemption date, file with the Trustee an Officers' Certificate setting forth the Applicable Premium and the Treasury Rate and showing the calculation of each in reasonable detail.

"*Trustee*" means Wilmington Trust, National Association, in its capacity as Trustee under this Indenture, until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder.

"*Uniform Commercial Code*" or "*UCC*" means the Uniform Commercial Code as the same may from time to time be in effect in the State of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply to any item or items of Collateral.

"*Unrestricted Definitive Note*" means a Definitive Note that does not bear and is not required to bear the Private Placement Legend.

"*Unrestricted Global Note*" means a Global Note that does not bear and is not required to bear the Private Placement Legend.

"*Unrestricted Subsidiary*" means (1) each of Aquasition Energy LLC, Aquasition LLC and Aquasition II LLC and (2) any Subsidiary of the Company that is designated by the Company's Board of Directors as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that such Subsidiary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has no Indebtedness other than Non-Recourse
 Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except as permitted by <u>Section 4.12</u>,
 is not party to any agreement, contract, arrangement or understanding with the Company or
 any Restricted Subsidiary of the Company unless the terms of any such agreement, contract,
 arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary
 than those that might be obtained at the time from Persons who are not Affiliates of the
 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is a Person with respect to which neither
 the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation
 (i) to subscribe for additional Equity Interests or (ii) to maintain or preserve
 such Person's financial condition or to cause such Person to achieve any specified
 levels of operating results; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has not guaranteed or otherwise directly
 or indirectly provided credit support for any Indebtedness of the Company or any of its Restricted
 Subsidiaries.

"*U.S. Person*" means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act.

"*Volumetric Production Payments*" means production payment obligations recorded as deferred revenue in accordance with GAAP, together with all related undertakings and obligations.

"*Voting Stock*" of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote (without regard to the occurrence of any contingency) in the election of the Board of Directors of such Person.

"*Wholly-Owned Domestic Subsidiary*" of any specified Person means a Domestic Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of which (other than directors' qualifying shares) will at the time be owned by such Person or by one or more Wholly-Owned Domestic Subsidiaries of such Person.

Section 1.02 *Other Definitions*.

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| | |
|:---|:---|
| **Term** | **Defined in Section** |
| "*Affiliate Transaction*" | 4.12 |
| "*Asset Sale Offer*" | 3.09 |
| "*Authentication Order*" | 2.02 |
| "*Calculation Date*" | 1.01 under "Fixed Charge Coverage Ratio" |
| "*Change of Control Offer*" | 4.14 |
| "*Change of Control Payment*" | 4.14 |
| "*Change of Control Payment Date*" | 4.14 |
| "*Covenant Defeasance*" | 8.03 |
| "*Event of Default*" | 6.01 |
| "*Excess Proceeds*" | 4.11 |
| "*General Partner*" | 1.01 under "Indebtedness" |
| "*incur*" | 4.10 |
| "*Legal Defeasance*" | 8.02 |
| "*Minimum Mortgage Requirement*" | 4.16 |
| "*Notes Obligations*" | 13.01 |
| "*Offer Amount*" | 3.09 |
| "*Offer Period*" | 3.09 |
| "*Other Offer Parties*" | 4.11 |
| "*Paying Agent*" | 2.03 |
| "*Payment Default*" | 6.01 |
| "*Permitted Debt*" | 4.10 |
| "*Proceeding*" | 12.12 |
| "*Purchase Date*" | 3.09 |
| "*Registrar*" | 2.03 |
| "*Restricted Payments*" | 4.08 |
| "*Substitute Rating Agency*" | 1.01 under "Rating Agency" |

---

Section 1.03 *Rules of Construction*.

Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) an accounting term not otherwise defined
 has the meaning assigned to it in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "or" is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) words in the singular include the plural,
 and in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) "will" shall be interpreted
 to express a command;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) provisions apply to successive events
 and transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) references to sections of or rules under
 the Securities Act will be deemed to include substitute, replacement of successor sections
 or rules adopted by the SEC from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) unless the context otherwise requires,
 any references herein to "Articles," "Sections," "Exhibits"
 and "Schedules" refer to Articles and Sections of, and Exhibits and Schedules
 to, this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) the words "herein," "hereof"
 and "hereunder" and other words of similar import refer to this Indenture as
 a whole and not any particular Article, Section, clause or other subdivision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) this Indenture shall not be governed
 by the provisions of the TIA, including any requirements to deliver annual opinions with
 respect to perfection of security interests or opinions with respect to release of Collateral
 in accordance with this Indenture, the Collateral Trust Agreement or the Intercreditor Agreement;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) the words "execution," "signed,"
 "signature," "delivery" and words of like import in or relating to
 this Indenture or any document to be signed in connection with this Indenture shall be deemed
 to include electronic signatures, deliveries or the keeping of records in electronic form,
 each of which shall be of the same legal effect, validity or enforceability as a manually
 executed signature, physical delivery thereof or the use of a paper-based recordkeeping system,
 as the case may be, and the parties hereto consent to conduct the transactions contemplated
 hereunder by electronic means; *provided* that, notwithstanding anything herein to the
 contrary, neither the Trustee nor the Collateral Trustee is under any obligation to agree
 to accept electronic signatures in any form or in any format except for facsimile and PDF
 unless expressly agreed to by the Trustee or Collateral Trustee, as applicable, pursuant
 to reasonable procedures approved by the Trustee or Collateral Trustee, as applicable.

Article 2<br> THE NOTES

Section 2.01 *Form and Dating*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. The Notes and the Trustee's
 certificate of authentication will be substantially in the form of <u>Exhibit A</u>.
 The Notes may have notations, legends or endorsements required by law, stock exchange rule or
 usage. Each Note will be dated the date of its authentication. The Notes shall be in minimum
 denominations of $2,000 and integral multiples of $1,000 in excess thereof.

The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Global Notes*. Notes issued in global
 form will be substantially in the form of <u>Exhibit A</u> (including the Global Note
 Legend thereon and the "Schedule of Exchanges of Interests in the Global Note"
 attached thereto). Notes issued in definitive form will be substantially in the form of <u>Exhibit A</u> (but without the Global Note Legend thereon and without the "Schedule of Exchanges
 of Interests in the Global Note" attached thereto). Each Global Note will represent
 such of the outstanding Notes as will be specified therein and each shall provide that it
 represents the aggregate principal amount of outstanding Notes from time to time endorsed
 thereon and that the aggregate principal amount of outstanding Notes represented thereby
 may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.
 Any endorsement of a Global Note to reflect the amount of any increase or decrease in the
 aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee
 or the Custodian, at the direction of the Trustee, in accordance with instructions given
 by the Holder thereof as required by <u>Section 2.06</u>.

Section 2.02 *Execution and Authentication*.

At least one Officer must sign the Notes for the Company by manual, facsimile or other electronic signature.

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.

A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the Note has been authenticated under this Indenture.

The Trustee will, upon receipt of a written order of the Company signed by at least one Officer (an "*Authentication Order*"), authenticate Notes for original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Company pursuant to one or more Authentication Orders, except as provided in <u>Section 2.07</u>.

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company.

Section 2.03 *Registrar and Paying Agent*.

The Company will maintain an office or agency where Notes may be presented for registration of transfer or for exchange ("*Registrar*") and an office or agency where Notes may be presented for payment ("*Paying Agent*"). The Registrar will keep a register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term "Registrar" includes any co-registrar and the term "Paying Agent" includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar.

The Company initially appoints DTC to act as Depositary with respect to the Global Notes.

The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes. The place of payment with respect to the Notes, in addition to the Corporate Trust Office of the Trustee, shall be an office maintained by the Company in the United States, and at such time, if ever, as the Notes are no longer represented by one or more Global Notes, the Company shall appoint and maintain a Paying Agent in the United States, the intention of the Company being that, after giving effect to the procedures of the Depositary respecting payments on Global Notes, the Notes shall at all times be payable in New York, New York.

The immunities, protections and exculpations available to the Trustee under this Indenture shall also be available to each Agent, and the Company's obligations under <u>Section 7.06</u> to compensate and indemnify the Trustee shall extend likewise to each Agent.

Section 2.04 *Paying Agent to Hold Money in Trust*.

The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) will have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee will serve as Paying Agent for the Notes.

Section 2.05 *Holder Lists*.

The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Company will furnish to the Trustee at least seven Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes.

Section 2.06 *Transfer and Exchange*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Transfer and Exchange of Global Notes*.
 A Global Note may not be transferred except as a whole by the Depositary to a nominee of
 the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of
 the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee
 of such successor Depositary. All Global Notes will be exchanged by the Company for Definitive
 Notes if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company delivers to the Trustee notice
 from the Depositary that it is unwilling or unable to continue to act as Depositary or that
 it is no longer a clearing agency registered under the Exchange Act and, in either case,
 a successor Depositary is not appointed by the Company within 120 days after the date of
 such notice from the Depositary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company in its sole discretion determines
 that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes
 and delivers a written notice to such effect to the Trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) there has occurred and is continuing a Default
 or Event of Default with respect to the Notes.

Upon the occurrence of any of the preceding events in (1), (2) or (3) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in <u>Sections 2.07</u> and <u>2.10</u>. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this <u>Section 2.06</u> or <u>Section 2.07</u> or <u>2.10</u>, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this <u>Section 2.06(a)</u>, however, beneficial interests in a Global Note may be transferred and exchanged as provided in <u>Section 2.06(b)</u>, <u>(c)</u> or <u>(f)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Transfer and Exchange of Beneficial Interests in the Global Notes*. The transfer and exchange of beneficial interests in the
 Global Notes will be effected through the Depositary, in accordance with the provisions of
 this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global
 Notes will be subject to restrictions on transfer comparable to those set forth herein to
 the extent required by the Securities Act. Transfers of beneficial interests in the Global
 Notes also will require compliance with either subparagraph (1) or (2) below, as
 applicable, as well as one or more of the other following subparagraphs, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Transfer of Beneficial Interests in the Same Global Note*. Beneficial interests in any Restricted Global Note may be transferred
 to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted
 Global Note in accordance with the transfer restrictions set forth in the Private Placement
 Legend; *provided, however*, that prior to the expiration of the Restricted Period,
 transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S.
 Person or for the account or benefit of a U.S. Person. Beneficial interests in any Unrestricted
 Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial
 interest in an Unrestricted Global Note. No written orders or instructions shall be required
 to be delivered to the Registrar to effect the transfers described in this <u>Section 2.06(b)(1)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *All Other Transfers and Exchanges of Beneficial Interests in Global Notes.* In connection with all transfers and exchanges
 of beneficial interests that are not subject to <u>Section 2.06(b)(1)</u> above,
 the transferor of such beneficial interest must deliver to the Registrar either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) both:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a written order from a Participant or an
 Indirect Participant given to the Depositary in accordance with the Applicable Procedures
 directing the Depositary to credit or cause to be credited a beneficial interest in another
 Global Note in an amount equal to the beneficial interest to be transferred or exchanged;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) instructions given in accordance with the
 Applicable Procedures containing information regarding the Participant account to be credited
 with such increase; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) both:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a written order from a Participant or an
 Indirect Participant given to the Depositary in accordance with the Applicable Procedures
 directing the Depositary to cause to be issued a Definitive Note in an amount equal to the
 beneficial interest to be transferred or exchanged; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) instructions given by the Depositary to
 the Registrar containing information regarding the Person in whose name such Definitive Note
 shall be registered to effect the transfer or exchange referred to in (1) above.

Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to <u>Section 2.06(g)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Transfer of Beneficial Interests to Another Restricted Global Note.* A beneficial interest in any Restricted Global Note may be transferred
 to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted
 Global Note if the transfer complies with the requirements of <u>Section 2.06(b)(2)</u> above
 and the Registrar receives the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if the transferee will take delivery in
 the form of a beneficial interest in the 144A Global Note, then the transferor must deliver
 a certificate in the form of <u>Exhibit B</u>, including the certifications in item
 (1) thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if the transferee will take delivery in
 the form of a beneficial interest in the Regulation S Global Note, then the transferor must
 deliver a certificate in the form of <u>Exhibit B</u>, including the certifications
 in item (2) thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if the transferee will take delivery in
 the form of a beneficial interest in the IAI Global Note, then the transferor must deliver
 a certificate in the form of <u>Exhibit B</u>, including the certifications, certificates
 and Opinion of Counsel required by item (3) thereof, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note*.
 A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof
 for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes
 delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the
 exchange or transfer complies with the requirements of <u>Section 2.06(b)(2)</u> above
 and such exchange or transfer is effected pursuant to an effective registration statement
 under the Securities Act.

If any such transfer is effected at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with <u>Section 2.02</u>, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to this <u>Section 2.06(b)(4)</u>.

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Transfer or Exchange of Beneficial Interests for Definitive Notes*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes.* If any holder of a beneficial interest in a Restricted
 Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note
 or to transfer such beneficial interest to a Person who takes delivery thereof in the form
 of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if the holder of such beneficial interest
 in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted
 Definitive Note, a certificate from such holder in the form of <u>Exhibit C</u>, including
 the certifications in item (2)(a) thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if such beneficial interest is being transferred
 to a QIB in accordance with Rule 144A, a certificate to the effect set forth in <u>Exhibit B</u>,
 including the certifications in item (1) thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if such beneficial interest is being transferred
 to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904,
 a certificate to the effect set forth in <u>Exhibit B</u>, including the certifications
 in item (2) thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if such beneficial interest is being transferred
 to an Institutional Accredited Investor in reliance on an exemption from the registration
 requirements of the Securities Act other than those listed in subparagraphs (B) or (C) above,
 a certificate to the effect set forth in <u>Exhibit B</u>, including the certifications,
 certificates and Opinion of Counsel required by item (3) thereof, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) if such beneficial interest is being transferred
 to the Company or any of its Subsidiaries, a certificate to the effect set forth in <u>Exhibit B</u>,
 including the certifications in item (3)(b) thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) if such beneficial interest is being transferred
 pursuant to an effective registration statement under the Securities Act, a certificate to
 the effect set forth in <u>Exhibit B</u>, including the certifications in item (3)(c) thereof,

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to <u>Section 2.06(g)</u>, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this <u>Section 2.06(c)</u> shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this <u>Section 2.06(c)(1)</u> shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes.* A holder of a beneficial interest in a Restricted
 Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or
 may transfer such beneficial interest to a Person who takes delivery thereof in the form
 of an Unrestricted Definitive Note only if such exchange or transfer is effected pursuant
 to an effective registration statement under the Securities Act and if the Company or Registrar
 so request or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
 acceptable to the Registrar to the effect that such exchange or transfer is in compliance
 with the Securities Act and that the restrictions on transfer contained herein and in the
 Private Placement Legend are no longer required in order to maintain compliance with the
 Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes.* If any holder of a beneficial interest
 in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive
 Note or to transfer such beneficial interest to a Person who takes delivery thereof in the
 form of a Definitive Note, then, upon satisfaction of the conditions set forth in <u>Section 2.06(b)(2)</u>,
 the Trustee will cause the aggregate principal amount of the applicable Global Note to be
 reduced accordingly pursuant to <u>Section 2.06(g)</u>, and the Company will execute
 and the Trustee will authenticate and deliver to the Person designated in the instructions
 a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange
 for a beneficial interest pursuant to this <u>Section 2.06(c)(3)</u> will be registered
 in such name or names and in such authorized denomination or denominations as the holder
 of such beneficial interest requests through instructions to the Registrar from or through
 the Depositary and the Participant or Indirect Participant. The Trustee will deliver such
 Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive
 Note issued in exchange for a beneficial interest pursuant to this <u>Section 2.06(c)(3)</u> will
 not bear the Private Placement Legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Transfer and Exchange of Definitive Notes for Beneficial Interests*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes.* If any Holder of a Restricted Definitive Note proposes
 to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer
 such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a
 beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the
 following documentation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if the Holder of such Restricted Definitive
 Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note,
 a certificate from such Holder in the form of <u>Exhibit C</u>, including the certifications
 in item (2)(b) thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if such Restricted Definitive Note is
 being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
 set forth in <u>Exhibit B</u>, including the certifications in item (1) thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if such Restricted Definitive Note is
 being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
 or Rule 904, a certificate to the effect set forth in <u>Exhibit B</u>, including
 the certifications in item (2) thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if such Restricted Definitive Note is
 being transferred to an Institutional Accredited Investor in reliance on an exemption from
 the registration requirements of the Securities Act other than those listed in subparagraphs
 (B) or (C) above, a certificate to the effect set forth in <u>Exhibit B</u>,
 including the certifications, certificates and Opinion of Counsel required by item (3) thereof,
 if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) if such Restricted Definitive Note is
 being transferred to the Company or any of its Subsidiaries, a certificate to the effect
 set forth in <u>Exhibit B</u>, including the certifications in item (3)(b) thereof;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) if such Restricted Definitive Note is
 being transferred pursuant to an effective registration statement under the Securities Act,
 a certificate to the effect set forth in <u>Exhibit B</u>, including the certifications
 in item (3)(c) thereof,

the Trustee will cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation S Global Note, and in all other cases, the IAI Global Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Restricted Definitive Notes to Beneficial Interests in Unrestricted Global N* otes. A Holder of a Restricted Definitive Note may
 exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such
 Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial
 interest in an Unrestricted Global Note only if such exchange or transfer is effected pursuant
 to an effective registration statement under the Securities Act and if the Company or Registrar
 so request or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
 acceptable to the Company and the Registrar to the effect that such exchange or transfer
 is in compliance with the Securities Act and that the restrictions on transfer contained
 herein and in the Private Placement Legend are no longer required in order to maintain compliance
 with the Securities Act.

Upon satisfaction of the conditions of this <u>Section 2.06(d)(2)</u>, the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.* A Holder of an Unrestricted Definitive Note may
 exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such
 Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest
 in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange
 or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase
 or cause to be increased the aggregate principal amount of one of the Unrestricted Global
 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If any such exchange or transfer from a
 Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2) or
 (3) above at a time when an Unrestricted Global Note has not yet been issued, the Company
 will issue and, upon receipt of an Authentication Order in accordance with <u>Section 2.02</u>,
 the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal
 amount equal to the principal amount of Definitive Notes so transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Transfer and Exchange of Definitive Notes for Definitive Notes.* Upon request by a Holder of Definitive Notes and such Holder's
 compliance with the provisions of this <u>Section 2.06(e)</u>, the Registrar will register
 the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange,
 the requesting Holder must present or surrender to the Registrar the Definitive Notes duly
 endorsed or accompanied by a written instruction of transfer in form satisfactory to the
 Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In
 addition, the requesting Holder must provide any additional certifications, documents and
 information, as applicable, required pursuant to the following provisions of this <u>Section 2.06(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Restricted Definitive Notes to Restricted Definitive Notes.* Any Restricted Definitive Note may be transferred to and registered
 in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note
 if the Registrar receives the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if the transfer will be made pursuant
 to Rule 144A, then the transferor must deliver a certificate in the form of <u>Exhibit B</u>,
 including the certifications in item (1) thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if the transfer will be made pursuant
 to Rule 903 or Rule 904, then the transferor must deliver a certificate in the
 form of <u>Exhibit B</u>, including the certifications in item (2) thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if the transfer will be made pursuant
 to any other exemption from the registration requirements of the Securities Act, then the
 transferor must deliver a certificate in the form of <u>Exhibit B</u>, including the
 certifications, certificates and Opinion of Counsel required by item (3) thereof, if
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Restricted Definitive Notes to Unrestricted Definitive Notes.* Any Restricted Definitive Note may be exchanged by the Holder thereof
 for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery
 thereof in the form of an Unrestricted Definitive Note if such exchange or transfer is effected
 pursuant to an effective registration statement under the Securities Act and if the Registrar
 so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to the
 effect that such exchange or transfer is in compliance with the Securities Act and that the
 restrictions on transfer contained herein and in the Private Placement Legend are no longer
 required in order to maintain compliance with the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Unrestricted Definitive Notes to Unrestricted Definitive Notes.* A Holder of Unrestricted Definitive Notes may transfer such Notes to
 a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon
 receipt of a request to register such a transfer, the Registrar shall register the Unrestricted
 Definitive Notes pursuant to the instructions from the Holder thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Legends.* The following legends
 will appear on the face of all Global Notes and Definitive Notes issued under this Indenture
 unless specifically stated otherwise in the applicable provisions of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Private Placement Legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Except as permitted by subparagraph (B) below,
 each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution
 thereof) shall bear the legend in substantially the following form:

"THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, OR (C) IT IS AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) (AN "INSTITUTIONAL ACCREDITED INVESTOR"), (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (D) INSIDE THE UNITED STATES TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE) AND IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES OF LESS THAN $100,000 AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY) OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS NOTE, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. IF THE PROPOSED TRANSFEREE IS AN INSTITUTIONAL ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS "OFFSHORE TRANSACTION," "UNITED STATES" AND "U.S. PERSON" HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING RESTRICTIONS."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Notwithstanding the foregoing, any Global
 Note or Definitive Note issued pursuant to <u>Section 2.06(b)(4)</u>, <u>(c)(2)</u>, <u>(c)(3)</u>, <u>(d)(2)</u>, <u>(d)(3)</u>, <u>(e)(2)</u> or <u>(e)(3)</u> (and
 all Notes issued in exchange therefor or substitution thereof) will not bear the Private
 Placement Legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Notwithstanding anything herein to the
 contrary, but subject to <u>Section 9.01</u>, the Private Placement Legend may not be
 removed from any Global Note or any Definitive Note other than in connection with a transfer
 under an effective registration statement under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Global Note Legend*. Each Global Note
 will bear a legend in substantially the following form:

"THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(A) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) ("DTC"), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Cancellation and/or Adjustment of Global Notes.* At such time as all beneficial interests in a particular Global Note have been
 exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased
 or canceled in whole and not in part, each such Global Note will be returned to or retained
 and canceled by the Trustee in accordance with <u>Section 2.11</u>. At any time prior
 to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred
 to a Person who will take delivery thereof in the form of a beneficial interest in another
 Global Note or for Definitive Notes, the principal amount of Notes represented by such Global
 Note will be reduced accordingly and an endorsement will be made on such Global Note by the
 Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and
 if the beneficial interest is being exchanged for or transferred to a Person who will take
 delivery thereof in the form of a beneficial interest in another Global Note, such other
 Global Note will be increased accordingly and an endorsement will be made on such Global
 Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such
 increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *General Provisions Relating to Transfers and Exchanges*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To permit registrations of transfers and
 exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive
 Notes upon receipt of an Authentication Order in accordance with <u>Section 2.02</u> or at the Registrar's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No service charge will be made to a Holder
 of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration
 of transfer or exchange, but the Company may require payment of a sum sufficient to cover
 any transfer tax or similar governmental charge payable in connection therewith (other than
 any such transfer taxes or similar governmental charge payable upon exchange or transfer
 pursuant to <u>Sections 2.10</u>, <u>3.06</u>, <u>3.09</u>, <u>4.11</u> or <u>4.14</u> and <u>9.04</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Registrar will not be required to register
 the transfer of or exchange of any Note selected for redemption in whole or in part, except
 the unredeemed portion of any Note being redeemed in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All Global Notes and Definitive Notes issued
 upon any registration of transfer or exchange of Global Notes or Definitive Notes will be
 the valid obligations of the Company, evidencing the same debt, and entitled to the same
 benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such
 registration of transfer or exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Neither the Registrar nor the Company will
 be required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to issue, to register the transfer of
 or to exchange any Notes during a period beginning at the opening of business 15 days before
 the day of any selection of Notes for redemption under <u>Section 3.02</u> and ending
 at the close of business on the day of selection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to register the transfer of or to exchange
 any Note selected for redemption in whole or in part, except the unredeemed portion of any
 Note being redeemed in part; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) to register the transfer of or to exchange
 a Note between a record date and the next succeeding Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Prior to due presentment for the registration
 of a transfer of any Note, the Trustee, any Agent, the Company and the Guarantors may deem
 and treat the Person in whose name any Note is registered as the absolute owner of such Note
 for the purpose of receiving payment of principal of, premium, if any, and interest on such
 Notes and for all other purposes, and none of the Trustee, any Agent, or the Company and
 the Guarantors shall be affected by notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Trustee will authenticate Global Notes
 and Definitive Notes in accordance with the provisions of <u>Section 2.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) All certifications, certificates and Opinions
 of Counsel required to be submitted to the Registrar pursuant to this <u>Section 2.06</u> to effect a registration of transfer or exchange may be submitted by facsimile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) The Trustee shall have no obligation or
 duty to monitor, determine or inquire as to compliance with any restrictions on transfer
 imposed under this Indenture or under applicable law with respect to any transfer of any
 interest in any Note (including any transfers between or among Depositary participants or
 beneficial owners of interests in any Global Note) other than to require delivery of such
 certificates and other documentation or evidence as are expressly required by, and to do
 so if and when expressly required by the terms of, this Indenture, and to examine the same
 to determine substantial compliance as to form with the express requirements hereof.

Section 2.07 *Replacement Notes*.

If any mutilated Note is surrendered to the Trustee or the Company and the Trustee and the Company receive evidence to their satisfaction of the destruction, loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee's requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee to protect the Trustee, and the Company to protect the Company, the Guarantors, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note.

Every replacement Note is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder.

Section 2.08 *Outstanding Notes*.

The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interests in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this <u>Section 2.08</u> as not outstanding. Except as set forth in <u>Section 2.09</u>, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note.

If a Note is replaced pursuant to <u>Section 2.07</u>, it ceases to be outstanding unless the Company and the Trustee receives proof satisfactory to each of them that the replaced Note is held by a protected purchaser.

If the principal amount of any Note is considered paid under <u>Section 4.01</u>, it ceases to be outstanding and interest on it ceases to accrue.

If the Paying Agent (other than the Company or a Subsidiary thereof) holds, by 11:00 a.m. Eastern Time on a redemption date or other maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest.

Section 2.09 *Treasury Notes*.

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company or any Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any Guarantor, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned will be so disregarded.

Section 2.10 *Temporary Notes*.

Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Company will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes.

Holders of temporary Notes will be entitled to all of the benefits of this Indenture.

Section 2.11 *Cancellation*.

The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes (subject to the record retention requirement of the Exchange Act and the Trustee's customary procedures). Certification of the destruction of all canceled Notes will be delivered to the Company upon written request. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation.

Section 2.12 *Defaulted Interest*.

If the Company defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in <u>Section 4.01</u>. The Company will notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special record date and payment date; *provided* that no such special record date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company delivered at least five Business Days before such notice is to be sent, the Trustee in the name and at the expense of the Company) will send or cause to be sent to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid.

Article 3<br> REDEMPTION AND PREPAYMENT

Section 3.01 *Notices to Trustee*.

If the Company elects to redeem Notes pursuant to the optional redemption provisions of <u>Section 3.07</u>, it must furnish to the Trustee, at least 10 days but not more than 60 days before a redemption date, an Officers' Certificate setting forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the paragraph of <u>Section 3.07</u> pursuant to which the redemption shall occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the redemption date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the principal amount of Notes to be redeemed;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the redemption price (if then determined
 and otherwise the basis for its determination).

Section 3.02 *Selection of Notes to Be Redeemed or Purchased*.

If less than all of the Notes are to be redeemed at any time, the Trustee will select Notes for redemption by lot (except that any Notes represented by a Global Note will be redeemed by such method as DTC may require), unless otherwise required by law or applicable stock exchange requirements.

In the event of partial redemption, the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein, not less than 10 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for redemption.

The Trustee will promptly notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected will be in amounts of $2,000 or integral multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption.

Section 3.03 *Notice of Redemption*.

Subject to the provisions of <u>Section 3.09</u>, at least 10 days but not more than 60 days before a redemption date, the Company will mail or cause to be mailed, by first class mail (or send electronically in the case of Global Notes), a notice of redemption to each Holder whose Notes are to be redeemed at its registered address (with a copy to the Trustee), except that redemption notices may be sent more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to <u>Article 8</u> or <u>11</u>.

The notice will identify the Notes to be redeemed and will state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the redemption date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the redemption price (if then determined
 and otherwise the basis for its determination);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if any Note is being redeemed in part,
 the portion of the principal amount of such Note to be redeemed and that, after the redemption
 date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed
 portion will be issued upon cancellation of the original Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the name and address of the Paying Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) that Notes called for redemption must
 be surrendered to the Paying Agent to collect the redemption price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) that, unless the Company defaults in making
 such redemption payment, interest on Notes called for redemption ceases to accrue on and
 after the redemption date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the paragraph in <u>Section 3.07</u> pursuant to which the Notes called for redemption are being redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) if such redemption is subject to the satisfaction
 of one of more conditions precedent, such notice shall describe such condition and, if applicable,
 shall state that, in the Company's discretion, the redemption date may be delayed (subject
 to the first paragraph of this <u>Section 3.03</u>) until such time as any or all such
 conditions shall be satisfied (or waived by the Company in its sole discretion), or that
 such redemption may not occur and such notice may be rescinded in the event that any or all
 such conditions shall not have been satisfied (or waived by the Company in its sole discretion)
 by the redemption date, or by the redemption date so delayed, or that such notice may be
 rescinded at any time in the Company's discretion if in the good faith judgment of
 the Company any or all of such conditions will not be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) that no representation is made as to the
 correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on
 the Notes.

At the Company's request, the Trustee will give the notice of redemption in the Company's name and at its expense; *provided*, *however*, that the Company has delivered to the Trustee, at least five Business Days prior to the giving of such notice of redemption (or such shorter period as shall be acceptable to the Trustee), an Officers' Certificate requesting that the Trustee give such notice and a copy of the notice of redemption that sets forth the information to be stated in such notice as provided in the preceding paragraph.

Section 3.04 *Effect of Notice of Redemption*.

Once notice of redemption is sent in accordance with <u>Section 3.03</u>, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price, unless the condition described in the notice of redemption, to the extent one exists, does not occur.

Section 3.05 *Deposit of Redemption or Purchase Price*.

By 11:00 a.m. Eastern Time on the redemption or purchase date, the Company will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued interest on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest on, all Notes to be redeemed or purchased.

If the Company complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on the Notes or the portions of Notes called for redemption or tendered for purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or tendered for purchase is not so paid upon surrender for redemption or purchase because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or tendered for purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in <u>Section 4.01</u>.

Section 3.06 *Notes Redeemed or Purchased in Part*.

Upon surrender of a Note that is redeemed or purchased in part, the Company will issue and, upon receipt of an Authentication Order, the Trustee will authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered.

Section 3.07 *Optional Redemption*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time prior to August 1, 2024,
 the Company may on any one or more occasions redeem up to 35% of the aggregate principal
 amount of Notes issued under this Indenture at a redemption price of 111.750% of the principal
 amount thereof, plus accrued and unpaid interest to, but not including, the redemption date
 (subject to the right of Holders on the relevant record date to receive interest due on the
 relevant Interest Payment Date), with an amount of cash not greater than the net cash proceeds
 of one or more Equity Offerings; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) at least 65% in aggregate principal amount
 of Notes originally issued under this Indenture remains outstanding immediately after the
 occurrence of such redemption; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) each such redemption must occur within 180
 days of the date of the closing of the related Equity Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except pursuant to the preceding paragraph
 (a) or paragraph (d) or (e) below, the Notes will not be redeemable at the
 Company's option prior to August 1, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On or after August 1, 2024, the Company
 may redeem all or a part of the Notes upon not less than 10 nor more than 60 days'
 notice, at the redemption prices (expressed as percentages of principal amount) set forth
 below plus accrued and unpaid interest on the Notes redeemed to, but not including, the applicable
 redemption date (subject to the right of Holders on the relevant record date to receive interest
 due on the relevant Interest Payment Date):

---

| | |
|:---|:---|
| **On or after August 1,** | **Percentage** |
| 2024 | 105.875% |
| 2025 and thereafter | 100.000% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At any time prior to August 1, 2024,
 the Company may also redeem all or a part of the Notes, upon not less than 10 nor more than
 60 days' notice, at a redemption price equal to 100% of the principal amount of Notes
 redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to,
 but not including, the applicable redemption date (subject to the right of Holders on the
 relevant record date to receive interest due on the relevant Interest Payment Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that Holders of not less
 than 90% of the aggregate principal amount of the outstanding Notes accept a Change of Control
 Offer and the Company (or the third party making the Change of Control Offer pursuant to <u>Section 4.14(d)</u>) purchases all of the Notes held by such Holders, the Company
 will have the right, upon not less than 10 nor more than 60 days' prior notice
 to the Holders and the Trustee, given not more than 30 days following the purchase pursuant
 to <u>Section 4.14</u> to redeem all of the Notes that remain outstanding following
 such purchase at a redemption price equal to the Change of Control Payment plus, to the extent
 not included in the Change of Control Payment, accrued and unpaid interest on the Notes that
 remain outstanding, to, but not including, the applicable redemption date (subject to the
 right of Holders on the relevant record date to receive interest due on the relevant Interest
 Payment Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any redemption pursuant to this <u>Section 3.07</u> shall be made pursuant to the provisions of <u>Sections 3.01</u> through <u>3.06</u>.

Section 3.08 *Mandatory Redemption*.

The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes.

Section 3.09 *Offer to Purchase by Application of Excess Proceeds*.

In the event that, pursuant to <u>Section 4.11</u>, the Company is required to commence an offer to all Holders to purchase Notes (an "*Asset Sale Offer*"), it will follow the procedures specified below.

The Asset Sale Offer shall be made to all Holders and (i) with respect to Excess Proceeds (as defined in <u>Section 4.11</u>) from any Asset Sale that is a Collateral Disposition, all holders of other Parity Lien Obligations, or (ii) with respect to other Excess Proceeds, all holders of other Indebtedness that is *pari passu* in right of payment with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase, repay or redeem with the proceeds of sales of assets. The Asset Sale Offer will remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the "*Offer Period*"). No later than three Business Days after the termination of the Offer Period (the "*Purchase Date*"), the Company will apply all Excess Proceeds (the "*Offer Amount*") to the purchase of Notes and such other Indebtedness (on a *pro rata* basis based on the outstanding amount of the Notes and such other Indebtedness, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so purchased will be made in the same manner as interest payments are made.

For the avoidance of doubt, each Asset Sale Offer shall be made to the Holders and to any applicable Other Offer Parties pursuant to <u>Section 4.11</u> and the aggregate amount of the Notes subject to any Asset Sale Offer that is also made to Other Offer Parties shall be an amount of Excess Proceeds that is proportionate to the then aggregate outstanding principal amount of the Notes relative to the then outstanding principal amount of relevant Indebtedness of the Other Offer Parties. In addition, if the offer requirements or mechanics applicable to such other Indebtedness are not consistent with the procedures set forth in this <u>Section 3.09</u> for an Asset Sale Offer, the Company may change the procedures for such Asset Sale Offer from those set forth herein provided that (x) no change may be made with respect to the amount of Notes subject to the Asset Sale Offer and (y) such procedures shall be clearly set out in the relevant Asset Sale Offer notice.

If the Purchase Date is on or after an interest record date and on or before the related Interest Payment Date, any accrued and unpaid interest will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be payable to Holders who tender Notes pursuant to the Asset Sale Offer.

Upon the commencement of an Asset Sale Offer, the Company will send, by first class mail (or electronically in the case of Global Notes), a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice, which will govern the terms of the Asset Sale Offer, will state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) that the Asset Sale Offer is being made
 pursuant to this <u>Section 3.09</u> and <u>Section 4.11</u> and the length of
 time the Asset Sale Offer will remain open;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Offer Amount, the purchase price and
 the Purchase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) that any Note not tendered or accepted
 for payment will continue to accrue interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) that, unless the Company defaults in making
 such payment, any Note accepted for payment pursuant to the Asset Sale Offer will cease to
 accrue interest after the Purchase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) that Holders electing to have a Note purchased
 pursuant to an Asset Sale Offer may elect to have Notes purchased in amounts of $2,000 or
 integral multiples of $1,000 in excess thereof only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) that Holders electing to have Notes purchased
 pursuant to any Asset Sale Offer will be required to surrender the Note, with the form entitled
 "Option of Holder to Elect Purchase" attached to the Notes completed, or transfer
 by book-entry transfer, to the Company, a depositary, if appointed by the Company, or a Paying
 Agent at the address specified in the notice at least three days before the Purchase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) that Holders will be entitled to withdraw
 their election if the Company, the Depositary and the Paying Agent, as the case may be, receives,
 not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission
 or letter setting forth the name of the Holder, the principal amount of the Note the Holder
 delivered for purchase and a statement that such Holder is withdrawing his election to have
 such Note purchased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) that, if the aggregate principal amount
 of Notes and other Indebtedness surrendered by holders thereof exceeds the Offer Amount,
 the Trustee will select the Notes and the Company or the trustee or agent for such other
 Indebtedness will select such other Indebtedness to be purchased on a *pro rata* basis
 based on the principal amount of Notes and such other Indebtedness surrendered (with such
 adjustments as may be deemed appropriate by the Company so that only Notes in denominations
 of $2,000 or an integral multiple of $1,000 in excess thereof, will be purchased); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) that Holders whose Notes were purchased
 only in part will be issued new Notes equal in principal amount to the unpurchased portion
 of the Notes surrendered (or transferred by book-entry transfer).

On or before the Purchase Date, the Company will, to the extent lawful, accept for payment, on a *pro rata* basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers' Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this <u>Section 3.09</u>. The Company, the depositary or the Paying Agent, as the case may be, will promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee, upon written request from the Company, will authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company will publicly announce the results of the Asset Sale Offer on the Purchase Date.

Other than as specifically provided in this <u>Section 3.09</u>, any purchase pursuant to this <u>Section 3.09</u> shall be made pursuant to the applicable provisions of <u>Sections 3.01</u> through <u>3.06</u>.

Article 4<br> COVENANTS

Section 4.01 *Payment of Notes*.

The Company will pay or cause to be paid the principal of, premium, if any, and interest on, the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 11:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful.

Section 4.02 *Maintenance of Office or Agency*.

The Company will maintain in the continental United States, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be made. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made at the Corporate Trust Office of the Trustee; *provided* that no office of the Trustee shall be an office or agency of the Company for the purpose of service of legal process against the Company or any Guarantor.

The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; *provided*, *however*, that no such designation or rescission will in any manner relieve the Company of its obligation under <u>Section 2.03</u> to maintain an office or agency in the United States where any Definitive Notes may be presented or surrendered for any payment. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with <u>Section 2.03</u>. In case the Company shall fail to maintain any such office or agency or shall fail to give such notice of the location or of any change in the location thereof, such surrenders, presentations, notices and demands may be made at the designated Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee its agent to receive at the aforesaid office all such surrenders, presentations, notices and demands; *provided* that no office of the Trustee shall be an office or agency of the Company for the purpose of service of legal process against the Company or any Guarantor.

Section 4.03 *Reports*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) So long as any Notes are outstanding,
 the Company will file with the SEC for public availability, within 30 days of the time
 periods specified in the SEC's rules and regulations (unless the SEC will not
 accept such a filing, in which case the Company will furnish to the Holders of Notes and
 the Trustee, within the time periods specified in the SEC's rules and regulations):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all quarterly and annual reports that would
 be required to be filed with the SEC on Forms 10-Q and 10-K if the Company were required
 to file such reports, and, with respect to the annual information only, an audit report thereon
 by a nationally recognized firm of independent accountants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all current reports that would be required
 to be filed with the SEC on Form 8-K if the Company were required to file such reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All such reports will be prepared in all
 material respects in accordance with all of the rules and regulations applicable to
 such reports. The Company will conduct a conference call for the Holders of the Notes, prospective
 investors and securities analysts to discuss the information furnished pursuant to the previous
 paragraph no later than three Business Days after furnishing any information pursuant
 to <u>Section 4.03(a)(1)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, at any time, the Company is no longer
 subject to the periodic reporting requirements of the Exchange Act for any reason, the Company
 will nevertheless continue filing the reports specified in <u>Section 4.03(a)</u> with
 the SEC within the time periods specified above unless the SEC will not accept such a filing.
 The Company will not take any action for the purpose of causing the SEC not to accept any
 such filings. If, notwithstanding the foregoing, the SEC will not accept the Company's
 filings for any reason, the Company will post the reports referred to in <u>Section 4.03(a)</u> on
 its website within 30 days of the time periods that would apply if the Company were
 required to file those reports with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Company has designated any of its
 Subsidiaries as Unrestricted Subsidiaries, then, to the extent material as determined by
 the Company's Board of Directors in good faith, the quarterly and annual financial
 information required by <u>Section 4.03(a)</u> will include a reasonably detailed
 presentation, either on the face of the financial statements or in the footnotes thereto,
 and in Management's Discussion and Analysis of Financial Condition and Results of Operations,
 of the financial condition and results of operations of the Company and its Restricted Subsidiaries
 separate from the financial condition and results of operations of the Unrestricted Subsidiaries
 of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For so long as any Notes remain outstanding,
 if at any time they are not required to file with the SEC the reports required by <u>Section 4.03(a)</u>,
 the Company and the Guarantors will furnish to the Holders and to securities analysts and
 prospective investors, upon their request, the information required to be delivered pursuant
 to Rule 144A(d)(4) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company shall be deemed to have furnished
 such reports to the Trustee and the Holders of the Notes if it has filed such reports with
 the SEC using the EDGAR filing system and such reports are publicly available. The Trustee
 shall have no responsibility to determine whether such filing has occurred or if such reports
 are publicly available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Delivery of such reports, information
 and documents to the Trustee is for informational purposes only and the Trustee's receipt
 of such shall not constitute constructive notice of any information contained therein or
 determinable from information contained therein, including the Company's and the Guarantors'
 compliance with any of their covenants hereunder (as to which the Trustee is entitled to
 rely conclusively on Officers' Certificates). The Trustee shall have no duty or responsibility
 to review such reports, information or documents.

Section 4.04 *Compliance Certificate*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company and each Guarantor shall deliver
 to the Trustee, within 90 days after the end of each fiscal year, an Officers' Certificate
 stating that a review of the activities of the Company and its Subsidiaries during the preceding
 fiscal year has been made under the supervision of the signing Officers with a view to determining
 whether the Company has kept, observed, performed and fulfilled its obligations under this
 Indenture, and further stating, as to each such Officer signing such certificate, that to
 the best of his or her knowledge the Company has kept, observed, performed and fulfilled
 each and every covenant contained in this Indenture and is not in default in the performance
 or observance of any of the terms, provisions and conditions of this Indenture (or, if a
 Default or Event of Default has occurred, describing all such Defaults or Events of Default
 of which he or she may have knowledge and what action the Company is taking or proposes to
 take with respect thereto) and that to the best of his or her knowledge no event has occurred
 and remains in existence by reason of which payments on account of the principal of or interest,
 if any, on the Notes is prohibited or if such event has occurred, a description of the event
 and what action the Company is taking or proposes to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) So long as any of the Notes are outstanding,
 the Company will deliver to the Trustee, within five days of any Officer becoming aware of
 any Default or Event of Default, an Officers' Certificate specifying such Default or
 Event of Default and what action the Company is taking or proposes to take with respect thereto.

Section 4.05 *Taxes*.

The Company will pay, and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes.

Section 4.06 *Stay, Extension and Usury Laws*.

The Company and each of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each of the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.

Section 4.07 *Corporate Existence*.

Subject to <u>Article 5</u>, so long as any of the Notes shall remain outstanding, the Company will at all times do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.

Section 4.08 *Restricted Payments*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will not, and will not permit
 any of its Restricted Subsidiaries to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) declare or pay any dividend or make any
 other payment or distribution on account of the Company's or any of its Restricted
 Subsidiaries' Equity Interests (including, without limitation, any dividend, payment
 or distribution made by the Company or any of its Restricted Subsidiaries in connection with
 any merger or consolidation involving the Company or any of its Restricted Subsidiaries)
 or to the direct or indirect holders of the Company's or any of its Restricted Subsidiaries'
 Equity Interests in their capacity as such (other than dividends or distributions payable
 in Equity Interests (other than Disqualified Stock) of the Company and other than dividends
 or distributions payable to the Company or a Restricted Subsidiary of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) purchase, redeem or otherwise acquire or
 retire for value (including without limitation, any such purchase, redemption, acquisition
 or retirement made in connection with any merger or consolidation involving the Company)
 any Equity Interests of the Company or any direct or indirect parent of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) make any payment on or with respect to,
 or purchase, redeem, defease or otherwise acquire or retire for value prior to the Stated
 Maturity thereof, any Subordinated Obligation (excluding the purchase or other acquisition
 or retirement of any Subordinated Obligation in anticipation of satisfying a sinking fund
 obligation, principal installment or final maturity payment, in each case due within one
 year of the date of purchase or other acquisition or retirement); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) make any Restricted Investment

(all such payments and other actions set forth in clauses (1) through (4) above being collectively referred to as "*Restricted Payments*"), unless, at the time of and after giving effect to such Restricted Payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) no Default or Event of Default has occurred
 and is continuing or would occur as a consequence of such Restricted Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company would, at the time of such Restricted
 Payment and after giving *pro forma* effect thereto as if such Restricted Payment had
 been made at the beginning of the applicable four-quarter period, have been permitted to
 incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio
 test set forth in <u>Section 4.10(a)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) such Restricted Payment, together with the
 aggregate amount of all other Restricted Payments made by the Company and its Restricted
 Subsidiaries since the Issue Date (excluding Restricted Payments permitted by clauses (2),
 (3), (4), (5), (6), (7), (9), (10) or (11) of <u>Section 4.08(b)</u>), is equal
 to or less than the sum, without duplication, of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 50% of the Consolidated Net Income of
 the Company for the period (taken as one accounting period) from January 1, 2023 to
 the end of the Company's most recently ended fiscal quarter for which internal financial
 statements are available at the time of such Restricted Payment (but in any event not less
 than zero dollars); *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 100% of the aggregate net cash proceeds
 and 100% of the Fair Market Value of securities or other property other than cash received
 that is used or useful in the Oil and Gas Business by the Company since the Issue Date from
 the sale of Equity Interests of the Company (other than Disqualified Stock and any Excluded
 Contribution) or as a contribution to the Company's common equity capital (other than
 any Excluded Contribution) or from the sale of convertible or exchangeable Disqualified Stock
 or convertible or exchangeable debt securities of the Company that have been converted or
 exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or
 debt securities) sold to a Subsidiary of the Company or to an employee stock ownership plan,
 option plan or similar trust to the extent such sale to an employee stock ownership plan,
 option plan or similar trust is financed by loans from or guaranteed the Company or any of
 its Restricted Subsidiaries unless such loans have been repaid with cash on or prior to the
 date of determination); *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the amount equal to the net reduction
 in Restricted Investments made by the Company or any of its Restricted Subsidiaries in any
 Person since the Issue Date resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) repurchases or redemptions of such Restricted
 Investments by such Person, proceeds realized upon the sale of such Restricted Investment
 to a purchaser other than the Company or a Subsidiary or the Company, repayments of loans
 or advances or other transfers of assets (including by way of dividend or distribution) by
 such Person to the Company or any Restricted Subsidiary of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the redesignation of any Unrestricted Subsidiary
 as a Restricted Subsidiary (valued in each case at the Fair Market Value of the Company's
 Investment in such Unrestricted Subsidiary at the time of redesignation) not to exceed the
 amount of Investments previously made by the Company or any Restricted Subsidiary of the
 Company in such Unrestricted Subsidiary,

which amount in each case under this clause (iii) was included in the calculation of the amount of Restricted Payments; *provided*, *however*, that no amount will be included under this clause (iii) to the extent it is already included in Consolidated Net Income; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 100% of any dividends received by the
 Company or a Restricted Subsidiary of the Company that is a Guarantor after the Issue Date
 from an Unrestricted Subsidiary of the Company, to the extent that such dividends were not
 otherwise included in the Consolidated Net Income of the Company for such period; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) $25.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of <u>Section 4.08(a)</u> will
 not prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the payment of any dividend within 90 days
 after the date of declaration of the dividend or the consummation of any irrevocable redemption
 within 60 days after the date of giving of the redemption notice, as the case may be,
 if at the date of declaration or notice, the dividend or redemption payment would have complied
 with the provisions of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the making of any Restricted Payment since
 the Issue Date in exchange for, or out of the net cash proceeds of the substantially concurrent
 sale (other than to a Subsidiary of the Company) of, Equity Interests of the Company (other
 than Disqualified Stock, any Excluded Contribution and other than Equity Interests issued
 or sold to an employee stock ownership plan, option plan or similar trust to the extent such
 sale to an employee stock ownership plan, option plan or similar trust is financed by loans
 from or guaranteed by the Company or any of its Restricted Subsidiaries unless such loans
 have been repaid with cash on or prior to the date of determination) or from the substantially
 concurrent contribution of common equity capital to the Company (other than any Excluded
 Contribution); *provided* that the amount of any such net cash proceeds that are utilized
 for any such Restricted Payment will be excluded from <u>Section 4.08(a)(3)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the repurchase, redemption, defeasance or
 other acquisition or retirement for value since the Issue Date of Subordinated Obligations
 in exchange for, or with the net cash proceeds from a substantially concurrent incurrence
 of, Permitted Refinancing Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the payment since the Issue Date of any
 dividend (or, in the case of any partnership or limited liability company, any similar distribution)
 by a Restricted Subsidiary of the Company to the holders of its Equity Interests on a *pro rata* basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) so long as no Default has occurred and is
 continuing or would be caused thereby, the repurchase, redemption or other acquisition or
 retirement for value since the Issue Date of any Equity Interests of the Company or any Restricted
 Subsidiary of the Company held by any of the Company's (or any of its Restricted Subsidiaries')
 current or former directors or employees pursuant to any director or employee equity subscription
 agreement, stock option agreement or restricted stock agreement; *provided* that the
 aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests
 may not exceed $10.0 million in any 12-month period (with unused amounts in any 12-month
 period being permitted to be carried over into succeeding 12-month periods); *provided*, *further*, that the amounts in any 12-month period may be increased by an amount not
 to exceed (A) the cash proceeds received by the Company or any of its Restricted Subsidiaries
 from the sale of the Company's Equity Interests (other than Disqualified Stock) to
 any such directors or employees that occurs after the Issue Date (*provided* that the
 amount of such cash proceeds utilized for any such repurchase, retirement or other acquisition
 or retirement will be excluded from <u>Section 4.08(a)(3)(ii)</u>) *plus* (B) the
 cash proceeds of key man life insurance policies received by the Company and its Restricted
 Subsidiaries after the Issue Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) so long as no Default has occurred and is
 continuing or would be caused thereby, the repurchase, redemption or other acquisition or
 retirement for value since the Issue Date of any Equity Interests of the Company or any Restricted
 Subsidiary of the Company held by any of the Company's (or any of its Restricted Subsidiaries')
 current or former directors or employees in connection with the exercise or vesting of any
 equity compensation (including, without limitation, stock options, restricted stock and phantom
 stock) or made in order to satisfy the Company's or such Restricted Subsidiary's
 tax withholding obligation with respect to such exercise or vesting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) so long as no Default has occurred and is
 continuing or would be caused thereby, repurchases of Subordinated Obligations at a purchase
 price not greater than (x) 101% of the principal amount of such Subordinated Obligations
 in the event of a Change of Control or (y) 100% of the principal amount of such Subordinated
 Obligations in the event of an Asset Sale, in each case plus accrued and unpaid interest,
 in connection with any change of control offer or asset sale offer required by the terms
 of such Subordinated Obligations, but only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of a Change of Control, the
 Company has first complied with and fully satisfied its obligations under <u>Section 4.14</u> (including without limitation the repurchase of all Notes validly tendered for payment
 in connection therewith); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of an Asset Sale, the Company
 has complied with and fully satisfied its obligations in accordance with <u>Section 4.11</u> (including without limitation the repurchase of all Notes validly tendered for payment
 in connection therewith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the repurchase, redemption or other acquisition
 or retirement for value of Capital Stock of the Company representing fractional shares of
 such Capital Stock in connection with a merger, consolidation or other combination involving
 the Company or any other transaction permitted by this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Restricted Payments consisting of Excluded
 Contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Restricted Payments in an amount up to
 $35.0 million for each 12-month period following the Issue Date, with any unused portion
 of such amount in any such period to be carried forward to succeeding 12-month periods; *provided* that if the Senior Secured Leverage Ratio is greater than 2.00:1.00 on any anniversary
 of the Issue Date, such amount shall be limited to $15.0 million for the subsequent
 12-month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) other Restricted Payments in an aggregate
 amount not to exceed $30.0 million since the Issue Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) the declaration and payment of regularly
 scheduled or accrued dividends to holders of any class or series of Disqualified Stock of
 the Company or preferred stock of any Restricted Subsidiary of the Company issued on or after
 the Issue Date in accordance with the Fixed Charge Coverage Ratio test described in <u>Section 4.10(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The amount of all Restricted Payments
 (other than cash) will be the Fair Market Value on the date of the Restricted Payment of
 the asset(s) or securities proposed to be transferred or issued by the Company or such
 Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair Market
 Value of any assets or securities that are required to be valued by this <u>Section 4.08</u> will be evidenced by an Officers' Certificate delivered to the Trustee within five
 Business Days of the making of the Restricted Payment, together with a copy of any related
 resolution of the Company's Board of Directors. Such Officers' Certificate shall
 state that the Restricted Payment is permitted by this <u>Section 4.08</u>. For purposes
 of determining compliance with this <u>Section 4.08</u>, in the event that a Restricted
 Payment meets the criteria of more than one of the exceptions described in clauses (1) through
 (12) of <u>Section 4.08(b)</u> or is entitled to be made pursuant to <u>Section 4.08(a)</u>,
 the Company shall, in its sole discretion, classify such Restricted Payment, or later classify,
 reclassify or re-divide all or a portion of such Restricted Payment, in any manner that complies
 with this <u>Section 4.08</u>.

Section 4.09 *Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will not, and will not permit
 any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist
 or become effective any consensual encumbrance or restriction on the ability of any Restricted
 Subsidiary to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) pay dividends or make any other distributions
 on its Capital Stock to the Company or any of its Restricted Subsidiaries, or pay any indebtedness
 owed to the Company or any of its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) make loans or advances to the Company or
 any of its Restricted Subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) sell, lease or transfer any of its properties
 or assets to the Company or any of its Restricted Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The restrictions of <u>Section 4.09(a)</u> will
 not apply to encumbrances or restrictions existing under or by reason of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) agreements governing Existing Indebtedness
 and the Credit Agreement as in effect on the Issue Date and any amendments, restatements,
 modifications, renewals, supplements, increases, refundings, replacements or refinancings
 of those agreements; *provided* that the amendments, restatements, modifications, renewals,
 supplements, increases, refundings, replacements or refinancings are not materially more
 restrictive, taken as a whole, with respect to such dividend and other payment encumbrances
 or restrictions than those contained in those agreements on the Issue Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) this Indenture, the Notes, the Note Guarantees
 and the other Note Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) applicable law, rule, regulation, order,
 approval, permit or similar restriction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any instrument governing Indebtedness or
 Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries as
 in effect at the time of such acquisition (except to the extent such Indebtedness or Capital
 Stock was incurred in connection with or in contemplation of such acquisition), which encumbrance
 or restriction is not applicable to any Person, or the properties or assets of any Person,
 other than the Person, or the property or assets of the Person, so acquired; *provided* that, in the case of Indebtedness, such Indebtedness was permitted by the terms of this
 Indenture to be incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) customary non-assignment provisions in contracts,
 leases and licenses (including, without limitation, licenses of intellectual property) entered
 into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) purchase money obligations for property
 (including Capital Stock) acquired in the ordinary course of business, Capital Lease Obligations
 and mortgage financings that impose restrictions on the property purchased or leased of the
 nature described in <u>Section 4.09(a)(3)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) any agreement for the sale or other disposition
 of assets, including without limitation an agreement for the sale or other disposition of
 the Capital Stock or assets of a Restricted Subsidiary that restricts distributions by the
 applicable Restricted Subsidiary pending the sale or other disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Liens permitted to be incurred under the
 provisions of <u>Section 4.13</u> that limit the right of the debtor to dispose of the
 assets subject to such Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) provisions limiting the disposition or distribution
 of assets or property in joint venture agreements, asset sale agreements, sale-leaseback
 agreements, stock sale agreements and other similar agreements entered into (i) in the
 ordinary course of business consistent with past practice or (ii) with the approval
 of the Company's Board of Directors, which limitations are applicable only to the assets
 or property that are the subject of such agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) other Indebtedness of the Company or any
 of its Restricted Subsidiaries permitted to be incurred pursuant to an agreement entered
 into subsequent to the Issue Date in accordance with <u>Section 4.10</u>; *provided* that the provisions of such agreement relating to such dividend and other payment encumbrances
 or restrictions (i) taken as a whole, are not materially more restrictive than those
 provisions contained in the agreements governing Existing Indebtedness and the Credit Agreement,
 in each case as in effect on the Issue Date, (ii) are not materially more disadvantageous,
 taken as a whole, to the Holders of the Notes than is customary in comparable financings
 for similarly situated issuers or (iii) will not materially impair the Company's
 ability to make payments on the Notes when due, in each case for the foregoing clauses (i) through
 (iii), as determined by the Company's Board of Directors in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) the issuance of preferred stock by a Restricted
 Subsidiary or the payment of dividends thereon in accordance with the terms thereof; *provided* that issuance of such preferred stock was made in accordance with <u>Section 4.10</u> and the terms of such preferred stock do not expressly restrict the ability of a Restricted
 Subsidiary to pay dividends or make any other distributions on its Capital Stock (other than
 requirements to pay dividends or liquidation preferences on such preferred stock prior to
 paying any dividends or making any other distributions on such other Capital Stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) supermajority voting requirements existing
 under corporate charters, bylaws, stockholders' agreements and similar documents and
 agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) customary provisions restricting subletting
 or assignment of any lease governing a leasehold interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) encumbrances or restrictions contained
 in Hedging Obligations permitted from time to time under this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) restrictions on cash or other deposits
 or net worth imposed by customers under contracts entered into in the ordinary course of
 business.

Section 4.10 *Incurrence of Indebtedness and Issuance of Preferred Stock*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will not, and will not permit
 any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume,
 guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with
 respect to (collectively, "*incur*") any Indebtedness (including Acquired
 Debt), and the Company will not issue any Disqualified Stock and will not permit any of its
 Restricted Subsidiaries to issue any shares of preferred stock; *provided*, *however*,
 that the Company and the Restricted Subsidiaries may incur Indebtedness (including Acquired
 Debt) or issue Disqualified Stock or preferred stock of a Restricted Subsidiary, if the Fixed
 Charge Coverage Ratio for the Company's most recently ended four full fiscal quarters
 for which internal financial statements are available immediately preceding the date on which
 such additional Indebtedness is incurred or such Disqualified Stock or preferred stock of
 a Restricted Subsidiary is issued, as the case may be, would have been at least 2.00 to 1.00,
 determined on a *pro forma* basis (including a *pro forma* application of the net
 proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified
 Stock or preferred stock of a Restricted Subsidiary had been issued, as the case may be,
 at the beginning of such four-quarter period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of <u>Section 4.10(a)</u> will
 not prohibit the incurrence of any of the following items of Indebtedness (collectively,
 "*Permitted Debt* "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the incurrence by the Company and any Restricted
 Subsidiary of Indebtedness (including letters of credit) under Credit Facilities in an aggregate
 principal amount at any one time outstanding under this clause (1) (with letters
 of credit being deemed to have a principal amount equal to the maximum potential liability
 of the Company and its Restricted Subsidiaries thereunder) not to exceed the greatest of
 (i) $125.0 million, (ii) 8.0% of Adjusted Consolidated Net Tangible Assets
 determined as of the date of the incurrence of such Indebtedness after giving *pro forma* effect to such incurrence and the application of the proceeds therefrom and (iii) the
 Borrowing Base at the time of incurrence; *provided* that if the lenders under each
 Credit Facility incurred under this clause (1) do not include at least one commercial
 bank that provides, in the ordinary course of its business, reserve-based bank loans in the
 Oil and Gas Business, then the aggregate amount that may be incurred under this clause (1) shall
 not exceed $125.0 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the incurrence by the Company and its Restricted
 Subsidiaries of the Existing Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the incurrence by the Company and the Guarantors
 of Indebtedness represented by the Notes and the related Note Guarantees to be issued on
 the Issue Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the incurrence by the Company or any of
 its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage
 financings or purchase money obligations, in each case, incurred for the purpose of financing
 all or any part of the purchase price or cost of design, construction, installation or improvement
 of property, plant or equipment used in the business of the Company or any of its Restricted
 Subsidiaries, in an aggregate principal amount at any time outstanding under this clause (4),
 including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace,
 defease or discharge any Indebtedness incurred pursuant to this clause (4), not to exceed
 the greater of (i) $30.0 million and (ii) 2.0% of Adjusted Consolidated Net
 Tangible Assets determined as of the date of the incurrence of such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the incurrence by the Company or any of
 its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the
 net proceeds of which are used to renew, refund, refinance, replace, defease or discharge
 any Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture
 to be incurred under <u>Section 4.10(a)</u> or clauses (2), (3), (4) or (11)
 of this <u>Section 4.10(b)</u> or this clause (5);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the incurrence by the Company or any of
 its Restricted Subsidiaries of intercompany Indebtedness between or among the Company and
 any of its Restricted Subsidiaries; *provided*, *however*, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Company or any Guarantor is the
 obligor on such Indebtedness and the payee is not the Company or a Guarantor, such Indebtedness
 must be expressly subordinated to the prior payment in full in cash of all Obligations then
 due with respect to the Notes, in the case of the Company, or the Note Guarantee, in the
 case of a Guarantor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) any subsequent issuance or transfer
 of Equity Interests that results in any such Indebtedness being held by a Person other than
 the Company or a Restricted Subsidiary of the Company and (B) any sale or other transfer
 of any such Indebtedness to a Person that is not either the Company or a Restricted Subsidiary
 of the Company will be deemed, in each case, to constitute an incurrence of such Indebtedness
 by the Company or such Restricted Subsidiary, as the case may be, that was not permitted
 by this clause (6);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the issuance by any of the Company's
 Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of shares
 of preferred stock; *provided*, *however*, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any subsequent issuance or transfer of
 Equity Interests that results in any such preferred stock being held by a Person other than
 the Company or a Restricted Subsidiary of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any sale or other transfer of any such
 preferred stock to a Person that is not either the Company or a Restricted Subsidiary of
 the Company,

will be deemed, in each case, to constitute an issuance of such preferred stock by such Restricted Subsidiary that was not permitted by this clause (7);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the incurrence by the Company or any of
 its Restricted Subsidiaries of Hedging Obligations in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) the incurrence by the Company or any of
 its Restricted Subsidiaries of obligations relating to net gas balancing positions arising
 in the ordinary course of business and consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) the Guarantee by the Company or any of
 the Guarantors of Indebtedness of the Company or a Restricted Subsidiary of the Company that
 was permitted to be incurred by another provision of this <u>Section 4.10</u>; *provided* that if the Indebtedness being guaranteed is subordinated to or *pari passu* with
 the Notes, then the Guarantee shall be subordinated or *pari passu*, as applicable,
 to the same extent as the Indebtedness guaranteed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Permitted Acquisition Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) the incurrence by the Company or any of
 its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or other
 financial institution of a check, draft or similar instrument inadvertently drawn against
 insufficient funds, so long as such Indebtedness is covered within five Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Indebtedness consisting of the financing
 of insurance premiums in customary amounts consistent with the operations and business of
 the Company and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) the incurrence by the Company or any of
 its Restricted Subsidiaries of Indebtedness arising from agreements of the Company or any
 of its Restricted Subsidiaries providing for indemnification, adjustment of purchase price
 or similar obligations, in each case, incurred or assumed in connection with the disposition
 of any business, assets or Capital Stock of a Subsidiary; *provided* that the maximum
 aggregate liability in respect of all such Indebtedness shall at no time exceed the gross
 proceeds actually received by the Company and its Restricted Subsidiaries in connection with
 such disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) the incurrence by the Company or any of
 its Restricted Subsidiaries of Indebtedness in respect of bid, performance, surety and similar
 bonds (including reimbursement obligations with respect thereto) issued for the account of
 the Company and any of its Restricted Subsidiaries in the ordinary course of business, and
 guarantees and obligations of the Company or any of its Restricted Subsidiaries with respect
 to letters of credit supporting such obligations (in each case, other than an obligation
 for money borrowed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) the incurrence by the Company or any of
 its Restricted Subsidiaries of additional Indebtedness in an aggregate principal amount (or
 accreted value, as applicable) at any time outstanding not to exceed the greater of (i) $60.0 million
 and (ii) 4.0% of Adjusted Consolidated Net Tangible Assets determined as of the date
 of the incurrence of such Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company will not incur, and will not
 permit any Guarantor to incur, any Indebtedness (including Permitted Debt) that is contractually
 subordinated in right of payment to any other Indebtedness of the Company or such Guarantor
 unless such Indebtedness is also contractually subordinated in right of payment to the Notes
 and the applicable Note Guarantee on substantially identical terms; *provided*, *however*,
 that no Indebtedness shall be deemed to be contractually subordinated in right of payment
 to any other Indebtedness solely by virtue of being unsecured or by virtue of being secured
 on a first or junior Lien basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, the Company
 and its Restricted Subsidiaries will not incur any Indebtedness secured by a Priority Lien
 unless the principal amount of such Indebtedness is *pari passu* in right of payment
 with the Notes and all other Indebtedness secured by a Priority Lien. For purposes of determining
 compliance with this <u>Section 4.10</u>, in the event that an item of proposed Indebtedness
 or Disqualified Stock meets the criteria of more than one of the categories of Permitted
 Debt described in clauses (1) through (16) of <u>Section 4.10(b)</u> or
 is entitled to be incurred or issued pursuant to <u>Section 4.10(a)</u>, the Company
 will be permitted to classify such item of Indebtedness or Disqualified Stock on the date
 of its incurrence or issuance, or later reclassify all or a portion of such item of Indebtedness
 or Disqualified Stock, in any manner that complies with this <u>Section 4.10</u>; *provided* that any Indebtedness outstanding on the Issue Date incurred under the Credit Agreement
 shall be considered incurred under clause (1) of the definition of "Permitted
 Debt" and may not be later reclassified. The accrual of interest, the accretion or
 amortization of original issue discount, the payment of interest on any Indebtedness in the
 form of additional Indebtedness with the same terms, and the payment of dividends on Disqualified
 Stock in the form of additional shares of the same class of Disqualified Stock will not be
 deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock for purposes
 of this <u>Section 4.10</u>; *provided*, in each such case, that the amount of
 any such accrual, accretion or payment is included in Fixed Charges of the Company as accrued.
 Notwithstanding any other provision of this <u>Section 4.10</u>, the maximum amount
 of Indebtedness that the Company or any Restricted Subsidiary may incur pursuant to this <u>Section 4.10</u> shall not be deemed to be exceeded solely as a result of fluctuations
 in exchange rates or currency values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The amount of any Indebtedness outstanding
 as of any date will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the accreted value of the Indebtedness,
 in the case of any Indebtedness issued with original issue discount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the principal amount of the Indebtedness,
 in the case of any other Indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in respect of Indebtedness of another Person
 secured by a Lien on the assets of the specified Person, the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Fair Market Value of such asset at
 such date of determination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of the Indebtedness of the
 other Person.

Section 4.11 *Asset Sales*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will not, and will not permit
 any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company (or the Restricted Subsidiary,
 as the case may be) receives consideration at the time of the Asset Sale at least equal to
 the Fair Market Value of the Equity Interests or other assets issued or sold or otherwise
 disposed of; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (x) at least 75% of the consideration
 received in the Asset Sale by the Company or such Restricted Subsidiary is in the form of
 cash or (y) the Fair Market Value of all forms of consideration other than cash received
 for all Asset Sales since the Issue Date does not exceed in the aggregate 15% of the Adjusted
 Consolidated Net Tangible Assets of the Company at the time each determination is made. For
 purposes of this provision, each of the following shall be deemed to be cash:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any liabilities, as shown on the Company's
 most recent consolidated balance sheet, of the Company or any Restricted Subsidiary (other
 than contingent liabilities and Subordinated Obligations) that are assumed by the transferee
 of any such assets pursuant to a customary novation agreement that releases the Company or
 such Restricted Subsidiary from further liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any securities, notes or other obligations
 received by the Company or any such Restricted Subsidiary from such transferee that are converted
 by the Company or such Restricted Subsidiary into cash within 180 days after the date
 of the Asset Sale, to the extent of the cash received in that conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any stock or assets of the kind referred
 to in clause (b)(2) or (b)(3) below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) accounts receivable of a business retained
 by the Company or any Restricted Subsidiary, as the case may be, following the sale of such
 business; *provided* that such accounts receivable are not (x) past due more than
 90 days and (y) do not have a payment date greater than 120 days from the
 date of the invoice creating such accounts receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within 365 days after the receipt of any
 Net Proceeds from an Asset Sale, or, if within such 365-day period the Company has entered
 into a binding commitment or commitments with respect to the actions described in clause (2) or
 (3) below, within 180 days after the entry into such binding commitment or commitments
 (or, if later, 365 days after receipt of such Net Proceeds), the Company (or the applicable
 Restricted Subsidiary, as the case may be) may apply such Net Proceeds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (i) if the Asset Sale is a Collateral
 Disposition, to repay, prepay, redeem or repurchase Priority Lien Debt or Parity Lien Debt; *provided* that with respect to Parity Lien Debt, such repayment, prepayment, redemption
 or repurchase must be made either by a *pro rata* redemption, repayment or repurchase
 of outstanding Parity Lien Debt or by an offer to purchase on a *pro rata* basis made
 to all holders of Parity Lien Debt under the procedures set forth in <u>Section 3.09</u> or (ii) if such Asset Sale is not a Collateral Disposition, to repay, prepay, redeem
 or repurchase Indebtedness of the Company or a Restricted Subsidiary that is not a Subordinated
 Obligation (but, in each case, excluding Indebtedness between or among the Company or any
 Restricted Subsidiary or any of their Affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to invest in Additional Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to make capital expenditures in respect
 of the Company's or its Restricted Subsidiaries' Oil and Gas Business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any combination of the foregoing.

Pending the application of any Net Proceeds in the manner provided above, the Company or any Restricted Subsidiary may invest the Net Proceeds in any manner that is not prohibited by this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Net Proceeds from Asset Sales that
 are not applied or invested as provided in <u>Section 4.11(b)</u> will constitute
 "*Excess Proceeds*." Within five days after the date that the aggregate
 amount of Excess Proceeds exceeds $20.0 million, the Company will make an Asset Sale Offer
 to all Holders of Notes and (i) with respect to Excess Proceeds from any Asset Sale
 that is a Collateral Disposition, all holders of other Parity Lien Obligations, or (ii) with
 respect to other Excess Proceeds, all holders of other Indebtedness that is *pari passu* in right of payment with the Notes (with a copy to the Trustee) containing provisions
 similar to those set forth in this Indenture (such applicable holders of any Parity Lien
 Obligations or other applicable *pari passu* Indebtedness, the "*Other Offer Parties*") with respect to offers to purchase, repay or redeem with the proceeds
 of sales of assets in accordance with <u>Section 3.09</u> to purchase or repay on a *pro rata* basis the maximum principal amount of Notes and such other Indebtedness that
 may be purchased or repaid out of the Excess Proceeds. The offer price in any Asset Sale
 Offer will be equal to 100% of the principal amount plus accrued and unpaid interest to,
 but excluding, the date of purchase or repayment, and will be payable in cash. If any Excess
 Proceeds remain after consummation of an Asset Sale Offer, the Company may use those Excess
 Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate purchase
 price for Notes tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds
 allocated for the purchase of Notes pursuant to the Asset Sale Offer, the Trustee shall select
 the Notes to be purchased on a *pro rata* basis (or, in the case of Notes represented
 by a Global Note, the Trustee will select Notes for purchase by such method as DTC may require),
 subject to adjustment to maintain authorized minimum denominations. Upon completion of each
 Asset Sale Offer, the amount of Excess Proceeds will be reset at zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company will comply with the requirements
 of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
 to the extent such laws and regulations are applicable in connection with each repurchase
 of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities
 laws or regulations conflict with the provisions of <u>Section 3.09</u> or this <u>Section 4.11</u>,
 the Company will comply with the applicable securities laws and regulations and will not
 be deemed to have breached its obligations under <u>Section 3.09</u> or this <u>Section 4.11</u> by virtue of such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding <u>Section 4.11(a)</u> and <u>(b)</u>, the Company and its Restricted Subsidiaries will be permitted to consummate an
 Asset Sale without complying with such clauses to the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the consideration for such Asset Sale constitutes
 Additional Assets and/or the assumption of obligations secured by Liens that burden some
 or all of the assets being sold and/or cash or Cash Equivalents; *provided* that, in
 the case of any such assumption, (i) the Person assuming such obligations shall have
 no recourse with respect to such obligations to the Company or any of its Restricted Subsidiaries
 and (ii) no assets of the Company or any of its Restricted Subsidiaries (other than
 those assets being sold) are subject to such Liens; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) such Asset Sale is for Fair Market Value; *provided* that at least 75% of the total consideration received by the Company or any
 of its Restricted Subsidiaries in connection with any such Asset Sale shall be in the form
 of Additional Assets, the assumption of obligations secured by Liens described in clause (e)(1) above,
 cash or Cash Equivalents (including, without limitation, assets deemed cash pursuant to clause (a)(2) above),
 or any combination of the foregoing, and that any Net Proceeds so received shall be subject
 to <u>Section 4.11(a)</u> and <u>(b)</u>.

Section 4.12 *Transactions with Affiliates*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will not, and will not permit
 any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise
 dispose of any of its properties or assets to, or purchase any property or assets from, or
 enter into or make or amend any transaction, contract, agreement, understanding, loan, advance
 or guarantee with, or for the benefit of, any Affiliate of the Company involving aggregate
 payments or consideration in any single transaction or series of related transactions in
 excess of $10.0 million (each, an "*Affiliate Transaction* "), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Affiliate Transaction is on terms that
 are no less favorable to the Company or the relevant Restricted Subsidiary than those that
 would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary
 with an unrelated Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company delivers to the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Affiliate Transaction
 or series of related Affiliate Transactions involving aggregate consideration in excess of
 $10.0 million, an Officers' Certificate certifying that such Affiliate Transaction
 complies with this <u>Section 4.12(a)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to any Affiliate Transaction
 or series of related Affiliate Transactions involving aggregate consideration in excess of
 $30.0 million, a resolution of the Company's Board of Directors set forth in an Officers'
 Certificate certifying that such Affiliate Transaction complies with this <u>Section 4.12</u> and that such Affiliate Transaction has been approved by a majority of the disinterested
 members of the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following items will not be deemed
 to be Affiliate Transactions and, therefore, will not be subject to the provisions of <u>Section 4.12(a)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any employment agreement or arrangement,
 stock option or stock ownership plan, employee benefit plan, officer or director indemnification
 agreement, restricted stock agreement, severance agreement or other compensation plan or
 arrangement entered into by the Company or any of its Restricted Subsidiaries in the ordinary
 course of business and payments, awards, grants or issuances of securities pursuant thereto,
 including, without limitation, pursuant to the Company's long-term incentive compensation
 plan, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) transactions between or among the Company
 and/or its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) transactions with a Person (other than an
 Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because
 the Company owns, directly or through a Restricted Subsidiary, an Equity Interest in, or
 controls, such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) reasonable fees and expenses and compensation
 paid to, and indemnity or insurance provided on behalf of, officers, directors or employees
 of the Company or any Restricted Subsidiaries as determined in good faith by the Board of
 Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any issuance of Equity Interests (other
 than Disqualified Stock) of the Company to, or receipt by the Company of a capital contribution
 from, Affiliates (or a Person that becomes an Affiliate) of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Restricted Payments that do not violate
 the provisions of <u>Section 4.08</u> and Permitted Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) transactions between the Company or any
 Restricted Subsidiaries and any Person, a director of which is also a director of the Company
 or any direct or indirect parent company of the Company and such director is the sole cause
 for such Person to be deemed an Affiliate of the Company or any Restricted Subsidiaries; *provided*, *however*, that such director abstains from voting as director of the
 Company or such direct or indirect parent company, as the case may be, on any matter involving
 such other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) loans or advances to employees in the ordinary
 course of business or consistent with past practice not to exceed $5.0 million in the aggregate
 at any one time outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) advances to or reimbursements of employees
 for moving, entertainment and travel expenses, drawing accounts and similar expenditures
 in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) any transaction in which the Company or
 any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter
 from an accounting, appraisal or investment banking firm of national standing stating that
 such transaction is fair to the Company or such Restricted Subsidiary from a financial point
 of view or that such transaction meets the requirements of <u>Section 4.12(a)(1)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) the performance of obligations of the Company
 or any of its Restricted Subsidiaries under the terms of any written agreement to which the
 Company or any of its Restricted Subsidiaries is a party on the Issue Date and which is described
 in the Company's offering memorandum relating to the Initial Notes, as any such agreement
 may be amended, modified or supplemented from time to time; *provided* that any amendment,
 modification or supplement entered into after the Issue Date will be permitted to the extent
 that its terms do not materially and adversely affect the rights of any Holders of the Notes
 (as determined in good faith by the Company's Board of Directors) as compared to the
 terms thereof in effect on the Issue Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) (i) guarantees of performance by the
 Company and its Restricted Subsidiaries of the Company's Unrestricted Subsidiaries
 in the ordinary course of business, except for guarantees of Indebtedness in respect of borrowed
 money, and (ii) pledges of Equity Interests of the Company's Unrestricted Subsidiaries
 for the benefit of lenders of the Company's Unrestricted Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) payments to and from, and transactions
 with, any joint venture or Unrestricted Subsidiary entered into in the ordinary course of
 business and consistent with past practice or industry norm (including any cash management
 activities related thereto).

Section 4.13 *Liens*.

The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist any Lien (other than Permitted Liens) upon any of its property or assets (whether now owned or hereafter acquired), securing any Indebtedness of the Company or any Guarantor.

Section 4.14 *Offer to Repurchase Upon Change of Control*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence of a Change of Control,
 each Holder of the Notes will have the right to require the Company to make an offer (a "*Change of Control Offer*") to repurchase all or any part (equal to $2,000 or an integral
 multiple of $1,000 in excess thereof) of that Holder's Notes at a purchase price in
 cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and
 unpaid interest, if any, on the Notes repurchased, to but excluding the date of purchase,
 subject to the right of Holders on the relevant record date to receive interest due on the
 relevant Interest Payment Date (the "*Change of Control Payment* "). Within
 30 days following any Change of Control, the Company will send a notice to each Holder (with
 a copy to the Trustee) describing the transaction or transactions that constitute the Change
 of Control and stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) that the Change of Control Offer is being
 made pursuant to this <u>Section 4.14</u> and that all Notes properly tendered prior
 to the expiration of the Change of Control Offer will be accepted for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the purchase price and the purchase date,
 which shall be no earlier than 10 days and no later than 60 days from the date such
 notice is sent (the "*Change of Control Payment Date* ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) that any Note not repurchased will continue
 to accrue interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) that, unless the Company defaults in the
 payment of the Change of Control Payment, all Notes accepted for payment pursuant to the
 Change of Control Offer will cease to accrue interest after the Change of Control Payment
 Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) that Holders electing to have any Notes
 purchased pursuant to a Change of Control Offer will be required to surrender the Notes,
 with the form entitled "Option of Holder to Elect Purchase" attached to the Notes
 completed, or transfer by book-entry transfer, to the Paying Agent at the address specified
 in the notice prior to the close of business on the third Business Day preceding the Change
 of Control Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) that Holders will be entitled to withdraw
 their election if the Paying Agent receives, not later than the close of business on the
 second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile
 transmission or letter setting forth the name of the Holder, the principal amount of Notes
 delivered for purchase, and a statement that such Holder is withdrawing his election to have
 the Notes purchased; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) that Holders whose Notes are being purchased
 only in part will be issued new Notes equal in principal amount to the unpurchased portion
 of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal
 amount or an integral multiple of $1,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company will comply with the requirements
 of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
 to the extent those laws and regulations are applicable in connection with the repurchase
 of the Notes as a result of a Change of Control. To the extent that the provisions of any
 securities laws or regulations conflict with the provisions of this <u>Section 4.14</u>,
 the Company will comply with the applicable securities laws and regulations and will not
 be deemed to have breached its obligations under this <u>Section 4.14</u> by virtue
 of such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly following the expiration of the
 Change of Control Offer, the Company will, to the extent lawful, accept for payment all Notes
 or portions thereof properly tendered pursuant to the Change of Control Offer, and the Company
 will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) on the Change of Control Payment Date, deposit
 with the Paying Agent an amount equal to the Change of Control Payment in respect of all
 Notes or portions thereof properly tendered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) on the Change of Control Payment Date, deliver
 or cause to be delivered to the Trustee the Notes properly accepted together with an Officers'
 Certificate stating the aggregate principal amount of Notes or portions thereof being purchased
 by the Company.

On the Change of Control Payment Date, the Paying Agent will send to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; *provided* that each such new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. Any Note so accepted for payment will cease to accrue interest on and after the Change of Control Payment Date unless the Company defaults in making the Change of Control Payment. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary
 in this <u>Section 4.14</u>, the Company will not be required to make a Change of Control
 Offer upon a Change of Control if (1) a third party makes the Change of Control Offer
 in the manner, at the times and otherwise in compliance with the requirements set forth in
 this <u>Section 4.14</u> and purchases all Notes properly tendered and not withdrawn
 under the Change of Control Offer, or (2) a notice of redemption has been given pursuant
 to <u>Section 3.07</u>, unless and until there is a default in payment of the applicable
 redemption price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Change of Control Offer may be made
 in advance of a Change of Control, and conditioned upon the occurrence of such Change of
 Control, if a definitive agreement is in place for the Change of Control at the time of making
 the Change of Control Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notes repurchased by the Company pursuant
 to a Change of Control Offer will have the status of Notes issued but not outstanding or
 will be retired and canceled, at the Company's option. Notes purchased by a third party
 pursuant to the preceding paragraph will have the status of Notes issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The provisions described above that require
 the Company to make a Change of Control Offer following a Change of Control will be applicable
 regardless of whether or not any other provisions of this Indenture are applicable.

Section 4.15 *Designation of Restricted and Unrestricted Subsidiaries*.

The Company's Board of Directors may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause an Event of Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under <u>Section 4.08</u> or under one or more clauses of the definition of Permitted Investments, as determined by the Company. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.

Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified copy of a resolution of the Company's Board of Directors giving effect to such designation and an Officers' Certificate certifying that such designation complied with the conditions of this <u>Section 4.15</u> and was permitted by <u>Section 4.08</u>. If, at any time, any Unrestricted Subsidiary would fail to meet the requirements of this <u>Section 4.15</u> as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date under <u>Section 4.10</u>, the Company will be in default of such covenant. The Company's Board of Directors may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; *provided* that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation will only be permitted if (1) such Indebtedness is permitted under <u>Section 4.10</u>, calculated on a *pro forma* basis as if such designation had occurred at the beginning of the four-quarter reference period and (2) no Event of Default would be in existence immediately following such designation.

Section 4.16 *Additional Note Guarantees and Collateral*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, after the Issue Date, any future Wholly-Owned
 Domestic Subsidiary (other than an Excluded Subsidiary) that has outstanding Indebtedness
 in excess of the Minimum Amount or guarantees any Indebtedness of the Company or a Guarantor
 in excess of the Minimum Amount, then such Wholly-Owned Domestic Subsidiary will (1) become
 a Guarantor by executing and delivering to the Trustee a supplemental indenture in the form
 of <u>Exhibit E</u> and (2) execute and deliver to the Collateral Trustee and the
 Trustee an amendment, supplement or other instrument in respect of the Security Documents
 (other than the Intercreditor Agreement and the Collateral Trust Agreement) necessary to
 cause such Wholly-Owned Domestic Subsidiary to become a grantor thereunder and take all action
 required thereunder to perfect the Liens created thereunder, as well as to execute and deliver
 to the Collateral Trustee and the Trustee joinders to the Intercreditor Agreement and the
 Collateral Trust Agreement, in each case within 180 days of the date on which it guaranteed
 such Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, at any time and from time
 to time, the Company and each of the Guarantors shall promptly execute, acknowledge and deliver
 such Security Documents, instruments, certificates, financing statements, notices and other
 documents, and take such other actions (including the filing of any financing statements
 and recording of any Mortgages) as shall be reasonably required, or that the Collateral Trustee
 may reasonably request, to create, perfect, protect, assure or enforce the Liens and benefits
 intended to be conferred, in each case as contemplated by the Note Documents for the benefit
 of the holders of Parity Lien Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the Collateral, from and
 after the Issue Date, if the Company or any Guarantor acquires any Property that constitutes
 collateral for any Priority Lien Debt, if and to the extent that any Priority Lien Document
 requires any supplemental security document for such collateral or other actions to achieve
 a perfected Lien on such collateral, the Company shall, or shall cause the applicable Guarantor
 to, promptly (but in any event no later than the date that is 20 Business Days after
 which such supplemental security documents are executed and delivered (or other action taken)
 under such Priority Lien Documents), to the extent permitted by applicable law, execute and
 deliver to the Collateral Trustee appropriate Security Documents (or amendments thereto)
 in such form as shall be necessary to grant the Collateral Trustee a valid and enforceable
 perfected Lien on such Collateral or take such other actions in favor of the Collateral Trustee
 as shall be reasonably necessary to grant a valid and enforceable perfected Lien on such
 Collateral to the Collateral Trustee, for the benefit of the Holders of the Notes and the
 holders of any other Parity Lien Obligations, subject to the terms of this Indenture, the
 Intercreditor Agreement and the other Note Documents. Additionally, subject to this Indenture,
 the Intercreditor Agreement and the other Note Documents, if the Company or any Guarantor
 creates any additional Lien upon any Property that would constitute Collateral, or takes
 any additional actions to perfect any existing Lien on Collateral, in each case for the benefit
 of the holders of any Priority Lien Debt after the Issue Date, the Company or such Guarantor,
 as applicable, must, to the extent permitted by applicable law, within 20 Business Days
 after such Lien is granted or other action taken, grant a valid and enforceable perfected
 Lien upon such property or asset, or take such additional perfection actions, as applicable,
 and obtain all related deliverables as those delivered to the applicable Priority Lien Representative
 as security for such Priority Lien Debt. Notwithstanding the foregoing, to the extent that
 any Lien on any Collateral is perfected by the possession or control of such Collateral or
 of any account in which such Collateral is held, and if such Collateral or any such account
 is in fact in the possession or under the control of the applicable Priority Lien Representative,
 or of agents or bailees of the applicable Priority Lien Representative, the perfection actions
 and related deliverables described in this <u>Section 4.16(c)</u> shall not be
 required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company will deliver to the Collateral
 Trustee semi-annually on or before June 1 and December 1 in each calendar year,
 beginning June 1, 2023, an Officers' Certificate certifying that, as of the date
 of such certificate, the Collateral includes Oil and Gas Properties that include not less
 than 85% (or such greater amount as may be required by the Credit Agreement in effect at
 such time) of the total discounted present value of Proved Reserves attributable the Oil
 and Gas Properties of the Company and its Restricted Subsidiaries, as evaluated in the most
 recent Reserve Report, after giving effect to exploration and production activities, acquisitions,
 dispositions and production since the date of such Reserve Report (the "*Minimum Mortgage Requirement* "), together with (1) such executed Mortgages or amendments
 or supplements to prior Mortgages naming the Collateral Trustee, as mortgagee or beneficiary,
 as may be necessary to cause the Minimum Mortgage Requirement to be satisfied, (2) reasonably
 satisfactory evidence of the completion of all recordings and filings of such Mortgages,
 amendments or supplements in the proper recorders' offices or appropriate public records
 (and payment of any taxes or fees in connection therewith) and (3) applicable local
 counsel opinions (each, subject to customary assumptions and qualifications) to the effect
 that the Collateral Trustee has a valid and perfected Lien with respect to the real property
 that is subject to the applicable Mortgage; *provided* that, (x) to the extent
 corresponding mortgages securing the Priority Lien Obligations are being delivered and (y) Mortgages
 have previously been recorded in the public records of the county or counties applicable
 to such additional Mortgages or amendments or supplements to prior Mortgages, no such opinion
 shall be required unless a corresponding opinion will be delivered to the Credit Agreement
 Agent; *provided further* that, any such Mortgages and related items required to be
 delivered on the Issue Date may be delivered no later than 90 days following the Issue
 Date (subject to extension with the Collateral Trustee's reasonable consent, not to
 be unreasonably withheld or delayed; it being understood that the Collateral Trustee shall
 be deemed to have provided its consent to any such extension not to exceed 30 days to
 the extent a corresponding extension is provided by the Credit Agreement Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything herein or in
 the other Note Documents to the contrary, neither the Company nor any Guarantor will be required
 to grant a security interest in, and the Collateral shall not include, any Excluded Asset.

Section 4.17 *Termination of Covenants*.

If on any date following the Issue Date, (1) the Notes are assigned an Investment Grade Rating from both Rating Agencies and (2) no Default or Event of Default shall have occurred and be continuing, then the Company and its Restricted Subsidiaries will no longer be subject to the following provisions of this Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 4.08</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 4.09</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 4.10</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Section 4.11</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Section 4.12</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Section 4.15</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Section 5.01(4)</u>.

Following the termination of the foregoing provisions, the Company's Board of Directors may not designate any of its Subsidiaries as Unrestricted Subsidiaries pursuant to <u>Section 4.15</u> or clause (2) of the definition of "Unrestricted Subsidiary."

The Trustee shall have no duty to monitor whether or not the Notes have been assigned an Investment Grade Rating, nor any duty to notify the Holders of any of the foregoing.

Article 5<br> SUCCESSORS

Section 5.01 *Merger, Consolidation, or Sale of Assets*.

The Company shall not, directly or indirectly: (x) consolidate or merge with or into another Person (whether or not the Company is the surviving corporation) or (y) sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties and assets, in one or more related transactions, to another Person, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) either: (a) the Company is the surviving
 corporation; or (b) the Person formed by or surviving any such consolidation or merger
 (if other than the Company) or to which such sale, assignment, transfer, conveyance or other
 disposition has been made is a corporation, limited liability company or limited partnership
 organized or existing under the laws of the United States, any state of the United States
 or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Person formed by or surviving any
 such consolidation or merger (if other than the Company) or the Person to which such sale,
 assignment, transfer, conveyance or other disposition has been made assumes all the obligations
 of the Company under the Notes, this Indenture and the other Note Documents; *provided* that, unless such Person is a corporation, a corporate co-issuer of the Notes will be
 added to this Indenture by a supplemental indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) immediately after such transaction or
 transactions, no Default or Event of Default exists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Company or the Person formed by or
 surviving any such consolidation or merger (if other than the Company), or to which such
 sale, assignment, transfer, conveyance or other disposition has been made, would, on the
 date of such transaction after giving *pro forma* effect thereto and any related financing
 transactions as if the same had occurred at the beginning of the applicable four-quarter
 period, (a) be permitted to incur at least $1.00 of additional Indebtedness pursuant
 to the Fixed Charge Coverage Ratio test set forth in <u>Section 4.10(a)</u> or
 (b) have a Fixed Charge Coverage Ratio not less than the Fixed Charge Coverage Ratio
 of the Company immediately prior to such transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any Collateral owned by or transferred
 to the Person formed by or surviving any such consolidation or merger (if other than the
 Company) or the Person to which such sale, assignment, transfer, conveyance or other disposition
 has been made continues to constitute Collateral under the Note Documents, subject to the
 Parity Liens, except as permitted by this Indenture or the other Note Documents.

For purposes of this <u>Section 5.01</u>, the sale, lease, conveyance, assignment, transfer, or other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company.

Notwithstanding the restrictions described in <u>Section 5.01(4)</u>, any Restricted Subsidiary may consolidate with, merge into or transfer all or part of its properties and assets to the Company, the Company may merge into a Restricted Subsidiary for the purpose of reincorporating the Company in another jurisdiction, and any Restricted Subsidiary may consolidate with, merge into or transfer all or part of its properties and assets to another Restricted Subsidiary.

Section 5.02 *Successor Corporation Substituted*.

Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties and assets of the Company in a transaction that is subject to, and that complies with the provisions of, <u>Section 5.01</u>, the successor Person formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring to the "Company" shall refer instead to the successor Person and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein; *provided*, *however*, that, in the case of a lease of all or substantially all of its properties and assets, the Company will not be released from the obligation to pay the principal of and interest and premium, if any, on the Notes.

Article 6<br> DEFAULTS AND REMEDIES

Section 6.01 *Events of Default*.

Each of the following will be an "*Event of Default*":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) default for 30 days in the payment when
 due of interest on the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) default in the payment when due (at maturity,
 upon redemption or otherwise) of the principal of, or premium, if any, on, the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) failure by the Company or any of its Restricted
 Subsidiaries to comply with the provisions of <u>Section 3.09</u>, <u>4.11</u>, <u>4.14</u> or <u>5.01</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) failure by the Company or any of its Restricted
 Subsidiaries for 60 days after notice to the Company by the Trustee or the Holders of at
 least 25% in aggregate principal amount of the Notes then outstanding voting as a single
 class to comply with any of the other agreements in this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) default under any mortgage, indenture
 or instrument under which there may be issued or by which there may be secured or evidenced
 any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries
 (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries),
 whether such Indebtedness or Guarantee now exists, or is created after the Issue Date, if
 that default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is caused by a failure to pay principal
 of, or interest or premium, if any, on, such Indebtedness prior to the expiration of the
 grace period provided in such Indebtedness on the date of such default (a "*Payment Default* "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) results in the acceleration of such Indebtedness
 prior to its express maturity,

and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $50.0 million or more; *provided* that if any such default is cured or waived or any such acceleration rescinded, or such Indebtedness is repaid, within a period of 15 Business Days from the continuation of such default beyond the applicable grace period or the occurrence of such acceleration, as the case may be, such Event of Default and any consequential acceleration of the Notes shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) failure by the Company or any of its Restricted
 Subsidiaries to pay final judgments entered by a court or courts of competent jurisdiction
 aggregating in excess of $50.0 million (net of any amount with respect to which a reputable
 and solvent insurance company has acknowledged liability in writing), which judgments are
 not paid, discharged, stayed or fully bonded for a period of 60 days (or, if later, the date
 when payment is due pursuant to such judgment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the Company or any of its Restricted Subsidiaries
 that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that,
 taken together, would constitute a Significant Subsidiary pursuant to or within the meaning
 of Bankruptcy Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commences a voluntary case,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consents to the entry of an order for relief
 against it in an involuntary case,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consents to the appointment of a custodian
 of it or for all or substantially all of its property,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) makes a general assignment for the benefit
 of its creditors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) generally is not paying its debts as they
 become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) a court of competent jurisdiction enters
 an order or decree under any Bankruptcy Law that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is for relief against the Company or any
 of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
 Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary
 in an involuntary case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) appoints a custodian of the Company or
 any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
 Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary
 or for all or substantially all of the property of the Company or any of its Restricted Subsidiaries
 that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that,
 taken together, would constitute a Significant Subsidiary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) orders the liquidation of the Company
 or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
 Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary;

and the order or decree remains unstayed and in effect for 60 consecutive days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except as permitted by the Note Documents,
 any Security Document establishing the Parity Liens ceases for any reason to be enforceable; *provided* that it will not be an Event of Default under this clause (9)(i) if
 the sole result of the failure of one or more Security Documents to be fully enforceable
 is that any Parity Lien purported to be granted under such Security Documents on Collateral,
 individually or in the aggregate, having a fair market value of not more than $25.0 million,
 ceases to be enforceable; *provided further* that if such failure is susceptible to
 cure, no Event of Default shall arise with respect thereto until 45 days after any officer
 of the Company or any Restricted Subsidiary becomes aware of such failure, which failure
 has not been cured during such time period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except as permitted by the Note Documents,
 any Parity Lien purported to be granted under any Security Document on Collateral, individually
 or in the aggregate, having a fair market value in excess of $25.0 million, ceases to
 be an enforceable and perfected second-priority Lien, subject only to Permitted Liens and
 the terms of the Intercreditor Agreement; *provided* that if such failure is susceptible
 to cure, no Event of Default shall arise with respect thereto until 45 days after any
 officer of the Company or any Restricted Subsidiary becomes aware of such failure, which
 failure has not been cured during such time period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company or any Guarantor, or any Person
 acting on behalf of any of them, denies or disaffirms, in writing, any obligation of the
 Company or any Guarantor set forth in or arising under any Note Document establishing Parity
 Liens; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) except as permitted by the Note Documents,
 (A) any Note Guarantee is held in any judicial proceeding to be unenforceable or invalid
 or ceases for any reason to be in full force and effect or (B) any Guarantor, or any
 Person acting on behalf of any Guarantor, denies or disaffirms its obligations under its
 Note Guarantee.

Section 6.02 *Acceleration*.

In the case of an Event of Default specified in <u>Section 6.01(7)</u> or <u>(8)</u>, with respect to the Company, any Restricted Subsidiary of the Company that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all of the Notes to be due and payable immediately by notice in writing to the Company and, in the case of notice by Holders, also to the Trustee specifying the applicable Event of Default and that it is a notice of acceleration.

Upon any such declaration, the Notes shall become due and payable immediately.

The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all of the Holders, rescind an acceleration and its consequences, if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or premium that has become due solely because of the acceleration) have been cured or waived.

Section 6.03 *Other Remedies*.

If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law.

Section 6.04 *Waiver of Past Defaults*.

Holders of not less than a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes (including in connection with an offer to purchase). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

Section 6.05 *Control by Majority*.

Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability.

Section 6.06 *Limitation on Suits*.

A Holder may pursue a remedy with respect to this Indenture or the Notes only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) such Holder gives to the Trustee written
 notice that an Event of Default is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Holders of at least 25% in aggregate principal
 amount of the then outstanding Notes make a written request to the Trustee to pursue the
 remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) such Holder or Holders offer and, if requested,
 provide to the Trustee security or indemnity satisfactory to the Trustee against any loss,
 liability or expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Trustee does not comply with the request
 within 60 days after receipt of the request and the offer of security or indemnity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) during such 60-day period, Holders of
 a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee
 a direction inconsistent with such request.

A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note.

Section 6.07 *Rights of Holders of Notes to Receive Payment*.

Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to bring suit for the enforcement of payment of principal, premium, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), shall not be impaired or affected without the consent of such Holder.

Section 6.08 *Collection Suit by Trustee*.

If an Event of Default specified in <u>Section 6.01(1)</u> or <u>(2)</u> occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium, if any, and interest remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

Section 6.09 *Trustee May File Proofs of Claim*.

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under <u>Section 7.06</u>. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under <u>Section 7.06</u> out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

Section 6.10 *Priorities*.

If the Trustee collects any money or property pursuant to this <u>Article 6</u>, it shall pay out the money or property in the following order:

*First*: to the Trustee, its agents and attorneys for amounts due under <u>Section 7.06</u>, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

*Second*: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and

*Third*: to the Company or to such party as a court of competent jurisdiction shall direct.

The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this <u>Section 6.10</u>.

Section 6.11 *Undertaking for Costs*.

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys' fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This <u>Section 6.11</u> does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to <u>Section 6.07</u>, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes.

Article 7<br> TRUSTEE

Section 7.01 *Duties of Trustee*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Event of Default has occurred and
 is continuing, the Trustee will exercise such of the rights and powers vested in it by this
 Indenture, and use the same degree of care and skill in its exercise, as a prudent person
 would exercise or use under the circumstances in the conduct of such person's own affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except during the continuance of an Event
 of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the duties of the Trustee will be determined
 solely by the express provisions of this Indenture and the Trustee need perform only those
 duties that are specifically set forth in this Indenture and no others, and no implied covenants
 or obligations shall be read into this Indenture against the Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the absence of bad faith on its part,
 the Trustee may conclusively rely, as to the truth of the statements and the correctness
 of the opinions expressed therein, upon certificates or opinions furnished to the Trustee
 and conforming to the requirements of this Indenture. However, the Trustee will examine the
 certificates and opinions to determine whether or not they conform to the requirements of
 this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee may not be relieved from liabilities
 for its own negligent action, its own negligent failure to act, or its own willful misconduct,
 except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) this paragraph does not limit the effect
 of <u>Section 7.01(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Trustee will not be liable for any error
 of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee
 was negligent in ascertaining the pertinent facts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Trustee will not be liable with respect
 to any action it takes or omits to take in good faith in accordance with a direction received
 by it pursuant to <u>Section 6.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whether or not therein expressly so provided,
 every provision of this Indenture that in any way relates to the Trustee is subject to <u>Section 7.01(a)</u>, <u>(b)</u>, <u>(c)</u> and <u>(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No provision of this Indenture will require
 the Trustee to expend or risk its own funds or incur any liability. The Trustee will be under
 no obligation to exercise any of its rights and powers under this Indenture at the request
 of any Holders, unless such Holder has offered, and if requested, provided to the Trustee
 security and indemnity satisfactory to the Trustee against any loss, liability or expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee will not be liable for interest
 on any money received by it except as the Trustee may agree in writing with the Company.
 Money held in trust by the Trustee need not be segregated from other funds except to the
 extent required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Trustee shall not be deemed to have
 notice, nor shall it be charged with knowledge, of any Default or Event of Default unless
 a Responsible Officer has actual knowledge thereof or unless written notice of such Default
 or Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee,
 and such notice references the Notes and this Indenture.

Section 7.02 *Rights of Trustee*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee may conclusively rely upon
 any document, order, decree or judgment believed by it to be genuine and to have been signed
 or presented by the proper Person. The Trustee need not investigate any fact or matter stated
 in the document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before the Trustee acts or refrains from
 acting, it may require an Officers' Certificate or an Opinion of Counsel or both. The
 Trustee will not be liable for any action it takes or omits to take in good faith in reliance
 on such Officers' Certificate or Opinion of Counsel. The Trustee may consult with counsel
 and the advice of such counsel or any Opinion of Counsel will be full and complete authorization
 and protection from liability in respect of any action taken, suffered or omitted by it hereunder
 in good faith and in reliance thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee may act through its attorneys
 and agents and will not be responsible for the misconduct or negligence of any agent appointed
 with due care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee will not be liable for any
 action it takes or omits to take in good faith that it believes to be authorized or within
 the rights or powers conferred upon it by this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Unless otherwise specifically provided
 in this Indenture, any demand, request, direction or notice from the Company will be sufficient
 if signed by an Officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee will be under no obligation
 to exercise any of the rights or powers vested in it by this Indenture at the request or
 direction of any of the Holders unless such Holders have offered, and if requested, provided
 to the Trustee indemnity or security satisfactory to the Trustee against the losses, liabilities
 and expenses that might be incurred by it in compliance with such request or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In no event shall the Trustee be responsible
 or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever
 (including, but not limited to, loss of profit) irrespective of whether the Trustee has been
 advised of the likelihood of such loss or damage and regardless of the form of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The rights, privileges, protections, immunities
 and benefits given to the Trustee, including, without limitation, its right to be indemnified,
 are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder
 and under the other Note Documents (including, without limitation, as Collateral Trustee),
 and each Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trustee shall not be required to give
 any bond or surety in respect of the performance of its powers and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Trustee shall not be bound to make
 any investigation into (i) the performance of or compliance with any of the covenants
 or agreements set forth herein, (ii) the occurrence of any default, or the validity,
 enforceability, effectiveness or genuineness of this Indenture or any other agreement, instrument
 or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Trustee shall not be responsible or
 liable for any failure or delay in the performance of its obligations under this Indenture
 arising out of or caused, directly or indirectly, by circumstances beyond its reasonable
 control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism;
 wars and other civil or military disturbances; sabotage; pandemics or epidemics; riots; interruptions;
 loss or malfunction of utilities, computer (hardware or software) or communication services;
 accidents; labor disputes; and acts of civil or military authorities and governmental action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The permissive rights of the Trustee under
 this Indenture shall not be construed as duties.

Section 7.03 *Individual Rights of Trustee*.

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee (if this Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to <u>Section 7.09</u>.

Section 7.04 *Trustee's Disclaimer*.

The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company's use of the proceeds from the Notes or any money paid to the Company or upon the Company's direction under any provision of this Indenture, it will not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.

Section 7.05 *Notice of Defaults*.

If a Default or Event of Default occurs and is continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee will send to Holders of Notes a notice of the Default or Event of Default within 90 days after it is actually known to the Trustee. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on, any Note, the Trustee may withhold the notice if and so long as the Trustee in good faith determines that withholding the notice is in the interests of the Holders of the Notes.

Section 7.06 *Compensation and Indemnity*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will pay to the Trustee from
 time to time compensation for its acceptance of this Indenture and services hereunder as
 agreed between the Trustee and the Company from time to time. The Trustee's compensation
 will not be limited by any law on compensation of a trustee of an express trust. The Company
 will reimburse the Trustee promptly upon request for all reasonable disbursements, advances
 and expenses incurred or made by it in addition to the compensation for its services. Such
 expenses will include the reasonable compensation, disbursements and expenses of the Trustee's
 agents and counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company and the Guarantors will jointly
 and severally indemnify the Trustee against any and all losses, liabilities or expenses incurred
 by it arising out of or in connection with the acceptance or administration of its duties
 under this Indenture and the other Note Documents, including the costs and expenses of enforcing
 this Indenture against the Company and the Guarantors (including this <u>Section 7.06</u>)
 and defending itself against any claim (whether asserted by the Company, the Guarantors,
 any Holder or any other Person) or liability in connection with the exercise or performance
 of any of its powers or duties hereunder, except to the extent any such loss, liability or
 expense may be attributable to its own negligence or willful misconduct as determined by
 a final nonappealable order of a court of competent jurisdiction. The Trustee will notify
 the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee
 to so notify the Company will not relieve the Company or any of the Guarantors of their obligations
 hereunder. The Company or such Guarantor will defend the claim and the Trustee will cooperate
 in the defense. The Trustee may have separate counsel and the Company will pay the reasonable
 fees and expenses of such counsel. Neither the Company nor any Guarantor need pay for any
 settlement made without its consent, which consent will not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligations of the Company and the
 Guarantors under this <u>Section 7.06</u> will survive the satisfaction and discharge
 of this Indenture or the resignation or removal of the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To secure the Company's and the
 Guarantors' payment obligations in this <u>Section 7.06</u>, the Trustee will
 have a Lien prior to the Notes on all money or property held or collected by the Trustee,
 except that held in trust to pay principal and interest on particular Notes. Such Lien will
 survive the satisfaction and discharge of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) When the Trustee incurs expenses or renders
 services after an Event of Default specified in <u>Section 6.01(7)</u> or <u>(8)</u> occurs,
 the expenses and the compensation for the services (including the fees and expenses of its
 agents and counsel) are intended to constitute expenses of administration under any Bankruptcy
 Law.

Section 7.07 *Replacement of Trustee*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A resignation or removal of the Trustee
 and appointment of a successor Trustee will become effective only upon the successor Trustee's
 acceptance of appointment as provided in this <u>Section 7.07</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee may resign in writing at any

 of a majority in aggregate principal amount of the then outstanding Notes may remove the
 Trustee by so notifying the Trustee and the Company in writing. The Company may remove the
 Trustee if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Trustee fails to comply with <u>Section 7.09</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Trustee is adjudged a bankrupt or an
 insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
 Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a custodian or public officer takes charge
 of the Trustee or its property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Trustee becomes incapable of acting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Trustee resigns or is removed or
 if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint
 a successor Trustee. Within one year after the successor Trustee takes office, the Holders
 of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor
 Trustee to replace the successor Trustee appointed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a successor Trustee does not take office
 within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the
 Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding
 Notes may petition any court of competent jurisdiction for the appointment of a successor
 Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Trustee, after written request
 by any Holder who has been a Holder for at least six months, fails to comply with <u>Section 7.09</u>,
 such Holder may petition any court of competent jurisdiction for the removal of the Trustee
 and the appointment of a successor Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A successor Trustee will deliver a written
 acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
 resignation or removal of the retiring Trustee will become effective, and the successor Trustee
 will have all the rights, powers and duties of the Trustee under this Indenture. The successor
 Trustee will mail a notice of its succession to Holders. The retiring Trustee will promptly
 transfer all property held by it as Trustee to the successor Trustee; *provided* all
 sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in <u>Section 7.06</u>. Notwithstanding replacement of the Trustee pursuant to this <u>Article 7</u>,
 the Company's obligations under <u>Section 7.06</u> will continue for the benefit
 of the retiring Trustee.

Section 7.08 *Successor Trustee by Merger, etc.*

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act will be the successor Trustee.

Section 7.09 *Eligibility; Disqualification*.

There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition.

This Indenture will always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b).

Article 8<br> LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01 *Option to Effect Legal Defeasance or Covenant Defeasance*.

The Company may at any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officers' Certificate, elect to have either <u>Section 8.02</u> or <u>8.03</u> be applied to all outstanding Notes upon compliance with the conditions set forth below in this <u>Article 8</u>.

Section 8.02 *Legal Defeasance and Discharge*.

Upon the Company's exercise under <u>Section 8.01</u> of the option applicable to this <u>Section 8.02</u>, the Company and each of the Guarantors will, subject to the satisfaction of the conditions set forth in <u>Section 8.04</u>, be deemed to have been discharged from their obligations with respect to all outstanding Notes (including the Note Guarantees) on the date the conditions set forth below are satisfied (hereinafter, "*Legal Defeasance*"). For this purpose, Legal Defeasance means that the Company and the Guarantors will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Note Guarantees), which will thereafter be deemed to be "outstanding" only for the purposes of <u>Section 8.05</u> and the other sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes, the Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute instruments reasonably requested by the Company acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the rights of Holders of outstanding Notes
 to receive payments in respect of the principal of, or interest or premium, if any, on, such
 Notes when such payments are due from the trust referred to in <u>Section 8.04</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company's obligations with respect
 to such Notes under <u>Article 2</u> and <u>Section 4.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the rights, powers, trusts, duties and
 immunities of the Trustee hereunder and the Company's and the Guarantors' obligations
 in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) this <u>Article 8</u>.

Subject to compliance with this <u>Article 8</u>, the Company may exercise its option under this <u>Section 8.02</u> notwithstanding the prior exercise of its option under <u>Section 8.03</u>.

Section 8.03 *Covenant Defeasance*.

Upon the Company's exercise under <u>Section 8.01</u> of the option applicable to this <u>Section 8.03</u>, the Company and each of the Guarantors will, subject to the satisfaction of the conditions set forth in <u>Section 8.04</u>, be released from each of their obligations under the covenants contained in <u>Sections 4.03(b)</u>, <u>4.05</u>, <u>4.07</u>, <u>4.08</u>, <u>4.09</u>, <u>4.10</u>, <u>4.11</u>, <u>4.12</u>, <u>4.13</u>, <u>4.14</u>, <u>4.15</u>, <u>4.16</u> and <u>5.01(4)</u> with respect to the outstanding Notes on and after the date the conditions set forth in <u>Section 8.04</u> are satisfied (hereinafter, "*Covenant Defeasance*"), and the Notes will thereafter be deemed not "outstanding" for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed "outstanding" for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Note Guarantees, the Company and the Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under <u>Section 6.01</u>, but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby. In addition, upon the Company's exercise under <u>Section 8.01</u> of the option applicable to this <u>Section 8.03</u>, subject to the satisfaction of the conditions set forth in <u>Section 8.04</u>, <u>Section 6.01(3)</u> through <u>(6)</u> and <u>Section 6.01(9)</u> will not constitute Events of Default.

Section 8.04 *Conditions to Legal or Covenant Defeasance*.

In order to exercise either Legal Defeasance or Covenant Defeasance under either <u>Section 8.02</u> or <u>8.03</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company must irrevocably deposit with
 the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable
 Government Securities, or a combination thereof, in such amounts as will be sufficient, in
 the opinion of a nationally recognized firm of independent public accountants, to pay the
 principal of, or interest and premium on, the outstanding Notes on the stated date for payment
 thereof or on the applicable redemption date, as the case may be, and the Company must specify
 whether the Notes are being defeased to such stated date for payment or to a particular redemption
 date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of an election under <u>Section 8.02</u>,
 the Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the
 Trustee confirming that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company has received from, or there
 has been published by, the Internal Revenue Service a ruling; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) since the Issue Date, there has been a
 change in the applicable federal income tax law,

in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of an election under <u>Section 8.03</u>,
 the Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the
 Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain
 or loss for federal income tax purposes as a result of such Covenant Defeasance and will
 be subject to federal income tax on the same amounts, in the same manner and at the same
 times as would have been the case if such Covenant Defeasance had not occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) no Default or Event of Default shall have
 occurred and be continuing on the date of such deposit (other than a Default or Event of
 Default resulting from the borrowing of funds to be applied to such deposit) and the deposit
 will not result in a breach or violation of, or constitute a default under, any other instrument
 to which the Company or any Guarantor is a party or by which the Company or any Guarantor
 is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) such Legal Defeasance or Covenant Defeasance
 will not result in a breach or violation of, or constitute a default under, any material
 agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries
 is a party or by which the Company or any of its Subsidiaries is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the Company must deliver to the Trustee
 an Officers' Certificate stating that the deposit was not made by the Company with
 the intent of preferring the Holders of Notes over the other creditors of the Company with
 the intent of defeating, hindering, delaying or defrauding any creditors of the Company or
 others; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the Company must deliver to the Trustee
 an Officers' Certificate and an Opinion of Counsel, each stating that all conditions
 precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied
 with.

All of the Collateral will be released from the Lien securing the Notes, as provided under <u>Section 13.05</u>, upon a Legal Defeasance or Covenant Defeasance in accordance with the provisions described above.

Section 8.05 *Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions*.

Subject to <u>Section 8.06</u>, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this <u>Section 8.05</u>, the "*Trustee*") pursuant to <u>Section 8.04</u> in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest but such money need not be segregated from other funds except to the extent required by law.

The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to <u>Section 8.04</u> or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

Notwithstanding anything in this <u>Article 8</u> to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in <u>Section 8.04</u> which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under <u>Section 8.04(1)</u>), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

Section 8.06 *Repayment to Company*.

Subject to applicable abandoned property laws, any money or property deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money or property, and all liability of the Company as trustee thereof, will thereupon cease; *provided*, *however*, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money or property remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money or property then remaining will be repaid to the Company.

Section 8.07 *Reinstatement*.

If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with <u>Section 8.02</u> or <u>8.03</u>, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company's and the Guarantors' obligations under this Indenture and the Notes and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to <u>Section 8.02</u> or <u>8.03</u> until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with <u>Section 8.02</u> or <u>8.03</u>, as the case may be; *provided*, *however*, that, if the Company makes any payment of principal of, premium, if any, or interest on, any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent.

Article 9<br> AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01 *Without Consent of Holders of Notes*.

Notwithstanding <u>Section 9.02</u>, the Company, the Guarantors, the Trustee and the Collateral Trustee (if applicable with respect to the Security Documents) may amend or supplement this Indenture, the Notes, the Note Guarantees or the other Note Documents without the consent of any Holder of Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to cure any ambiguity, defect or inconsistency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to provide for uncertificated Notes in
 addition to or in place of certificated Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to provide for the assumption of the Company's
 or a Guarantor's obligations to the Holders of the Notes and Note Guarantees by a successor
 to the Company or such Guarantor pursuant to <u>Article 5</u> or <u>10</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to make any change that would provide
 any additional rights or benefits to the Holders of the Notes or that does not adversely
 affect the legal rights hereunder of any Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) to conform the text of this Indenture,
 the Notes, the Note Guarantees or the other Note Documents to any provision of the "Description
 of Notes" section of the Company's offering memorandum relating to the Initial
 Notes, to the extent that such provision in the "Description of Notes" was intended
 to be a verbatim or substantially verbatim recitation of a provision of this Indenture, the
 Notes, the Note Guarantees or the other Note Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) to provide for the issuance of Additional
 Notes in accordance with the limitations set forth in this Indenture as of the Issue Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) to subordinate Liens on Collateral in
 accordance with the Note Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) to confirm and evidence the release, termination
 or discharge of any Lien with respect to or securing the Notes or the Note Guarantees when
 such release, termination or discharge is provided for in accordance with this Indenture
 and the other Note Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) to allow any Guarantor to execute a supplemental
 indenture and/or a Note Guarantee with respect to the Notes or release the Note Guarantees
 pursuant to the terms of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) to add any Collateral as provided in
 this Indenture or the other Note Documents, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) with respect to the Security Documents,
 as provided in the Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) to make, complete or confirm any grant
 of Collateral permitted or required by this Indenture or any of the Security Documents establishing
 Parity Liens (including to secure Parity Lien Obligations permitted to be incurred and secured
 under this Indenture); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) to evidence and provide for the acceptance
 under this Indenture of a successor Trustee.

In addition, without the consent of any Holder, the Intercreditor Agreement and the Collateral Trust Agreement may be amended in accordance with their terms, including to add additional Indebtedness as Priority Lien Debt or Parity Lien Debt and add other parties (or any authorized agent thereof or trustee therefor) holding such Indebtedness thereto and to establish that the Liens on any Collateral securing such Indebtedness shall rank equally with the Liens on such Collateral securing the other Priority Lien Debt or Parity Lien Debt, as applicable, then outstanding.

Each Holder of Notes hereunder (x) consents to the amendment of any Note Document in the manner and for the purposes set forth in this <u>Section 9.01</u>, (y) agrees that it will be bound by and will take no actions contrary to the provisions of any amendment to any Note Document pursuant to <u>Section 9.01</u> and (z) authorizes and instructs the Trustee and the Collateral Trustee (and the Trustee to direct the Collateral Trustee, if necessary) to enter into any amendment to any Note Document pursuant to this <u>Section 9.01</u> on behalf of such Holder of Notes.

Upon the request of the Company, and upon receipt by the Trustee of the documents described in <u>Section 7.02</u>, the Trustee will join with the Company and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

Section 9.02 *With Consent of Holders of Notes*.

Except as provided below in this <u>Section 9.02</u>, the Company, the Guarantors, the Trustee and the Collateral Trustee (if applicable with respect to the Security Documents) may amend or supplement this Indenture (including, without limitation, <u>Sections 3.09</u>, <u>4.11</u>, <u>4.14</u> and <u>4.15</u>), the Notes, the Note Guarantees and the Security Documents with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to <u>Sections 6.04</u> and <u>6.07</u>, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Notes, the Note Guarantees and the Security Documents may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). <u>Section 2.08</u> shall determine which Notes are considered to be "outstanding" for purposes of this <u>Section 9.02</u>.

Upon the request of the Company, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in <u>Section 7.02</u>, the Trustee will join with the Company and the Guarantors in the execution of such amended or supplemental indenture and will direct the Collateral Trustee to execute any amendment or supplement to the Security Documents unless such amended or supplemental indenture or such Security Document amendment or supplement affects the Trustee's own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture and may but shall not be obligated to direct the Collateral Trustee to enter into such amendment or supplement to the Security Documents.

It is not be necessary for the consent of the Holders of Notes under this <u>Section 9.02</u> to approve the particular form of any proposed amendment, supplement or waiver, but it is sufficient if such consent approves the substance thereof.

After an amendment, supplement or waiver under this <u>Section 9.02</u> becomes effective, the Company will send to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Without the consent of each Holder affected, an amendment, supplement or waiver under this <u>Section 9.02</u> may not (with respect to any Notes held by a non-consenting Holder):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) reduce the principal amount of Notes whose
 Holders must consent to an amendment, supplement or waiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reduce the principal of or change the
 fixed maturity of any Note or alter or waive any of the provisions with respect to the redemption
 of the Notes (except as provided above with respect to <u>Sections 3.09</u>, <u>4.11</u> and <u>4.14</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) reduce the rate of or change the time
 for payment of interest, including default interest, on any Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) waive a Default or Event of Default in
 the payment of principal of, or interest or premium on, the Notes (except a rescission of
 acceleration of the Notes by the Holders of at least a majority in aggregate principal amount
 of the then outstanding Notes and a waiver of the payment default that resulted from such
 acceleration);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) make any Note payable in money other than
 that stated in the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) make any change in the provisions of this
 Indenture relating to waivers of past Defaults or the rights of Holders of Notes to bring
 suit for the enforcement of payments of principal of, or interest or premium on, the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) waive a redemption payment with respect
 to any Note (other than a payment required by <u>Section 3.09</u>, <u>4.11</u> or <u>4.14</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) release any Guarantor from any of its
 obligations under its Note Guarantee or this Indenture, except in accordance with the terms
 of this Indenture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) make any change in the preceding amendment
 and waiver provisions.

In addition, any amendment or supplement to, or waiver of, the provisions of this Indenture or any Note Document that has the effect of releasing all or substantially all of the Collateral from the Liens securing the Notes will require the consent of the Holders of at least 66-2/3% in aggregate principal amount of the Notes then outstanding.

Section 9.03 *Revocation and Effect of Consents*.

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder's Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.

Section 9.04 *Notation on or Exchange of Notes*.

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver.

Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

Section 9.05 *Trustee to Sign Amendments, etc.*

The Trustee will sign any amended or supplemental indenture authorized pursuant to this <u>Article 9</u> if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until the Company's Board of Directors approves it. In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to <u>Section 7.01</u>) will be fully protected in relying upon an Officers' Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture.

Article 10<br> NOTE GUARANTEES

Section 10.01 *Guarantee*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to this <u>Article 10</u>,
 each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each
 Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors
 and assigns, irrespective of the validity and enforceability of this Indenture, the Notes
 or the obligations of the Company hereunder or thereunder, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the principal of, premium, if any, and interest
 on, the Notes will be promptly paid in full when due, whether at Stated Maturity, by acceleration,
 redemption or otherwise, and interest on the overdue principal of and interest on the Notes,
 if any, if lawful, and all other obligations of the Company to the Holders or the Trustee
 hereunder or thereunder will be promptly paid in full or performed, all in accordance with
 the terms hereof and thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in case of any extension of time of payment
 or renewal of any Notes or any of such other obligations, that same will be promptly paid
 in full when due or performed in accordance with the terms of the extension or renewal, whether
 at Stated Maturity, by acceleration, redemption or otherwise.

Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Guarantors hereby agree that their
 obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
 of the Notes or this Indenture, the absence of any action to enforce the same, any waiver
 or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the
 recovery of any judgment against the Company, any action to enforce the same or any other
 circumstance which might otherwise constitute a legal or equitable discharge or defense of
 a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing
 of claims with a court in the event of insolvency or bankruptcy of the Company, any right
 to require a proceeding first against the Company, protest, notice and all demands whatsoever
 and covenant that this Note Guarantee will not be discharged except by complete performance
 of the obligations contained in the Notes and this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Holder or the Trustee is required
 by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee,
 liquidator or other similar official acting in relation to either the Company or the Guarantors,
 any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent
 theretofore discharged, will be reinstated in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Guarantor agrees that it will not
 be entitled to any right of subrogation in relation to the Holders in respect of any obligations
 guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor
 further agrees that, as between the Guarantors, on the one hand, and the Holders and the
 Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may
 be accelerated as provided in <u>Article 6</u> for the purposes of this Note Guarantee,
 notwithstanding any stay, injunction or other prohibition preventing such acceleration in
 respect of the obligations guaranteed hereby, and (2) in the event of any declaration
 of acceleration of such obligations as provided in <u>Article 6</u>, such obligations
 (whether or not due and payable) will forthwith become due and payable by the Guarantors
 for the purpose of this Note Guarantee. The Guarantors will have the right to seek contribution
 from any non-paying Guarantor so long as the exercise of such right does not impair the rights
 of the Holders under the Note Guarantee.

Section 10.02 *Limitation on Guarantor Liability*.

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this <u>Article 10</u>, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance.

Section 10.03 *Execution and Delivery of Note Guarantee*.

To evidence its Note Guarantee set forth in <u>Section 10.01</u>, each Guarantor hereby agrees that this Indenture or a supplemental indenture in substantially the form of <u>Exhibit E</u> will be executed on behalf of such Guarantor by one of its Officers.

Each Guarantor hereby agrees that its Note Guarantee set forth in <u>Section 10.01</u> will remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee.

If an Officer whose signature is on this Indenture or a supplemental indenture no longer holds that office at the time the Trustee authenticates the Note, the Note Guarantee will be valid nevertheless.

The delivery of any Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Note Guarantee set forth in this Indenture on behalf of the Guarantors.

In the event that the Company or any of its Restricted Subsidiaries creates or acquires any Domestic Subsidiary after the Issue Date, if required by <u>Section 4.16</u>, the Company will cause such Domestic Subsidiary to comply with the provisions of <u>Section 4.16</u> and this <u>Article 10</u>, to the extent applicable.

Section 10.04 *Guarantors May Consolidate, etc., on Certain Terms*.

Except as otherwise provided in <u>Section 10.05</u>, no Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or another Guarantor, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) immediately after giving effect to such
 transaction, no Default or Event of Default exists; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to <u>Section 10.05</u>, the
 Person acquiring the assets in any such sale or disposition or the Person formed by or surviving
 any such consolidation or merger (if other than the Company or another Guarantor) unconditionally
 assumes pursuant to a supplemental indenture substantially in the form of <u>Exhibit E</u>,
 all the obligations of such Guarantor under this Indenture, its Note Guarantee and the other
 Note Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such transaction does not violate <u>Section 4.11</u>.

In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such successor Person will succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Note Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Note Guarantees so issued will in all respects have the same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof.

Except as set forth in <u>Articles 4</u> and <u>5</u>, and notwithstanding clauses (2)(i) and (ii) above, nothing contained in this Indenture or in any of the Notes will prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or will prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor.

Section 10.05 *Releases*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of any sale or other disposition
 of all or substantially all of the assets of any Guarantor (including by way of merger or
 consolidation) to a Person that is not (either before or after giving effect to such transaction)
 the Company or a Restricted Subsidiary of the Company, then the Person acquiring the assets
 will be released and relieved of any obligations under its Note Guarantee; *provided* that such transaction does not violate <u>Section 4.11</u>. Upon delivery by the Company
 to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect
 that such sale or other disposition was made by the Company in accordance with <u>Section 4.11</u>,
 the Trustee will execute any documents reasonably requested by the Company or such Guarantor
 in order to evidence the release of any Guarantor from its obligations under its Note Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of any sale or other disposition
 of the Capital Stock of any Guarantor to a Person that is not (either before or after giving
 effect to such transaction) the Company or a Restricted Subsidiary of the Company, then such
 Guarantor will be released and relieved of any obligations under its Note Guarantee; *provided* that (i) such transaction does not violate <u>Section 4.11</u> and (ii) such
 Guarantor ceases to be a Subsidiary of the Company as a result of such sale or other disposition.
 Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion
 of Counsel to the effect that such sale or other disposition was made by the Company in accordance
 with <u>Section 4.11</u>, the Trustee will execute any documents reasonably requested
 by the Company or such Guarantor in order to evidence the release of any Guarantor from its
 obligations under its Note Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon designation of any Guarantor as an
 Unrestricted Subsidiary in accordance with the terms of this Indenture, such Guarantor will
 be released and relieved of any obligations under its Note Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon Legal Defeasance or Covenant Defeasance
 in accordance with <u>Article 8</u> or upon satisfaction and discharge of this Indenture
 in accordance with <u>Article 11</u>, each Guarantor will be released and relieved of
 any obligations under its Note Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the liquidation or dissolution of
 a Guarantor; *provided* that no Default or Event of Default has occurred and is continuing,
 such Guarantor will be released and relieved of any obligations under its Note Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent an amendment, supplement
 or waiver of this Indenture in accordance with <u>Article 9</u> provides for the release
 of a Guarantor, such Guarantor will be released and relieved of any obligations under its
 Note Guarantee.

Any Guarantor not released from its obligations under its Note Guarantee as provided in this <u>Section 10.05</u> will remain liable for the full amount of principal of and interest and premium, if any, on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this <u>Article 10</u>.

In addition, the Collateral Trustee's Lien on the Collateral will be released upon the terms and subject to the conditions set forth in the Collateral Trust Agreement.

Article 11<br> SATISFACTION AND DISCHARGE

Section 11.01 *Satisfaction and Discharge*.

This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Notes that have been authenticated,
 except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
 payment money has theretofore been deposited in trust and thereafter repaid to the Company,
 have been delivered to the Trustee for cancellation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Notes that have not been delivered to
 the Trustee for cancellation have become due and payable by reason of the mailing of a notice
 of redemption or otherwise or will become due and payable within one year and the Company
 or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as
 trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable
 Government Securities, or a combination thereof, in such amounts as will be sufficient, without
 consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness
 on the Notes not delivered to the Trustee for cancellation for principal, premium, if any,
 and accrued interest to the date of maturity or redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company or any Guarantor has paid
 or caused to be paid all sums payable by it under this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Company has delivered irrevocable
 instructions to the Trustee under this Indenture to apply the deposited money toward the
 payment of the Notes at maturity or on the redemption date, as the case may be.

In addition, the Company must deliver an Officers' Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to <u>Section 11.01(1)(b)</u>, the provisions of <u>Sections 11.02</u> and <u>8.06</u> will survive. In addition, nothing in this <u>Section 11.01</u> will be deemed to discharge those provisions of <u>Section 7.06</u>, that, by their terms, survive the satisfaction and discharge of this Indenture or to relieve the Company from its obligations with respect to the Notes under <u>Article 2</u> and <u>Section 4.02</u>.

Section 11.02 *Application of Trust Money*.

Subject to the provisions of <u>Section 8.06</u>, all money or Government Securities deposited with the Trustee pursuant to <u>Section 11.01</u> shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law.

If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with <u>Section 11.01</u> by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company's and any Guarantor's obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to <u>Section 11.01</u>; *provided* that if the Company has made any payment of principal of, premium, if any, or interest on, any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent.

Article 12<br> MISCELLANEOUS

Section 12.01 *Notices*.

Any notice or communication by the Company, any Guarantor or the Trustee to the others is duly given if in writing in the English language and delivered in Person or by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others' address:

If to the Company and/or any Guarantor:

W&T Offshore, Inc.<br> 5718 Westheimer Road, Suite 700<br> Houston, Texas 77057<br> Facsimile No.: (713) 626-8527<br> Attention: Chief Financial Officer

With a copy to:

W&T Offshore, Inc.<br> 5718 Westheimer Road, Suite 700<br> Houston, Texas 77057<br> Facsimile No.: (713) 624-7324<br> Attention: General Counsel

If to the Trustee:

Wilmington Trust, National Association<br> Global Capital Markets<br> 50 South Sixth Street<br> Suite 1290, Minneapolis, MN 55402<br> Attention: W&T Offshore, Inc. Notes Administrator<br> Facsimile: (612) 217-5651

The Company, any Guarantor or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications.

All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; *provided* that notices to the Trustee shall only be effective upon actual receipt.

Any notice or communication to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar or otherwise sent in accordance with the applicable procedures of the Depositary. Failure to send a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders.

Notwithstanding anything herein to the contrary, where this Indenture provides for notice in any manner, such notice may be sent or transmitted to Holders of Global Notes in any manner that is in accordance with the procedures of the Depositary and shall be deemed to be a sufficient giving of such notice for every purpose hereunder.

If a notice or communication is sent in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.

If the Company sends a notice or communication to Holders, it will send a copy to the Trustee and each Agent at the same time.

Section 12.02 *Certificate and Opinion as to Conditions Precedent*.

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an Officers' Certificate in form
 reasonably satisfactory to the Trustee (which must include the statements set forth in <u>Section 12.03</u>)
 stating that, in the opinion of the signers, all conditions precedent and covenants, if any,
 provided for in this Indenture relating to the proposed action have been satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) an Opinion of Counsel in form reasonably
 satisfactory to the Trustee (which must include the statements set forth in <u>Section 12.03</u>)
 stating that, in the opinion of such counsel, all such conditions precedent and covenants
 have been satisfied.

Section 12.03 *Statements Required in Certificate or Opinion*.

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture and must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a statement that the Person making such
 certificate or opinion has read such covenant or condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a brief statement as to the nature and
 scope of the examination or investigation upon which the statements or opinions contained
 in such certificate or opinion are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a statement that, in the opinion of such
 Person, he or she has made such examination or investigation as is necessary to enable him
 or her to express an informed opinion as to whether or not such covenant or condition has
 been satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a statement as to whether or not, in the
 opinion of such Person, such condition or covenant has been satisfied.

Section 12.04 *Rules by Trustee and Agents*.

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

Section 12.05 *No Personal Liability of Directors, Officers, Employees and Stockholders*.

No past, present or future director, officer, employee, incorporator, member, partner or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Note Guarantees, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.

Section 12.06 *Governing Law*.

THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE AND ENFORCE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES.

Section 12.07 *No Adverse Interpretation of Other Agreements*.

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

Section 12.08 *Successors*.

All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in <u>Section 10.05</u>.

Section 12.09 *Severability*.

In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby.

Section 12.10 *Counterpart Originals*.

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile, PDF other electronic transmission shall constitute effective execution and delivery of this instrument as to the parties hereto and may be used in lieu of the original instrument for all purposes. Signatures of the parties hereto transmitted by facsimile, PDF or other electronic methods shall be deemed to be their original signatures for all purposes.

Section 12.11 *Table of Contents, Headings, etc.*

The **Table of Contents**, Cross-Reference Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof.

Section 12.12 *WAIVER OF JURY TRIAL; Jurisdiction.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) EACH OF THE COMPANY, THE GUARANTORS, THE
 TRUSTEE AND THE COLLATERAL TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
 BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT
 OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED
 HEREBY OR THEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the parties hereto hereby irrevocably
 submits to the non-exclusive jurisdiction of any New York state or U.S. federal court
 sitting in the Borough of Manhattan in The City of New York with respect to actions brought
 against it as a defendant in respect of any suit, action or proceeding or arbitral award
 arising out of or relating to this Indenture or the Notes or any transaction contemplated
 hereby or thereby (a " <u>Proceeding</u> "), and irrevocably accepts for itself
 and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid
 courts. Each of the parties hereto irrevocably waives, to the fullest extent it may do so
 under applicable law, any objection which it may now or hereafter have to the laying of the
 venue of any such Proceeding brought in any such court and any claim that any such Proceeding
 brought in any such court has been brought in an inconvenient forum.

Article 13<br> COLLATERAL AND SECURITY

Section 13.01 *Security Interest*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The due and punctual payment of the Obligations
 on the Notes and the Obligations of the Guarantors under the Note Guarantees, when and as
 the same shall be due and payable, whether on an Interest Payment Date, at maturity, by acceleration,
 repurchase, redemption or otherwise, and interest on the overdue principal of, premium, if
 any, and interest (to the extent permitted by law), on the Notes, the Note Guarantees and
 performance and payment of all other obligations of the Company and the Guarantors to the
 Holders of the Notes or the Trustee and/or the Collateral Trustee under the Note Documents,
 according to the terms hereunder or thereunder (collectively, the "*Notes Obligations* "),
 are secured, as provided in the Security Documents. The Company and each of the Guarantors
 consent and agree to be bound by the terms of the Security Documents to which they are parties,
 as the same may be in effect from time to time, and agree to perform their obligations thereunder
 in accordance therewith. The Company and the Guarantors hereby agree that the Collateral
 Trustee shall hold the Collateral on behalf of and for the benefit of all of the Holders
 and the other holders of Parity Lien Obligations. The Company and the Guarantors shall deliver
 to the Trustee copies of all Security Documents and all notices and other documents delivered
 to the Collateral Trustee pursuant to this Indenture and the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Holder of the Notes, by its acceptance
 thereof and of the Note Guarantees, consents and agrees to the terms of the Intercreditor
 Agreement and the Security Documents (including, without limitation, the provisions providing
 for foreclosure and release of Collateral and amendments to the Security Documents) as the
 same may be in effect or may be amended from time to time in accordance with their terms
 and authorizes and appoints the Trustee to enter into the Collateral Trust Agreement (and
 directs the Trustee to authorize and appoint) Wilmington Trust, National Association, as
 the Collateral Trustee. Each Holder of the Notes further directs the Collateral Trustee (and
 authorizes the Trustee to direct the Collateral Trustee) to enter into the Security Documents
 (including any amendments thereto and any security documents to secure additional Parity
 Lien Debt in accordance with the Collateral Trust Agreement, all as more particularly described
 in the Collateral Trust Agreement) and to perform its obligations and exercise its rights
 thereunder in accordance therewith, subject to the terms and conditions thereof, including,
 without limitation, the limitations on duties of the Collateral Trustee provided in the Collateral
 Trust Agreement. The Trustee, the Collateral Trustee and each Holder of the Notes, by accepting
 the Notes and the Note Guarantees of the Guarantors (with respect to the Holders) and the
 benefits of the Note Documents, acknowledges that, as more fully set forth in the Security
 Documents, the Collateral as now or hereafter constituted shall be held for the benefit of
 all the holders of Parity Lien Obligations, subject to the Intercreditor Agreement, the Collateral
 Trustee and the Trustee, and the Lien of this Indenture and the Security Documents is subject
 to and qualified and limited in all respects by the Intercreditor Agreement, the Security
 Documents and actions that may be taken thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any provision in this
 Indenture or any other Note Document to the contrary, in no event is any Building or Mobile
 Home included in the definition of "Mortgaged Properties" or the definition of
 "Collateral" and no Building or Mobile Home is hereby encumbered by any security
 interest or lien granted pursuant to this Indenture or any other Note Document.

Section 13.02 *Concerning the Trustee*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided herein, the
 Trustee shall not be obligated to take any action (or to direct the Collateral Trustee to
 take any action) under the Collateral Trust Agreement or any other Security Document without
 the written direction of the Holders in accordance with this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Trustee nor any of its officers,
 directors, employees, attorneys or agents shall be responsible or liable (i) for the
 legality, enforceability, effectiveness or sufficiency of the Security Documents, for the
 creation, perfection, priority, sufficiency, maintenance, renewal or protection of any Lien,
 or for any defect or deficiency as to any such matters, or (ii) for any failure to demand,
 collect, foreclose or realize upon or otherwise enforce any of the Liens or Security Documents
 or any delay in doing so, or (iii) for the validity or sufficiency of the Collateral
 or any agreement or assignment contained therein, for the validity of the title, for insuring
 the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral
 or otherwise as to the maintenance of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rights, privileges, protections, immunities
 and benefits given to the Trustee under this Indenture, including, without limitation, its
 right to be indemnified and compensated and all other rights, privileges, protections, immunities
 and benefits set forth in this Indenture are extended to the Trustee when acting under the
 Collateral Trust Agreement and the other Note Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee will not be responsible for
 filing any financing or continuation statements or recording any documents or instruments
 at any time or times or otherwise perfecting or maintaining the perfection of any Liens on
 the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Whenever an action under the Collateral
 Trust Agreement requires an Act of Parity Lien Debtholders (as defined in the Collateral
 Trust Agreement), the Trustee, in its capacity as Parity Lien Representative, shall seek
 the direction of Holders of the Notes (if Holder consent or direction is required under this
 Indenture). Subject to the next succeeding sentence, the Trustee shall deliver an affirmative
 vote in such Act of Parity Lien Debtholders in the entire aggregate outstanding principal
 amount of the Notes, if the minimum consent or directions of Holders for such action required
 under this Indenture are met. If the requested action requires the consent or direction of
 each Holder of the Notes affected thereby, then the Trustee shall not deliver an affirmative
 vote in such Act of Parity Lien Secured Debtholders unless it receives the consent of each
 Holder.

Section 13.03 *Authorization of Actions to be Taken*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Sections 7.01</u> and <u>7.02</u> and the Security Documents, the Trustee, upon the written direction
 of the Holders holding a majority of the aggregate outstanding principal amount of the Notes
 shall direct, on behalf of the Holders, the Collateral Trustee to take all actions it deems
 necessary or appropriate in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) foreclose upon or otherwise enforce any
 or all of the Liens on the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) enforce any of the terms of the Security
 Documents to which the Collateral Trustee is a party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) collect and receive payment of any and all
 Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Company's sole cost and expense
 and subject to the Trustee and the Collateral Trustee having been indemnified by the Holders
 and/or the Company, the Trustee is authorized and empowered (but is not obligated) to direct
 the Collateral Trustee to institute and maintain, such suits and proceedings as may be reasonably
 expedient to preserve or protect its interests and the interests of the Holders of Notes
 in the Collateral, including the power to institute and maintain suits or proceedings to
 restrain the enforcement of or compliance with any legislative or other governmental enactment,
 rule or order that may be unconstitutional or otherwise invalid if the enforcement of,
 or compliance with, such enactment, rule or order would impair the security interest
 hereunder or be prejudicial to the interests of Holders or the Trustee.

Section 13.04 *Post-Issue Date Collateral Requirements*.

Notwithstanding anything to the contrary contained in this Indenture or the other Note Documents, the parties hereto acknowledge and agree that the Company shall deliver, or cause one or more Guarantors to deliver, to the Collateral Trustee the following items within 90 days after the Issue Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fully executed counterparts of Mortgages
 (in sufficient counterparts for the prompt recordation in each jurisdiction in which the
 Mortgaged Property subject to such Mortgage is located) and to the extent requested by the
 Credit Agreement Agent, corresponding UCC fixture filings or as-extracted collateral filings
 (or, if UCC fixture filings and as-extracted collateral filings are not available in the
 applicable jurisdiction, equivalent filings as available in such jurisdiction), and any similar
 filings as shall be required by local law, which Mortgages, UCC fixture filings or as-extracted
 collateral filings (or, in the case of UCC fixture filings and as-extracted collateral filings,
 any other equivalent filings, as available in each applicable jurisdiction) or other similar
 filings shall cover each Mortgaged Property, together with evidence reasonably satisfactory
 to the Credit Agreement Agent that such Mortgages, UCC fixture filings or as-extracted collateral
 filings (or, in the case of UCC fixture filings and as-extracted collateral filings, any
 other equivalent filings, as available in each applicable jurisdiction) or similar filings
 have been delivered to the Persons responsible for recording or filing, as applicable, of
 such Mortgages, UCC fixture filings, as-extracted collateral filings, equivalent filings
 or similar filings, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) title information and lien searches with
 respect to the Mortgaged Properties, to the extent requested by the Credit Agreement Agent;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) legal opinions addressed to the Collateral
 Trustee and the Trustee from (1) local counsel, covering, without limitation, the enforceability
 of each Mortgage under the laws of the jurisdiction in which the Mortgaged Property subject
 to such Mortgage is located, the creation of valid mortgage Liens on such Mortgaged Property
 under the laws of the jurisdiction in which the Mortgaged Property subject to such Mortgage
 is located and other matters customarily addressed in legal opinions of local counsel with
 respect to the Mortgages, and (2) outside counsel to the Company of national standing,
 covering, without limitation, the due authorization, execution and delivery of the Mortgages
 with respect to Delaware and Texas laws, in each case, in form and substance substantially
 equivalent to the opinions delivered to the Credit Agreement Agent.

The Company shall file a Current Report on Form 8-K with the SEC within the applicable time period for such a filing, containing customary detail on such actions, upon completion of the deliveries referred to in this <u>Section 13.04</u>.

Section 13.05 *Intercreditor Agreement*.

This <u>Article 13</u> and the provisions of each other Security Document are subject to the terms, conditions and benefits set forth in the Intercreditor Agreement. The Company and each Guarantor consents to, and agrees to be bound by, the terms of the Intercreditor Agreement, as the same may be in effect from time to time, and to perform its obligations thereunder in accordance with the terms thereof. Each Holder of Notes, by its acceptance of the Notes (a) consents to the subordination of Liens provided for in the Intercreditor Agreement, (b) agrees that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement and (c) authorizes and instructs the Collateral Trustee (and the Trustee to direct the Collateral Trustee) on behalf of each Holder of Notes to join the Intercreditor Agreement as Second Lien Collateral Trustee (as defined in the Intercreditor Agreement) on behalf of such Holders of Notes as Second Lien Secured Parties (as defined in the Intercreditor Agreement) by executing and delivering a Priority Confirmation Joinder (as defined in the Intercreditor Agreement). In addition, each Holder of Notes authorizes and instructs the Collateral Trustee to enter into any amendments or joinders to the Intercreditor Agreement, without the consent of any Holder or the Trustee, to add additional Indebtedness as Priority Lien Debt or Parity Lien Debt and add other parties (or any authorized agent or trustee therefor) holding such Indebtedness thereto and to establish that the Lien on any Collateral securing such Indebtedness ranks equally with the Liens on such Collateral securing the other Priority Lien Debt or Parity Lien Debt, as applicable, then outstanding. The foregoing provisions are intended as an inducement to the lenders under the Credit Agreement to extend credit to the Company and certain of its Subsidiaries, and such lenders are intended third party beneficiaries of such provisions and the provisions of the Intercreditor Agreement.

Section 13.06 *Collateral Trust Agreement*.

This <u>Article 13</u> and the provisions of each Security Document are subject to the terms, conditions and benefits set forth in the Collateral Trust Agreement. The Company and each Guarantor consents to, and agrees to be bound by, the terms of the Collateral Trust Agreement, as the same may be in effect from time to time, and to perform its obligations thereunder in accordance with the terms therewith. Each Holder of Notes, by its acceptance of the Notes (a) agrees that it will be bound by, and will take no actions contrary to, the provisions of the Collateral Trust Agreement and (b) authorizes and instructs the Trustee, on behalf of each holder of Notes Obligations, to execute and deliver the Collateral Trust Agreement (and to direct the Collateral Trustee to execute and deliver the Collateral Trust Agreement), which shall subject such holders of Notes Obligations to the terms of the Collateral Trust Agreement and to perform its obligations thereunder as a Parity Lien Representative.

Section 13.07 *Release of Liens in Respect of Notes*.

The Collateral Trustee's Parity Liens upon the Collateral will no longer secure the Notes outstanding under this Indenture or any other Notes Obligations, and the right of the Holders to the benefits and proceeds of the Collateral Trustee's Liens on the Collateral will terminate and be discharged:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in whole, upon satisfaction and discharge
 of this Indenture in accordance with <u>Article 11</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in whole, upon a Legal Defeasance or Covenant
 Defeasance of the Notes in accordance with <u>Article 8</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as to any Collateral that is sold, transferred
 or otherwise disposed of to a Person other than (either before or after such sale, transfer
 or disposition) the Company or a Restricted Subsidiary of the Company in a transaction or
 other circumstance that, at the time of such sale, transfer or other disposition or to the
 extent of the interest sold, transferred or otherwise disposed of, is not prohibited by <u>Section 4.11</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in whole or in part, with the consent
 of the Holders of the requisite aggregate principal amount of Notes in accordance with <u>Article 9</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to the assets of any Guarantor,
 at the time that such Guarantor is released from its Note Guarantee in accordance with <u>Section 10.05</u>;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if and to the extent required by Section 4.01
 of the Intercreditor Agreement.

In addition, the Collateral Trustee's Liens on the Collateral will be released upon the terms and subject to the conditions set forth in Section 3.2 of the Collateral Trust Agreement. If the Priority Lien Obligations are repaid in full and the related commitments terminated thereunder without being replaced, the Liens on the Collateral in favor of the Collateral Trustee for the benefit of itself, the Trustee and the Holders of the Notes and the other Parity Lien Obligations will not be released at such time, except to the extent the Collateral or any portion thereof was disposed of in order to repay the Obligations under the Priority Lien Obligations secured by the Collateral in compliance with <u>Section 4.11</u>.

Section 13.08 *Additional Indebtedness*.

In connection with the incurrence by the Company or any Subsidiary thereof of any Priority Lien Obligations or Parity Lien Obligations permitted to be incurred pursuant to the terms hereof and of any other then outstanding Priority Lien Documents and Parity Lien Documents, Holders, by their acceptance of a Note, authorize and direct the Trustee to execute and deliver (and to direct the Collateral Trustee to execute and deliver) any supplements, joinders or confirmations to the Intercreditor Agreement and Collateral Trust Agreement and any amendments, amendments and restatements, restatements or waivers of or supplements to or other modifications to any Security Document (including but not limited to any Mortgages and UCC fixture filings), and to make or consent to any filings or take any other actions in connection therewith, as may be reasonably deemed by the Company to be necessary or reasonably desirable for any Lien on the assets of the Company or any Subsidiary permitted to secure such Indebtedness to become a valid, perfected Lien (with such priority as may be designated by the Company, the relevant Guarantor or Subsidiary, to the extent such priority is permitted by the Note Documents) pursuant to the Security Document being so amended, amended and restated, restated, waived, supplemented or otherwise modified.

[*Signatures on following page*]

SIGNATURES

Dated as of January 27, 2023

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| | | |
|:---|:---|:---|
| W&T OFFSHORE, INC. | W&T OFFSHORE, INC. | W&T OFFSHORE, INC. |
| By: | /s/ Janet Yang | /s/ Janet Yang |
|  | Name: | Janet Yang |
|  | Title: | Executive Vice President and Chief Financial Officer |
| W & T ENERGY VI, LLC | W & T ENERGY VI, LLC | W & T ENERGY VI, LLC |
| W & T ENERGY VII, LLC | W & T ENERGY VII, LLC | W & T ENERGY VII, LLC |
| AQUASITION III LLC | AQUASITION III LLC | AQUASITION III LLC |
| AQUASITION IV LLC | AQUASITION IV LLC | AQUASITION IV LLC |
| AQUASITION V LLC | AQUASITION V LLC | AQUASITION V LLC |
| GREEN HELL LLC | GREEN HELL LLC | GREEN HELL LLC |
| SEAQUESTER LLC | SEAQUESTER LLC | SEAQUESTER LLC |
| SEAQUESTRATION LLC | SEAQUESTRATION LLC | SEAQUESTRATION LLC |
| By: W&T Offshore, Inc., its sole member | By: W&T Offshore, Inc., its sole member | By: W&T Offshore, Inc., its sole member |
| By: | /s/ Janet Yang | /s/ Janet Yang |
|  | Name: | Janet Yang |
|  | Title: | Executive Vice President and Chief Financial Officer |

---

[*Signature Page to Indenture*]

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| | | |
|:---|:---|:---|
| WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee |
| By: | /s/ Quinton M. DePompolo | /s/ Quinton M. DePompolo |
|  | Name: | Quinton M. DePompolo |
|  | Title: | Assistant Vice President |

---

[*Signature Page to Indenture*]

SCHEDULE I

<u>Mortgaged Properties</u>

[Attached]

Exhibit A

[Face of Note]

CUSIP: [ ]

ISIN: [ ]

11.750% Senior Second Lien Notes due 2026

---

| | |
|:---|:---|
| No.<u> </u> | $[_______________] |

---

W&T OFFSHORE, INC.

promises to pay to<u> </u> or registered assigns,

the principal sum of<u> </u> DOLLARS on February 1, 2026.

Interest Payment Dates: February 1 and August 1

Record Dates: January 15 and July 15

Dated:<u> </u>, 2023

[Signature pages to follow]

IN WITNESS HEREOF, the Company has caused this instrument to be duly executed.

---

| | |
|:---|:---|
| W&T OFFSHORE, INC. | W&T OFFSHORE, INC. |
| By: |  |
|  | Name: |
|  | Title: |

---

TRUSTEE CERTIFICATE OF AUTHENTICATION

This is one of the 11.750% Senior Second Lien Notes due 2026 referred to in the within-mentioned Indenture:

---

| | |
|:---|:---|
| WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee |
| By: |  |
|  | Authorized Signatory |

---

Dated:

[Back of Note]<br> 11.750% Senior Second Lien Notes due 2026

[THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(A) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) ("DTC"), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. *[Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture]*]

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, OR (C) IT IS AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) (AN "INSTITUTIONAL ACCREDITED INVESTOR"), (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (D) INSIDE THE UNITED STATES TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE) AND IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES OF LESS THAN $100,000 AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY) OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS NOTE, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. IF THE PROPOSED TRANSFEREE IS AN INSTITUTIONAL ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS "OFFSHORE TRANSACTION," "UNITED STATES" AND "U.S. PERSON" HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING RESTRICTIONS. *[Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture]*]

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *INTEREST*. W&T Offshore, Inc., a Texas corporation (the "*Company*"), promises to pay interest on the principal amount of this Note at 11.750% per annum from<u> </u> until maturity. The Company will pay interest semi-annually in arrears on February 1 and August 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an "*Interest Payment Date*"). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; *provided* that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; *provided further* that the first Interest Payment Date shall be<u> </u>. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *METHOD OF PAYMENT*. The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the January 15 or July 15 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest at the office or agency of the Company maintained for such purpose within or without the City and State of New York, or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; *provided* that payment by wire transfer of immediately available funds will be required with respect to principal, interest, and premium, if any, on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *PAYING AGENT AND REGISTRAR*. Initially, Wilmington Trust, National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *INDENTURE AND SECURITY DOCUMENTS*. The Company issued the Notes under an Indenture dated as of January 27, 2023 (the "*Indenture*") among the Company, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder. The Notes and the Guarantees are secured by Parity Liens on the Collateral pursuant to the Security Documents. The rights of the Holders in the Collateral are subject to the terms of the Intercreditor Agreement and the Collateral Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. OPTIONAL REDEMPTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in subparagraphs (b), (c) and (d) of this Paragraph 5, the Company will not have the option to redeem the Notes prior to August 1, 2024. On or after August 1, 2024, the Company will have the option to redeem all or a part of the Notes upon not less than 10 nor more than 60 days' notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest on the Notes redeemed to, but not including, the applicable redemption date (subject to the right of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date):

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| | |
|:---|:---|
| **On or after August 1,** | **Percentage** |
| 2024 | 105.875% |
| 2025 and thereafter | 100.000% |

---

Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of subparagraph (a) of this Paragraph 5, at any time prior to August 1, 2024, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of Notes issued under the Indenture with an amount of cash not greater than the net cash proceeds of one or more Equity Offerings at a redemption price equal to 111.750% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but not including, the redemption date; *provided* that at least 65% in aggregate principal amount of the Notes originally issued under the Indenture remains outstanding immediately after the occurrence of such redemption and that each such redemption occurs within 180 days of the date of the closing of the related Equity Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At any time prior to August 1, 2024, the Company may also redeem all or a part of the Notes, upon not less than 10 nor more than 60 days' notice, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but not including, the applicable redemption date (subject to the right of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that Holders of not less than 90% of the aggregate principal amount of the outstanding Notes accept a Change of Control Offer and the Company (or the third party making the Change of Control Offer pursuant to Section 4.14(d) of the Indenture) purchases all of the Notes held by such Holders, the Company will have the right, upon not less than 10 nor more than 60 days' prior notice to the Holders and the Trustee, given not more than 30 days following the purchase pursuant to Section 4.14 of the Indenture, to redeem all of the Notes that remain outstanding following such purchase at a redemption price equal to the Change of Control Payment plus, to the extent not included in the Change of Control Payment, accrued and unpaid interest on the Notes that remain outstanding, to, but not including, the applicable redemption date (subject to the right of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. MANDATORY REDEMPTION. The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. REPURCHASE AT THE OPTION OF HOLDER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If there is a Change of Control, each Holder of the Notes will have the right to require the Company to make an offer (a "*Change of Control Offer*") to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder's Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased, to but excluding the date of purchase, subject to the right of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date (the "*Change of Control Payment*"). Within 30 days following any Change of Control, the Company will send a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Company or a Restricted Subsidiary of the Company consummates any Asset Sales, within five days of each date on which the aggregate amount of Excess Proceeds exceeds $20.0 million, the Company will make an offer (an "*Asset Sale Offer*") to all Holders of Notes and (i) with respect to Excess Proceeds from any Asset Sale that is a Collateral Disposition, all holders of other Parity Lien Obligations, or (ii) with respect to other Excess Proceeds, all holders of other Indebtedness that is *pari passu* in right of payment with the Notes containing provisions similar to those set forth in the Indenture with respect to offers to purchase, repay or redeem with the proceeds of sales of assets pursuant to Section 3.09 of the Indenture, to purchase or repay on a *pro rata* basis the maximum principal amount of Notes and such other Indebtedness that may be purchased or repaid out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of the principal amount plus accrued and unpaid interest to, but excluding, the date of purchase or repayment, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use those Excess Proceeds for any purpose not otherwise prohibited by the Indenture. If the aggregate purchase price for Notes tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds allocated for the purchase of Notes pursuant to the Asset Sale Offer, the Trustee shall select the Notes to be purchased on a *pro rata* basis (or, in the case of Notes represented by a Global Note, the Trustee will select Notes for purchase by such method as DTC may require), subject to adjustment to maintain authorized minimum denominations. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled "*Option of Holder to Elect Purchase*" attached to the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *NOTICE OF REDEMPTION*. Notice of redemption will be sent at least 10 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction or discharge of the Indenture. Notes in minimum denominations larger than $2,000 may be redeemed in part but only in integral multiples of $1,000 in excess thereof, unless all of the Notes held by a Holder are to be redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *DENOMINATIONS, TRANSFER, EXCHANGE*. The Notes are in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *PERSONS DEEMED OWNERS*. The registered Holder of a Note may be treated as its owner for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *AMENDMENT, SUPPLEMENT AND WAIVER*. Subject to certain exceptions, the Indenture, the Notes, the Note Guarantees or the Security Documents may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a single class, and any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of the Indenture or the Notes, the Note Guarantees or the Security Documents may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a single class. Without the consent of any Holder of a Note, the Indenture, the Notes, the Note Guarantees or the Security Documents may be amended or supplemented: (i) to cure any ambiguity, defect or inconsistency; (ii) to provide for uncertificated Notes in addition to or in place of certificated Notes; (iii) to provide for the assumption of the Company's or a Guarantor's obligations to Holders of the Notes and Note Guarantees in case of a merger or consolidation; (iv) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture of any such Holder; (v) to conform the text of the Indenture, the Notes, the Note Guarantees or the other Note Documents to any provision of the "Description of Notes" section of the Company's offering memorandum relating to the Initial Notes, to the extent that such provision in the "Description of Notes" was intended to be a verbatim or substantially verbatim recitation of a provision of the Indenture, the Notes, the Note Guarantees or the other Note Documents; (vi) to provide for the issuance of Additional Notes; (vii) to subordinate Liens on Collateral in accordance with the Note Documents; (viii) to confirm and evidence the release, termination or discharge of any Lien with respect to or securing the Notes or the Note Guarantees when such release, termination or discharge is provided for in accordance with the Indenture and the other Note Documents; (ix) to allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the Notes or release the Note Guarantees pursuant to the terms of the Indenture; (x) to add any Collateral as provided in the Indenture or the other Note Documents, as applicable; (xi) with respect to the Security Documents, as provided in the Intercreditor Agreement; (xii) to make, complete or confirm any grant of Collateral permitted or required by the Indenture or any of the Security Documents establishing Parity Liens (including to secure Parity Lien Obligations permitted to be incurred and secured under the Indenture); or (xiii) to evidence and provide for the acceptance of a successor Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *DEFAULTS AND REMEDIES*. Events of Default include: (i) default for 30 days in the payment when due of interest on the Notes; (ii) default in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on, the Notes; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Section 3.09, 4.11, 4.14 or 5.01 of the Indenture; (iv) failure by the Company or any of its Restricted Subsidiaries for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the other agreements in the Indenture; (v) default under certain other agreements relating to Indebtedness for money borrowed of the Company or any of its Restricted Subsidiaries, which default results in the acceleration of such Indebtedness prior to its express maturity; (vi) failure by the Company or any of its Restricted Subsidiaries to pay certain final judgments that remain undischarged for a period of 60 days; (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; (viii) except as permitted by the Note Documents, any Security Document establishing the Parity Liens ceases for any reason to be enforceable with respect to any Collateral having a fair market value of not more than $25.0 million, which failure is not cured within 45 days; (ix) except as permitted by the Note Documents, any Parity Lien purported to be granted under any Security Document on Collateral, individually or in the aggregate, having a fair market value in excess of $25.0 million, ceases to be an enforceable and perfected second-priority Lien, which failure is not cured within 45 days; (x) the Company or any Guarantor, or any Person acting on behalf of any of them, denies or disaffirms its obligations set forth in or arising under any Note Document establishing Parity Liens; and (xi) except as permitted by any Note Document, any Note Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect or any Guarantor or any Person acting on its behalf denies or disaffirms its obligations under its Note Guarantee. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable immediately without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest or premium, if any) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest or premium, if any, on, or the principal of, the Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required, upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *TRUSTEE DEALINGS WITH COMPANY*. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. *NO RECOURSE AGAINST OTHERS*. A director, officer, employee, incorporator, member, partner or stockholder of the Company or any of the Guarantors, as such, will not have any liability for any obligations of the Company or the Guarantors under the Notes, the Note Guarantees, the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. *AUTHENTICATION*. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. *ABBREVIATIONS*. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. *CUSIP NUMBERS*. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. *GOVERNING LAW.* THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE AND ENFORCE THE INDENTURE, THIS NOTE AND THE NOTE GUARANTEES.

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:

W&T Offshore, Inc.<br> 5718 Westheimer Road, Suite 700<br> Houston, Texas 77057<br> Facsimile No.: (713) 626-8527<br> Attention: Chief Financial Officer

ASSIGNMENT FORM

To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to: _____________________________________________________________________________________<br> (Insert assignee's legal name)

(Insert assignee's soc. sec. or tax I.D. no.)

(Print or type assignee's name, address and zip code)

and irrevocably appoint<u> </u> to transfer this Note on the books of the Company. The agent may substitute another to act for him.

Date:

Your Signature:__________________________________

(Sign exactly as your name appears on the face of this Note)

Signature Guarantee\*____________________

\*Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

OPTION OF HOLDER TO ELECT PURCHASE

If you want to elect to have this Note purchased by the Company pursuant to Section 4.11 or 4.14 of the Indenture, check the appropriate box below:

◻ Section 4.11 ◻ Section 4.14

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.11 or 4.14 of the Indenture, state the amount you elect to have purchased:

$______________

Date:______________________

Your Signature:_________________________________

(Sign exactly as your name appears on the face of this Note)

Tax Identification No:____________________

Signature Guarantee\*_________________

\*Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE \*

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Date of Exchange | &nbsp;&nbsp; Amount of<br> decrease in<br> Principal Amount<br> of this Global <br> Note | &nbsp;&nbsp; Amount of<br> increase in<br> Principal Amount<br> of this Global <br> Note | &nbsp;&nbsp; Principal Amount<br> of this Global <br> Note<br> following such<br> decrease (or <br> increase) | &nbsp;&nbsp; Signature of<br> authorized<br> officer of Trustee <br> or<br> Custodian |

---

\* This schedule should be included only if the Note is issued in global form.

Exhibit B

FORM OF CERTIFICATE OF TRANSFER

W&T Offshore, Inc.<br> 5718 Westheimer Road, Suite 700<br> Houston, Texas 77057

Wilmington Trust, National Association<br> Global Capital Markets<br> 50 South Sixth Street, Suite 1290<br> Minneapolis, MN 55402

Re: 11.750% Senior Second Lien Notes due 2026

Reference is hereby made to the Indenture, dated as of January 27, 2023 (the "*Indenture*"), among W&T Offshore, Inc., as issuer (the "*Company*"), the Guarantors party thereto and Wilmington Trust, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

_____________________, (the "*Transferor*") owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $<u> </u> in such Note[s] or interests (the "*Transfer*"), to<u> </u> (the "*Transferee*"), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:

[CHECK ALL THAT APPLY]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ◻ **<u>Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note pursuant to Rule 144A</u>**. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the "*Securities Act*"), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a "qualified institutional buyer" within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ◻ **<u>Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Restricted Definitive Note pursuant to Regulation S</u>**. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ◻ **<u>Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S</u>**. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ◻ such Transfer is being effected to the Company or a subsidiary thereof;

or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ◻ such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act;

or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ◻ such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or a Restricted Definitive Note and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the time of transfer of less than $100,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ◻ **<u>Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note</u>**. No Transferee will be permitted to take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note until such time as the Indenture is amended to permit the removal of the Private Placement Legend from any Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ◻ **Check if Transfer is pursuant to Rule 144.** (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ◻ **Check if Transfer is Pursuant to Regulation S.** (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ◻ **Check if Transfer is Pursuant to Other Exemption.** (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

This certificate and the statements contained herein are made for your benefit and the benefit of the Company.

---

| |
|:---|
| [Insert Name of Transferor] |
| By: |
| Name: |
| Title: |

---

Dated:______________

ANNEX A TO CERTIFICATE OF TRANSFER

1. The Transferor owns and proposes to transfer the following:

[CHECK ONE]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ◻ a beneficial interest in the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ◻ 144A
Global Note (CUSIP 92922P AM8), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ◻ Regulation
S Global Note (CUSIP U85254 AG2), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ◻ IAI Global
Note (CUSIP <u> </u>);
or

2. After the Transfer the Transferee will hold:

[CHECK ONE]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ◻ a beneficial interest in the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ◻ 144A
Global Note (CUSIP 92922P AM8), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ◻ Regulation
S Global Note (CUSIP U85254 AG2), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ◻ IAI Global
Note (CUSIP <u> </u>);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) ◻ Unrestricted
Global Note (CUSIP <u> </u>);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ◻ a Restricted
Definitive Note; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ◻ an Unrestricted
Definitive Note,

in accordance with the terms of the Indenture.

Exhibit C

FORM OF CERTIFICATE OF EXCHANGE

W&T Offshore, Inc.<br> 5718 Westheimer Road, Suite 700<br> Houston, Texas 77057

Wilmington Trust, National Association<br> Global Capital Markets<br> 50 South Sixth Street, Suite 1290<br> Minneapolis, MN 55402

Re: 11.750% Senior Second Lien Notes due 2026

(CUSIP<u> </u>)

Reference is hereby made to the Indenture, dated as of January 27, 2023 (the "*Indenture*"), among W&T Offshore, Inc., as issuer (the "*Company*"), the Guarantors party thereto and Wilmington Trust, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

_____________________, (the "*Owner*") owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $<u> </u> in such Note[s] or interests (the "*Exchange*"). In connection with the Exchange, the Owner hereby certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note</u>**. No exchange of Restricted Definitive Notes or beneficial interests in a Restricted Global Note for Unrestricted Definitive Notes or beneficial interests in an Unrestricted Global Note shall be permitted until such time as the Indenture is amended to provide for the removal of the Private Placement Legend from any Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ◻ **Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note**. In connection with the Exchange of the Owner's beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner's own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the "*Securities Act*"), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ◻ **Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note.** In connection with the Exchange of the Owner's beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner's own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ◻ **Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note.** In connection with the Owner's Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner's own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ◻ **Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note.** In connection with the Owner's Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner's own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ◻ **Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note.** In connection with the Exchange of the Owner's beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner's own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ◻ **Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note.** In connection with the Exchange of the Owner's Restricted Definitive Note for a beneficial interest in the [CHECK ONE] ◻ 144A Global Note, ◻ Regulation S Global Note, ¨ IAI Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner's own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.

This certificate and the statements contained herein are made for your benefit and the benefit of the Company.

---

| |
|:---|
| [Insert Name of Transferor] |
| By: |
| Name: |
| Title: |

---

Dated:______________

Exhibit D

FORM OF CERTIFICATE FROM<br> ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

W&T Offshore, Inc.<br> 5718 Westheimer Road, Suite 700<br> Houston, Texas 77057

Wilmington Trust, National Association<br> Global Capital Markets<br> 50 South Sixth Street, Suite 1290<br> Minneapolis, MN 55402

Re: 11.750% Senior Second Lien Notes due 2026

Reference is hereby made to the Indenture, dated as of January 27, 2023 (the "*Indenture*"), among W&T Offshore, Inc., as issuer (the "*Company*"), the guarantors party thereto and Wilmington Trust, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

In connection with our proposed purchase of $<u> </u> aggregate principal amount of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ◻ a beneficial interest in a Global Note, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ◻ a Definitive Note,

we confirm that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. We understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the "*Securities Act*").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do so only (A) to the Company or any subsidiary thereof, (B) inside the United States in accordance with Rule 144A under the Securities Act to a "qualified institutional buyer" (as defined therein), (C) to an institutional "accredited investor" (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in the form of this letter and, if such transfer is in respect of a principal amount of Notes, at the time of transfer of less than $100,000, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through (D) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to the foregoing effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. We are an institutional "accredited investor" (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is an institutional "accredited investor") as to each of which we exercise sole investment discretion.

You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.

---

| |
|:---|
| [Insert Name of Accredited Investor] |
| By: |
| Name: |
| Title: |

---

Dated:______________

Exhibit E

[FORM OF SUPPLEMENTAL INDENTURE<br> TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

SUPPLEMENTAL INDENTURE (this "*Supplemental Indenture*"), dated as of<u> </u>, 20<u> </u>, among<u> </u> (the "*Guaranteeing Subsidiary*"), a subsidiary of<u> </u> (or its permitted successor), a [Texas] corporation (the "*Company*"), the Company, the other Guarantors (as defined in the Indenture referred to herein) and Wilmington Trust, National Association, as trustee under the Indenture referred to below (the "*Trustee*").

W I T N E S S E T H

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the "*Indenture*"), dated as of January 27, 2023, providing for the issuance of 11.750% Senior Second Lien Notes due 2026 (the "*Notes*");

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company's Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the "*Note Guarantee*"); and

WHEREAS, pursuant to Section 9.01 of the Indenture, the Company and the Trustee are authorized to execute and deliver this Supplemental Indenture without the consent of Holders.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 10 thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator, member, partner or stockholder of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Company or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. NEW YORK LAW TO GOVERN. THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE AND ENFORCE THIS SUPPLEMENTAL INDENTURE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this instrument as to the parties hereto and may be used in lieu of the original instrument for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. RATIFICATION OF INDENTURE. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

Dated:<u> </u>, 20__

---

| |
|:---|
| [GUARANTEEING SUBSIDIARY] |
| By: |
| Name: |
| Title: |
| [COMPANY] |
| By: |
| Name: |
| Title: |
| [EXISTING GUARANTORS] |
| By: |
| Name: |
| Title: |
| WILMINGTON TRUST, NATIONAL ASSOCIATION |
| &nbsp;&nbsp;&nbsp;as Trustee |
| By: |
| Name: |
| Title: |

---

## Exhibit 10.1

**Exhibit 10.1**

***Execution Version***

**PRIORITY CONFIRMATION JOINDER**

Reference is made to the Intercreditor Agreement, dated as of May 11, 2015 (as amended by the First Amendment to Intercreditor Agreement, dated as of October 18, 2018, the Second Amendment to Intercreditor Agreement, dated as of January 29, 2021, and as further amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the "<u>Intercreditor Agreement</u>") between Alter Domus (US) LLC, as Priority Lien Agent for the Priority Lien Secured Parties, and Wilmington Trust, National Association, as Second Lien Collateral Trustee for the Second Lien Secured Parties.

Capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Intercreditor Agreement. This Priority Confirmation Joinder is being executed and delivered pursuant to <u>Section 4.04 (a)</u> of the Intercreditor Agreement as a condition precedent to the debt for which the undersigned is acting as representative being entitled to the rights and obligations of being Second Lien Obligations under the Intercreditor Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Joinder</u>. The undersigned, Wilmington Trust, National Association, a national banking association, solely in its capacity as collateral trustee (in such capacity, the "<u>Second Lien Collateral Trustee</u>" and referred to herein as, the "<u>New Representative</u>") under that certain Collateral Trust Agreement, dated as of January 27, 2023 (the "<u>Second Lien Collateral Trust Agreement</u>"), among W&T Offshore, Inc., the guarantors party thereto, Wilmington Trust, National Association, as trustee and other Parity Lien Debt Representatives (as defined therein) party thereto and the New Representative and that certain indenture, dated as of January 27, 2023 (the "<u>Indenture</u>" or the "<u>Second Lien Substitute Facility</u>"), among W&T Offshore, Inc., the guarantors party thereto, Wilmington Trust, National Association, as trustee and the Second Lien Collateral Trustee, hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) represents that the New Representative has been authorized to become a party to the Intercreditor Agreement on behalf of the Second Lien Secured Parties under the Second Lien Substitute Facility as a Second Lien Collateral Trustee under a Second Lien Substitute Facility under the Intercreditor Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Intercreditor Agreement as fully as if the undersigned had executed and delivered the Intercreditor Agreement as of the date thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agrees that its address for receiving notices pursuant to the Intercreditor Agreement shall be as follows:

Wilmington Trust, National Association, as Second Lien Collateral Trustee

Global Capital Markets<br> 50 South Sixth Street, Suite 1290

Minneapolis, MN 55402<br> Attn: W&T Offshore, Inc. Administrator

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Priority Confirmation</u>.

The undersigned New Representative, on behalf of itself and each holder of Obligations in respect of the Series of Second Lien Debt that constitutes a Second Lien Substitute Facility for which the undersigned is acting as Second Lien Collateral Trustee hereby agrees, for the benefit of all Secured Parties and each future Secured Debt Representative, and as a condition to being treated as Secured Debt under the Intercreditor Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Second Lien Obligations will be and are secured equally and ratably by all Second Liens at any time granted by W&T Offshore, Inc. ("W&T") or any other Grantor to secure any Obligations in respect of such Series of Second Lien Debt, whether or not upon property otherwise constituting Collateral for such Series of Second Lien Debt, and that all such Second Liens will be enforceable by the Second Lien Collateral Trustee with respect to such Series of Second Lien Debt for the benefit of all Second Lien Secured Parties equally and ratably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the New Representative and each holder of Obligations in respect of the Series of Second Lien Debt for which the undersigned is acting as Second Lien Collateral Trustee are bound by the provisions of the Intercreditor Agreement, including the provisions relating to the ranking of Priority Liens, Second Liens and Third Liens and the order of application of proceeds from enforcement of Priority Liens, Second Liens and Third Liens; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Second Lien Secured Parties (other than the New Representative) under the Second Lien Substitute Facility have appointed the Second Lien Collateral Trustee and consented to the terms of the Intercreditor Agreement and the performance by the Second Lien Collateral Trustee of, and have directed the Second Lien Collateral Trustee to perform, its obligations under the Intercreditor Agreement and the Second Lien Collateral Trust Agreement, together with all such powers as are reasonably incidental thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Full Force and Effect of Intercreditor Agreement</u>. Except as expressly supplemented hereby, the Intercreditor Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Governing Law and Miscellaneous Provisions</u>. The provisions of <u>Article IX</u> of the Intercreditor Agreement will apply with like effect to this Priority Confirmation Joinder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Expenses</u>. W&T agrees to reimburse each of the Secured Debt Representatives and the New Representative for their reasonable out of pocket expenses in connection with this Priority Confirmation Joinder, including the reasonable fees, other charges and disbursements of counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Agency Capacity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Wilmington Trust, National Association is entering into this Priority Confirmation Joinder solely in its capacity as Second Lien Collateral Trustee, and not in its individual or corporate capacity. In entering into this Priority Confirmation Joinder and acting under the Intercreditor Agreement, the Second Lien Collateral Trustee shall be entitled to all of the rights, privileges, immunities and indemnities granted to it under the Second Lien Collateral Trust Agreement and the Indenture as if such rights, privileges, immunities and indemnities were set forth herein and in the Intercreditor Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Alter Domus (US) LLC is acknowledging this Priority Confirmation Joinder solely in its capacity as Priority Lien Agent, and not in its individual or corporate capacity. In acknowledging this Priority Confirmation Joinder and acting under the Intercreditor Agreement, the Priority Lien Agent shall be entitled to all of the rights, privileges, immunities and indemnities granted to it under the Priority Lien Documents as if such rights, privileges, immunities and indemnities were set forth herein and in the Intercreditor Agreement.

*[Signature Page to Priority Confirmation Joinder]*

IN WITNESS WHEREOF, the parties hereto have caused this Priority Confirmation Joinder to be executed by their respective officers or representatives as of January 27, 2023.

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| | |
|:---|:---|
| WILMINGTON TRUST, NATIONAL ASSOCIATION, as Second Lien Collateral Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Second Lien Collateral Trustee |
| By: | /s/ Quinton M. DePompolo |
| Name: | Quinton M. DePompolo |
| Title: | Assistant Vice President |

---

The Priority Lien Agent hereby acknowledges receipt of this Priority Confirmation Joinder:

---

| | |
|:---|:---|
| ALTER DOMUS (US) LLC, | ALTER DOMUS (US) LLC, |
| as Priority Lien Agent | as Priority Lien Agent |
| By: | /s/ Matthew Trybula |
| Name: | Matthew Trybula |
| Title: | Associate Counsel |
| Acknowledged and Agreed to by: | Acknowledged and Agreed to by: |
| **W&T OFFSHORE, INC.**, as Borrower | **W&T OFFSHORE, INC.**, as Borrower |
| By: | /s/ Janet Yang |
| Name: | Janet Yang |
| Title: | Executive Vice President and Chief Financial Officer |

---

*[Signature Page to Priority Confirmation Joinder]*

## Exhibit 99.1

**Exhibit 99.1**

**W&T OFFSHORE ANNOUNCES CLOSING OF $275 MILLION SENIOR SECOND LIEN NOTES OFFERING** 

HOUSTON (GLOBE NEWSWIRE) — January 30, 2023 — W&T Offshore, Inc. (NYSE: WTI) ("W&T Offshore" or the "Company") today announced the closing of its previously announced offering of $275 million in aggregate principal amount of 11.75% Senior Second Lien Notes due 2026 (the "Notes") at par in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act").

The Company intends to use the net proceeds of the offering, along with cash on hand, to fund the redemption of all of the Company's 9.75% Senior Second Lien Notes due 2023 (the "Existing Second Lien Notes"). On the closing date of the offering of the Notes, the Company satisfied and discharged the indenture governing the Existing Second Lien Notes.

Tracy W. Krohn, Chairman and Chief Executive Officer, commented, "As we have discussed previously, we considered a number of alternatives with regard to our 2023 notes including full repayment of the notes. Our focus with all of the options reviewed was not only to significantly reduce debt but also to improve the balance sheet going forward and preserve financial flexibility. Ultimately we decided that using our substantial cash balance sheet to pay off half of these notes, significantly reduce interest payments and issue new notes with similar terms but with a shorter tenure, was our best path forward as it also allows us to have more liquidity to potentially fund higher return accretive capital projects and acquisitions in the near term. We continue to see a number of attractive acquisition opportunities in our core focus area and have significant financial resources and flexibility to act quickly when we identify the best opportunities for W&T."

The Notes and the related guarantees have not been and will not be registered under the Securities Act or any other securities laws, and the Notes and the related guarantees may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. The Notes and the related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in the United States under Rule 144A and to non-U.S. investors outside the United States pursuant to Regulation S.

This press release is being issued for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a sale of the Notes, the related guarantees, or any other securities, nor does it constitute an offer to sell, a solicitation of an offer to buy or a sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

**ABOUT W&T OFFSHORE**

W&T Offshore, Inc. is an independent oil and natural gas producer, active in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. As of September 30, 2022, the Company holds working interests in 47 offshore fields in federal and state waters (45 fields producing and 2 fields capable of producing, which include 39 fields in federal waters and 8 in state waters). The Company currently has under lease approximately 622,000 gross acres (449,500 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 8,000 gross acres in Alabama State waters, 449,000 gross acres on the conventional shelf and approximately 165,000 gross acres in the deepwater. A majority of the Company's daily production is derived from wells it operates.

**FORWARD-LOOKING AND CAUTIONARY STATEMENTS**

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, including statements regarding potential opportunities for the Company and the intended use of the proceeds of the offering, including to fund the redemption of the Existing Second Lien Notes, reflect our current views with respect to future events and are based on what we believe are reasonable estimates and assumptions. No assurance can be given, however, that these events will occur or that our estimates will be correct. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, uncertainties of the timing and impact of bringing new wells online and repairing and restoring infrastructure hurricane damage, the ability to achieve leverage targets, unexpected future capital expenditures, competition, the success of our risk management activities, governmental regulations, uncertainties and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2021 and subsequent Form 10-Q reports found at www.sec.gov or on our website at www.wtoffshore.com under the Investor Relations section. Investors are urged to consider closely the disclosures and risk factors in these reports.

**CONTACT:**

Al Petrie

Investor Relations Coordinator

investorrelations@wtoffshore.com<br> 713-297-8024

Janet Yang

Executive Vice President and Chief Financial Officer

jyang@wtoffshore.com<br> 713-626-8525

Source: W&T Offshore, Inc.