Document:

EX-10.4

 Exhibit 10.4 

Execution Version 
  

 
 INTERCREDITOR AGREEMENT 

dated as of 
 September 29,
2017 
 among 
 PENN VIRGINIA
HOLDING CORP., 
 as Company, 

PENN VIRGINIA CORPORATION, 

as Parent 
 THE SUBSIDIARIES OF
THE COMPANY PARTY HERETO, 
 as Grantors 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as First Lien Administrative Agent, 

and 
 JEFFERIES FINANCE LLC,

 as Second Lien Collateral Agent 

THIS IS THE INTERCREDITOR AGREEMENT REFERRED TO IN THE SECURITY INSTRUMENTS REFERRED TO IN THE FACILITY AGREEMENTS REFERRED TO HEREIN. 

 
  

 Table of Contents 
  

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	DEFINITIONS	  	 	2	 
			
	 Section 1.01
	 	 Certain Defined Terms
	  	 	2	 
			
	 Section 1.02
	 	 Other Defined Terms
	  	 	2	 
			
	 Section 1.03
	 	 Terms Generally
	  	 	11	 
			
	 ARTICLE II
	 	LIEN PRIORITIES	  	 	12	 
			
	 Section 2.01
	 	 Relative Priorities
	  	 	12	 
			
	 Section 2.02
	 	 Prohibition on Contesting Liens
	  	 	13	 
			
	 Section 2.03
	 	 No New Liens
	  	 	13	 
			
	 Section 2.04
	 	 Similar Liens and Agreements
	  	 	14	 
			
	 Section 2.05
	 	 Judgment Creditors
	  	 	15	 
			
	 Section 2.06
	 	 No Debt Subordination
	  	 	15	 
			
	 ARTICLE III
	 	ENFORCEMENT OF RIGHTS; MATTERS RELATING TO COLLATERAL; PURCHASE OPTION	  	 	15	 
			
	 Section 3.01
	 	 Exercise of Rights and Remedies
	  	 	15	 
			
	 Section 3.02
	 	 No Interference
	  	 	17	 
			
	 Section 3.03
	 	 Rights as Unsecured Creditors
	  	 	19	 
			
	 Section 3.04
	 	 Automatic Release of Second Priority Liens
	  	 	19	 
			
	 Section 3.05
	 	 Notice of Exercise of Second Liens
	  	 	20	 
			
	 Section 3.06
	 	 Insurance and Condemnation Awards
	  	 	21	 
			
	 Section 3.07
	 	 Purchase Option
	  	 	22	 
			
	 ARTICLE IV
	 	PAYMENTS	  	 	26	 
			
	 Section 4.01
	 	 Application of Proceeds
	  	 	26	 
			
	 Section 4.02
	 	 Payment Over
	  	 	28	 
			
	 Section 4.03
	 	 Certain Agreements with Respect to Unenforceable Liens
	  	 	29	 
			
	 ARTICLE V
	 	BAILMENT	  	 	29	 
			
	 Section 5.01
	 	 Bailment for Perfection of Certain Security Interests
	  	 	29	 
			
	 Section 5.02
	 	 Bailment for Perfection of Certain Security Interests – Other Control Collateral
	  	 	32	 

  
 i 

							
	 ARTICLE VI
	 	INSOLVENCY PROCEEDINGS	  	 	33	 
			
	 Section 6.01
	 	 Finance and Sale Matters
	  	 	33	 
			
	 Section 6.02
	 	 Relief from the Automatic Stay
	  	 	35	 
			
	 Section 6.03
	 	 Reorganization Securities
	  	 	35	 
			
	 Section 6.04
	 	 Post-Petition Interest
	  	 	35	 
			
	 Section 6.05
	 	 Certain Waivers by the Second Lien Secured Parties
	  	 	36	 
			
	 Section 6.06
	 	 Certain Voting Matters
	  	 	36	 
			
	 Section 6.07
	 	 Separate Grants of Security and Separate Classification
	  	 	36	 
			
	 Section 6.08
	 	 Insolvency Proceedings; Subordination Agreement
	  	 	37	 
			
	 Section 6.09
	 	 Proof of Claim
	  	 	37	 
			
	 ARTICLE VII
	 	OTHER AGREEMENTS	  	 	37	 
			
	 Section 7.01
	 	 Matters Relating to Facility Documents
	  	 	37	 
			
	 Section 7.02
	 	 Effect of Refinancing of First Lien Obligations and Second Lien Obligations
	  	 	40	 
			
	 Section 7.03
	 	 No Waiver by First Lien Secured Parties
	  	 	42	 
			
	 Section 7.04
	 	 Reinstatement
	  	 	42	 
			
	 Section 7.05
	 	 Further Assurances
	  	 	43	 
			
	 Section 7.06
	 	 Notice of Acceleration
	  	 	43	 
			
	 ARTICLE VIII
	 	REPRESENTATIONS AND WARRANTIES	  	 	43	 
			
	 Section 8.01
	 	 Representations and Warranties of Each Party
	  	 	43	 
			
	 Section 8.02
	 	 Representations and Warranties of Each Administrative Agent
	  	 	44	 
			
	 ARTICLE IX
	 	NO RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE	  	 	44	 
			
	 Section 9.01
	 	 No Reliance; Information
	  	 	44	 
			
	 Section 9.02
	 	 No Warranties or Liability
	  	 	44	 
			
	 Section 9.03
	 	 Obligations Absolute
	  	 	45	 
			
	 ARTICLE X
	 	MISCELLANEOUS	  	 	46	 
			
	 Section 10.01
	 	 Notices
	  	 	46	 
			
	 Section 10.02
	 	 Conflicts
	  	 	47	 
			
	 Section 10.03
	 	 Effectiveness; Survival
	  	 	47	 
			
	 Section 10.04
	 	 Severability
	  	 	47	 
			
	 Section 10.05
	 	 Amendments; Waivers
	  	 	48	 
			
	 Section 10.06
	 	 Subrogation
	  	 	48	 
			
	 Section 10.07
	 	 Applicable Law; Jurisdiction
	  	 	49	 
			
	 Section 10.08
	 	 Waiver of Jury Trial
	  	 	49	 

  
 ii 

							
	 Section 10.09
	 	 Parties in Interest
	  	 	50	 
			
	 Section 10.10
	 	 Specific Performance
	  	 	50	 
			
	 Section 10.11
	 	 Headings
	  	 	50	 
			
	 Section 10.12
	 	 Counterparts
	  	 	50	 
			
	 Section 10.13
	 	 Provisions Solely to Define Relative Rights
	  	 	51	 
			
	 Section 10.14
	 	 Concerning the Administrative Agents
	  	 	51	 
			
	 Section 10.15
	 	 Sharing of Information
	  	 	51	 

  
 iii 

 This INTERCREDITOR AGREEMENT dated as of September 29, 2017 (this
“Agreement”), is among PENN VIRGINIA HOLDING CORP. (the “Company”), PENN VIRGINIA CORPORATION (the “Parent”), EACH OTHER GRANTOR PARTY HERETO from time to time (the
“Subsidiary Grantors” and together with the Company and the Parent, the “Loan Parties” and each a “Loan Party”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as agent for the First
Lien Lenders (as defined below) (in such capacity, together with any successor administrative agent to the extent permitted under the terms of the First Lien Credit Agreement, the “First Lien Administrative Agent”), and
JEFFERIES FINANCE LLC, as administrative agent and collateral agent for the Second Lien Lenders (as defined below) (in such capacities, together with any successor administrative agent and/or collateral agent to the extent permitted by the terms of
the Second Lien Credit Agreement, the “Second Lien Collateral Agent”). 
 PRELIMINARY STATEMENT 

Reference is made to (a) the Credit Agreement dated as of September 12, 2016 (as amended through the date hereof, including by the
Master Assignment, Agreement and Amendment No. 3 to Credit Agreement dated as of September 29, 2017, and as hereafter amended, restated, amended and restated, supplemented, or otherwise modified from time to time, subject to the
limitations in Section 7.01, the “First Lien Credit Agreement”), among the Company, the lenders from time to time party thereto (the “First Lien Lenders”), the First Lien
Administrative Agent and Wells Fargo Bank, National Association, as issuing lender, (b) the Credit Agreement dated as of September 29, 2017 (as hereafter amended, restated, amended and restated, supplemented, or otherwise modified from
time to time subject to the limitations in Section 7.01, the “Second Lien Credit Agreement” and, together with the First Lien Credit Agreement, the “Facility Agreements”), among the
Company, the lenders from time to time party thereto (the “Second Lien Lenders”) and the Second Lien Collateral Agent, and (c) the Security Instruments referred to in the Facility Agreements. 

RECITALS 

A.    The First Lien Lenders have agreed to make loans and other extensions of credit to the Company pursuant to the First
Lien Credit Agreement on the condition, among others, that the First Lien Obligations (such term and each other capitalized term used but not defined in the preliminary statement or these recitals having the meaning given it in Article I) shall be
secured by first priority Liens on, and security interests in, the First Lien Collateral. 
 B.    The Second Lien
Lenders have agreed to make loans to the Company pursuant to the Second Lien Credit Agreement on the condition, among others, that the Second Lien Obligations shall be secured by second priority Liens on, and security interests in, the Second Lien
Collateral. 
 C.    The Facility Agreements require, among other things, that the parties hereto set forth in this
Agreement, among other things, their respective rights, obligations and remedies with respect to the Collateral. 

  
 1 

 In consideration of the mutual agreements herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the First Lien Administrative Agent (for itself and on behalf of the First Lien Secured Parties), the Second Lien Collateral Agent (for itself and on behalf of the Second
Lien Secured Parties), the Company and the other Loan Parties agree as follows: 
 Article I 

Definitions 

Section 1.01    Certain Defined Terms. Capitalized terms used in this Agreement and not otherwise
defined herein shall have the meanings set forth in the First Lien Credit Agreement, the Second Lien Credit Agreement, or the Security Documents, as set forth herein. 

Section 1.02    Other Defined Terms. As used in this Agreement, the following terms shall have the
meanings specified below: 
 “Administrative Agents” shall mean collectively each of the First Lien Administrative
Agent and the Second Lien Collateral Agent. 
 “Affiliate” shall mean, as to any Person, any other Person that,
directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such Person or any Subsidiary of such Person. 

“Agreement” shall have the meaning assigned to such term in the introductory paragraph hereof, as the same may be
amended, supplemented, restated, and otherwise modified from time to time in accordance with the terms hereof. 
 “Asset
Sale” shall mean the Disposition of any Collateral to any Person other than another Grantor. 
 “Banking Service
Provider” means any First Lien Lender or Affiliate of a First Lien Lender that provides Banking Services to any Loan Party. 

“Banking Services” means each and any of the following bank services provided to any Loan Party by any Banking Service
Provider: (a) commercial credit cards, (b) stored value cards and (c) any other Treasury Management Arrangement (including controlled disbursement, purchase card arrangements, automated clearinghouse transactions, return items,
overdrafts and interstate depository network services). 
 “Banking Services Obligations” means any and all
obligations of any Loan Party or any Subsidiary owing to Banking Service Providers, 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. 

  
 2 

 “Bankruptcy Code” means United States Code, 11 U.S.C. §§
101–1532, as now and hereinafter in effect, or any successor statute. 
 “Bankruptcy Law” shall mean the
Bankruptcy Code and any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law. 
 “Borrowing
Base” shall have the meaning assigned to such term in the First Lien Credit Agreement or, if the First Lien Obligations outstanding under the First Lien Loan Documents are Refinanced as contemplated by
Section 7.02(a), as defined in the New First Lien Loan Documents. 
 “Casualty Event” means the damage,
destruction or condemnation, including by process of eminent domain or any Disposition of property in lieu of condemnation, as the case may be, of Collateral of any Person or any of its Subsidiaries. 

“Collateral” shall mean, collectively, the First Lien Collateral and the Second Lien Collateral. 

“Company” shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

 “Control” shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.

 “DIP Financing” shall have the meaning assigned to such term in Section 6.01(a)(ii). 

“DIP Financing Liens” shall have the meaning assigned to such term in Section 6.01(a)(ii). 

“Discharge of First Lien Obligations” shall mean, subject to
Section 7.02 and Section 7.04, (a) the payment in full in cash of the principal of and interest (including interest accruing during the pendency of any Insolvency Proceeding, regardless of whether allowed or allowable in such Insolvency
Proceeding) and premium, if any, on all First Lien Obligations outstanding under the First Lien Loan Documents (other than Excess First Lien Obligations), (b) the payment in full in cash of all other First Lien Obligations (other than Swap
Obligations, Banking Services Obligations, and Unasserted Contingent Obligations) that are due and payable or otherwise accrued and owing at or before the time such principal and interest are paid, (c) cancellation of, cash collateralization in
an amount equal to 104% of the aggregate undrawn face amount of, or the entry into other arrangements reasonably satisfactory to the First Lien Administrative Agent and the Issuing Lender with respect to all letters of credit issued and outstanding
under the First Lien Credit Agreement, (d) the payment in full in cash of all Swap Obligations under all Lender Swap Contracts which have been terminated and the termination of all Lender Swap Contracts

  
 3 

 
(other than Lender Swap Contract as to which the Company has made arrangements satisfactory to the applicable Swap Counterparty in its sole discretion to protect such Swap Counterparty from
default risk under such Lender Swap Contract (and communicated to the First Lien Administrative Agent)), (e) the payment in full in cash of all Banking Services Obligations (other than Unasserted Contingent Obligations) and the termination of all
agreements governing Banking Services Obligations (other than such agreements as to which the Company has made arrangements satisfactory to the applicable counterparty to such agreements in its sole discretion to protect such counterparty from
default risk under such agreements (and communicated to the First Lien Administrative Agent)), and (f) termination or expiration of all commitments to lend and all obligations to issue or extend letters of credit under the First Lien Credit
Agreement. 
 “Discharge of Second Lien Obligations” shall mean, subject to Section 7.02 and
Section 7.04, (a) payment in full in cash of the principal of and interest (including interest accruing during the pendency of any Insolvency Proceeding, regardless of whether allowed or allowable in such Insolvency Proceeding) and premium, if
any, on all Second Lien Obligations outstanding under the Second Lien Loan Documents (other than Excess Second Lien Obligations), (b) payment in full in cash of all other Second Lien Obligations that are due and payable or otherwise accrued and
owing at or before the time such principal and interest are paid, and (c) termination or expiration of all commitments to lend under the Second Lien Credit Agreement. 

“Disposition,” “Dispose” or “Disposed” means any sale, lease,
transfer, assignment, farm-out, conveyance, release, abandonment, or other disposition of any Property (including any working interest, overriding royalty interest, production payments, net profits interest,
royalty interest, or mineral fee interest), including any Casualty Event. 
 “Enforcement Action” shall mean the
actions described in Section 3.02. 
 “Excess First Lien Obligations” shall mean all First Lien Principal
Obligations in excess of the First Lien Cap and all interest with respect to such principal, including any capitalized interest and interest paid in kind. 

“Excess Second Lien Obligations” shall mean all Second Lien Principal Obligations in excess of the Second Lien Cap and
all interest with respect to such principal, including any capitalized interest and interest paid in kind. 
 “Facility
Agreements” shall have the meaning assigned to such term in the preliminary statement of this Agreement. 

“Facility Documents” shall mean the First Lien Loan Documents and the Second Lien Loan Documents. 

“First Lien Administrative Agent” shall have the meaning assigned to such term in the introductory
paragraph of this Agreement, except as otherwise specified in Section 7.02(a). 
 “First Lien Cap” shall mean
$700,000,000. For the avoidance of doubt, and notwithstanding anything herein to the contrary, the “First Lien Cap” refers only to First Lien 

  
 4 

 
Principal Obligations (other than any capitalized interest or payments in kind, if any) and does not include or apply to (and in no way caps) interest (including capitalized interest or payments
in kind, if any), fees, premium or other amounts due under the First Lien Loan Documents. 
 “First Lien
Collateral” shall mean all assets of any Grantor now or at any time hereafter subject to Liens securing any First Lien Obligations. 

“First Lien Credit Agreement” shall have the meaning assigned to such term in the preliminary statement
of this Agreement, and shall include each loan or credit agreement evidencing any initial or subsequent replacement, substitution, renewal, or Refinancing of the First Lien Obligations under the then effective First Lien Credit Agreement, in each
case as the same may from time to time be amended, amended and restated, supplemented, modified, replaced, substituted, renewed or Refinanced, except as otherwise specified in Section 7.02(a). 

“First Lien Lenders” shall have the meaning assigned to such term in the preliminary statement of this
Agreement. 
 “First Lien Loan Documents” shall mean the “Loan Documents”, as defined in the
First Lien Credit Agreement, except as otherwise specified in Section 7.02(a). 
 “First Lien Majority
Lenders” shall mean the “Majority Lenders”, as defined in the First Lien Credit Agreement. 

“First Lien Obligations” shall mean the “Obligations”, as defined in the First Lien Credit
Agreement on the date hereof, except as otherwise specified in Section 7.02(a). 
 “First Lien Principal
Obligations” means, as of any date of determination, the sum of (i) the outstanding principal amount of loans under the First Lien Loan Documents plus (ii) the aggregate undrawn maximum amount of any letters of credit
outstanding on such date under the First Lien Loan Documents plus (iii) the aggregate unpaid principal amount of all reimbursement obligations for drawings under such letters of credit. First Lien Principal Obligations shall not include the
principal amount of any First Lien Refinancing Debt that substantially concurrently with the incurrence thereof Refinances any of the then-existing First Lien Principal Obligations. 

“First Lien Refinancing Debt” shall mean Debt that Refinances First Lien Obligations pursuant to Section 7.02(a).

 “First Lien Refinancing Notice” shall have the meaning assigned to such term in
Section 7.02(a). 
 “First Lien Required Lenders” shall mean the “Required Lenders”, as
defined in the First Lien Credit Agreement. 
 “First Lien Secured Parties” shall mean, at any time,
(a) the First Lien Lenders, (b) the First Lien Administrative Agent, (c) the Issuing Lender, (d) the Banking Service Providers, (e) the Swap Counterparties, (e) each other Person to whom any of the First Lien
Obligations (including First Lien Obligations constituting Unasserted Contingent Obligations) is owed, and (f) the successors and permitted assigns of each of the foregoing. 

  
 5 

 “First Lien Security Documents” shall mean the
“Security Instruments”, as defined in the First Lien Credit Agreement. 
 “First Priority Liens”
shall mean all Liens on the Collateral securing the First Lien Obligations, whether created under the First Lien Security Documents or acquired by possession, statute (including any judgment Lien), operation of law, subrogation or otherwise.

 “Governmental Authority” means the government of the United States of America or any other nation, or of any
political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Grantors” shall mean (a) the Company, (b) the Parent, and (c) each other Person
(including each other Loan Party) that shall have created or purported to create any First Priority Lien or Second Priority Lien on all or any part of its assets to secure any First Lien Obligations or any Second Lien Obligations. 

“Guarantors” shall mean, collectively, the Parent and each Subsidiary that has guaranteed, or that may
from time to time hereafter guarantee, the First Lien Obligations or the Second Lien Obligations. 
 “Hydrocarbons”
means oil, gas, coal seam gas, casinghead gas, drip gasoline, natural gasoline, condensate, distillate, and all other liquid and gaseous hydrocarbons produced or to be produced in conjunction therewith from a well bore and all products, by-products, and other substances derived therefrom or the processing thereof, and all other minerals and substances produced in conjunction with such substances, including, but not limited to, sulfur, geothermal
steam, water, carbon dioxide, helium, and any and all minerals, ores, or substances of value and the products and proceeds therefrom. 

“Insolvency Proceeding” shall mean (a) any voluntary or involuntary proceeding under the Bankruptcy Code or any
other Bankruptcy Law with respect to any Grantor, (b) any voluntary or involuntary appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Grantor or for a substantial part of the property or assets
of any Grantor, (c) any voluntary or involuntary winding-up or liquidation of any Grantor under any Bankruptcy Law, or (d) a general assignment for the benefit of creditors by any Grantor. 

“Issuing Lender” shall mean Wells Fargo Bank, National Association and any other Person serving in the capacity as an
issuer of letters of credit under the First Lien Credit Agreement. 

  
 6 

 “Legal Requirement” means, as to any Person, any law, statute, ordinance,
decree, requirement, order, judgment, rule, regulation (or official interpretation of any of the foregoing) of, and the terms of any license or permit issued by, any Governmental Authority. 

“Lender Swap Contract” shall mean a Swap Contract between the Company or any other Grantor and a Swap Counterparty.

 “Lien” means any mortgage, lien, pledge, assignment, charge, deed of trust, security interest, hypothecation,
preference, deposit arrangement or encumbrance (or other type of arrangement having the practical effect of the foregoing) to secure or provide for the payment of any obligation of any Person, whether arising by contract, operation of law, or
otherwise (including the interest of a vendor or lessor under any conditional sale agreement, synthetic lease, capital lease, or other title retention agreement). 

“Net Cash Proceeds” means, with respect to any Disposition, all cash and Liquid Investments received (directly or
indirectly) by any Grantor or any Subsidiary of a Grantor from such Disposition after payment of all reasonable out of pocket fees and expenses actually incurred by such Grantor or such Subsidiary directly in connection with such Disposition minus
(a) taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements), minus (b) if applicable, the principal amount of Indebtedness that is secured by such asset
(if any) and that is required to be repaid in connection with the sale thereof (other than the First Lien Obligations and the Second Lien Obligations) and minus (c) any amounts provided as a reserve, in accordance with GAAP, against any
liabilities under any indemnification obligations or purchase price adjustments associated with such Disposition. 
 “New First
Lien Administrative Agent” shall have the meaning assigned to such term in Section 7.02(a). 

“New First Lien Loan Documents” shall have the meaning assigned to such term in Section 7.02(a).

 “New First Lien Obligations” shall have the meaning assigned to such term in Section 7.02(a).

 “New Second Lien Collateral Agent” shall have the meaning assigned to such term in Section 7.02(b). 

“New Second Lien Loan Documents” shall have the meaning assigned to such term in Section 7.02(b). 

“New Second Lien Obligations” shall have the meaning assigned to such term in Section 7.02(b). 

“Obligations” shall mean and includes all First Lien Obligations, all New First Lien Obligations, and
all Second Lien Obligations, as applicable. 

  
 7 

 “Oil and Gas Properties” means fee mineral interests, term mineral
interests, Leases, subleases, farm-outs, royalties, overriding royalties, net profit interests, carried interests, production payments and similar mineral interests, and all unsevered and unextracted Hydrocarbons in, under, or attributable to such
oil and gas Properties and interests. 
 “Parent” shall have the meaning given to such term in the introductory
paragraph of this Agreement. 
 “Person” shall mean any individual, corporation, company, voluntary association,
partnership, joint venture, trust, unincorporated organization or government or any agency, instrumentality or political subdivision thereof, or any other form of entity. 

“Pledged or Controlled Collateral” shall have the meaning assigned to such term in Section 5.01(a).

 “Property” shall mean any interest in any kind of property or asset, whether real, personal or mixed, or tangible
or intangible, including cash, securities, accounts and contract rights. 
 “Proven Reserves” means, at any
particular time, the estimated quantities of Hydrocarbons which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs attributable to Oil and Gas Properties under then existing
economic and operating conditions (i.e., prices and costs as of the date the estimate is made). 
 “Refinance”
shall mean, in respect of any Obligations, to refinance, extend, renew, restructure or replace, or to issue other Debt in exchange or replacement for, such Obligations, in whole or in part. “Refinanced”
and “Refinancing” shall have correlative meanings. 
 “Release”
shall have the meaning assigned to such term in Section 3.04. 
 “Second Lien Cap” shall mean
$250,000,000. For the avoidance of doubt, and notwithstanding anything herein to the contrary, the “Second Lien Cap” refers only to Second Lien Principal Obligations (other than any capitalized interest or payments in kind)
and does not include or apply to (and in no way caps) interest (including capitalized interest or payments in kind), fees, premium or other amounts due under the Second Lien Loan Documents. 

“Second Lien Collateral Agent” shall have the meaning assigned to such term in the preliminary statement
of this Agreement, except as otherwise specified in Section 7.02(b). 
 “Second Lien Collateral”
shall mean all assets of any Grantor now or at any time hereafter subject to Liens securing any Second Lien Obligations. 

“Second Lien Credit Agreement” shall have the meaning assigned to such term in the preliminary statement
of this Agreement, and shall include each loan or credit agreement evidencing any initial or subsequent replacement, substitution, renewal, or Refinancing of the Second Lien Obligations under the then effective Second Lien Credit Agreement, in each
case as the same may from time to time be amended, amended and restated, supplemented, modified, replaced, substituted, renewed or Refinanced, except as otherwise specified in Section 7.02(b). 

  
 8 

 “Second Lien Lenders” shall have the meaning assigned to
such term in the preliminary statement of this Agreement. 
 “Second Lien Loan Documents” shall mean
the “Loan Documents”, as defined in the Second Lien Credit Agreement, except as otherwise specified in Section 7.02(b). 

“Second Lien Mortgage” shall mean any Second Lien Security Instrument granting a Lien on any real
property Collateral. 
 “Second Lien Obligations” shall mean the “Obligations” as defined in
the Second Lien Credit Agreement on the date hereof, except as otherwise specified in Section 7.02(b). 
 “Second Lien
Permitted Actions” shall have the meaning assigned to such term in Section 3.01(a). 
 “Second
Lien Principal Obligations” means, as of any date of determination, the outstanding principal amount of loans under the Second Lien Loan Documents. Second Lien Principal Obligations shall not include the principal amount of any Second
Lien Refinancing Debt that substantially concurrently with the incurrence thereof Refinances any of the then-existing Second Lien Principal Obligations. 

“Second Lien Refinancing Debt” shall mean Debt that Refinances Second Lien Obligations pursuant to
Section 7.02(b). 
 “Second Lien Refinancing Notice” shall have the meaning assigned to such term in
Section 7.02(b). 
 “Second Lien Required Lenders” shall mean the “Majority Lenders”,
as defined in the Second Lien Credit Agreement. 
 “Second Lien Secured Parties” shall mean, at any
time, (a) the Second Lien Lenders, (b) the Second Lien Collateral Agent, (c) each other Person to whom any of the Second Lien Obligations (including Unasserted Contingent Obligations) is owed and (d) the successors and permitted
assigns of each of the foregoing. 
 “Second Lien Security Documents” shall mean the “Security
Instruments”, as defined in the Second Lien Credit Agreement. 
 “Second Priority Liens” shall
mean all Liens on the Collateral securing the Second Lien Obligations, whether created under the Second Lien Security Documents or acquired by possession, statute (including any judgment Lien), operation of law, subrogation or otherwise. 

“Secured Parties” shall mean collectively each of First Lien Secured Parties and the Second Lien Secured Parties. 

  
 9 

 “Security Documents” shall mean the First Lien Security
Documents and the Second Lien Security Documents. 
 “Standstill Period” shall have the meaning assigned to such
term in Section 3.02(a). 
 “Subsidiary” means, with respect to any Person (the “parent”) at
any date, any other Person the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any
Person, a majority of whose outstanding Voting Securities (other than directors’ qualifying shares) shall at any time be owned by such parent or one or more Subsidiaries of such parent. Unless otherwise indicated herein, each reference to the
term “Subsidiary” shall mean a direct or indirect Subsidiary of the Parent. 
 “Swap
Contract” shall mean (a) any and all interest rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, deferred premium
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions,
cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including
any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms
and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other similar master agreement (any such master
agreement, together with any related schedules, a “Master Agreement”). 
 “Swap
Counterparty” shall mean (a) any First Lien Lender or Affiliate of a First Lien Lender that is a counterparty to any Lender Swap Contract with the Company or any Subsidiary of the Company, and (b) any counterparty to any other
Lender Swap Contract with the Company or any Subsidiary; provided that such counterparty is a First Lien Lender or an Affiliate of a First Lien Lender or was a First Lien Lender or an Affiliate of a First Lien Lender at the time the applicable
Lender Swap Contract (and not the Master Agreement between such parties) was entered into. For the avoidance of doubt, “Swap Counterparty” shall not include any participant of a First Lien Lender that purchases a
participation from, or enters into a participation agreement with, a First Lien Lender, other than to the extent such participant is otherwise a First Lien Lender or an Affiliate of a First Lien Lender. 

“Swap Obligations” means, with respect to any Lender Swap Contract, after taking into account the effect
of any legally enforceable netting agreement relating to such Lender Swap Contract, all obligations then due and owing thereunder to the Swap Counterparty a party thereto, including all related fees, expenses and other amounts owed to such Swap
Counterparty in connection therewith. 

  
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 “Unasserted Contingent Obligations” shall mean, at any time, Obligations
for taxes, costs, indemnifications, reimbursements, damages and other liabilities (excluding (i) the principal of, and interest and premium (if any) on, and fees and expenses relating to, any Obligations and (ii) contingent reimbursement
obligations in respect of amounts that may be drawn under any outstanding letter of credit) in respect of which no assertion of liability (whether oral or written) and no claim or demand for payment (whether oral or written) has been made (and, in
the case of Obligations for indemnification, no notice for indemnification has been issued by the indemnitee) at such time, other than assertions, claims, demands or notices which have been withdrawn in writing, paid or satisfied. 

“Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code
(or any similar or equivalent legislation) as in effect from time to time in any applicable jurisdiction. 
 “Voting
Securities” means (a) with respect to any corporation (including any unlimited liability company), capital stock of such corporation having general voting power under ordinary circumstances to elect directors of such corporation
(irrespective of whether at the time stock of any other class or classes shall have or might have special voting power or rights by reason of the happening of any contingency), (b) with respect to any partnership, any partnership interest or other
ownership interest having general voting power to elect the general partner or other management of the partnership or other Person, and (c) with respect to any limited liability company, membership certificates or interests having general
voting power under ordinary circumstances to elect managers (or the individuals performing similar functions) of such limited liability company. 

Section 1.03    Terms Generally. The definitions of terms herein shall apply equally to the singular
and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed
to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or
reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified, (b) any reference herein
(i) to any Person shall be construed to include such Person’s successors and assigns and (ii) to the Company or any other Grantor shall be construed to include the Company or such Grantor as debtor and
debtor-in-possession and any receiver or trustee for the Company or any other Grantor, as the case may be, in any Insolvency Proceeding, (c) the words
“herein”, “hereof’ and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles or
Sections shall be construed to refer to Articles or Sections of this Agreement, and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and
intangible assets and properties, including cash, securities, accounts and contract rights. 

  
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 Article II 

Lien Priorities 

Section 2.01    Relative Priorities. Notwithstanding (a) the date, manner or order of grant,
attachment or perfection of any Second Priority Lien or any First Priority Lien, (b) any provision of the UCC or any other applicable Legal Requirement or the provisions of any Security Document or any other Facility Document, (c) any
defect in, or non-perfection, setting aside, or avoidance of a Lien or a First Lien Loan Document or a Second Lien Loan Document, (d) the modification of a First Lien Loan Document or a Second Lien Loan
Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or (g) any other circumstance whatsoever, including a circumstance
that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder of such obligation, the Second Lien Collateral Agent, for itself and on behalf of the other Second Lien
Secured Parties hereby agrees that: 
  

	 	(i)	so long as the Discharge of First Lien Obligations has not occurred: 

(A)    any First Priority Lien now or hereafter held by or for the benefit of any First Lien Secured Party
shall be senior in right, priority, operation, effect and all other respects to any and all Second Priority Liens subject to the First Lien Cap and the Second Lien Cap, 

(B)    any Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured
Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority Liens subject to the First Lien Cap and the Second Lien Cap, and 

(C)    the First Priority Liens, subject to the First Lien Cap and the Second Lien Cap, shall be and remain
senior in right, priority, operation, effect and all other respects to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation of the
Company, any other Grantor or any other Person; 
  

	 	(ii)	upon a Discharge of First Lien Obligations: 

 (A)     any
Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured Party shall be senior in right, priority, operation, effect and all other respects to any and all First Priority Liens subject to the Second Lien Cap, 

(B)     any First Priority Lien now or hereafter held by or for the benefit of any First Lien Secured Party
shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all Second Priority Liens subject to the Second Lien Cap, and 

  
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 (C)     the Second Priority Liens, subject to the Second Lien
Cap, shall be and remain senior in right, priority, operation, effect and all other respects to any First Priority Liens for all purposes, whether or not any Second Priority Liens are subordinated in any respect to any other Lien securing any other
obligation of the Company, any other Grantor or any other Person; and 
  

	 	(iii)	upon a Discharge of Second Lien Obligations: 

 (A)     any
First Priority Lien now or hereafter held by or for the benefit of any First Lien Secured Party shall be senior in right, priority, operation, effect and all other respects to any and all Second Priority Liens, 

(B)     any Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured
Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority Liens, and 

(C)     the First Priority Liens shall be and remain senior in right, priority, operation, effect and all
other respects to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation of the Company, any other Grantor or any other Person. 

Section 2.02    Prohibition on Contesting Liens. Each of the First Lien Administrative Agent, for
itself and on behalf of the other First Lien Secured Parties, and the Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, agrees that it will not, and hereby waives any right to, contest or support any
other Person in contesting, in any proceeding (including any Insolvency Proceeding), the priority, perfection, validity or enforceability of any Second Priority Lien or any First Priority Lien, as the case may be; provided that nothing in
this Agreement shall be construed to prevent or impair the rights of (i) the First Lien Administrative Agent or any other First Lien Secured Party to enforce this Agreement, or (ii) the Second Lien Collateral Agent or any other Second Lien
Secured Party to enforce this Agreement. 
 Section 2.03    No New Liens. The parties hereto agree
that so long as the Discharge of First Lien Obligations and the repayment in full, in cash, of Excess First Lien Obligations has not occurred, none of the Grantors shall, or shall permit any of its Subsidiaries to, (i) grant or permit any
additional Liens on any asset to secure any Second Lien Obligations unless such Lien is in favor of the Second Lien Collateral Agent and such Grantor or such Subsidiary has granted, or concurrently therewith grants, a Lien on such asset in favor of
the First Lien Administrative Agent to secure the First Lien Obligations, or (ii) grant or permit any additional Liens on any asset to secure any First Lien Obligations (other than (x) assets in respect of which the Second Lien Collateral
Agent has declined a Lien and (y) Liens on Cash Collateral (as defined in the First Lien Credit 

  
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Agreement as in effect on the date hereof) to the extent the aggregate First Lien Principal Obligations secured by such Cash Collateral does not exceed the First Lien Cap)) unless such Lien is in
favor of the First Lien Administrative Agent and such Grantor or such Subsidiary has granted, or concurrently therewith grants, a Lien on such asset in favor of the Second Lien Collateral Agent (or, in respect of any Cash Collateral (defined above),
in favor of the First Lien Administrative Agent) to secure the Second Lien Obligations, with each such Lien referenced in this Section 2.03 to be subject to the provisions of this Agreement, in each case, subject to the terms and conditions
hereof (including Sections 5.01 and 5.02 hereof). 
 To the extent that the provisions of this Section 2.03 are not complied with for
any reason, without limiting any other right or remedy available to the First Lien Administrative Agent or the other First Lien Secured Parties, the Second Lien Collateral Agent agrees, for itself and on behalf of the other Second Lien Secured
Parties, that any amounts received by or distributed to any Second Lien Secured Party pursuant to or as a result of any Lien granted in contravention of this Section 2.03 shall be subject to Section 4.02. 

Section 2.04    Similar Liens and Agreements. The parties hereto acknowledge and agree that it is their
intention that the First Lien Obligations and the Second Lien Obligations shall be secured by the same Collateral (other than Cash Collateral as provided in Section 2.03). In furtherance of the foregoing, the parties hereto agree: 

(a)    to cooperate in good faith in order to determine, upon any reasonable request by the First Lien Administrative
Agent or the Second Lien Collateral Agent, the specific assets included in the First Lien Collateral and the Second Lien Collateral, the steps taken to perfect the First Priority Liens and the Second Priority Liens thereon and the identity of the
respective parties obligated under the First Lien Loan Documents and the Second Lien Loan Documents; 
 (b)    that,
except as may otherwise be approved by the First Lien Administrative Agent, the Second Lien Security Documents shall be in all material respects in the same form as the First Lien Security Documents, other than with respect to the first priority and
second priority nature of the Liens created or evidenced thereunder, the identity of the Secured Parties that are parties thereto or secured thereby and other matters contemplated by this Agreement; 

(c)    that at no time before the Discharge of First Lien Obligations and the repayment in full, in cash, of Excess First
Lien Obligations shall there be (i) any Grantor that is an obligor in respect of the Second Lien Obligations that is not also an obligor in respect of the First Lien Obligations, or (ii) except as expressly permitted by the First Lien Loan
Documents, a Lien (whether perfected or not) on any Property to secure the Second Lien Obligations that is not also granted (and similarly perfected) to secure the First Lien Obligations; and 

(d)    that at no time before the Discharge of Second Lien Obligations and the repayment in full, in cash, of Excess
Second Lien Obligations shall there be (i) any Grantor that is an obligor in respect of the First Lien Obligations that is not also an obligor in respect of the Second Lien Obligations, or (ii) except as expressly permitted by the Second
Lien Loan Documents, a Lien (whether perfected or not) on any Property to secure the First Lien Obligations that is not also granted (and similarly perfected) to secure the Second Lien Obligations. 

  
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 Section 2.05    Judgment Creditors. In the event that any
Second Lien Secured Party becomes a judgment lien creditor as a result of its enforcement of its rights as an unsecured creditor with respect to the Second Lien Obligations, such judgment Lien shall be subject to the terms of this Agreement for all
purposes (including in relation to the First Priority Liens and the First Lien Obligations and the Second Priority Liens and the Second Lien Obligations, as applicable) to the same extent as all other Liens securing the Second Lien Obligations are
subject to the terms of this Agreement. 
 Section 2.06    No Debt Subordination. Nothing contained
in this Agreement is intended to subordinate any debt claim by a Second Lien Secured Party to a debt claim by a First Lien Secured Party. Other than to the extent constituting secured claims on the Collateral, all debt claims of the First Lien
Secured Parties and the Second Lien Secured Parties are intended to be pari passu. 
 Article III 

Enforcement of Rights; Matters Relating to Collateral; Purchase Option 

Section 3.01    Exercise of Rights and Remedies. 

(a)    Subject to Section 3.02(a), so long as the Discharge of First Lien Obligations has not occurred, whether or not
any Insolvency Proceeding has been commenced, the First Lien Administrative Agent and the other First Lien Secured Parties shall have the exclusive right to enforce rights and exercise remedies (including any right of setoff) with respect to the
Collateral (including making determinations regarding the Disposition (and, to the extent provided in Section 3.04, any Release in connection therewith) with respect to the Collateral), or to commence or seek to commence any action or
proceeding with respect to such rights or remedies (including any foreclosure action or proceeding or any Insolvency Proceeding), in each case, without any consultation with or the consent of the Second Lien Collateral Agent or any other Second Lien
Secured Party; provided that the interests of the Second Lien Secured Parties shall attach to the proceeds thereof, subject to the relative priorities described in Section 2.01; provided further, that, notwithstanding the foregoing, 

(i)    in any Insolvency Proceeding, the Second Lien Collateral Agent and any Second Lien Secured Party may
file a proof of claim or statement of interest with respect to the Second Lien Obligations; 

(ii)    the Second Lien Collateral Agent may take any action to create, perfect, preserve or protect the
validity and enforceability of the Second Priority Liens provided that no such action is, (A) adverse to the existence, perfection or priority status of the First Priority Liens or the rights of the First Lien Administrative Agent or any
other First 

  
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Lien Secured Party to exercise remedies in respect thereof, or (B) otherwise inconsistent with the terms of this Agreement, including the automatic release of Second Priority Liens provided
in Section 3.04; and provided, further, that, without limiting Section 5.01 hereof, no Administrative Agent shall have any obligation under this Agreement to create, perfect, preserve or protect the validity and enforceability of the First
Priority Liens or Second Priority Liens. 
 (iii)    the Second Lien Secured Parties may file any
responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of the Second Lien Secured Parties, including any claims
secured by the Collateral or otherwise make any agreements or file any motions pertaining to the Second Lien Obligations to the extent not inconsistent with the terms of this Agreement; 

(iv)    the Second Lien Secured Parties may exercise rights and remedies as unsecured creditors, as
provided in Section 3.03 other than, for the avoidance of doubt, any Enforcement Action; 

(v)    the Second Lien Secured Parties may (A) present a cash bid for Collateral or purchase
Collateral for cash at any Section 363 hearing or at any public or judicial foreclosure sale and (B) credit bid for Collateral pursuant to Section 363(k) of the Bankruptcy Code (provided that such credit bid may only be made if the
Discharge of First Lien Obligations has occurred or will occur concurrently as a result of a cash bid for such Collateral in addition to such credit bid); 

(vi)    the Second Lien Secured Parties shall be entitled to vote on any plan of reorganization, to the
extent consistent with the provisions hereof and as otherwise permitted under the Bankruptcy Code; 

(vii)    subject to Section 3.02(a) and Section 3.02(b), the Second Lien Collateral Agent and the
other Second Lien Secured Parties may enforce any of their rights and exercise any of their remedies with respect to the Collateral after the termination of the Standstill Period; and 

(viii)    the Second Lien Secured Parties may object to any proposed acceptance of Collateral by the First
Lien Administrative Agent or a First Lien Secured Party pursuant to Section 9-620 of the Uniform Commercial Code; and 

(ix)    the Second Lien Secured Parties may enforce the terms of any subordination agreement (other than
this Agreement to the extent this Agreement is a “subordination agreement” pursuant to Section 6.08) with respect to any Indebtedness subordinated to its Second Priority Principal Obligations. 

(the actions described in clauses (i) through (ix) above being referred to herein as the “Second Lien Permitted Actions”).
Except for the Second Lien Permitted Actions, unless and until the Discharge of First Lien Obligations has occurred, the sole right of the Second Lien Collateral 

  
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Agent and the other Second Lien Secured Parties with respect to the Collateral shall be to (A) hold a Lien on the Collateral or such other collateral in respect of the applicable Second Lien
Principal Obligations pursuant to the Second Lien Loan Documents, as applicable, and (B) receive the proceeds of the Collateral, if any, remaining after the Discharge of First Lien Obligations has occurred. 

(b)    Subject to Section 3.02(a), so long as the Discharge of First Lien Obligations has not occurred, the Second
Lien Collateral Agent (on behalf of itself and the other Second Lien Secured Parties) hereby agrees that, in exercising rights and remedies with respect to the Collateral, the First Lien Administrative Agent and the other First Lien Secured Parties
may enforce the provisions of the First Lien Loan Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in their sole and absolute discretion. Such exercise and enforcement shall include the rights of
an agent appointed by them to Dispose of Collateral upon foreclosure, to incur expenses in connection with any such Disposition and to exercise all the rights and remedies of a secured creditor under the Uniform Commercial Code, the Bankruptcy Code
or any other Bankruptcy Law. Unless an Insolvency Proceeding has commenced and is continuing, the First Lien Administrative Agent agrees to provide at least five days’ prior written notice to the Second Lien Collateral Agent of its intention to
foreclose upon or Dispose of any Collateral. 
 (c)    The Second Lien Collateral Agent, for itself and on behalf of the
other Second Lien Secured Parties, hereby acknowledges and agrees that no covenant, agreement or restriction contained in any Second Lien Security Document or any other Second Lien Loan Document before the Discharge of First Lien Obligations, shall
be deemed to restrict in any way the rights and remedies of the First Lien Administrative Agent or the other First Lien Secured Parties with respect to the Collateral as set forth in this Agreement and the other First Lien Loan Documents. 

Section 3.02    No Interference. The Second Lien Collateral Agent, for itself and on behalf of the other
Second Lien Secured Parties, agrees that, whether or not any Insolvency Proceeding has been commenced, the Second Lien Secured Parties: 

(a)    will not, so long as the Discharge of First Lien Obligations has not occurred and except for Second Lien Permitted
Actions, (A) enforce or exercise, or seek to enforce or exercise, any rights or remedies (including any right of setoff) with respect to any Collateral (including the enforcement of any right under any account control agreement (if any), any
letter to purchasers of production, or any similar agreement or arrangement to which the Second Lien Collateral Agent or any other Second Lien Secured Party is a party) or (B) commence or join with any Person (other than the First Lien
Administrative Agent acting alone or in concert with the Second Lien Collateral Agent) in commencing, or petition for or vote in favor of any resolution for, any action or proceeding with respect to such rights or remedies (including any foreclosure
action) with respect to any Collateral; provided, however, that the Second Lien Collateral Agent may, subject to the other provisions of this Agreement (including the turnover provisions of Article IV) enforce or exercise any or all such
rights and remedies, or commence, join with any Person in commencing, or petition for or vote in favor of any resolution for, any such action or proceeding, after a period of 180 days has elapsed since the date on which the

  
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Second Lien Collateral Agent has delivered to the First Lien Administrative Agent written notice of the acceleration of the Second Lien Obligations (the “Standstill
Period”); provided further, however, that notwithstanding the expiration of the Standstill Period or anything herein to the contrary, except for Second Lien Permitted Actions, in no event shall the Second Lien Collateral Agent or
any other Second Lien Secured Party enforce or exercise any rights or remedies with respect to any Collateral, or commence, join with any Person in commencing, or petition for or vote in favor of any resolution for, any such action or proceeding, if
the First Lien Administrative Agent or any other First Lien Secured Party shall have commenced, and shall be diligently pursuing (or shall have sought or requested relief from or modification of the automatic stay or any other stay in any Insolvency
Proceeding to enable the commencement and pursuit thereof), the enforcement or exercise of any rights or remedies with respect to all or any material portion of the Collateral or any such action or proceeding (prompt written notice thereof to be
given to the Second Lien Collateral Agent by the First Lien Administrative Agent), or any Grantor, acting with the consent of the First Lien Administrative Agent, shall have commenced and shall be diligently pursuing any action to Dispose of all or
any material portion of the Collateral; 
 (b)    subject to Section 3.01(a)(viii), will not contest, protest or
object to (x) any foreclosure action or proceeding brought by the First Lien Administrative Agent or any other First Lien Secured Party, (y) any other enforcement or exercise by any First Lien Secured Party of any rights or remedies
relating to the Collateral under the First Lien Loan Documents or otherwise, or (z) any action taken by any Grantor to Dispose of Collateral with the consent of the First Lien Administrative Agent when an Event of Default has occurred and is
continuing under the First Lien Loan Documents, in each case so long as Second Priority Liens attach to the proceeds thereof subject to the relative priorities set forth in Section 2.01; 

(c)    subject to the rights of the Second Lien Secured Parties under clause (i) above, will not object to the
forbearance by the First Lien Administrative Agent or any other First Lien Secured Party from commencing or pursuing any foreclosure action or proceeding or any other enforcement or exercise of any rights or remedies with respect to the Collateral;

 (d)    will not, so long as the Discharge of First Lien Obligations has not occurred and except for Second Lien
Permitted Actions, take or receive any Collateral, or any proceeds thereof or payment with respect thereto, in connection with the exercise of any right or enforcement of any remedy (including any right of setoff) with respect to any Collateral or
in connection with any insurance policy award under a policy of insurance relating to any Collateral or any condemnation award (or deed in lieu of condemnation) relating to any Collateral; 

(e)    will not, except for Second Lien Permitted Actions, take any action that would hinder, in any manner, any exercise
of remedies under the First Lien Loan Documents, including any Disposition of any Collateral, whether by foreclosure or otherwise; 

(f)    will not, except for Second Lien Permitted Actions, object to the manner in which the First Lien Administrative
Agent or any other First Lien Secured Party may seek to enforce or collect the First Lien Obligations or the First Priority Liens, regardless of whether any action or failure to act by or on behalf of the First Lien Administrative Agent or any other

  
 18 

 
First Lien Secured Party is, or could be, adverse to the interests of the Second Lien Secured Parties, and will not assert, and hereby waives, to the fullest extent permitted by law, any right to
demand, request, plead or otherwise assert or claim the benefit of any marshalling, appraisal, valuation or other similar right that may be available under applicable Legal Requirement with respect to the Collateral or any similar rights a junior
secured creditor may have under applicable Legal Requirement; and 
 (g)    will not attempt, directly or indirectly,
whether by judicial proceeding or otherwise, to challenge or question the validity or enforceability of any First Lien Obligation or any provision of any First Lien Security Document, including this Agreement, or the validity or enforceability of
the priorities, rights or obligations established by this Agreement or under applicable Legal Requirement; 
 provided, however, that, in the case of
clauses (a) through (g) above, the Liens granted to secure the Second Lien Obligations of the Second Lien Secured Parties shall attach to any proceeds remaining from any such enforcement actions taken by the First Lien Administrative Agent or
any First Lien Secured Party in accordance with this Agreement after application of such Proceeds to the extent necessary to meet the requirements of a Discharge of First Lien Obligations. 

Section 3.03    Rights as Unsecured Creditors. The Second Lien Collateral Agent and the other Second Lien
Secured Parties may, in accordance with the terms of the Second Lien Loan Documents and applicable Legal Requirement, enforce rights and exercise remedies against the Company and any other Grantor as unsecured creditors (other than initiating or
joining any involuntary case or proceeding under the Bankruptcy Code not initiated by the First Lien Administrative Agent); provided that no such action is otherwise inconsistent with the terms of this Agreement. Nothing in this Agreement
shall prohibit the acceleration of the Second Lien Obligations, the receipt by the Second Lien Collateral Agent or any other Second Lien Secured Party of the required payments of principal, premium, interest, fees and other amounts due under the
Second Lien Loan Documents, so long as such receipt is not the direct or indirect result of the enforcement or exercise by the Second Lien Collateral Agent or any other Second Lien Secured Party of rights or remedies as a secured creditor (including
any right of setoff) or enforcement in contravention of this Agreement of any Second Priority Lien (including any judgment Lien resulting from the exercise of remedies available to an unsecured creditor). 

Section 3.04    Automatic Release of Second Priority Liens. 

(a)    If, in connection with (i) any Disposition of any Collateral permitted under the terms of the First Lien Loan
Documents or (ii) the enforcement or exercise of any rights or remedies with respect to the Collateral, including any Disposition of Collateral, (1) the First Lien Administrative Agent, for itself and on behalf of the other First Lien
Secured Parties, (x) releases any of the First Priority Liens, or (y) releases any Guarantor from its obligations under its guarantee of the First Lien Obligations or (2) the First Priority Liens are otherwise released as permitted by
the First Lien Loan Documents (in each case, a “Release”), other than any such 

  
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Release granted following the Discharge of First Lien Obligations and the repayment in full, in cash, of Excess First Lien Obligations, then, subject to Section 3.04(b) and subject to the
last sentence of this Section 3.04(a), the Second Priority Liens on such Collateral, or the obligations of such Guarantor under its guarantee of the Second Lien Obligations shall be automatically, unconditionally and simultaneously released,
and the Second Lien Collateral Agent shall, for itself and on behalf of the other Second Lien Secured Parties (and at the cost and expense of the Borrower), promptly execute and deliver to the First Lien Administrative Agent, the relevant Grantor or
such Guarantor such termination statements, releases and other documents as the First Lien Administrative Agent or the relevant Grantor or Guarantor may reasonably request (in each case, at the relevant Grantor or Guarantor’s sole cost and
expense) to effectively confirm such Release; provided that, in the case of a Disposition of Collateral (other than any such Disposition in connection with the enforcement or exercise of any rights or remedies with respect to the Collateral),
the Second Priority Liens shall not be so released if such Disposition is not permitted under the terms of the Second Lien Credit Agreement. The automatic release of the Second Priority Liens pursuant to the terms above shall be effective
(A) in the case of a Disposition of Collateral (other than any such Disposition in connection with the enforcement or exercise of any rights or remedies with respect to the Collateral), only if a Grantor has provided notice of such Disposition
to the Second Lien Collateral Agent at least five days prior to effecting such Disposition (or such shorter time period acceptable to the Second Lien Collateral Agent in its sole discretion), and (B) in the case of a Disposition of Collateral
in connection with the enforcement or exercise of any rights or remedies with respect to the Collateral by the First Lien Administrative Agent, unless an Insolvency Proceeding has commenced and is continuing, only if the First Lien Administrative
Agent has provided the prior notice required under the last sentence of Section 3.01(b) above (or such shorter time period acceptable to the Second Lien Collateral Agent in its sole discretion). 

(b)    The Second Lien Collateral Agent, for itself and on behalf of each other Second Lien Secured Party, hereby appoints
the First Lien Administrative Agent, and any officer or agent of the First Lien Administrative Agent, with full power of substitution, as the attorney-in-fact of each
Second Lien Secured Party for the purpose of carrying out the provisions of this Section 3.04 and taking any action and executing any instrument (in each case, at the applicable Guarantor’s or Grantor’s sole cost and expense) that the
First Lien Administrative Agent may deem necessary or advisable at any time before the Discharge of First Lien Obligations to accomplish the purposes of this Section 3.04 (including any endorsements or other instruments of transfer, termination
or release), which appointment is irrevocable and coupled with an interest. 
 Section 3.05    Notice of
Exercise of Second Liens. The Second Lien Collateral Agent, for itself and on behalf of each other Second Lien Secured Party agrees that upon termination of the Standstill Period, if the Second Lien Collateral Agent or other Second Lien Secured
Party intends to commence any Enforcement Action, then the Second Lien Collateral Agent or such other Second Lien Secured Party shall first deliver notice thereof in writing to the First Lien Administrative Agent not less than five (5) days
before taking any such Enforcement Action. Such notices may be given during the Standstill Period. Failure to give such notice shall not impair the effectiveness of such Enforcement Action, nor create any claim or cause of action against the Second
Lien Collateral Agent. 

  
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 Section 3.06    Insurance and Condemnation Awards.
(a) So long as the Discharge of First Lien Obligations has not occurred, the First Lien Administrative Agent and the other First Lien Secured Parties shall have the exclusive right, subject to the rights of the Grantors under the First Lien
Loan Documents, to settle and adjust claims in respect of Collateral under policies of insurance covering Collateral and to approve any award granted in any condemnation or similar proceeding, or any deed in lieu of condemnation, in respect of the
Collateral. All proceeds of any such policy and any such award, or any payments with respect to a deed in lieu of condemnation, shall (a) first, before the Discharge of First Lien Obligations and subject to the rights of the Grantors under the
First Lien Loan Documents, be paid to the First Lien Administrative Agent for the benefit of First Lien Secured Parties pursuant to the terms of the First Lien Loan Documents, (b) second, after the Discharge of First Lien Obligations but before
the Discharge of Second Lien Obligations, and subject to the rights of the Grantors under the Second Lien Loan Documents be paid to the Second Lien Collateral Agent for the benefit of the Second Lien Secured Parties pursuant to the terms of the
Second Lien Loan Documents, (c) third, after the Discharge of Second Lien Obligations but before the repayment in full, in cash, of Excess First Lien Obligations, and subject to the rights of the Grantors under the First Lien Loan Documents be
paid to the First Lien Administrative Agent for the benefit of the First Lien Secured Parties pursuant to the terms of the First Lien Loan Documents, (d) fourth, after the repayment in full, in cash, of the Excess First Lien Obligations, but
before the repayment in full, in cash, of Excess Second Lien Obligations, and subject to the rights of the Grantors under the Second Lien Loan Documents be paid to the Second Lien Collateral Agent for the benefit of the Second Lien Secured Parties
pursuant to the terms of the Second Lien Loan Documents, and (e) fifth, after the Discharge of First Lien Obligations and the Discharge of Second Lien Obligations, and the repayment in full, in cash, of Excess First Lien Obligations and Excess
Second Lien Obligations, be paid to the owner of the subject property, such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct. Until the Discharge of First Lien Obligations has occurred, the Second
Lien Collateral Agent, for itself and on behalf of each other Second Lien Secured Party, agrees that if the Second Lien Collateral Agent or any other Second Lien Secured Party shall, at any time, receive any proceeds of any such insurance policy or
any such award or payment, it shall hold such proceeds in trust for the benefit of the First Lien Secured Parties and forthwith transfer and pay over such proceeds to the First Lien Administrative Agent in accordance with Section 4.02. After
the Discharge of First Lien Obligations, and until the Discharge of Second Lien Obligations has occurred, the First Lien Administrative Agent, for itself and on behalf of each other First Lien Secured Party, agrees that if the First Lien
Administrative Agent or any other First Lien Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award or payment, it shall hold such proceeds in trust for the benefit of the Second Lien Secured Parties
and forthwith transfer and pay over such proceeds to the Second Lien Collateral Agent in accordance with Section 4.02. After the Discharge of Second Lien Obligations, and until the repayment in full, in cash, of Excess First Lien Obligations
has occurred, the Second Lien Collateral Agent, for itself and on behalf of each other Second Lien Secured Party, agrees that if the Second Lien Collateral Agent or any other Second Lien Secured 

  
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Party shall, at any time, receive any proceeds of any such insurance policy or any such award or payment, it shall hold such proceeds in trust for the benefit of the First Lien Secured Parties
and forthwith transfer and pay over such proceeds to the First Lien Administrative Agent in accordance with Section 4.02. Upon the repayment in full, in cash, of all Excess First Lien Obligations, the First Lien Administrative Agent, for itself
and on behalf of each other First Lien Secured Party, agrees that if the First Lien Administrative Agent or any other First Lien Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award or payment, it
shall hold such proceeds in trust for the benefit of the Second Lien Secured Parties and forthwith transfer and pay over such proceeds to the Second Lien Collateral Agent in accordance with Section 4.02. 

Section 3.07    Purchase Option 

(a)    Notwithstanding anything in this Agreement to the contrary, following the occurrence of any of the following
(i) the commencement of an Insolvency Proceeding, (ii) the sixtieth (60th) day after a principal or interest payment default under the First Lien Credit Agreement that has not been cured or waived by the First Lien Lenders within sixty
(60) days of the occurrence of such payment default, or (iii) the acceleration of the First Lien Obligations, the Second Lien Secured Parties (the “Second Lien Purchasers”) may, at their sole option, election,
expense and effort, upon written notice of exercise (the “Notice of Exercise”) to the First Lien Administrative Agent within thirty (30) days following such acceleration, payment default or commencement of an Insolvency
Proceeding, purchase by way of assignment from the First Lien Secured Parties (x) all (but not less than all) First Lien Obligations (including unfunded commitments and any Excess First Lien Obligations) and (y) any loans and letters of
credit provided by any of the First Lien Secured Parties in connection with a DIP Financing that are outstanding on the date of such purchase; provide that, such assignment shall not conflict with any law, rule or regulation or order of any court or
other Governmental Authority having jurisdiction. The Notice of Exercise shall (i) designate a purchase date (the “Par Purchase Date”) which shall be a date that is no later than twenty (20) Business Days following
the date the Notice of Exercise is delivered to the First Lien Administrative Agent, (ii) set forth the identities (including legal names) of each of the Second Lien Purchasers together with their respective percentages of the First Lien
Obligations, unfunded commitments and Excess First Lien Obligations, and, if applicable, DIP Financing obligations, to be purchased by such Persons, (iii) identify a replacement or successor First Lien Administrative Agent that the Lenders
(after giving effect to the Par Purchase Date) appoint pursuant to the First Lien Credit Agreement, and (iv) is deemed to be an irrevocable offer to the First Lien Secured Parties to purchase the First Lien Obligations on the terms set forth in
this Section 3.07. The First Lien Secured Parties shall be entitled to rely in all respects upon the information set forth in the Notice of Exercise, including the identities (and legal names) of the Second Lien Purchasers, and shall otherwise
be entitled to deal exclusively with the Second Lien Administrative Agent in connection with all aspects of the exercise of the purchase option provided for in this Section 3.07. 

  
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 (b)    Any purchase by the Second Lien Purchasers shall be made in accordance
with, and subject to, the terms set out in this Section 3.07, including: 
 (i)    the Second Lien
Purchasers (x) shall pay a purchase price in cash equal to the sum of (A) in the case of all loans, advances or other similar extensions of credit that constitute First Lien Obligations (including drawn letters of credit and Excess First
Lien Obligations) and all loans, advances or other similar extensions of credit (including drawn letters of credit) provided by any of the First Lien Lenders in connection with a DIP Financing then outstanding, 100% of the principal amount thereof
and all accrued and unpaid interest (including where applicable, default interest) thereon through the Par Purchase Date, plus (B), in the case of obligations under terminated Lender Swap Contracts, 100% of the aggregate Swap
Obligations then due and payable or otherwise accrued and owing thereunder (unless, with respect to any particular Lender Swap Contract, such other arrangements have been made by the Grantors and the applicable Swap Counterparty who is a party to
such Lender Swap Contract in a manner satisfactory to such Swap Counterparty in its sole discretion (and communicated to the First Lien Administrative Agent)), plus (C) in the case of Banking Services Obligations, 100% of the
aggregate Banking Services Obligations then due and payable or otherwise accrued and owing thereunder (unless, with respect to any particular Banking Services Obligation, such other arrangements have been made by the Grantors and the applicable
Banking Services Provider in a manner satisfactory to such counterparty in its sole discretion (and communicated to the First Lien Administrative Agent), plus (D) all other First Lien Obligations (including fees, expenses,
indemnities and other amounts, including out-of-pocket expenses (such as the fees and expenses of attorneys and other professionals)), which are then outstanding to the
various First Lien Secured Parties, pursuant to the terms of the various First Lien Loan Documents and other agreements and instruments secured by the First Lien Security Documents (but not including Unasserted Contingent Obligations); and
(y) shall be obligated to reimburse each issuing lender (or any First Lien Secured Party required to pay the same) for all amounts thereafter drawn with respect to any letters of credit constituting First Lien Obligations which remain
outstanding after the date of any purchase pursuant to this Section 3.07, together with all fronting fees and other amounts which may at any future time be owing to the respective issuing lender with respect to such letters of credit; 

(ii)    with the purchase price described in preceding clause (b)(i)(x) payable in cash on the Par Purchase
Date against transfer to the respective Second Lien Purchasers (without recourse and without any representation or warranty whatsoever, whether as to the enforceability of any First Lien Obligation (including Excess First Lien Obligations) or the
validity, enforceability, perfection, priority or sufficiency of any Lien securing, or guarantee or other supporting obligation for, any First Lien Obligation (including Excess First Lien Obligations) or as to any other matter whatsoever other the
limited representations and warranties set forth in subsections (e)(i) and (e)(ii) of this Section 3.07); provided that the purchase price in respect of any outstanding letter of credit that remains undrawn on the date of purchase shall be
payable in cash as and when such letter of credit is drawn upon (1) first, from the cash collateral account described in clause (b)(iii) below, until the amounts contained therein have been exhausted, and (2) thereafter, directly by the
respective Second Lien Purchasers; 

  
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 (iii)    with such purchase accompanied by a deposit of cash
collateral under the sole dominion and control of the First Lien Administrative Agent, or its designee in an amount equal to 104% (or such lesser amount if the Minimum Collateral Amount under, and as defined in the First Lien Credit Agreement is a
lesser amount) of the sum of the aggregate undrawn amount of all then outstanding letters of credit pursuant to the First Lien Loan Documents and DIP Financing documents and the aggregate fronting and similar fees which will accrue thereon through
the stated maturity of the letters of credit (assuming no drawings thereon before stated maturity), as security for the respective Second Lien Purchasers’ obligations to pay amounts as provided in preceding clause (b)(i)(y), it being understood
and agreed that (x) at the time any fronting or similar fees are owing to an issuer with respect to any letter of credit, the First Lien Administrative Agent may apply amounts deposited with it as described above to pay the same and
(y) upon any drawing under any letter of credit, the First Lien Administrative Agent shall apply amounts deposited with it as described above to repay the respective unpaid drawing. After giving effect to any payment made as described above in
this clause (iii), those amounts (if any) then on deposit with the First Lien Administrative Agent as described in this clause (iii) which exceed 104% (or such lesser amount if the Minimum Collateral Amount under, and as defined in the First
Lien Credit Agreement is a lesser amount) of the sum of the aggregate undrawn amount of all then outstanding letters of credit and the aggregate fronting and similar fees (to the respective issuers) which will accrue thereon through the stated
maturity of the then outstanding letters of credit (assuming no drawings thereon before stated maturity), shall be returned to the respective Second Lien Purchasers (as their interests appear). Furthermore, at such time as all letters of credit have
been cancelled, expired or been fully drawn, as the case may be, and after all applications described above have been made, any excess cash collateral deposited as described above in this clause (iii) (and not previously applied or released as
provided above) shall be returned to the respective Second Lien Purchasers, as their interests appear; 

(iv)    with the purchase price described in preceding clause (b)(i)(x) accompanied by a waiver by the
Second Lien Purchasers of all claims against the First Lien Secured Parties arising out of this Agreement, the Second Lien Loan Documents and the transactions contemplated hereby as a result of exercising the purchase option contemplated by this
Section 3.07; 
 (v)    with all amounts payable to the various First Lien Secured Parties in
respect of the assignments described above to be distributed to them by the First Lien Administrative Agent in accordance with their respective holdings of the various First Lien Obligations and other obligations secured by the First Lien Security
Documents; and 
 (vi)    with such purchase to be made pursuant to assignment documentation
substantially in the form attached as an exhibit to the First Lien Credit Agreement (subject to the limited representations and warranties set forth in subsections (e)(i) and (e)(ii) of this Section 3.07) and such First Lien Administrative
Agent resignation and succession documents acceptable to the First Lien Administrative Agent (with the cost and expenses relating to any such assignment and replacement (including reasonable 

  
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attorney fees and expenses) to be paid by the respective Second Lien Purchasers). The relevant assignment documentation will be executed by the First Lien Lenders and by the First Lien
Administrative Agent. The relevant assignment documentation shall also provide that, if for any reason (other than the gross negligence or willful misconduct of the First Lien Administrative Agent (as determined by a court of competent jurisdiction
in a final and non-appealable judgment)), the amount of cash collateral held by the First Lien Administrative Agent or its designee pursuant to preceding clause (b)(iii) is at any time less than the full
amounts owing with respect to any letter of credit described above (including fronting and similar fees) then the respective Second Lien Purchasers shall promptly reimburse the First Lien Administrative Agent (who shall pay the respective issuing
bank) the amount of deficiency. 
 (c)    The First Lien Administrative Agent shall calculate the amount of the purchase
price noted above and all other amounts require above, and such calculations shall be conclusive and binding on all parties absent manifest error. Notwithstanding anything herein to the contrary, no purchase right under this Section 3.07 may be
exercised unless (x) all Lender Swap Contracts secured by any First Priority Lien have been terminated and all Swap Obligations with respect thereto are accounted for in the purchase price (unless, with respect to any particular Lender Swap
Contract, such other arrangements have been made by the Grantors and the applicable Swap Counterparty who is a party to such Lender Swap Contract in a manner satisfactory to such Swap Counterparty in its sole discretion (and communicated to the
First Lien Administrative Agent)) and (y) all agreements related to Banking Services have been terminated and all Banking Services Obligations are accounted for in the purchase price (unless, with respect to any particular Banking Services
Obligation, such other arrangements have been made by the Grantors and the applicable Banking Services Provider in a manner satisfactory to such counterparty in its sole discretion (and communicated to the First Lien Administrative Agent)). 

(d)    Such purchase price and cash collateral shall be remitted by wire transfer in immediately available federal funds
to such bank account of the First Lien Administrative Agent as the First Lien Administrative Agent may designate in writing to the Second Lien Administrative Agent for such purpose. Interest shall be calculated to but excluding the Business Day on
which such sale occurs if the amounts so paid by the Second Lien Purchasers to the bank account designated by the First Lien Administrative Agent are received in such bank account prior to 12:00 noon, New York City time, and interest shall be
calculated to and including such Business Day if the amounts so paid by the Second Lien Purchasers to the bank account designated by the First Lien Administrative Agent are received in such bank account later than 12:00 noon, New York City time.

 (e)    Such sale shall be expressly made without representation or warranty of any kind by the First Lien Secured
Parties as to the First Lien Obligations (including Excess First Lien Obligations), and DIP Financing, the Collateral or otherwise and without recourse to any First Lien Secured Party, except that the First Lien Secured Parties shall represent and
warrant severally as to the First Lien Obligations (including unfunded commitments and Excess First Lien Obligations, if applicable) and any loans provided by any of the First Lien Secured Parties in connection with a DIP Financing then owing to it:
(i) that such applicable First Lien Secured 

  
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Party owns such First Lien Obligations (including unfunded commitments and Excess First Lien Obligations, if applicable) and any loans provided by it in connection with a DIP Financing; and
(ii) that such applicable First Lien Secured Party has the necessary corporate or other governing authority to assign such interests. 

(f)    After such sale becomes effective, the outstanding letters of credit under the First Lien Loan Documents and the
DIP Financing documents will remain enforceable against the issuers thereof and will remain secured by the First Priority Liens upon the Collateral in accordance with the applicable provisions of the First Lien Loan Documents as in effect at the
time of such sale, and the issuers of letters of credit will remain entitled to the benefit of the First Priority Liens upon the Collateral and sharing rights in the proceeds thereof in accordance with the provisions of the First Lien Loan Documents
as in effect at the time of such sale, as fully as if the sale of the First Lien Obligations had not been made, but only the Person or successor agent to whom the First Priority Liens are transferred in such sale will have the right to foreclose
upon or otherwise enforce the First Priority Liens and only the Second Lien Purchasers in the sale will have the right to direct such Person or successor as to matters relating to the foreclosure or other enforcement of the First Priority Liens.

 (g)    Notwithstanding the foregoing, the First Lien Administrative Agent and the First Lien Secured Parties shall
retain any and all rights with respect to indemnification, reimbursement and other similar contingent obligations under the First Lien Loan Documents or any Lender Swap Contract or any agreement governing Banking Services Obligations that are
expressly stated to survive the termination of such applicable document, contract or agreement. 
 Article IV 

Payments 

Section 4.01    Application of Proceeds. So long as the Discharge of First Lien
Obligations has not occurred, any Collateral or proceeds thereof received by the First Lien Administrative Agent or any Grantor in connection with (i) any Asset Sale, (ii) any Casualty Event or (iii) any Disposition of, or collection
on, such Collateral upon the enforcement or exercise of any right or remedy (including any right of setoff) shall be applied by the First Lien Administrative Agent to the First Lien Obligations (or if received by the Grantor, shall be delivered to
the First Lien Administrative Agent to be applied to the First Lien Obligations) subject to the following: 
 (a)    so
long as an Insolvency Proceeding has not been commenced and such Asset Sale or Casualty Event is not in connection with any Enforcement Action or other exercise of rights or remedies (i) upon the application of the Net Cash Proceeds thereof to
the payment of all outstanding First Lien Obligations (including any unpaid and accrued interest thereon but excluding any Excess First Lien Obligations) and the cash collateralization of the letters of credit issued thereunder, in any case, as
required under the First Lien Loan Documents (but regardless of whether the Swap Contracts of First Lien Secured Parties or the commitments to lend or all obligations to issue, extend or renew letters of credit under the First Lien Credit

  
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Agreement have been terminated or expired and regardless of whether a Default exists), the First Lien Administrative Agent shall deliver to the Second Lien Collateral Agent any remaining Net Cash
Proceeds thereof to be applied to the Second Lien Obligations (including any unpaid and accrued interest thereon but excluding any Excess Second Lien Obligations) pursuant to the Second Lien Loan Documents (but subject to the Grantors’
reinvestment rights, if any, thereunder); and (ii) the Second Lien Collateral Agent shall deliver any remaining Net Cash Proceeds thereof that are not applied so Second Lien Obligations (including any unpaid and accrued interest thereon but
excluding any Excess Second Lien Obligations) pursuant to the Second Lien Loan Documents (A) if a Default exists or if any Excess First Lien Obligations are outstanding, to the First Lien Administrative Agent, (B) if no Default exists and
no Excess First Lien Obligations are outstanding but Excess Second Lien Obligations are outstanding, to the Second Lien Secured Parties that are owed such Excess Second Lien Obligations pursuant to the Second Lien Loan Documents, and
(C) otherwise, to the owner of the subject property, such other person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct; and 

(b)    regardless of whether an Insolvency Proceeding has commenced, any Collateral or proceeds thereof received by the
First Lien Administrative Agent in connection with any Disposition of, or collection on, such Collateral upon the enforcement or exercise of any right or remedy (including any right of setoff) shall be applied by the First Lien Administrative Agent
to the First Lien Obligations (other than any Excess First Lien Obligations unless the Discharge of Second Lien Obligations has occurred). 
 Upon the
Discharge of First Lien Obligations, the First Lien Administrative Agent shall deliver to the Second Lien Collateral Agent any remaining Collateral and any proceeds thereof then held by it in the same form as received, together with any necessary
endorsements, or as a court of competent jurisdiction may otherwise direct, to be applied by the Second Lien Collateral Agent to the Second Lien Obligations (other than the Excess Second Lien Obligations), and the Grantors hereby consent to, and
direct the First Lien Administrative Agent to, make such deliveries of remaining Collateral and any remaining proceeds thereof. 
 Upon the Discharge of
Second Lien Obligations, the Second Lien Collateral Agent shall deliver to the First Lien Administrative Agent any remaining Collateral and any proceeds thereof then held by it in the same form as received, together with any necessary endorsements,
or as a court of competent jurisdiction may otherwise direct, to be applied by the First Lien Administrative Agent to the Excess First Lien Obligations, and the Grantors hereby consent to, and direct the Second Lien Collateral Agent to, make such
deliveries of remaining Collateral and any remaining proceeds thereof. 
 Upon the repayment in full, in cash, of the Excess First Lien Obligations, the
First Lien Administrative Agent shall deliver to the Second Lien Collateral Agent any remaining Collateral and any proceeds thereof then held by it in the same form as received, together with any necessary endorsements, or as a court of competent
jurisdiction may otherwise direct, to be applied by the Second Lien Collateral Agent to the Excess Second Lien Obligations, and the Grantors hereby consent to, and direct the First Lien Administrative Agent to, make such deliveries of remaining
Collateral and any remaining proceeds thereof. 

  
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 Section 4.02    Payment Over. So long as the Discharge of
First Lien Obligations has not occurred, any Collateral, or any proceeds thereof or payment with respect thereto (together with assets or proceeds subject to Liens referred to in the final sentence of Section 2.03), received by the Second Lien
Collateral Agent or any other Second Lien Secured Party in connection with any Disposition of, or collection on, such Collateral upon the enforcement or the exercise of any right or remedy (including any right of setoff) with respect to the
Collateral, shall be segregated and held in trust for the benefit of the First Lien Secured Parties and forthwith transferred or paid over to the First Lien Administrative Agent for the benefit of the First Lien Secured Parties in the same form as
received, together with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct. Until the Discharge of First Lien Obligations occurs, the Second Lien Collateral Agent, for itself and on behalf of each other Second
Lien Secured Party, hereby appoints the First Lien Administrative Agent, and any officer or agent of the First Lien Administrative Agent, with full power of substitution, the
attorney-in-fact of each Second Lien Secured Party for the purpose of carrying out the provisions of this Section 4.02 and taking any action and executing any
instrument that the First Lien Administrative Agent may deem necessary or advisable to accomplish the purposes of this Section 4.02, which appointment is irrevocable and coupled with an interest. 

Upon the Discharge of Second Lien Obligations, any Collateral, or proceeds thereof or payment with respect thereto, received by the Second
Lien Collateral Agent or any other Second Lien Secured Party in connection with any Disposition of, or collection on, such Collateral upon the enforcement or the exercise of any right or remedy (including any right of setoff) with respect to the
Collateral, shall be segregated and held in trust for the benefit of the First Lien Secured Parties and forthwith transferred or paid over to the First Lien Administrative Agent for the benefit of the First Lien Secured Parties in the same form as
received, together with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct to satisfy any remaining Excess First Lien Obligations. Until the repayment in full, in cash, of Excess First Lien Obligations occurs,
the First Lien Administrative Agent, for itself and on behalf of each other First Lien Secured Party, hereby appoints the Second Lien Collateral Agent, and any officer or agent of the Second Lien Collateral Agent, with full power of substitution,
the attorney-in-fact of each First Lien Secured Party for the purpose of carrying out the provisions of this Section 4.02 and taking any action and executing any
instrument that the Second Lien Collateral Agent may deem necessary or advisable to accomplish the purposes of this Section 4.02, which appointment is irrevocable and coupled with an interest. 

Upon the repayment in full, in cash, of Excess First Lien Obligations, any Collateral, or proceeds thereof or payment with respect thereto,
received by the First Lien Administrative Agent or any other First Lien Secured Party in connection with any Disposition of, or collection on, such Collateral upon the enforcement or the exercise of any right or remedy (including any right of
setoff) with respect to the Collateral, shall be segregated and held in trust for the benefit of the Second Lien Secured Parties and forthwith transferred or paid over to the Second Lien Collateral Agent for the benefit of the Second Lien Secured
Parties in the same form as received, together with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct to satisfy any remaining Excess Second Lien Obligations. Until the repayment in full, in

  
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cash, of Excess Second Lien Obligations occurs, the Second Lien Collateral Agent, for itself and on behalf of each other Second Lien Secured Party, hereby appoints the First Lien Administrative
Agent, and any officer or agent of the First Lien Administrative Agent, with full power of substitution, the attorney-in-fact of each Second Lien Secured Party for the
purpose of carrying out the provisions of this Section 4.02 and taking any action and executing any instrument that the First Lien Administrative Agent may deem necessary or advisable to accomplish the purposes of this Section 4.02, which
appointment is irrevocable and coupled with an interest. 
 Section 4.03    Certain Agreements with Respect to
Unenforceable Liens. Notwithstanding anything to the contrary contained herein, if in any Insolvency Proceeding a determination is made that any Lien encumbering any Collateral is not enforceable for any reason, then the Second Lien Collateral
Agent, for itself and on behalf of each other Second Lien Secured Party, agrees that, any distribution or recovery they may receive with respect to, or allocable to, the value of the assets intended to constitute such Collateral or any proceeds
thereof shall (for so long as the Discharge of First Lien Obligations has not occurred) be segregated and held in trust for the benefit of the First Lien Secured Parties and forthwith paid over to the First Lien Administrative Agent for the benefit
of the First Lien Secured Parties in the same form as received without recourse, representation or warranty (other than a representation of the Second Lien Collateral Agent that it has not otherwise sold, assigned, transferred or pledged any right,
title or interest in and to such distribution or recovery) but with any necessary endorsements or as a court of competent jurisdiction may otherwise direct until such time as the Discharge of First Lien Obligations has occurred. Until the Discharge
of First Lien Obligations occurs, the Second Lien Collateral Agent, for itself and on behalf of each other Second Lien Secured Party, hereby appoints the First Lien Administrative Agent, and any officer or agent of the First Lien Administrative
Agent, with full power of substitution, the attorney-in-fact of each such Second Lien Secured Party for the limited purpose of carrying out the provisions of this
Section 4.03 and taking any action and executing any instrument that the First Lien Administrative Agent may deem necessary or advisable to accomplish the purposes of this Section 4.03, which appointment is irrevocable and coupled with an
interest. 
 Article V 

Bailment 

Section 5.01    Bailment for Perfection of Certain Security Interests 

(a)    The First Lien Administrative Agent agrees that if it shall at any time hold a First Priority Lien on any Collateral
that can be 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 First Lien Administrative
Agent, or of agents or bailees of the First Lien Administrative Agent (such Collateral being referred to herein as the “Pledged or Controlled Collateral”), the First Lien Administrative Agent shall, solely for
the purpose of perfecting the Second Priority Liens granted under the Second Lien Loan Documents and subject to the terms and conditions of this Article V, also hold such 

  
 29 

 
Pledged or Controlled Collateral as bailee for the Second Lien Collateral Agent. The First Lien Administrative Agent shall not charge the Second Lien Secured Parties a fee for holding such
Collateral as bailee pursuant hereto. 
 (b)    Subject to Section 3.02(a), so long as the Discharge of First Lien
Obligations has not occurred, the First Lien Administrative Agent shall be entitled to deal with the Pledged or Controlled Collateral in accordance with the terms of this Agreement and the other First Lien Loan Documents as if the Second Priority
Liens did not exist. The obligations and responsibilities of the First Lien Administrative Agent to the Second Lien Collateral Agent and the other Second Lien Secured Parties under this Article V shall be limited solely to holding or controlling the
Pledged or Controlled Collateral as bailee in accordance with this Section 5.01. Without limiting the foregoing, the First Lien Administrative Agent shall have no obligation or responsibility to ensure that any Pledged or Controlled Collateral
is genuine or owned by any of the Grantors. The First Lien Administrative Agent acting pursuant to this Article V shall not, by reason of this Agreement, any other Security Document or any other document, have a fiduciary relationship in respect of
any other First Lien Secured Party, the Second Lien Collateral Agent or any other Second Lien Secured Party. 

(c)    Upon the Discharge of First Lien Obligations, the First Lien Administrative Agent shall transfer the possession and
control of the Pledged or Controlled Collateral, together with any necessary endorsements but without recourse or warranty, (i) if any Second Lien Obligations or Excess First Lien Obligations are outstanding at such time, to the Second Lien
Collateral Agent, and (ii) if no Second Lien Obligations or Excess First Lien Obligations are outstanding at such time, to the applicable Grantor or to whomever shall be entitled thereto, in each case so as to allow such Person to obtain
possession and control of such Pledged or Controlled Collateral. In connection with any transfer under clause (i) of the immediately preceding sentence, subject to the provisions of Section 5.01(d), the First Lien Administrative Agent
agrees to take such actions in its power as shall be reasonably requested by the Second Lien Collateral Agent to permit the Second Lien Collateral Agent to obtain, for the benefit of the Second Lien Secured Parties, a first priority security
interest in the Pledged or Controlled Collateral, and the Grantors hereby consent, and direct the First Lien Administrative Agent and the First Lien Secured Parties to, deliver such Pledged or Controlled Collateral to the Second Lien Collateral
Agent. 
 (d)    The First Lien Administrative Agent shall not be required to take any such action requested by the
Second Lien Collateral Agent pursuant to Section 5.01(c) that the First Lien Administrative Agent in good faith believes exposes it to any liability for expenses or other amounts unless the First Lien Administrative Agent receives an indemnity
with respect to such action reasonably satisfactory to it from the Second Lien Collateral Agent and Second Lien Secured Parties. 

(e)    Following the Discharge of First Lien Obligations, and so long as the Discharge of Second Lien Obligations has not
occurred, the Second Lien Collateral Agent shall be entitled to deal with the Pledged or Controlled Collateral in accordance with the terms of this Agreement and the other Second Lien Loan Documents as if the First Priority Liens did not exist. The
obligations and responsibilities of the Second Lien Collateral Agent to the First Lien 

  
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Administrative Agent and the other First Lien Secured Parties under this Article V shall be limited solely to holding or controlling the Pledged or Controlled Collateral as bailee in accordance
with this Section 5.01. Without limiting the foregoing, the Second Lien Collateral Agent shall have no obligation or responsibility to ensure that any Pledged or Controlled Collateral is genuine or owned by any of the Grantors. The Second Lien
Collateral Agent acting pursuant to this Article V shall not, by reason of this Agreement, any other Security Document or any other document, have a fiduciary relationship in respect of any other Second Lien Secured Party, the First Lien
Administrative Agent or any other First Lien Secured Party. 
 (f)    Upon the Discharge of Second Lien Obligations, the
Second Lien Collateral Agent shall transfer the possession and control of the Pledged or Controlled Collateral, together with any necessary endorsements but without recourse or warranty, (i) if any Excess First Lien Obligations are outstanding
at such time, to the First Lien Administrative Agent, and (ii) if no Second Lien Obligations or Excess Second Lien Obligations are outstanding at such time, to the applicable Grantor or to whomever shall be entitled thereto, in each case so as
to allow such Person to obtain possession and control of such Pledged or Controlled Collateral. In connection with any transfer under clause (i) of the immediately preceding sentence, subject to the provisions of Section 5.01(g), the
Second Lien Collateral Agent agrees to take such actions in its power as shall be reasonably requested by the First Lien Administrative Agent to permit the First Lien Administrative Agent to obtain, for the benefit of the First Lien Secured Parties,
a first priority security interest in the Pledged or Controlled Collateral, and the Grantors hereby consent, and direct the Second Lien Collateral Agent and the Second Lien Secured Parties to, deliver such Pledged or Controlled Collateral to the
First Lien Administrative Agent. 
 (g)    The Second Lien Collateral Agent shall not be required to take any such
action requested by the First Lien Administrative Agent pursuant to Section 5.01(f) that the Second Lien Collateral Agent in good faith believes exposes it to any liability for expenses or other amounts unless the Second Lien Collateral Agent
receives an indemnity with respect to such action reasonably satisfactory to it from the First Lien Administrative Agent and First Lien Secured Parties. 

(h)    Upon the repayment in full, in cash, of Excess First Lien Obligations, the First Lien Administrative Agent shall
transfer the possession and control of the Pledged or Controlled Collateral, together with any necessary endorsements but without recourse or warranty, (i) if any Excess Second Lien Obligations are outstanding at such time, to the Second Lien
Collateral Agent, and (ii) if no Excess Second Lien Obligations are outstanding at such time, to the applicable Grantor or to whomever shall be entitled thereto, in each case so as to allow such Person to obtain possession and control of such
Pledged or Controlled Collateral. In connection with any transfer under clause (i) of the immediately preceding sentence, subject to the provisions of Section 5.01(d), the Second Lien Collateral Agent agrees to take such actions in its
power as shall be reasonably requested by the First Lien Administrative Agent to permit the First Lien Administrative Agent to obtain, for the benefit of the First Lien Secured Parties, a first priority security interest in the Pledged or Controlled
Collateral, and the Grantors hereby consent, and direct the Second Lien Collateral Agent and the Second Lien Secured Parties to, deliver such Pledged or Controlled Collateral to the First Lien Administrative Agent 

  
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 (i)    Following the Discharge of First Lien Obligations and the repayment in
full, in cash, of Excess First Lien Obligations, and upon the Discharge of Second Lien Obligations and the repayment in full, in cash, of Excess Second Lien Obligations, the Second Lien Collateral Agent shall transfer the possession and control of
the Pledged or Controlled Collateral, together with any necessary endorsements but without recourse or warranty, to the applicable Grantor or to whomever shall be entitled thereto, in each case so as to allow such Person to obtain possession and
control of such Pledged or Controlled Collateral. 
 Section 5.02    Bailment for Perfection of Certain Security
Interests – Other Control Collateral. Before the Discharge of First Lien Obligations and the repayment in full, in cash, of Excess First Lien Obligations, and the Discharge of Second Lien Obligations and the repayment in full,
in cash, of Excess Second Lien Obligations, each of the Second Lien Collateral Agent, for itself and on behalf of each other Second Lien Secured Party, and the First Lien Administrative Agent, for itself and on behalf of each other First Lien
Secured Party, agrees that if any such Secured Party shall at any time hold a Lien on any Pledged or Controlled Collateral, and if such Pledged or Controlled Collateral is in fact in the possession or under the control of such Secured Party or any
of its respective agents or bailees, such Secured Party shall, solely for the purpose of perfecting the First Priority Liens granted under the First Lien Loan Documents and the Second Priority Liens granted under the
Second Lien Loan Documents also hold such Pledged or Controlled Collateral as bailee for, and hereby acknowledges that it shall hold possession of such Pledged or Controlled Collateral for the benefit of, the First Lien Administrative Agent and the
Second Lien Collateral Agent. No obligations shall be imposed on the Second Lien Collateral Agent, any First Lien Secured Party or Second Lien Secured Party by reason of this Section 5.02(a), and none of the Secured Parties shall have a
fiduciary relationship in respect of any other party by reason of this Section 5.02(a).    No party shall be required to take any action requested by any other party that such party in good faith believes exposes it to any
liability for expenses or other amounts unless such party receives an indemnity reasonably satisfactory to it from the party requesting action (it being agreed that nothing herein shall obligate any of the Administrative Agents to indemnify any
other party in its individual capacity). No Secured Party shall charge the First Lien Administrative Agent, or the Second Lien Collateral Agent a fee for holding such Collateral as bailee pursuant hereto. Before the Discharge of First Lien
Obligations, if requested by the First Lien Administrative Agent, the Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, agrees that it shall as promptly as practical turn over to the First Lien
Administrative Agent any Collateral in the possession or control of a Second Lien Secured Party, or take such steps as reasonably requested (at the relevant Grantor’s sole cost and expense) to enable to First Lien Administrative Agent to
acquire control of any Collateral over which such Second Lien Secured Party has control. Upon the Discharge of First Lien Obligations, if requested by the Second Lien Collateral Agent, the First Lien Administrative Agent, for itself and on behalf of
the other First Lien Secured Parties, agrees that it shall as promptly as practical turn over to the Second Lien Collateral Agent any Collateral in the possession or control of a First Lien Secured Party, or take such steps as reasonably requested
(at the relevant Grantor’s sole cost and expense) to enable to Second Lien Collateral Agent to acquire control of any Collateral over which such First Lien Secured Party has control. Upon the Discharge of Second Lien Obligations, and if any
Excess First Lien 

  
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Obligations remain outstanding, if requested by the First Lien Administrative Agent, the Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, agrees
that it shall as promptly as practical turn over to the First Lien Administrative Agent any Collateral in the possession or control of a Second Lien Secured Party, or take such steps as reasonably requested (at the relevant Grantor’s sole cost
and expense) to enable to First Lien Administrative Agent to acquire control of any Collateral over which such Second Lien Secured Party has control. Upon the repayment in full, in cash, of Excess First Lien Obligations, and if any Excess Second
Lien Obligations remain outstanding, if requested by the Second Lien Collateral Agent, the First Lien Administrative Agent, for itself and on behalf of the other First Lien Secured Parties, agrees that it shall as promptly as practical turn over to
the Second Lien Collateral Agent any Collateral in the possession or control of a First Lien Secured Party, or take such steps as reasonably requested (at the relevant Grantor’s sole cost and expense) to enable to Second Lien Collateral Agent
to acquire control of any Collateral over which such First Lien Secured Party has control. 
 Article VI 

Insolvency Proceedings 

Section 6.01    Finance and Sale Matters. 

(a)    Until the Discharge of First Lien Obligations has occurred, if any Grantor becomes subject to any Insolvency
Proceeding, the Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, agrees that the Second Lien Secured Parties: 

(i)    will not oppose or object to the use of any Collateral constituting cash collateral under
Section 363 of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law, unless the First Lien Secured Parties, or a representative authorized by the First Lien Secured Parties, shall oppose or object to
such use of cash collateral; 
 (ii)    will not oppose or object to any post-petition financing, whether
provided by the First Lien Secured Parties or any other Person, under Section 364 of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law (a “DIP Financing”), or
the Liens securing any DIP Financing (“DIP Financing Liens”), unless and to the same extent that the First Lien Secured Parties, or a representative authorized by the First Lien Secured Parties, shall then
oppose or object to such DIP Financing or such DIP Financing Liens, and, to the extent that such DIP Financing Liens are senior to, or rank pari passu with, the First Priority Liens, the Second Lien Collateral Agent will, for itself and on
behalf of the other Second Lien Secured Parties, subordinate the Second Priority Liens to the First Priority Liens and such DIP Financing Liens on the terms of this Agreement; provided that (x) the foregoing shall not prohibit the Second Lien
Collateral Agent or the Second Lien Secured Parties from objecting to any portions (and only such portions) of any such DIP Financing that (1) provide that, under a plan of reorganization, the DIP Financing may be converted into or constitute a
portion of an exit financing for the Company (or the applicable Grantors) or (2) requires confirmation of all 

  
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or substantially all of the specific and material terms of a plan of reorganization other than terms for a sale, liquidation or other Disposition of Collateral, and (y) the foregoing shall
not prevent the Second Lien Secured Parties from objecting to any portions (and only such portions) of any DIP Financing the principal amount of which exceeds the sum of (A) to the extent Refinanced in connection with, and included as part of,
such DIP Financing, the aggregate principal amount of pre-petition First Lien Obligations, and (B) the greater of (1) $20,000,000 and (2) 20% of the Borrowing Base under the First Lien Credit Agreement
most recently in effect prior to such applicable Insolvency Proceeding; 
 (iii)    except to the extent
permitted by paragraph (b) of this Section 6.01, in connection with the use of cash collateral as described in clause (i) above or a DIP Financing, will not request adequate protection or any other relief in connection with such use
of cash collateral, DIP Financing or DIP Financing Liens; 
 (iv)    shall not be prohibited from seeking
adequate protection in the form of additional collateral, provided that the First Lien Secured Parties agree that they are fully secured and provided that the First Lien Secured Parties shall also be granted a Lien on such additional collateral as
security for the First Lien Obligations and the provider of any DIP Financing may also be granted a Lien on such collateral as security for any DIP Financing and that any Lien on such additional collateral securing the Second Lien Obligations shall
be subordinated to the Liens on such collateral securing the First Lien Obligations and any DIP Financing (and all obligations relating thereto) and to any other Liens granted to the First Lien Secured Parties as adequate protection on the same
basis as the other First Priority Liens under this Agreement and the Liens securing any DIP Financing; and 

(v)    will not oppose or object to any Disposition of any Collateral free and clear of the Second Priority
Liens or other claims under Section 363 of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law, if the First Lien Secured Parties, or a representative authorized by the First Lien Secured Parties,
shall consent to such Disposition so long as the interests of the Second Lien Secured Parties in the Collateral (and any post-petition Property subject to adequate protection liens, if any, in favor of the Second Lien Collateral Agent) attach to the
proceeds, if any, thereof, subject to the terms of this Agreement. 
 (b)    Until the Discharge of First Lien
Obligations has occurred, the Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, agrees that no Second Lien Secured Party shall contest, or support any other Person in contesting, (i) any request by
the First Lien Administrative Agent or any other First Lien Secured Party for adequate protection or (ii) any objection, based on a claim of a lack of adequate protection, by the First Lien Administrative Agent or any other First Lien Secured
Party to any motion, relief, action or proceeding. Notwithstanding the immediately preceding sentence, if, before the Discharge of First Lien Obligations, in connection with any DIP Financing or use of cash collateral, (A) any First Lien
Secured Party is granted adequate protection in the form of a Lien on additional collateral, the Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, may seek or request adequate protection in the form of
a Lien on 

  
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such additional collateral, which Lien will be subordinated to the First Priority Liens and DIP Financing Liens on the same basis as the other Second Priority Liens are subordinated to the First
Priority Liens under this Agreement, or (B) any Second Lien Secured Party is granted adequate protection in the form of a Lien on additional collateral, the First Lien Administrative Agent shall, for itself and on behalf of the other First Lien
Secured Parties, be granted adequate protection in the form of a Lien on such additional collateral that is senior to such Second Priority Lien on the same basis as the other First Priority Liens are senior to the Second Priority Liens under this
Agreement as security for the First Lien Obligations. 
 Section 6.02    Relief from the Automatic Stay.
The Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, agrees that, so long as the Discharge of First Lien Obligations has not occurred, no Second Lien Secured Party shall, without the prior written
consent of the First Lien Administrative Agent, seek or request relief from or modification of the automatic stay or any other stay in any Insolvency Proceeding in respect of any part of the Collateral, any proceeds thereof or any Second Priority
Lien. 
 Section 6.03    Reorganization Securities. If, in any Insolvency Proceeding, debt
obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor are distributed, pursuant to a plan of reorganization or similar dispositive restructuring plan, on account of each of the First Lien Obligations and
the Second Lien Obligations, then, to the extent the debt obligations distributed on account of the First Lien Obligations and on account of the Second Lien Obligations are secured by Liens upon the same assets or property, the provisions of this
Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt obligations. 

Section 6.04    Post-Petition Interest. 

(a)    The Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, agrees that no
Second Lien Secured Party shall oppose or seek to challenge any claim by the First Lien Administrative Agent or any other First Lien Secured Party for allowance in any Insolvency Proceeding of First Lien Obligations consisting of post-petition
interest (whether at the Default Rate (as defined in the First Lien Credit Agreement) or otherwise in accordance with the First Lien Credit Agreement), fees or expenses to the extent of the aggregate value of the Collateral (it being understood and
agreed that such value shall be determined taking into account the existence of the First Priority Liens on the Collateral but without regard to the existence of the Second Priority Liens on the Collateral). 

(b)    The First Lien Administrative Agent, for itself and on behalf of the other First Lien Secured Parties, agrees that
no First Lien Secured Party shall oppose or seek to challenge any claim by the Second Lien Collateral Agent or any other Second Lien Secured Party for allowance in any Insolvency Proceeding of Second Lien Obligations consisting of post-petition
interest (whether at the Default Rate (as defined in the Second Lien Credit Agreement) or 

  
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otherwise in accordance with the Second Lien Credit Agreement), fees or expenses to the extent of the aggregate value of the Collateral (it being understood and agreed that such value shall be
determined taking into account the existence of the First Priority Liens on the Collateral but without regard to the existence of the Second Priority Liens on the Collateral). 

Section 6.05    Certain Waivers by the Second Lien Secured Parties. The Second Lien Collateral Agent, for
itself and on behalf of the other Second Lien Secured Parties, waives any claim any Second Lien Secured Party may hereafter have against any First Lien Secured Party arising out of (a) the election by any First Lien Secured Party of the
application of Section 1111(b)(2) of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law, or (b) any use of cash collateral or financing arrangement, or any grant of a Lien on the Collateral,
in any Insolvency Proceeding. 
 Section 6.06    Certain Voting Matters. Each of the First Lien
Administrative Agent, on behalf of the First Lien Secured Parties, and the Second Lien Collateral Agent, on behalf of the Second Lien Secured Parties, agrees that, without the written consent of the other, it will not seek to vote with the other as
a single class in connection with any plan of reorganization in any Insolvency Proceeding. 

Section 6.07    Separate Grants of Security and Separate Classification. Each of the First Lien Administrative
Agent, on behalf of the First Lien Secured Parties, and the Second Lien Collateral Agent on behalf of the Second Lien Secured Parties, acknowledges and agrees that (a) the grants of Liens pursuant to the First Lien Loan Documents and the Second
Lien Loan Documents constitute two separate and distinct grants of Liens and (b) because of, among other things, their differing rights in the Collateral, the First Lien Obligations and the Second Lien Obligations are fundamentally different
from each other and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that
the claims against the Secured Parties in respect of the Collateral constitute only one secured claim (rather than separate classes of first lien and second lien senior secured claims), then the Second Lien Collateral Agent, for itself and on behalf
of the other Second Lien Secured Parties, hereby acknowledges and agrees that all distributions shall be made as if there were separate classes of first lien and second lien senior secured claims against the Company and/or other Grantors in respect
of the Collateral with the effect being that (i) to the extent that the aggregate value of the Collateral is sufficient (for this purpose ignoring all claims held by the Second Lien Secured Parties), the First Lien Secured Parties shall be
entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest (whether at the Default
Rate (as defined in the First Lien Credit Agreement) or otherwise in accordance with the First Lien Credit Agreement) before any distribution is made in respect of the claims held by the Second Lien Secured Parties, and (ii) each Second Lien
Secured Party shall hold in trust for the benefit of the First Lien Secured Parties and forthwith turn over to the First Lien Administrative Agent for the benefit of the First Lien Secured Parties amounts otherwise received or receivable

  
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by such Second Lien Secured Party to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the claim or recovery of the Second Lien
Secured Parties. 
 Section 6.08    Insolvency Proceedings; Subordination Agreement. This Agreement shall
continue in full force and effect, notwithstanding the commencement of any Insolvency Proceeding by or against the Company or any Subsidiary. The parties hereto further acknowledge and agree that this Agreement is a “subordination
agreement” under Section 510(a) of the Bankruptcy Code and shall continue in full force and effect, notwithstanding the commencement of any Insolvency Proceeding by or against the Company or any Subsidiary. All
references in this Agreement to the Company or any Subsidiary or any other Grantor will include such Person or Persons as a debtor-in-possession and any receiver or
trustee for such Person or Persons in an Insolvency Proceeding. 
 Section 6.09    Proof of Claim. If no
proof of claim is filed in any Insolvency Proceeding with respect to any Second Lien Obligations by the tenth day prior to the bar date for any such proof of claim, the First Lien Administrative Agent may, after notice to the Second Lien Collateral
Agent or other representative, file such a proof of claim on behalf of the Second Lien Secured Parties, and each Second Lien Secured Party hereby irrevocably appoints the Administrative as its agent and attorney-in-fact for such limited purpose. 
 Article VII 

Other Agreements 

Section 7.01    Matters Relating to Facility Documents. 

(a)    Each of the Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, and
each of the Grantors agrees that before the Discharge of First Lien Obligations, the First Lien Loan Documents may be amended, restated, supplemented or otherwise modified (and consents to or waivers of noncompliance from the terms thereof may be
granted) in accordance with their terms, and the Obligations under the First Lien Loan Documents may be Refinanced, in each case, without the consent of any Second Lien Secured Party; provided, however, that, (x) in each case with respect to a
Refinancing, the holders of the Obligations resulting from any such Refinancing, or a duly authorized agent on their behalf, shall agree in writing to be bound by the terms of this Agreement and (y) without the consent of the Second Lien
Required Lenders (but for the avoidance of doubt no required consent of any other Second Lien Secured Parties), no such amendment, restatement, supplement, modification, consent, waiver or Refinancing (or successive amendments, restatements,
supplements, modifications or Refinancings) shall (i) contravene any provision of this Agreement, (ii) permit the incurrence of any First Lien Principal Obligations after the date of this Agreement if, immediately after giving
effect such incurrence, the First Lien Principal Obligations would exceed the First Lien Cap then in effect, (iii) increase the “Applicable 

  
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Margin” or similar component of the interest rate under the First Lien Loan Documents (excluding increases resulting from the accrual of interest at the default rate or a deficiency rate) by
more than 200 basis points without the Company offering an equivalent increase in the “Applicable Margin” or similar component of the interest rate under the Second Lien Loan Documents (excluding increases resulting from the accrual of
interest at the default rate or a deficiency rate) to the Second Lien Collateral Agent and the Second Lien Lenders, (iv) subject to the last sentence of this clause (a), add or increase any fees to the First Lien Loan Documents by more than 50
basis points per fee or by 150 basis points in the aggregate to the fees set forth in the First Lien Loan Documents (as in effect on the date hereof), (v) extend the Maturity Date of the Obligations under the First Lien Credit
Agreement or any Refinancing thereof beyond the Maturity Date of the Obligations under the Second Lien Credit Agreement; (vi) increase the two percent (2%) additional margin of interest that becomes due in connection with a default;
(vii) contractually subordinate in right of payment any of the First Lien Obligations incurred under the First Lien Credit Agreement or contractually subordinate the First Priority Liens (other than a subordination to any permitted obligations
secured by Liens permitted under the First Lien Credit Agreement and the Second Lien Credit Agreement); (viii) amend the definition of “Borrowing Base,” “Borrowing Base Deficiency,” “Cash Collateral Account,”
“Independent Engineering Report,” “Internal Engineering Report,” or any component definition thereof in a manner adverse to the Second Lien Secured Parties, or (ix) amend any covenant or event of default that directly
restricts one or more Grantors from making payments under the Second Lien Credit Agreement that would otherwise not be prohibited under the First Lien Credit Agreement as in effect on the date hereof. For the avoidance of doubt, the limitations in
clause (iv) above shall not apply to (x) any borrowing base increase fee or similar commitment fee payable to the First Lien Lenders or any fee which may be payable only to the First Lien Administrative Agent or any affiliate thereof
(whether acting as an arranger or as the First Lien Administrative Agent), whether payable at one time or in multiple installments, or (y) any upfront, waiver or amendment fee paid in syndication, whether on account of new commitments or in
connection with any amendment, restatement, consent or waiver to the First Lien Loan Documents. 
 (b)    The First Lien
Administrative Agent, for itself and on behalf of the other First Lien Secured Parties, and each of the Grantors agrees that the Second Lien Loan Documents may be amended, restated, supplemented or otherwise modified (and consents to or waivers of
noncompliance from the terms thereof may be granted) in accordance with their terms and the Second Lien Obligations may be Refinanced, in each case, without the consent of any First Lien Secured Party; provided however, that, until the Discharge of
First Lien Obligations, (x) in each case with respect to a Refinancing, the holders of the Obligations resulting from any such Refinancing, or a duly authorized agent on their behalf, shall agree in writing to be bound by the terms of this
Agreement and (y) without the prior written consent of the First Lien Majority Lenders (but for the avoidance of doubt no required consent of any other First Lien Secured Parties), no Second Lien Loan Document may be amended, restated,
supplemented or otherwise modified, or entered into, or Refinanced, or the non-compliance from the terms thereof be consented to or waived, to the extent such amendment, restatement, supplement or
modification, or the terms of such new Second Lien Loan Document, or such Refinancing, or consent or waiver would (i) contravene the provisions of this Agreement, (ii) result in the aggregate

  
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principal amount of the loans made under the Second Lien Loan Documents to exceed the Second Lien Cap, (iii) increase the “Applicable Margin” or similar component of the interest
rate (including any interest that is paid-in-kind) under the Second Lien Loan Documents by more than 200 basis points (excluding increases resulting from the accrual of
interest at the default rate) without the Company offering an equivalent increase in the “Applicable Margin” or similar component of the interest rate under the First Lien Loan Documents (excluding increases resulting from the accrual of
interest at the default rate) to the First Lien Administrative Agent and the First Lien Lenders, (iv) subject to the last sentence of this clause (b), add or increase any fees to the Second Lien Loan Documents by more than 50 basis points per
fee or by 150 basis points in the aggregate to the fees set forth in the Second Lien Loan Documents (as in effect on the date hereof), (v) increase the two percent (2%) additional margin of interest that becomes due in connection with a default,
(vi) change to earlier dates any scheduled dates for payment of principal or of interest on the Second Lien Obligations, (vii) change any default or event of default provisions set forth in the Second Lien Loan Documents in a manner
adverse to the First Lien Secured Parties, (viii) change the redemption, prepayment, repurchase, tender or defeasance provisions set forth in the Second Lien Loan Documents in a manner that would require a redemption, prepayment, repurchase,
tender or defeasance not required pursuant to the terms of the Second Lien Loan Documents as of the date hereof (other than extensions in the times therefor but including any increases to the prepayment premiums required in connection therewith) or
in a manner otherwise adverse to First Lien Secured Parties, (ix) add to the Second Lien Collateral other than as specifically provided by this Agreement, (x) add, supplement or otherwise modify any financial covenant or negative covenant
to make it more restrictive than the First Lien Credit Agreement, (xi) otherwise materially increase the obligations of the Company or the other Loan Parties thereunder or confer additional rights on the Second Lien Secured Parties in a manner
materially adverse to the First Lien Secured Parties, (xii) amend the definition of “Advances,” “Collateral,” “Net Cash Proceeds,” or any component definition thereof, or Section 2.04(a),
Section 2.04(b)(i) or Section 2.04(b)(ii) of the Second Lien Credit Agreement (or the defined terms used therein or the components thereof), in each case, in a manner adverse to the First Lien Secured Parties, or (xiii) amend any
covenant or event of default that directly restricts one or more Grantors from making payments under the First Lien Credit Agreement that would otherwise not be prohibited under the Second Lien Credit Agreement as in effect on the date hereof.
Without prejudice to any rights of the First Lien Lenders under the First Lien Credit Agreement (including any covenants therein that may restrict such Refinancings), Obligations under the Second Lien Loan Documents may be Refinanced if (A) the
terms and conditions of such Second Lien Refinancing Debt are no less favorable in the aggregate to the First Lien Secured Parties and no less favorable in the aggregate to the Company and its Subsidiaries, in each case, than the terms and
conditions of the Obligations then outstanding under the Second Lien Credit Agreement, (B) the final maturity and the weighted average life to maturity of such Second Lien Refinancing Debt is at least equal to that of the Obligations then
outstanding under the Second Lien Credit Agreement as in effect on the date hereof and (C) if such Second Lien Refinancing Debt is secured, the holders of such Second Lien Refinancing Debt, or a duly authorized agent on their behalf, agree in
writing to be bound by the terms of this Agreement. For the avoidance of doubt, the limitations in clause (iv) above shall not apply to (x) any fee paid to a Second Lien Lender in connection with new loans advanced, or any fee which may be

  
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payable only to the Second Lien Collateral Agent, acting in such capacity, whether payable at one time or in multiple installments or (y) to any upfront, waiver or amendment fee paid in
syndication, whether on account of new commitments or in connection with any amendment, consent or waiver to the Second Lien Loan Documents. 

(c)    Each of the Grantors, and the Second Lien Collateral Agent, for itself and on behalf of each other Second Lien
Secured Party, agrees that (i) the Second Lien Credit Agreement and each Second Lien Security Document shall contain the applicable provisions set forth on Annex I hereto, or similar provisions approved by the First Lien Administrative Agent,
which approval shall not be unreasonably withheld, conditioned or delayed, and (ii) each Second Lien Mortgage covering any Collateral shall contain such other language as the First Lien Administrative Agent may reasonably request to reflect the
subordination of such Second Lien Mortgage to the applicable First Lien Security Document covering such Collateral pursuant to this Agreement. 

(d)    Each of the Company and the First Lien Administrative Agent, for itself and on behalf of each other First Lien
Secured Party, agrees that the Company will not, and will not be permitted to, incur new First Lien Principal Obligations in excess of the First Lien Cap in effect at the time of such incurrence without the consent of the Second Lien Required
Lenders (but for the avoidance of doubt no consent of any other Second Lien Secured Parties). Notwithstanding anything herein to the contrary and for the avoidance of doubt, this Section 7.01(d) and any other provision herein related to a First
Lien Cap shall cease to apply upon the occurrence of the Discharge of Second Lien Obligations. 

Section 7.02    Effect of Refinancing of First Lien Obligations and Second Lien Obligations.  

(a)    If, substantially contemporaneously with the Discharge of First Lien Obligations to the extent not prohibited by the
terms of the Second Lien Credit Agreement, the Company Refinances the First Lien Obligations (including an increase thereof, or any change to the terms thereof, in each case to the extent permitted by Section 7.01 hereof) and provided that
(a) such Refinancing is not prohibited by the terms of this Agreement and (b) the Company gives to the Second Lien Collateral Agent written notice (the “First Lien Refinancing Notice”) electing the
application of the provisions of this Section 7.02(a) to such First Lien Refinancing Debt, then (i) such Discharge of First Lien Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement,
(ii) such First Lien Refinancing Debt and all other obligations under the loan documents evidencing such Obligations (the “New First Lien Obligations”) shall automatically be treated as First Lien
Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, (iii) the credit agreement (or similar instrument) and the other loan and security documents
evidencing such First Lien Refinancing Debt (the “New First Lien Loan Documents”) shall automatically be treated as the First Lien Credit Agreement and the First Lien Loan Documents and, in the case of New First
Lien Loan Documents that are security documents, as the First Lien Security Documents for all purposes of this Agreement, (iv) the Administrative Agent under the New First Lien Loan Documents (the “New First Lien Administrative
Agent”) shall be deemed to be the First Lien Administrative Agent for all purposes of this Agreement and (v) the lenders under 

  
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the New First Lien Loan Documents shall be deemed to be the First Lien Lenders for all purposes of this Agreement. Upon receipt of a First Lien Refinancing Notice, which notice shall include the
identity of the New First Lien Administrative Agent, the Second Lien Collateral Agent shall promptly enter into such documents and agreements (including amendments or supplements to this Agreement) as the Company or such New First Lien
Administrative Agent may reasonably request in order to provide to the New First Lien Administrative Agent the rights and powers contemplated hereby, in each case consistent in all material respects with the terms of this Agreement. The Company
shall cause the agreement, document or instrument pursuant to which the New First Lien Administrative Agent is appointed to provide that the New First Lien Administrative Agent agrees to be bound by the terms of this Agreement. In furtherance of
Section 2.03 but subject to the exceptions in the first parenthetical thereof, if the New First Lien Obligations are secured by assets of the Grantors that do not also secure the Second Lien Obligations, the applicable Grantors shall promptly
grant to the Second Lien Collateral Agent for the benefit of the Second Lien Secured Parties a Second Priority Lien on such assets to secure the Second Lien Obligations, each of such Liens being subject to the terms of this Agreement; provided,
however, to the extent that such assets constitute Excluded Properties or a Lien thereon is not otherwise required by the express terms of the Second Lien Loan Documents, then this sentence shall not apply to such assets. 

(b)    If, substantially contemporaneously with the Discharge of Second Lien Obligations to the extent not prohibited by
the terms of the First Lien Credit Agreement, the Company Refinances the Second Lien Obligations (including an increase thereof, or any change to the terms thereof, in each case to the extent permitted by Section 7.01 hereof) and provided that
(a) such Refinancing is not prohibited by the terms of this Agreement and (b) the Company gives to the First Lien Collateral Agent written notice (the “Second Lien Refinancing Notice”) electing the
application of the provisions of this Section 7.02(b) to such Second Lien Refinancing Debt, then (i) such Discharge of Second Lien Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement,
(ii) such Second Lien Refinancing Debt and all other obligations under the loan documents evidencing such Obligations (the “New Second Lien Obligations”) shall automatically be treated as Second Lien
Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, (iii) the credit agreement (or similar instrument) and the other loan and security documents
evidencing such Second Lien Refinancing Debt (the “New Second Lien Loan Documents”) shall automatically be treated as the Second Lien Credit Agreement and the Second Lien Loan Documents and, in the case of New
Second Lien Loan Documents that are security documents, as the Second Lien Security Documents for all purposes of this Agreement, (iv) the administrative agent or collateral agent, as applicable, under the New Second Lien Loan Documents (the
“New Second Lien Collateral Agent”) shall be deemed to be the Second Lien Collateral Agent for all purposes of this Agreement and (v) the lenders under the New Second Lien Loan Documents shall be deemed to
be the Second Lien Lenders for all purposes of this Agreement. Upon receipt of a Second Lien Refinancing Notice, which notice shall include the identity of the New Second Lien Collateral Agent, the First Lien Administrative Agent shall promptly
enter into such documents and agreements (including amendments or supplements to this Agreement) as the Company or such New Second Lien Collateral Agent may reasonably request in order to provide to the New Second Lien Collateral

  
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Agent the rights and powers contemplated hereby, in each case consistent in all material respects with the terms of this Agreement. The Company shall cause the agreement, document or instrument
pursuant to which the New Second Lien Collateral Agent is appointed to provide that the New Second Lien Collateral Agent agrees to be bound by the terms of this Agreement. In furtherance of Section 2.03, if the New Second Lien Obligations are
secured by assets of the Grantors that do not also secure the First Lien Obligations, the applicable Grantors shall promptly grant to the First Lien Administrative Agent for the benefit of the First Lien Secured Parties a First Priority Lien on such
assets to secure the First Lien Obligations, each of such Liens being subject to the terms of this Agreement; provided, however, to the extent that such assets constitute Excluded Properties or a Lien thereon is not otherwise required by the express
terms of the First Lien Loan Documents, then this sentence shall not apply to such assets. 
 Section 7.03    No
Waiver by First Lien Secured Parties. Other than with respect to the Second Lien Permitted Actions, nothing contained herein shall prohibit or in any way limit the First Lien Administrative Agent or any other First Lien Secured Party from
opposing, challenging or objecting to, in any Insolvency Proceeding or otherwise, any action taken, or any claim made, by the Second Lien Collateral Agent or any other Second Lien Secured Party, including any request by the Second Lien Collateral
Agent or any other Second Lien Secured Party for adequate protection or any exercise by the Second Lien Collateral Agent or any other Second Lien Secured Party of any of its rights and remedies under the Second Lien Loan Documents or otherwise. 

Section 7.04    Reinstatement.  

(a)    If, in any Insolvency Proceeding or otherwise, all or part of any payment with respect to the First Lien Obligations
previously made shall be rescinded for any reason whatsoever, then the First Lien Obligations shall be reinstated to the extent of the amount so rescinded and, if theretofore terminated, this Agreement shall be reinstated in full force and effect
and such prior termination shall not diminish, release, discharge, impair or otherwise affect the Lien priorities and the relative rights and obligations of the First Lien Secured Parties and the Second Lien Secured Parties provided for herein. 

(b)    If in any Insolvency Proceeding or otherwise, all or part of any payment with respect to the Second Lien
Obligations previously made shall be rescinded for any reason whatsoever, then the Second Lien Obligations shall be reinstated to the extent of the amount so rescinded and, if theretofore terminated, this Agreement shall be reinstated in full force
and effect and such prior termination shall not diminish, release, discharge, impair or otherwise affect the Lien priorities and the relative rights and obligations of the First Lien Secured Parties and the Second Lien Secured Parties provided for
herein. 

  
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 Section 7.05    Further Assurances. Each of the First Lien
Administrative Agent, for itself and on behalf of the other First Lien Secured Parties, the Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, and each Grantor, for itself and on behalf of its
Subsidiaries, agrees that it will execute, or will cause to be executed, any and all further documents, agreements and instruments, and take all such further actions, as may be required under any applicable Legal Requirement, or which the First Lien
Administrative Agent or the Second Lien Collateral Agent may reasonably request, to effectuate the terms of this Agreement, including the relative Lien priorities and rights and remedies with respect to Collateral provided for herein. 

Section 7.06    Notice of Acceleration. Subject to the terms of this Agreement, each of the First Lien
Administrative Agent and the Second Lien Collateral Agent shall endeavor to provide advance notice to each other of an acceleration of any Obligations in respect of the First Lien Obligations or the Second Lien Obligations, as the case may be (other
than with respect to any automatic accelerations pursuant to the First Lien Credit Agreement or the Second Lien Credit Agreement, as applicable); provided, however, no such party’s failure to give such notice under this Section 7.06 shall
(i) create any claim or cause of action on the part of the other party against the party failing to give such notice for any reason whatsoever or (ii) impair the effectiveness of any such acceleration. Nothing contained in this
Section 7.06 shall limit, restrict, alleviate, or amend any notice requirement otherwise provided in this Agreement or otherwise required under applicable Legal Requirement. 

Article VIII 

Representations and Warranties 

Section 8.01    Representations and Warranties of Each Party. Each party hereto represents and warrants to the
other parties hereto as follows: 
 (a)    Such party is duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization or formation and has all requisite power and authority to execute and deliver this Agreement and perform its obligations hereunder. 

(b)    This Agreement has been duly executed and delivered by such party and constitutes a legal, valid and binding
obligation of such party, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency or similar Laws of general application relating to the enforcement of creditors’ rights and by general
principles of equity. 
 (c)    The execution, delivery and performance by such party of this Agreement (i) do not
require any consent or approval of, registration or filing with or any other action by any Governmental Authority and (ii) will not violate any provision of law, statute, rule or regulation, or of the certificate or articles of incorporation or
other constitutive documents or by-laws of such party or any order of any Governmental Authority or any provision of any indenture, agreement or other instrument binding upon such party. 

  
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 Section 8.02    Representations and Warranties of Each Administrative
Agent. Each Administrative Agent represents and warrants to the other parties hereto that it has been authorized by the Lenders under and as defined in the First Lien Credit Agreement or the Second Lien Credit Agreement, as applicable, to enter
into this Agreement for and on behalf of such Lenders. 
 Article IX 

No Reliance; No Liability; Obligations Absolute 

Section 9.01    No Reliance; Information. Each Administrative Agent, for itself and on behalf of the
applicable other Secured Parties, acknowledges that (a) it and such Secured Parties have, independently and without reliance upon, (i) in the case of the First Lien Secured Parties, any Second Lien Secured Party, and (ii) in the case
of the Second Lien Secured Parties, any First Lien Secured Party, and based on such documents and information as they have deemed appropriate, made their own credit analyses and decisions to enter into the Facility Documents to which they are party,
and (b) it and such Secured Parties will, independently and without reliance upon, (i) in the case of the First Lien Secured Parties, any Second Lien Secured Party and (ii) in the case of the Second Lien Secured Parties, any First
Lien Secured Party, and based on such documents and information as they shall from time to time deem appropriate, continue to make their own credit decisions in taking or not taking any action under this Agreement or any other Facility Document to
which they are party. No Secured Party shall have any duty to disclose to any other Secured Party, any information relating to the Parent, the Company or any Subsidiary, or any other circumstance bearing upon the risk of nonpayment of any of the
First Lien Obligations or the Second Lien Obligations, as the case may be, that is known or becomes known to any of them or any of their Affiliates. In the event any Secured Party, in its sole discretion, undertakes at any time or from time to time
to provide any such information to any other Secured Party, it shall be under no obligation (i) to make, and shall not make or be deemed to have made, any express or implied representation or warranty, including with respect to the accuracy,
completeness, truthfulness or validity of the information so provided, (ii) to provide any additional information or to provide any such information on any subsequent occasion or (iii) to undertake any investigation. 

Section 9.02    No Warranties or Liability. 

(a)    The First Lien Administrative Agent, for itself and on behalf of the other First Lien Secured Parties, acknowledges
and agrees that, except for the representations and warranties set forth in Article VIII, no Second Lien Secured Party has made any express or implied representation or warranty, including with respect to the execution, validity, legality,
completeness, collectability or enforceability of any of the Second Lien Loan Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. The Second Lien 

  
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Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, acknowledges and agrees that, except for the representations and warranties set forth in Article VIII, no
First Lien Secured Party has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or enforceability of any of the First Lien Loan Documents, the ownership
of any Collateral or the perfection or priority of any Liens thereon. 
 (b)    No Administrative Agent or other Secured
Party shall have any express or implied duty to any other Administrative Agent or Secured Party, to act or refrain from acting in a manner which allows, or results in, the occurrence or continuance of a default or an event of default under any First
Lien Loan Document and any Second Lien Loan Document (other than, in each case, this Agreement), regardless of any knowledge thereof which they may have or be charged with. 

(c)    Except to the extent that may otherwise be expressly provided in this Agreement, the Second Lien Collateral Agent,
for itself and on behalf of the other Second Lien Secured Parties, agrees that no First Lien Secured Party shall have any liability to the Second Lien Collateral Agent or any other Second Lien Secured Party, and hereby waives any claim against any
First Lien Secured Party, arising out of any and all actions which the First Lien Administrative Agent or the other First Lien Secured Parties may take or permit or omit to take with respect to (i) the First Lien Loan Documents (other than this
Agreement), (ii) the collection of the First Lien Obligations or (iii) the maintenance of, the preservation of, the foreclosure upon or the Disposition of any Collateral. 

Section 9.03    Obligations Absolute. The Lien priorities provided for herein and the respective
rights, interests, agreements and obligations hereunder of each of the Administrative Agents and the other Secured Parties shall remain in full force and effect irrespective of: 

(a)    any lack of validity or enforceability of any Facility Document; 

(b)    subject to the limitations set forth in Section 7.01, any change in the time, place or manner of payment of,
or in any other term of (including the Refinancing of), all or any portion of the First Lien Obligations or the Second Lien Obligations, it being specifically acknowledged that a portion of the First Lien Obligations consists or may consist of
Obligations that is revolving in nature, and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed; 

(c)    subject to the limitations set forth in Section 7.01, any change in the time, place or manner of payment of,
or, in any other term of, all or any portion of the First Lien Obligations or the Second Lien Obligations; 
 (d)    any
amendment, waiver or other modification, whether by course of conduct or otherwise, of any Facility Document; 

  
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 (e)    the securing of any First Lien Obligations or Second Lien Obligations
with any additional collateral or guaranty agreements, or any exchange, release, voiding, avoidance or non-perfection of any security interest in any Collateral or any other collateral or any release of any
guarantee securing any First Lien Obligations or Second Lien Obligations; or 
 (f)    any other circumstances that
otherwise might constitute a defense available to, or a discharge of, the Parent, the Company or any Subsidiary in respect of the First Lien Obligations, the Second Lien Obligations, or this Agreement, or any of the Second Lien Secured Parties in
respect of this Agreement. 
 Article X 

Miscellaneous 

Section 10.01    Notices. (a) Notices and other communications provided for herein shall be in writing
and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier, or delivered by electronic mail to the electronic mail address, as follows: 

(i)    if to the Company or any other Grantor, to it at its address for notices set forth in the Facility
Agreements; and 
 (ii)    if to the First Lien Administrative Agent, to it at its address for notices
set forth in the First Lien Credit Agreement; and 
 (iii)    if to the Second Lien Collateral Agent, to
it at its address for notices set forth in the Second Lien Credit Agreement. 
 Notices sent by hand or overnight courier service, or mailed by certified or
registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent if the sender receives an acknowledgement of receipt (except that, if not given during normal business hours
for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in subsection (b) below, shall be effective
as provided in said subsection (b). 
 (b)    Electronic Communications. Notices and other communications may be
delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agents, provided that the foregoing shall not apply
to notices to any party if such party has notified the other parties hereto that it is incapable of receiving notices by electronic communication. 

Unless the applicable Administrative Agent otherwise prescribes, notices and other communications sent to an
e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such 

  
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notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next
business day for the recipient. 
 (c)    Change of Address, Etc. Each Grantor and each Administrative Agent may
change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. 

Section 10.02    Conflicts. In the event of any conflict or inconsistency between the provisions of this
Agreement and the provisions of the other Facility Documents, the provisions of this Agreement shall control; provided, however, that (a) as between any Grantor, on the one hand, and any First Lien Secured Party on the other hand, the terms of
this Agreement (i) shall not result in a waiver of any default or event of default under any document entered into in connection with First Lien Obligations and (ii) do not constitute the right or permission of any Grantor to incur any
indebtedness or to grant any lien which is not expressly permitted, or to take any other actions which are prohibited, under the First Lien Credit Agreement, and (b) as between any Grantor, on the one hand, and any Second Lien Secured Party on
the other hand, the terms of this Agreement (i) shall not result in a waiver of any default or event of default under any document entered into in connection with Second Lien Obligations, and (ii) do not constitute the right or permission
of any Grantor to incur any indebtedness or to grant any lien which is not expressly permitted, or to take any other actions which are prohibited, under the Second Lien Credit Agreement. 

Section 10.03    Effectiveness; Survival. This Agreement shall become effective when executed and delivered by
the parties hereto. All covenants, agreements, representations and warranties made by any party in this Agreement shall be considered to have been relied upon by the other parties hereto and such covenants and agreements shall survive the execution
and delivery of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency Proceeding. The Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured
Parties, hereby waives any and all rights the Second Lien Secured Parties may now or hereafter have under applicable Legal Requirement to revoke this Agreement or any of the provisions of this Agreement. The First Lien Administrative Agent, for
itself and on behalf of the other First Lien Secured Parties, hereby waives any and all rights the First Lien Secured Parties may now or hereafter have under applicable Legal Requirement to revoke this Agreement or any of the provisions of this
Agreement. 
 Section 10.04    Severability. In the event any one or more of the provisions contained in
this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby (it being understood that the
invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties 

  
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shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the
invalid, illegal or unenforceable provisions. 
 Section 10.05    Amendments; Waivers. 

(a)    No failure or delay on the part of any party hereto in exercising any power or right hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party therefrom shall
in any event be effective unless the same shall be permitted by paragraph (b) of this Section 10.05, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. 

(b)    Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement
or agreements in writing entered into by the First Lien Administrative Agent (subject to compliance with Section 9.03 of the First Lien Credit Agreement) and the Second Lien Collateral Agent (subject to compliance with Section 9.03 of the
Second Lien Credit Agreement), provided that no such agreement shall amend, modify or otherwise affect (i) the rights or obligations of the Company or any Grantor without such Person’s prior written consent; or (ii) Sections
3.04(b), 3.06 (to the extent it is subject to the rights of Grantors under the First Lien Loan Documents), 5.01(c)(ii), 7.01, 7.02, 7.05, 8.01, 10.01, 10.03, 10.04, 10.05, 10.08, 10.09, 10.12, 10.13, and 10.14 of this Agreement and related
definitions, in each case, in a manner adverse to the Company, without the prior written consent of the Company provided that no such consent shall be necessary if an “Event of Default” has occurred and is continuing under either the First
Lien Credit Agreement or the Second Lien Credit Agreement. 
 Section 10.06    Subrogation. 

(a)    So long as the Discharge of First Lien Obligations has not occurred, the Second Lien Collateral Agent, for itself
and on behalf of the other Second Lien Secured Parties, hereby waives any rights of subrogation it or they may acquire as a result of any payment hereunder; provided, however, that, as between the Company and the other Grantors, on the one
hand, and the Secured Parties on the other hand, any such payment that is paid over to the First Lien Administrative Agent pursuant to this Agreement shall be deemed not to reduce any of the Second Lien Obligations unless and until the Discharge of
First Lien Obligations shall have occurred and the First Lien Administrative Agent delivers any such payment to the Second Lien Collateral Agent. 

(b)    The Second Lien Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby waives
any right of subrogation it or they may have or otherwise acquire as a result, and solely to the extent, of the repayment (by the Company or otherwise) of outstanding First Lien Obligations with proceeds of loans made under any of the Second Lien
Loan Documents. 

  
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 Section 10.07    Applicable Law; Jurisdiction. 

(a)    Governing Law. This Agreement and any claim, controversy, dispute or cause of action (whether in contract or
tort or otherwise) based upon, arising out of or relating to this Agreement shall be governed by, and construed in accordance with, the law of the State of New York. 

(b)    Jurisdiction. Each party hereto irrevocably and unconditionally agrees that it will not commence any action,
litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against any other party hereto in any way relating to this Agreement or the transactions relating hereto or thereto, in any
forum other than the courts of the State of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and
unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by applicable
Legal Requirement, in such federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing in this Agreement shall affect any right that any party hereto may otherwise have to bring any action or proceeding relating to this Agreement or any other document related hereto against the Company or any other
Grantor or its properties in the courts of any jurisdiction. 
 (c)    Waiver of Venue. The Company and each
other Loan Party irrevocably and unconditionally waives, to the fullest extent permitted by applicable Legal Requirement, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating
to this Agreement or any other Facility Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable Legal Requirement, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (d)    Service of
Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 10.01. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by
applicable Legal Requirement. 
 Section 10.08    Waiver of Jury Trial. EACH PARTY HERETO HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENT, ANY RIGHT IT MAY HAVE TO 

  
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A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT
OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY 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 10.08. 

Section 10.09    Parties in Interest. The provisions of this Agreement shall be binding upon each Loan Party
party hereto, the First Lien Administrative Agent, the Second Lien Collateral Agent, and their respective successors and assigns, as well as the other First Lien Secured Parties and Second Lien Secured Parties, all of whom are bound by this
Agreement. The provisions of this Agreement shall inure to the benefit of First Lien Administrative Agent, the Second Lien Collateral Agent, the First Lien Secured Parties, the Second Lien Secured Parties, and their respective successors and
assigns. The provisions of this Agreement referenced in Section 10.05(b)(ii) shall inure to the benefit of the Company. The First Lien Secured Parties, the Second Lien Secured Parties, and their respective successors and assigns are intended to
be third party beneficiaries of this Agreement. Except for the parties to this Agreement to the extent aforesaid, the First Lien Secured Parties, the Second Lien Secured Parties, and their respective successors and assigns, no other Person shall
have or be entitled to assert rights or benefits hereunder. 
 Section 10.10    Specific Performance. Each
Administrative Agent may demand specific performance of this Agreement and, on behalf of itself and the respective other Secured Parties, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense that might
be asserted to bar the remedy of specific performance in any action which may be brought by the respective Secured Parties. 

Section 10.11    Headings. Article and Section headings used herein and the Table of Contents hereto are for
convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

Section 10.12    Counterparts. This Agreement may be executed in counterparts (and by different parties hereto
on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract, and shall become effective as provided in Section 10.03. Delivery of an executed signature page to
this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

  
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 Section 10.13    Provisions Solely to Define Relative Rights. The
provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the First Lien Secured Parties and the Second Lien Secured Parties in relation to one another. Except as expressly provided in this
Agreement, none of the Company, any other Grantor, any Guarantor or any other creditor thereof shall have any rights or obligations hereunder and none of the Company, any other Grantor or any Guarantor may rely on the terms hereof except to the
extent of any obligations in favor of the Company or other Grantor expressly provided for herein and the provisions referenced in Section 10.05(b) hereof. Nothing in this Agreement is intended to or shall impair the obligations of the Company
or any other Grantor or any Guarantor to pay the First Lien Obligations and the Second Lien Obligations as and when the same shall become due and payable in accordance with their terms. 

Section 10.14    Concerning the Administrative Agents. It is understood and agreed that (a) the First
Lien Administrative Agent is entering into this Agreement in its capacity as administrative agent under the First Lien Credit Agreement and the provisions of the First Lien Credit Agreement applicable to the Administrative Agent (as defined therein)
thereunder shall also apply to the First Lien Administrative Agent hereunder, and (b) the Second Lien Collateral Agent is entering into this Agreement in its capacity as administrative agent under the Second Lien Credit Agreement and the
provisions of the Second Lien Credit Agreement applicable to the Administrative Agent (as defined therein) thereunder shall also apply to the Second Lien Collateral Agent hereunder. Notwithstanding anything in this Agreement to the contrary, no
provision of this Agreement shall require any Administrative Agent to monitor any Grantor’s or Guarantor’s financial condition, compliance with covenants or any other circumstance bearing on the risk of
non-payment, except as may be expressly provided in the applicable Facility Document. 

Section 10.15    Sharing of Information. The Company agrees that each First Lien Secured Party and each Second
Lien Secured Party may (but is not obligated to) share with any other First Lien Secured Party and any other Second Lien Secured Party, any information provided to such disclosing First Lien Secured Party or Second Lien Secured Party notwithstanding
an request or demand by the Company that such information be kept confidential; provided, that such information shall otherwise be subject to the respective confidentiality provisions in the First Lien Credit Agreement and the Second Lien
Credit Agreement, as applicable. 
 Unless otherwise expressly stated, if a party may not take an action under this Agreement, then it may
not take that action indirectly, or support any other Person in taking that action directly or indirectly. “Taking an action indirectly” means taking an action that is not expressly prohibited for the party but is intended to have
substantially the same effects as the prohibited action. 
 [Remainder of this page intentionally left blank] 

  
 51 

 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. 
  

			
	COMPANY:
	
	PENN VIRGINIA HOLDING CORP.
		
	By:	 	 /s/ Steven A. Hartman

	Name:	 	Steven A. Hartman
	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer
	
	PARENT:
	
	PENN VIRGINIA CORPORATION
		
	By:	 	 /s/ Steven A. Hartman

	Name:	 	Steven A. Hartman
	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer
	
	SUBSIDIARY GRANTORS:
	
	PENN VIRGINIA OIL & GAS CORPORATION
	PENN VIRGINIA OIL & GAS GP LLC
	PENN VIRGINIA OIL & GAS LP LLC
	PENN VIRGINIA MC CORPORATION
	PENN VIRGINIA MC ENERGY L.L.C.
	PENN VIRGINIA MC GATHERING COMPANY L.L.C.
	PENN VIRGINIA MC OPERATING COMPANY L.L.C.
	PENN VIRGINIA RESOURCE HOLDINGS CORP.
		
	Each By:	 	 /s/ Steve A. Hartman

	Name:	 	Steven A. Hartman
	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer
	
	PENN VIRGINIA OIL & GAS, L.P.
	
	By: Penn Virginia Oil & Gas GP LLC, its general partner
		
	By:	 	 /s/ Steven A. Hartman

	Name:	 	Steven A. Hartman
	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer

  
 Intercreditor
Agreement 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as First Lien Administrative Agent

		
	By:	 	 /s/ Paul Squires

	Name:	 	Paul Squires
	Title:	 	Managing Director

  
 Intercreditor
Agreement 

 
			
	JEFFERIES FINANCE LLC, as Second Lien Collateral Agent
		
	By:	 	 /s/ John Koehler

	Name:	 	John Koehler
	Title:	 	Senior Vice President

  
 Intercreditor
Agreement 

 ANNEX I 

Provision for the Second Lien Credit Agreement 

“Reference is made to the Intercreditor Agreement dated as of September 29, 2017 (as amended, restated, supplemented or otherwise modified from time
to time, the “Intercreditor Agreement”), among Penn Virginia Holding Corp. (the “Company”), Penn Virginia Corporation (the “Parent”), each other grantor
party thereto (the “Subsidiary Grantors” and together with the Company and the Parent, the “Loan Parties”), Wells Fargo Bank, National Association, as agent for the First Lien Lenders (as defined
therein) (in such capacity, the “First Lien Administrative Agent”), and JEFFERIES FINANCE LLC, as administrative agent and collateral agent for the Second Lien Lenders (as defined therein) (in such capacities, the
“Second Lien Collateral Agent”). Each Lender hereunder (a) acknowledges that it has received a copy of the Intercreditor Agreement, (b) consents to the subordination of Liens provided for in the Intercreditor
Agreement, (c) agrees that it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreement and (d) authorizes and instructs the Administrative Agent to enter into the Intercreditor Agreement as
“Second Lien Collateral Agent” and on behalf of such Lender. The foregoing provisions are intended as an inducement to the lenders under the First Lien Credit Agreement to permit the incurrence of the Obligations hereunder and to extend
credit to the Company and such lenders are intended third party beneficiaries of such provisions.” 
 Provision for the Second Lien Security
Documents 
 “Reference is made to the Intercreditor Agreement dated as of September 29, 2017 (as amended, restated, supplemented or otherwise
modified from time to time, the “Intercreditor Agreement”), among Penn Virginia Holding Corp. (the “Company”), Penn Virginia Corporation (the “Parent”),
each other grantor party thereto (the “Subsidiary Grantors” and together with the Company and the Parent, the “Loan Parties”), Wells Fargo Bank, National Association, as agent for the First Lien
Lenders (as defined therein) (in such capacity, the “First Lien Administrative Agent”), and JEFFERIES FINANCE LLC, as administrative agent and collateral agent for the Second Lien Lenders (as defined therein) (in such
capacities, the “Second Lien Collateral Agent”). Notwithstanding anything herein to the contrary, the lien and security interest granted to the Administrative Agent, for the benefit of the Secured Parties, pursuant to this
Agreement and the exercise of any right or remedy by the Administrative Agent and the other Secured Parties hereunder are subject to the provisions of the Intercreditor Agreement. In the event of any conflict or inconsistency between the provisions
of the Intercreditor Agreement and this Agreement, the provisions of the Intercreditor Agreement shall control.” 

  
 Annex IExhibit 4.3

 

HAWAIIAN ELECTRIC INDUSTRIES, INC.
 DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN
 (As amended and restated effective October 5, 2017)

 

Section 1.                                           Name and Number of Shares

 

The plan, as amended and restated effective as of the date set forth above, shall be known as the “Dividend Reinvestment and Stock Purchase Plan” (the “Plan”). The Plan permits (i) holders of record of the Common Stock of Hawaiian Electric Industries, Inc. (the “Company”), (ii) holders of record of the preferred stock (“Preferred Stock”) of any class or series of Hawaiian Electric Company, Inc., Maui Electric Company, Limited and Hawaii Electric Light Company, Inc., each of which is a direct or indirect subsidiary of the Company, and (iii) any other individual of legal age or any entity, to purchase common stock of the Company (“Common Stock”). The number of shares of Common Stock that may be issued pursuant to the Plan shall be fixed from time to time by the Board of Directors of the Company.

 

Section 2.                                           Administration and Costs

 

The administrator of the Plan (the “Administrator”) shall administer the Plan for participants, keep records, send statements of accounts to participants, and perform other clerical and ministerial duties relating to the Plan. The Administrator may be the Shareholder Services division of the Company or may be one or more officers or employees of the Company or of its subsidiaries who shall be appointed from time to time by the President or the Chief Financial Officer of the Company. If the Administrator is one or more employees of the Company, an independent trustee (the “Trustee”) shall be appointed by the President or the Chief Financial Officer of the Company, and shares under the Plan shall be registered in the name of the Trustee.

 

Except as otherwise expressly provided in the Plan, participants in the Plan will bear the cost of brokerage fees and commissions, any service charges and applicable taxes related to shares purchased or sold on the open market. The Company may also charge each participant fees up to amounts that are reasonably related to the actual administrative costs of the Plan, the amounts, frequency and manner of payment of which shall be determined from time to time by the President or the Chief Financial Officer of the Company.

 

A $25 service fee will be assessed for each returned item that is returned for insufficient funds or other reasons due to the negligence of the shareholder as determined by the Administrator. The Administrator may place a hold on the account until the “insufficient funds” fee is received, sell shares from the account to collect the “insufficient funds” fee, or withhold the amount of the “insufficient funds” fee from future optional cash investments.

 

Section 3.                                           Eligibility and Enrollment

 

The following persons shall be eligible to participate in the Plan (the “participants”) in accordance with the following enrollment procedures:

 

(a)                                         Each holder of record of Common Stock and/or Preferred Stock shall be eligible to participate in the Plan. In order to participate in the Plan, owners of Common Stock and/or Preferred Stock whose shares are registered in names other than their own (e.g., broker, bank nominee) must first become holders of record by having shares of Common Stock and/or Preferred Stock, as the case may be, transferred into their own names. In addition, an eligible shareholder must complete and sign the 

 

 

Company-approved authorization form (“Shareholder Authorization Form”) for Common Stock and/or Preferred Stock, as the case may be, and return it to the Administrator in the manner prescribed on the current Shareholder Authorization Form or in the current prospectus for the Plan. A Shareholder Authorization Form must be received by the Administrator by the dividend record date in order for the dividends for which the record is taken to be reinvested under the Plan. The execution of a Shareholder Authorization Form will result in the participation in the Plan of all Common Stock and all classes and series of Preferred Stock registered in the participant’s name unless the participant indicates on the Form the number and kind of shares on which the participant wishes to receive cash dividends. If a participant does not select an option on the Shareholder Authorization Form, all dividends for all shares of Common Stock and Preferred Stock held in the participant’s name, and on all shares held under the Plan for the participant, will be reinvested in Common Stock of the Company. A participant may change any of the designations set forth in a Shareholder Authorization Form by sending a signed written request to the Administrator specifying the requested change.

 

(b)                                         Any other individual of legal age or entity shall be eligible to participate in the Plan. In order to participate in the Plan, each such individual or entity must complete and sign the Company’s enrollment form (the “Nonholder Enrollment Form”) and return it to the Administrator along with a check or money order made payable to HEI/DRIP for an initial stock purchase of not less than $250 and not more than $300,000. The execution of a Nonholder Enrollment Form will result in the reinvestment of all dividends held under the Plan for the participant, unless the participant notifies the Administrator in writing of a different investment option.

 

(c)                                          Each participant may, pursuant to the Shareholder Authorization Form, Nonholder Enrollment Form and/or such other forms as the Administrator may from time to time prescribe, elect one of the following three investment options: (1) under the “full dividend reinvestment” option, a participant may reinvest cash dividends on all shares of Common Stock and Preferred Stock registered in the name of a participant and on all shares of Common Stock held under the Plan for the participant to purchase additional shares of Common Stock; (2) under the “partial dividend reinvestment” option, a participant may receive cash dividends on a portion of the shares of Common Stock and/or Preferred Stock registered in such participant’s name and/or on a portion of the shares of Common Stock held under the Plan for the participant, and reinvest the remainder of cash dividends on such shares to purchase Common Stock; and (3) under the “optional cash investment only/no dividend reinvestment” option, a participant may receive cash dividends on all shares of Common Stock and/or Preferred Stock registered in the participant’s name and on shares of Common Stock held under the Plan for the participant. If participants do not indicate an investment option on the enrollment form, their account will be automatically enrolled in the “Full Dividend Reinvestment” option. Under any of the investment options, a participant may purchase additional shares of Common Stock under the Plan by making optional cash investments in the Plan as provided under Section 5. A participant may change such participant’s investment option by following the procedures under Section 3(a) for changing the designations set forth in a Shareholder Authorization Form and/or such other procedures as the Administrator may from time to time prescribe.

 

(d)                                         Shareholder Authorization and Nonholder Enrollment Forms shall be made available by the Administrator.

 

(e)                                          Each participant will remain a participant in the Plan until participation is terminated pursuant to Section 12 hereof or until the Plan itself is terminated.

 

(f)                                           The Company reserves the right to restrict or terminate a participant’s participation in the Plan if it believes that such participation may be contrary to the general intent of the Plan or in violation of applicable law.

 

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Section 4.                                           Cash Dividend Purchases

 

If a participant has elected full or partial dividend reinvestment on the shares of Common Stock or Preferred Stock registered in such participant’s name or on the shares of Common Stock held under the Plan for such participant, such cash dividends will be credited to each participant’s account under the Plan and will be automatically reinvested to purchase Common Stock on behalf of the participants during the applicable Investment Period as described in Section 7. Until participation in the Plan is terminated pursuant to Section 12 hereof, Common Stock and/or Preferred Stock participating in the Plan shall include (1) all shares of each class or series of shares of Common Stock and/or Preferred Stock, as the case may be, designated by registered holders of such shares in Shareholder Authorization Forms that have been received by the Company by the record date for the payment of a cash dividend, including all such shares purchased after receipt of said form, and all shares received as a result of a stock dividend or stock split, (2) all shares of Common Stock transferred to the Administrator (or the Trustee) for safekeeping under the Plan, and (3) all shares of Common Stock purchased under the Plan for the accounts of shareholders and non-holder investors, including all shares purchased with reinvested dividends and optional cash investments, unless said shares have been withdrawn pursuant to Section 13 hereof and are registered in the name of a person who has not signed a Shareholder Authorization Form.

 

In the case of participants whose dividends on Common Stock and/or Preferred Stock are subject to United States income tax withholding, the amount of tax to be withheld will be deducted from the amount of dividends on Common Stock and/or Preferred Stock to determine the amount of dividends to reinvest.

 

The Administrator will credit dividends for all shares of Common Stock and/or Preferred Stock participating in the Plan (other than dividends paid on shares as to which the participant has elected to receive cash dividends) to the participants’ accounts on the basis of full and fractional shares held in these accounts and will automatically reinvest such dividends (less any administration fees and any amounts required to be withheld by United States income tax law) in additional shares of Common Stock.

 

Section 5.                                           Optional Cash Investments

 

All participants, whether or not they have authorized the reinvestment of cash dividends on Common Stock or Preferred Stock, shall be eligible to make optional cash investments for purchases of additional shares of Common Stock under the Plan. Optional cash investments shall be made by check or money order in U.S. Dollars payable to HEI/DRIP or may be made in a predetermined amount each month by electronic funds transfer from a bank account designated by a participant (an “automatic investment”). Employees and directors of the Company and certain of its subsidiaries may also make optional cash investments by payroll deduction, or by such other means, in each case subject to approval by the Chief Financial Officer of the Company or the Administrator. Optional cash investments may not be less than $25, nor may such investments exceed $300,000 in the aggregate in any calendar year. The initial payment made by a non-holder investor upon enrollment in the Plan may not be less than $250 or greater than $300,000. Optional cash investments must be received by the Administrator by the Cash Deadline Date in order to be invested on or commencing on that Investment Date (as defined in Section 7 below). The “Cash Deadline Dates” for optional cash investments are the 10th and 25th day of each month or the prior business day if the 10th and 25th day of the month falls on a weekend or holiday. The Administrator will send the participant a statement recording receipt and transmittal of the total optional cash investments received for the Investment Period. The Plan will not be required to accept any checks payable to a party other than HEI/DRIP even if endorsed for payment to the Plan.

 

3

 

The Administrator must receive requests for refunds of optional cash investments in writing by the Cash Deadline Date before the applicable Investment Date. Refunds will be processed as soon as practicable. A participant may not request a refund for an investment made through the automatic investment option.

 

Section 6.                                           Method of Purchase of Shares

 

The Plan will satisfy its requirements for shares of Common Stock either through purchases from the Company of authorized but unissued shares or through open market purchases of shares. Open market purchases under the Plan, if any, will be made through an independent agent that is a registered “broker-dealer” or “bank,” as such terms are defined in Section 3(a)(6) of the Securities Exchange Act of 1934 (“Broker”). Neither the Administrator nor the Company, nor any affiliate thereof, shall exercise any direct or indirect control or influence over the times when or the prices at which the Broker may purchase the Company’s Common Stock for the Plan, the amounts of shares to be purchased (other than the aggregate dollar amount acquired by the Plan), the manner in which the shares are to be purchased, or the selection by the Broker of a broker or dealer through which purchases may be executed. The Company shall not change the method of acquiring shares of Common Stock to satisfy the Plan’s requirements, including any change from purchases from the Company of authorized but unissued shares of Common Stock to open market purchases, or vice versa, more than once in any three-month period. The method of acquiring shares will be determined only at the direction of the Board of Directors or the Chief Financial Officer of the Company. Any change to the method of acquiring shares must be based on a written determination by the Board of Directors or the Chief Financial Officer of the Company, retained in the corporate records of the Company, that the Company’s need to raise additional capital has changed, or that there is another valid reason for such change.

 

All dividend payments (unless invested in shares of Common Stock issued by the Company on the dividend payment date) will be transmitted not later than the dividend payment date to a segregated escrow account or to the Broker and all optional cash investments will be transferred to a segregated escrow account by the end of the next business day following the day of receipt of the optional cash investment.

 

Section 7.                                           Timing of Purchases

 

Optional cash investments and dividend payments will be invested in shares of Common Stock on or after the applicable Investment Date. The “Investment Dates” for optional cash investments shall be the 15th and 30th days of each month (except that the Investment Date for February shall be the last day of the month). The “Investment Date” for Common Stock dividends and for Preferred Stock dividends shall be on or within two (2) business days prior to the applicable dividend payment date. If any date for investment of dividends or optional cash investments as stated above is not a business day, the “Investment Date” shall be the next succeeding business day.

 

Interest will not be paid on optional cash investments or on reinvested dividends prior to or after their investment in Common Stock or if for any reason such payments and dividends are not invested pursuant to the Plan.

 

4

 

Shares purchased from the Company shall be purchased on the applicable Investment Date. Shares purchased on the open market shall be purchased during the period commencing on each applicable Investment Date and ending thirty (30) days thereafter (each, an “Investment Period”); provided, however, that optional cash investments not invested within thirty (30) days of the Investment Date and dividend payments not invested within thirty (30) days of the dividend payment date shall be promptly returned, without interest, to the participants. In addition, funds that are not invested during the applicable Investment Period will be promptly returned, without interest, to the participants.

 

Shares of Common Stock purchased directly from the Company will be credited to participants’ accounts on the date purchased. Shares purchased on the open market during an applicable Investment Period will be credited to participants’ accounts as of the settlement date of purchase of the last share. The Broker will be instructed prior to the commencement of each Investment Period regarding the amount of funds to be used to purchase shares of Common Stock on the open market during such Investment Period.

 

If the Broker is directed but unable to purchase sufficient shares in the open market with cash dividends and/or optional cash investments during any Investment Period, the Common Stock that is purchased on the open market will be allocated among participants’ accounts on a pro rata basis according to the amount each participant had contributed in cash dividends and, if there are any shares remaining, on a pro rata basis according to the amount each participant had contributed in optional cash investments. Any remaining funds not so invested will be returned to participants.

 

If a participant has elected full or partial dividend reinvestment on the shares of Common Stock or Preferred Stock registered in such participant’s name or on shares of Common Stock held under the Plan for such participant, the cash dividends to be reinvested for such participant will remain with the Company if reinvested on the dividend payment date in shares of Common Stock purchased from the Company or will be delivered by the Company to the escrow account or the Broker as described in Section 6 concurrently with payment of cash dividends to nonparticipating shareholders. Optional cash investments will be made by participants directly to the Administrator. The Administrator will deliver or cause the Company to deliver funds to the escrow account or the Broker as described in Section 6.

 

Section 8.                                           Purchase Price of Shares

 

The purchase price per share of Common Stock purchased for the accounts of participants directly from the Company will be 100% of the average of the high and low sales prices for the Common Stock on the composite tape for stocks listed on the New York Stock Exchange on the business day prior to the applicable Investment Date or such later date as such stock is purchased (or the last prior day on which the Common Stock is traded if there is no trade reported on the business day prior to the applicable Investment Date or such later date). The purchase price per share of Common Stock purchased on the open market will be the weighted average price per share (adjusted for brokerage fees and commissions, any service charges and applicable taxes) of the aggregate number of shares acquired on the open market by the Broker during the applicable Investment Period. Amounts to be invested in shares of Common Stock during any Investment Period will not be pooled with amounts to be invested during another Investment Period for purposes of computing per share prices. Amounts to be invested in any Investment Period will be invested to the extent possible before any purchases are executed for any subsequent Investment Period.

 

5

 

Section 9.                                           Registration of Shares

 

Shares of Common Stock purchased under the Plan will be registered in the name of the Administrator (or the Trustee, if there is a Trustee) as agent for the participants. Shares will not be issued to participants unless requested pursuant to Section 13 hereof.

 

For safekeeping or other purposes, holders of record of Common Stock who submit Shareholder Authorization Forms may elect to transfer their shares of Common Stock to the Administrator (or the Trustee, if there is a Trustee), without charge, to the credit of their account under the Plan, pursuant to such procedures as the Company and the Administrator shall establish.

 

Section 10.                                    Participants’ Accounts

 

The Administrator shall keep an individual account for each participant recording the participant’s interest in the Plan. Each participant’s account will be credited with that number of shares, including fractions computed to four decimal places, equal to the total amount of cash dividends or optional cash investments to be invested, less administrative fees and amounts required to be withheld for tax purposes, divided by the applicable purchase price per share.

 

Section 11.                                    Reports to Participants

 

Participants who reinvest dividends and/or make optional cash investments will receive periodic statements of account showing amounts invested, purchase prices, shares purchased and sold and/or other relevant information, including information for income tax reporting purposes. In addition, each participant shall receive, and/or be provided notification of and electronic access to, the Company’s annual reports to shareholders and proxy materials.

 

Section 12.                                    Termination of Participation

 

A participant must wait at least two (2) weeks after the purchase of shares before terminating participation in the Plan. A participant may terminate participation in the Plan as to all (but not less than all) Common Stock and Preferred Stock participating in the Plan at any time with a signed written notification to the Administrator. Any notice of termination received on or after an ex-dividend record date may not be processed until dividends have been paid, credited to the participant’s Plan account and reinvested in additional shares of Common Stock in accordance with the Plan. Within ten (10) business days after the later to occur of (a) receipt of notice of termination from a participant, (b) purchase of shares on behalf of the participant pursuant to the Plan and (c) reinvestment of dividends if the participant’s notice of termination is received after an ex-dividend record date, whole shares of Common Stock credited to the participant’s Plan account will be issued (either in certificated form or by book-entry) and a cash payment will be made for any fraction of a share. In no case will a fractional share be issued.

 

A participant must maintain at least one (1) whole share of Common Stock in the Plan (increased to five whole shares from and after January 1, 2015) to keep an active account. If a participant does not do so, the participant’s participation in the Plan may be terminated, in which case the participant will receive a cash payment in the amount of the net proceeds of the sale of all shares (and fraction of a share) in the Plan (determined in the manner provided in Section 14 hereof for shares sold by the Administrator.)

 

6

 

Termination of participation in the Plan will not necessarily preclude re-enrollment, but the Company reserves the right to reject re-enrollment where in its sole discretion it deems there have been excessive terminations and re-enrollments. If you are no longer a shareholder of record you can seek to enroll by completing a Nonholder Enrollment form along with a $250.00 minimum investment.

 

The term “ex-dividend record date” for purposes of the Plan is three (3) business days prior to the dividend record date.

 

Section 13.                                    Withdrawal of Shares

 

A participant must wait at least two (2) weeks after the purchase of shares before withdrawing shares from the Plan. A participant must also wait at least two (2) weeks before withdrawing shares from the Plan after updating the participant’s address of record unless the request is submitted with a valid Medallion Signature Guarantee or by complying with other requirements that the Company or Administrator shall establish. Subject to these limitations, a participant may withdraw all or a portion of shares of Common Stock from the participant’s account by notifying the Administrator with a signed written request to that effect and specifying the whole number of shares to be withdrawn. Withdrawal of shares must be in full shares only. Fractional shares will be liquidated upon termination of participation as described under Section 12. Any notice of withdrawal received on or after an ex-dividend record date may not be processed until dividends have been paid, credited to the participant’s Plan account and reinvested in additional shares of Common Stock in accordance with the Plan. Within ten (10) business days after the later to occur of (a) receipt of notice of withdrawal from a participant, (b) purchase of shares on behalf of the participant pursuant to the Plan, and (c) reinvestment of dividends if the participant’s notice of withdrawal is received on or after an ex-dividend record date, certificates for whole shares of Common Stock so withdrawn will be issued or appropriate book entry recording ownership of such withdrawn shares will be made. A cash payment will be made for any fraction of a share. In no case will certificates or book entries for fractional shares be issued. A service fee of $20 per certificate may be charged to the shareholder. There is no charge for shares issued by book entry.

 

Shares withdrawn from the Plan and registered in the participant’s name will continue to participate in the Plan if the participant has so instructed the Administrator pursuant to a Shareholder Authorization Form and has not terminated participation pursuant to Section 12 hereof.

 

Accounts are maintained in the names used by participants at the time they entered the Plan. However, a participant who wishes to withdraw shares and have the shares issued in the name of another person may do so by submitting a properly completed and executed stock power, with a Medallion Signature Guarantee, and complying with such other procedures as the Company or Administrator shall establish.

 

Section 14.                                    Sale and Transfer of Shares

 

Unless the participant satisfies the requirements specified in Section 13 for the issuance of share certificates or book entry shares in the name of another person, shares of Common Stock credited to a participant’s account under the Plan or otherwise registered in the Administrator’s (or Trustee’s) name may not be pledged, encumbered, sold or otherwise transferred by a participant. Absent satisfaction of said requirements, a participant wishing to sell, pledge, encumber or otherwise dispose of shares must have those shares registered in his name by terminating participation in the Plan pursuant to Section 12 or withdrawing the shares pursuant to Section 13.

 

7

 

A participant who wishes to receive cash in lieu of shares of Common Stock upon termination of participation or withdrawal of shares may request that the Administrator sell such shares and deliver the net proceeds to the participant. Sale requests will be processed within ten (10) business days of receipt unless the request is a termination, in which case it will be processed pursuant to Section 12. A participant must wait at least two (2) weeks after the purchase of shares in the Plan before selling the recently purchased shares. A participant must also wait at least two (2) weeks before selling shares from the Plan after updating the participant’s address of record unless the request is submitted with a valid Medallion Signature Guarantee or by complying with other requirements that the Company or Administrator shall establish. The amount payable to the participant from the sale will be equal to the proceeds of the sale less any withholding required under applicable tax laws and less a fee. The fee is currently 10 cents per share to cover brokerage commissions and service fees. In the event of a delay in the sale of shares, interest will not be paid to the participant and the participant assumes the risk of any price fluctuations. When the Administrator is required to report information concerning the sale of a participant’s shares in the Plan for tax or other purposes, the Administrator will use the first in, first out (“FIFO”) method for determining which shares have been sold unless the participant has notified the Administrator prior to the sale of the shares if the participant wishes to use an IRS-approved method other than FIFO to determine the shares being sold.

 

Section 15.                                    Voting of Shares

 

Each participant will be mailed or sent electronically (for those participants who have agreed to such electronic delivery) proxy materials for each meeting of shareholders of the Company, or will be provided with notice and access to proxy materials in accordance with the rules and regulations of the Securities and Exchange Commission, to allow participants to vote on each issue at the meeting. Participants may vote by using the Internet, telephone or by signing and returning the proxy form. Shares registered in the participant’s name will be voted directly as instructed, and shares held in the Plan in the participant’s name will be voted by the Administrator or Trustee, as the case may be, as instructed by the participant. If the participant does not provide instructions on how to vote the shares held in the Plan, the Administrator or the Trustee, as the case may be, shall be deemed instructed to vote the shares of Common Stock it holds in the Plan in accordance with the recommendations of the Company’s Board of Directors on each issue.

 

Section 16.                                    Limitation of Liability

 

Neither the Company nor the Administrator nor the Trustee nor the Escrow Agent nor the Broker nor any of their respective officers, directors, representatives, employees or agents shall be liable for any damages resulting from any act or omission in connection with the Plan in the absence of bad faith or gross negligence including, without limitation, any claim of liability arising out of failure to terminate a participant’s account upon the participant’s death, the price or timing at which shares are purchased for participants’ accounts or fluctuations in the market value of shares. However, the foregoing in no way affects a participant’s right to bring a cause of action based on alleged violations of federal securities laws.

 

Section 17.                                    Common Stock Adjustment Provisions

 

If the outstanding shares of Common Stock of the Company are decreased or exchanged for a different number or kind of shares or other securities, or if additional shares or new or different shares or other securities are distributed with respect to such shares of Common Stock or other securities, through merger, consolidation, sale of all or substantially all of the property of the Company, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other distribution with respect to such shares of Common Stock or other securities, an appropriate and proportionate adjustment may, subject to the requirements of federal and state securities laws and regulations, be made by the Company to the maximum number and kind of shares of Common Stock or other securities issuable under the Plan that are subject to an effective registration statement filed with the Securities Exchange Commission pursuant to the Securities Act of 1933, as amended.

 

8

 

Section 18.                                    Other Matters

 

The Board of Directors or Chief Financial Officer of the Company shall determine the effective date of the Plan as most recently amended hereby.

 

The Company intends to continue the Plan indefinitely, but reserves the right to suspend or terminate the Plan at any time. The Company also reserves the right to make any additions or modifications to the Plan. The Chief Financial Officer of the Company may interpret the Plan and may make additions thereto that are not inconsistent with the above provisions of the Plan.

 

In the event any stock dividends or split shares are distributed by the Company on shares of Common Stock credited to the account of a participant under the Plan, such shares will be added to the participant’s account. Stock dividends or split shares distributed on any shares of Common Stock registered in the name of a participant will be distributed to the participant in the same manner as to shareholders who are not participating in the Plan.

 

In the event that the number of shares of Common Stock to be purchased by the participants in the Plan exceeds the balance of the shares authorized by the Board of Directors to be sold pursuant to the Plan, then the Plan shall be automatically suspended with respect to future purchases until such time as the Board of Directors has authorized additional shares of Common Stock to be sold pursuant to the Plan. In the event of any such automatic suspension of the Plan, then (1) on the date of such automatic suspension of the Plan, the number of shares of Common Stock to be sold shall be prorated among the participants purchasing shares on such date and (2) the Chief Financial Officer of the Company shall determine the date the suspension is to be lifted after the Board of Directors has authorized the sale of additional shares of Common Stock pursuant to the Plan.

 

The Company will notify each participant of the commencement of any tender offer for securities that includes the Company’s Common Stock held in participants’ accounts. The Company will use its best efforts to distribute to participants in a timely manner the same information that is distributed to all of the Company’s shareholders in connection with the tender offer. After consulting with the Trustee, the Company will provide a means by which participants may direct the Trustee whether or not to tender the Company’s Common Stock credited to their accounts. The Trustee will not tender shares held in any participant’s account for which it receives no direction from the participant. A participant may, at any time prior to a tender offer withdrawal date, direct the Trustee to withdraw shares of the Company’s Common Stock previously directed by the participant to be tendered.

 

The Company or the Administrator shall provide participants with prompt notice of any modification, suspension or termination of the Plan.

 

Certificates or book entry whole shares issued to a participant upon termination of participation in the Plan pursuant to Section 12, or upon withdrawal of shares pursuant to Section 13, or upon termination of the Plan by the Company, shall be registered in the names used by participants at the time they enrolled in the Plan, except as otherwise provided pursuant to Section 13.

 

The Hawaiian Electric Industries Retirement Savings Plan and any other plans of the Company or its direct or indirect subsidiaries may participate in the Plan on such terms and in such manner as may be determined by the Chief Financial Officer of the Company.

 

9

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