Document:

EX-4.1

 Exhibit 4.1 

INSTRUMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE 

This INSTRUMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE (this “Instrument”), dated and effective as of December 15, 2017, by and among EXCO
Resources, Inc., (the “Issuer”), Wilmington Trust Company, a Delaware trust company and having its corporate trust office at 1100 North Market Street, Wilmington, Delaware 19890 (the “Resigning Trustee”) and Wilmington Savings
Fund Society FSB, a federal savings bank duly organized and existing under the laws of the United States of America (the “Successor Trustee”). Except as otherwise expressly provided or unless the context otherwise requires, all capitalized
terms used herein which are defined in the Indenture shall have the meaning assigned to them in the Indenture. 
 WITNESSETH 

WHEREAS, on September 15, 2010, the Issuer executed an Indenture (as amended, amended and restated, modified and supplemented from time to time, the
“Indenture”) providing for the issuance from First Supplemental Indenture dated September 15, 2010 of the 7.500% Senior Notes due 2018 (the “2018 Notes”) and issuance from Third Supplemental Indenture dated April 16,
2014 of the 8.500% Senior Notes due 2022 (the “2022 Notes”, and together with the 2018 Notes, the “Securities”); 
 WHEREAS, the
Resigning Trustee has been acting as Trustee, Security Registrar, Paying Agent and custodian for the Depositary (herein referred to as “Custodian”) under the Indenture; 

WHEREAS, Section 610 of the Indenture provides that under certain conditions the Resigning Trustee may resign at any time and the Issuer may remove the
Trustee at any time; 
 WHEREAS, Section 610 of the Indenture further provides that no resignation or removal of the Trustee shall be effective, and no
appointment of a successor Trustee shall become effective until the acceptance of appointment by a Successor Trustee pursuant to Section 611; 

WHEREAS, Section 611 of the Indenture provides that the successor Trustee shall be qualified under the provisions of Section 609 of the Indenture;

 WHEREAS, Section 611 of the Indenture further provides that any successor Trustee appointed under the Indenture shall execute, acknowledge and
deliver to the Issuer and to the Resigning Trustee an instrument accepting such appointment, thereupon the resignation or removal of the Resigning Trustee shall become effective and the Successor Trustee without any further act, deed or conveyance,
shall become fully vested with all the rights, powers, trusts and duties of the Resigning Trustee; 
 WHEREAS, the Resigning Trustee wishes to resign as
Trustee, Security Registrar, Paying Agent and Custodian with respect to the Securities under the Indenture, and the Issuer wishes to appoint 

 
the Successor Trustee to succeed the Resigning Trustee as Trustee, Security Registrar, Paying Agent and Custodian with respect to the Securities under the Indenture; and 

WHEREAS, the Successor Trustee is willing to accept such appointment as successor Trustee, Security Registrar, Paying Agent and Custodian with respect to the
Securities under the Indenture. 
 NOW, THEREFORE, pursuant to the Indenture and in consideration of the covenants herein contained, it is agreed as follows
(words and phrases not otherwise defined in this Instrument having the definitions given thereto in the Indenture): 
  

	1.	Pursuant to the terms of the Indenture, the Resigning Trustee hereby notifies the Issuer that the Resigning Trustee has resigned as Trustee under the Indenture effective as of December 15, 2017 (the “Effective
Date”); it being understood and agreed that this Instrument shall be deemed to constitute written notice to the Issuer of such resignation in accordance with Section 610 of the Indenture. The resignation, appointment and acceptance of the
Security Registrar, Paying Agent and Custodian effected hereby shall be effective as of the opening of business on December 30, 2017. The parties hereto hereby acknowledge and agree that as of the Effective Date (and with respect to the roles
of Security Registrar, Paying Agent and Custodian, December 30, 2017) any and all references to the Trustee, Security Registrar, Paying Agent or Custodian in the Indenture shall hereby mean the Successor Trustee and its permitted successors and
assigns. 

  

	2.	Effective as of the Effective Date, and subject to the payment of all fees and expenses owing to the Resigning Trustee (including the fees and expenses of its legal counsel) the Resigning Trustee hereby assigns,
transfers, delivers and confirms to the Successor Trustee all of its rights, title, interest under the Indenture and all of its rights, title, interests, capacities, privileges and duties as Trustee, Security Registrar, Paying Agent and Custodian
under the Indenture. 

  

	3.	The Resigning Trustee agrees (at the Issuer’s expense) to execute and deliver such further instruments and shall take such further actions as the Successor Trustee or the Issuer may reasonably request so as to more
fully and certainly vest and confirm in the Successor Trustee all of the rights, title, interests, capacities, privileges and duties hereby assigned, transferred, delivered and confirmed to the Successor Trustee. 

 

	4.	Effective as of the Effective Date, the Issuer hereby accepts the Resigning Trustee’s resignation and the Issuer appoints the Successor Trustee as successor Trustee under the Indenture; and the Issuer confirms to
the Successor Trustee all of the rights, title, interest, capacities, privileges and duties of the Trustee, Security Registrar, Paying Agent and Custodian under the Indenture. 

 

	5.	The Issuer agrees (at its own expense) to execute and deliver such further instruments and to take such further action as the Successor Trustee may reasonably request so as to more fully and certainly vest and confirm
in the Successor Trustee all the rights, title, interests, capacities, privileges and duties hereby assigned, transferred, delivered and confirmed to the Successor Trustee. 

  
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	6.	Effective as of the Effective Date, the Successor Trustee hereby accepts its appointment as successor Trustee under the Indenture and shall be vested with all of the rights, title, interests, capacities, privileges,
duties and responsibilities of the Trustee, Security Registrar, Paying Agent and Custodian under the Indenture. 

  

	7.	The Successor Trustee hereby represents that it is qualified and eligible under the provisions of Section 609 of the Indenture to be appointed successor Trustee and hereby accepts the appointment as successor
Trustee and agrees that upon the signing of this Instrument it shall become vested with all the rights, title, interest, capacities, privileges and duties of the Resigning Trustee with like effect as if originally named as Trustee, Security
Registrar, Paying Agent and Custodian under the Indenture. 

  

	8.	The Successor Trustee shall cause notice of the removal, appointment and acceptance, substantially in the form of Exhibit A hereto, to be given to the Holders of the Securities in accordance with the provisions
of the Indenture. 

  

	9.	Effective as of the Effective Date, the Successor Trustee shall serve as Trustee, Security Registrar, Paying Agent and Custodian as set forth in the Indenture at its principal corporate trust office in Wilmington,
Delaware or such other address as may be specified, where notices and demands to or upon the Issuer in respect of the Securities may be served. 

  

	10.	Prior to the Effective Date, the Resigning Trustee shall deliver to the Successor Trustee the items listed on Exhibit B hereto, to the extent these items are in the possession of the Resigning Trustee.

  

	11.	The Resigning Trustee hereby represents and warrants to the Successor Trustee that: 

  

	 	a)	As of the Effective Date, the Resigning Trustee holds no moneys in any fund or account established by it as Trustee under the Indenture. 

 

	 	b)	The Outstanding principal amount of the 2018 Notes is $131,576,000, and the Outstanding principal amount of the 2022 Notes is $70,169,000. 

 

	 	c)	Interest on the 2018 Notes has been paid through and including September 14, 2017, and interest on the 2022 Notes has been paid through and including October 14, 2017. 

 

	12.	The Issuer hereby represents and warrants to the Successor Trustee that: 

  

	 	a)	It is duly authorized to accept the resignation of the Resigning Trustee as the Trustee and appoint the Successor Trustee as the Trustee. 

 

	 	b)	Except with respect to the defaults listed on Exhibit C hereto, no event has occurred and is continuing which is, or after notice or lapse of time would become, an Event of Default under the Indenture.

  

	 	c)	No covenant or condition contained in the Indenture has been waived by the Issuer or to the best of its knowledge by the holders of the percentage in aggregate principal amount of either series of Securities required by
the Indenture to effect any such waiver. 

  
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	 	d)	Except for the supplemental indentures executed prior to the date hereof, each of which is listed on Exhibit B hereto, the Issuer has entered into no other supplement or amendment to the Indenture or any other
document executed by the Issuer in connection with the Securities. 

  

	13.	Each of the parties hereto hereby represents and warrants for itself that as of the date hereof, and the Effective Date: 

  

	 	a)	it has power and authority to execute and deliver this Instrument and to perform its obligations hereunder, and all such action has been duly and validly authorized by all necessary proceedings on its part; and

  

	 	b)	this Instrument has been duly authorized, executed and delivered by it, and constitutes a legal, valid and binding agreement enforceable against it in accordance with its terms, except as the enforceability of this
Instrument may be limited by bankruptcy, insolvency or other similar laws of general application affecting the enforcement of creditor’s rights or by general principles of equity limiting the availability of equitable remedies.

  

	14.	The parties hereto agree that this Instrument does not constitute an assumption by the Successor Trustee of any liability of the Resigning Trustee arising out of any actions or inaction by the Resigning Trustee under
the Indenture. 

  

	15.	Notwithstanding the resignation of Resigning Trustee effected hereby, the Issuer shall remain obligated under Section 607 of the Indenture to compensate, reimburse and indemnify Resigning Trustee for its prior
trusteeship under the Indenture, but only to the extent provided under the Indenture. This Instrument does not constitute a waiver or assignment by the Resigning Trustee of any compensation, reimbursement, expenses, liens or indemnity to which it is
or may be entitled pursuant to the Indenture and which shall remain and survive the termination of the Indenture. 

  

	16.	This Instrument does not constitute an assumption by Resigning Trustee of, and Resigning Trustee shall not be liable for, any liability arising out of any actions or omissions by Successor Trustee occurring after the
applicable effectiveness of its appointment as Trustee, Security Registrar, Paying Agent and Custodian hereunder. 

  

	17.	Promptly after the Effective Date of this Instrument, the Successor Trustee shall notify The Depository Trust Company (“DTC”) of the succession set forth in this Instrument. Both the Resigning Trustee and the
Successor Trustee agree to take such other actions as may be reasonably necessary to cause DTC to recognize the succession set forth in this Instrument. 

  

	18.	 The parties hereto agree that as of the Effective Date, all references to the Resigning Trustee as Trustee in the
Indenture shall be deemed to refer to the Successor Trustee. From and after the Effective Date, all notices or payments which were required by the terms of the Indenture and Securities to be given or paid to the Resigning Trustee, as Trustee,
Security Registrar, 

  
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Paying Agent and Custodian shall be given or paid to: Wilmington Savings Fund Society, FSB, 500 Delaware Avenue, Wilmington, DE 19801, Attention: Patrick J. Healy. 

 

	19.	This Instrument shall be governed by and construed in accordance with the laws of the State of New York. 

  

	20.	This Instrument may be executed in any number of counterparts, including by PDF or facsimile, each of which shall be an original, but which counterparts, shall together constitute but one and the same instrument.

  

	21.	This Instrument shall be binding upon and inure to the benefit of the Issuer, the Resigning Trustee and the Successor Trustee and their respective successors and assigns. 

 

	22.	The reasonable fees, costs and expenses incurred by Resigning Trustee and its counsel in connection with the negotiation, drafting, execution, and implementation of this Instrument shall be paid by the Issuer on or
prior to the Effective Date. The reasonable fees, costs and expenses incurred by Successor Trustee and its counsel in connection with the negotiation, drafting, execution, and implementation of this Instrument shall be paid by the Issuer on or prior
to the Effective Date. 

  

	23.	In the event that any provision of this Instrument, or the application of such provision to any person or set of circumstances, shall be determined to be invalid, unlawful, void or unenforceable to any extent, the
remainder of this Instrument, and the application of such provision to persons or circumstances other than those as to which it is determined to be invalid, unlawful, void or unenforceable, shall not be affected and shall continue to be valid and
enforceable to the fullest extent permitted by law. 

  

	24.	No amendment shall be made to this Agreement without the written consent of all parties hereto. 

  

	25.	TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HEREBY AGREES TO WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY WITH RESPECT TO ANY MATTER WHATSOEVER
ARISING OUT OF OR RELATING TO THIS INSTRUMENT. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be duly executed and attested by their duly
authorized officers, all as of the date and year first above written. 
  

									
		 		 		 	 EXCO RESOURCES, INC.

					
		 		 		 	 By:
	 	 /s/ Tyler Farquharson

		 		 		 		 	 Tyler Farquharson

		 		 		 		 	 Vice President, Chief Financial Officer and Secretary

				
		 		 		 	 WILMINGTON TRUST COMPANY, as Resigning Trustee

					
		 		 		 	 By:
	 	 /s/ W. Thomas Morris, II

		 		 		 		 	 W. Thomas Morris, II

		 		 		 		 	 Vice President

				
		 		 		 	WILMINGTON SAVINGS FUND SOCIETY, FSB, as Successor Trustee
					
		 		 		 	 By:
	 	 /s/ Patrick J. Healy

		 		 		 		 	 Patrick J. Healy

		 		 		 		 	 Senior Vice President

 [Signature Page to Instrument of Resignation, Appointment and Acceptance] 

 Exhibit A 

[Successor Trustee Letterhead] 
 To the Holders
of EXCO Resources, Inc., a Texas corporation (the “Issuer”), 7.500% Senior Notes due 2018, CUSIP No. 269279AD71 (the “2018 Notes”) and 8.500% Senior Notes due 2022, CUSIP No.
269279AE5 (the “2022 Notes” and together with the 2018 Notes, the “Securities”). 
 THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS
OF INTEREST TO THE BENEFICIAL OWNERS OF THE SUBJECT SECURITIES. IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE RETRANSMITTAL TO SUCH BENEFICIAL OWNERS IN A TIMELY MANNER. 

Reference is made to that certain Indenture dated as of September 15, 2010 (as amended, amended and restated, modified and supplemented from time to
time, the “Indenture”), between the Issuer and Wilmington Trust Company (“Wilmington Trust”), as Trustee. Capitalized terms used and not defined herein have the meanings assigned to such terms in the Indenture. 

NOTICE IS HEREBY GIVEN that pursuant to Section 610 of the Indenture, Wilmington Trust has resigned as Trustee, Security Registrar, Paying Agent and
custodian for the Depositary under the Indenture (the “Resigning Trustee”). Pursuant to the Indenture, the Issuer has appointed Wilmington Savings Fund Society, FSB (“WSFS”) as successor Trustee, Security Registrar, Paying Agent
and custodian for the Depositary under the Indenture, which appointment has been accepted and has become effective as of [●], 201[7]. 
 The address
of the Corporate Trust Office of WSFS is: 
 Wilmington Savings Fund Society, FSB 

500 Delaware Avenue 
 Wilmington,
Delaware 19801 
 Attention: Patrick J. Healy 

Dated: December [●], 2017 
  

			
	WILMINGTON SAVINGS FUND SOCIETY, FSB, as Successor Trustee
		
	 By:
	 	  

		 	 Patrick J. Healy

		 	 Senior Vice President

  
  

	1 	The CUSIP numbers herein are included solely for the convenience of the recipients of this Notice. Neither the Successor Trustee or Resigning Trustee is responsible for the selection or use of the CUSIP numbers or for
the accuracy of CUSIP numbers printed on the Securities or indicated in this Notice. 

  
 A-1 

 Exhibit B 

Documents to be provided by Resigning Trustee to Successor Trustee 

Indenture dated as of September 15, 2010 
 First
Supplemental Indenture dated as of September 15, 2010 
 Second Supplemental Indenture dated as of February 12, 2013 

Third Supplemental Indenture dated as of April 16, 2014 

Fourth Supplemental Indenture dated as of May 12, 2014 

Fifth Supplemental Indenture dated as of November 24, 2015 

Sixth Supplemental Indenture dated as of August 9, 2016 

Seventh Supplemental Indenture dated as of September 2, 2016 

  
 B-1 

 Exhibit C 

None. 

  
 C-1EX-10.1

 Exhibit 10.1 

FORBEARANCE AGREEMENT 

This FORBEARANCE AGREEMENT (this “Agreement”), dated as of December 19, 2017 (the “Effective Date”), is
entered into by and among EXCO Resources, Inc., a Texas corporation (the “Issuer”), the Subsidiaries of the Issuer that are parties hereto (the “Guarantors”) and the Holders (as defined below) that are parties
hereto. 
 PRELIMINARY STATEMENT 

WHEREAS, the Holders party hereto hold certain of those 8.0% / 11.0% 1.5 Lien Senior Secured PIK Toggle Notes due 2022 that are issued by the
Issuer and governed by that certain Indenture dated as of March 15, 2017 by and among the Issuer, the guarantors from time to time party thereto and Wilmington Trust, National Association, as trustee (in such capacity, the
“Trustee”) and collateral trustee (in such capacity, the “Collateral Trustee”) thereunder (such Indenture, as amended, supplemented, amended and restated or otherwise modified from time to time, the
“Indenture”; such Notes, as amended, supplemented, amended and restated or otherwise modified from time to time, the “Senior Secured Notes”; and the holders of such Senior Secured Notes, the
“Holders”), which Senior Secured Notes are secured by liens on the Collateral pursuant to the Security Instruments; 

WHEREAS, the Holders party hereto hold certain shares of common stock, par value $0.001 per share of the Issuer (the “Common
Shares”) either issued as payment of interest on the Senior Secured Notes or issuable upon the exercise of the warrants issued to the Holders on the date of the Indenture (the “Warrants” and such Common Shares held by the
Holders together with any Common Shares underlying the Warrants, the “Registrable Securities”); 
 WHEREAS, the Holders
party hereto and the Issuer entered into that certain Registration Rights Agreement (the “Registration Rights Agreement”), dated March 15, 2017, which required the Issuer to register the Registrable Securities for resale under
the U.S. Securities Act of 1933; 
 WHEREAS, pursuant to Section 2.01 of the Registration Rights Agreement, the Issuer was required to
cause a registration statement to become effective with respect to the Registrable Securities; 
 WHEREAS, the Issuer has asked the Holders
to (i) forbear from exercising, and directing the Trustee and/or the Collateral Trustee or otherwise taking any action to cause any other Holders to exercise, certain rights and remedies in respect of the Indenture, the Senior Secured Notes and
the Security Instruments with respect to the Anticipated Defaults (as hereinafter defined), including with respect to any Collateral and (ii) to waive any breach of the Registration Rights Agreement resulting from the Issuer’s failure to
cause a registration statement to become effective with respect to the Registrable Securities held by the Holders; and 
 WHEREAS, upon the
terms and conditions contained herein, the Holders party hereto are prepared to (i) forbear from exercising the rights and remedies, and directing the Trustee and/or the Collateral Trustee or otherwise taking any action to cause any other
Holders to exercise any rights and remedies, available to them at law, in equity or by agreement as a result of such 

 
Anticipated Defaults upon the terms set forth herein, without waiving any of their other rights or remedies and (ii) forbear from exercising any remedies under the Registration Rights
Agreement with respect to any breach thereof caused by the Issuer’s failure to cause an effective registration statement with respect to the Registrable Securities held by the Holders to become effective. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants, representations and warranties contained herein, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

AGREEMENT 

Section 1. Definitions. Capitalized terms used herein but not defined herein shall have the meanings given to them in the
Indenture, the Senior Secured Notes, and the Registration Rights Agreement, as the context may require. 
 Section 2.
Acknowledgments by the Issuer. The Issuer acknowledges and agrees as follows: 
 (a)(i) Anticipated Defaults. Certain
defaults, Defaults or Events of Default may have arisen on or prior to the date hereof and/or may arise on or prior to the Forbearance Termination Date (as defined below) under the Indenture, including, without limitation, (i) the Default under
Section 5.01(e)(1) of the Indenture as a result of the failure of the Issuer to make the interest payment otherwise due under the 1.75 Lien Credit Agreement on December 20, 2017, (ii) the Default under 5.01(e)(1) of the Indenture as a
result of the failure of the Issuer to make the interest payment otherwise due under the Second Lien Credit Agreement on December 29, 2017, and (iii) the Default under 5.01(e)(2) of the Indenture as a result of the failure of the Issuer to
comply with certain affirmative covenants under the First Lien RBL Credit Agreement during the Forbearance Period (as defined below). The Issuer anticipates that these defaults, as applicable, will constitute an Event of Default under Sections
5.01(e)(1) and 5.01(e)(2) of the Indenture. 
 (a)(ii) Breaches of Registration Rights Agreement. Certain breaches may have arisen on
or prior to the date hereof and/or may arise on or prior to the Forbearance Termination Date under the Registration Rights Agreement, including, without limitation, the failure by the Issuer, pursuant to Section 2.01 of the Registration Rights
Agreement, to cause a registration statement on Form S-3 registering the Registrable Securities to be declared effective by the Securities and Exchange Commission by December 11, 2017. 

The breaches, defaults, Defaults and Events of Default described in the foregoing paragraphs are referred to herein as the
“Anticipated Defaults”. 
 (b) Acknowledgment of Indebtedness. The Issuer agrees that (i) as of
December 19, 2017, the Issuer is indebted to the Holders in the aggregate principal amount of $316,958,340 under the Senior Secured Notes; (ii) all such amounts remain outstanding and unpaid without setoff, counterclaim or defenses; and
(iii) all such amounts are subject to increase or other adjustment as a result of any and all interest thereon in accordance with the Indenture and the Senior Secured Notes. 

  
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 (c) Reservation of Rights. Except for the rights, powers and remedies which the Trustee,
the Collateral Trustee and the Holders agree to forbear from exercising during the Forbearance Period pursuant to Section 3 below, the Issuer and each Guarantor acknowledges and agrees that the Holders party hereto hereby reserve all rights,
powers and remedies under the Indenture, the Security Instruments and the Senior Secured Notes and applicable law in connection with any violation or noncompliance by the Issuer or any Guarantor with the terms of the Indenture, the Security
Instruments and the Senior Secured Notes. 
 Section 3. Forbearance by the Holders Party Hereto. 

(a) Forbearance Period. At the request of the Issuer, the Holders party hereto hereby agree to forbear from the exercise of their
rights and remedies, whether at law (including, without limitation, any such rights and remedies arising in equity, by agreement, or any such rights and remedies arising under Sections 5.02, 5.07 and 5.08 of the Indenture) or otherwise, available to
the Trustee and/or the Holders as a result of the Anticipated Defaults until 11:59 pm New York City time on January 15, 2018 (the “Forbearance Termination Date” and the period beginning on the Effective Date and terminating on
the Forbearance Termination Date being hereinafter referred to as the “Forbearance Period”), provided, however, that the Forbearance Period shall immediately terminate if the Issuer or any of its affiliates (i) declare an
intention or take any action in furtherance of making any payment on account of (x) the Second Lien Credit Agreement or (y) the Existing Unsecured Notes, or (ii) makes any such payment referenced in (x) or (y) of this paragraph.

 (b) Request to Trustee and Collateral Trustee. The Holders party hereto hereby agree to request, and hereby do request,
(i) that the Trustee rescind any acceleration hereafter made at the request of any Holder of Senior Secured Notes not a party to this Agreement, in accordance with Section 5.02 of the Indenture, of the amounts outstanding under the
Indenture and the Senior Secured Notes that may be declared by the Trustee as a result of any Anticipated Default occurring or continuing during the Forbearance Period and (ii) that the Collateral Trustee rescind any foreclosure or other
enforcement of any or all of the liens on the Collateral securing the Senior Secured Notes, or any enforcement of any of the terms of the Security Instruments, in accordance with Section 5.03 of the Indenture as a result of any Anticipated
Default occurring or continuing during the Forbearance Period. Each Holder party hereto shall, if necessary to facilitate the terms of this Agreement and to the extent such Holder is not the registered holder of the Senior Secured Notes it
beneficially owns, instruct the registered Holder thereof to comply with the terms of this Agreement, including directing the registered Holder to instruct the Trustee and the Collateral Trustee to temporarily forbear from exercising any rights and
remedies as provided above. 
 (c) Limitation on Transfers of Senior Secured Notes. Each of the Holders party hereto hereby agrees
not to sell, assign, pledge, lend, hypothecate, transfer or otherwise dispose of (each, a “Transfer”) during the Forbearance Period any ownership (including beneficial ownership) of Senior Secured Notes (or any rights in respect
thereof, including but not limited to the right to vote) held by such Holder as of the date hereof except to a party who (i) is already a Holder party to this Agreement or (ii) prior to such Transfer, agrees in writing to be bound by all
of the terms of this Agreement (including with respect to any and all claims with respect to any Senior Secured Notes it already may hold against the Issuer prior to such Transfer) by executing a joinder in the form attached hereto as Exhibit
A, and delivering an executed copy thereof, within two (2) business days of closing of such Transfer, to counsel to the Issuer. Any Transfer made in violation of this Section 3(c) shall be void ab initio, and the Issuer
shall have the right to enforce the voiding of any such Transfer. 

  
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 (d) Termination of Forbearance Period. The Issuer acknowledges and agrees that upon the
occurrence of the Forbearance Termination Date, the provisions of this Section 3 shall automatically and immediately terminate without any further action by, or notice being due from, the Trustee, the Collateral Trustee or any Holder, and the
Holders party hereto may proceed (but are not required), to the extent an Event of Default is then continuing, to exercise any and all rights and remedies which such Holders may have upon the occurrence of an Event of Default to the extent an Event
of Default is then continuing, including, if an Event of Default is then continuing, declaring the Senior Secured Notes to be immediately due and payable in accordance with the Indenture. 

(e) Acknowledgment Regarding Forbearance. The Issuer acknowledges that none of the Holders party hereto has made any assurances
concerning (i) any possibility of an extension of the Forbearance Period; (ii) the manner in which or whether the Anticipated Defaults may be resolved; or (iii) any additional forbearance, waiver, restructuring or other
accommodations. The Issuer agrees that the running of all statutes of limitation and the doctrine of laches applicable to all claims or causes of action that the Holders party hereto may be entitled to take or bring in order to enforce their rights
and remedies against the Issuer are, to the fullest extent permitted by law, tolled and suspended during the Forbearance Period. 

Section 4. Conditions to Effective Date. This Agreement shall become effective as of the Effective Date when the Issuer shall have
received one or more counterparts of this Agreement, duly executed and delivered by the Issuer, the Guarantors, and the undersigned Holders, which hold a majority of the principal outstanding amount of the Senior Secured Notes. 

Section 5. Disclosure. Each party hereto agrees that it will permit public disclosure, including in a press release and/or the
filing of a Current Report on Form 8-K with the U.S. Securities and Exchange Commission, of the contents of this Agreement. 

Section 6. GOVERNING LAW. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

(b) EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN
IN THE CITY OF NEW YORK, NEW YORK OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE TO THE LAYING OF THE
VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH PARTY HERETO AGREES THAT FINAL JUDGMENT IN ANY SUCH SUIT,
ACTION OR PROCEEDING BROUGHT IN SUCH A COURT SHALL BE CONCLUSIVE 

  
 - 4 - 

 
AND BINDING UPON SUCH PARTY AND MAY BE ENFORCED IN ANY COURTS TO THE JURISDICTION OF WHICH SUCH PARTY IS SUBJECT BY A SUIT UPON SUCH JUDGMENT. 

(c) NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF THE TRUSTEE, THE COLLATERAL TRUSTEE OR ANY PARTY HERETO TO SERVE PROCESS IN ANY MANNER
PERMITTED BY LAW OR LIMIT THE RIGHT OF THE TRUSTEE OR THE COLLATERAL TRUSTEE TO BRING PROCEEDINGS AGAINST THE ISSUER IN THE COURTS OF ANY JURISDICTION OR JURISDICTIONS. 

(d) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
TRUSTEE OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 Section 7.
Headings. The Headings of the Articles and Sections of this Agreement have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions
hereof. 
 Section 8. Severability. If any provision of this Agreement is held to be invalid, illegal or unenforceable the
validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 
 Section 9. Electronic Execution. This Agreement may be signed electronically. The words
“execute,” “execution,” “signed,” “signature,” and words of like import in this Agreement shall be deemed to include electronic signatures, and electronic signatures shall be of the same legal effect, validity
or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

Section 10. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Delivery by fax or other electronic transmission of an executed counterpart of a signature page to this Agreement shall be effective as delivery of an original executed
counterpart of this Agreement. 

  
 - 5 - 

 Section 11. No Waiver. Except for and to the extent of the forbearance provided in
Section 3 of this Agreement, the execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any default, Default or Event of Default under the Indenture or any right, power or remedy of the Trustee, the Collateral
Trustee or the Holders under the Indenture, the Senior Secured Notes or the Security Instruments. The parties hereto reserve the right to exercise any rights and remedies available to them in connection with any present or future breaches or
defaults with respect to the Indenture and the Senior Secured Notes after the Forbearance Termination Date. 
 Section 12.
Successors and Assigns. This Agreement shall be binding upon the Issuer and its successors and permitted assigns and shall inure, together with all rights and remedies of the Holders party hereto, to the benefit of the Holders party hereto
and their respective successors, transferees and assigns. 
 Section 13. Entire Agreement. THIS AGREEMENT, THE INDENTURE, THE
SECURITY INSTRUMENTS AND THE SENIOR SECURED NOTES CONSTITUTE THE ENTIRE CONTRACT AMONG THE PARTIES RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDE ANY AND ALL PREVIOUS AGREEMENTS AND UNDERSTANDINGS, ORAL OR WRITTEN, RELATING TO THE
SUBJECT MATTER HEREOF AND THEREOF, AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. 

THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

[**Signature Pages Follow on Next Page**] 

  
 - 6 - 

 In Witness Whereof, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective duly authorized officers as of the date first written above. 
  

			
	 EXCO RESOURCES, INC.,
 a Texas
corporation, as Issuer

		
	By:	 	 /s/ Tyler Farquharson

		 	Name: Tyler Farquharson
		 	Title: Vice President, Chief Financial Officer and Treasurer
	
	GUARANTORS:
	
	EXCO SERVICES, INC.
		
	By:	 	 /s/ Tyler Farquharson

		 	Name: Tyler Farquharson
		 	Title: Vice President, Chief Financial Officer and Treasurer
	
	EXCO PARTNERS GP, LLC
		
	By:	 	 /s/ Tyler Farquharson

		 	Name: Tyler Farquharson
		 	Title: Vice President, Chief Financial Officer and Treasurer
	
	EXCO GP PARTNERS OLP, LP
	
	By: EXCO PARTNERS GP, LLC, its General Partner
		
	By:	 	 /s/ Tyler Farquharson

		 	Name: Tyler Farquharson
		 	Title: Vice President, Chief Financial Officer and Treasurer
	
	EXCO PARTNERS OLP GP, LLC
		
	By:	 	 /s/ Tyler Farquharson

		 	Name: Tyler Farquharson
		 	Title: Vice President, Chief Financial Officer and Treasurer

 [Forbearance Agreement] 

 
			
	EXCO OPERATING COMPANY, LP
	
	By: EXCO PARTNERS OLP GP, LLC, its General Partner
		
	By:	 	 /s/ Tyler Farquharson

		 	Name: Tyler Farquharson
		 	Title: Vice President, Chief Financial Officer and Treasurer
	
	EXCO MIDCONTINENT MLP, LLC
		
	By:	 	 /s/ Tyler Farquharson

		 	Name: Tyler Farquharson
		 	Title: Vice President, Chief Financial Officer and Treasurer
	
	EXCO HOLDING (PA), INC.
		
	By:	 	 /s/ Tyler Farquharson

		 	Name: Tyler Farquharson
		 	Title: Vice President, Chief Financial Officer and Treasurer
	
	EXCO PRODUCTION COMPANY (PA), LLC
		
	By:	 	 /s/ Tyler Farquharson

		 	Name: Tyler Farquharson
		 	Title: Vice President, Chief Financial Officer and Treasurer
	
	EXCO PRODUCTION COMPANY (WV), LLC
		
	By:	 	 /s/ Tyler Farquharson

		 	Name: Tyler Farquharson
		 	Title: Vice President, Chief Financial Officer and Treasurer

 [Forbearance Agreement] 

			
	EXCO RESOURCES (XA), LLC
		
	By:	 	 /s/ Tyler Farquharson

		 	Name: Tyler Farquharson
		 	Title: Vice President, Chief Financial Officer and Treasurer
	
	EXCO LAND COMPANY, LLC
		
	By:	 	 /s/ Tyler Farquharson

		 	Name: Tyler Farquharson
		 	Title: Vice President, Chief Financial Officer and Treasurer
	
	EXCO HOLDING MLP, INC.
		
	By:	 	 /s/ Tyler Farquharson

		 	Name: Tyler Farquharson
		 	Title: Vice President, Chief Financial Officer and Treasurer
	
	RAIDER MARKETING, LP
	
	By: RAIDER MARKETING GP, LLC, its General Partner
		
	By:	 	 /s/ Tyler Farquharson

		 	Name: Tyler Farquharson
		 	Title: Vice President, Chief Financial Officer and Treasurer

 [Forbearance Agreement] 

 
			
	 ADVENT CAPITAL (NO 3) LTD

	 BRIT INSURANCE (GIBRALTAR) PCC LIMITED

	 BRIT SYNDICATES LIMITED

	 FEDERATED INSURANCE COMPANY OF CANADA

	 NORTHBRIDGE GENERAL INSURANCE CORPORATION

	 CLEARWATER SELECT INSURANCE COMPANY

	 NEWLINE CORPORATE NAME LIMITED (SYNDICATE)

	 ODYSSEY REINSURANCE COMPANY

	 TIG INSURANCE COMPANY

	 WENTWORTH INSURANCE COMP ANY LTD.

	 ZENITH INSURANCE COMPANY

	 FAIRFAX FINANCIAL HOLDINGS MASTER TRUST FUND

	
	as Holders
	
	By: Hamblin Watsa Investment Counsel Ltd., its Investment Manager
		
	By:	 	 /s/ Paul Rivett

		 	Name: Paul Rivett
		 	Title: Chief Operating Officer
	
	ENERGY STRATEGIC ADVISORY SERVICES LLC
	
	as a Holder
		
	By:	 	 /s/ Jonathan Siegler

		 	Name: Jonathan Siegler
		 	Title: Chief Financial Officer

 [Forbearance Agreement] 

 
			
	GEN IV INVESTMENT OPPORTUNITIES, LLC
	
	as a Holder
		
	By:	 	 /s/ Paul Segal

		 	Name: Paul Segal
		 	Title: President
	
	VEGA ASSET PARTNERS, LP
	
	as a Holder
		
	By:	 	 /s/ Paul Segal

		 	Name: Paul Segal
		 	Title: Manager

 [Forbearance Agreement] 

 Exhibit A 

Form of Joinder Agreement 
 The undersigned
transferee (“Transferee”) acknowledges that it has reviewed and understands the Forbearance Agreement, dated as of December 9, 2017, a copy of which is attached hereto as Annex I (as it may be amended, supplemented, or otherwise
modified from time to time, the “Agreement”),1 by and among the Issuer, the Guarantors, and the Holders party thereto. 

1. Agreement to be Bound. The Transferee hereby agrees to be bound by all of the terms of the Agreement (including with respect to any and all claims
with respect to any Senior Secured Notes it already may hold against the Issuer prior to the Transfer). The Transferee shall hereafter be deemed to be a “Party” and a “Holder” party to the Agreement for all purposes under the

 Agreement. 
 2. Governing Law. This joinder agreement
(the “Joinder Agreement”) to the Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to any conflicts of law provisions which would require the application of
the law of any other jurisdiction. 
 Date:
                                        ,
201[    ] 
  

					
		  	 [HOLDER]

			
		  	By:	 	  

		  	Name:	 	  

		  	Title:	 	  

					
			
	Holder Claims:	  	$	  	  

  
  

	1 	Defined terms used but not otherwise defined herein shall have the meanings ascribed to them in the Agreement. 

[Forbearance Agreement]

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