Document:

Form of senior debt security

 Exhibit 4.2 

FORM OF SENIOR DEBT SECURITY 
 THIS SECURITY IS A SECURITY IN GLOBAL FORM AS REFERRED TO IN THE INDENTURE HEREINAFTER REFERENCED AND REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY 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. IN THE EVENT THAT THIS GLOBAL SECURITY IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, ALL
SUCH INDIVIDUAL SECURITIES IN THE FORM OF DEFINITIVE CERTIFICATES SHALL CONTAIN THE LEGENDS BELOW WITH RESPECT TO JAPANESE TAXATION. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OF THIS SECURITY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS 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 IN AS MUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN. 
 INTEREST PAYMENTS ON THIS SECURITY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX, UNLESS THE HOLDER
ESTABLISHES THAT THIS SECURITY IS HELD BY OR FOR THE ACCOUNT OF A HOLDER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER (X) AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE CORPORATION, NOR (Y) AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PERSON OF THE ISSUER, (II) A JAPANESE FINANCIAL INSTITUTION DESIGNATED IN
ARTICLE 3-2-2, PARAGRAPH (28) OF THE CABINET ORDER (CABINET ORDER NO. 43 OF 1957, AS AMENDED) UNDER ARTICLE 6, PARAGRAPH (9) OF THE ACT ON SPECIAL MEASURES
CONCERNING TAXATION THAT COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH OR (III) AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE CORPORATION WHOSE RECEIPT OF INTEREST ON THE SECURITIES WILL BE MADE THROUGH A PAYMENT HANDLING
AGENT IN JAPAN AS DEFINED IN ARTICLE 2-2, PARAGRAPH (2) OF THE CABINET ORDER. 

INTEREST PAYMENTS ON THIS SECURITY TO AN INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION (EXCEPT AS DESCRIBED IN THE PRECEDING
PARAGRAPH), OR TO AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PERSON OF THE ISSUER WILL BE SUBJECT TO
DEDUCTION IN RESPECT OF JAPANESE INCOME TAX AT A RATE OF 15.315% OF THE AMOUNT OF SUCH INTEREST. 

 ORIX CORPORATION 

[            ]% Notes due
[            ] 
 Principal Amount:
$[            ] 
 [No. [    ]] 

CUSIP: [                ] 

ISIN:     [                ] 

Common Code: [                ] 

ORIX Corporation, a joint stock company organized under the laws of Japan (the “Issuer”, which term includes any successor
under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal amount set forth above on
[            ] and to pay interest thereon from [            ] or from the most recent interest payment date to which interest
has been paid or duly provided for, semi-annually in arrears on [            ] and [            ] in each year commencing
[            ] at the rate per annum provided in the title hereof, until the principal hereof is paid or made available for payment, all subject to and in accordance with the terms
of the Indenture. 
 With respect to each interest payment date, as described above, interest shall be paid to the holders of
record as of the close of business on the fifteenth day before the interest payment date (whether or not a business day). Interest on this Security will accrue from the date of original issuance or, if interest has already been paid, from the date
it was most recently paid. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. 

If any payment is due on this Security on a day that is not a business day, payment will be made on the day that is the next business
day. Payments postponed to the next business day in this situation will be treated under the Indenture as if they were made on the original due date. Postponement of this kind will not result in an Event of Default under the Securities or the
Indenture, and no interest will accrue on the postponed amount from the original due date to the next day that is a business day. 
 For the purposes of the preceding paragraph, “business day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking or trust institutions in New York City
or in Tokyo are authorized generally or obligated by law, regulation or executive order to close. 
 The principal of, and
interest and additional amounts on, this Security will be payable in U.S. dollars. The Issuer will cause the Trustee, or the paying agent, if any, to pay such amounts, on the dates payment is to be made, directly to DTC. 

The Issuer will pay the holder hereof additional amounts with respect to withholding taxes as are provided for, and subject to the
conditions stated, on the reverse of this Security. 
 This Security is the direct, unsecured and unsubordinated general
obligation of the Issuer and has the same rank in liquidation as all of the other unsecured and unsubordinated debt of the Issuer. This Security is not redeemable prior to maturity, except as set forth on the reverse of this Security and will not be
subject to any sinking fund. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been manually executed by or on behalf of the Trustee under the Indenture, this Security shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, ORIX CORPORATION has caused this Security to be duly executed.

 Date: [                    ] 

 

			
	ORIX CORPORATION
		
	By:	 	  

		 	Name: [            ]
		 	Title:   [            ]

  
  
 [Global Security No. [    ]] 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 

Date: [                    ] 

 

			
	The Bank of New York Mellon, as Trustee
		
	 By:
	 	  

		 	Name: [            ]
		 	Title:   [            ]

  
  
 [Certificate of Authentication—Global Security No. [    ]] 

 REVERSE OF SECURITY 

This Security is one of the duly authorized issues of unsecured debentures, notes or other evidences of indebtedness of the Issuer
(hereinafter called the “Securities”), of the series hereinafter specified, all issued or to be issued under and pursuant to the indenture dated as of [    ], 20[    ], as may be supplemented or
amended from time to time in accordance with its terms (hereinafter called the “Indenture”), duly executed and delivered by the Issuer and The Bank of New York Mellon, as Trustee (the “Trustee”, which term includes any successor
Trustee under the Indenture), to which Indenture and any other indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee and
any agent of the Trustee, any paying agent, the Issuer and the Holders of the Securities and of the terms upon which the Securities are issued and are to be authenticated and delivered. This Security is one of the series designated on the face
hereof. By the terms of the Indenture, additional Securities of this series and of other separate series, which may vary as to date, amount, seniority, stated maturity (if any), interest rate or method of calculating the interest rate and in other
respects as therein provided, may be issued in an unlimited amount. 
 Payments of principal and interest on the Securities will
be made by the Issuer without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges imposed or levied by or on behalf of Japan or any political subdivision or any authority
thereof or therein having power to tax, unless otherwise required by law. If any such withholding or deduction is required by Japanese law, the Issuer will pay to a Holder such additional amounts as may be necessary in order that the amount received
by the Holder after deduction or withholding for or on account of any such present or future tax, duty, assessment or other governmental charge will not be less than the amount that, in the absence of such deduction or withholding, would have been
received by the Holder. However, no additional amounts will be payable with respect to any Security under any of the following circumstances: 
  

	 	•	 	 the Holder or beneficial owner of the Security is an individual non-resident of Japan or non-Japanese corporation and is liable for such Japanese taxes in respect of such Security by reason of its (a) having some connection with Japan other than the mere holding of the Security or (b) being a
person having a special relationship with the Issuer for Japanese tax purposes as described in Article 6, paragraph (4) of the Act on Special Measures Concerning Taxation; 

 

	 	•	 	 the Holder or beneficial owner of the Security is for Japanese tax purposes treated as an individual resident of Japan or a Japanese corporation
(except for (a) a Japanese bank, Japanese insurance company, Japanese securities company or other Japanese financial institution falling under certain categories prescribed by Cabinet Order No. 43 of 1957, as amended (the “Cabinet
Order”) or a Japanese financial institution designated in Article 3-2-2, Paragraph (28) of the Cabinet Order that complies with the requirement under Article
6, paragraph (9) of the Act on Special Measures Concerning Taxation, among others, (i) to provide certain information prescribed by the Act on Special Measures Concerning Taxation and the relevant cabinet order and regulations thereunder
to enable the participants in an international clearing organization to establish that such Holder or beneficial owner is exempt from the requirement for Japanese tax to be withheld or deducted or the interest recipient information designated in
Article 6, paragraph (8) of the Act on Special Measures Concerning Taxation (the “Interest Recipient Information”), or (ii) to submit a written application for tax exemption (Hikazei Tekiyo Shinkokusho) and (b) an
individual resident of Japan or a Japanese corporation that duly notifies (whether directly, through a participant in an international clearing organization or otherwise) the relevant paying agent of its status as not being subject to Japanese taxes
to be withheld or deducted by the Issuer by reason of receipt by it of interest on the relevant Security through a payment handling agent in Japan appointed by the Issuer); 

 

	 	•	 	 the tax, duty, assessment or other governmental charge is imposed or withheld because the Holder or beneficial owner failed, upon the Issuer’s
reasonable request, to make a declaration or satisfy any information requirements that the statutes, treaties, regulations or administrative practices of Japan require as a precondition to exemption from all or part of such tax or governmental
charge; 

	 	•	 	 the Holder or beneficial owner of the Security would otherwise be exempt from any such withholding or deduction but for failure to comply with any
applicable requirement to provide Interest Recipient Information or to submit a written application for tax exemption to the relevant paying agent, or whose Interest Recipient Information is not duly communicated through the relevant participant and
the relevant international clearing organization to such paying agent; 

  

	 	•	 	 the Security is presented for payment (where presentation is required) more than 30 days after the day on which such payment on the Security became due
or after the full payment was provided for, whichever occurs later, except to the extent the Holder thereof would have been entitled to additional amounts on presenting the same for payment on the last day of such period of 30 days;

  

	 	•	 	 the withholding or deduction is imposed on a Holder or beneficial owner who could have avoided such withholding or deduction by presenting its Security
(where presentation is required) to another paying agent maintained by the Issuer; 

  

	 	•	 	 the Holder is a fiduciary or partnership or is not the sole beneficial owner of the payment of the principal of, or any interest on, any Security, and
Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner, in each case, who would not have been entitled to such
additional amounts had it been the Holder of such Security; or 

  

	 	•	 	 any combination of the above. 

 No additional amounts will be payable for or on account of any deduction or withholding imposed pursuant to Sections 1471-1474 of the U.S. Internal Revenue Code and the U.S. Treasury regulations
thereunder, or FATCA, any intergovernmental agreement entered into with respect to FATCA, any law, regulation or other official guidance enacted or published in any jurisdiction implementing, or relating to, FATCA or an intergovernmental agreement
with respect to FATCA, or any agreement with the U.S. Internal Revenue Service regarding FATCA. 
 The Issuer will (i) make
any required withholding or deduction and (ii) remit the full amount deducted or withheld to the Japanese taxing authority in accordance with applicable law. The Issuer will use all reasonable efforts to obtain certified copies of tax receipts
evidencing the payment of any tax, duty, assessment or other governmental charge so remitted to the Japanese taxing authority imposing such tax, duty, assessment or other governmental charge and will provide such certified copies to each Holder. The
Issuer will attach to each certified copy a certificate stating (x) that the amount of withholding tax, duty, assessment or other governmental charge evidenced by the certified copy was paid in connection with payments in respect of the
principal amount of Securities then outstanding and (y) the amount of such withholding tax, duty, assessment or other governmental charge paid per $1,000 principal amount of the Securities. Copies of such documentation will be available for
inspection during ordinary business hours at the office of the Trustee by the Holders of the Securities upon request and will be made available at the office of the paying agent. 

The obligation to pay additional amounts with respect to any taxes, duties, assessments and other governmental charges shall not apply to
(A) any estate, inheritance, gift, sales, transfer, personal property or any similar tax, duty, assessment, fee or other governmental charge or (B) any tax, duty, assessment, fee or other governmental charge which is payable otherwise than
by deduction or withholding from payments of principal or interest on the Securities; provided that the Issuer shall pay all stamp, court or documentary taxes or any excise or property taxes, charges or similar levies and duties, if any, which may
be imposed by Japan, the United States or any political subdivision or any taxing authority thereof or therein, with respect to the Indenture or as a consequence of the initial issuance, execution, delivery or registration of the Securities.

 References to principal or interest in respect of the Securities shall be deemed to include any additional amounts due which
may be payable as set forth here and in the Indenture. 
 The Issuer has the option to redeem any series of Securities prior to
maturity if, as a result of change in, or amendment to, the laws or regulations of Japan or any political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or
regulations, which 

 
change or amendment becomes effective, or which change in application or interpretation is announced, on or after the issue date of the relevant series of Securities, the Issuer would be required
to pay additional amounts as described above, in which case the Issuer may redeem the Securities of such series in whole, but not in part, at a redemption price equal to 100% of the principal amount of the Securities plus accrued interest to the
redemption date. Furthermore, the Issuer must give the Holders between 30 and 60 days’ notice before redeeming the Securities, and no such notice of redemption may be given earlier than 90 days prior to the earliest date on which the Issuer
would be required to make such payment of additional amounts if a payment in respect of the Securities were actually due on such date. Prior to giving any such notice of redemption, the Issuer shall deliver to the Trustee (i) an Officer’s
Certificate stating that the conditions precedent to the Issuer’s right to redeem the Securities have been fulfilled and (ii) an Opinion of Counsel, who shall be independent legal counsel to the Issuer reasonably satisfactory to the
Trustee, confirming that the Issuer has or will be required to pay additional amounts as a result of such change or amendment. The Trustee shall be entitled to accept such Officer’s Certificate and Opinion of Counsel as sufficient evidence of
the satisfaction of the conditions precedent described above, in which event it shall be conclusive and binding on the Holders of the Securities. 
 So long as any of the Securities remain outstanding, the Issuer may not create or permit to subsist any pledge, lien or other charge upon the whole or any part of its undertaking, assets or revenues
present or future to secure, for the benefit of the holders thereof, any External Indebtedness, as defined below, without according or procuring to be accorded to the debt obligations of the Issuer under the Securities and the Indenture the same
security as is granted to such External Indebtedness or such other security or guarantee as shall be approved by Holders representing more than 50% of the outstanding principal amount of the Securities. “External Indebtedness” means any of
the indebtedness of the Issuer or any of its consolidated subsidiaries, with a stated maturity of more than one year from the creation thereof, which is represented by bonds, debentures, notes or any other similar debt securities which are quoted,
listed or ordinarily dealt in, or are intended to be quoted, listed or ordinarily dealt in, on a stock exchange or on any over-the-counter or any other similar
securities market outside Japan and which are by their terms repayable or confer a right to receive repayment in any currency other than yen or are denominated in yen, if a majority of the aggregate nominal amount thereof is initially distributed
outside Japan by or with the Issuer’s authorization (or guarantees, indemnities or other like obligations (in each case granted or undertaken for the benefit of the holders of such securities to secure the payment of such indebtedness) in
respect of such indebtedness). 
 The Issuer reserves the right, from time to time, without the consent of the Holders of the
Securities of a particular series, to issue additional Securities on terms and conditions identical to those of the Securities of such series (other than the issue date, the date upon which interest first accrues, and, in some cases, the first
interest payment date), which additional Securities may increase the aggregate principal amount of, and may be consolidated and form a single series with, the outstanding Securities of such series; provided that any additional Securities that are so
consolidated must be fungible with the outstanding Securities for U.S. federal income tax purposes. The Issuer may also issue other securities under the Indenture as part of a separate series that have different terms from the Securities.

 The Issuer may change the paying agent or registrar without prior notice to the Holders of the Securities, and the Issuer or
any of its subsidiaries may act as paying agent or registrar. 
 A Holder of Securities issued in definitive form may transfer
or exchange Securities in accordance with the Indenture. As described in the legend on the face of this global security, interest payments on such Securities issued in definitive form will be subject to Japanese income taxation unless the Holder
establishes the matters set forth therein. Such legend concerning Japanese taxation shall also be included on the face of any Securities issued in definitive form. The registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents, and to pay any taxes and fees required by law or permitted by the Indenture. The Issuer will treat the registered Holder of a Security as the owner of that Security for all purposes, except as
described above. 
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the
principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

 The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of
not less than a majority in aggregate principal amount of the Securities at the time Outstanding of all series to be affected (voting as a class). The Indenture also contains provisions permitting the Holders of specified percentages in aggregate
principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Issuer, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable, upon
surrender of this Security for registration of transfer at the office or agency of the Issuer in any place where the principal of and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Issuer and the security registrar duly executed by, the Holder hereof or his attorney duly authorized in writing and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series
are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Issuer may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection therewith. 
 Prior to due presentment of this
Security for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 
 This Security shall be
governed by and construed in accordance with the laws of the State of New York, except with respect to its authorization and execution by the Issuer and other matters required to be governed by the laws of Japan. 

All capitalized terms used but not defined in this Security which are defined in the Indenture shall have the meanings assigned to them
in the Indenture. 
 TRUSTEE 
 The Bank of New York Mellon 
 240 Greenwich Street 

New York, NY 10286 

United States of America 
 Attn: Global Corporate Trust—ORIX Corporation 
 Fax: +1 212 815 5915forbestermloanforbearanc

Exhibit 10.1                                                                 Execution Version                            FORBEARANCE AGREEMENT          THIS FORBEARANCE AGREEMENT, dated as of July 1, 2020 (this “Agreement”),   by and among Forbes Energy Services LLC, a Delaware limited liability company (the   “Borrower”), the Guarantors listed on the signature pages hereto, the Lenders party hereto, and   WILMINGTON TRUST, NATIONAL ASSOCIATION, as agent for the Secured Parties under   the Loan Agreement (as defined below) (the “Agent”).                                  W I T N E S S E T H          WHEREAS,   the Borrower, the Guarantors (together with the Borrower, the “Loan   Parties”), the Lenders and the Agent are parties to financing arrangements pursuant to which the   Lenders have made and may make loans and advances and provide other financial   accommodations to the Borrower as set forth in the Loan and Security Agreement, dated as of   April 13, 2017, by and among the Loan Parties, the Lenders and the Agent (as amended, restated,   supplemented or otherwise modified from time to time, including pursuant to this Amendment,   the “Loan Agreement”);          WHEREAS, the Borrower was obligated to pay cash interest on the Loans on July 1, 2020   (the payment of such interest on such date, the “Scheduled Cash Interest Payment”), and the   failure to make the Scheduled Cash Interest Payment as and when due constituted a Default (as   defined in the Loan Agreement);          WHEREAS, the Borrower has advised the Agent that it will fail to make the Scheduled   Cash Interest Payment, when due, and the failure to make the Scheduled Cash Interest Payment   will constitute an Event of Default pursuant Section 10.01 of the Loan Agreement (the “July 2020   Payment Default”);          WHEREAS, pursuant to Article XI of the Loan Agreement, upon the occurrence and   during the continuance of an Event of Default, the Agent may, and at the request of the Required   Lenders shall, among other things, declare that all or any portion of the Obligations shall be   immediately due and payable; and          WHEREAS, the Borrower and the other Loan Parties have requested, and the Lenders   party to this Agreement, constituting the Required Lenders have agreed, and have instructed the   Agent to agree, to forbear from declaring the Term Loans and all other Obligations to be due and   payable as a result of the occurrence of (a) the July 2020 Payment Default and any subsequent   failure to pay interest in cash on a scheduled interest payment date and (b) failure (if any) to comply   with the requirements to provide notice of any Default or Event of Default in respect of the July   2020 Payment Default (clauses (a) and (b) collectively, the “Specified Defaults”).          NOW, THEREFORE, in consideration of the foregoing and the mutual agreements and   covenants contained herein, and other good and valuable consideration, the receipt and sufficiency   of which are hereby acknowledged, the parties hereto agree as follows:          1.    Definitions. Unless otherwise defined herein, capitalized terms or matters of  construction defined or established in the Loan Agreement shall be applied herein as defined or                                                                             22018807 

 

 established therein. In addition, as used herein, the following terms shall have the meanings   ascribed to them:           “Forbearance Period” shall mean the period commencing on the date of this Agreement   and ending on the Forbearance Agreement Termination Date, unless extended by written notice  from the Required Lenders to the Borrower and the Agent.         “Forbearance Agreement  Termination Date” shall mean the date on which the  agreement to forbear terminates as provided in Section 3 hereof.          2.    Forbearance.                (a)   Subject to satisfaction of the conditions in Section 6 hereof, the Required   Lenders and the Agent (acting pursuant to direction by the Required Lenders, as set forth in Section   12 herein) agree that during the Forbearance Period the Lenders party hereto and the Agent will   not, solely by reason of the existence of the Specified Defaults, (i) demand payment, accelerate  any obligations, or exercise any other remedy available to the Required Lenders or the Agent under  the Loan Agreement or any Other Documents, or applicable law, to enforce collection from the  Borrower or any Guarantor of any of the Obligations under the Loan Agreement or any Other  Document or (ii) exercise, or direct the Agent to exercise, any other rights or remedies under the  Loan Agreement or any Other Document.               (b)   In consideration of the forbearance set forth in this Section 2, the Loan  Parties agree that from and including the date of the Scheduled Cash Interest Payment, the Loans  and all other accrued and unpaid obligations (including the unpaid Scheduled Cash Interest  Payment) shall bear interest, to the fullest extent permitted by law, at a rate per annum equal to the  Default Rate.          3.    Termination of Forbearance Agreement. This Agreement will be in effect unless   and until terminated by the Required Lenders and upon such termination, the Required Lenders   shall thereupon have and may exercise, or instruct the Agent to exercise, from time to time all of   the remedies available to them under the Loan Agreement and the Other Documents, and   applicable law, as a consequence of an Event of Default, including with respect to the Specified   Defaults; provided that this Agreement shall not be terminated unless and until the Revolving Loan   Obligations have been paid in full and the Revolving Loan Documents have been terminated.          4.    Representations and Warranties. Each Loan Party represents and warrants to the   Agent and the Lenders party hereto as follows:                (a)   this Agreement has been duly executed and delivered by each Loan Party,   and is a legally valid and binding obligation of such Loan Party, enforceable against such Loan  Party in accordance with its terms, except as enforcement may be limited by equitable principles   or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting   creditors’ rights generally and to general principles of equity and principles of good faith and   dealing; and                (b)   the execution, delivery and performance of this Agreement and the   transactions contemplated hereunder (i) are all within each Loan Party’s limited liability company                                          2                                                                                                                 22018807 

 

or corporate powers, as applicable, (ii) have been duly authorized by such Loan Party, (iii) are not  in contravention of law or the terms of such Loan Party’s certificate of formation, limited liability  company agreement, certificate of incorporation, by-laws or other applicable constituent  documents or of any material agreement or undertaking to which such Loan Party is a party or by  which such Loan Party is bound and (iv) will not materially conflict with nor result in any material  breach in any of the provisions of or constitute a default under or result in the creation of any Lien  except Permitted Encumbrances upon any asset of such Loan Party under the provisions of any  agreement or instrument to which such Loan Party or its property is a party or by which it may be  bound.         5.    Acknowledgments by Guarantors. Each Guarantor hereby expressly and  specifically ratifies, restates and confirms the terms and conditions of the Guarantee in favor of  the Agent and the Lenders and its liability for all of the obligations under the Guarantee by such  Guarantor, and all other obligations, liabilities, agreements and covenants thereunder. Each  Guarantor, by its signature below, hereby acknowledges, confirms and agrees that the Guarantee  executed by the Guarantors, guaranteeing the payment and performance of the Borrower as set  forth in the Guarantee and all other obligations, liabilities, agreements and covenants thereunder,  is in full force and effect as of the Forbearance Effective Date.         6.    Conditions Precedent. This Agreement shall be effective upon the satisfaction of  each of the following conditions precedent on the date hereof (the “Forbearance Effective Date”):               (a)   Agreement. The Agent shall have received this Agreement duly executed  and delivered by an authorized officer of each of the parties hereto;                (b)   Expenses. The Agent shall have received all reimbursable expenses of the  Agent (including fees, disbursements and expenses of its counsel) invoiced to date in accordance  with the Loan Agreement;               (c)   Representations and Warranties. Each of the representations and warranties  made by any Loan Party in or pursuant to the Loan Agreement and any Other Document to which  it is a party, and each of the representations and warranties contained in any certificate, document  or financial or other statement furnished at any time under or in connection with the Loan  Agreement or any Other Document shall be true and correct in all material respects (without  duplication of any materiality qualifiers already set forth therein) on and as of such date as if made  on and as of such date, except to the extent that such representations and warranties expressly  relate solely to an earlier date (in which case such representations and warranties shall have been  true and correct in all material respects (without duplication of any materiality qualifiers already  set forth therein) on and as of such earlier date), subject to (i) with respect to Section 5.04 of the  Loan Agreement, the exclusion of property taxes of the Loan Parties that have become due during  the fiscal year ending December 31, 2020 but have not yet been paid, and (ii) with respect to  Section 5.08(a) of the Loan Agreement, the assumption that the Loan Parties are able to refinance  or otherwise satisfy the obligations under the Loan Agreement on or prior to the maturity thereof;  and               (d)   No Default. Other than the Specified Defaults, no Event of Default or  Default shall have occurred and be continuing on the Forbearance Effective Date, or would exist                                         3                                                                                                                22018807 

 

 after giving effect to the transactions described in this Agreement on the Forbearance Effective   Date.          7.    Jury Waiver; Governing Law; Consent to Jurisdiction. THIS AGREEMENT   SHALL BE SUBJECT TO THE PROVISIONS SET FORTH IN SECTIONS 12.03 AND 16.01   OF THE LOAN AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN  BY THIS REFERENCE, MUTATIS MUTANDIS.          8.    Counterparts, etc. This Agreement may be executed in any number of and by   different parties hereto on separate counterparts, all of which, when so executed, shall be deemed   an original, but all such counterparts shall constitute one and the same agreement. Any signature   delivered by a party by facsimile or email transmission shall be deemed to be an original signature   hereto.          9.    Forbearance Agreement is an “Other Document”. This Agreement is an Other   Document and all references to the “Other Documents” in the Loan Agreement and the Other   Documents (including, without limitation, all such references in the representations and warranties   in the Loan Agreement and the Other Documents) shall be deemed to include this Agreement.          10.   Entire Agreement. This Agreement, and the terms and provisions hereof, the Loan   Agreement and the Other Documents constitute the entire understanding and agreement between   the parties hereto with respect to the subject matter hereof and supersede any and all prior or   contemporaneous amendments or understandings with respect to the subject matter hereof,   whether express or implied, oral or written.          11.   Severability. If any part of this Agreement is contrary to, prohibited by, or deemed   invalid under applicable laws or regulations, such provision shall be inapplicable and deemed   omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be   invalidated thereby and shall be given effect so far as possible.          12.   Direction. The Lenders party hereto, constituting the Required Lenders, hereby   direct the Agent to execute and deliver this Agreement, and, by their execution below, each of the  undersigned Lenders agrees to be bound by the terms and conditions of this Agreement.                                [Signature Pages Follow]                                          4                                                                                                                 22018807 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by  their respective authorized officers as of the day and year first above written.                                                                                    BORROWER                                             FORBES ENERGY SERVICES LLC                                                                                        By:_____________________________                                           Name: L. Melvin Cooper                                           Title: Senior Vice President, Chief Financial                                           Officer and Assistant Secretary                                                                                                                                                                                           [Signature Page to Forbearance Agreement]                                                                           22018807 

 

                     AGENT                        WILMINGTON TRUST, NATIONAL                       ASSOCIATION                                                By:_____________________________                       Name:                       Title:    [Signature Page to Forbearance Agreement]                                                      22018807 

 

                     LENDERS                        ASCRIBE III INVESTMENTS LLC                                                By:_____________________________                       Name:                        Title:     [Signature Page to Forbearance Agreement]                                                      22018807 

 

                     LENDERS                        SOLACE FORBES HOLDINGS LLC                        By: Solace Capital Partners LP                                        By:_____________________________                       Name:                        Title:                     [Signature Page to Forbearance Agreement]                                                      22018807

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