Document:

Exhibit 10.1

 

EXECUTION VERSION

 

INTERCREDITOR AGREEMENT

 

dated as of December 19, 2019 between

 

MUFG Union Bank, N.A.,

as Priority Lien Agent,

 

and

 

Deutsche Bank Trust Company Americas,

as Second Lien Collateral Trustee

 

and Acknowledged and Agreed by

Chesapeake Energy Corporation and certain of its subsidiaries

 

 

THIS IS THE INTERCREDITOR AGREEMENT REFERRED
TO IN (A) THE INDENTURE DATED AS OF DECEMBER 19, 2019, AMONG CHESAPEAKE ENERGY CORPORATION, CERTAIN OF ITS SUBSIDIARIES FROM TIME
TO TIME PARTY THERETO AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS TRUSTEE AND COLLATERAL TRUSTEE, (B) THE AMENDED AND RESTATED
CREDIT AGREEMENT DATED AS OF SEPTEMBER 12, 2018 AS AMENDED, SUPPLEMENTED, RESTATED OR OTHERWISE MODIFIED FROM TIME TO TIME, AMONG
CHESAPEAKE ENERGY CORPORATION, THE LENDERS PARTY THERETO FROM TIME TO TIME AND MUFG UNION BANK, N.A., AS ADMINISTRATIVE AGENT,
(C) THE OTHER NOTE DOCUMENTS REFERRED TO IN SUCH INDENTURE AND (D) THE OTHER CREDIT DOCUMENTS REFERRED TO IN SUCH CREDIT AGREEMENT.

 

 

    

     

    

 

TABLE OF CONTENTS

 

	Article I 

DEFINITIONS
	 
	Section 1.01	Construction; Certain Defined Terms	1
	 	 
	Article II 

LIEN PRIORITIES
	 
	Section 2.01	Relative Priorities	22
	Section 2.02	Prohibition on Marshalling, Etc.	23
	Section 2.03	No New Liens	24
	Section 2.04	Similar Collateral and Agreements	25
	Section 2.05	No Duties of Priority Lien Agent	26
	Section 2.06	No Duties of Second Lien Collateral Trustee	27
	 	 
	Article III

 ENFORCEMENT RIGHTS; PURCHASE OPTION
	 
	Section 3.01	Limitation on Enforcement Action	27
	Section 3.02	Standstill Periods; Permitted Enforcement Action	29
	Section 3.03	[Reserved]	31
	Section 3.04	[Reserved]	31
	Section 3.05	No Interference; Payment Over	31
	Section 3.06	Purchase Option	34
	 	 
	Article IV

 OTHER AGREEMENTS
	 
	Section 4.01	Release of Liens; Automatic Release of Second Liens and Third Liens	37
	Section 4.02	Certain Agreements With Respect to Insolvency or Liquidation Proceedings	38
	Section 4.03	Reinstatement	47
	Section 4.04	Refinancings; Additional Priority Lien Debt; Additional Second Lien Debt; Initial Third Lien Indebtedness; Additional Third Lien
Debt	48
	Section 4.05	Amendments to Second Lien Documents and Third Lien Documents	50
	Section 4.06	Legends	51
	Section 4.07	Second Lien Secured Parties and Third Lien Secured Parties Rights as Unsecured Creditors; Judgment Lien Creditor	52
	Section 4.08	Postponement of Subrogation	52
	Section 4.09	Acknowledgment by the Secured Debt Representatives	53
	Section 4.10	Insurance	53
	 	 
	Article V 

GRATUITOUS BAILMENT FOR PERFECTION OF CERTAIN SECURITY INTERESTS
	 
	Section 5.01	General	54
	 	 
	Article VI 

APPLICATION OF PROCEEDS; DETERMINATION OF AMOUNTS
	 
	Section 6.01	Application of Proceeds	55
	Section 6.02	Determination of Amounts	55

 

    

     

    

 

	Article VII

 NO RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE; CONSENT OF GRANTORS; ETC.
	 
	Section 7.01	No Reliance; Information	56
	Section 7.02	No Warranties or Liability	56
	Section 7.03	Obligations Absolute	58
	Section 7.04	Grantors’ Consent	58
	 	 
	Article VIII 

REPRESENTATIONS AND WARRANTIES
	 
	Section 8.01	Representations and Warranties of Each Party	58
	Section 8.02	Representations and Warranties of Each Representative	59
	 	 
	Article IX

 MISCELLANEOUS
	 
	Section 9.01	Notices	59
	Section 9.02	Waivers; Amendment	60
	Section 9.03	Actions Upon Breach; Specific Performance	60
	Section 9.04	Parties in Interest	61
	Section 9.05	Survival of Agreement	62
	Section 9.06	Counterparts	62
	Section 9.07	Severability	62
	Section 9.08	Governing Law; Jurisdiction; Consent to Service of Process	62
	Section 9.09	WAIVER OF JURY TRIAL	63
	Section 9.10	Headings	63
	Section 9.11	Conflicts	63
	Section 9.12	Provisions Solely to Define Relative Rights	63
	Section 9.13	Certain Terms Concerning the Second Lien Collateral Trustee and the Third Lien Collateral Trustee	63
	Section 9.14	Certain Terms Concerning the Priority Lien Agent, the Second Lien Collateral Trustee and the Third Lien Collateral Trustee	64
	Section 9.15	Authorization of Secured Agents	64
	Section 9.16	Further Assurances	64
	Section 9.17	Relationship of Secured Parties	65
	Section 9.18	Third Lien Provisions	65

 

Annex and Exhibits 

 

Annex I

 

	Exhibit A	Form of Priority Confirmation Joinder
	Exhibit B	Security Documents

 

    ii

     

    

 

INTERCREDITOR AGREEMENT,
dated as of December 19, 2019 (as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof,
this “Agreement”), between MUFG Union Bank, N.A., as administrative agent for the Priority Lien Secured Parties
referred to herein (in such capacity, and together with its successors and assigns in such capacity, the “Original Priority
Lien Agent”), and Deutsche Bank Trust Company Americas, as collateral trustee for the Second Lien Secured Parties referred
to herein (in such capacity, and together with its successors in such capacity, the “Original Second Lien Collateral Trustee”)
and acknowledged and agreed by Chesapeake Energy Corporation, an Oklahoma corporation (together with its successors and assigns,
“Chesapeake”) and certain of its subsidiaries.

 

Reference is made to
(a) the Priority Credit Agreement (defined below); (b) the Second Lien Indenture (defined below) governing the Second Lien Indenture
Notes (defined below); and (c) the New Debt Agreement (defined below) entered into as of the date of this Agreement.

 

From time to time following
the date hereof, Chesapeake may (i) incur Additional Priority Lien Obligations (defined below) to the extent permitted by the Secured
Debt Documents (defined below); in connection with any Additional Priority Lien Obligations, Chesapeake and the Priority Lien Agent
(defined below) shall, concurrently with the incurrence of such Additional Priority Lien Obligations, enter into a Priority Lien
Collateral Trust Agreement (defined below); (ii) incur Additional Notes or Additional Second Lien Obligations (each defined below)
to the extent permitted by the Secured Debt Documents; in connection with any Additional Second Lien Obligations (defined below),
the applicable Second Lien Representative (defined below) and the Second Lien Collateral Trustee (defined below) shall, concurrently
with the incurrence of such Additional Second Lien Obligations, enter into a joinder to the Second Lien Collateral Trust Agreement
(defined below) and (iii) incur Initial Third Lien Obligations and Additional Third Lien Obligations (each as defined below) to
the extent permitted by the Secured Debt Documents; in connection with the Initial Third Lien Obligations, Chesapeake and certain
of its subsidiaries, the Third Lien Representative (defined below) and the Third Lien Collateral Trustee (defined below) shall,
concurrently with the incurrence of such Additional Third Lien Obligations, enter into a Third Lien Collateral Trust Agreement
(defined below).

 

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

 

Article
I

DEFINITIONS

 

Section 1.01        Construction;
Certain Defined Terms. (a) 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, (i) any reference herein to any agreement,
instrument, other document, statute or regulation shall be construed as referring to such agreement, instrument, other
document, statute or regulation as from time to time amended, supplemented or otherwise modified, to the extent not
prohibited by this Agreement, (ii) any reference herein to any Person shall be construed to include such Person’s
successors and assigns, but shall not be deemed to include the subsidiaries of such Person unless express reference is made
to such subsidiaries, (iii) 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,
(iv) all references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and Annexes of
this Agreement, (v) unless otherwise expressly qualified herein, 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 and (vi) the term “or” is not exclusive.

 

    

     

    

 

(b)              
All terms used in this Agreement that are defined in Article 1, 8 or 9 of the New York UCC (whether capitalized herein or
not) and not otherwise defined herein have the meanings assigned to them in Article 1, 8 or 9 of the New York UCC. If a term is
defined in Article 9 of the New York UCC and another Article of the UCC, such term shall have the meaning assigned to it in Article
9 of the New York UCC.

 

(c)              
All terms capitalized but not defined herein shall have the meaning assigned to them in the Priority Credit Agreement as
in effect on the date hereof.

 

(d)              
Unless otherwise set forth herein, all references herein to (i) the Second Lien Collateral Trustee shall be deemed to refer
to the Second Lien Collateral Trustee in its capacity as collateral trustee under the Second Lien Collateral Trust Agreement and
(ii) the Third Lien Collateral Trustee shall be deemed to refer to the Third Lien Collateral Trustee in its capacity as collateral
trustee under the Third Lien Collateral Trust Agreement.

 

(e)              
As used in this Agreement, the following terms have the meanings specified below:

 

“Additional
Notes” has the meaning given to the term “Additional Securities” in the Second Lien Indenture as in effect
on the date hereof.

 

“Additional
Priority Lien Debt Agreement” means the credit agreement, loan agreement, note agreement, promissory note, indenture
or any other agreement or instrument evidencing or governing the terms of any Additional Priority Lien Debt Facility, including,
for the avoidance of doubt, the New Debt Agreement.

 

“Additional
Priority Lien Debt Facility” means any Indebtedness under any Credit Facility for which the requirements of Section
4.04(b) of this Agreement have been satisfied, as amended, restated, modified, renewed, refunded, restated, restructured, increased,
supplemented, replaced or refinanced in whole or in part from time to time in accordance with each applicable Secured Debt Document
and this Agreement, including for the avoidance of doubt, the New Debt Facility; provided that neither the Priority Credit
Agreement nor any Priority Substitute Credit Facility shall constitute an Additional Priority Lien Debt Facility at any time.

 

“Additional
Priority Lien Documents” means the Additional Priority Lien Debt Credit Agreement, the Priority Lien Collateral
Trust Agreement, the Additional Priority Lien Security Documents, including, for the avoidance of doubt, the New Debt
Documents, and any documents with respect to Banking Services Obligations if secured under the terms of Additional Priority
Lien Security Documents.

 

    2

     

    

 

“Additional
Priority Lien Obligations” means, with respect to any Grantor, any Obligations of such Grantor owed to any Additional
Priority Lien Secured Party (or any of its Affiliates) in respect of the Additional Priority Lien Documents, including, for the
avoidance of doubt, the New Debt Obligations.

 

“Additional
Priority Lien Secured Parties” means, at any time, (a) the Priority Lien Agent, (b) the trustee, agent or other representative
of the holders of any Series of Priority Lien Debt who maintains the transfer register for such Series of Priority Lien Debt, (c)
each lender or issuing bank under the Additional Priority Lien Debt Facility or an Affiliate (as defined in the Additional Priority
Lien Debt Credit Agreement) thereof at the time such Banking Services Obligation is entered into, and is a secured party (or a
party entitled to the benefits of the security) under any Additional Priority Lien Document, (d) the beneficiaries of each indemnification
obligation undertaken by any Grantor under any Additional Priority Lien Document and (e) each other holder of, or obligee in respect
of, any holder or lender pursuant to any Series of Priority Lien Debt outstanding at such time; provided that the Credit
Agreement Secured Parties (other than the Priority Lien Agent) shall not be deemed Additional Priority Lien Secured Parties.

 

“Additional
Priority Lien Security Documents” means the Additional Priority Lien Debt Credit Agreement (insofar as the same grants
a Lien on the Collateral) and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust,
collateral agency agreements, control agreements, or grants or transfers for security, now existing or entered into after the date
hereof, executed and delivered by Chesapeake or any other Grantor to the Priority Lien Agent creating (or purporting to create)
a Lien upon the Priority Lien Collateral in favor of the Additional Priority Lien Secured Parties, including, for the avoidance
of doubt, the New Debt Security Documents.

 

“Additional
Second Lien Debt Agreement” means the credit agreement, loan agreement, note agreement, promissory note, indenture or
any other agreement or instrument evidencing or governing the terms of any Additional Second Lien Debt Facility.

 

“Additional
Second Lien Debt Facility” means any Indebtedness for which the requirements of Section 4.04(b) of this Agreement
have been satisfied, as amended, restated, modified, renewed, refunded, restated, restructured, increased, supplemented, replaced
or refinanced in whole or in part from time to time in accordance with each applicable Secured Debt Document and this Agreement;
provided that neither the Second Lien Indenture nor any Second Lien Substitute Facility shall constitute an Additional Second
Lien Debt Facility at any time.

 

“Additional
Second Lien Documents” means the Additional Second Lien Debt Agreement and the Additional Second Lien Security Documents.

 

“Additional
Second Lien Obligations” means, with respect to any Grantor, any Obligations of such Grantor owed to any Additional Second
Lien Secured Party (or any of its Affiliates) in respect of the Additional Second Lien Documents.

 

    3

     

    

 

“Additional
Second Lien Secured Parties” means, at any time, the Second Lien Collateral Trustee, the trustee, agent or other representative
of the holders of any Series of Second Lien Debt who maintains the transfer register for such Series of Second Lien Debt, the beneficiaries
of each indemnification obligation undertaken by any Grantor under any Additional Second Lien Document and each other holder of,
or obligee in respect of, any holder or lender pursuant to any Series of Second Lien Debt outstanding at such time; provided
that the Second Lien Indenture Secured Parties shall not be deemed Additional Second Lien Secured Parties.

 

“Additional
Second Lien Security Documents” means the Additional Second Lien Debt Agreement (insofar as the same grants a Lien on
the Collateral) and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral
agency agreements, control agreements, or grants or transfers for security, now existing or entered into after the date hereof,
executed and delivered by Chesapeake or any other Grantor creating (or purporting to create) a Lien upon the Second Lien Collateral
in favor of the Additional Second Lien Secured Parties.

 

“Additional
Third Lien Debt Agreement” means the credit agreement, loan agreement, note agreement, promissory note, indenture or
any other agreement or instrument evidencing or governing the terms of any Additional Third Lien Debt Facility.

 

“Additional
Third Lien Debt Facility” means any Indebtedness for which the requirements of Section 4.04(b) of this Agreement
have been satisfied, as amended, restated, modified, renewed, refunded, restated, restructured, increased, supplemented, replaced
or refinanced in whole or in part from time to time in accordance with each applicable Secured Debt Document and this Agreement;
provided that no Third Lien Substitute Facility shall constitute an Additional Third Lien Debt Facility at any time.

 

“Additional
Third Lien Documents” means the Additional Third Lien Debt Agreement and the Additional Third Lien Security Documents.

 

“Additional
Third Lien Obligations” means, with respect to any Grantor, any Obligations of such Grantor owed to any Additional Third
Lien Secured Party (or any of its Affiliates) in respect of the Additional Third Lien Documents.

 

“Additional
Third Lien Secured Parties” means, at any time, the Third Lien Collateral Trustee, the trustee, agent or other representative
of the holders of any Series of Third Lien Debt who maintains the transfer register for such Series of Third Lien Debt, the beneficiaries
of each indemnification obligation undertaken by any Grantor under any Additional Third Lien Document and each other holder of,
or obligee in respect of, any holder or lender pursuant to any Series of Third Lien Debt outstanding at such time.

 

“Additional
Third Lien Security Documents” means the Additional Third Lien Debt Agreement (insofar as the same grants a Lien
on the Collateral) and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust,
collateral agency agreements, control agreements, or grants or transfers for security, now existing or entered into after the
date hereof, executed and delivered by Chesapeake or any other Grantor creating (or purporting to create) a Lien upon the
Third Lien Collateral in favor of the Additional Third Lien Secured Parties.

 

    4

     

    

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control” when used with respect to
any specified Person means the power to direct the management and policies of such Person directly or indirectly, whether through
the ownership of Voting Stock, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing.

 

“Agreement”
has the meaning assigned to such term in the preamble hereto.

 

“Banking Services”
means (a) commercial credit cards, merchant card services, purchase or debit cards, including non-card e-payables services, (b)
treasury management services (including controlled disbursement, overdraft, automated clearing house fund transfer services, return
items and interstate depository network services) and (c) any other demand deposit or operating account relationships or other
cash management services, including pursuant to any agreement in respect of the foregoing.

 

“Banking Services
Obligations” means any and all Obligations of Chesapeake or any other Grantor, whether absolute or contingent and howsoever
and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions
therefor) in connection with Banking Services.

 

“Bankruptcy
Code” means Title 11 of the United States Code.

 

“Bankruptcy
Law” means the Bankruptcy Code and any similar federal, state or foreign law providing for the relief of debtors.

 

“Board of
Directors” means, with respect to any Person, the Board of Directors or other governing body of such Person or any committee
thereof duly authorized to act on behalf of such Board of Directors or such other governing body.

 

“Business
Day” means any day on which the New York Stock Exchange is open for trading and which is not a Legal Holiday.

 

“Capital Stock”
means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated) of corporate
stock, partnership or limited liability company interests or other equity securities (including, without limitation, beneficial
interests in or other securities of a trust) and any and all warrants, options and rights with respect thereto (whether or not
currently exercisable), including each class of common stock and preferred stock of such Person.

 

“Chesapeake”
has the meaning assigned to such term in the preamble hereto.

 

“Class”
means (a) in the case of Priority Lien Debt, every Series of Priority Lien Debt, taken together, (b) in the case of Second Lien
Debt, every Series of Second Lien Debt, taken together and (c) in the case of Third Lien Debt, every Series of Third Lien Debt,
taken together.

 

    5

     

    

 

“Collateral”
means all of the assets and property of any Grantor, whether real, personal or mixed, constituting the Priority Lien Collateral,
the Second Lien Collateral and/or the Third Lien Collateral.

 

“Credit Agreement
Debt” means the Indebtedness under the Priority Credit Agreement (including letters of credit and reimbursement obligations
with respect thereto) and Indebtedness under any Priority Substitute Credit Facility. For purposes of this Agreement, Indebtedness
under the Priority Credit Agreement is permitted to be incurred under each of the Second Lien Indenture and any Initial Third Lien
Document.

 

“Credit Agreement
Documents” means the Priority Credit Agreement, the Credit Agreement Security Documents, the other “Credit Documents”
(as defined in the Priority Credit Agreement), any documents with respect to Hedging Obligations and Banking Service Obligations
secured under the terms of Credit Agreement Security Documents and all other loan documents, notes, guarantees, instruments and
agreements governing or evidencing, or executed or delivered in connection with, any Priority Substitute Credit Facility.

 

“Credit Agreement
Obligations” means the Credit Agreement Debt and all other Obligations in respect of or in connection with Credit Agreement
Debt together with Hedging Obligations and Banking Services Obligations. For the avoidance of doubt, Hedging Obligations and Banking
Services Obligations shall only constitute Credit Agreement Obligations to the extent that such Hedging Obligations or Banking
Services Obligations, as applicable, are secured under the terms of the Credit Agreement Documents. Notwithstanding any other provision
hereof, the term “Credit Agreement Obligations” will include accrued interest, fees, costs, and other charges incurred
under the Priority Credit Agreement and the other Credit Agreement Documents, whether incurred before or after commencement of
an Insolvency or Liquidation Proceeding, and whether or not allowed or allowable in an Insolvency or Liquidation Proceeding. To
the extent that any payment with respect to the Credit Agreement Obligations (whether by or on behalf of any Grantor, as proceeds
of security, enforcement of any right of set-off, or otherwise) is declared to be fraudulent or preferential in any respect, set
aside, or required to be paid to a debtor in possession, trustee, receiver, or similar Person, then the Obligation or part thereof
originally intended to be satisfied will be deemed to be reinstated and outstanding as if such payment had not occurred.

 

“Credit Agreement
Secured Parties” means, at any time, (a) the Priority Lien Agent, (b) each lender or issuing bank under the Priority
Credit Agreement, (c) each holder, provider or obligee of any Hedging Obligations and Banking Services Obligations that (i) is
a lender under the Priority Credit Agreement or an Affiliate (as defined in the Priority Credit Agreement) thereof, or (ii) was
such a lender or Affiliate at the time such Hedging Obligation or Banking Services Obligation, as applicable, was entered into
and is a secured party (or a party entitled to the benefits of the security) under any Credit Agreement Document, (d) the beneficiaries
of each indemnification obligation undertaken by any Grantor under any Credit Agreement Document, (e) each other Person that provides
letters of credit, guarantees or other credit support related thereto under any Credit Agreement Document and (f) each other holder
of, or obligee in respect of, any Credit Agreement Obligations (including pursuant to a Priority Substitute Credit Facility), in
each case to the extent designated as a secured party (or a party entitled to the benefits of the security) under any Credit Agreement
Document outstanding at such time.

 

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“Credit Agreement
Security Documents” means the Priority Credit Agreement (insofar as the same grants a Lien on the Collateral), each agreement
listed in Part A of Exhibit B hereto, and any other security agreements, pledge agreements, collateral assignments, mortgages,
deeds of trust, control agreements, or grants or transfers for security, now existing or entered into after the date hereof, executed
and delivered by Chesapeake or any other Grantor creating (or purporting to create) a Lien upon Collateral in favor of the Priority
Lien Agent (including any such agreements, assignments, mortgages, deeds of trust and other documents or instruments associated
with any Priority Substitute Credit Facility).

 

“Credit Facilities”
means one or more debt facilities (including, without limitation, the Credit Facilities provided under the Priority Credit Agreement)
or commercial paper facilities, in each case with banks, investment banks, insurance companies, mutual funds and/or other institutional
lenders providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such
lenders or to special purpose entities formed to borrow from (or sell receivables to) such lenders against such receivables) or
letters of credit, in each case, as amended, extended, restated, renewed, refunded, replaced (whether contemporaneously or otherwise)
or refinanced (in each case with Credit Facilities), supplemented or otherwise modified (in whole or in part and without limitation
as to amount, terms, conditions, covenants and other provisions) from time to time in accordance with this Agreement if applicable.

 

“DIP Financing”
has the meaning assigned to such term in Section 4.02(b).

 

“DIP Financing
Liens” has the meaning assigned to such term in Section 4.02(b).

 

“DIP Lenders”
has the meaning assigned to such term in Section 4.02(b).

 

“Discharge
of Priority Lien Obligations” means the occurrence of all of the following:

 

(a)              
termination or expiration of all commitments to extend credit that would constitute Priority Lien Debt;

 

(b)              
payment in full in cash of the principal of and interest and premium (if any) on all Priority Lien Debt (other than any
undrawn letters of credit);

 

(c)              
discharge or cash collateralization (in an amount equal to the lower of (i) 105% of the aggregate undrawn amount and (ii)
the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Priority Lien Document)
of all outstanding letters of credit constituting Priority Lien Obligations and the aggregate fronting and similar fees which will
accrue thereon through the stated expiry of such letters of credit;

 

(d)              
payment in full in cash of obligations in respect of Hedging Obligations constituting Priority Lien Obligations (and, with
respect to any particular Hedge Agreement, termination of such agreement and payment in full in cash of all obligations thereunder
or such other arrangements as have been made by the counterparty thereto (and communicated to the Priority Lien Agent) pursuant
to the terms of the Priority Credit Agreement); and

 

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(e)               payment
in full in cash of all other Priority Lien Obligations (including without limitation, Bank Services Obligations to the extent
included in Priority Lien Obligations) that are outstanding and unpaid at the time the Priority Lien Debt is paid in full in
cash (other than any contingent obligations for taxes, costs, indemnifications, reimbursements, damages or other
liabilities in respect of which no claim or demand for payment has been made at or prior to such time); provided that,
if, at any time after the Discharge of Priority Lien Obligations has occurred, Chesapeake or any other Grantor enters into
any Priority Lien Document evidencing a Priority Lien Obligation which incurrence is not prohibited by the applicable Secured
Debt Documents, then such Discharge of Priority Lien Obligations shall automatically be deemed not to have occurred for all
purposes of this Agreement with respect to such new Priority Lien Obligations (other than with respect to any actions taken
as a result of the occurrence of such first Discharge of Priority Lien Obligations), and, from and after the date on which
Chesapeake designates such Indebtedness as Priority Lien Debt in accordance with this Agreement, the Obligations under such
Priority Lien Document shall automatically and without any further action be treated as Priority Lien Obligations for all
purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth in
this Agreement, any Second Lien Obligations shall be deemed to have been at all times Second Lien Obligations and at no time
Priority Lien Obligations and any Third Lien Obligations shall be deemed to have been at all times Third Lien Obligations and
at no time Priority Lien Obligations or Second Lien Obligations. For the avoidance of doubt, a Replacement as contemplated by Section
4.04(a) shall not be deemed to cause a Discharge of Priority Lien Obligations.

 

“Discharge
of Second Lien Obligations” means the occurrence of all of the following:

 

(a)              
termination or expiration of all commitments to extend credit that would constitute Second Lien Debt;

 

(b)              
payment in full in cash of the principal of and interest and premium (if any) on all Second Lien Debt (other than any undrawn
letters of credit);

 

(c)              
discharge or cash collateralization (in an amount equal to the lower of (i) 105% of the aggregate undrawn amount and (ii)
the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Second Lien Document)
of all outstanding letters of credit constituting Second Lien Obligations and the aggregate fronting and similar fees which will
accrue thereon through the stated expiry of such letters of credit; and

 

(d)              
payment in full in cash of all other Second Lien Obligations (including without limitation, Bank Services Obligations to
the extent included in Second Lien Obligations) that are outstanding and unpaid at the time the Second Lien Debt is paid in full
in cash (other than any contingent obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities
in respect of which no claim or demand for payment has been made at or prior to such time);

 

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provided
that, if at any time after the Discharge of Second Lien Obligations has occurred, Chesapeake enters into any Second Lien
Document evidencing a Second Lien Obligation which incurrence is not prohibited by the applicable Secured Debt Documents,
then such Discharge of Second Lien Obligations shall automatically be deemed not to have occurred for all purposes of this
Agreement with respect to such new Second Lien Obligations (other than with respect to any actions taken as a result of the
occurrence of such first Discharge of Second Lien Obligations), and, from and after the date on which Chesapeake designates
such Indebtedness as Second Lien Debt in accordance with this Agreement, the Obligations under such Second Lien Document
shall automatically and without any further action 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 in this Agreement, any Third Lien
Obligations shall be deemed to have been at all times Third Lien Obligations and at no time Second Lien Obligations. For the
avoidance of doubt, a Replacement as contemplated by Section 4.04(a) shall not be deemed to cause a Discharge of
Second Lien Obligations.

 

“Disposition”
shall mean any sale, lease, exchange, assignment, license, contribution, transfer or other disposition. “Dispose” shall
have a correlative meaning.

 

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

 

“Excluded
Property” has the meaning ascribed to such term in the Priority Credit Agreement as in effect on the date hereof.

 

“FLLO Debt”
means Priority Lien Debt other than Credit Agreement Obligations.

 

“Foreclosure
Proceeds” means, with respect to any Priority Lien Debt, any proceeds from Collateral received or payable (x) in connection
with the enforcement or exercise of any rights or remedies with respect to any portion of the Collateral or (y) pursuant to any
plan of reorganization or similar dispositive restructuring plan.

 

“Governmental
Authority” means the government of the United States or any other nation, or any political subdivision thereof, whether
state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other Person exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

“Grantor”
means Chesapeake and each Subsidiary that shall have granted, or purported to grant, any Lien in favor of any of the Priority Lien
Agent, the Second Lien Collateral Trustee or the Third Lien Collateral Trustee on any of its assets or properties to secure any
of the Secured Obligations.

 

“Hedge
Agreements” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate
transactions, commodity swaps, commodity options, forward 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, fixed-price physical
delivery contracts, whether or not exchange traded, 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, (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 master agreement (any such
master agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement and (c) other agreements or arrangements designed to protect a Person
or any subsidiary thereof against fluctuations in interest rates, commodity prices or currency exchange rates.
Notwithstanding the foregoing, agreements or obligations entered into in the ordinary course of business to physically buy or
sell any commodity produced from Chesapeake’s and the Subsidiaries’ Oil and Gas Properties or electricity
generation facilities under an agreement that has a tenor under 90 days shall not be considered Hedge Agreements.

 

    9

     

    

 

“Hedge Bank”
means any Person (other than Chesapeake or any Subsidiary) that (a) at the time it enters into a Hedge Agreement is a lender under
the Priority Credit Agreement, the administrative agent under the Priority Credit Agreement or an Affiliate of any of them or (b)
at any time after it enters into a Hedge Agreement, becomes a lender under the Priority Credit Agreement, the administrative agent
under the Priority Credit Agreement or an Affiliate of any of them.

 

“Hedging Obligations”
means, with respect to any Person, the obligations of such Person under Hedge Agreements.

 

“Hydrocarbon
Interests” means all rights, titles, interests and estates and the lands and premises covered or affected thereby in
and to oil and gas leases, oil, gas and mineral leases, or other liquid or gaseous hydrocarbon leases, fee interests, surface interests,
mineral fee interests, overriding royalty and royalty interests, net profit interests and production payment interests, including
any reserved or residual interests of whatever nature.

 

“Hydrocarbons”
means all oil, gas, casinghead gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons
and constituents, elements or compounds thereof and all products refined or separated therefrom.

 

“Indebtedness”
means, without duplication, with respect to any Person, (a) all obligations of such Person, including those evidenced by bonds,
notes, debentures or similar instruments, for the repayment of money borrowed (whether or not the recourse of the lender is to
the whole of the assets of such Person or only to a portion thereof); (b) all liabilities of others of the kind described in the
preceding clause (a) that such Person has guaranteed; and (c) Indebtedness (as otherwise defined in this definition) of
another Person secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person, the amount
of such obligations being deemed to be the lesser of (i) the full amount of such obligations so secured and (ii) the fair market
value of such asset, as determined in good faith by the Board of Directors of such Person, which determination shall be evidenced
by a resolution of such Board of Directors.

 

“Initial Third
Lien Debt Facility” means Indebtedness secured by a Third Lien for which the requirements of Section 4.04(c) of
this Agreement have been satisfied, as amended, restated, modified, renewed, refunded, restated, restructured, increased, supplemented,
replaced or refinanced in whole or in part from time to time in accordance with each applicable Secured Debt Document.

 

    10

     

    

 

“Initial Third
Lien Documents” means the Initial Third Lien Debt Facility and the Initial Third Lien Security Documents.

 

“Initial Third
Lien Obligations” means, with respect to any Grantor, any Obligations of such Grantor owed to any Initial Third Lien
Secured Party (or any of its Affiliates) in respect of the Initial Third Lien Documents.

 

“Initial Third
Lien Secured Parties” means, at any time, the Third Lien Collateral Trustee, the trustees, agents and other representatives
of the holders of the Initial Third Lien Debt Facility (including any holders of notes pursuant to supplements executed in connection
with the issuance of Series of Third Lien Debt under the Initial Third Lien Debt Facility) who maintain the transfer register for
such Third Lien Debt, the beneficiaries of each indemnification obligation undertaken by any Grantor under any Initial Third Lien
Document and each other holder of, or obligee in respect of, any Initial Third Lien Obligations, any holder or lender pursuant
to any Initial Third Lien Document outstanding at such time; provided that the Additional Third Lien Secured Parties shall
not be deemed Initial Third Lien Secured Parties.

 

“Initial Third
Lien Security Documents” means the Initial Third Lien Debt Facility (insofar as the same grants a Lien on the Collateral)
and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements,
control agreements, or grants or transfers for security, now existing or entered into after the date hereof, executed and delivered
by Chesapeake or any other Grantor creating (or purporting to create) a Lien upon the Third Lien Collateral in favor of the Initial
Third Lien Secured Parties (including any such agreements, assignments, mortgages, deeds of trust and other documents or instruments
associated with any Third Lien Substitute Facility).

 

“Insolvency
or Liquidation Proceeding” means:

 

(a)              
any case commenced by or against Chesapeake or any other Grantor under the Bankruptcy Code or any other Bankruptcy Law,
any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of Chesapeake
or any other Grantor, any receivership or assignment for the benefit of creditors relating to Chesapeake or any other Grantor or
any similar case or proceeding relative to Chesapeake or any other Grantor or its creditors, as such, in each case whether or not
voluntary;

 

(b)              
any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to Chesapeake or any
other Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or

 

(c)              
any other proceeding of any type or nature (including any composition agreement) in which substantially all claims of creditors
of Chesapeake or any other Grantor are determined and any payment or distribution is or may be made on account of such claims.

 

“Legal Holiday”
is a Saturday, a Sunday or a day on which banks and trust companies in The City of New York are not required by law or executive
order to be open.

 

    11

     

    

 

“Lien”
means, with respect to any Person, any mortgage, pledge, lien, encumbrance, easement, restriction, charge or adverse claim
affecting title or resulting in an encumbrance against real or personal property of such Person, or a security interest of
any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof or other similar
agreement to sell), in each case securing obligations of such Person.

 

“New Debt
Agent” means the administrative agent, collateral agent, trustee, collateral trustee or other representative of the lenders
or holders of the Indebtedness and other Obligations evidenced under the New Debt Agreement or governed thereby, in each case,
together with its successors in such capacity.

 

“New Debt
Agreement” means that certain Term Loan Agreement, dated as of December 19, 2019, by and among Chesapeake, as borrower,
the lenders from time to time party thereto and GLAS USA LLC, as term agent, as amended, restated, adjusted, waived, renewed, extended,
supplemented (including by that certain Class A Term Loan Supplement, dated as of December 19, 2019, by and among Chesapeake, as
borrower, the lenders party thereto and GLAS USA LLC, as term agent) or otherwise modified from time to time in accordance with
the terms hereof.

 

“New Debt
Facility” means any Indebtedness under the New Debt Agreement, as amended, restated, modified, renewed, refunded, restated,
restructured, increased, supplemented, replaced or refinanced in whole or in part from time to time in accordance with each applicable
Secured Debt Document and this Agreement.

 

“New Debt
Documents” means the New Debt Agreement and the New Debt Security Documents.

 

“New Debt
Obligations” means, with respect to any Grantor, any Obligations of such Grantor owed to any New Debt Secured Party (or
any of its Affiliates) in respect of the New Debt Obligations.

 

“New Debt
Secured Party” means, at any time, (a) the New Debt Agent, (b) each lender or issuing bank under the New Debt Agreement,
(c) the beneficiaries of each indemnification obligation undertaken by any Grantor under any New Debt Document, (d) each other
Person that provides letters of credit, guarantees or other credit support related thereto under any New Debt Document and (e)
each other holder of, or obligee in respect of, any New Debt Obligations in each case to the extent designated as a secured party
(or a party entitled to the benefits of the security) under any New Debt Document outstanding at such time.

 

“New Debt
Security Documents” means the New Debt Agreement (insofar as the same grants a Lien on the Collateral), each agreement
listed in Part A of Exhibit B hereto, and any other security agreements, pledge agreements, collateral assignments, mortgages,
deeds of trust, control agreements, or grants or transfers for security, now existing or entered into after the date hereof, executed
and delivered by Chesapeake or any other Grantor creating (or purporting to create) a Lien upon Collateral in favor of the New
Debt Agent.

 

“New York
UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York.

 

    12

     

    

 

“Obligations”
means any principal (including reimbursement obligations and obligations to provide cash collateral with respect to letters
of credit whether or not drawn), interest, premium (if any), fees, indemnifications, reimbursements, expenses and other
liabilities payable under the documentation governing any Indebtedness including all interest, fees and other amounts
incurred, accrued or arising thereon after the commencement of any Insolvency or Liquidation Proceeding at the applicable
interest rate, including any applicable post-default interest rate even if such interest, fees and other amounts are not
enforceable, allowable or allowed as a claim in such proceeding.

 

“Officer”
means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer,
the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Senior Vice President,
any Vice President or any Assistant Vice President of such Person.

 

“Officers’
Certificate” means a certificate signed on behalf of Chesapeake by any two Officers of Chesapeake.

 

“Oil and Gas
Properties” means (a) Hydrocarbon Interests, (b) the properties now or hereafter pooled or unitized with Hydrocarbon
Interests, (c) all presently existing or future unitization, pooling agreements and declarations of pooled units and the units
created thereby (including all units created under orders, regulations and rules of any governmental authority) which may affect
all or any portion of the Hydrocarbon Interests, (d) all operating agreements, contracts and other agreements, including production
sharing contracts and agreements, which relate to any of the Hydrocarbon Interests or the production, sale, purchase, exchange
or processing of Hydrocarbons from or attributable to such Hydrocarbon Interests, (e) all Hydrocarbons in and under and which may
be produced and saved or attributable to the Hydrocarbon Interests, including all oil in tanks, and all rents, issues, profits,
proceeds, products, revenues and other incomes from or attributable to the Hydrocarbon Interests, (f) all tenements, hereditaments,
appurtenances and properties in any manner appertaining, belonging, affixed or incidental to the Hydrocarbon Interests and (g)
all properties, rights, titles, interests and estates described or referred to above, including any and all property, real or personal,
now owned or hereafter acquired and situated upon, used, held for use or useful in connection with the operating, working or development
of any of such Hydrocarbon Interests or property (excluding drilling rigs, automotive equipment, rental equipment or other personal
property which may be on such premises for the purpose of drilling a well or for other similar temporary uses) and including any
and all oil wells, gas wells, injection wells or other wells, structures, fuel separators, liquid extraction plants, plant compressors,
pumps, pumping units, field gathering systems, gas processing plants and pipeline systems, power and cogeneration facilities and
any related infrastructure to any thereof, tanks and tank batteries, fixtures, valves, fittings, machinery and parts, engines,
boilers, meters, apparatus, equipment, appliances, tools, implements, cables, wires, towers, casing, tubing and rods, surface leases,
rights-of-way, easements and servitudes together with all additions, substitutions, replacements, accessions and attachments to
any and all of the foregoing.

 

“Original
Priority Lien Agent” has the meaning assigned to such term in the preamble hereto.

 

“Original
Second Lien Collateral Trustee” has the meaning assigned to such term in the preamble hereto.

 

    13

     

    

 

“Original
Second Lien Trustee” means Deutsche Bank Trust Company Americas, in its capacity as trustee under the Second Lien Indenture,
and together with its successors in such capacity.

 

“Person”
means any individual, corporation, partnership, limited liability company, joint venture, trust, estate, association, unincorporated
organization, or government or any agency or political subdivision thereof.

 

“Priority
Confirmation Joinder” means an agreement substantially in the form of

Exhibit A.

 

“Priority
Credit Agreement” means that certain Amended and Restated Credit Agreement, dated as of September 12, 2018, by and among
Chesapeake, as borrower, the Original Priority Lien Agent, as administrative agent, and the other lenders party thereto, as such
agreement, in whole or in part, in one or more instances, may be amended, restated, renewed, extended, substituted, restructured,
supplemented or otherwise modified from time to time (including, without limitation, any successive amendments, restatements, renewals,
extensions or substitutions), or replaced or refinanced with any Priority Substitute Credit Facility, and any credit agreement,
loan agreement, note agreement, promissory note, indenture or any other agreement or instrument evidencing or governing the terms
of any Priority Substitute Credit Facility.

 

“Priority
Lien” means a Lien granted, or purported to be granted, by Chesapeake or any other Grantor in favor of the Priority Lien
Agent, at any time, upon any Property of Chesapeake or such Grantor to secure Priority Lien Obligations (including Liens on such
Collateral under the security documents associated with any Priority Substitute Credit Facility).

 

“Priority
Lien Agent” means (a) the Original Priority Lien Agent, and, from and after the date of execution and delivery of a Priority
Substitute Credit Facility, the agent, collateral agent, trustee or other representative of the lenders or holders of the Indebtedness
and other Obligations evidenced thereunder or governed thereby, in each case, together with its successors in such capacity and
(b) the Priority Lien Agent as collateral trustee or agent in respect of any Additional Priority Lien Debt Facility pursuant to
the Priority Lien Collateral Trust Agreement.

 

“Priority
Lien Collateral” shall mean all “Collateral”, as defined in the Priority Credit Agreement or any other Priority
Lien Document, and any other assets of any Grantor now or at any time hereafter subject to Liens which secure or purport to secure
any Priority Lien Obligation.

 

“Priority
Lien Collateral Trust Agreement” means that certain collateral trust agreement dated as of December 19, 2019 by and among
the Priority Lien Agent, as collateral trustee and Revolver Agent (as defined therein), GLAS USA, LLC, as Original Term Loan Agent
(as defined therein), and the other Priority Lien Representatives from time to time party thereto and acknowledged by Chesapeake
and the other Grantors.

 

“Priority Lien
Debt” means the Credit Agreement Debt and all additional Indebtedness incurred under any Additional Priority Lien Documents
and with respect to which the requirements of Section 4.04(b) have been satisfied.

 

    14

     

    

 

“Priority
Lien Documents” means the Credit Agreement Documents, the Additional Priority Lien Documents and the Priority Lien Security
Documents.

 

“Priority
Lien Obligations” means the Credit Agreement Obligations, Additional Priority Lien Obligations and, in each case, all
other Obligations in respect thereof. Notwithstanding any other provision hereof, the term “Priority Lien Obligations”
will include accrued interest, fees, costs and other charges incurred under the Priority Lien Documents, whether incurred before
or after commencement of an Insolvency or Liquidation Proceeding and whether or not allowed or allowable in any such Insolvency
or Liquidation Proceeding.

 

“Priority
Lien Representative” means (a) in the case of the Priority Credit Agreement, the Priority Lien Agent, and (b) in the
case of any other Series of Priority Lien Debt, the trustee, agent or representative of the holders of such Series of Priority
Lien Debt who (i) is appointed as a Priority Lien Representative (for purposes related to the administration of the security documents)
pursuant to the indenture, credit agreement or other agreement governing such Series of Priority Lien Debt, together with its successors
in such capacity, and (ii) has executed the Priority Lien Collateral Trust Agreement or become party to the Priority Lien Collateral
Trust Agreement by executing a joinder in the form required under the Priority Lien Collateral Trust Agreement.

 

“Priority
Lien Secured Parties” means, at any time, the Credit Agreement Secured Parties and the Additional Priority Lien Secured
Parties.

 

“Priority
Lien Security Documents” means the Credit Agreement Security Documents and the Additional Priority Lien Security Documents.

 

“Priority
Substitute Credit Facility” means any Credit Facility with respect to which the requirements contained in Section
4.04(a) of this Agreement have been satisfied and that Replaces the Priority Credit Agreement then in existence. For the avoidance
of doubt, no Priority Substitute Credit Facility shall be required to be a revolving or asset-based loan facility and may be a
facility evidenced or governed by a credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement
or instrument; provided that any Priority Lien securing, or purporting to secure, such Priority Substitute Credit Facility
shall be subject to the terms of this Agreement for all purposes (including the lien priorities as set forth herein as of the date
hereof).

 

“Property”
means, with respect to any Person, any interest of such Person in any kind of property or asset, whether real, personal or mixed,
or tangible or intangible, including, without limitation, cash, securities, accounts, contract rights, Capital Stock and other
securities issued by any other Person (but excluding Capital Stock or other securities issued by such first mentioned Person).

 

“Proved Developed
Reserves” means Proved Reserves that, in accordance with the Definitions for Oil and Gas Reserves promulgated by the
Society of Petroleum Engineers (or any generally recognized successor), as in effect at the time in question, are classified as
one of the following: (a) “Developed Producing Reserves” or (b) “Developed Non-Producing Reserves”; and
Proved Developed Reserves in the aggregate comprise Proved Reserves that are “Developed Producing Reserves” and “Developed
Non-Producing Reserves”.

 

    15

     

    

 

“Proved Reserves”
means oil and gas reserves that, in accordance with the Definitions for Oil and Gas Reserves promulgated by the Society of Petroleum
Engineers (or any generally recognized successor), as in effect at the time in question, are classified as both “Proved Reserves”
and one or more of the following: (a) “Developed Producing Reserves,” (b) “Developed Non-Producing Reserves”
or (c) “Undeveloped Reserves”; and “Proved Reserves” in the aggregate comprise Proved Reserves that are
“Developed Producing Reserves”, “Developed Non-Producing Reserves”, and “Undeveloped Reserves.”

 

“Purchasable
Obligations” has the meaning assigned to such term in Section 3.06(b).

 

“Purchasable
Priority Lien + DIP Obligations” has the meaning assigned to such term in Section 3.06(a).

 

“Purchasable
Priority Lien Obligations” has the meaning assigned to such term in Section 3.06(a).

 

“Recovery”
has the meaning assigned to such term in Section 4.03(a).

 

“Replaces”
means, (a) in respect of any agreement with reference to the Priority Credit Agreement or the Priority Lien Obligations or any
Priority Substitute Credit Facility, that such agreement refunds, refinances or replaces the Priority Credit Agreement, the Priority
Lien Obligations or such Priority Substitute Credit Facility in whole (in a transaction that is in compliance with Section 4.04(a))
and that all commitments thereunder are terminated, or, to the extent permitted by the terms of the Priority Credit Agreement,
Priority Lien Obligations or such Priority Substitute Credit Facility, in part, (b) in respect of any agreement with reference
to the Second Lien Documents, the Second Lien Obligations or any Second Lien Substitute Facility, that such Indebtedness refunds,
refinances or replaces the Second Lien Documents, the Second Lien Obligations or such Second Lien Substitute Facility in whole
(in a transaction that is in compliance with Section 4.04(a)) and that all commitments thereunder are terminated, or, to
the extent permitted by the terms of the Second Lien Documents, the Second Lien Obligations or such Second Lien Substitute Facility,
in part and (c) in respect of any agreement with reference to the Third Lien Documents, the Third Lien Obligations or any Third
Lien Substitute Facility, that such Indebtedness refunds, refinances or replaces the Third Lien Documents, the Third Lien Obligations
or such Third Lien Substitute Facility in whole (in a transaction that is in compliance with Section 4.04(a)) and that
all commitments thereunder are terminated, or, to the extent permitted by the terms of the Third Lien Documents, the Third Lien
Obligations, or such Third Lien Substitute Facility, in part. “Replace,” “Replaced,” “Replacing”
and “Replacement” shall have correlative meanings.

 

“Reserve
Report” means a report setting forth, as of each January 1st or July 1st (or another date as required or permitted
by the Priority Credit Agreement), the Proved Reserves and Proved Developed Reserves (including the aggregate values thereof)
attributable to the Oil and Gas Properties of Chesapeake and the Grantors, together with a projection of the rate of
production and future net income, taxes, operating expenses and capital expenditures with respect thereto as of such date, in
each case in the form delivered in accordance with the requirements of the Priority Credit Agreement, or if there is no
Priority Credit Agreement requiring delivery of a Reserve Report, in form substantially consistent as determined in good
faith by Chesapeake with the form of Reserve Report required under the Priority Credit Agreement as in effect on the Issue
Date.

 

    16

     

    

 

“Second Lien”
means a Lien granted by a Second Lien Document to the Second Lien Collateral Trustee, at any time, upon any Collateral by any Grantor
to secure Second Lien Obligations (including Liens on such Collateral under the security documents associated with any Second Lien
Substitute Facility).

 

“Second Lien
Collateral” shall mean all “Collateral”, as defined in any Second Lien Document, and any other assets of
any Grantor now or at any time hereafter subject to Liens which secure, or purports to secure, any Second Lien Obligations, but
excludes any such “Collateral” that is granted to secure the Second Lien Obligations pursuant to the second paragraph
of Section 11.03(c) of the Second Lien Indenture as in effect on the date hereof and in compliance with such Section and the other
Secured Debt Documents.

 

“Second Lien
Collateral Trust Agreement” means the Collateral Trust Agreement, dated as of the date hereof, among Chesapeake, the
other Grantors from time to time party thereto, the Second Lien Trustee, the other Second Lien Representatives from time to time
party thereto and the Second Lien Collateral Trustee, as amended, restated, adjusted, waived, renewed, extended, supplemented or
otherwise modified from time to time, in accordance with each applicable Second Lien Document.

 

“Second Lien
Collateral Trustee” means the Original Second Lien Collateral Trustee, and, from and after the date of execution and
delivery of a Second Lien Substitute Facility, the agent, collateral agent, trustee or other representative of the lenders or other
holders of the Indebtedness and other obligations evidenced thereunder or governed thereby, in each case, together with its successors
in such capacity appointed in accordance with the terms of the Second Lien Collateral Trust Agreement.

 

“Second Lien
Debt” means the Indebtedness under the Second Lien Indenture Notes issued on the date hereof and guarantees thereof and
all additional Indebtedness incurred under any Additional Second Lien Documents and all additional Indebtedness in respect of Additional
Notes and guarantees thereof, in each case with respect to which the requirements of Section 4.04(b) have been (or are deemed)
satisfied, and all Indebtedness incurred under any Second Lien Substitute Facility.

 

“Second Lien
Documents” means the Second Lien Indenture Documents and the Additional Second Lien Documents.

 

“Second Lien
Indenture” means the Indenture, dated as of the date hereof, among Chesapeake, the Grantors party thereto from time to
time, the Second Lien Trustee and the Second Lien Collateral Trustee, as amended, restated, adjusted, waived, renewed, extended,
supplemented or otherwise modified from time to time in accordance with the terms hereof (including any supplements executed in
connection with the issuance of any Series of Second Lien Debt under the Second Lien Indenture), and any credit agreement, loan
agreement, note agreement, promissory note, indenture or any other agreement or instrument evidencing or governing the terms of
any Second Lien Substitute Facility.

 

    17

     

    

 

“Second Lien
Indenture Documents” means the Second Lien Indenture, the Second Lien Indenture Notes, the Second Lien Indenture Security
Documents and all other documents, notes, guarantees, instruments and agreements governing or evidencing the Second Lien Indenture
Obligations or any Second Lien Substitute Facility.

 

“Second Lien
Indenture Notes” means (i) the 11.5% Senior Secured Second Lien Notes due 2025 issued under the Second Lien Indenture
on the date hereof and (ii) any Additional Notes for which the requirements of Section 3.8 of the Second Lien Collateral Trust
Agreement have been satisfied.

 

“Second Lien
Indenture Obligations” means, with respect to any Grantor, any Obligations of such Grantor owed to any Second Lien Indenture
Secured Party (or any of its Affiliates) in respect of the Second Lien Indenture Documents.

 

“Second Lien
Indenture Secured Parties” means, at any time, the Second Lien Trustee, the Second Lien Collateral Trustee, the trustees,
agents and other representatives of the holders of the Second Lien Indenture Notes (including any holders of notes pursuant to
supplements executed in connection with the issuance of any Series of Second Lien Debt under the Second Lien Indenture) who maintain
the transfer register for such Second Lien Indenture Notes or such Series of Second Lien Debt, the beneficiaries of each indemnification
obligation undertaken by any Grantor under any Second Lien Indenture Document and each other holder of, or obligee in respect of,
any Second Lien Indenture Notes, any holder or lender pursuant to any Second Lien Indenture Document outstanding at such time;
provided that the Additional Second Lien Secured Parties shall not be deemed Second Lien Indenture Secured Parties.

 

“Second Lien
Indenture Security Documents” means the Second Lien Indenture (insofar as the same grants a Lien on the Collateral),
the Second Lien Collateral Trust Agreement, each agreement listed in Part B of Exhibit B hereto and any other security agreements,
pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements, or grants
or transfers for security, now existing or entered into after the date hereof, executed and delivered by Chesapeake or any other
Grantor creating (or purporting to create) a Lien upon Collateral in favor of the Second Lien Collateral Trustee (including any
such agreements, assignments, mortgages, deeds of trust and other documents or instruments associated with any Second Lien Substitute
Facility).

 

“Second Lien
Obligations” means Second Lien Debt and all other Obligations in respect thereof. Notwithstanding any other provision
hereof, the term “Second Lien Obligations” will include accrued interest, fees, costs and other charges incurred under
the Second Lien Indenture and the other Second Lien Documents, whether incurred before or after commencement of an Insolvency or
Liquidation Proceeding and whether or not allowed or allowable in an Insolvency or Liquidation Proceeding.

 

“Second Lien
Purchaser Representative” means (a) initially, the Second Lien Trustee or (b) such other Person that is appointed from
time to time by the Second Lien Representatives to replace the Second Lien Trustee (or subsequent Second Lien Purchaser Representative)
pursuant to a written notice to the Priority Lien Agent.

 

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“Second Lien
Purchasers” has the meaning assigned to such term in Section 3.06(a).

 

“Second Lien
Recovery” has the meaning assigned to such term in Section 4.03(b).

 

“Second Lien
Representative” means (a) in the case of the Second Lien Indenture Notes, the Second Lien Trustee, and (b) in the case
of any other Series of Second Lien Debt, the trustee, agent or representative of the holders of such Series of Second Lien Debt
who (i) is appointed as a Second Lien Representative (for purposes related to the administration of the Additional Second Lien
Security Documents) pursuant to the indenture, credit agreement or other agreement governing such Series of Second Lien Debt, together
with its successors in such capacity, and (ii) has become party to the Second Lien Collateral Trust Agreement by executing a joinder
in the form required under the Second Lien Collateral Trust Agreement.

 

“Second Lien
Secured Parties” means the Second Lien Indenture Secured Parties and the Additional Second Lien Secured Parties.

 

“Second Lien
Security Documents” means the Second Lien Indenture Security Documents and the Additional Second Lien Security Documents.

 

“Second Lien
Standstill Period” has the meaning assigned to such term in Section 3.02(a)(i).

 

“Second Lien
Substitute Facility” means any facility with respect to which the requirements contained in Section 4.04(a) of
this Agreement have been satisfied and that Replaces the Second Lien Indenture and/or any Additional Second Lien Debt Facility
then in existence. For the avoidance of doubt, no Second Lien Substitute Facility shall be required to be evidenced by notes or
other instruments and may be a facility evidenced or governed by a credit agreement, loan agreement, note agreement, promissory
note, indenture or any other agreement or instrument; provided that any such Second Lien Substitute Facility shall be subject
to the terms of this Agreement for all purposes (including the lien priority as set forth herein as of the date hereof).

 

“Second Lien
Trustee” means the Original Second Lien Trustee, and, from and after the date of execution and delivery of a Second Lien
Substitute Facility, the agent, collateral agent, trustee or other representative of the lenders or other holders of the Indebtedness
and other obligations evidenced thereunder or governed thereby, together with its successors in such capacity.

 

“Secured Debt
Documents” means the Priority Lien Documents, the Second Lien Documents and the Third Lien Documents.

 

“Secured Debt
Representative” means the Priority Lien Agent, the Second Lien Collateral Trustee and the Third Lien Collateral Trustee.

 

“Secured Obligations”
means the Priority Lien Obligations, the Second Lien Obligations and the Third Lien Obligations.

 

“Secured Parties”
means the Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties.

 

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“Security
Documents” means the Priority Lien Security Documents, the Second Lien Security Documents and the Third Lien Security
Documents.

 

“Series of
Priority Lien Debt” means, severally, the Priority Credit Agreement and each other issue or series of Priority Lien Debt
(including any Additional Priority Lien Debt Facility) for which a single transfer register is maintained.

 

“Series of
Second Lien Debt” means, severally, the Second Lien Indenture Notes and each other issue or series of Second Lien Debt
(including any Additional Second Lien Debt Facility) for which a single transfer register is maintained.

 

“Series of
Secured Debt” means each Series of Priority Lien Debt, each Series of Second Lien Debt and each Series of Third Lien
Debt.

 

“Series of
Third Lien Debt” means, severally, the Initial Third Lien Debt Facility and each other issue or series of Third Lien
Debt (including any Additional Third Lien Debt Facility) for which a single transfer register is maintained.

 

“Standstill
Period” means the Second Lien Standstill Period the Third Lien First Standstill Period and the Third Lien Second Standstill
Period, as applicable.

 

“Subsidiary”
of a Person means a corporation, partnership, limited liability company or other entity of which Voting Stock (other than Capital
Stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority
of the Board of Directors of such corporation, partnership or other entity are at the time owned, or the management of which is
otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified
herein, a reference to a “Subsidiary” herein means any Subsidiary of Chesapeake.

 

“Third Lien”
means a Lien granted by a Third Lien Document to the Third Lien Collateral Trustee, at any time, upon any Collateral by any Grantor
to secure Third Lien Obligations (including Liens on such Collateral under the security documents associated with any Third Lien
Substitute Facility).

 

“Third Lien
Collateral” shall mean all “Collateral”, as defined in any Third Lien Document, and any other assets of any
Grantor now or at any time hereafter subject to Liens which secure, but only to the extent securing, any Third Lien Obligations.

 

“Third Lien
Collateral Trust Agreement” means from and after the date of execution and delivery of the Initial Third Lien Debt Facility,
a collateral trust agreement entered into among Chesapeake, the other Grantors, the Third Lien Representatives and the Third Lien
Collateral Trustee, as amended, restated, adjusted, waived, renewed, extended, supplemented or otherwise modified from time to
time, in accordance with each applicable Third Lien Document.

 

“Third
Lien Collateral Trustee” means from and after the date of execution and delivery of the Initial Third Lien Debt
Facility, the agent, collateral agent, trustee or other representative of the lenders or other holders of the Indebtedness
and other obligations evidenced thereunder or governed thereby, in each case, together with its successors in such capacity
appointed in accordance with the terms of the Third Lien Collateral Trust Agreement.

 

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“Third Lien
Debt” means Indebtedness under the Initial Third Lien Debt Facility and Indebtedness incurred under any Additional Third
Lien Documents and with respect to which the requirements of Section 4.04(c) have been satisfied, and all Indebtedness incurred
under any Third Lien Substitute Facility.

 

“Third Lien
Documents” means the Initial Third Lien Documents, the Additional Third Lien Documents and all other loan documents,
notes, guarantees, instruments and agreements governing or evidencing any Third Lien Substitute Facility.

 

“Third Lien
First Standstill Period” has the meaning assigned to such term in Section 3.02(a)(ii).

 

“Third Lien
Obligations” means Third Lien Debt and all other Obligations in respect thereof. Notwithstanding any other provision
hereof, the term “Third Lien Obligations” will include accrued interest, fees, costs and other charges incurred under
the Third Lien Documents, whether incurred before or after commencement of an Insolvency or Liquidation Proceeding.

 

“Third Lien
Representative” means with respect to a Series of Third Lien Debt, the trustee, agent or representative of the holders
of such Series of Third Lien Debt who (i) is appointed as a Third Lien Representative (for purposes related to the administration
of the security documents) pursuant to the indenture, credit agreement or other agreement governing such Series of Third Lien Debt,
together with its successors in such capacity, and (ii) has become party to the Third Lien Collateral Trust Agreement by executing
a joinder in the form required under the Third Lien Collateral Trust Agreement.

 

“Third Lien
Second Standstill Period” has the meaning assigned to such term in Section 3.02(b).

 

“Third Lien
Secured Parties” means the Initial Third Lien Secured Parties and the Additional Third Lien Secured Parties.

 

“Third Lien
Security Documents” means the Initial Third Lien Security Documents and the Additional Third Lien Security Documents.

 

“Third Lien
Substitute Facility” means any facility with respect to which the requirements contained in Section 4.04(a) of
this Agreement have been satisfied and that Replaces any Initial Third Lien Debt Facility and/or Additional Third Lien Debt Facility
then in existence. For the avoidance of doubt, no Third Lien Substitute Facility shall be required to be evidenced by notes or
other instruments and may be a facility evidenced or governed by a credit agreement, loan agreement, note agreement, promissory
note, indenture or any other agreement or instrument; provided that any such Third Lien Substitute Facility shall be subject
to the terms of this Agreement for all purposes (including the lien priority as set forth herein as of the date hereof).

 

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“Volumetric Production
Payments” means sales of limited-term overriding royalty interests in natural gas and oil reserves that
(i) entitle the purchaser to receive scheduled production volumes over a period of time from specific lease interests;
(ii) are free and clear of all associated future production costs and capital expenditures; (iii) are nonrecourse
to the seller (i.e., the purchaser’s only recourse is to the reserves acquired); (iv) transfer title of the
reserves to the purchaser; and (v) allow the seller to retain all production beyond the specified volumes, if any, after
the scheduled production volumes have been delivered.

 

“Voting Stock”
means, with respect to any Person, securities of any class or classes of Capital Stock in such Person entitling the holders thereof
(whether at all times or only so long as no senior class of stock has voting power by reason of contingency) to vote in the election
of members of the Board of Directors of such Person.

 

Article
II

LIEN PRIORITIES

 

Section 2.01           
Relative Priorities.

 

(a)           
The grant of the Priority Liens pursuant to the Priority Lien Documents, the grant of the Second Liens pursuant to the Second
Lien Documents and the grant of the Third Liens pursuant to the Third Lien Documents create three separate and distinct Liens on
the Collateral.

 

(b)           
Notwithstanding anything contained in this Agreement, the Priority Lien Documents, the Second Lien Documents, the Third
Lien Documents or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and
irrespective of (i) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise),
(ii) the time, manner, or order of the grant, attachment or perfection of a Lien, (iii) any conflicting provision of the New York
UCC or other applicable law, (iv) any defect in, or non-perfection, setting aside, or avoidance of, a Lien or a Priority Lien Document,
a Second Lien Document or a Third Lien Document, (v) the modification of a Priority Lien Obligation, a Second Lien Obligation or
a Third Lien Obligation, or (vi) the subordination of a Lien on Collateral securing a Priority Lien Obligation to a Lien securing
another obligation of Chesapeake or other Person that is permitted under the Priority Lien Documents as in effect on the date hereof
or securing a DIP Financing or adequate protection Liens, each of the Second Lien Collateral Trustee, on behalf of itself and the
other Second Lien Secured Parties, and the Third Lien Collateral Trustee, on behalf of itself and the other Third Lien Secured
Parties, hereby agree that (i) any Priority Lien on any Collateral now or hereafter held by or for the benefit of any Priority
Lien Secured Party shall be senior in right, priority, operation, effect and all other respects to (A) any and all Second Liens
on any Collateral and (B) any and all Third Liens on any Collateral, (ii) any Second Lien on any Collateral now or hereafter held
by or for the benefit of any Second Lien Secured Party shall be (A) junior and subordinate in right, priority, operation, effect
and all other respects to any and all Priority Liens on any Collateral and (B) senior in right, priority, operation, effect and
all other respects to any and all Third Liens on any Collateral and (iii) any Third Lien on any Collateral now or hereafter held
by or for the benefit of any Third Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and
all other respects to (A) any and all Priority Liens on any Collateral and (B) any and all Second Liens on any Collateral.

 

    22

     

    

 

(c)            It
is acknowledged that (i) the aggregate amount of the Priority Lien Obligations may be increased from time to time pursuant to
the terms of the Priority Lien Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of
Indebtedness 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, and (iii) (A) the Priority Lien Documents may be replaced, restated,
supplemented, restructured or otherwise amended or modified from time to time and (B) the Priority Lien Obligations may be
increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise
amended or modified from time to time, in the case of the foregoing (A) and (B) all without affecting the subordination of
the Second Liens or Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority
Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties. It is acknowledged that (i) the
aggregate amount of the Second Lien Obligations may be increased from time to time pursuant to the terms of the Second Lien
Documents (to the extent not constrained by the Priority Credit Agreement or any other relevant agreement), (ii) a portion of
the Second Lien Obligations may consist of Indebtedness 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, and (iii) (A) the
Second Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to
time and (B) the Second Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured,
repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of the foregoing (A) and (B) all
without affecting the subordination of the Third Liens hereunder or the provisions of this Agreement defining the relative
rights of the Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties. It is
acknowledged that (i) the aggregate amount of the Third Lien Obligations may be increased from time to time pursuant to the
terms of the Third Lien Documents (to the extent not constrained by the Priority Credit Agreement or any other relevant
agreement), (ii) a portion of the Third Lien Obligations may consist of Indebtedness 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, and (iii) (A) the Third Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended
or modified from time to time and (B) the Third Lien Obligations may be increased, extended, renewed, replaced, restated,
supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of
the foregoing (A) and (B) all without affecting the provisions of this Agreement defining the relative rights of the Priority
Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties. The lien priorities provided for
herein shall not be altered or otherwise affected by any amendment, modification, supplement, extension, increase, renewal,
restatement or Replacement of either the Priority Lien Obligations (or any part thereof), the Second Lien Obligations (or any
part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or of any guarantees for
any Priority Lien Obligations or by any action that any Secured Debt Representative or Secured Party may take or fail to take
in respect of any Collateral.

 

(d)          
Priority Lien Obligations consisting of the Credit Agreement Obligations shall be permitted to have Foreclosure Proceeds
with priority status pursuant to the Credit Agreement Documents or otherwise in relation to FLLO Debt, including the New Debt Obligations,
but no FLLO Debt shall be permitted to have Foreclosure Proceeds with priority status pursuant to the Additional Priority Lien
Documents or otherwise in relation to other FLLO Debt.

 

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Section 2.02           
Prohibition on Marshalling, Etc. 

 

(a)          
Until the Discharge of Priority Lien Obligations, the Second Lien Collateral Trustee will not assert any marshalling, appraisal,
valuation, or other similar right that may otherwise be available to such Second Lien Collateral Trustee, for itself, or as a representative
of another Person.

 

(b)          
Until the Discharge of Priority Lien Obligations and the Discharge of Second Lien Obligations, the Third Lien Collateral
Trustee will not assert any marshalling, appraisal, valuation, or other similar right that may otherwise be available to such Third
Lien Collateral Trustee, for itself, or as a representative of another Person.

 

Section 2.03        No
New Liens. The parties hereto agree that, (a) so long as the Discharge of Priority Lien Obligations has not
occurred, none of the Grantors shall, nor shall any Grantor permit any of its Subsidiaries to, (i) grant or permit any
additional Liens on any asset of a Grantor or any of its Subsidiaries to secure any Third Lien Obligation, or take any action
to perfect any additional Liens to secure any Third Lien Obligation, unless it has granted, or substantially concurrently
therewith grants (or offers to grant), a Lien on such asset of such Grantor or such Subsidiary to secure (A) the Priority
Lien Obligations and has taken all actions required to perfect such Liens and (B) the Second Lien Obligations and has taken
all actions required to perfect such Liens; provided, however, the refusal or inability of the Priority Lien
Agent or the Second Lien Collateral Trustee to accept such Lien will not prevent the Third Lien Collateral Trustee from
taking the Lien, (ii) grant or permit any additional Liens on any asset of a Grantor or any of its Subsidiaries to secure any
Second Lien Obligation, or take any action to perfect any additional Liens to secure any Second Lien Obligation, unless it
has granted, or substantially concurrently therewith grants (or offers to grant), a Lien on such asset of such Grantor or
such Subsidiary to secure (A) the Priority Lien Obligations (except to the extent otherwise permitted by the Priority Lien
Documents) and has taken all actions required to perfect such Liens and (B) the Third Lien Obligations and has taken all
actions required to perfect such Liens; provided, however, the refusal or inability of the Priority Lien Agent
or the Third Lien Collateral Trustee to accept such Lien will not prevent the Second Lien Collateral Trustee from taking the
Lien, or (iii) grant or permit any additional Liens on any asset of a Grantor or any of its Subsidiaries to secure any
Priority Lien Obligation, or take any action to perfect any additional Liens to secure any Priority Lien Obligation, unless
it has granted, or substantially concurrently therewith grants (or offers to grant), a Lien on such asset of such Grantor or
such Subsidiary to secure (A) the Second Lien Obligations and has taken all actions required to perfect such Liens and (B)
the Third Lien Obligations and has taken all actions required to perfect such Liens; provided, however, the
refusal or inability of the Second Lien Collateral Trustee or the Third Lien Collateral Trustee to accept such Lien will not
prevent the Priority Lien Agent from taking the Lien and (b) after the Discharge of Priority Lien Obligations but prior to
the Discharge of Second Lien Obligations, none of the Grantors shall, nor shall any Grantor permit any of its
Subsidiaries to, (i) grant or permit any additional Liens on any asset of a Grantor or any of its Subsidiaries to secure any
Second Lien Obligation, or take any action to perfect any additional Liens to secure any Second Lien Obligation, unless it
has granted, or substantially concurrently therewith grants (or offers to grant), a Lien on such asset of such Grantor or
such Subsidiary to secure the Third Lien Obligations and has taken all actions required to perfect such Liens, unless the
Third Priority Collateral Trustee otherwise agrees; provided, however, the refusal or inability of the Third
Lien Collateral Trustee to accept such Lien will not prevent the Second Lien Collateral Trustee from taking the Lien, or (ii)
grant or permit any additional Liens on any asset of a Grantor or any of its Subsidiaries to secure any Third Lien
Obligations, or take any action to perfect any additional Liens to secure any Third Lien Obligation, unless it has granted,
or substantially concurrently therewith grants (or offers to grant), a Lien on such asset of a Grantor or such Subsidiary to
secure the Second Lien Obligations and has taken all actions required to perfect such Liens; provided, however,
the refusal or inability of the Second Lien Collateral Trustee to accept such Lien will not prevent the Third Lien Collateral
Trustee from taking the Lien, with each such Lien as described in clauses (a) and (b) of this Section
2.03 to be subject to the provisions of this Agreement. To the extent that the provisions of the immediately preceding
sentence are not complied with for any reason, without limiting any other right or remedy available to the Priority Lien
Agent, the other Priority Lien Secured Parties, the Second Lien Collateral Trustee, the other Second Lien Secured Parties,
the Third Lien Collateral Trustee or the other Third Lien Secured Parties, each of the Second Lien Collateral Trustee, for
itself and on behalf of the other Second Lien Secured Parties, and the Third Lien Collateral Trustee, for itself and on
behalf of the other Third Lien Secured Parties, agrees that any amounts received by or distributed to any Second Lien
Secured Party or Third Lien Secured Party, as applicable, pursuant to or as a result of any Lien granted in contravention of
this Section 2.03 shall be subject to Section 3.05(b).

 

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Section 2.04           Similar
Collateral and Agreements. The parties hereto acknowledge and agree that it is their intention that the Priority Lien
Collateral, the Second Lien Collateral and the Third Lien Collateral be identical (except that (x) the Priority Lien
Obligations may be secured by less than all the assets in the Second Lien Collateral and the Third Lien Collateral, to
the extent permitted or required by the Priority Lien Documents, (y) the Second Lien Obligations may be secured by less than
all the assets in the Priority Lien Collateral and the Third Lien Collateral, to the extent permitted or required by the
Second Lien Documents, and (z) the Third Lien Obligations may be secured by less than all the assets in the Priority Lien
Collateral and the Second Lien Collateral, to the extent permitted or required by the Third Lien Documents). 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 Priority Lien Agent, the Second Lien Collateral Trustee or the Third Lien Collateral Trustee, the specific assets
included in the Priority Lien Collateral, the Second Lien Collateral and the Third Lien Collateral, the steps taken to
perfect the Priority Liens, the Second Liens and the Third Liens thereon and the identity of the respective parties obligated
under the Priority Lien Documents, the Second Lien Documents and the Third Lien Documents in respect of the Priority Lien
Obligations, the Second Lien Obligations and the Third Lien Obligations, respectively, (b) that the Second Lien Security
Documents creating Liens on the Collateral shall be in all material respects the same forms of documents as the respective
Priority Lien Security Documents creating Liens on the Collateral other than (i) with respect to the priority nature of the
Liens created thereunder in such Collateral, (ii) such modifications to such Second Lien Security Documents which are less
restrictive than the corresponding Priority Lien Security Documents, (iii) provisions in the Second Lien Security Documents
which are solely applicable to the rights and duties of the Second Lien Secured Parties, and (iv) such deletions or
modifications of representations, warranties and covenants as are customary with respect to security documents establishing
Liens securing publicly traded debt securities, (c) that the Third Lien Security Documents creating Liens on the Collateral
shall be in all material respects the same forms of documents as the respective Priority Lien Security Documents and Second
Lien Security Documents creating Liens on the Collateral other than (i) with respect to the priority nature of the
Liens created thereunder in such Collateral, (ii) such modifications to such Third Lien Security Documents which are less
restrictive than the corresponding Priority Lien Security Documents and Second Lien Security Documents, (iii) provisions in
the Third Lien Security Documents which are solely applicable to the rights and duties of the Third Lien Secured Parties, and
(iv) such deletions or modifications of representations, warranties and covenants as are customary with respect to security
documents establishing Liens securing publicly traded debt securities, (d) that at no time shall there be any Grantor that is
an obligor in respect of the Second Lien Obligations that is not also an obligor in respect of the Priority Lien Obligations
(except to the extent otherwise permitted by the Priority Lien Documents), (e) that at no time shall there be any Grantor
that is an obligor in respect of the Third Lien Obligations that is not also an obligor in respect of the Priority Lien
Obligations (except as otherwise permitted by the Priority Lien Documents) and the Second Lien Obligations (except to the
extent otherwise permitted by the Second Lien Documents), and (f) that at no time shall there be a Grantor that is an obligor
in respect of the Priority Lien Obligations that is not also an obligor in respect of the Second Lien Obligations and the
Third Lien Obligations.

 

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Section 2.05           No
Duties of Priority Lien Agent. Each of the Second Lien Collateral Trustee, for itself and on behalf of each Second Lien
Secured Party, and the Third Lien Collateral Trustee, for itself and on behalf of each Third Lien Secured Party,
acknowledges and agrees that neither the Priority Lien Agent nor any other Priority Lien Secured Party shall have any duties
or other obligations to any such Second Lien Secured Party or Third Lien Secured Party with respect to any Collateral, other
than to transfer to the Second Lien Collateral Trustee any remaining Collateral and any proceeds of the sale or other
Disposition of any such Collateral remaining in its possession following the associated Discharge of Priority Lien
Obligations, in each case without representation or warranty on the part of the Priority Lien Agent or any Priority Lien
Secured Party. In furtherance of the foregoing, each Second Lien Secured Party and Third Lien Secured Party acknowledges and
agrees that until the Discharge of Priority Lien Obligations (subject to the terms of Section 3.02, including the
rights of the Second Lien Secured Parties and the Third Lien Secured Parties following the expiration of any applicable
Standstill Period), the Priority Lien Agent shall be entitled, for the benefit of the Priority Lien Secured Parties, to sell,
transfer or otherwise Dispose of or deal with such Collateral, as provided herein and in the Priority Lien Documents, without
regard to (a) any Second Lien or any rights to which the Second Lien Collateral Trustee or any Second Lien Secured Party
would otherwise be entitled as a result of such Second Lien or (b) any Third Lien or any rights to which the Third Lien
Collateral Trustee or any Third Lien Secured Party would otherwise be entitled as a result of such Third Lien. Without
limiting the foregoing, each Second Lien Secured Party and Third Lien Secured Party agrees that neither the Priority Lien
Agent nor any other Priority Lien Secured Party shall have any duty or obligation first to marshal or realize upon any
type of Collateral, or to sell, Dispose of or otherwise liquidate all or any portion of such Collateral, in any manner that
would maximize the return to the Second Lien Secured Parties or the Third Lien Secured Parties, notwithstanding that the
order and timing of any such realization, sale, Disposition or liquidation may affect the amount of proceeds actually
received by the Second Lien Secured Parties or the Third Lien Secured Parties, as applicable, from such realization, sale,
Disposition or liquidation. Each of the Second Lien Secured Parties and Third Lien Secured Parties waives any claim such
Second Lien Secured Party or Third Lien Secured Party may now or hereafter have against the Priority Lien Agent or any other
Priority Lien Secured Party arising out of any actions which the Priority Lien Agent or the Priority Lien Secured Parties
take or omit to take (including actions with respect to the creation, perfection or continuation of Liens on any Collateral,
actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the
Collateral, and actions with respect to the collection of any claim for all or any part of the Priority Lien Obligations from
any account debtor, guarantor or any other party) in accordance with this Agreement and the Priority Lien Documents or the
valuation, use, protection or release of any security for the Priority Lien Obligations.

 

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Section 2.06         
No Duties of Second Lien Collateral Trustee. The Third Lien Collateral Trustee, for itself and on behalf of each
Third Lien Secured Party, acknowledges and agrees that neither the Second Lien Collateral Trustee nor any other Second Lien Secured
Party shall have any duties or other obligations to such Third Lien Secured Party with respect to any Collateral, other than to
transfer to the Third Lien Collateral Trustee any remaining Collateral and any proceeds of the sale or other Disposition of any
such Collateral remaining in its possession following the associated Discharge of Second Lien Obligations (provided such Discharge
of Second Lien Obligations occurs after the Discharge of Priority Lien Obligations), in each case without representation or warranty
on the part of the Second Lien Collateral Trustee or any Second Lien Secured Party. In furtherance of the foregoing, each Third
Lien Secured Party acknowledges and agrees that after the Discharge of Priority Lien Obligations and until the Discharge of Second
Lien Obligations (subject to the terms of Section 3.02, including the rights of the Third Lien Secured Parties following
expiration of the Third Lien Second Standstill Period), the Second Lien Collateral Trustee shall be entitled, for the benefit of
the Second Lien Secured Parties, to sell, transfer or otherwise Dispose of or deal with such Collateral, as provided herein and
in the Second Lien Documents, without regard to any Third Lien or any rights to which the Third Lien Collateral Trustee or any
Third Lien Secured Party would otherwise be entitled as a result of such Third Lien. Without limiting the foregoing, each Third
Lien Secured Party agrees that neither the Second Lien Collateral Trustee nor any other Second Lien Secured Party shall have any
duty or obligation first to marshal or realize upon any type of Collateral, or to sell, Dispose of or otherwise liquidate all or
any portion of such Collateral, in any manner that would maximize the return to the Third Lien Secured Parties, notwithstanding
that the order and timing of any such realization, sale, Disposition or liquidation may affect the amount of proceeds actually
received by the Third Lien Secured Parties from such realization, sale, Disposition or liquidation. Each of the Third Lien Secured
Parties waives any claim such Third Lien Secured Party may now or hereafter have against the Second Lien Collateral Trustee or
any other Second Lien Secured Party arising out of any actions which the Second Lien Collateral Trustee or the Second Lien Secured
Parties take or omit to take (including actions with respect to the creation, perfection or continuation of Liens on any Collateral,
actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the Collateral,
and actions with respect to the collection of any claim for all or any part of the Second Lien Obligations from any account debtor,
guarantor or any other party) in accordance with this Agreement and the Second Lien Documents or the valuation, use, protection
or release of any security for the Second Lien Obligations.

 

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Article
III

ENFORCEMENT RIGHTS; PURCHASE OPTION

 

Section 3.01          
Limitation on Enforcement Action.

 

(a)           Prior
to the Discharge of Priority Lien Obligations, each of the Second Lien Collateral Trustee, for itself and on behalf of each
Second Lien Secured Party, and the Third Lien Collateral Trustee, for itself and on behalf of each Third Lien Secured Party,
hereby agrees that, subject to Sections 3.02, 3.05(b) and 4.07, none of the Second Lien
Collateral Trustee, any other Second Lien Secured Party, the Third Lien Collateral Trustee or any other Third Lien Secured
Party shall commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver,
liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or
power with respect to, or otherwise take any action to enforce its interest in or realize upon, or take any other action
available to it in respect of, any Collateral under any Second Lien Security Document or Third Lien Security Document, as
applicable, applicable law or otherwise (including but not limited to any right of setoff), it being agreed that only the
Priority Lien Agent, acting in accordance with the applicable Priority Lien Documents, shall have the exclusive right (and
whether or not any Insolvency or Liquidation Proceeding has been commenced), to take any such actions or exercise any such
remedies, in each case, without any consultation with or the consent of the Second Lien Collateral Trustee, any other Second
Lien Secured Party, the Third Lien Collateral Trustee or any other Third Lien Secured Party. In exercising rights and
remedies with respect to the Collateral, the Priority Lien Agent and the other Priority Lien Secured Parties may enforce the
provisions of the Priority Lien Documents and exercise remedies thereunder, all in such order and in such manner as they may
determine in their sole discretion and regardless of whether such exercise and enforcement is adverse to the interest of any
Second Lien Secured Party or Third Lien Secured Party. 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. Each of the Second Lien Collateral Trustee, for itself and on behalf of the other Second Lien Secured
Parties, and the Third Lien Collateral Trustee, for itself and on behalf of the other Third Lien Secured Parties,
hereby acknowledges and agrees that no covenant, agreement or restriction contained in any Second Lien Security Document, any
other Second Lien Document, any Third Lien Security Document or any other Third Lien Document, as applicable, shall be deemed
to restrict in any way the rights and remedies of the Priority Lien Agent or the other Priority Lien Secured Parties with
respect to the Collateral as set forth in this Agreement. Notwithstanding the foregoing, subject to Section 3.05,
the Second Lien Collateral Trustee, on behalf of the Second Lien Secured Parties, may, but will have no obligation to, take
all such actions (not adverse to the Priority Liens or the rights of the Priority Lien Agent and the Priority Lien Secured
Parties) it deems necessary to perfect or continue the perfection of the Second Liens in the Collateral or to create,
preserve or protect (but not enforce) the Second Liens in the Collateral, and the Third Lien Collateral Trustee, on behalf of
the Third Lien Secured Parties, may, but will have no obligation to, take all such actions (not adverse to the Priority Liens
or Second Liens or the rights of the Priority Lien Agent, the Priority Lien Secured Parties, the Second Lien Collateral
Trustee or the Second Lien Secured Parties) it deems necessary to perfect or continue the perfection of the Third Liens in
the Collateral or to create, preserve or protect (but not enforce) the Third Liens in the Collateral. Nothing herein shall
limit the right or ability of the Second Lien Secured Parties or any Third Lien Secured Parties to (i) purchase (by credit
bid or otherwise) all or any portion of the Collateral in connection with any enforcement of remedies by the Priority Lien
Agent to the extent that, and so long as, the Priority Lien Secured Parties receive payment in full in cash of all Priority
Lien Obligations after giving effect thereto or (ii) file a proof of claim with respect to the Second Lien Obligations or the
Third Lien Obligations, as applicable.

 

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(b)            Following
the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations, the Third Lien Collateral
Trustee, for itself and on behalf of each Third Lien Secured Party, hereby agrees that, subject to Sections
3.02, 3.05(b) and 4.07, neither the Third Lien Collateral Trustee nor any other Third Lien Secured Party
shall commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver,
liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or
power with respect to, or otherwise take any action to enforce its interest in or realize upon, or take any other action
available to it in respect of, any Collateral under any Third Lien Security Document, applicable law or otherwise (including
but not limited to any right of setoff), it being agreed that only the Second Lien Collateral Trustee, acting in accordance
with the applicable Second Lien Documents, shall have the exclusive right (and whether or not any Insolvency or Liquidation
Proceeding has been commenced), to take any such actions or exercise any such remedies, in each case, without any
consultation with or the consent of the Third Lien Collateral Trustee or any other Third Lien Secured Party. In exercising
rights and remedies with respect to the Collateral, the Second Lien Collateral Trustee and the other Second Lien Secured
Parties may enforce the provisions of the Second Lien Documents and exercise remedies thereunder, all in such order and in
such manner as they may determine in their sole discretion and regardless of whether such exercise and enforcement is adverse
to the interest of any Third Lien Secured Party. 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. The Third Lien Collateral Trustee, for itself and on behalf of the other Third Lien Secured Parties, hereby
acknowledges and agrees that no covenant, agreement or restriction contained in any Third Lien Security Document or any other
Third Lien Document shall be deemed to restrict in any way the rights and remedies of the Second Lien Collateral Trustee or
the other Second Lien Secured Parties with respect to the Collateral as set forth in this Agreement.

 

Notwithstanding the foregoing, subject
to Section 3.05, the Third Lien Collateral Trustee may, but will have no obligation to, on behalf of the Third Lien Secured
Parties, take all such actions (not adverse to the Second Liens or the rights of the Second Lien Collateral Trustee and the Second
Lien Secured Parties) it deems necessary to perfect or continue the perfection of the Third Liens in the Collateral or to create,
preserve or protect (but not enforce) the Third Liens in the Collateral.

 

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Section 3.02          
Standstill Periods; Permitted Enforcement Action.

 

(a)         
Prior to the Discharge of Priority Lien Obligations and notwithstanding Section 3.01, both before and during
an Insolvency or Liquidation Proceeding:

 

(i)                 after
a period of 180 days has elapsed (which period will be tolled during any period in which the Priority Lien Agent is not
entitled, on behalf of the Priority Lien Secured Parties, to enforce or exercise any rights or remedies with respect to any
Collateral as a result of (A) any injunction issued by a court of competent jurisdiction or (B) the automatic stay or
any other stay in any Insolvency or Liquidation Proceeding) since the date on which the Second Lien Collateral Trustee has
delivered to the Priority Lien Agent and the Third Lien Collateral Trustee written notice of the acceleration of any Second
Lien Debt (the “Second Lien Standstill Period”), the Second Lien Collateral Trustee and the other Second
Lien Secured Parties may enforce or exercise any rights or remedies with respect to any Collateral; provided, however,
that notwithstanding the expiration of the Second Lien Standstill Period or anything in the Second Lien Collateral Trust
Agreement or the Second Lien Documents to the contrary, in no event may the Second Lien Collateral Trustee 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 at any time in commencing, or petition for or vote in favor of any resolution for, any such action or proceeding,
if the Priority Lien Agent on behalf of the Priority Lien Secured Parties or any other Priority 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 or other prohibition in any Insolvency or Liquidation Proceeding to enable the commencement and
pursuit thereof), the enforcement or exercise of any rights or remedies with respect to the Collateral or any such action or
proceeding (prompt written notice thereof to be given to the Second Lien Representatives by the Priority Lien Agent); provided, further,
that, at any time after the expiration of the Second Lien Standstill Period, if neither the Priority Lien Agent nor any other
Priority Lien Secured Party shall have commenced and be diligently pursuing (or shall have sought or requested relief from,
or modification of, the automatic stay or any other stay or other prohibition in any Insolvency or Liquidation Proceeding to
enable the commencement and pursuit thereof) the enforcement or exercise of any rights or remedies with respect to any
material portion of the Collateral or any such action or proceeding, in respect of such rights or remedies, then the Second
Lien Collateral Trustee shall be free to commence the enforcement or exercise of any rights or remedies with respect to any
material portion of the Collateral or any such action or proceeding, in respect of such rights and remedies; and

 

(ii)             
after a period of 270 days has elapsed (which period will be tolled during any period in which the Priority Lien Agent is
not entitled, on behalf of the Priority Lien Secured Parties, to enforce or exercise any rights or remedies with respect to any
Collateral as a result of (A) any injunction issued by a court of competent jurisdiction or (B) the automatic stay or any other
stay in any Insolvency or Liquidation Proceeding) since the date on which the Third Lien Collateral Trustee has delivered to the
Priority Lien Agent and the Second Lien Collateral Trustee written notice of the acceleration of any Third Lien Debt (the “Third
Lien First Standstill Period”), the Third Lien Collateral Trustee and the other Third Lien Secured Parties may enforce
or exercise any rights or remedies with respect to any Collateral; provided, however, that notwithstanding the expiration
of the Third Lien First Standstill Period or anything in the Third Lien Collateral Trust Agreement or the Third Lien Documents
to the contrary, in no event may the Third Lien Collateral Trustee or any other Third Lien Secured Party enforce or exercise any
rights or remedies with respect to any Collateral, or commence, join with any Person at any time in commencing, or petition for
or vote in favor of any resolution for, any such action or proceeding, if (I) the Priority Lien Agent on behalf of the Priority
Lien Secured Parties or any other Priority Lien Secured Party or (II) the Second Lien Collateral Trustee on behalf of the Second
Lien Secured Parties or any other Second 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 or prohibition in any Insolvency or Liquidation
Proceeding to enable the commencement and pursuit thereof), the enforcement or exercise of any rights or remedies with respect
to the Collateral or any such action or proceeding (prompt written notice thereof to be given to the Third Lien Representatives
by the Priority Lien Agent or the Second Lien Collateral Trustee, as applicable).

 

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(b)            Following
the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations and
notwithstanding Section 3.01, both before and during an Insolvency or Liquidation Proceeding, after a period of 180
days has elapsed (which period will be tolled during any period in which the Second Lien Collateral Trustee is not entitled,
on behalf of the Second Lien Secured Parties, to enforce or exercise any rights or remedies with respect to any Collateral as
a result of (A) any injunction issued by a court of competent jurisdiction or (B) the automatic stay or any other stay in any
Insolvency or Liquidation Proceeding) since the date on which the Third Lien Collateral Trustee has delivered to the Second
Lien Collateral Trustee written notice of the acceleration of any Third Lien Debt (the “Third Lien Second Standstill
Period”), the Third Lien Collateral Trustee and the other Third Lien Secured Parties may enforce or exercise any
rights or remedies with respect to any Collateral; provided, however, that notwithstanding the expiration of
the Third Lien Second Standstill Period or anything in the Third Lien Collateral Trust Agreement or the Third Lien Documents
to the contrary, in no event may the Third Lien Collateral Trustee or any other Third Lien Secured Party enforce or exercise
any rights or remedies with respect to any Collateral, or commence, join with any Person at any time in commencing, or
petition for or vote in favor of any resolution for, any such action or proceeding, if the Second Lien Collateral Trustee on
behalf of the Second Lien Secured Parties or any other Second 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
or prohibition in any Insolvency or Liquidation Proceeding to enable the commencement and pursuit thereof), the enforcement
or exercise of any rights or remedies with respect to the Collateral or any such action or proceeding (prompt written notice
thereof to be given to the Third Lien Representatives by the Second Lien Collateral Trustee).

 

Section 3.03         
[Reserved].

 

Section 3.04         
[Reserved].

 

Section 3.05         
No Interference; Payment Over.

 

(a)          
No Interference.

 

(i)                 The
Second Lien Collateral Trustee, for itself and on behalf of each Second Lien Secured Party, agrees that each Second Lien
Secured Party (A) will not take or cause to be taken any action the purpose or effect of which is, or could be, to make
any Second Lien pari passu with, or to give such Second Lien Secured Party any preference or priority relative to, any
Priority Lien with respect to the Collateral or any part thereof, (B) will not challenge or question, including in any
proceeding, the validity or enforceability of any Priority Lien Obligations or Priority Lien Document, or the validity,
attachment, perfection or priority of any Priority Lien, or the validity, enforceability or non-avoidability of the
priorities, rights or duties established by the provisions of this Agreement, (C) will not take or cause to be taken any
action the purpose or effect of which is, or could be, to interfere, hinder or delay, in any manner, whether by judicial
proceedings or otherwise, any sale, transfer or other Disposition of the Collateral by any Priority Lien Secured Party or the
Priority Lien Agent in any enforcement action or other exercise of rights and remedies, (D) shall have no right to (1) direct
the Priority Lien Agent or any other Priority Lien Secured Party to exercise any right, remedy or power with respect to any
Collateral or (2) consent to the exercise by the Priority Lien Agent or any other Priority Lien Secured Party of any right,
remedy or power with respect to any Collateral, (E) will not institute any suit or assert in any suit or Insolvency or
Liquidation Proceeding any claim against the Priority Lien Agent or other Priority Lien Secured Party seeking damages from or
other relief by way of specific performance, instructions or otherwise with respect to, and neither the Priority Lien Agent
nor any other Priority Lien Secured Party shall be liable for, any action taken or omitted to be taken by the Priority Lien
Agent or other Priority Lien Secured Party with respect to any Priority Lien Collateral, (F) prior to the Discharge of
Priority Lien Obligations, will not seek, and hereby waives any right, to have any Collateral or any part thereof marshaled
upon any foreclosure or other Disposition of such Collateral, (G) will not attempt, directly or indirectly, whether by
judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement, (H) will not object to
forbearance by the Priority Lien Agent or any Priority Lien Secured Party, and (I) prior to the Discharge of Priority Lien
Obligations 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 law with respect to the Collateral or any similar rights a junior secured creditor may have under
applicable law; and

 

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(ii)              The
Third Lien Collateral Trustee, for itself and on behalf of each Third Lien Secured Party, agrees that each Third Lien Secured
Party (A) will not take or cause to be taken any action the purpose or effect of which is, or could be, to make any
Third Lien pari passu with, or to give such Third Lien Secured Party any preference or priority relative to, any
Priority Lien or Second Lien with respect to the Collateral or any part thereof, (B) will not challenge or question,
including in any proceeding, the validity, enforceability or non-avoidability of any Priority Lien Obligations, Priority Lien
Document, Second Lien Obligations or Second Lien Document, or the validity, attachment, perfection or priority of any
Priority Lien or Second Lien, or the validity or enforceability of the priorities, rights or duties established by the
provisions of this Agreement, (C) will not take or cause to be taken any action the purpose or effect of which is, or could
be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other
Disposition of the Collateral by any Priority Lien Secured Party, the Priority Lien Agent, any Second Lien Secured Party or
the Second Lien Collateral Trustee, in each case in any enforcement action or other exercise of rights and remedies, (D)
shall have no right to (1) direct the Priority Lien Agent, any other Priority Lien Secured Party, the Second Lien Collateral
Trustee or any other Second Lien Secured Party to exercise any right, remedy or power with respect to any Collateral or (2)
consent to the exercise by the Priority Lien Agent, any other Priority Lien Secured Party, the Second Lien Collateral Trustee
or any other Second Lien Secured Party of any right, remedy or power with respect to any Collateral, (E) will not institute
any suit or assert in any suit or Insolvency or Liquidation Proceeding any claim against the Priority Lien Agent, any other
Priority Lien Secured Party, the Second Lien Collateral Trustee or any other Second Lien Secured Party seeking damages from
or other relief by way of specific performance, instructions or otherwise with respect to, and none of the Priority Lien
Agent, any other Priority Lien Secured Party, the Second Lien Collateral Trustee or any other Second Lien Secured Party shall
be liable for, any action taken or omitted to be taken by the Priority Lien Agent, any other Priority Lien Secured Party, the
Second Lien Collateral Trustee or any other Second Lien Secured Party with respect to any Priority Lien Collateral or Second
Lien Collateral, as applicable, (F) prior to the Discharge of Priority Lien Obligations and Discharge of Second
Lien Obligations, will not seek, and hereby waives any right, to have any Collateral or any part thereof marshaled upon any
foreclosure or other Disposition of such Collateral, (G) will not attempt, directly or indirectly, whether by judicial
proceedings or otherwise, to challenge the enforceability of any provision of this Agreement, (H) will not object to
forbearance by the Priority Lien Agent, any Priority Lien Secured Party, the Second Lien Collateral Trustee or any Second
Lien Secured Party and (I) prior to the Discharge of Priority Lien Obligations and Discharge of Second Lien Obligations 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 law with respect to the Collateral or any similar rights a junior secured creditor may have under applicable
law.

 

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(b)          
Payment Over.

 

(i)                
Each of the Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, and the Third
Lien Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, hereby agrees that if any Second Lien
Secured Party or Third Lien Secured Party, as applicable, shall obtain possession of any Collateral or shall realize any proceeds
or payment in respect of any Collateral, pursuant to the exercise of any rights or remedies with respect to the Collateral under
any Second Lien Security Document or Third Lien Security Document, as applicable, or by the exercise of any rights available to
it under applicable law or in any Insolvency or Liquidation Proceeding, to the extent permitted hereunder, at any time prior to
the Discharge of Priority Lien Obligations then it shall hold such Collateral, proceeds or payment in trust for the Priority Lien
Agent and the other Priority Lien Secured Parties and transfer such Collateral, proceeds or payment, as the case may be, to the
Priority Lien Agent as promptly as practicable. Furthermore, each of the Second Lien Collateral Trustee and the Third Lien Collateral
Trustee, as applicable, shall, at the Grantors’ expense, promptly send written notice to the Priority Lien Agent upon receipt
of such Collateral, proceeds or payment by any Second Lien Secured Party or Third Lien Secured Party, as applicable, and if directed
by the Priority Lien Agent after receipt by the Priority Lien Agent of such written notice, shall deliver such Collateral, proceeds
or payment to the Priority Lien Agent in the same form as received, with any necessary endorsements, or as a court of competent
jurisdiction may otherwise direct. The Priority Lien Agent is hereby authorized to make any such endorsements as agent for the
Second Lien Collateral Trustee, any other Second Lien Secured Party, the Third Lien Collateral Trustee or any other Third Lien
Secured Party, as applicable. Each of the Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured
Party, and the Third Lien Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, agrees that if,
at any time, it obtains written notice or otherwise has actual knowledge that all or part of any payment with respect to any Priority
Lien Obligations previously made may be rescinded, returned or disgorged for any reason whatsoever, it will promptly pay over to
the Priority Lien Agent any payment received by it in respect of any such Collateral securing Priority Liens and shall promptly
turn any such Collateral over to the Priority Lien Agent, and the provisions set forth in this Agreement will be reinstated as
if such payment had not been made, until the Discharge of Priority Lien Obligations. All Second Liens and Third Liens will remain
attached to and enforceable against all proceeds so held or remitted, subject to the priorities set forth in this Agreement. Notwithstanding
anything contained herein to the contrary, this Section 3.05(b) shall not apply to any proceeds of Collateral realized in
a transaction not prohibited by the Priority Lien Documents and as to which the possession or receipt thereof by the Second Lien
Collateral Trustee, any other Second Lien Secured Party, the Third Lien Collateral Trustee or any other Third Lien Secured Party,
as applicable, is otherwise permitted by the Priority Lien Documents.

 

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(ii)             
The Third Lien Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, hereby agrees that if
any Third Lien Secured Party shall obtain possession of any Collateral or shall realize any proceeds or payment in respect of any
Collateral, pursuant to the exercise of any rights or remedies with respect to the Collateral under any Third Lien Security Document
or by the exercise of any rights available to it under applicable law or in any Insolvency or Liquidation Proceeding, to the extent
permitted hereunder, at any time following the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien
Obligations secured, or intended to be secured, by such Collateral, then it shall hold such Collateral, proceeds or payment in
trust for the Second Lien Collateral Trustee and the other Second Lien Secured Parties and transfer such Collateral, proceeds or
payment, as the case may be, to the Second Lien Collateral Trustee as soon as practicable. Furthermore, the Third Lien Collateral
Trustee shall, at the Grantors’ expense, promptly send written notice to the Second Lien Collateral Trustee upon receipt
of such Collateral, proceeds or payment by any Third Lien Secured Party, and if directed by the Second Lien Collateral Trustee
after receipt by the Second Lien Collateral Trustee of such written notice, shall deliver such Collateral, proceeds or payment
to the Second Lien Collateral Trustee in the same form as received, with any necessary endorsements, or as a court of competent
jurisdiction may otherwise direct. The Second Lien Collateral Trustee is hereby authorized to make any such endorsements as agent
for the Third Lien Collateral Trustee or any other Third Lien Secured Party. The Third Lien Collateral Trustee, for itself and
on behalf of each other Third Lien Secured Party, agrees that if, at any time, it obtains written notice or otherwise has actual
knowledge that all or part of any payment with respect to any Second Lien Obligations previously made may be rescinded, returned
or disgorged for any reason whatsoever, it will promptly pay over to the Second Lien Collateral Trustee any payment received by
it and then in its possession or under its direct control in respect of any such Collateral then held by it securing Second Lien
Obligations and shall promptly turn any such Collateral over to the Second Lien Collateral Trustee, and the provisions set forth
in this Agreement will be reinstated as if such payment had not been made, until the Discharge of Second Lien Obligations. All
Third Liens will remain attached to and enforceable against all proceeds so held or remitted, subject to the priorities set forth
in this Agreement. Notwithstanding anything contained herein to the contrary, this Section 3.05(b) shall not apply to any
proceeds of Collateral realized in a transaction not prohibited by the Second Lien Documents and as to which the possession or
receipt thereof by the Third Lien Collateral Trustee or any other Third Lien Secured Party is otherwise permitted by the Second
Lien Documents.

 

Section 3.06          
Purchase Option.

 

(a)           Notwithstanding
anything in this Agreement to the contrary, on or at any time after (i) the commencement of an Insolvency or Liquidation
Proceeding or (ii) the acceleration of the Priority Lien Obligations, Second Lien Secured Parties and each of
their respective designated Affiliates (the “Second Lien Purchasers”) will have the right, at its sole
option and election (but will not be obligated), at any time upon prior written notice to the applicable Priority Lien
Representative, to purchase (in the manner set forth in Section 3.06(b) below) from the Priority Lien Secured Parties
either (x) all (but not less than all) Priority Lien Obligations (including unfunded commitments) that are outstanding on the
date of such purchase (the “Purchasable Priority Lien Obligations”) or (y) both the Purchasable Priority
Lien Obligations and any loans provided by any of the Priority Lien Secured Parties in connection with a DIP Financing that
are outstanding on the date of such purchase (together with the Purchasable Priority Lien Obligations, the
“Purchasable Priority Lien + DIP Obligations”). Promptly following the receipt of such notice, the
applicable Priority Lien Representative will deliver to the Second Lien Purchaser Representative a statement of the
respective amounts of Priority Lien Debt, other Priority Lien Obligations and DIP Financing provided by any of the Priority
Lien Secured Parties, if any, then outstanding and the amount of the cash collateral requested by the Priority Lien Agent to
be delivered pursuant to Section 3.06(b)(ii) below. The right to purchase provided for in this Section
3.06 will expire unless, within 10 Business Days after the receipt by the Second Lien Purchaser Representative of such
notice from the applicable Priority Lien Representative, the Second Lien Purchaser Representative delivers to the
applicable Priority Lien Representative an irrevocable commitment of the Second Lien Purchasers to purchase either (x) the
Purchasable Priority Lien Obligations or (y) the Purchasable Priority Lien + DIP Obligations, and in either case to otherwise
complete such purchase on the terms set forth under this Section 3.06.

 

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(b)          
On the date specified by the Second Lien Purchaser Representative (on behalf of the Second Lien Purchasers) in such irrevocable
commitment (which shall not be less than five Business Days, nor more than 20 Business Days, after the receipt by the applicable
Priority Lien Representative of such irrevocable commitment), the Priority Lien Secured Parties shall sell to the Second Lien Purchasers
the Purchasable Priority Lien Obligations or the Purchasable Priority Lien + DIP Obligations, as specified in such irrevocable
commitment (whichever was so specified, the “Purchasable Obligations”), subject to any required approval of
any Governmental Authority then in effect, if any, and only if on the date of such sale, the applicable Priority Lien Representative
receives the following:

 

(i)                
payment, in cash, as the purchase price for all Purchasable Obligations sold in such sale, of an amount equal to the full
amount of (x) all Priority Lien Obligations (other than outstanding letters of credit as referred to in clause (ii) below)
and, if the Purchasable Obligations are the Purchasable Priority Lien + DIP Financing Obligations, (y) loans and other financial
accommodations provided by any of the Priority Lien Secured Parties in connection with a DIP Financing then outstanding (including
principal, interest, fees, reasonable attorneys’ fees and legal expenses, but excluding contingent indemnification obligations
for which no claim or demand for payment has been made at or prior to such time); provided that in the case of Hedging Obligations
and/or Banking Services Obligations that constitute Priority Lien Obligations the Second Lien Purchasers shall cause the applicable
agreements governing such Hedging Obligations and/or Banking Services Obligations to be assigned and novated or, if such agreements
have been terminated, such purchase price shall include an amount equal to the sum of any unpaid amounts then due in respect of
such Hedging Obligations and/or Banking Services Obligations, calculated using the market quotation method and after giving effect
to any netting arrangements;

 

(ii)              a
cash collateral deposit in such amount as the applicable Priority Lien Representative determines is reasonably necessary to
secure the payment of any outstanding letters of credit constituting Priority Lien Obligations that may become due and
payable after such sale (but not in any event in an amount greater than one hundred five percent (105%) of the amount then
reasonably estimated by the applicable Priority Lien Representative to be the aggregate outstanding amount of such letters of
credit at such time), which cash collateral shall be (A) held by the applicable Priority Lien Representative as security
solely to reimburse the issuers of such letters of credit that become due and payable after such sale and any fees and
expenses incurred in connection with such letters of credit and (B) returned to the Second Lien Purchaser Representative
(except as may otherwise be required by applicable law or any order of any court or other Governmental Authority) promptly
after the expiration or termination from time to time of all payment contingencies affecting such letters of credit; and

 

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(iii)           
any agreements, documents or instruments which the applicable Priority Lien Representative may reasonably request pursuant
to which the Second Lien Purchaser Representative and the Second Lien Purchasers in such sale expressly assume and adopt all of
the obligations of the applicable Priority Lien Representative and the Priority Lien Secured Parties under the Priority Lien Documents
and, if the Purchasable Obligations are the Purchasable Priority Lien + DIP Financing Obligations, all obligations in connection
with loans and other financial accommodations provided by any of the Priority Lien Secured Parties in connection with a DIP Financing
on and after the date of the purchase and sale, and the Second Lien Purchaser Representative (or any other representative appointed
by the holders of a majority in aggregate principal amount of the Second Lien Debt then outstanding owned by such purchasers) becomes
a successor agent thereunder.

 

(c)           
Such purchase of the Purchasable Obligations shall be made on a pro rata basis among the Second Lien Purchasers (or
on such other basis as such Second Lien Purchasers may determine) giving notice to the applicable Priority Lien Representative
of their interest to exercise the purchase option hereunder according to each such Second Lien Purchaser’s portion of the
Second Lien Debt outstanding on the date of purchase or such portion as such Second Lien Purchasers may otherwise agree among themselves.
Such purchase price and cash collateral shall be remitted by wire transfer in federal funds to such bank account of the applicable
Priority Lien Representative as the applicable Priority Lien Representative may designate in writing to the Second Lien Purchaser
Representative 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 applicable Priority Lien Representative 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 applicable Priority Lien Representative
are received in such bank account later than 12:00 noon, New York City time.

 

(d)          
Such sale shall be expressly made without representation or warranty of any kind by the Priority Lien Secured Parties as
to the Purchasable Obligations, the Collateral or otherwise and without recourse to any Priority Lien Secured Party, except that
the Priority Lien Secured Parties shall represent and warrant severally as to the Purchasable Obligations: (i) that such applicable
Priority Lien Secured Party owns such Purchasable Obligations; and (ii) that such applicable Priority Lien Secured Party has the
necessary corporate or other governing authority to assign such interests.

 

(e)            After
such sale becomes effective, the outstanding letters of credit will remain enforceable against the issuers thereof and will
remain secured by the Priority Liens upon the Collateral in accordance with the applicable provisions of the Priority Lien
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 Priority Liens upon the Collateral and sharing rights in the proceeds thereof in accordance with the provisions of
the Priority Lien Documents as in effect at the time of such sale, as fully as if the sale of the Priority Lien Debt had not
been made, except with respect to cash Collateral held by the issuer(s) of such letters of credit, but only the Person or
successor agent to whom the Priority Liens are transferred in such sale will have the right to foreclose upon or otherwise
enforce the 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 Priority Liens.

 

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Article
IV

OTHER AGREEMENTS

 

Section 4.01          
Release of Liens; Automatic Release of Second Liens and Third Liens.

 

(a)           
Prior to the Discharge of Priority Lien Obligations, each of the Second Lien Collateral Trustee, for itself and on behalf
of each other Second Lien Secured Party, and the Third Lien Collateral Trustee, for itself and on behalf of each other Third Lien
Secured Party, agrees that, in the event the Priority Lien Secured Parties release their Lien on any Collateral, each of the Second
Lien and Third Lien on such Collateral shall terminate and be released automatically and without further action if (i) the corresponding
Liens under the Priority Lien Documents are simultaneously released or have previously been released and either (A) such release
is made in connection with a sale, transfer or other Disposition of Collateral (either directly or indirectly) permitted under
the Priority Lien Documents and not in violation of Section 4.11 of the Second Lien Indenture, (B) such release is in connection
with a substantially concurrent grant of Liens on other property or assets of comparable or greater value to the Collateral being
released, as determined in good faith by Chesapeake, or (C) at the time of such release (I) the sum of the drawn commitments and
the amount of undrawn commitments available to be borrowed under the Priority Credit Agreement is not less than $1.0 billion and
(II) after giving effect to such release and the recording of any additional mortgages or supplements or amendments to existing
mortgages on or prior to the consummation of such release, the Collateral securing the Second Lien Obligations includes Oil and
Gas Properties that include not less than 80% of the total value attributable to the Proved Reserves of Chesapeake and the Subsidiaries
as reflected in the most recent Reserve Report after giving effect to exploration and production activities, acquisitions, Dispositions
and production since the date of such Reserve Report, (ii) such release is effected in connection with the Priority Lien Agent’s
foreclosure upon, or other exercise of rights or remedies with respect to, such Collateral, or (iii) such release is effected in
connection with a sale or other Disposition of any Collateral (or any portion thereof) under Section 363 of the Bankruptcy Code
or any other provision of the Bankruptcy Code if the Priority Lien Secured Parties shall have consented to such sale or Disposition
of such Collateral; provided that, in the case of each of clauses (ii) and (iii), the Second Liens and Third
Liens on such Collateral shall remain in place (and, in the case of the Second Lien Obligations, shall remain subject and subordinate
to all Priority Liens securing Priority Lien Obligations and, in the case of the Third Liens, shall remain subject and subordinate
to (I) all Priority Liens securing Priority Lien Obligations and (II) all Second Liens securing Second Lien Obligations) with respect
to any proceeds of a sale, transfer or other Disposition of Collateral.

 

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(b)            Following
the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations, the Third Lien Collateral
Trustee, for itself and on behalf of each other Third Lien Secured Party, agrees that, in the event the Second Lien Secured
Parties release their Lien on any Collateral, the Third Lien on such Collateral shall terminate and be released
automatically and without further action if (i) the corresponding Liens under the Second Lien Documents are simultaneously
released or have previously been released, provided that any release in connection with a sale, transfer or other
Disposition of Collateral in a transaction or circumstance that does not violate the applicable provisions of the Third Lien
Documents shall not be subject to the conditions of this clause (i), (ii) such release is effected in connection with
the Second Lien Collateral Trustee’s foreclosure upon, or other exercise of rights or remedies with respect to, such
Collateral, or (iii) such release is effected in connection with a sale or other Disposition of any Collateral (or any
portion thereof) under Section 363 of the Bankruptcy Code or any other provision of the Bankruptcy Code if the Second Lien
Secured Parties shall have consented to such sale or Disposition of such Collateral; provided that, in the case of
each of clauses (ii) and (iii), the Third Liens on such Collateral shall remain in place (and shall remain
subject and subordinate to all Second Liens securing Second Lien Obligations) with respect to any proceeds of a sale,
transfer or other Disposition of Collateral.

 

(c)           
Each of the Second Lien Collateral Trustee and the Third Lien Collateral Trustee agrees to execute and deliver (at the sole
cost and expense of the Grantors) all such releases and other instruments as shall reasonably be requested by the Priority Lien
Agent or the Second Lien Collateral Trustee, as applicable, to evidence and confirm any release of Collateral provided for in this
Section 4.01. Until the Discharge of Priority Lien Obligations occurs, the
Second Lien Collateral Trustee, on behalf of itself and each other Second Lien Secured Party and the Third Lien Collateral Trustee,
for itself and on behalf of each other Third Lien Secured Party, hereby irrevocably constitutes and appoints the Priority
Lien Agent and any officer or agent of the Priority Lien Agent, with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead
of the Second Lien Collateral Trustee and such Second Lien Secured Party and the Third Lien
Collateral Trustee and such Third Lien Secured Party or in the Priority Lien Agent’s
own name, from time to time in the Priority Lien Agent’s discretion, for the purpose
of carrying out the terms of this Section 4.01, to take any and all appropriate action and to execute any and all documents
and instruments which may be necessary to accomplish the purposes of this Section 4.01, including
any endorsements or other instruments of transfer or release. This power is coupled with an interest and is irrevocable
until the Discharge of Priority Lien Obligations.

 

Section 4.02          
Certain Agreements With Respect to Insolvency or Liquidation Proceedings.

 

(a)           
The parties hereto acknowledge 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 or Liquidation
Proceeding by or against Chesapeake or any Subsidiary. All references in this Agreement to Chesapeake, any Subsidiary or any subsidiary
of 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 or Liquidation Proceeding. For the purposes of this Section 4.02, unless otherwise provided
herein, clauses (b) through and including (o) shall be in full force and effect prior to the Discharge of Priority
Lien Obligations and clauses (p) through and including (cc) shall be in full force and effect following the Discharge
of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations.

 

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(b)        
If Chesapeake or any Subsidiary shall become subject to any Insolvency or Liquidation Proceeding and shall, as debtor(s)-in-possession,
or if any receiver or trustee for such Person or Persons shall, move for approval of financing (“DIP Financing”)
to be provided by one or more lenders (the “DIP Lenders”) under Section 364 of the Bankruptcy Code or the use
of cash collateral under Section 363 of the Bankruptcy Code, (i) the Second Lien Collateral Trustee, for itself and on behalf of
each Second Lien Secured Party, agrees that neither it nor any other Second Lien Secured Party and (ii) the Third Lien Collateral
Trustee, for itself and on behalf of each Third Lien Secured Party, agrees that neither it nor any other Third Lien Secured Party,
will raise any objection, contest or oppose, and each Second Lien Secured Party and Third Lien Secured Party will waive any claim
such Person may now or hereafter have, to any such financing or to the Liens on the collateral securing the same (“DIP
Financing Liens”), or to any use, sale or lease of cash collateral that constitutes Collateral or to any grant of administrative
expense priority under Section 364 of the Bankruptcy Code, unless (A) the Priority Lien Agent or the Priority Lien Secured Parties
oppose or object to such DIP Financing or such DIP Financing Liens or such use of cash collateral, (B) the maximum principal amount
of Indebtedness permitted under such DIP Financing exceeds the sum of (I) the amount of Priority Lien Obligations refinanced with
the proceeds thereof and (II) the greater of (1) $1.0 billion and (2) 15% of the sum of (x) the aggregate amount of indebtedness
for borrowed money constituting principal outstanding under the Priority Lien Documents plus (y) the aggregate face amount of letters
of credit issued and outstanding under the Priority Lien Documents on the date of the commencement of such Insolvency or Liquidation
Proceeding, or (C) the terms of such DIP Financing provide for the sale of a substantial part of the Collateral or require the
confirmation of a plan of reorganization containing specific terms or provisions (other than repayment in cash of such DIP Financing
on the effective date thereof), subject to the other provisions of this Agreement, provided that any milestones related
to such plan of reorganization or sale of Collateral shall not constitute a basis for the Second Lien Collateral Trustee, any Second
Lien Secured Party, the Third Lien Collateral Trustee or any Third Lien Secured Party to withhold consent or oppose any DIP Financing.
To the extent such DIP Financing Liens are senior to, or rank pari passu with, the Priority Liens, (1) the Second Lien Collateral
Trustee will, for itself and on behalf of the other Second Lien Secured Parties, subordinate the Second Liens on the Collateral
to the Priority Liens and to such DIP Financing Liens, as well as any carve-out approved by a bankruptcy court for the payment
of clerk fees, United States Trustee fees, and professional fees, and any adequate protection liens granted priority over the Second
Liens by a bankruptcy court so long as the Second Lien Collateral Trustee, on behalf of the Second Lien Secured Parties, retains
Liens on all the Collateral, including proceeds thereof arising after the commencement of any Insolvency or Liquidation Proceeding,
with the same priority relative to the Priority Liens and the Third Liens as existed prior to the commencement of the case under
the Bankruptcy Code and (2) the Third Lien Collateral Trustee will, for itself and on behalf of the other Third Lien Secured Parties,
subordinate the Third Liens on the Collateral to the Priority Liens, the Second Liens and to such DIP Financing Liens, as well
as any carve-out approved by a bankruptcy court for the payment of clerk fees, United States Trustee fees, and professional fees,
and any adequate protection liens granted priority over the Third Liens by a bankruptcy court so long as the Third Lien Collateral
Trustee, on behalf of the Third Lien Secured Parties, retains Liens on all the Collateral, including proceeds thereof arising after
the commencement of any Insolvency or Liquidation Proceeding, with the same priority relative to the Priority Liens and the Second
Liens as existed prior to the commencement of the case under the Bankruptcy Code.

 

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(c)           
Prior to the Discharge of Priority Lien Obligations, without the consent of the Priority Lien Agent, in its sole discretion,
each of the Second Lien Collateral Trustee, for itself and on behalf of each Second Lien Secured Party, and the Third Lien Collateral
Trustee, for itself and on behalf of each Third Lien Secured Party, agrees not to propose, support or enter into any DIP Financing.

 

(d)           
Each of the Second Lien Collateral Trustee, for itself and on behalf of each Second Lien Secured Party, and the Third Lien
Collateral Trustee, for itself and on behalf of each Third Lien Secured Party, agrees that it will not object to, oppose or contest
(or join with or support any third party objecting to, opposing or contesting) a sale or other Disposition, a motion to sell or
Dispose or the bidding procedures for such sale or Disposition of any Collateral (or any portion thereof) under Section 363 of
the Bankruptcy Code or any other provision of the Bankruptcy Code, or object to the retention of any professionals if, (1) the
Priority Lien Agent or the requisite holders of Priority Lien Obligations shall have consented to such sale or Disposition, such
motion to sell or Dispose or such bidding procedure for such sale or Disposition of such Collateral and (2) either (i) all Second
Liens and Third Liens on the Collateral securing the Second Lien Obligations and the Third Lien Obligations, as applicable, shall
attach to the proceeds of such sale in the same respective priorities as set forth in this Agreement with respect to the Collateral
or (ii) the net cash proceeds of any Disposition under Section 363(b) of the Bankruptcy Code are permanently applied to the DIP
Financing or to the Priority Lien Obligations.

 

(e)           
Each of the Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, and the Third
Lien Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, waives any claim that may be had against
the Priority Lien Agent or any other Priority Lien Secured Party arising out of any DIP Financing Liens, administrative expense
priority under Section 364 of the Bankruptcy Code or adequate protection Liens or claims approved by the bankruptcy court (in each
case that is granted in a manner that is consistent with this Agreement).

 

(f)            
The Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, agrees that neither
the Second Lien Collateral Trustee nor any other Second Lien Secured Party and the Third Lien Collateral Trustee, for itself and
on behalf of each other Third Lien Secured Party, agrees that neither the Third Lien Collateral Trustee nor any other Third Lien
Secured Party, will file or prosecute in any Insolvency or Liquidation Proceeding any motion for adequate protection (or any comparable
request for relief) based upon their interest in the Collateral, nor object to, oppose or contest (or join with or support any
third party objecting to, opposing or contesting) (i) any request by the Priority Lien Agent or any other Priority Lien Secured
Party for adequate protection or (ii) any objection by the Priority Lien Agent or any other Priority Lien Secured Party to any
motion, relief, action or proceeding based on the Priority Lien Agent or Priority Lien Secured Parties claiming a lack of adequate
protection, except that:

 

(A)        
the Second Lien Secured Parties may:

 

(I)                freely
seek and obtain relief granting adequate protection in the form of a replacement lien co-extensive in all respects with, but
subordinated (as set forth in Section 2.01) to, and with the same relative priority to the Priority Liens and the
Third Liens as existed prior to the commencement of the Insolvency or Liquidation Proceeding, the DIP Financing Liens and
all Liens granted in the Insolvency or Liquidation Proceeding to, or for the benefit of, the Priority Lien Secured Parties;
and

 

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(II)             
freely seek and obtain any relief upon a motion for adequate protection (or any comparable relief), without any condition
or restriction whatsoever, at any time after the Discharge of Priority Lien Obligations; and

 

(B)         
the Third Lien Secured Parties may:

 

(I)               
freely seek and obtain relief granting adequate protection in the form of a replacement lien co-extensive in all respects
with, but subordinated (as set forth in Section 2.01) to, and with the same relative priority to the Priority Liens and
the Second Liens as existed prior to the commencement of the Insolvency or Liquidation Proceeding, the DIP Financing Liens and
all Liens granted in the Insolvency or Liquidation Proceeding to, or for the benefit of, the Priority Lien Secured Parties and
the Second Lien Secured Parties; and

 

(II)             
freely seek and obtain any relief upon a motion for adequate protection (or any comparable relief), without any condition
or restriction whatsoever, at any time after the Discharge of Priority Lien Obligations and the Discharge of Second Lien Obligations.

 

(g)           
Each of the Second Lien Collateral Trustee, for itself and on behalf of each of the other of the Second Lien Secured Parties,
and the Third Lien Collateral Trustee, for itself and on behalf of each of the other Third Lien Secured Parties, waives any claim
it or any such other Second Lien Secured Party or Third Lien Secured Party, as applicable, may now or hereafter have against the
Priority Lien Agent or any other Priority Lien Secured Party (or their representatives) arising out of any election by the Priority
Lien Agent or any Priority Lien Secured Parties, in any proceeding instituted under the Bankruptcy Code, of the application of
Section 1111(b) of the Bankruptcy Code.

 

(h)           
The Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, agrees that in any
Insolvency or Liquidation Proceeding, neither the Second Lien Collateral Trustee nor any other Second Lien Secured Party, and the
Third Lien Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, agrees that in any Insolvency or
Liquidation Proceeding, neither the Third Lien Collateral Trustee nor any other Third Lien Secured Party, shall support or vote
to accept any plan of reorganization or disclosure statement of Chesapeake or any other Grantor unless such plan is accepted by
the Class of Priority Lien Secured Parties in accordance with Section 1126(c) of the Bankruptcy Code or otherwise provides for
the payment in full in cash of all Priority Lien Obligations (including all post-petition interest approved by the bankruptcy court,
fees and expenses and cash collateralization of all letters of credit) on the effective date of such plan of reorganization.

 

(i)              The
Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, agrees that neither the
Second Lien Collateral Trustee nor any other Second Lien Secured Party shall, and the Third Lien Collateral Trustee, for
itself and on behalf of each other Third Lien Secured Party, agrees that neither the Third Lien Collateral Trustee nor any
other Third Lien Secured Party shall, seek relief, pursuant to Section 362(d) of the Bankruptcy Code or otherwise, from the
automatic stay of Section 362(a) of the Bankruptcy Code or from any other stay in any Insolvency or Liquidation Proceeding in
respect of the Collateral if the Priority Lien Agent has not received relief from the automatic stay (or it has not been
lifted for the Priority Lien Agent’s benefit) without the prior written consent of the Priority Lien Agent.

 

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(j)            
The Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, agrees that neither
the Second Lien Collateral Trustee nor any other Second Lien Secured Party shall, and the Third Lien Collateral Trustee, for itself
and on behalf of each other Third Lien Secured Party, agrees that neither the Third Lien Collateral Trustee nor any other Third
Lien Secured Party shall, oppose or seek to challenge any claim by the Priority Lien Agent or any other Priority Lien Secured Party
for allowance or payment in any Insolvency or Liquidation Proceeding of Priority Lien Obligations consisting of post-petition interest,
fees or expenses provided for in the Priority Lien Documents. Neither Priority Lien Agent nor any other Priority Lien Secured Party
shall oppose or seek to challenge any claim by the Second Lien Collateral Trustee, any other Second Lien Secured Party, the Third
Lien Collateral Trustee or any other Third Lien Secured Party for allowance or payment in any Insolvency or Liquidation Proceeding
of Second Lien Obligations or Third Lien Obligations, as applicable, consisting of post-petition interest, fees or expenses provided
for in the Second Lien Documents; provided that if the Priority Lien Agent or any other Priority Lien Secured Party shall
have made any claim for post-petition interest, fees or expenses in respect of Priority Lien Obligations, such claim (i) shall
have been approved or (ii) will be approved contemporaneously with the approval of any such claim by the Second Lien Collateral
Trustee or any Second Lien Secured Party or the Third Lien Collateral Trustee or any Third Lien Secured Party, as applicable.

 

(k)            
Without the express written consent of the Priority Lien Agent, none of the Second Lien Collateral Trustee, any other Second
Lien Secured Party, the Third Lien Collateral Trustee or any other Third Lien Secured Party shall (or shall join with or support
any third party in opposing, objecting to or contesting, as the case may be), in any Insolvency or Liquidation Proceeding involving
any Grantor, (i) oppose, object to or contest the determination of the extent of any Liens held by any Priority Lien Secured Party
or the value of any claims of any such holder under Section 506(a) of the Bankruptcy Code or (ii) oppose, object to or contest
the payment to the Priority Lien Secured Party of interest, fees or expenses under Section 506(b) of the Bankruptcy Code.

 

(l)              Until
the Discharge of Priority Lien Obligations has occurred, notwithstanding anything to the contrary contained herein, if in any
Insolvency or Liquidation Proceeding a determination is made that any Priority Lien encumbering any Collateral is
not enforceable for any reason, then each of the Second Lien Collateral Trustee for itself and on behalf of each other Second
Lien Secured Party, and the Third Lien Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party,
agrees that, any distribution or recovery they may receive in respect of such Collateral shall be segregated and held in
trust and forthwith paid over to the Priority Lien Agent for the benefit of the Priority Lien Secured Parties in the same
form as received without recourse, representation or warranty (other than a representation of the Second Lien Collateral
Trustee or the Third Lien Collateral Trustee, as applicable, 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 Discharge of Priority Lien Obligations has occurred, each of the Second
Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, and the Third Lien Collateral
Trustee, for itself and on behalf of each other Third Lien Secured Party, hereby appoints the Priority Lien Agent, and any
officer or agent of the Priority Lien Agent, with full power of substitution, the attorney-in-fact of each Second Lien
Secured Party and Third Lien Secured Party for the limited purpose of carrying out the provisions of this Section
4.02(l) and taking any action and executing any instrument that the Priority Lien Agent may deem necessary or advisable
to accomplish the purposes of this Section 4.02(l), which appointment is irrevocable and coupled with an interest.

 

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(m)          
Each of the Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, and the Third
Lien Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, hereby agrees that the Priority Lien
Agent shall have the exclusive right to credit bid the Priority Lien Obligations and further that none of the Second Lien Collateral
Trustee, any other Second Lien Secured Party, the Third Lien Collateral Trustee or any other Third Lien Secured Party shall (or
shall join with or support any third party in opposing, objecting to or contesting, as the case may be) oppose, object to or contest
such credit bid by the Priority Lien Agent or credit bid the Second Lien Obligations or Third Lien Obligations until the Priority
Lien Obligations have been paid in full in cash.

 

(n)           
Without the consent of the Priority Lien Agent to be granted or withheld in its sole discretion, each of the Second Lien
Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, and the Third Lien Collateral Trustee, for
itself and on behalf of each other Third Lien Secured Party, agrees it will not file an involuntary bankruptcy petition against
Chesapeake or any Subsidiary or seek the appointment of an examiner or a trustee for Chesapeake or any Subsidiary unless (i) with
respect to the Second Lien Secured Parties, the Second Lien Standstill Period has expired, and (ii) with respect to the Third Lien
Secured Parties, the Third Lien First Standstill Period and the Third Lien Second Standstill Period have expired.

 

(o)           
Each of the Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, and the Third
Lien Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, waives any right to assert or enforce
any claim under Section 506(c) or 552 of the Bankruptcy Code as against any Priority Lien Secured Party or any of the Collateral.

 

(p)            After
the Discharge of the Priority Lien Obligations, if Chesapeake or any Subsidiary shall become subject to any Insolvency or
Liquidation Proceeding and shall, as debtor(s)-in-possession, or if any receiver or trustee for such Person or Persons
shall, move for approval of DIP Financing to be provided by one or more DIP Lenders under Section 364 of the Bankruptcy
Code or the use of cash collateral under Section 363 of the Bankruptcy Code, the Third Lien Collateral Trustee, for
itself and on behalf of each Third Lien Secured Party, agrees that neither it nor any other Third Lien Secured Party will
raise any objection, contest or oppose, and each Third Lien Secured Party will waive any claim such Person may now or
hereafter have, to any such financing or to the DIP Financing Liens on the Collateral securing the same, or to any use, sale
or lease of cash collateral that constitutes Collateral or to any grant of administrative expense priority under
Section 364 of the Bankruptcy Code, unless (i) the Second Lien Collateral Trustee or the Second Lien Secured
Parties oppose or object to such DIP Financing or such DIP Financing Liens or such use of cash collateral or (ii) the
maximum principal amount of Indebtedness permitted under such DIP Financing exceeds the sum of (A) the amount of Second
Lien Obligations refinanced with the proceeds thereof and (B) $1.0 billion. To the extent such DIP Financing Liens are
senior to, or rank pari passu with, the Second Liens, the Third Lien Collateral Trustee will, for itself and
on behalf of the other Third Lien Secured Parties, subordinate the Third Liens on the Collateral to the Second Liens and to
such DIP Financing Liens, so long as the Third Lien Collateral Trustee, on behalf of the Third Lien Secured Parties, retains
Liens on all the Collateral, including proceeds thereof arising after the commencement of any Insolvency or Liquidation
Proceeding, with the same priority relative to the Priority Liens and the Second Liens as existed prior to the commencement
of the case under the Bankruptcy Code.

 

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(q)           
After the Discharge of the Priority Lien Obligations, without the consent of the Second Lien Collateral Trustee in its sole
discretion, the Third Lien Collateral Trustee, for itself and on behalf of each Third Lien Secured Party, agrees not to propose,
support or enter into any DIP Financing except as permitted by clause (p) above.

 

(r)            
The Third Lien Collateral Trustee, for itself and on behalf of each Third Lien Secured Party, agrees that it will not object
to, oppose or contest (or join with or support any third party objecting to, opposing or contesting) a sale or other Disposition,
a motion to sell or Dispose or the bidding procedures for such sale or Disposition of any Collateral (or any portion thereof) under
Section 363 of the Bankruptcy Code or any other provision of the Bankruptcy Code if (1) the Second Lien Collateral Trustee or the
requisite holders of Second Lien Obligations shall have consented to such sale or Disposition, such motion to sell or Dispose or
such bidding procedure for such sale or Disposition of such Collateral and (2) all Third Liens will attach to the proceeds of such
sale with respect to the Collateral.

 

(s)          
The Third Lien Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, waives any claim that
may be had against the Second Lien Collateral Trustee or any other Second Lien Secured Party arising out of any DIP Financing Liens
(granted in a manner that is consistent with this Agreement) or administrative expense priority under Section 364 of the Bankruptcy
Code or adequate protection Liens or claims approved by the bankruptcy court.

 

(t)           
The Third Lien Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, agrees that, following
the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations, neither the Third Lien Collateral
Trustee nor any other Third Lien Secured Party will file or prosecute in any Insolvency or Liquidation Proceeding any motion for
adequate protection (or any comparable request for relief) based upon their interest in the Collateral, nor object to, oppose or
contest (or join with or support any third party objecting to, opposing or contesting) (i) any request by the Second Lien Collateral
Trustee or any other Second Lien Secured Party for adequate protection or (ii) any objection by the Second Lien Collateral Trustee
or any other Second Lien Secured Party to any motion, relief, action or proceeding based on the Second Lien Collateral Trustee
or Second Lien Secured Parties claiming a lack of adequate protection, except that the Third Lien Secured Parties may:

 

(A)             freely
seek and obtain relief granting adequate protection in the form of a replacement lien co-extensive in all respects with, but
subordinated (as set forth in Section 2.01) to, and with the same relative priority to the Second Liens as
existed prior to the commencement of the Insolvency or Liquidation Proceeding, all Liens granted in the Insolvency or
Liquidation Proceeding to, or for the benefit of, the Second Lien Secured Parties; and

 

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(B)             
freely seek and obtain any relief upon a motion for adequate protection (or any comparable relief), without any condition
or restriction whatsoever, at any time after the Discharge of Second Lien Obligations.

 

(u)          
The Third Lien Collateral Trustee, for itself and on behalf of each of the other of the Third Lien Secured Parties, waives
any claim the Third Lien Collateral Trustee or any such other Third Lien Secured Party may now or hereafter have against the Second
Lien Collateral Trustee or any other Second Lien Secured Party (or their representatives) arising out of any election by the Second
Lien Collateral Trustee or any Second Lien Secured Parties, in any proceeding instituted under the Bankruptcy Code, of the application
of Section 1111(b) of the Bankruptcy Code.

 

(v)          
The Third Lien Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, agrees that in any Insolvency
or Liquidation Proceeding, neither the Third Lien Collateral Trustee nor any other Third Lien Secured Party shall support or vote
for any plan of reorganization or disclosure statement of Chesapeake or any other Grantor unless such plan is accepted by the Class
of Priority Lien Secured Parties and Second Lien Secured Parties in accordance with Section 1126(c) of the Bankruptcy Code
or otherwise provides for the payment in full in cash of all Priority Lien Obligations and Second Lien Obligations (including all
post-petition interest, fees and expenses) on the effective date of such plan of reorganization

 

(w)         
The Third Lien Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, hereby agrees that following
the Discharge of Priority Lien Obligations but until the Discharge of Second Lien Obligations has occurred, neither the Third Lien
Collateral Trustee nor any Third Lien Secured Party shall seek relief, pursuant to Section 362(d) of the Bankruptcy Code or otherwise,
from the automatic stay of Section 362(a) of the Bankruptcy Code or from any other stay in any Insolvency or Liquidation Proceeding
in respect of the Collateral if the Second Lien Collateral Trustee has not received relief from the automatic stay (or it has not
been lifted for the Second Lien Collateral Trustee’s benefit), without the prior written consent of the Second Lien Collateral
Trustee.

 

(x)            The
Third Lien Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, agrees that neither the Third
Lien Collateral Trustee nor any other Third Lien Secured Party shall oppose or seek to challenge any claim by the Second Lien
Collateral Trustee or any other Second Lien Secured Party for allowance or payment in any Insolvency or Liquidation
Proceeding of Second Lien Obligations consisting of post-petition interest, fees or expenses to the extent of the value of
the Second Liens (it being understood that such value will be determined without regard to the existence of the Third Liens
on the Collateral). Neither the Second Lien Collateral Trustee nor any other Second Lien Secured Party shall oppose or seek
to challenge any claim by the Third Lien Collateral Trustee or any other Third Lien Secured Party for allowance or payment in
any Insolvency or Liquidation Proceeding of Third Lien Obligations consisting of post-petition interest, fees or expenses to
the extent of the value of the Third Liens on the Collateral; provided that if the Second Lien Collateral Trustee or
any other Second Lien Secured Party shall have made any claim for post-petition interest, fees or expenses in respect of
Priority Lien Obligations, such claim (i) shall have been approved or (ii) will be approved contemporaneously with the
approval of any such claim by the Third Lien Collateral Trustee or any Third Lien Secured Party.

 

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(y)           
Without the express written consent of the Second Lien Collateral Trustee, neither the Third Lien Collateral Trustee nor
any other Third Lien Secured Party shall (or shall join with or support any third party in opposing, objecting to or contesting,
as the case may be), in any Insolvency or Liquidation Proceeding involving any Grantor, (i) oppose, object to or contest the determination
of the extent of any Liens held by any of Second Lien Secured Party or the value of any claims of any such holder under Section
506(a) of the Bankruptcy Code or (ii) oppose, object to or contest the payment to the Second Lien Secured Party of interest, fees
or expenses under Section 506(b) of the Bankruptcy Code.

 

(z)           
Following the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations, notwithstanding
anything to the contrary contained herein, if in any Insolvency or Liquidation Proceeding a determination is made that any Second
Lien encumbering any Collateral is not enforceable for any reason, then the Third Lien Collateral Trustee for itself and on behalf
of each other Third Lien Secured Party, agrees that any distribution or recovery they may receive in respect of such Collateral
shall be segregated and held in trust and forthwith paid over to the Second Lien Collateral Trustee for the benefit of the Second
Lien Secured Parties in the same form as received without recourse, representation or warranty (other than a representation of
the Third Lien Collateral Trustee 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. Following the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations, the Third Lien
Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, hereby appoints the Second Lien Collateral
Trustee, and any officer or agent of the Second Lien Collateral Trustee, with full power of substitution, the attorney-in-fact
of each Third Lien Secured Party for the limited purpose of carrying out the provisions of this Section 4.02(z) and taking
any action and executing any instrument that the Second Lien Collateral Trustee may deem necessary or advisable to accomplish the
purposes of this Section 4.02(z), which appointment is irrevocable and coupled with an interest.

 

(aa)         
The Third Lien Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, hereby agrees that the
Second Lien Collateral Trustee shall have the exclusive right after the Discharge of Priority Lien Obligations to credit bid the
Second Lien Obligations and further that neither the Third Lien Collateral Trustee nor any other Third Lien Secured Party shall
(or shall join with or support any third party in opposing, objecting to or contesting, as the case may be) oppose, object to or
contest such credit bid by the Second Lien Collateral Trustee.

 

(bb)        
Without the consent of the Second Lien Collateral Trustee to be granted or withheld in its sole discretion, and unless the
Third Lien Second Standstill Period has expired, the Third Lien Collateral Trustee, for itself and on behalf of each other Third
Lien Secured Party, agrees it will not file an involuntary bankruptcy petition against Chesapeake or any Subsidiary or seek the
appointment of an examiner or a trustee for Chesapeake or any Subsidiary.

 

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(cc)         
The Third Lien Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, waives any right to
assert or enforce any claim under Section 506(c) or 552 of the Bankruptcy Code as against any Second Lien Secured Party or any
of the Collateral.

 

Section 4.03          
Reinstatement.

 

(a)           
If any Priority Lien Secured Party receives notice of commencement of an action in any Insolvency or Liquidation Proceeding
or otherwise that would require it to turn over or otherwise pay to the estate of any Grantor any amount (a “Recovery”)
for any reason whatsoever, then the Priority Lien Obligations shall be reinstated to the extent of such Recovery and the Priority
Lien Secured Parties shall be entitled to a reinstatement of Priority Lien Obligations with respect to all such recovered amounts.
Each of the Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, and the Third Lien
Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, agrees that if, at any time, a Second Lien
Secured Party or a Third Lien Secured Party, as applicable, receives notice of any action that would give rise to a Recovery, the
Second Lien Collateral Trustee, any other Second Lien Secured Party, the Third Lien Collateral Trustee or any other Third Lien
Secured Party, as applicable, shall promptly pay over to the Priority Lien Agent any payment received by it (and, solely with respect
to the Second Lien Collateral Trustee and Third Lien Collateral Trustee, then in its possession or under its control) in respect
of any Collateral subject to any Priority Lien securing such Priority Lien Obligations and shall promptly turn any Collateral subject
to any such Priority Lien (and, solely with respect to the Second Lien Collateral Trustee and Third Lien Collateral Trustee, then
held by it) over to the Priority Lien Agent, and the provisions set forth in this Agreement shall be reinstated as if such payment
had not been made. If this Agreement shall have been terminated prior to any such Recovery, this Agreement shall be reinstated
in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations
of the parties hereto from such date of reinstatement. Any amounts received by the Second Lien Collateral Trustee, any other Second
Lien Secured Party, the Third Lien Collateral Trustee or any other Third Lien Secured Party (and solely with respect to the Second
Lien Collateral Trustee and Third Lien Collateral Trustee, then in its possession or under its control) on account of the Second
Lien Obligations or Third Lien Obligations, as applicable, after the termination of this Agreement shall, in the event of a reinstatement
of this Agreement pursuant to this Section 4.03(a), be held in trust for and paid over to the Priority Lien Agent for
the benefit of the Priority Lien Secured Parties for application to the reinstated Priority Lien Obligations until the discharge
thereof.

 

(b)            If
any Second Lien Secured Party receives notice of an action in any Insolvency or Liquidation Proceeding or otherwise that
would require it to turn over or otherwise pay to the estate of any Grantor any amount (a “Second Lien
Recovery”) for any reason whatsoever, then the Second Lien Obligations shall be reinstated to the extent of such
Second Lien Recovery and the Second Lien Secured Parties shall be entitled to a reinstatement of Second Lien Obligations with
respect to all such recovered amounts. The Third Lien Collateral Trustee, for itself and on behalf of each other Third Lien
Secured Party, agrees that if, at any time, a Third Lien Secured Party receives notice of any action that would give rise to
a Second Lien Recovery, the Third Lien Collateral Trustee or any other Third Lien Secured Party, as applicable, shall
promptly pay over to the Second Lien Collateral Trustee any payment received by it and then in its possession or under its
control in respect of any Collateral subject to any Second Lien securing such Second Lien Obligations and shall promptly turn
any Collateral subject to any such Second Lien then held by it over to the Second Lien Collateral Trustee, and the provisions
set forth in this Agreement shall be reinstated as if such payment had not been made. If this Agreement shall have been
terminated prior to any such Second Lien Recovery, this Agreement shall be reinstated in full force and effect, and such
prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto
from such date of reinstatement. Any amounts received by the Third Lien Collateral Trustee or any other Third Lien Secured
Party and then in its possession or under its control on account of the Third Lien Obligations after the termination of this
Agreement shall, in the event of a reinstatement of this Agreement pursuant to this Section 4.03(b), be held in trust
for and paid over to the Second Lien Collateral Trustee for the benefit of the Second Lien Secured Parties for application to
the reinstated Second Lien Obligations until the discharge thereof.

 

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(c)            
This Section 4.03 shall survive termination of this Agreement.

 

Section 4.04          
Refinancings; Additional Priority Lien Debt; Additional Second Lien Debt; Initial Third Lien Indebtedness; Additional
Third Lien Debt.

 

(a)         
The Priority Lien Obligations, the Second Lien Obligations and the Third Lien Obligations may be Replaced, by any Priority
Substitute Credit Facility, Second Lien Substitute Facility or Third Lien Substitute Facility, as the case may be, in each case,
without notice to, or the consent of any Secured Party, all without affecting the Lien priorities provided for herein or the other
provisions hereof; provided, that (i) the Priority Lien Agent, the Second Lien Collateral Trustee and the Third Lien Collateral
Trustee shall receive on or prior to incurrence of a Priority Substitute Credit Facility, Second Lien Substitute Facility or Third
Lien Substitute Facility (A) an Officers’ Certificate from Chesapeake stating that (I) the incurrence thereof is permitted
by each applicable Secured Debt Document and (II) the requirements of Section 4.06 have been satisfied, and (B) a Priority
Confirmation Joinder from the holders or lenders of any Indebtedness that Replaces the Priority Lien Obligations, the Second Lien
Obligations or the Third Lien Obligations (or an authorized agent, trustee or other representative on their behalf) and (ii) on
or before the date of such incurrence, such Priority Substitute Credit Facility, Second Lien Substitute Facility or Third Lien
Substitute Facility is designated by Chesapeake, in an Officers’ Certificate delivered to the Priority Lien Agent, the Second
Lien Collateral Trustee and the Third Lien Collateral Trustee, as “Priority Lien Debt”, “Second Lien Debt”
or “Third Lien Debt”, as applicable, for the purposes of the Secured Debt Documents and this Agreement; provided
that no Series of Secured Debt may be designated as more than one of Priority Lien Debt, Second Lien Debt or Third Lien Debt.

 

(b)           
Chesapeake will be permitted to designate as an additional holder of Priority Lien Obligations, Second Lien Obligations
or Third Lien Obligations hereunder each Person who is, or who becomes, the registered holder of Priority Lien Debt, Second Lien
Debt or Third Lien Debt, as applicable, incurred by Chesapeake after the date of this Agreement in accordance with the terms of
all applicable Secured Debt Documents. Chesapeake may effect such designation by delivering to the Priority Lien Agent, the Second
Lien Collateral Trustee and the Third Lien Collateral Trustee, each of the following:

 

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(i)                
an Officers’ Certificate stating that Chesapeake intends to incur (A) Additional Priority Lien Obligations which will
be Priority Lien Debt, (B) Additional Second Lien Obligations which will be Second Lien Debt, (C) Initial Third Lien Obligations
which will be Third Lien Debt or (D) Additional Third Lien Obligations which will be Third Lien Debt, which in each case is permitted
by each applicable Secured Debt Document to be incurred and secured by a Priority Lien, Second Lien or Third Lien, as applicable,
equally and ratably with all previously existing and future Priority Lien Debt, Second Lien Debt or Third Lien Debt, as applicable;

 

(ii)             
an authorized agent, trustee or other representative on behalf of the holders or lenders of any Additional Priority Lien
Obligations, Additional Second Lien Obligations, Initial Third Lien Obligations or Additional Third Lien Obligations, as applicable,
must be designated as an additional holder of Secured Obligations hereunder and must, prior to such designation, sign and deliver
on behalf of the holders or lenders of such Additional Priority Lien Obligations, Additional Second Lien Obligations, Initial Third
Lien Obligations or Additional Third Lien Obligations, as applicable, a Priority Confirmation Joinder, and, to the extent necessary
or appropriate to facilitate such transaction, a new intercreditor agreement substantially similar to this Agreement, as in effect
on the date hereof; and

 

(iii)           
evidence that Chesapeake has duly authorized, executed (if applicable) and recorded (or caused to be recorded) in each appropriate
governmental office all relevant filings and recordations deemed necessary by Chesapeake and the holder of such Additional Priority
Lien Obligations, Additional Second Lien Obligations, Initial Third Lien Obligations or Additional Third Lien Obligations, as applicable,
or its Secured Debt Representative, to ensure that the Additional Priority Lien Obligations, Additional Second Lien Obligations,
Initial Third Lien Obligations or Additional Third Lien Obligations are secured by the Collateral in accordance with the Priority
Lien Security Documents, Second Lien Security Documents or the Third Lien Security Documents, as applicable (provided that
such filings and recordings may be authorized, executed and recorded following any incurrence on a post-closing basis if permitted
by the Priority Lien Representative, Second Lien Representative or Third Lien Representative for such Additional Priority Lien
Obligations, Additional Second Lien Obligations, Initial Third Lien Obligations or Additional Third Lien Obligations, as applicable).

 

The deliveries set forth in clauses
(i) through (iii) of this Section 4.04(b) shall not be required (and shall be deemed satisfied) in connection
with any issuance of Additional Notes.

 

(c)           
Chesapeake will be permitted to enter into an Initial Third Lien Debt Facility to the extent such Initial Third Lien Debt
Facility is permitted by the Priority Credit Agreement, the other Priority Lien Documents, the Second Lien Indenture and the other
Second Lien Documents. Any Third Lien Debt incurred pursuant to such Initial Third Lien Debt Facility may be secured by a Third
Lien under and pursuant to the Initial Third Lien Security Documents provided that the Third Lien Collateral Trustee, acting
for itself and on behalf of the Initial Third Lien Secured Parties, becomes a party to this Agreement by satisfying the conditions
set forth in clauses (i) and (ii) of Section 4.04(b).

 

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In order for the Third
Lien Collateral Trustee to become a party to this Agreement,

 

(i)                
the Priority Lien Agent, the Second Lien Collateral Trustee and the Third Lien Collateral Trustee shall have executed and
delivered a Priority Confirmation Joinder pursuant to which (A) such Third Lien Collateral Trustee becomes a Secured Debt Representative
hereunder and (B) the Third Lien Debt and the related Initial Third Lien Secured Parties become subject hereto and bound hereby;

 

(ii)             
Chesapeake shall have delivered to the Priority Lien Agent and the Second Lien Collateral Trustee (A) true and complete
copies of each Initial Third Lien Document and (B) an Officers’ Certificate certifying such copies as being true and correct
and identifying the obligations to be designated as Initial Third Lien Obligations and the initial aggregate principal amount thereof;
and

 

(iii)           
without limiting Section 4.06, the Initial Third Lien Documents relating to such Third Lien Debt shall provide, in
a manner satisfactory to the Priority Lien Agent and the Second Lien Collateral Trustee, that each Initial Third Lien Secured Party
shall be subject to and bound by the provisions of this Agreement in its capacity as a holder of such Third Lien Debt.

 

Notwithstanding the
foregoing, nothing in this Agreement will be construed to allow Chesapeake or any other Grantor to incur additional Indebtedness
unless otherwise permitted by the terms of each applicable Secured Debt Document.

 

Each of the then-existing
Priority Lien Agent, the Second Lien Collateral Trustee and the Third Lien Collateral Trustee shall be authorized to execute and
deliver such documents and agreements (including amendments or supplements to this Agreement) as such holders, lenders, agent,
trustee or other representative may reasonably request to give effect to any such Replacement or any incurrence of Additional Priority
Lien Obligations, Additional Notes, Additional Second Lien Obligations, Initial Third Lien Obligations or Additional Third Lien
Obligations, it being understood that the Priority Lien Agent, the Second Lien Collateral Trustee and the Third Lien Collateral
Trustee or (if permitted by the terms of the applicable Secured Debt Documents) the Grantors, without the consent of any other
Secured Party or (in the case of the Grantors) one or more Secured Debt Representatives, may amend, supplement, modify or restate
this Agreement to the extent necessary or appropriate to facilitate such amendments or supplements to effect such Replacement or
incurrence all at the expense of the Grantors. Upon the consummation of such Replacement or incurrence and the execution and delivery
of the documents and agreements contemplated in the preceding sentence, the holders or lenders of such Indebtedness and any authorized
agent, trustee or other representative thereof shall be entitled to the benefits of this Agreement.

 

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Section 4.05          
Amendments to Second Lien Documents and Third Lien Documents.

 

(a)           Prior
to the Discharge of Priority Lien Obligations, and except as permitted by the Priority Lien Documents, without the prior
written consent of the Priority Lien Agent, no Second Lien Document or Third Lien Document may be amended,
supplemented, restated or otherwise modified and/or refinanced or entered into to the extent such amendment, supplement,
restatement or modification and/or refinancing, or the terms of any new Second Lien Document or Third Lien Document, as
applicable, would (i) adversely affect the lien priority rights of the Priority Lien Secured Parties or the rights of the
Priority Lien Secured Parties to receive payments owing pursuant to the Priority Lien Documents, (ii) except as otherwise
provided for in this Agreement, add any Liens securing any additional property as Collateral granted under the Second Lien
Security Documents or the Third Lien Security Documents, unless such additional property is added as Collateral under the
Priority Lien Documents, (iii) confer any additional rights on the Second Lien Collateral Trustee, any other Second Lien
Secured Party, the Third Lien Collateral Trustee or any other Third Lien Secured Party in a manner adverse to the Priority
Lien Secured Parties, or (iv) contravene the provisions of this Agreement or the Priority Lien Documents.

 

(b)           
Prior to the Discharge of Second Lien Obligations, and except as permitted by the Second Lien Documents, without the prior
written consent of the Second Lien Collateral Trustee, no Third Lien Document may be amended, supplemented, restated or otherwise
modified and/or refinanced or entered into to the extent such amendment, supplement, restatement or modification and/or refinancing,
or the terms of any new Third Lien Document, would (i) adversely affect the lien priority rights of the Second Lien Secured Parties
or the rights of the Second Lien Secured Parties to receive payments owing pursuant to the Second Lien Documents, (ii) except as
otherwise provided for in this Agreement, add any Liens securing any additional property as Collateral granted under the Third
Lien Security Documents, unless such additional property is added as Collateral under the Second Lien Documents, (iii) confer any
additional rights on the Third Lien Collateral Trustee or any other Third Lien Secured Party in a manner adverse to the Second
Lien Secured Parties, or (iv) contravene the provisions of this Agreement or the Second Lien Documents.

 

(c)           
For the avoidance of doubt and subject to Sections 4.05(a) and (b), (1) any Second Lien Security Document
may be amended or supplemented in accordance with Section 7.1 of the Second Lien Collateral Trust Agreement and (2) any Third Lien
Security Document may be amended or supplemented with the applicable provisions of the Third Lien Collateral Trust Agreement.

 

Section 4.06           
Legends. Each of,

 

(a)          
the Priority Lien Agent acknowledges with respect to the (i) Priority Credit Agreement and the Credit Agreement Security
Documents and (ii) the Additional Priority Lien Debt Facility and the Additional Priority Lien Security Documents, if any,

 

(b)          
the Second Lien Collateral Trustee acknowledges with respect to (i) the Second Lien Indenture and the Second Lien Indenture
Security Documents, and (ii) the Additional Second Lien Debt Facility and the Additional Second Lien Security Documents, if any,
and

 

(c)          
the Third Lien Collateral Trustee acknowledges with respect to (i) the Initial Third Lien Debt Facility and the Initial
Third Lien Security Documents, if any, and (ii) the Additional Third Lien Debt Facility and the Additional Third Lien Security
Documents, if any, that

 

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the Second Lien Indenture, the
Initial Third Lien Debt Facility (if any), the Additional Second Lien Debt Facility (if any), the Additional Third Lien Debt
Facility (if any), the Second Lien Documents (other than control agreements to which both the Priority Lien Agent and the
Second Lien Collateral Trustee are parties), the Third Lien Documents (other than control agreements to which the Priority
Lien Agent or the Second Lien Collateral Trustee, as applicable, and the Third Lien Collateral Trustee are parties) and each
associated Security Document (other than control agreements to which both the Priority Lien Agent and the Second Lien
Collateral Trustee are parties or, in the case of Third Lien Security Documents, other than control agreements to which the
Priority Lien Agent or the Second Lien Collateral Trustee, as applicable, and the Third Lien Collateral Trustee are parties)
granting any security interest in the Collateral will contain a legend to the effect set forth on Annex I.

 

Section 4.07          
Second Lien Secured Parties and Third Lien Secured Parties Rights as Unsecured Creditors; Judgment Lien Creditor.
Whether before or after the Discharge of Priority Lien Obligations, any of the Second Lien Secured Parties and the Third Lien Secured
Parties may take any actions and exercise any and all rights that would be available to a holder of unsecured claims except actions
expressly prohibited by or inconsistent with this Agreement; provided, further, that in the event that any of the
Second Lien Secured Parties or Third Lien Secured Parties becomes a judgment lien creditor in respect of any Collateral as a result
of its enforcement of its rights as an unsecured creditor with respect to the Second Lien Obligations or the Third Lien Obligations,
as applicable, such judgment lien shall be subject to the terms of this Agreement for all purposes (including in relation to the
Priority Lien Obligations, the Second Lien Obligations and the Third Lien Obligations, as applicable) as the Second Liens and Third
Liens, as applicable, are subject to this Agreement.

 

Section 4.08          
Postponement of Subrogation.

 

(a)          
Each of the Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, and the Third
Lien Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, hereby agrees that no payment or distribution
to any Priority Lien Secured Party pursuant to the provisions of this Agreement shall entitle any Second Lien Secured Party or
Third Lien Secured Party to exercise any rights of subrogation in respect thereof until, in the case of the Second Lien Secured
Parties, the Discharge of Priority Lien Obligations shall have occurred and, in the case of the Third Lien Secured Parties, the
Discharge of Priority Lien Obligations and the Discharge of Second Lien Obligations shall have occurred. Following the Discharge
of Priority Lien Obligations, but subject to the reinstatement as provided in Section 4.03, each Priority Lien Secured
Party will execute such documents, agreements, and instruments as any Second Lien Secured Party may reasonably request to evidence
the transfer by subrogation to any such Person of an interest in the Priority Lien Obligations resulting from payments or distributions
to such Priority Lien Secured Party by such Person, so long as all costs and expenses (including all reasonable legal fees and
disbursements) incurred in connection therewith by such Priority Lien Secured Party are paid by such Person upon request for payment
thereof.

 

(b)            Following
the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations, the Third Lien Collateral
Trustee, for itself and on behalf of each other Third Lien Secured Party, agrees that no payment or distribution to any
Second Lien Secured Party pursuant to the provisions of this Agreement shall entitle any Third Lien Secured Party to
exercise any rights of subrogation in respect thereof. Following the Discharge of Second Lien Obligations, but subject to the
reinstatement as provided in Section 4.03, each Second Lien Secured Party will execute such documents,
agreements, and instruments as any Third Lien Secured Party may reasonably request to evidence the transfer by subrogation to
any such Person of an interest in the Second Lien Obligations resulting from payments or distributions to such Second Lien
Secured Party by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements)
incurred in connection therewith by such Second Lien Secured Party are paid by such Person upon request for payment
thereof.

 

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Section 4.09          
Acknowledgment by the Secured Debt Representatives. Each of the Priority Lien Agent, for itself and on behalf of
the other Priority Lien Secured Parties, the Second Lien Collateral Trustee, for itself and on behalf of the other Second Lien
Secured Parties, and the Third Lien Collateral Trustee, for itself and on behalf of the other Third Lien Secured Parties, hereby
acknowledges that this Agreement is a material inducement to enter into a business relationship, that each has relied on this Agreement
to enter into the Priority Lien Documents, the Second Lien Documents and the Third Lien Documents, as applicable, and all documentation
related thereto, and that each will continue to rely on this Agreement in their related future dealings.

 

Section 4.10        
Insurance. To the extent required under the Priority Lien Documents and unless and until the Discharge of all Priority
Lien Obligations has occurred, the Priority Lien Agent and the other Priority Lien Secured Parties shall have the sole and exclusive
right, subject to the rights of the Grantors under the Priority Lien Documents, to adjust settlement for any insurance policy covering
the Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding (or
any deed in lieu of condemnation) affecting the Collateral. To the extent required under the Priority Lien Documents and unless
and until the Discharge of all Priority Lien Obligations has occurred, and subject to the rights of the Grantors under the Priority
Lien Documents, all proceeds of any such policy and any such award (or any payments with respect to a deed in lieu of condemnation)
if in respect of the Collateral shall be paid to the Priority Lien Agent for the benefit of the Priority Lien Secured Parties pursuant
to the terms of the Priority Lien Documents (including for purposes of cash collateralization of letters of credit) and thereafter,
if a Discharge of Priority Lien Obligations has occurred, and subject to the rights of the Grantors under the Second Lien Documents,
to the extent required under the Second Lien Documents, the balance of such proceeds shall be paid to the Second Lien Collateral
Trustee for the benefit of the Second Lien Secured Parties to the extent required under the Second Lien Documents and then, if
a Discharge of Second Lien Obligations has occurred, to the extent required under the Third Lien Documents, any remaining balance
shall be paid to the Third Lien Collateral Agent for the benefit of the Third Lien Secured Parties to the extent required under
the Third Lien Documents, and thereafter, any remaining balance shall be paid to the Grantors, their successors or assigns from
time to time, or to whomever may be lawfully entitled to receive the same. Until the Discharge of Priority Lien Obligations has
occurred, if the Second Lien Collateral Trustee 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 in contravention of this Agreement, then it shall segregate and hold
in trust and forthwith pay such proceeds over to the Priority Lien Agent in accordance with the terms of Section 3.05 of this Agreement.

 

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Article
V

GRATUITOUS BAILMENT FOR PERFECTION OF CERTAIN SECURITY INTERESTS

 

Section 5.01          
General. (a) Prior to the Discharge of Priority Lien Obligations, the Priority Lien Agent agrees that if it shall
at any time hold a Priority Lien on any Collateral that can be perfected by the possession or control of such Collateral, and
if such Collateral is in fact in the possession or under the control of the Priority Lien Agent, the Priority Lien Agent will
serve as gratuitous bailee for (i) the Second Lien Collateral Trustee for the sole purpose of perfecting the Second Lien of the
Second Lien Collateral Trustee on such Collateral and (ii) the Third Lien Collateral Trustee for the sole purpose of perfecting
the Third Lien of the Third Lien Collateral Trustee on such Collateral. It is agreed that the obligations of the Priority Lien
Agent and the rights of the Second Lien Collateral Trustee, the other Second Lien Secured Parties, the Third Lien Collateral Trustee
and the other Third Lien Secured Parties in connection with any such bailment arrangement will be in all respects subject to the
provisions of Article II. Notwithstanding anything to the contrary herein, the Priority Lien Agent will be deemed to make
no representation as to the adequacy of the steps taken by it to perfect the Second Lien or Third Lien on any such Collateral
and shall have no responsibility, duty, obligation or liability to the Second Lien Collateral Trustee, any other Second Lien Secured
Party, the Third Lien Collateral Trustee or any other Third Lien Secured Party or any other Person for such perfection or failure
to perfect, it being understood that the sole purpose of this Article is to enable the Second Lien Secured Parties to obtain a
perfected Second Lien and the Third Lien Secured Parties to obtain a perfected Third Lien in such Collateral to the extent, if
any, that such perfection results from the possession or control of such Collateral by the Priority Lien Agent. The Priority Lien
Agent acting pursuant to this Section 5.01(a) shall not have by reason of the Priority Lien Security Documents, the Second
Lien Security Documents, the Third Lien Security Documents, this Agreement or any other document or theory, a fiduciary relationship
in respect of any Priority Lien Secured Party, the Second Lien Collateral Trustee, any Second Lien Secured Party, the Third Lien
Collateral Trustee or any Third Lien Secured Party. Subject to Section 4.03, from and after the Discharge of Priority Lien
Obligations, the Priority Lien Agent shall take all such actions in its power as shall reasonably be requested by the Second Lien
Collateral Trustee (at the sole cost and expense of the Grantors) to transfer possession or control of such Collateral (in each
case to the extent the Second Lien Collateral Trustee has a Lien on such Collateral after giving effect to any prior or concurrent
releases of Liens) to the Second Lien Collateral Trustee for the benefit of all Second Lien Secured Parties.

 

(b)          
Following the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations, the Second
Lien Collateral Trustee agrees that if it shall at any time hold a Second Lien on any Collateral that can be perfected by the
possession or control of such Collateral, and if such Collateral is in fact in the possession or under the control of the Second
Lien Collateral Trustee, the Second Lien Collateral Trustee will serve as gratuitous bailee for the Third Lien Collateral Trustee
for the sole purpose of perfecting the Third Lien of the Third Lien Collateral Trustee on such Collateral. It is agreed that the
obligations of the Second Lien Collateral Trustee and the rights of the Third Lien Collateral Trustee and the other Third Lien
Secured Parties in connection with any such bailment arrangement will be in all respects subject to the provisions of Article
II. Notwithstanding anything to the contrary herein, the Second Lien Collateral Trustee will be deemed to make no representation
as to the adequacy of the steps taken by it to perfect the Third Lien on any such Collateral and shall have no responsibility,
duty, obligation or liability to the Third Lien Collateral Trustee or any other Third Lien Secured Party or any other Person for
such perfection or failure to perfect, it being understood that the sole purpose of this Article is to enable the Third Lien Secured
Parties to obtain a perfected Third Lien in such Collateral to the extent, if any, that such perfection results from the possession
or control of such Collateral by the Second Lien Collateral Trustee. The Second Lien Collateral Trustee acting pursuant to this
Section 5.01(b) shall not have by reason of the Second Lien Security Documents, the Third Lien Security Documents,
this Agreement or any other document or theory, a fiduciary relationship in respect of any Second Lien Secured Party, the Third
Lien Collateral Trustee or any Third Lien Secured Party. Subject to Section 4.03, from and after the Discharge of Second
Lien Obligations, the Second Lien Collateral Trustee shall take all such actions in its power as shall reasonably be requested
by the Third Lien Collateral Trustee (at the sole cost and expense of the Grantors) to transfer possession or control of such
Collateral (in each case to the extent the Third Lien Collateral Trustee has a Lien on such Collateral after giving effect to
any prior or concurrent releases of Liens) to the Third Lien Collateral Trustee for the benefit of all Third Lien Secured Parties.

 

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Article
VI

APPLICATION OF PROCEEDS; DETERMINATION OF AMOUNTS

 

Section 6.01       
Application of Proceeds. (a) Prior to the Discharge of Priority Lien Obligations, and regardless of whether an Insolvency
or Liquidation Proceeding has been commenced, Collateral or proceeds received in connection with the enforcement or exercise of
any rights or remedies with respect to any portion of the Collateral will be applied:

 

(i)              
first, to the payment in full in cash of all Priority Lien Obligations,

 

(ii)             
second, to the payment in full in cash of all Second Lien Obligations,

 

(iii)            
third, to the payment in full in cash of all Third Lien Obligations, and

 

(iv)            
fourth, to Chesapeake or as otherwise required by applicable law.

 

(b)              
Following the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations, and regardless
of whether an Insolvency or Liquidation Proceeding has been commenced, Collateral or proceeds received in connection with the enforcement
or exercise of any rights or remedies with respect to any portion of the Collateral will be applied:

 

(i)              
first, to the payment in full in cash of all Second Lien Obligations,

 

(ii)             
second, to the payment in full in cash of all Third Lien Obligations, and

 

(iii)            
third, to Chesapeake or as otherwise required by applicable law.

 

Section 6.02        Determination
of Amounts. Whenever a Secured Debt Representative shall be required, in connection with the exercise of its rights or
the performance of its obligations hereunder, to determine the existence or amount of any Priority Lien Obligations, Second
Lien Obligations or Third Lien Obligations (or the existence of any commitment to extend credit that would constitute
any such obligations), or the existence of any Lien securing any such obligations, or the Collateral subject to any such
Lien, it may request that such information be furnished to it in writing by the other Secured Debt Representatives and shall
be entitled to make such determination on the basis of the information so furnished; provided, however, that if
a Secured Debt Representative shall fail or refuse reasonably promptly to provide the requested information, the requesting
Secured Debt Representative shall be entitled to make any such determination by such method as it may, in the exercise of its
good faith judgment, determine, including by reliance upon a certificate of Chesapeake. Each Secured Debt Representative may
rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the
provisions of the preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no
liability to Chesapeake or any of their subsidiaries, any Secured Party or any other Person as a result of such
determination.

 

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Article
VII

NO RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE;

CONSENT OF GRANTORS; ETC.

 

Section 7.01       
No Reliance; Information. The Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured
Parties shall have no duty to disclose to any Secured Party any information relating to Chesapeake or any of the other Grantors,
or any other circumstance bearing upon the risk of non-payment of any of the Priority Lien Obligations, the Second Lien Obligations
or the Third 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 Priority Lien Secured Party, any Second Lien Secured Party or any Third Lien Secured Party, in its sole discretion,
undertakes at any time or from time to time to provide any such information to any Secured Party, it shall be under no obligation
(a) 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, (b) to provide any additional information
or to provide any such information on any subsequent occasion or (c) to undertake any investigation.

 

Section 7.02       
No Warranties or Liability.

 

(a)              
The Priority Lien Agent, for itself and on behalf of the other Priority Lien Secured Parties, acknowledges and agrees that,
except for the representations and warranties set forth in Article VIII, (i) neither the Second Lien Collateral Trustee
nor any other 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 Documents, the ownership
of any Collateral or the perfection or priority of any Liens thereon and (ii) neither the Third Lien Collateral Trustee nor any
other Third 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 Third Lien Documents, the ownership of any Collateral
or the perfection or priority of any Liens thereon.

 

(b)               The
Second Lien Collateral Trustee, 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, (i) neither the Priority Lien Agent nor
any other Priority 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 Priority Lien Documents,
the ownership of any Collateral or the perfection or priority of any Liens thereon and (ii) neither the Third Lien Collateral
Trustee nor any other Third 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 Third Lien
Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon.

 

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(c)              
The Third Lien Collateral Trustee, for itself and on behalf of the other Third Lien Secured Parties, acknowledges and agrees
that, except for the representations and warranties set forth in Article VIII, (i) neither the Priority Lien Agent nor any
other Priority 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 Priority Lien Documents, the ownership of any
Collateral or the perfection or priority of any Liens thereon and (ii) neither the Second Lien Collateral Trustee nor any other
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 Documents, the ownership of any Collateral
or the perfection or priority of any Liens thereon.

 

(d)              
(i) The Priority Lien Agent and the other Priority Lien Secured Parties shall have no express or implied duty to the Second
Lien Collateral Trustee, any other Second Lien Secured Party, the Third Lien Collateral Trustee or any other Third Lien Secured
Party, (ii) the Second Lien Collateral Trustee and the other Second Lien Secured Parties shall have no express or implied duty
to the Priority Lien Agent, any other Priority Lien Secured Party, the Third Lien Collateral Trustee or any other Third Lien Secured
Party, and (iii) the Third Lien Collateral Trustee shall have no express or implied duty to the Priority Lien Agent, any other
Priority Lien Secured Party, the Second Lien Collateral Trustee or any other Second Lien Secured Party, in each case 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 Priority Lien Document, any Second Lien Document and any Third Lien Document (other than, in each case, this Agreement),
regardless of any knowledge thereof which they may have or be charged with.

 

(e)               Each
of the Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, and the Third Lien
Collateral Trustee, for itself and on behalf of each other Third Lien Secured Party, hereby waives any claim that may be had
against the Priority Lien Agent or any other Priority Lien Secured Party arising out of any actions which the Priority
Lien Agent or such Priority Lien Secured Party takes or omits to take (including actions with respect to the creation,
perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or
depreciation of, or failure to realize upon, any Collateral, and actions with respect to the collection of any claim for all
or only part of the Priority Lien Obligations from any account debtor, guarantor or any other party) in accordance with this
Agreement and the Priority Lien Documents or the valuation, use, protection or release of any security for such Priority Lien
Obligations. The Third Lien Collateral Trustee, for itself and on behalf each other Third Lien Secured Party, hereby waives
any claim that may be had against the Second Lien Collateral Trustee or any other Second Lien Secured Party arising out of
any actions which the Second Lien Collateral Trustee or such Second Lien Secured Party takes or omits to take following the
Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations (including actions with respect
to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale,
release or depreciation of, or failure to realize upon, any Collateral, and actions with respect to the collection of any
claim for all or only part of the Second Lien Obligations from any account debtor, guarantor or any other party) in
accordance with this Agreement and the Second Lien Documents or the valuation, use, protection or release of any security for
such Second Lien Obligations.

 

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Section 7.03       
Obligations Absolute. The Lien priorities provided for herein and the respective rights, interests, agreements and
obligations hereunder of the Priority Lien Agent and the other Priority Lien Secured Parties, the Second Lien Collateral Trustee
and the other Second Lien Secured Parties, and the Third Lien Collateral Trustee and the other Third Lien Secured Parties shall
remain in full force and effect irrespective of:

 

(a)              
any lack of validity or enforceability of any Secured Debt Document;

 

(b)              
any change in the time, place or manner of payment of, or in any other term of (including the Replacing of), all or any
portion of the Priority Lien Obligations, it being specifically acknowledged that a portion of the Priority Lien Obligations consists
or may consist of Indebtedness 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)              
any amendment, waiver or other modification, whether by course of conduct or otherwise, of any Secured Debt Document;

 

(d)              
the securing of any Priority Lien Obligations, Second Lien Obligations or Third Lien Obligations with any additional collateral
or guarantees, 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 Priority Lien Obligations, Second Lien Obligations or Third Lien
Obligations;

 

(e)              
the commencement of any Insolvency or Liquidation Proceeding in respect of Chesapeake or any other Grantor; or

 

(f)               
any other circumstances that otherwise might constitute a defense available to, or a discharge of, Chesapeake or any other
Grantor in respect of the Priority Lien Obligations, the Second Lien Obligations or the Third Lien Obligations.

 

Section 7.04       
Grantors’ Consent. Each Grantor hereby consents to the provisions of this Agreement and the intercreditor arrangements
provided for herein and agrees that the obligations of the Grantors under the Secured Debt Documents will in no way be diminished
or otherwise affected by such provisions or arrangements (except as expressly provided herein).

 

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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
and has all requisite power and authority to enter into and perform its obligations under this Agreement.

 

(b)              
This Agreement has been duly executed and delivered by such party.

 

(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 of which the failure to obtain could reasonably be expected to
have a Material Adverse Effect (as defined in the Priority Credit Agreement as in effect on the date hereof), (ii) will not violate
any applicable law or regulation or any order of any Governmental Authority or any indenture, agreement or other instrument binding
upon such party which could reasonably be expected to have a Material Adverse Effect and (iii) will not violate the charter, by-laws
or other organizational documents of such party.

 

Section 8.02       
Representations and Warranties of Each Representative. Each of the Priority Lien Agent, the Second Lien Collateral
Trustee and the Third Lien Collateral Trustee represents and warrants to the other parties hereto that it is authorized under the
Priority Credit Agreement, the Second Lien Collateral Trust Agreement and the Third Lien Collateral Trust Agreement, as the case
may be, to enter into this Agreement.

 

Article
IX

MISCELLANEOUS

 

Section 9.01       
Notices. All 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 telecopy, as follows:

 

(a)          if to the Original Priority Lien Agent, to it at:

 

MUFG Union Bank, N.A.

1100 Louisiana Street, Suite 4850

Houston, TX 77002-5216

Attention: Stephen Warfel

Email: swarfel@us.mufg.jp

 

(b)          if to the Original Second Lien Collateral Trustee, to it at:

 

Deutsche Bank Trust Company
Americas

Trust and Agency Services

60 Wall Street, 24th Floor

Mail Stop: NYC60-2407

New York, New York 10005

USA

Attn: Corporates Team, Chesapeake Energy Corp.

Facsimile: (732) 578-4635

 

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(c)              
if to any other Secured Debt Representative, to such address as specified in the Priority Confirmation Joinder.

 

Any party hereto may
change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto. All
notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed
to have been given on the date of receipt (if a Business Day) and on the next Business Day thereafter (in all other cases) if delivered
by hand or overnight courier service or sent by telecopy or on the date five Business Days after dispatch by certified or registered
mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 9.01
or in accordance with the latest unrevoked direction from such party given in accordance with this Section 9.01. As agreed
to in writing among Chesapeake, the Priority Lien Agent, the Second Lien Collateral Trustee and the Third Lien Collateral Trustee
from time to time, notices and other communications may also be delivered by e-mail to the e-mail address of a representative of
the applicable person provided from time to time by such person.

 

Section 9.02       
Waivers; Amendment. (a) No failure or delay on the part of any
party hereto in exercising any right or power 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 9.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose
for which given. No notice or demand on any party hereto in any case shall entitle such party to any other or further notice or
demand in similar or other circumstances.

 

(b)              
Neither this Agreement nor any provision hereof may be terminated, waived, amended or modified except pursuant to an agreement
or agreements in writing entered into by each Secured Debt Representative; provided, however, that this Agreement
may be amended from time to time as provided in the last paragraph of Section 4.04; provided, further, however,
with respect to any amendment that directly and adversely affects any express rights or obligations of Chesapeake or any other
Grantor hereunder, no such amendment or modification shall be effective unless consented to by Chesapeake and any applicable Grantor
in writing. Any amendment of this Agreement that is proposed to be effected without the consent of a Secured Debt Representative
as permitted by the first proviso to the preceding sentence shall be submitted to such Secured Debt Representative for its review
at least 5 Business Days prior to the proposed effectiveness of such amendment.

 

Section 9.03        Actions
Upon Breach; Specific Performance. (a) (i) Prior to the Discharge of
Priority Lien Obligations, if any Second Lien Secured Party or Third Lien Secured Party, contrary to this
Agreement, commences or participates in any action or proceeding against any Grantor or the Collateral, such Grantor, with
the prior written consent of the Priority Lien Agent, may interpose as a defense or dilatory plea the making of this
Agreement, and any Priority Lien Secured Party may intervene and interpose such defense or plea in its or their name or in
the name of such Grantor and (ii) following the Discharge of Priority Lien Obligations but prior to the Discharge of Second
Lien Obligations, if any Third Lien Secured Party, contrary to this Agreement, commences or participates in any action or
proceeding against any Grantor or the Collateral, such Grantor, with the prior written consent of the Second Lien Collateral
Trustee, may interpose as a defense or dilatory plea the making of this Agreement, and any Second Lien Secured Party may
intervene and interpose such defense or plea in its or their name or in the name of such Grantor.

 

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(b)              
 (i) Prior to the Discharge of Priority Lien Obligations, should any Second Lien Secured Party or Third Lien Secured Party,
contrary to this Agreement, in any way take, attempt to or threaten to take any action with respect to the Collateral (including
any attempt to realize upon or enforce any remedy with respect to this Agreement), or take any other action in violation of this
Agreement or fail to take any action required by this Agreement, the Priority Lien Agent or any other Priority Lien Secured Party
(in its own name or in the name of the relevant Grantor) or the relevant Grantor, with the prior written consent of the Priority
Lien Agent, (A) may obtain relief against such Second Lien Secured Party or Third Lien Secured Party, as applicable, by injunction,
specific performance and/or other appropriate equitable relief, it being understood and agreed by each of the Second Lien Collateral
Trustee on behalf of each Second Lien Secured Party and the Third Lien Collateral Trustee on behalf of each Third Lien Secured
Party that (I) the Priority Lien Secured Parties’ damages from its actions may at that time be difficult to ascertain and
may be irreparable, and (II) each Second Lien Secured Party and Third Lien Secured Party waives any defense that the Grantors and/or
the Priority Lien Secured Parties cannot demonstrate damage and/or be made whole by the awarding of damages, and (B) shall be entitled
to damages, as well as reimbursement for all reasonable and documented costs and expenses incurred in connection with any action
to enforce the provisions of this Agreement and (ii) following the Discharge of Priority Lien Obligations but prior to the Discharge
of Second Lien Obligations, should any Third Lien Secured Party, contrary to this Agreement, in any way take, attempt to or threaten
to take any action with respect to the Collateral (including any attempt to realize upon or enforce any remedy with respect to
this Agreement), or take any other action in violation of this Agreement or fail to take any action required by this Agreement,
the Second Lien Collateral Trustee or any other Second Lien Secured Party (in its own name or in the name of the relevant Grantor)
or the relevant Grantor, with the prior written consent of the Second Lien Collateral Trustee, (A) may obtain relief against such
Third Lien Secured Party by injunction, specific performance and/or other appropriate equitable relief, it being understood and
agreed by the Third Lien Collateral Trustee on behalf of each Third Lien Secured Party that (I) the Second Lien Secured Parties’
damages from its actions may at that time be difficult to ascertain and may be irreparable, and (II) each Third Lien Secured Party
waives any defense that the Grantors and/or the Second Lien Secured Parties cannot demonstrate damage and/or be made whole by the
awarding of damages, and (B) shall be entitled to damages, as well as reimbursement for all reasonable and documented costs and
expenses incurred in connection with any action to enforce the provisions of this Agreement.

 

Section 9.04       
Parties in Interest. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns, as well as the other Secured Parties, all of whom are intended to be bound by, and to be third
party beneficiaries of, this Agreement. No other Person will be entitled to rely on, have the benefit of or enforce this Agreement.

 

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Section 9.05       
Survival of Agreement. 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 shall survive the execution and delivery of this
Agreement.

 

Section 9.06       
Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original but all
of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile
or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

 

Section 9.07       
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the
validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction. The parties 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 9.08       
Governing Law; Jurisdiction; Consent to Service of Process. (a)
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

(b)              
Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction
of the Supreme Court 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, in any action or proceeding arising out of or relating to this
Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or,
to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action
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 in the courts of any jurisdiction.

 

(c)              
Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or
relating to this Agreement in any court referred to in paragraph (b) of this Section 9.08. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such
action or proceeding in any such court.

 

(d)              
Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section
9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted
by law.

 

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Section 9.09       
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. 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.

 

Section 9.10       
Headings. Article, Section and Annex headings used herein 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 9.11       
Conflicts. In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions
of any Secured Debt Documents, the provisions of this Agreement shall control.

 

Section 9.12       
Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the
purpose of defining the distinct and separate relative rights of the Priority Lien Secured Parties, the Second Lien Secured Parties
and the Third Lien Secured Parties. None of Chesapeake, any other Grantor or any other creditor thereof shall have any rights or
obligations hereunder, except as expressly provided in this Agreement (provided that nothing in this Agreement (other than
Sections 4.01, 4.02, 4.04, or 4.05) is intended to or will amend, waive or otherwise modify the provisions
of the Priority Lien Documents, the Second Lien Documents or the Third Lien Documents, as applicable), and except as expressly
provided in this Agreement neither Chesapeake nor any other Grantor may rely on the terms hereof (other than Sections 4.01,
4.02, 4.04, or 4.05, Article VII and Article IX). Nothing in this Agreement is intended
to or shall impair the obligations of Chesapeake or any other Grantor, which are absolute and unconditional, to pay the Obligations
under the Secured Debt Documents as and when the same shall become due and payable in accordance with their terms.

 

Section 9.13       
Certain Terms Concerning the Second Lien Collateral Trustee and the Third Lien Collateral Trustee. (a)
The Second Lien Collateral Trustee is executing and delivering this Agreement solely in its capacity as such and pursuant to direction
set forth in the Second Lien Collateral Trust Agreement; and in so doing, the Second Lien Collateral Trustee shall not be responsible
for the terms or sufficiency of this Agreement for any purpose. The Second Lien Collateral Trustee shall have no duties or obligations
under or pursuant to this Agreement other than such duties and obligations as may be expressly set forth in this Agreement as duties
and obligations on its part to be performed or observed. In entering into this Agreement, or in taking (or forbearing from) any
action under or pursuant to the Agreement, the Second Lien Collateral Trustee shall have and be protected by all of the rights,
immunities, indemnities and other protections granted to it under the Second Lien Indenture and the other Second Lien Documents
(including without limitation Article 5 and Section 7.8 of the Second Lien Collateral Trust Agreement).

 

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(b)              
The Third Lien Collateral Trustee is executing and delivering this Agreement solely in its capacity as such and pursuant
to direction set forth in the Third Lien Collateral Trust Agreement; and in so doing, the Third Lien Collateral Trustee shall not
be responsible for the terms or sufficiency of this Agreement for any purpose. The Third Lien Collateral Trustee shall have no
duties or obligations under or pursuant to this Agreement other than such duties and obligations as may be expressly set forth
in this Agreement as duties and obligations on its part to be performed or observed. In entering into this Agreement, or in taking
(or forbearing from) any action under or pursuant to the Agreement, the Third Lien Collateral Trustee shall have and be protected
by all of the rights, immunities, indemnities and other protections granted to it under any Initial Third Lien Debt Facility and
the Third Lien Documents.Section 9.14 Certain Terms Concerning the Priority Lien Agent, the Second Lien Collateral Trustee and
the Third Lien Collateral Trustee. None of the Priority Lien Agent, the Second Lien Collateral Trustee or the Third Lien Collateral
Trustee shall have any liability or responsibility for the actions or omissions of any other Secured Party, or for any other Secured
Party’s compliance with (or failure to comply with) the terms of this Agreement. None of the Priority Lien Agent, the Second
Lien Collateral Trustee or the Third Lien Collateral Trustee shall have individual liability to any Person if it shall mistakenly
pay over or distribute to any Secured Party (or Chesapeake) any amounts in violation of the terms of this Agreement, so long as
the Priority Lien Agent, the Second Lien Collateral Trustee or the Third Lien Collateral Trustee, as the case may be, is acting
in good faith. Each party hereto hereby acknowledges and agrees that each of the Priority Lien Agent, the Second Lien Collateral
Trustee and the Third Lien Collateral Trustee is entering into this Agreement solely in its capacity under the Priority Lien Documents,
the Second Lien Documents and the Third Lien Documents, respectively, and not in its individual capacity. (a) The Priority Lien
Agent shall not be deemed to owe any fiduciary duty to (i) the Second Lien Collateral Trustee or any other Second Lien Representative
or any other Second Lien Secured Party or (ii) the Third Lien Collateral Trustee or any other Third Lien Representative or any
other Third Lien Secured Party; (b) the Second Lien Collateral Trustee shall not be deemed to owe any fiduciary duty to (i) the
Priority Lien Agent or any other Priority Lien Secured Party or (ii) the Third Lien Collateral Trustee or any other Third Lien
Representative or any other Third Lien Secured Party; and (c) the Third Lien Collateral Trustee shall not be deemed to owe any
fiduciary duty to (i) the Priority Lien Agent or any other Priority Lien Secured Party or (ii) the Second Lien Collateral Trustee
or any other Second Lien Representative or any other Second Lien Secured Party.

 

Section 9.15       
Authorization of Secured Agents. By accepting the benefits of this Agreement and the other Priority Lien Security
Documents, each Priority Lien Secured Party authorizes the Priority Lien Agent to enter into this Agreement and to act on its behalf
as collateral agent hereunder and in connection herewith. By accepting the benefits of this Agreement and the other Second Lien
Security Documents, each Second Lien Secured Party authorizes the Second Lien Collateral Trustee to enter into this Agreement and
to act on its behalf as collateral agent hereunder and in connection herewith. By accepting the benefits of this Agreement and
the other Third Lien Security Documents, each Third Lien Secured Party authorizes the Third Lien Collateral Trustee to enter into
this Agreement and to act on its behalf as collateral agent hereunder and in connection herewith.

 

    64

     

    

 

Section 9.16       
Further Assurances. Each of the Priority Lien Agent, for itself and on behalf of the other Priority Lien Secured Party,
the Second Lien Collateral Trustee, for itself and on behalf of the other Second Lien Secured Parties, the Third Lien Collateral
Trustee, for itself and on behalf of the other Third Lien Secured Parties, and each Grantor party hereto, 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 law, or which the Priority Lien Agent,
the Second Lien Collateral Trustee or the Third Lien Collateral Trustee may reasonably request, to effectuate the terms of this
Agreement, including the relative Lien priorities provided for herein.

 

Section 9.17       
Relationship of Secured Parties. Nothing set forth herein shall create or evidence a joint venture, partnership or
an agency or fiduciary relationship among the Secured Parties. None of the Secured Parties nor any of their respective directors,
officers, agents or employees shall be responsible to any other Secured Party or to any other Person for any Grantor’s solvency,
financial condition or ability to repay the Priority Lien Obligations, the Second Lien Obligations or the Third Lien Obligations,
or for statements of any Grantor, oral or written, or for the validity, sufficiency or enforceability of the Priority Lien Documents,
the Second Lien Documents or the Third Lien Documents, or any security interests granted by any Grantor to any Secured Party in
connection therewith. Each Secured Party has entered into its respective financing agreements with the Grantors based upon its
own independent investigation, and none of the Priority Lien Agent, the Second Lien Collateral Trustee or the Third Lien Collateral
Trustee makes any warranty or representation to the other Secured Debt Representatives or the Secured Parties for which it acts
as agent nor does it rely upon any representation of the other agents or the Secured Parties for which it acts as agent with respect
to matters identified or referred to in this Agreement.

 

Section 9.18       
Third Lien Provisions. Notwithstanding any of the foregoing provisions, until such time as the Third Lien Collateral
Trustee has, pursuant to the terms hereof (including but not limited Section 4.04(c)), entered into, and, for itself and
on behalf of the Third Lien Secured Parties, agreed to be bound by the terms of, this Agreement and executed a Priority Confirmation
Joinder, the provisions of this Agreement relating to the Third Lien Obligations (including, but not limited to, the definitions
of “Additional Third Lien Debt Facility”, “Additional Third Lien Documents”, “Additional Third Lien
Obligations”, “Additional Third Lien Secured Parties”, “Additional Third Lien Security Documents”,
“Third Lien”, “Third Lien Collateral”, “Third Lien Collateral Trust Agreement”, “Third
Lien Collateral Trustee”, “Third Lien Debt”, “Third Lien Documents”, “Third Lien First Standstill
Period”, “Third Lien Obligations”, “Third Lien Representative”, “Third Lien Second Standstill
Period”, “Third Lien Secured Parties”, “Third Lien Security Documents” and “Third Lien Substitute
Facility” and provisions regarding priority, enforcement actions, Standstill Periods, release of Liens, Insolvency or Liquidation
Proceedings, reinstatement, amendments to Third Lien Documents and application of proceeds) shall not be operative.

 

[SIGNATURES BEGIN NEXT PAGE]

 

    65

     

    

 

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.

 

	 	MUFG UNION BANK, N.A., as Priority Lien Agent
	 	 	 
	 	By:	/s/ Kevin Sparks
	 	Name:	Kevin Sparks
	 	Title:	Director

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Second Lien Collateral Trustee
	 	 	 	 
	 	 	By:	/s/ Bridgette Casasnovas
	 	 	Name:	Bridgette Casasnovas
	 	 	Title:	Vice President
	 	 	 	 
	 	 	By:	/s/ Jacqueline Bartnick
	 	 	Name:	Jacqueline Bartnick
	 	 	Title:	Director

 

Signature Page to Intercreditor Agreement

 

     

     

    

 

	 	ACKNOWLEDGED AND AGREED AS OF THE DATE FIRST ABOVE WRITTEN:
	 
	 	CHESAPEAKE ENERGY CORPORATION
	 	 	 
	 	By:	/s/ Bryan J. Lemmerman
	 	Name:	Bryan J. Lemmerman
	 	Title: 	Vice President – Business Development and Treasurer

 

Signature Page to Intercreditor Agreement

 

     

     

    

 

	GRANTORS:	CHESAPEAKE AEZ EXPLORATION, L.L.C.
	 	CHESAPEAKE APPALACHIA, L.L.C.
	 	CHESAPEAKE E&P HOLDING, L.L.C.
	 	CHESAPEAKE ENERGY LOUISIANA, LLC
	 	CHESAPEAKE ENERGY MARKETING, L.L.C.
	 	CHESAPEAKE EXPLORATION, L.L.C.
	 	CHESAPEAKE LAND DEVELOPMENT COMPANY, L.L.C.
	 	CHESAPEAKE MIDSTREAM DEVELOPMENT, L.L.C.
	 	CHESAPEAKE NG VENTURES CORPORATION
	 	CHESAPEAKE OPERATING, L.L.C., on behalf of itself and as
	 	 	the general partner of CHESAPEAKE LOUISIANA, L.P.
	 	CHESAPEAKE PLAINS, LLC
	 	CHESAPEAKE ROYALTY, L.L.C.
	 	CHESAPEAKE VRT, L.L.C.
	 	CHESAPEAKE-CLEMENTS ACQUISITION, L.L.C.
	 	CHK ENERGY HOLDINGS, INC.
	 	CHK UTICA, L.L.C.
	 	COMPASS MANUFACTURING, L.L.C.
	 	EMLP, L.L.C., on behalf of itself and as general partner of
	 	 	EMPRESS LOUISIANA PROPERTIES, L.P.
	 	EMPRESS, L.L.C.
	 	GSF, L.L.C.
	 	MC LOUISIANA MINERALS, L.L.C.
	 	MC MINERAL COMPANY, L.L.C.
	 	MIDCON COMPRESSION, L.L.C.
	 	NOMAC SERVICES, L.L.C.
	 	NORTHERN MICHIGAN EXPLORATION COMPANY, L.L.C.
	 	SPARKS DRIVE SWD, INC.
	 	WINTER MOON ENERGY CORPORATION

 

	 	By: 	/s/ Bryan J. Lemmerman
	 	Name:	Bryan J. Lemmerman
	 	Title: 	Vice President – Business Development and Treasurer, for and on behalf of each of the foregoing Grantors

 

Signature Page to Intercreditor Agreement

 

     

     

    

 

Annex
I

 

Provision for the Second Lien Indenture,
any Additional Second Lien Debt Facility, the Second Lien Documents, the Initial Third Lien Debt Facility, any Additional Third
Lien Debt Facility and the Third Lien Documents

 

Reference is made to the Intercreditor
Agreement, dated as of December 19, 2019, between MUFG Union Bank, N.A., as Priority Lien Agent (as defined therein), and Deutsche
Bank Trust Company Americas, as Second Lien Collateral Trustee (as defined therein) and acknowledged and agreed by Chesapeake Energy
Corporation and certain of its subsidiaries (as amended, supplemented, amended and restated or otherwise modified and in effect
from time to time, the “Intercreditor Agreement”). Each holder of [Second Lien Indenture Notes][Additional Second
Lien Obligations][Initial Third Lien Obligations][Additional Third Lien Obligations] (as defined therein), by its acceptance of
such [Second Lien Indenture Notes][Additional Second Lien Obligations][Initial Third Lien Obligations][Additional Third Lien Obligations]
i) consents to the subordination of Liens provided for in the Intercreditor Agreement, ii) agrees that it will be bound by, and
will take no actions contrary to, the provisions of the Intercreditor Agreement and iii) authorizes and instructs the [Second/Third]
Lien Collateral Trustee (as defined therein) on behalf of each [Second/Third] Lien Secured Party (as defined therein) to enter
into the Intercreditor Agreement as [Second/Third] Lien Collateral Trustee on behalf of such [Second/Third] Lien Secured Parties.
The foregoing provisions are intended as an inducement to the lenders under the Priority Lien Documents (as defined in the Intercreditor
Agreement) to extend credit to Chesapeake Energy Corporation, and such lenders are intended third party beneficiaries of such provisions
and the provisions of the Intercreditor Agreement.

 

Provision for all Second Lien Indenture
Security Documents, any Additional Second Lien Security Documents, the Initial Third Lien Security Documents and the Additional
Third Lien Security Documents that Grant a Security Interest in Collateral

 

Reference is made to the Intercreditor
Agreement, dated as of December 19, 2019, between MUFG Union Bank, N.A., as Priority Lien Agent (as defined therein), and Deutsche
Bank Trust Company Americas, as Second Lien Collateral Trustee (as defined therein) and acknowledged and agreed by Chesapeake Energy
Corporation and certain of its subsidiaries (as amended, supplemented, amended and restated or otherwise modified and in effect
from time to time, the “Intercreditor Agreement”). Each Person that is secured hereunder, by accepting the benefits
of the security provided hereby, (i) consents (or is deemed to consent), to the subordination of Liens provided for in the Intercreditor
Agreement, (ii) agrees (or is deemed to agree) that it will be bound by, and will take no actions contrary to, the provisions of
the Intercreditor Agreement, (iii) authorizes (or is deemed to authorize) the [Second Lien Collateral Trustee] [Third Lien Collateral
Trustee] (as defined in the Intercreditor Agreement) on behalf of such Person to enter into, and perform under, the Intercreditor
Agreement and (iv) acknowledges (or is deemed to acknowledge) that a copy of the Intercreditor Agreement was delivered, or made
available, to such Person.

 

    Annex I - 1

     

    

 

Notwithstanding any other
provision contained herein, this Agreement, the Liens created hereby and the rights, remedies, duties and obligations
provided for herein are subject in all respects to the provisions of the Intercreditor Agreement and, to the extent provided
therein, the applicable Security Documents (as defined in the Intercreditor Agreement). In the event of any conflict or
inconsistency between the provisions of this Agreement and the Intercreditor Agreement, the provisions of the Intercreditor
Agreement shall control.

 

    Annex I - 2

     

    

 

Exhibit
A 

to Intercreditor Agreement

 

[FORM OF]

PRIORITY CONFIRMATION JOINDER

 

Reference is made to
the Intercreditor Agreement, dated as of December 19, 2019 (as amended, supplemented, amended and restated or otherwise modified
and in effect from time to time, the “Intercreditor Agreement”) between MUFG Union Bank, N.A., as Priority Lien
Agent for the Priority Lien Secured Parties (as defined therein), and Deutsche Bank Trust Company Americas, as Second Lien Collateral
Trustee for the Second Lien Secured Parties (as defined therein) and acknowledged and agreed by Chesapeake Energy Corporation and
certain of its subsidiaries.

 

Capitalized terms used
but not otherwise defined herein shall have the meaning set forth in the Intercreditor Agreement. This Priority Confirmation Joinder
is being executed and delivered pursuant to Section 4.04 [(a)][(b)][(c)] of the Intercreditor Agreement as a condition precedent
to the debt for which the undersigned is acting as representative being entitled to the rights and obligations of being [Additional
[Priority/Second/Third] Lien Obligations][Initial Third Lien Obligations] under the Intercreditor Agreement.

 

1.                 
Joinder. The undersigned, [                           ], a [                           ], (the “New Representative”) as [trustee]
[collateral trustee] [administrative agent] [collateral agent] under that certain [describe applicable indenture, credit agreement
or other document governing the Additional Priority, Second or [Initial/Additional] Third Lien Obligations] hereby:

 

(a)              
represents that the New Representative has been authorized to become a party to the Intercreditor Agreement on behalf of
the [Priority Lien Secured Parties under a Priority Substitute Credit Facility] [Additional Priority Lien Secured Parties under
an Additional Priority Lien Debt Facility] [Second Lien Indenture Secured Parties under the Second Lien Substitute Facility] [Additional
Second Lien Secured Parties under the Additional Second Lien Debt Facility] [Initial Third Lien Secured Parties under the Initial
Third Lien Debt Facility] [Additional Third Lien Secured Parties under the Additional Third Lien Debt Facility] as [a Priority
Lien Agent under a Priority Substitute Credit Facility] [a Second Lien Collateral Trustee under a Second Lien Substitute Facility]
[a Third Lien Collateral Trustee under a Third Lien Substitute Facility] [Secured Debt Representative] [Priority Lien Representative]
[Second Lien Representative] [Third Lien Representative] under the Intercreditor Agreement for all purposes thereof on the terms
set forth therein, and to be bound by the terms of the Intercreditor Agreement as fully as if the undersigned had executed and
delivered the Intercreditor Agreement as of the date thereof; and

 

(b)              
agrees that its address for receiving notices pursuant to the Intercreditor Agreement shall be as follows:

 

[Address];

 

    Exhibit A - 1

     

    

 

2.                 
Priority Confirmation.

 

[Option A: to be
used if additional debt constitutes a Series of Priority Lien Debt] The undersigned New Representative, on behalf of itself
and each holder of Obligations in respect of the Series of Priority Lien Debt [that constitutes a Priority Lien Substitute Facility]
[that constitutes an Additional Priority Lien Debt Facility] for which the undersigned is acting as [Priority Lien Representative]
[Priority Lien Agent] hereby agrees, for the benefit of all Secured Parties and each future Secured Debt Representative, and as
a condition to being treated as Secured Obligations under the Intercreditor Agreement, that:

 

(a)              
all Priority Lien Obligations will be and are secured in accordance with the Priority Lien Collateral Trust Agreement by
all Priority Liens at any time granted by Chesapeake or any other Grantor to secure any Obligations in respect of such Series of
Priority Lien Debt, whether or not upon property otherwise constituting Collateral for such Series of Priority Lien Debt, and that
all such Priority Liens will be enforceable by the Priority Lien Agent with respect to such Series of Priority Lien Debt for the
benefit of all Priority Lien Secured Parties equally and ratably;

 

(b)              
the New Representative and each holder of Obligations in respect of the Series of Priority Lien Debt for which the undersigned
is acting as [Priority Lien Representative] are bound by the provisions of the Intercreditor Agreement, including the provisions
relating to the ranking of Priority Liens, Second Liens and Third Liens and the order of application of proceeds from enforcement
of Priority Liens, Second Liens and Third Liens; and

 

(c)              
the New Representative and each holder of Obligations in respect of the Series of Priority Lien Debt for which the undersigned
is acting as [Priority Lien Representative] appoints the Priority Lien Agent and consents to the terms of the Intercreditor Agreement
and the performance by the Priority Lien Agent of, and directs the Priority Lien Agent to perform, its obligations under the Intercreditor
Agreement and the Priority Lien Collateral Trust Agreement, together with all such powers as are reasonably incidental thereto.
[or]

 

[Option B: to be
used if additional debt constitutes a Series of Second Lien Debt] The undersigned New Representative, on behalf of itself and
each holder of Obligations in respect of the Series of Second Lien Debt [that constitutes a Second Lien Substitute Facility] [that
constitutes an Additional Second Lien Debt Facility] for which the undersigned is acting as [Second Lien Representative] [Second
Lien Collateral Trustee] hereby agrees, for the benefit of all Secured Parties and each future Secured Debt Representative, and
as a condition to being treated as Secured Obligations under the Intercreditor Agreement, that:

 

(a)              
all Second Lien Obligations will be and are secured equally and ratably by all Second Liens at any time granted by Chesapeake
or any other Grantor to secure any Obligations in respect of such Series of Second Lien Debt, whether or not upon property otherwise
constituting Collateral for such Series of Second Lien Debt, and that all such Second Liens will be enforceable by the Second Lien
Collateral Trustee with respect to such Series of Second Lien Debt for the benefit of all Second Lien Secured Parties equally and
ratably;

 

(b)               the
New Representative and each holder of Obligations in respect of the Series of Second Lien Debt for which the undersigned is
acting as [Second Lien Representative] are bound by the provisions of the Intercreditor Agreement, including the
provisions relating to the ranking of Priority Liens, Second Liens and Third Liens and the order of application of proceeds
from enforcement of Priority Liens, Second Liens and Third Liens; and

 

    Exhibit A - 2

     

    

 

(c)              
the New Representative and each holder of Obligations in respect of the Series of Second Lien Debt for which the undersigned
is acting as [Second Lien Representative] appoints the Second Lien Collateral Trustee and consents to the terms of the Intercreditor
Agreement and the performance by the Second Lien Collateral Trustee of, and directs the Second Lien Collateral Trustee to perform,
its obligations under the Intercreditor Agreement and the Second Lien Collateral Trust Agreement, together with all such powers
as are reasonably incidental thereto. [or]

 

[Option C: to be
used if additional debt constitutes a Series of Third Lien Debt] The undersigned New Representative, on behalf of itself and
each holder of Obligations in respect of the Series of Third Lien Debt [that constitutes the Initial Third Lien Debt Facility]
[that constitutes a Third Lien Substitute Facility] [that constitutes an Additional Third Lien Debt Facility] for which the undersigned
is acting as [Third Lien Representative] [Third Lien Collateral Trustee] hereby agrees, for the benefit of all Secured Parties
and each future Secured Debt Representative, and as a condition to being treated as Secured Obligations under the Intercreditor
Agreement, that:

 

(a)              
all Third Lien Obligations will be and are secured equally and ratably by all Third Liens at any time granted by Chesapeake
or any other Grantor to secure any Obligations in respect of such Series of Third Lien Debt, whether or not upon property otherwise
constituting Collateral for such Series of Third Lien Debt, and that all such Third Liens will be enforceable by the Third Lien
Collateral Trustee with respect to such Series of Third Lien Debt for the benefit of all Third Lien Secured Parties equally and
ratably;

 

(b)              
the New Representative and each holder of Obligations in respect of the Series of Third Lien Debt for which the undersigned
is acting as [Third Lien Representative] [Third Lien Collateral Trustee] are bound by the provisions of the Intercreditor
Agreement, including the provisions relating to the ranking of Priority Liens, Second Liens and Third Liens and the order of application
of proceeds from enforcement of Priority Liens, Second Liens and Third Liens; and

 

(c)              
[the New Representative and each holder of Obligations in respect of the Series of Third Lien Debt for which the undersigned
is acting as [Third Lien Representative] appoints the Third Lien Collateral Trustee and consents to the terms of the Intercreditor
Agreement and the performance by the Third Lien Collateral Trustee of, and directs the Third Lien Collateral Trustee to perform,
its obligations under the Intercreditor Agreement and the Third Lien Collateral Trust Agreement, together with all such powers
as are reasonably incidental thereto.]1

 

 

1
Necessary only in the case of an incurrence of Additional Third Lien Obligations.

 

    Exhibit A - 3

     

    

 

3.                 
Full Force and Effect of Intercreditor Agreement. Except as expressly supplemented hereby, the Intercreditor Agreement
shall remain in full force and effect.

 

4.                 
Governing Law and Miscellaneous Provisions. The provisions of Article IX of the Intercreditor Agreement will
apply with like effect to this Priority Confirmation Joinder.

 

5.                 
Expenses. Chesapeake agree to reimburse each Secured Debt Representative for its reasonable out of pocket expenses
in connection with this Priority Confirmation Joinder, including the reasonable fees, other charges and disbursements of counsel.

 

    Exhibit A - 4

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Priority Confirmation Joinder to be executed by their respective officers or representatives
as of [                , 20       ].

 

		[insert name of New Representative]
	 	 
	 	By:	             
	 	Name:	 
	 	Title:	 

 

The Priority Lien Agent hereby acknowledges
receipt of this Priority Confirmation Joinder [and agrees to act as Priority Lien Agent for the New Representative and the holders
of the Obligations represented thereby]:

 

	 	 
	 	as Priority Lien Agent
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

The Second Lien Collateral Trustee hereby
acknowledges receipt of this Priority Confirmation Joinder [and agrees to act as Second Lien Collateral Trustee for the New Representative
and the holders of the Obligations represented thereby]:

 

	 	 
	 	as Second Lien Collateral Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[The Third Lien Collateral Trustee hereby
acknowledges receipt of this Priority Confirmation Joinder [and agrees to act as Third Lien Collateral Trustee for the New Representative
and the holders of the Obligations represented thereby]]:

 

	 	 
	 	as Third Lien Collateral Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    Exhibit A - 5

     

    

 

	 	Acknowledged and Agreed to by:
	 	 	 
	 	CHESAPEAKE ENERGY CORPORATION
	 	 	 
	 	By:	               
	 	Name:	 
	 	Title:	 

 

    Exhibit A - 6

     

    

 

Exhibit
B

to Intercreditor
Agreement 

 

SECURITY DOCUMENTS

 

PART A.

 

List of Credit Agreement Security Documents

 

		1.	Mortgages:

 

		a.	Amended and Restated Mortgage, Open-End Mortgage, Multiple Indebtedness Mortgage, Line of Credit
Mortgage, Deed of Trust, Assignment of As-Extracted Collateral, Security Agreement, Fixture Filing and Financing Statement, dated
as of April 2, 2019 from Chesapeake AEZ Exploration, L.L.C.; Chesapeake-Clements Acquisition, L.L.C.; Chesapeake Appalachia, L.L.C.;
Chesapeake Exploration, L.L.C.; Chesapeake Land Development Company, L.L.C., Chesapeake Plains, LLC, Chesapeake Royalty, L.L.C.,
Empress, L.L.C.; GSF, L.L.C.; MC Louisiana Minerals, L.L.C., Chesapeake Louisiana, L.P., and Empress Louisiana Properties, L.P.,
to Stephen Warfel, as trustee, for the benefit of the Original Priority Lien Agent, as administrative agent and mortgagee.

 

		2.	Collateral Agreements:

 

		a.	Amended and Restated Collateral Agreement, dated as of September 12, 2018, by and among Chesapeake
Energy Corporation, each of the Grantors party thereto from time to time, in favor of MUFG Union Bank, N.A., as collateral trustee
in its capacity as administrative agent.

 

		3.	Deposit Account Control Agreements:

 

		a.	Deposit Account Control Agreement by and among Chesapeake Operating, L.L.C., the Original Priority
Lien Agent, as the secured party and Wells Fargo Bank, National Association, as the bank, dated as of February 13, 2019.

 

		b.	Blocked Account Control Agreement by and among Chesapeake Energy Marketing, LLC, the Original Priority
Lien Agent, as the lender and JPMorgan Chase Bank, N.A., as the bank, dated as of February 20, 2019.

 

		c.	Blocked Account Control Agreement by and among Chesapeake Energy Corporation, the Original Priority
Lien Agent, as the lender and JPMorgan Chase Bank, N.A., as the bank, dated as of September 22, 2016.

 

		d.	Blocked Account Control Agreement by and among Chesapeake Appalachia, L.L.C., the Original Priority
Lien Agent, as the lender and JPMorgan Chase Bank, N.A., as the bank, dated as of September 22, 2016.

 

    Exhibit B

     

    

 

		e.	Blocked Account Control Agreement by and among Midcon Compression, L.L.C., the Original Priority
Lien Agent, as the lender and JPMorgan Chase Bank, N.A., as the bank, dated as of September 22, 2016.

 

		f.	Blocked Account Control Agreement by and among Mid-Atlantic Gas Services, LLC, the Original Priority
Lien Agent, as the lender and JPMorgan Chase Bank, N.A., as the bank, dated as of September 22, 2016.

 

		g.	Blocked Account Control Agreement by and among MC Mineral Company, the Original Priority Lien Agent,
as the lender and JPMorgan Chase Bank, N.A., as the bank, dated as of September 22, 2016.

 

		h.	Blocked Account Control Agreement by and among Compass Manufacturing, L.L.C., the Original Priority
Lien Agent, as the lender and JPMorgan Chase Bank, N.A., as the bank, dated as of September 22, 2016.

 

		i.	Blocked Account Control Agreement by and among Chesapeake Operating, L.L.C., the Original Priority
Lien Agent, as the lender and JPMorgan Chase Bank, N.A., as the bank, dated as of September 22, 2016.

 

		j.	Blocked Account Control Agreement by and among Chesapeake NG Ventures Corporation, the Original
Priority Lien Agent, as the lender and JPMorgan Chase Bank, N.A., as the bank, dated as of September 22, 2016.

 

		k.	Blocked Account Control Agreement by and among Chesapeake Midstream Development, L.L.C., the Original
Priority Lien Agent, as the lender and JPMorgan Chase Bank, N.A., as the bank, dated as of September 22, 2016.

 

		l.	Blocked Account Control Agreement by and among Chesapeake Land Development Company, L.L.C., the
Original Priority Lien Agent, as the lender and JPMorgan Chase Bank, N.A., as the bank, dated as of September 22, 2016.

 

		m.	Blocked Account Control Agreement by and among Chesapeake Exploration, L.L.C., the Original Priority
Lien Agent, as the lender and JPMorgan Chase Bank, N.A., as the bank, dated as of September 22, 2016.

 

		n.	Blocked Account Control Agreement by and among Chesapeake Energy Marketing, L.L.C., the Original
Priority Lien Agent, as the lender and JPMorgan Chase Bank, N.A., as the bank, dated as of September 22, 2016.

 

		o.	Deposit Account Control Agreement by and among Chesapeake Energy Corporation, Chesapeake Appalachia,
LLC, Chesapeake Operating, Inc, Chesapeake Energy Marketing, LLC, CHK Utica LLC, Midcon Compression LLC, Compass Manufacturing
LLC, Chesapeake Operating, L.L.C., Chesapeake Operating, Inc., Chesapeake Energy Marketing, LLC, the Original Priority Lien Agent,
as the secured party and Wells Fargo Bank, National Association, as the bank, dated as of May 4, 2016.

 

    Exhibit B - 2

     

    

 

		2.	Securities Account Control Agreements:

 

		a.	Control Agreement by and among Chesapeake Energy Corporation, as the shareholder, the Original
Priority Lien Agent, as the collateral trustee, Deutsch AM Service Company, as the agent, dated as of September 22, 2016.

 

		b.	Securities Account Control Agreement by and among Chesapeake Energy Corporation, the Original Priority
Lien Agent, as the secured party, Wells Fargo Funds Trust, as the issuer and Boston Financial Data Services, Inc., as the intermediary,
dated as of May 24, 2016.

 

		c.	Uncertificated Securities Control Agreement by and among Chesapeake Energy Corporation, the Original
Priority Lien Agent, as the collateral agent, Goldman Sachs Trust, as the issuer and Goldman, Sachs & Co., as the transfer
agent, dated as of May 6, 2016.

 

List of New Debt Security Documents

 

		1.	Collateral Agreements:

 

		a.	Collateral Agreement, dated as of December 19, 2019, by Chesapeake Energy Corporation and certain
Subsidiaries from time to time party thereto in favor of the MUFG Union Bank, N.A., as Collateral Trustee for the benefit of the
FLLO Secured Parties (as defined in the Priority Lien Collateral Trust Agreement).

 

		2.	Collateral Trust Agreement:

 

		b.	Collateral Trust Agreement, dated as of December 19, 2019, by Chesapeake Energy Corporation and
certain Subsidiaries from time to time party thereto in favor of the Deutsche Bank Trust Company Americas, as Collateral Trustee,
Deutsche Bank Trust Company Americas, as Parity Lien Representative (as defined therein for the holders of the Notes (as defined
therein).

 

PART B.

 

List of Second Lien Indenture Security
Documents

 

		1.	Collateral Agreements:

 

		a.	Collateral Agreement, dated as of December 19, 2019, by Chesapeake Energy Corporation and certain
Subsidiaries from time to time party thereto in favor of the Deutsche Bank Trust Company Americas, as Collateral Trustee for the
benefit of the Parity Lien Secured Parties (as defined in the Parity Lien Collateral Trust Agreement).

 

    Exhibit B - 3

     

    

 

		2.	Collateral Trust Agreement:

 

		b.	Collateral Trust Agreement, dated as of December 19, 2019, by Chesapeake Energy Corporation and
certain Subsidiaries from time to time party thereto in favor of the Deutsche Bank Trust Company Americas, as Collateral Trustee,
Deutsche Bank Trust Company Americas, as Parity Lien Representative (as defined therein for the holders of the Notes (as defined
therein).

 

PART C.

 

List of Initial Third Lien Security
Documents

 

None as of the date
hereof.

 

    Exhibit B - 4Exhibit 10.2

 

EXECUTION VERSION

 

COLLATERAL TRUST AGREEMENT

 

dated as of December 19, 2019

 

among

 

Chesapeake
energy corporation,

as the Company,

 

the Guarantors from time to time party hereto,

 

Deutsche
Bank Trust Company Americas,

as Parity Lien Representative of the holders
of the Notes,

 

the other Parity Lien Representatives from
time to time party hereto

 

and

 

Deutsche
Bank Trust Company Americas,

as Collateral Trustee

 

Reference is made to the Intercreditor
Agreement (as defined herein). Each Person that is secured hereunder, by accepting the benefits of the security provided hereby,
(i) consents (or is deemed to consent), to the subordination of Liens provided for in the Intercreditor Agreement, (ii) agrees
(or is deemed to agree) that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement,
(iii) authorizes (or is deemed to authorize) the Collateral Trustee (as defined herein) on behalf of such Person to enter into,
and perform under, the Intercreditor Agreement and (iv) acknowledges (or is deemed to acknowledge) that a copy of the Intercreditor
Agreement was delivered, or made available, to such Person.

 

Notwithstanding any other provision
contained herein, this Agreement, the Liens created hereby and the rights, remedies, duties and obligations provided for herein
are subject in all respects to the provisions of the Intercreditor Agreement and, to the extent provided therein, the applicable
Security Documents (as defined in the Intercreditor Agreement). In the event of any conflict or inconsistency between the provisions
of this Agreement and the Intercreditor Agreement, the provisions of the Intercreditor Agreement shall control.

 

    

     

    

 

TABLE OF CONTENTS

 

	Article
    1 DEFINITIONS; PRINCIPLES OF CONSTRUCTION	1
	Section 1.1	Defined Terms	1
	Section 1.2	Rules of Interpretation	9
	 		 
	Article
    2 THE TRUST ESTATE	10
	Section 2.1	Declaration of Trust	10
	Section 2.2	Collateral Shared Equally and Ratably	11
	Section 2.3	Similar Collateral and Agreements	11
	 	 	 
	Article
    3 OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE	11
	Section 3.1	Appointment and Undertaking of the Collateral Trustee	11
	Section 3.2	Release or Subordination of Liens	12
	Section 3.3	Enforcement of Liens	13
	Section 3.4	Application of Proceeds	13
	Section 3.5	Powers of the Collateral Trustee	14
	Section 3.6	Documents and Communications	15
	Section 3.7	For Sole and Exclusive Benefit of Holders of Parity Lien Obligations	15
	Section 3.8	Additional Parity Lien Debt	15
	 	 	 
	Article
    4 OBLIGATIONS ENFORCEABLE BY THE COMPANY AND THE OTHER MortgagorS	17
	Section 4.1	Release of Liens on Collateral	17
	Section 4.2	Delivery of Copies to Parity Lien Representatives	19
	Section 4.3	Collateral Trustee not Required to Serve, File or Record	19
	Section 4.4	Release of Liens in Respect of Notes	20
	Section 4.5	Release of Liens in Respect of any Series of Parity Lien Debt other than the Notes	20
	 	 	 
	Article
    5 IMMUNITIES OF THE COLLATERAL TRUSTEE	20
	Section 5.1	No Implied Duty	20
	Section 5.2	Appointment of Agents and Advisors	20
	Section 5.3	Other Agreements	21
	Section 5.4	Solicitation of Instructions	21
	Section 5.5	Limitation of Liability	22
	Section 5.6	Documents in Satisfactory Form	22
	Section 5.7	Entitled to Rely	22
	Section 5.8	Parity Lien Debt Default	22
	Section 5.9	Actions by Collateral Trustee	22
	Section 5.10	Security or Indemnity in favor of the Collateral Trustee	23
	Section 5.11	Rights of the Collateral Trustee	23

 

    i

     

    

 

	Section 5.12	Limitations on Duty of Collateral Trustee in Respect of Collateral	23
	Section 5.13	Assumption of Rights, Not Assumption of Duties	24
	Section 5.14	No Liability for Clean Up of Hazardous Materials	24
	Section 5.15	Other Relationships with the Company or Guarantors	24
	 	 	 
	Article
    6 RESIGNATION AND REMOVAL OF THE COLLATERAL TRUSTEE	25
	Section 6.1	Resignation or Removal of Collateral Trustee	25
	Section 6.2	Appointment of Successor Collateral Trustee	25
	Section 6.3	Succession	26
	Section 6.4	Merger, Conversion or Consolidation of Collateral Trustee	26
	Section 6.5	Concerning the Collateral Trustee and the Parity Lien Representatives	26
	 	 	 
	Article
    7 MISCELLANEOUS PROVISIONS	 
	Section 7.1	Amendment	27
	Section 7.2	Voting	29
	Section 7.3	Further Assurances	29
	Section 7.4	Successors and Assigns	31
	Section 7.5	Delay and Waiver	31
	Section 7.6	Notices	31
	Section 7.7	Entire Agreement	32
	Section 7.8	Compensation; Expenses	32
	Section 7.9	Indemnity	33
	Section 7.10	Severability	34
	Section 7.11	Headings	34
	Section 7.12	Obligations Secured	34
	Section 7.13	Governing Law	34
	Section 7.14	Consent to Jurisdiction	34
	Section 7.15	Waiver of Jury Trial	35
	Section 7.16	Counterparts, Electronic Signatures	36
	Section 7.17	Effectiveness	36
	Section 7.18	Mortgagors and Additional Mortgagors	36
	Section 7.19	Insolvency	36
	Section 7.20	Rights and Immunities of Parity Lien Representatives	36
	Section 7.21	Intercreditor Agreement	37
	Section 7.22	Force Majeure	37
	Section 7.23	Representations and Warranties	37
	Section 7.24	Additional Persons Bound Hereby	37

 

    ii

     

    

 

	Exhibit A	Form of Additional Parity Lien Debt Certificate	A-1
	 	 	 
	Exhibit B	Form of Collateral Trust Joinder – Additional Debt	B-1
	 	 	 
	Exhibit C	Form of Collateral Trust Joinder – Additional Mortgagor	C-1

 

    iii

     

    

 

This Collateral Trust
Agreement (as amended, supplemented, amended and restated or otherwise modified form time to time in accordance with Section
7.1 hereof, this “Agreement”) is dated as of December 19, 2019 and is by and among Chesapeake
Energy Corporation (the “Company”), the Guarantors from time to time party hereto, Deutsche Bank Trust
Company Americas, as Parity Lien Representative (as defined below) of the holders of the Notes (as defined below) (the “Trustee”),
the other Parity Lien Representatives from time to time party hereto and Deutsche Bank Trust Company Americas, as Collateral Trustee
(in such capacity and together with its successors in such capacity, the “Collateral Trustee”).

 

RECITALS

 

The Company intends
to issue 11.5% Senior Secured Second Lien Notes due 2025 (the “Initial Notes”) in an aggregate principal
amount of $2,210,156,000 pursuant to an Indenture dated as of the date hereof (as amended, supplemented, amended and restated or
otherwise modified and in effect from time to time, the “Indenture”) among the Company, the Guarantors
and the Trustee, as trustee under the Indenture and as Collateral Trustee.

 

The Company and the
Guarantors intend to secure their Obligations under the Indenture, any future Parity Lien Debt and any other Parity Lien Obligations,
with Liens on all present and future Collateral to the extent that such Liens have been provided for in the applicable Parity Lien
Security Documents.

 

This Agreement sets
forth the terms on which each Parity Lien Secured Party (other than the Collateral Trustee) has appointed the Collateral Trustee
to act as the collateral trustee for the present and future holders of the Parity Lien Obligations to receive, hold, maintain,
administer and distribute the Collateral at any time delivered to the Collateral Trustee or the subject of the Parity Lien Security
Documents, and to enforce the Parity Lien Security Documents and all interests, rights, powers and remedies of the Collateral Trustee
with respect thereto or thereunder and the proceeds thereof.

 

Capitalized terms used
in this Agreement have the meanings assigned to them above or in Article 1 below.

 

AGREEMENT

 

In consideration of
the premises and the mutual agreements herein set forth, the receipt and sufficiency of which are hereby acknowledged, the parties
to this Agreement hereby agree as follows:

 

Article
1

DEFINITIONS; PRINCIPLES OF CONSTRUCTION

 

Section 1.1        
Defined Terms. The following terms will have the following meanings:

 

“Act of
Parity Lien Debtholders” means, as to any matter at any time, a direction in writing delivered to the Collateral
Trustee by or with the written consent of the holders of Parity Lien Debt representing the Required Parity Lien Debtholders.

 

    1

     

    

 

“Additional
Notes” has the meaning given to the term “Additional Securities” in the Indenture as in effect on the
date hereof.

 

“Additional
Parity Lien Debt” has the meaning set forth in Section 3.8(b).

 

“Additional
Parity Lien Debt Certificate” means a notice in substantially the form of Exhibit A.

 

“Additional
Secured Debt Designation” means the written agreement of the Parity Lien Representative of holders of any Series
of Parity Lien Debt, as set forth in the indenture, credit agreement or other agreement governing such Series of Parity Lien Debt,
for the benefit of (i) all holders of existing and future Priority Lien Debt, the Priority Lien Agent, each existing and future
holder of Priority Liens and (ii) if applicable, all holders of each existing and future Series of Parity Lien Debt, the Collateral
Trustee, and each existing and future holder of Parity Liens, in each case:

 

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

 

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

 

(3)       appointing
the Collateral Trustee and consenting to the terms of the Intercreditor Agreement and the performance by the Collateral Trustee
of, and directing the Collateral Trustee to perform, its obligations under this Agreement or applicable security documents, as
applicable, and the Intercreditor Agreement, together with all such powers as are reasonably incidental thereto.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control” when used with respect to
any specified Person means the power to direct the management and policies of such Person directly or indirectly, whether through
the ownership of voting stock, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Board
of Directors” means, with respect to any Person, the Board of Directors or other governing body of such Person or
any committee thereof duly authorized to act on behalf of such Board of Directors or such other governing body.

 

“Business
Day” means any day on which banks in The City of New York are open and which is not a Legal Holiday.

 

    2

     

    

 

“Capital
Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however
designated) of corporate stock, partnership or limited liability company interests or other equity securities (including, without
limitation, beneficial interests in or other securities of a trust) and any and all warrants, options and rights with respect thereto
(whether or not currently exercisable), including each class of common stock and preferred stock of such Person, but excluding
any instrument evidencing Indebtedness convertible or exchangeable into equity of such Person, whether or not such Indebtedness
includes any right of participation with the equity of such Person, unless and until such instrument is so converted or exchanged.

 

“Collateral”
means all properties and assets of the Company and the Guarantors now owned or at any time hereafter acquired in which Liens have
been granted, or purported to be granted, to the Collateral Trustee to secure any or all of the Parity Lien Obligations, and from
and after the time the Collateral Trustee is required to release its Liens pursuant to Section 3.2 upon any properties
or assets, shall exclude such properties or assets; provided that if such Liens are required to be released as a result
of the sale, transfer or other disposition of any properties or assets of the Company or any Guarantor, such assets or properties
will cease to be excluded from the Collateral if the Company or any Guarantor thereafter acquires or reacquires such assets or
properties.

 

“Collateral
Trustee” has the meaning set forth in the preamble.

 

“Collateral
Trust Joinder” means (i) with respect to the provisions of this Agreement relating to any Additional Parity
Lien Debt, an agreement substantially in the form of Exhibit B, and (ii) with respect to the provisions of this
Agreement relating to the addition of additional Obligors, an agreement substantially in the form of Exhibit C.

 

“Company”
has the meaning set forth in the preamble.

 

“Credit
Agreement” means the “Priority Credit Agreement” as defined in the Intercreditor Agreement.

 

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

 

“Excluded
Property” has the meaning given to such term in the Indenture.

 

“Guarantee”
means, individually and collectively, the guarantees given by the Guarantors pursuant to the applicable Parity Lien Documents.

 

“Guarantors”
means the Subsidiaries of the Company that haven given Guarantees with respect to any Parity Lien Obligations, and their respective
successors and assigns, in each case until their respective Guarantee of all Parity Lien Obligations is released in accordance
with the terms of the applicable Parity Lien Documents.

 

    3

     

    

 

“Indebtedness”
has the meaning assigned to such term in the Indenture as in effect on the date hereof, and any component definition used therein
has the meaning set forth in the Indenture as in effect on the date hereof.

 

“Indemnified
Liabilities” means any and all liabilities (including all environmental liabilities), obligations, losses, damages,
penalties, actions, judgments, suits, costs, taxes, expenses or disbursements of any kind or nature whatsoever with respect to
the execution, delivery, performance, administration or enforcement of this Agreement or any of the other Parity Lien Security
Documents, including any of the foregoing relating to the use of proceeds of any Parity Lien Debt or the violation of, noncompliance
with or liability under, any law (including environmental laws) applicable to or enforceable against the Company, any Subsidiary
of the Company or any Guarantor or any of the Collateral and all reasonable costs and expenses (including reasonable fees and expenses
of legal counsel selected by the Indemnitee) incurred by any Indemnitee in connection with any claim, action, investigation or
proceeding in any respect relating to any of the foregoing, whether or not suit is brought.

 

“Indemnitee”
has the meaning set forth in Section 7.9(a).

 

“Indenture”
has the meaning set forth in the recitals.

 

“Initial
Notes” has the meaning set forth in the recitals.

 

“Insolvency
or Liquidation Proceeding” means:

 

(1)              
any case commenced by or against any Obligor under Title 11 of the United States Code, any other proceeding for the reorganization,
recapitalization or adjustment or marshalling of the assets or liabilities of such Obligor, any receivership or assignment for
the benefit of creditors relating to an Obligor or any similar case or proceeding relative to an Obligor or its creditors, as such,
in each case whether or not voluntary;

 

(2)              
any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to an Obligor, in
each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or

 

(3)              
any other proceeding of any type or nature (including any composition agreement) in which substantially all claims of creditors
of any Obligor are determined and any payment or distribution is or may be made on account of such claims.

 

“Intercreditor
Agreement” means that certain Intercreditor Agreement, dated as of the date hereof, among the Company, the Guarantors,
the Collateral Trustee, on behalf of itself and the holders of the Notes and any other Parity Lien Obligations, the Priority Lien
Agent, and the other parties from time to time party thereto, as the same may be amended, restated, supplemented or otherwise modified
or replaced from time to time.

 

“Junior
Lien” has the meaning assigned to the term “Third Lien” in the Intercreditor Agreement.

 

    4

     

    

 

“Junior
Lien Debt” has the meaning assigned to the term “Third Lien Debt” in the Intercreditor Agreement.

 

“Junior
Lien Documents” has the meaning assigned to the term “Third Lien Documents” in the Intercreditor Agreement.

 

“Legal
Holiday” is a Saturday, a Sunday or a day on which banks and trust companies in The City of New York are not
required by law or executive order to be open.

 

“Lien”
means, with respect to any Person, any mortgage, pledge, lien, encumbrance, easement, restriction, charge or adverse claim affecting
title or resulting in an encumbrance against real or personal property of such Person, or a security interest of any kind, including
any conditional sale or other title retention agreement, any lease in the nature thereof or other similar agreement to sell, in
each case securing obligations of such Person.

 

“Mortgage”
means all security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements,
control agreements or other grants or transfers for security executed and delivered by the Company or any Guarantor creating (or
purporting to create) a Lien upon Collateral in favor of the Collateral Trustee, for the benefit of any of the Parity Lien Secured
Parties, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance
with its terms and ‎Section 7.1.

 

“Mortgaged
Property” has the meaning set forth in Section 3.8(d)(1).

 

“Notes”
means, collectively, the Initial Notes and the Additional Notes for which the requirements set forth in Section 3.8
of this Agreement have been satisfied.

 

“Note Documents”
means the Indenture, the Notes, the Guarantees thereof, the Intercreditor Agreement and the Notes Security Documents.

 

“Notes
Security Documents” means this Agreement, each Collateral Trust Joinder, the Security Agreement and all
security agreements, pledge agreements, collateral assignments, Mortgages, collateral agency agreements, control agreements
or other grants or transfers for security executed and delivered by the Company or any Guarantor creating (or purporting to
create) a Parity Lien upon Collateral in favor of the Collateral Trustee for the benefit of holders of the Notes, in each
case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its
terms and Section 7.1.

 

“Obligations”
means any principal (including reimbursement obligations and obligations to provide cash collateral with respect to letters of
credit whether or not drawn), interest, premium (if any), fees, indemnifications, reimbursements, expenses and other liabilities
payable under the documentation governing any Indebtedness including, to the extent legally permitted, all interest, fees and other
amounts incurred, accrued or arising thereon after the commencement of any Insolvency or Liquidation Proceeding at the applicable
interest rate, including any applicable post-default interest rate even if such interest, fees and other amounts are not enforceable,
allowable or allowed as a claim in such proceeding.

 

“Obligors”
means the Company and the Guarantors.

 

    5

     

    

 

“Officers’
Certificate” means a certificate with respect to compliance with a condition or covenant provided for in this Agreement,
signed on behalf of the Company by two officers of the Company, one of whom must be the principal executive officer, the principal
financial officer, the treasurer or the principal accounting officer of the Company, including:

 

(a)              
a statement that the Person making such certificate has read such covenant or condition;

 

(b)              
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate are based;

 

(c)              
a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and

 

(d)              
a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.

 

“Parity
Lien” means a Lien granted by any Obligor in favor of the Collateral Trustee pursuant to a Parity Lien Security Document,
at any time, upon any property of such Obligor to secure Parity Lien Obligations.

 

“Parity
Lien Debt” means:

 

(1)              
the Initial Notes and Guarantees thereof; and

 

(2)              
all additional Indebtedness of any Obligor (including Additional Notes and Guarantees thereof), in each case that was permitted
to be incurred and secured in accordance with the Secured Debt Documents equally and ratably with the Notes by a Parity Lien; provided
that in the case of any Indebtedness referred to in this clause (2), that:

 

(a)               on
or before the date on which such Indebtedness is incurred by any Obligor, such Indebtedness is designated by the Company, in
an Additional Parity Lien Debt Certificate executed and delivered in accordance with Section 3.8(b) as
“Parity Lien Debt” for the purposes of the Indenture and this Agreement; provided further that no such
Indebtedness may be designated as both Parity Lien Debt and Priority Lien Debt or Junior Lien Debt (or any combination of the
three);

 

(b)              
other than in the case of any Additional Notes, such Indebtedness is governed by an indenture, credit agreement or other
agreement that includes an Additional Secured Debt Designation and, in each case, the Parity Lien Representative of such Parity
Lien Debt (other than Additional Notes) shall have executed a joinder to the Intercreditor Agreement in the form provided therein;
and

 

(c)              
all other requirements set forth in Section 3.8 have been complied with;

 

provided, further that in the case
of any Additional Notes, on or before the date on which Indebtedness in respect of Additional Notes is incurred, the Company will
deliver to the Collateral Trustee an Officers’ Certificate stating that such Indebtedness is permitted by each applicable
Parity Lien Document to be incurred and secured with a Parity Lien equally and ratably with all previously existing and future
Parity Lien Debt.

 

    6

     

    

 

“Parity
Lien Debt Default” means any “Event of Default” as defined in the Indenture, or any similar event or
condition set forth in any other Parity Lien Document that causes, or permits holders of the applicable Series of Parity Lien Debt
outstanding thereunder (with or without the giving of notice or lapse of time, or both, and whether or not notice has been given
or time has lapsed) to cause, the Parity Lien Debt outstanding thereunder to become immediately due and payable.

 

“Parity
Lien Documents” means, collectively, the Note Documents (excluding the Intercreditor Agreement) and any additional
indenture, supplemental indenture, credit agreement or other agreement governing each other Series of Parity Lien Debt and the
Parity Lien Security Documents.

 

“Parity
Lien Obligations” means Parity Lien Debt and all other Obligations in respect thereof. Notwithstanding any other
provision hereof, the term “Parity Lien Obligations” will include accrued interest, fees, costs, and other charges
incurred under the Parity Lien Documents, whether incurred before or after commencement of an Insolvency or Liquidation Proceeding
and whether or not allowable in an Insolvency or Liquidation Proceeding.

 

“Parity
Lien Representative” means:

 

(1)              
in the case of the Notes, the Trustee; and

 

(2)              
in the case of any other Series of Parity Lien Debt, the trustee, agent or representative of the holders of such Series
of Parity Lien Debt that (A) is appointed to act for the holders of such Series of Parity Lien Debt (for purposes related
to the administration of the Parity Lien Security Documents) pursuant to the indenture, credit agreement or other agreement governing
such Series of Parity Lien Debt, together with its successors in such capacity, and (B)  has become a party to this Agreement
by executing a Collateral Trust Joinder.

 

“Parity
Lien Secured Parties” has the meaning assigned to the term “Second Lien Secured Parties” in the Intercreditor
Agreement.

 

“Parity
Lien Security Documents” means this Agreement, each Collateral Trust Joinder, the Indenture (insofar as the same
grants a Lien on the Collateral), any additional indenture, supplemental indenture, credit agreement or other agreement governing
each other Series of Parity Lien Debt (in each case, insofar as the same grants a Lien on the Collateral), the Notes Security Documents,
and all other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements,
control agreements or other grants or transfers for security executed and delivered by any Obligor creating (or purporting to create)
a Lien upon Collateral in favor of the Collateral Trustee, for the benefit of any of the Parity Lien Secured Parties, in each case,
as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and Section
7.1.

 

    7

     

    

 

“Person”
means any individual, corporation, partnership, limited liability company, joint venture, trust, estate, association, unincorporated
organization or government or any agency or political subdivision thereof.

 

“Priority
Lien” has the meaning assigned to such term in the Intercreditor Agreement.

 

“Priority
Lien Agent” means the Credit Agreement Agent, or if the Credit Agreement ceases to exist, the collateral agent or
other representative of lenders or holders of Priority Lien Obligations designated pursuant to the terms of the Priority Lien Documents
pursuant to which such Priority Lien Obligations were issued and the Intercreditor Agreement.

 

“Priority
Lien Debt” has the meaning assigned to such term in the Intercreditor Agreement.

 

“Priority
Lien Documents” has the meaning assigned to such term in the Intercreditor Agreement.

 

“Priority
Lien Obligations” has the meaning assigned to such term in the Intercreditor Agreement.

 

“Reaffirmation
Agreement” means an agreement reaffirming the security interests granted to the Collateral Trustee in substantially
the form attached as Exhibit 1 to Exhibit A of this Agreement.

 

“Required
Parity Lien Debtholders” means, at any time, the holders of a majority in aggregate principal amount of all Parity
Lien Debt then outstanding (and including a majority in principal amount of the Notes), calculated in accordance with the provisions
of Section 7.2. For purposes of this definition, Parity Lien Debt registered in the name of, or beneficially owned
by, the Company or any Affiliate of the Company will be deemed not to be outstanding.

 

“Secured
Debt Documents” means the Priority Lien Documents, the Parity Lien Documents and the Junior Lien Documents.

 

“Security
Agreement” means the Collateral Agreement dated as of the the date hereof made by the Obligors in favor the Collateral
Trustee.

 

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

 

“Subsidiary”
means any subsidiary of the Company. A “subsidiary” of any Person means:

 

(1)              
a
corporation a majority of whose Voting Stock is at the time, directly or indirectly, owned by such Person, by one or more subsidiaries
of such Person or by such Person and one or more subsidiaries of such Person;

 

(2)              
a
partnership in which such Person or a subsidiary of such Person is, at the date of determination, a general or limited partner
of such partnership, but only if such Person or its subsidiary is entitled to receive more than 50% of the assets of such partnership
upon its dissolution, or

 

    8

     

    

 

(3)              
any
other Person (other than a corporation or partnership) in which such Person, directly or indirectly, at the date of determination
thereof, has (x) at least a majority ownership interest or (y) the power to elect or direct the election of a majority of the Board
of Directors of such Person.

 

“Trustee”
has the meaning set forth in the recitals.

 

“Trust
Estate” has the meaning set forth in Section 2.1.

 

“UCC”
means the Uniform Commercial Code as in effect from time to time in the State of New York or any other applicable jurisdiction.

 

“Voting
Stock” means, with respect to any Person, securities of any class or classes of Capital Stock in such Person entitling
the holders thereof (whether at all times or only so long as no senior class of stock has voting power by reason of contingency)
to vote in the election of members of the Board of Directors of such Person.

 

Section 1.2           
Rules of Interpretation.

 

(a)         
All capitalized terms used in this Agreement and not otherwise defined herein have the meanings assigned to them in the
Indenture.

 

(b)         
Unless otherwise indicated, any reference to any agreement or instrument will be deemed to include a reference to that agreement
or instrument as assigned, amended, supplemented, amended and restated, or otherwise modified and in effect from time to time or
replaced in accordance with the terms of this Agreement.

 

(c)          The
use in this Agreement or any of the other Parity Lien Security Documents of the word “include” or
“including,” when following any general statement, term or matter, will not be construed to limit such statement,
term or matter to the specific items or matters set forth immediately following such word or to similar items or matters,
whether or not non-limiting language (such as “without limitation” or “but not limited to” or
words of similar import) is used with reference thereto, but will be deemed to refer to all other items or matters that fall
within the broadest possible scope of such general statement, term or matter. The word “will” shall be construed
to have the same meaning and effect as the word “shall.”

 

(d)         
References to “Sections,” “clauses,” “recitals” and the “preamble” will
be to Sections, clauses, recitals and the preamble, respectively, of this Agreement unless otherwise specifically provided. References
to “Articles” will be to Articles of this Agreement unless otherwise specifically provided. References to “Exhibits”
will be to Exhibits to this Agreement unless otherwise specifically provided.

 

(e)         
Notwithstanding anything to the contrary in this Agreement, any references contained herein to any section, clause, paragraph,
definition or other provision of the Indenture (including any definition contained therein) shall be deemed to be a reference to
such section, clause, paragraph, definition or other provision of the Indenture as in effect on the date of this Agreement; provided
that any reference to any such section, clause, paragraph or other provision shall refer to such section, clause, paragraph or
other provision of the Indenture (including any definition contained therein) as amended or modified from time to time if such
amendment or modification has been made in accordance with the Indenture. Unless otherwise set forth herein, references to principal
amount shall include, without duplication, any reimbursement obligations with respect to a letter of credit and the face amount
of any outstanding letter of credit (whether or not such amount is, at the time of determination, drawn or available to be drawn).

 

    9

     

    

 

This Agreement and
the other Parity Lien Security Documents will be construed without regard to the identity of the party who drafted it and as though
the parties participated equally in drafting it. Consequently, each of the parties acknowledges and agrees that any rule of construction
that a document is to be construed against the drafting party will not be applicable either to this Agreement or the other Parity
Lien Security Documents.

 

Article
2

THE TRUST ESTATE

 

Section 2.1        
Declaration of Trust.

 

To secure the payment
of the Parity Lien Obligations and in consideration of the premises and the mutual agreements set forth herein, each of the Obligors
hereby confirms the grant of Liens in favor of the Collateral Trustee, and the Collateral Trustee hereby accepts and agrees to
hold, in trust under this Agreement for the benefit of all current and future Parity Lien Secured Parties, all of such Obligor’s
right, title and interest in, to and under all Collateral and all Liens now or hereafter granted to the Collateral Trustee by each
Obligor under any Parity Lien Security Document for the benefit of the Parity Lien Secured Parties, together with all of the Collateral
Trustee’s right, title and interest in, to and under the Parity Lien Security Documents, and all interests, rights, powers
and remedies of the Collateral Trustee thereunder or in respect thereof and all cash and non-cash proceeds thereof (collectively,
the “Trust Estate”).

 

The Collateral Trustee
and its successors and assigns under this Agreement will hold the Trust Estate in trust for the benefit solely and exclusively
of all current and future Parity Lien Secured Parties as security for the payment of all present and future Parity Lien Obligations.

 

Notwithstanding the
foregoing, if at any time:

 

(1)              
all Liens securing the Parity Lien Obligations have been released as provided in Section 4.1;

 

(2)              
the Collateral Trustee holds no other property in trust as part of the Trust Estate;

 

(3)              
no monetary obligation (other than indemnification and other contingent obligations not then due and payable and letters
of credit that have been cash collateralized at the lower of (A) 105% of the aggregate undrawn amount and (B) the percentage
of the aggregate undrawn amount required for release of Liens under the terms of the applicable Parity Lien Documents) is outstanding
and payable under this Agreement to the Collateral Trustee or any of its co-trustees or agents (whether in an individual or representative
capacity); and

 

    10

     

    

 

(4)              
the Company delivers to the Collateral Trustee an Officers’ Certificate stating that all Parity Liens of the Collateral
Trustee have been released in compliance with all applicable provisions of the Parity Lien Documents and that the Obligors are
not required by any Parity Lien Document to grant any Parity Lien upon any property,

 

then the Trust Estate arising
hereunder will terminate, except that all provisions set forth in Sections 7.8 and 7.9
that are enforceable by the Collateral Trustee or any of its co-trustees or agents (whether in an individual or representative
capacity) will remain enforceable in accordance with their terms.

 

The parties further
declare and covenant that the Trust Estate will be held and distributed by the Collateral Trustee subject to the further agreements
herein.

 

Section 2.2        
Collateral Shared Equally and Ratably. The parties to this Agreement agree that the payment and satisfaction of all
of the Parity Lien Obligations will be secured equally and ratably by the Parity Liens established in favor of the Collateral Trustee
for the benefit of the Parity Lien Secured Parties, notwithstanding the time of incurrence of any Parity Lien Obligations or time
or method of creation or perfection of any Parity Liens securing such Parity Lien Obligations.

 

Section 2.3         Similar
Collateral and Agreements. The parties to this Agreement agree that it is their intention that the Parity Liens be
identical. In furtherance of the foregoing, the parties hereto agree that the Parity Lien Security Documents (other than the
Notes Security Documents) shall be in all material respects the same forms of documents as the respective Notes Security
Documents creating Liens on the Collateral.

 

Article
3

OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE

 

Section 3.1        
Appointment and Undertaking of the Collateral Trustee.

 

(a)         
Each Parity Lien Secured Party (other than the Collateral Trustee) acting through its respective Parity Lien Representative
hereby appoints the Collateral Trustee to serve as collateral trustee hereunder on the terms and conditions set forth herein. Subject
to, and in accordance with, this Agreement, the Collateral Trustee will, as collateral trustee, for the benefit solely and exclusively
of the present and future Parity Lien Secured Parties:

 

(1)              
accept, enter into, hold, maintain, administer and enforce all Parity Lien Security Documents, including all Collateral
subject thereto, and all Liens created thereunder, perform its obligations hereunder and under the Parity Lien Security Documents
and protect, exercise and enforce the interests, rights, powers and remedies granted or available to it under, pursuant to or in
connection with the Parity Lien Security Documents;

 

    11

     

    

 

(2)              
take all lawful and commercially reasonable actions permitted under the Parity Lien Security Documents that it may deem
necessary or advisable to protect or preserve its interest in the Collateral subject thereto and such interests, rights, powers
and remedies;

 

(3)              
deliver and receive notices pursuant to this Agreement and the Parity Lien Security Documents;

 

(4)              
sell, assign, collect, assemble, foreclose on, institute legal proceedings with respect to, or otherwise exercise or enforce
the rights and remedies of a secured party (including a mortgagee and trust deed beneficiary) with respect to the Collateral under
the Parity Lien Security Documents and its other interests, rights, powers and remedies;

 

(5)              
remit as provided in Section 3.4 all cash proceeds received by the Collateral Trustee from the collection,
foreclosure or enforcement of its interest in the Collateral under the Parity Lien Security Documents or any of its other interests,
rights, powers or remedies;

 

(6)              
execute and deliver amendments to the Parity Lien Security Documents as from time to time authorized pursuant to Section
7.1 accompanied by an Officers’ Certificate to the effect that the amendment was permitted under Section 7.1;

 

(7)              
release or subordinate any Lien granted to it by any Parity Lien Security Document upon any Collateral if and as required
by Section 3.2; and

 

(8)              
enter into and perform its obligations and protect, exercise and enforce its interest, rights, powers and remedies under
the Intercreditor Agreement.

 

(b)         
Each party to this Agreement acknowledges and consents to the undertaking of the Collateral Trustee set forth in Section
3.1(a) and agrees to each of the other provisions of this Agreement applicable to the Collateral Trustee.

 

(c)         
Notwithstanding anything to the contrary contained in this Agreement, the Collateral Trustee will not commence any exercise
of remedies or any foreclosure actions or otherwise take any action or proceeding against any of the Collateral (other than actions
as necessary to prove, protect or preserve the Liens securing the Parity Lien Obligations to the extent permitted pursuant to the
Intercreditor Agreement) unless and until it shall have been directed by written notice of an Act of Parity Lien Debtholders and
then only in accordance with the provisions of this Agreement and the Intercreditor Agreement.

 

(d)         
Notwithstanding anything to the contrary contained in this Agreement, neither the Company nor any of its Affiliates may
serve as Collateral Trustee.

 

Section 3.2        
Release or Subordination of Liens. The Collateral Trustee will not release or subordinate any Lien of the Collateral
Trustee or consent to the release or subordination of any Lien of the Collateral Trustee, except:

 

    12

     

    

 

(a)         
as directed by an Act of Parity Lien Debtholders accompanied by an Officers’ Certificate to the effect that the release
or subordination was permitted by each applicable Parity Lien Document and otherwise satisfying the requirements of Section
4.1(b)(1) and 4.1(b)(2);

 

(b)         
as required by Article 4;

 

(c)         
to release or subordinate Liens on Collateral to the extent permitted by each applicable Parity Lien Document; provided
that the Collateral Trustee receives an Officers’ Certificate confirming the foregoing;

 

(d)         
as ordered pursuant to applicable law under a final and nonappealable order or judgment of a court of competent jurisdiction;
or

 

(e)         
for the subordination of the Trust Estate and the Parity Liens to the extent required by the Intercreditor Agreement; provided
that the Collateral Trustee receives an Officers’ Certificate confirming the foregoing.

 

Section 3.3         Enforcement
of Liens. If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that
any event has occurred that constitutes a default under any Parity Lien Document entitling the Collateral Trustee to
foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents, the Collateral Trustee
will promptly deliver written notice thereof to each Parity Lien Representative. Thereafter, the Collateral Trustee may await
direction by an Act of Parity Lien Debtholders and, subject to the terms of the Intercreditor Agreement, will act, or decline
to act, as directed by an Act of Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s
interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or applicable
law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with
respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Debtholders. Unless it has been
directed to the contrary by an Act of Parity Lien Debtholders, the Collateral Trustee in any event may (but will not be
obligated to) take or refrain from taking such action with respect to any default under any Parity Lien Document as it may
deem advisable and in the interest of the holders of Parity Lien Obligations, all in the Collateral Trustee’s sole
discretion.

 

Section 3.4        
Application of Proceeds.

 

(a)              
Subject to the terms of the Intercreditor Agreement, the Collateral Trustee will apply the proceeds of any collection, sale,
foreclosure or other realization upon, or exercise of any right or remedy with respect to, any Collateral, and any condemnation
proceeds with respect to the Collateral, in the following order of application:

 

FIRST,
to the payment of all amounts payable under this Agreement on account of the Collateral Trustee’s fees and any reasonable
legal fees, costs, expenses or other liabilities of any kind incurred by the Collateral Trustee or any co-trustee or agent of the
Collateral Trustee in connection with any Parity Lien Document (including, but not limited to, indemnification obligations);

 

    13

     

    

 

SECOND,
to the respective Parity Lien Representatives equally and ratably for application to the payment of all outstanding Parity Lien
Debt and any other Parity Lien Obligations that are then due and payable in such order as may be provided in the Parity Lien Documents
in an amount sufficient to pay in full in cash all outstanding Parity Lien Debt and all other Parity Lien Obligations that are
then due and payable (including, to the extent legally permitted, all interest accrued thereon after the commencement of any Insolvency
or Liquidation Proceeding at the rate, including any applicable post-default rate, specified in the Parity Lien Documents, even
if such interest is not enforceable, allowable or allowed as a claim in such proceeding but excluding contingent indemnity obligations
for which no claim has been made), and including the discharge or cash collateralization (at the lower of (1) 105% of the aggregate
undrawn amount and (2) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the
applicable Parity Lien Document) of all outstanding letters of credit, if any, constituting Parity Lien Debt);

 

THIRD,
to the repayment of Junior Lien Debt and any other Obligations secured by a permitted Junior Lien on the Collateral sold or realized
upon; and

 

FOURTH,
any surplus remaining after the payment in full in cash of the amounts described in the preceding clauses will be paid to the applicable
Obligor, and as directed in writing by the Company, its successors or assigns, or as a court of competent jurisdiction may direct.

 

(b)         
This Section 3.4 is intended for the benefit of, and will be enforceable as a third party beneficiary by,
each present and future holder of Parity Lien Obligations, each present and future Parity Lien Representative and the Collateral
Trustee as holder of Parity Liens. The Parity Lien Representative of each future Series of Parity Lien Debt will be required to
deliver to the Collateral Trustee a Collateral Trust Joinder as provided in Section 3.8 at the time of incurrence
of such Series of Parity Lien Debt (it being understood that the Trustee shall be the Parity Lien Representative of the holders
of the Initial Notes and any Additional Notes, and no Collateral Trustee Joinder shall be required to be delivered in connection
with an issuance of Additional Notes).

 

(c)         
In connection with the application of proceeds pursuant to Section 3.4(a), except as otherwise directed by
an Act of Parity Lien Debtholders, the Collateral Trustee may sell any non-cash proceeds for cash prior to the application of the
proceeds thereof.

 

(d)         
In making the determinations and allocations in accordance with Section 3.4(a), the Collateral Trustee may
conclusively rely upon information supplied by the relevant Parity Lien Representative as to the amounts of unpaid principal and
interest and other amounts outstanding with respect to its respective Parity Lien Debt and any other Parity Lien Obligations.

 

Section 3.5        
Powers of the Collateral Trustee.

 

(a)         
The Collateral Trustee is irrevocably authorized and empowered to enter into and perform its obligations and protect, perfect,
exercise and enforce its interest, rights, powers and remedies under the Parity Lien Security Documents and applicable law and
in equity and to act as set forth in this Article 3 or, subject to the other provisions of this Agreement, as requested in any
lawful directions given to it from time to time in respect of any matter by an Act of Parity Lien Debtholders.

 

    14

     

    

 

(b)              
No Parity Lien Representative or holder of Parity Lien Obligations (other than the Collateral Trustee) will have any liability
whatsoever for any act or omission of the Collateral Trustee, and the Collateral Trustee will have no liability whatsoever for
any act or omission of any Parity Lien Representative or any holder of Parity Lien Obligations.

 

Section 3.6        
Documents and Communications. The Collateral Trustee will permit each Parity Lien Representative and each holder
of Parity Lien Obligations upon reasonable written notice and at reasonable times from time to time to inspect and copy, at the
cost and expense of the party requesting such copies, any and all Parity Lien Security Documents and other documents, notices,
certificates, instructions or communications received by the Collateral Trustee in its capacity as such.

 

Section 3.7        
For Sole and Exclusive Benefit of Holders of Parity Lien Obligations. The Collateral Trustee will accept, hold,
administer and enforce all Liens on the Collateral at any time transferred or delivered to it and all other interests, rights,
powers and remedies at any time granted to or enforceable by the Collateral Trustee and all other property of the Trust Estate
solely and exclusively for the benefit of the present and future holders of present and future Parity Lien Obligations, and will
distribute all proceeds received by it in realization thereon or from enforcement thereof solely and exclusively pursuant to the
provisions of  Section 3.4.

 

Section 3.8        
Additional Parity Lien Debt.

 

(a)         
The Collateral Trustee will, as trustee hereunder, perform its undertakings set forth in Section 3.1(a) with
respect to any Parity Lien Obligations constituting Additional Notes or a Series of Parity Lien Debt that is issued or incurred
after the date hereof; provided that:

 

(1)              
such Parity Lien Obligations are identified as Parity Lien Debt in accordance with the procedures set forth in Section
3.8(b); and

 

(2)              
except in the case of Additional Notes, the designated Parity Lien Representative identified pursuant to Section 3.8(b)
signs a Collateral Trust Joinder and delivers the same to the Collateral Trustee.

 

(b)         
The Company will be permitted to designate as an additional holder of Parity Lien Debt hereunder each Person who is, or
who becomes, the registered holder of Parity Lien Debt incurred by the Company or any Guarantor after the date of this Agreement
in accordance with the terms of all applicable Parity Lien Documents, Priority Lien Documents and Junior Lien Documents. The Company
may only effect such designation by delivering to the Collateral Trustee an Additional Parity Lien Debt Certificate that:

 

(1)              
states that the applicable Obligor intends to incur additional Parity Lien Debt (“Additional Parity Lien Debt”)
that is permitted by each applicable Parity Lien Document to be secured with a Parity Lien equally and ratably with all previously
existing and future Parity Lien Debt;

 

    15

     

    

 

(2)              
except in the case of Additional Notes, specifies the name, address and contact information of the Parity Lien Representative
for such series of Additional Parity Lien Debt for purposes of Section 7.6;

 

(3)              
attaches as Exhibit 1 to such Additional Parity Lien Debt Certificate a Reaffirmation Agreement in substantially the form
attached as Exhibit 1 to Exhibit A of this Agreement, which Reaffirmation Agreement has been duly executed by the
Company and each Guarantor; and

 

(4)              
states that the Company has caused a copy of the Additional Parity Lien Debt Certificate and, except in the case of Additional
Notes, the related Collateral Trust Joinder to be delivered to each then existing Parity Lien Representative.

 

Although the Company shall be
required to deliver a copy of each Additional Parity Lien Debt Certificate and each Collateral Trust Joinder to each then
existing Parity Lien Representative, the failure to so deliver a copy of the Additional Parity Lien Debt Certificate and/or
Collateral Trust Joinder to any then existing Parity Lien Representative shall not affect the status of such debt as
Additional Parity Lien Debt if the other requirements of this Section 3.8 are complied with. Each of the
Collateral Trustee and the other then existing Parity Lien Representatives shall have the right to request that the Company
provide a legal opinion or opinions of counsel (subject to customary assumptions and qualifications) as to the Additional
Parity Lien Debt being secured by a valid and perfected security interest in the Collateral; provided that
(i) such legal opinion or opinions need not address any collateral of a type not previously covered by any legal opinion
delivered by or on behalf of the Company and (ii) nothing shall preclude such legal opinion or opinions from being
delivered on a post-closing basis after the incurrence of such Additional Parity Lien Debt if permitted by the Parity Lien
Representative for such Additional Parity Lien Debt. Notwithstanding the foregoing, nothing in this Agreement will be
construed to allow the Company or any Guarantor to incur additional Indebtedness (including Additional Notes) unless
otherwise permitted by the terms of all applicable Parity Lien Documents, Priority Lien Documents and Junior
Lien Documents.

 

(c)         
With respect to any Parity Lien Obligations constituting Additional Notes or a Series of Parity Lien Debt that is issued
or incurred after the date hereof, each Obligor agrees to take such actions (if any) as may from time to time reasonably be requested
by the Collateral Trustee, any Parity Lien Representative or any Act of Parity Lien Debtholders, and enter into such technical
amendments, modifications and/or supplements to the then existing Guarantees and Parity Lien Security Documents (or execute and
deliver such additional Parity Lien Security Documents) as may from time to time be reasonably requested by such Persons (including
as contemplated by Section 3.8(d) below), to ensure that the Additional Notes or the Additional Parity Lien Debt,
as applicable, are secured by, and entitled to the benefits of, the Parity Lien Security Documents, and each Parity Lien Secured
Party (by its acceptance of the benefits hereof) hereby agrees to, and authorizes the Collateral Trustee to enter into, any such
technical amendments, modifications and/or supplements (and additional Parity Lien Security Documents). The Obligors hereby further
agree that, if there are any recording, filing or other similar fees payable in connection with any of the actions to be taken
pursuant to this Section 3.8(c) or Section 3.8(d), all such amounts shall be paid by, and shall be
for the account of, the Obligors, on a joint and several basis.

 

    16

     

    

 

(d)         
Without limitation of the foregoing, upon reasonable request of the Collateral Trustee, any Parity Lien Representative or
any Act of Parity Lien Debtholders, each Obligor agrees to take the following actions with respect to any real property Collateral
(including Oil and Gas Properties (as defined in the Indenture as in effect on the date hereof)) with respect to all Additional
Parity Lien Debt (other than Additional Notes to the extent the aggregate amount of outstanding Initial Notes and Additional Notes
does not exceed the maximum amount of Indebtedness listed in existing Mortgages) (it being understood that any such actions may
be taken following the incurrence of any such Additional Parity Lien Debt on a post-closing basis if permitted by the Parity Lien
Representative for such Additional Parity Lien Debt):

 

(1)              
each applicable Obligor shall enter into, and deliver to the Collateral Trustee, a Mortgage modification or new Mortgage
with regard to each real property subject to a Mortgage (each such property a “Mortgaged Property”),
in proper form for recording in all applicable jurisdictions, in a form and substance reasonably satisfactory to the Collateral
Trustee; and

 

(2)              
each applicable Obligor will cause to be delivered to the Collateral Trustee a local counsel opinion (subject to customary
assumptions and qualifications) to the effect that the Collateral Trustee has a valid and perfected Lien with respect to each such
Mortgaged Property, provided that, in the case of Additional Notes, to the extent Mortgages have previously been recorded in the
public records of the state applicable to such additional Mortgages or amendments or supplements to prior Mortgages, no such opinion
shall be required unless a corresponding opinion will be delivered to the Priority Lien Agent, and in the case of other Additional
Parity Lien Debt, such opinion requirements will be subject to the applicable Parity Lien Documents.

 

The Company will deliver
an Officers’ Certificate to the Collateral Trustee confirming that the foregoing conditions have been satisfied.

 

Article
4

OBLIGATIONS ENFORCEABLE BY THE OBLIGORS

 

Section 4.1        
Release of Liens on Collateral.

 

(a)         
The Collateral Trustee’s Liens upon the Collateral will be automatically released:

 

(1)              
in whole, upon (A) payment in full in cash and discharge of all outstanding Parity Lien Debt and all other Parity Lien
Obligations that are outstanding, due and payable at the time all of the Parity Lien Debt is paid in full in cash and discharged
(other than contingent indemnity obligations for which no claim has been made), (B) termination or expiration of all commitments
to extend credit under all Parity Lien Documents and (C) the cancellation or termination or cash collateralization (at the
lower of (1) 105% of the aggregate undrawn amount and (2) the percentage of the aggregate undrawn amount required for release of
Liens under the terms of the applicable Parity Lien Documents) of all outstanding letters of credit issued pursuant to any Parity
Lien Documents;

 

    17

     

    

 

(2)              
as to any Collateral of an Obligor that is (A) released as a Guarantor under each Parity Lien Document and (B) not
obligated (as primary obligor or guarantor) with respect to any other Parity Lien Obligations and so long as the respective release
does not violate the terms of any Parity Lien Document which then remains in effect, and subject to the satisfaction of the requirements
set forth in Section 4.01(a)(i) of the Intercreditor Agreement;

 

(3)              
as to any Collateral of an Obligor that is sold, transferred or otherwise disposed of by an Obligor to a Person that is
not (either before or after such sale, transfer or disposition) the Company or a Subsidiary in a transaction or other circumstance
that does not violate Section 4.12 of the Indenture (other than the obligation to apply proceeds of such Collateral Sale (as defined
in the Indenture) as provided in such Section 4.12 of the Indenture) and is permitted by all of the other Parity Lien Documents,
and subject to the satisfaction of the requirements set forth in Section 4.01(a)(i) of the Intercreditor Agreement, at the time
of such sale, transfer or other disposition or to the extent of the interest sold, transferred or otherwise disposed of; provided
that the Collateral Trustee’s Liens upon the Collateral will not be released if the sale or other disposition is subject
to Section 5.01 of the Indenture;

 

(4)              
as to a release of less than all or substantially all of the Collateral, if consent to the release of all Parity Liens on
such Collateral has been given by an Act of Parity Lien Debtholders;

 

(5)              
in whole, if the Liens on such Collateral have been released in accordance with the terms of each Series of Parity Lien
Debt;

 

(6)              
as to a release of all or substantially all of the Collateral, if (A) consent to the release of that Collateral has been
given by the requisite percentage or number of holders of each Series of Parity Lien Debt at the time outstanding as provided for
in the applicable Parity Lien Documents and (B) the Company, as applicable, has delivered an Officers’ Certificate to
the Collateral Trustee certifying that all such necessary consents have been obtained;

 

(7)              
as to any Collateral that becomes Excluded Property; or

 

(8)              
if and to the extent, and in the manner, required by Section 4.01(a) of the Intercreditor Agreement.

 

(b)         
The Collateral Trustee agrees for the benefit of the Obligors that if the Collateral Trustee at any time receives:

 

(1)              
an Officers’ Certificate (which the Collateral Trustee shall be entitled to rely upon) stating that (A) the signing
officer has read Article 4 of this Agreement and understands the provisions and the definitions relating hereto, (B) such
officer has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether
or not the conditions precedent in this Agreement, the Intercreditor Agreement and all other Parity Lien Documents, if any, relating
to the release of the Collateral have been complied with, (C) in the opinion of such officer, such conditions precedent, if
any, have been complied with and (D) such release of Collateral did not violate the terms of any applicable Parity Lien Document;
and

 

    18

     

    

 

(2)              
the proposed instrument or instruments releasing such Lien as to such property in recordable form, if applicable;

 

then, promptly following receipt
by the Collateral Trustee of the items required by this Section 4.1(b), upon request of the Company, the Collateral
Trustee will execute (with such acknowledgements and/or notarizations as are required) and deliver evidence of such release to
the applicable Obligor; provided that, in the case of a release of Liens under Section 4.1(a)(8), the
Collateral Trustee shall execute and deliver such proposed instruments releasing its Liens contemporaneously with the execution
and delivery of such similar instruments by the Priority Lien Agent in accordance with the terms of the Intercreditor Agreement.

 

(c)         
The Collateral Trustee hereby agrees that:

 

(1)              
in the case of any release pursuant to Section 4.1(a)(3), if the terms of any such sale, transfer or other
disposition require the payment of the purchase price to be contemporaneous with the delivery of the applicable release, then,
subject to the Intercreditor Agreement and at the written request of and at the expense of the applicable Obligor, the Collateral
Trustee will either (A) be present at and deliver the release at the closing of such transaction or (B) deliver the release
under customary escrow arrangements that permit such contemporaneous payment and delivery of the release; and

 

(2)              
at any time when a Parity Lien Debt Default has occurred and is continuing, within one Business Day of the receipt by it
of any Act of Parity Lien Debtholders pursuant to Section 4.1(a)(4), the Collateral Trustee will deliver a copy of
such Act of Parity Lien Debtholders to each Parity Lien Representative.

 

Section 4.2        
Delivery of Copies to Parity Lien Representatives. The Company will deliver to each Parity Lien Representative a
copy of each Officers’ Certificate delivered to the Collateral Trustee pursuant to Section 4.1(b), together
with copies of all documents delivered to the Collateral Trustee with such Officers’ Certificate. The Parity Lien Representatives
will not be obligated to take notice thereof or to act thereon. Each Parity Lien Representative shall, following receipt by it
of the Officers’ Certificate and proposed release instrument(s) delivered to the Collateral Trustee pursuant to Section
4.1(b), deliver a copy of such notice to each registered holder of the Series of Parity Lien Debt for which it acts as
Parity Lien Representative to the extent and within the timeframe required by the applicable Parity Lien Debt Documents.

 

Section 4.3        
Collateral Trustee not Required to Serve, File or Record. Subject to Section 3.2, the Collateral Trustee
is not required to serve, file, register or record any instrument releasing or subordinating its Liens on any Collateral; provided
that if any Obligor shall make a written demand for a termination statement under Section 9-513(c) of the UCC, the Collateral Trustee
shall comply with the written request of such Obligor to comply with the requirements of such UCC provision (which written request
must be accompanied by an Officers’ Certificate relating to the same); provided, further, that the Collateral
Trustee must first confirm with the Parity Lien Representatives that the requirements of such UCC provisions have been satisfied.

 

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Section 4.4         Release
of Liens in Respect of Notes. In addition to any release pursuant to Section 4.1 hereof, the Collateral
Trustee’s Parity Liens will no longer secure the Notes outstanding under the Indenture or any other Obligations under
the Note Documents, and the right of the holders of the Notes to the benefits and proceeds of the Collateral
Trustee’s Parity Liens on the Collateral will terminate and be discharged upon written certification to that effect
delivered by the Trustee to the Collateral Trustee in connection with a release under the Indenture.

 

Section 4.5        
Release of Liens in Respect of any Series of Parity Lien Debt other than the Notes. In addition to any release pursuant
to Section 4.1 hereof, as to any Series of Parity Lien Debt other than the Notes, the Collateral Trustee’s
Parity Lien will no longer secure such Series of Parity Lien Debt if such Parity Lien Debt has been paid in full, all commitments
to extend credit in respect of such Series of Parity Lien Debt have been terminated and all other Parity Lien Obligations related
thereto that are outstanding and unpaid at the time such Series of Parity Lien Debt is paid are also paid in full, or upon written
certification to that effect delivered by the applicable Parity Lien Representative to the Collateral Trustee in connection with
a release under such Parity Lien Debt or the Intercreditor Agreement.

 

Article
5

IMMUNITIES OF THE COLLATERAL TRUSTEE

 

Section 5.1        
No Implied Duty. The Collateral Trustee will not have any fiduciary duties nor will it have responsibilities or obligations
other than those expressly assumed by it in this Agreement, the other Parity Lien Security Documents and the Intercreditor Agreement.
No implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement, the other
Parity Lien Documents or the Intercreditor Agreement, or otherwise exist against the Collateral Trustee. Without limiting the generality
of the foregoing sentences, the use of the term “trustee” in this Agreement with reference to the Collateral Trustee
is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable
law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties. The Collateral Trustee will not be required to take any action that is contrary
to applicable law or any provision of this Agreement, the other Parity Lien Security Documents or the Intercreditor Agreement.

 

Section 5.2        
Appointment of Agents and Advisors. The Collateral Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents, attorneys, accountants, appraisers or other experts or advisors selected
by it in good faith as it may reasonably require and will not be responsible for any misconduct or negligence on the part of any
of them.

 

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Section 5.3        
Other Agreements. The Collateral Trustee has accepted its appointment as collateral trustee hereunder and is bound
by the Parity Lien Security Documents executed by the Collateral Trustee as of the date of this Agreement, and the Collateral
Trustee shall at the request of the Company execute additional Parity Lien Security Documents delivered to it after the date of
this Agreement (including to secure Obligations arising under Additional Parity Lien Debt to the extent such Obligations are permitted
to be incurred and secured under the Parity Lien Documents); provided that such additional Parity Lien Security Documents
do not adversely affect the rights, privileges, benefits and immunities of the Collateral Trustee or conflict with the terms of
the Intercreditor Agreement. The Collateral Trustee will not otherwise be bound by, or be held obligated by, the provisions of
any credit agreement, indenture or other agreement governing Parity Lien Debt (other than this Agreement, the Indenture and the
other Parity Lien Security Documents to which it is a party).

 

Section 5.4        
Solicitation of Instructions.

 

(a)         
The Collateral Trustee may at any time solicit written confirmatory instructions, in the form of an Act of Parity Lien Debtholders,
an Officers’ Certificate, a legal opinion from counsel to the Company (which counsel may be an employee or counsel of the
Company) or an order of a court of competent jurisdiction, as to any action that it may be requested or required to take, or that
it may propose to take, in the performance of any of its obligations under this Agreement or the other Parity Lien Security Documents,
and the Collateral Trustee will not be liable for any action it takes or omits to take in good faith in reliance on any such certificate,
opinion or order. In the absence of bad faith on its part, the Collateral Trustee may rely, and will be protected in acting or
refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have
been signed or presented by the proper Person. The Collateral Trustee need not investigate any fact or matter stated in the document,
but, in the case of any document which is specifically required to be furnished to the Collateral Trustee pursuant to any provision
hereof, the Collateral Trustee shall examine the document to determine whether it conforms to the requirements of this Agreement
or the applicable Parity Lien Debt Document (but need not confirm or investigate the accuracy of mathematical calculations or other
facts stated therein).

 

(b)         
No written direction given to the Collateral Trustee by an Act of Parity Lien Debtholders that in the sole judgment of the
Collateral Trustee imposes, purports to impose or might reasonably be expected to impose upon the Collateral Trustee any obligation
or liability not set forth in or arising under this Agreement and the other Parity Lien Security Documents will be binding upon
the Collateral Trustee unless the Collateral Trustee elects, at its sole option, to accept such direction.

 

(c)         
The Collateral Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement
at the request, order or direction of the Required Parity Lien Debtholders pursuant to the provisions of this Agreement, unless
such holders shall have furnished to the Collateral Trustee reasonable security or indemnity satisfactory to it against the costs,
expenses and liabilities which may be incurred therein or thereby.

 

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Section 5.5         Limitation
of Liability. The Collateral Trustee will not be responsible or liable for any action taken or omitted to be taken by it
hereunder or under any other Parity Lien Security Document, except as determined by a court of competent jurisdiction in a
final, nonappealable judgment to have resulted from the Collateral Trustee’s negligence or willful misconduct.

 

Section 5.6        
Documents in Satisfactory Form. The Collateral Trustee will be entitled to require that all agreements, certificates,
opinions, instruments and other documents at any time submitted to it, including those expressly provided for in this Agreement,
be delivered to it in a form and with substantive provisions reasonably satisfactory to it. The Collateral Trustee (i) makes no
representation as to the validity or adequacy of any Parity Lien Document and (ii) is not responsible for any statement in any
Parity Lien Document other than its certificate of authentication and any representations and warranties made by it.

 

Section 5.7        
Entitled to Rely. The Collateral Trustee may seek and rely upon, and shall be fully protected in relying upon, any
judicial order or judgment, upon any advice, opinion or statement of legal counsel, independent consultants and other experts selected
by it in good faith and upon any certification, instruction, notice or other writing delivered to it by the Company or any Guarantor
in compliance with the provisions of this Agreement or delivered to it by any Parity Lien Representative as to the holders of Parity
Lien Obligations for whom it acts, without being required to determine the authenticity thereof or the correctness of any fact
stated therein or the propriety or validity of service thereof. The Collateral Trustee may act in reliance upon any instrument
comporting with the provisions of this Agreement or any signature believed by it in good faith to be genuine and may assume that
any Person purporting to give notice or receipt or advice or make any statement or execute any document in connection with the
provisions hereof or the other Parity Lien Security Documents has been duly authorized to do so. To the extent an Officers’
Certificate or opinion of counsel is required or permitted under this Agreement to be delivered to the Collateral Trustee in respect
of any matter, the Collateral Trustee may rely conclusively on an Officers’ Certificate or opinion of counsel as to such
matter and such Officers’ Certificate or opinion of counsel shall be full warranty and protection to the Collateral Trustee
for any action taken, suffered or omitted by it under the provisions of this Agreement and the other Parity Lien Security Documents.
The Collateral Trustee (a) shall not be responsible to any Parity Lien Secured Party for any recitals, statements, information,
representations or warranties of any other Person contained herein, in the Parity Lien Documents or in any document, certificate
or other writing delivered in connection herewith or therewith or for the execution, effectiveness, genuineness, validity, enforceability,
collectability, priority or sufficiency of this Agreement, the Parity Lien Documents or the financial condition of the Company,
the Guarantors or any of them and (b) shall not be required to ascertain or inquire as to the performance or observation of any
of the terms, covenants or conditions of this Agreement or any Parity Lien Document.

 

Section 5.8         Parity
Lien Debt Default. The Collateral Trustee will not be required to inquire as to the occurrence or absence of any Parity
Lien Debt Default and will not be affected by or required to act upon any notice or knowledge as to the occurrence of any
Parity Lien Debt Default unless and until it is directed by an Act of Parity Lien Debtholders.

 

Section 5.9        
Actions by Collateral Trustee. As to any matter not expressly provided for by this Agreement or the other Parity
Lien Security Documents, the Collateral Trustee will act or refrain from acting as directed by an Act of Parity Lien Debtholders
and will be fully protected if it does so, and any action taken, suffered or omitted pursuant hereto or thereto shall be binding
on the holders of Parity Lien Obligations.

 

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Section 5.10      
Security or Indemnity in favor of the Collateral Trustee. The Collateral Trustee will not be required to advance
or expend any funds or otherwise incur any financial liability in the performance of its duties or the exercise of its powers or
rights hereunder unless it has been provided with security or indemnity reasonably satisfactory to it against any and all liability
or expense which may be incurred by it by reason of taking or continuing to take such action.

 

Section 5.11       
Rights of the Collateral Trustee. In the event of any conflict between any terms and provisions set forth in this
Agreement and those set forth in any other Parity Lien Security Document, the terms and provisions of this Agreement shall supersede
and control the terms and provisions of such other Parity Lien Security Document. In the event there is any bona fide, good faith
disagreement between the other parties to this Agreement or any of the other Parity Lien Security Documents resulting in adverse
claims being made in connection with Collateral held by the Collateral Trustee and the terms of this Agreement or any of the other
Parity Lien Security Documents do not unambiguously mandate the action the Collateral Trustee is to take or not to take in connection
therewith under the circumstances then existing, or the Collateral Trustee is in doubt as to what action it is required to take
or not to take hereunder or under the other Parity Lien Security Documents, it will be entitled to refrain from taking any action
(and will incur no liability for doing so) until directed otherwise in writing by a request signed jointly by the parties hereto
entitled to give such direction or by order of a court of competent jurisdiction.

 

Section 5.12       
Limitations on Duty of Collateral Trustee in Respect of Collateral.

 

(a)         
Beyond the exercise of reasonable care in the custody of Collateral in its possession, the Collateral Trustee will have
no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income
thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and the Collateral Trustee
will not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public
office at any time or times or otherwise perfecting or maintaining the perfection of any Liens on the Collateral; provided
that, notwithstanding the foregoing, the Collateral Trustee will have the right but not the obligation to execute, file or
record UCC-3 continuation statements and other documents and instruments to preserve, protect or perfect the security interests
granted to the Collateral Trustee (subject to the priorities set forth herein) if it shall receive a specific written request
to execute, file or record the particular continuation statement or other specific document or instrument by any Parity Lien Representative.
The Collateral Trustee shall deliver to each other Parity Lien Representative a copy of any such written request. The Collateral
Trustee will be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral
is accorded treatment substantially equal to that which it accords its own property, and the Collateral Trustee will not be liable
or responsible for any loss or diminution in the value of any of the Collateral by reason of the act or omission of any carrier,
forwarding agency or other agent or bailee selected by the Collateral Trustee in good faith.

 

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(b)              
Except as provided in Section 5.12(a), the Collateral Trustee will not be responsible for the existence,
genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of
the Collateral, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity
of the title of any Obligor to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or
Liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Collateral Trustee hereby disclaims any representation
or warranty to the current and future holders of the Parity Lien Obligations concerning the perfection of the security interests
granted to it or in the value of any Collateral. The Collateral Trustee shall not be under any obligation to the Trustee or any
holder of Parity Lien Debt to ascertain or to inquire as to the observance or performance of any of the agreements contained in,
or conditions of, this or any other Parity Lien Security Document or the Intercreditor Agreement or to inspect the properties,
books or records of the Company or any Guarantor.

 

Section 5.13    
Assumption of Rights, Not Assumption of Duties. Notwithstanding anything to the contrary contained herein:

 

(1)              
each of the parties thereto will remain liable under each of the Parity Lien Security Documents (other than this Agreement)
to the extent set forth therein to perform all of their respective duties and obligations thereunder to the same extent as if this
Agreement had not been executed;

 

(2)              
the exercise by the Collateral Trustee of any of its rights, remedies or powers hereunder will not release such parties
from any of their respective duties or obligations under the other Parity Lien Security Documents; and

 

(3)              
the Collateral Trustee will not be obligated to perform any of the obligations or duties of any Obligor.

 

Section
5.14     No Liability
for Clean Up of Hazardous Materials. In the event that the Collateral Trustee is required to acquire title to an asset
for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any fiduciary or trust
obligation for the benefit of another, which in the Collateral Trustee’s sole discretion may cause the
Collateral Trustee to be considered an “owner or operator” under any environmental laws or otherwise cause the
Collateral Trustee to incur, or be exposed to, any environmental liability or any liability under any other federal, state or
local law, the Collateral Trustee reserves the right, instead of taking such action, either to resign as Collateral Trustee
(in accordance with Article 6) or to arrange for the transfer of the title or control of the asset to a court appointed
receiver. The Collateral Trustee will not be liable to any Person for any environmental liability or any environmental claims
or contribution actions under any federal, state or local law, rule or regulation by reason of the Collateral Trustee’s
actions and conduct as authorized, empowered and directed hereunder or relating to any kind of discharge or release or
threatened discharge or release of any hazardous materials into the environment.

 

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Section 5.15    
Other Relationships with the Company or Guarantors. Deutsche Bank Trust Company Americas and its Affiliates (and
any successor Collateral Trustee and its Affiliates) may make loans to, issue letters of credit for the account of, accept deposits
from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other
business with the Company or any Guarantor and its Affiliates as though it was not the Collateral Trustee hereunder and without
notice to or consent of the Parity Lien Representatives. The Parity Lien Representatives and the holders of the Parity Lien Obligations
acknowledge that, pursuant to such activities, Deutsche Bank Trust Company Americas or its Affiliates (and any successor Collateral
Trustee and its Affiliates) may receive information regarding the Company or any Guarantor or its Affiliates (including information
that may be subject to confidentiality obligations in favor of the Company, such Guarantor or such Affiliate) and acknowledge that
the Collateral Trustee shall not be under any obligation to provide such information to the Parity Lien Representatives or the
holders of the Parity Lien Obligations. Nothing herein shall impose or imply any obligation on the part of Deutsche Bank Trust
Company Americas (or any successor Collateral Trustee) to advance funds.

 

Article
6

RESIGNATION AND REMOVAL OF THE COLLATERAL TRUSTEE

 

Section 6.1        
Resignation or Removal of Collateral Trustee. Subject to the appointment of a successor Collateral Trustee as provided
in Section 6.2 and the acceptance of such appointment by the successor Collateral Trustee:

 

(a)              
the Collateral Trustee may resign at any time by giving not less than 30 days’ notice of resignation to each Parity
Lien Representative and the Company; and

 

(b)              
the Collateral Trustee may be removed at any time, with or without cause, by an Act of Parity Lien Debtholders by giving
not less than 30 days’ notice to the Collateral Trustee.

 

Section 6.2        
Appointment of Successor Collateral Trustee. Upon any such resignation or removal, a successor Collateral Trustee
may be appointed by an Act of Parity Lien Debtholders. If no successor Collateral Trustee has been so appointed and accepted such
appointment within 30 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral
Trustee may (at the expense of the Company), at its option, appoint a successor Collateral Trustee, or petition a court of competent
jurisdiction for appointment of a successor Collateral Trustee, which must be a bank or trust company:

 

(1)              
authorized to exercise corporate trust powers; and

 

(2)              
having a combined capital and surplus of at least $250,000,000.

 

The Collateral Trustee
will fulfill its obligations hereunder until a successor Collateral Trustee meeting the requirements of this Section 6.2
has accepted its appointment as Collateral Trustee and the provisions of Section 6.3 have been satisfied.

 

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Section 6.3        
Succession. When the Person so appointed as successor Collateral Trustee accepts such appointment:

 

(1)              
such Person will succeed to and become vested with all the rights, powers, privileges and duties of the predecessor Collateral
Trustee, and the predecessor Collateral Trustee will be discharged from its duties and obligations hereunder; and

 

(2)              
the predecessor Collateral Trustee will (at the expense of the Company) promptly transfer all Liens and collateral security
and other property of the Trust Estate within its possession or control to the possession or control of the successor Collateral
Trustee and will execute instruments and assignments as may be necessary or desirable or reasonably requested by the successor
Collateral Trustee to transfer to the successor Collateral Trustee all Liens, interests, rights, powers and remedies of the predecessor
Collateral Trustee in respect of the Parity Lien Security Documents or the Trust Estate.

 

Thereafter the predecessor Collateral Trustee
will remain entitled to enforce the immunities granted to it in Article 5 and the provisions of Sections 7.8
and 7.9, and said provisions will survive termination of this Agreement for the benefit of the predecessor of the
Collateral Trustee.

 

Section 6.4        Merger, Conversion or Consolidation of Collateral Trustee. Any Person into which the Collateral Trustee may be merged
or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which
the Collateral Trustee shall be a party, or any Person succeeding to the business of the Collateral Trustee shall be the successor
of the Collateral Trustee pursuant to Section 6.3, provided that (i) without the execution or filing of any
paper with any party hereto or any further act on the part of any of the parties hereto, except where an instrument of transfer
or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding, such Person satisfies
the eligibility requirements specified in clauses (1) and (2) of Section 6.2 and (ii) prior to any such merger,
conversion or consolidation, the Collateral Trustee shall have notified the Company and each Parity Lien Representative thereof
in writing.

 

Section 6.5         Concerning
the Collateral Trustee and the Parity Lien Representatives.

 

(a)               Notwithstanding
anything contained herein to the contrary, it is expressly understood and agreed by the parties hereto that this Agreement
has been signed by each Parity Lien Representative not in its individual capacity or personally but solely in its capacity as
trustee, representative or agent for the benefit of the related holders of the applicable Series of Parity Lien Debt in the
exercise of the powers and authority conferred and vested in it under the related Parity Lien Documents, and in no event
shall such Parity Lien Representative, in its individual capacity, have any liability for the representations,
warranties, covenants, agreements or other obligations of any other party under this Agreement, any Parity Lien Document or
in any of the certificates, reports, documents, data notices or agreements delivered by such other party pursuant hereto or
thereto.

 

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(b)              
Notwithstanding anything contained herein to the contrary, it is expressly understood and agreed by the parties hereto that
this Agreement has been signed by Deutsche Bank Trust Company Americas, not in its individual capacity or personally but solely
in its capacity as Collateral Trustee, and in no event shall Deutsche Bank Trust Company Americas, in its individual capacity,
have any liability for the representations, warranties, covenants, agreements or other obligations of any other party under this
Agreement, any Parity Lien Document or in any of the certificates, reports, documents, data notices or agreements delivered by
such other party pursuant hereto or thereto.

 

(c)              
[Reserved.]

 

(d)              
In entering into this Agreement, the Collateral Trustee shall be entitled to the benefit of every provision of the Indenture
relating to the rights, exculpations or conduct of, affecting the liability of or otherwise affording protection to the “Collateral
Trustee” thereunder. In no event will the Collateral Trustee be liable for any act or omission on the part of the Obligors
or any Parity Lien Representative.

 

(e)              
Except as otherwise set forth herein, neither the Collateral Trustee nor any Parity Lien Representative shall be required
to exercise any discretion or take any action, but shall be required to act or refrain from acting (and shall be fully protected
in so acting or refraining from acting) solely upon the instructions of the applicable Required Parity Lien Debtholders as provided
in the Indenture or the related Parity Lien Document; provided that neither the Collateral Trustee nor any Parity Lien Representative
shall be required to take any action that (i) it in good faith believes exposes it to personal liability unless it receives
an indemnification satisfactory to it from the applicable holders of the Parity Lien Obligations with respect to such action or
(ii) is contrary to this Agreement, the Intercreditor Agreement or applicable law.

 

Article
7

MISCELLANEOUS PROVISIONS

 

Section 7.1        
Amendment.

 

(a)              
Except as provided in the Intercreditor Agreement, no amendment or supplement to the provisions of any Parity Lien Security
Document will be effective without the approval of the Collateral Trustee acting as directed by an Act of Parity Lien Debtholders,
except that:

 

(1)              
any amendment or supplement that has the effect solely of:

 

(A)            
adding or maintaining Collateral, securing additional Parity Lien Debt that was otherwise permitted by the terms of the
Parity Lien Documents, Priority Lien Documents and Junior Lien Documents to be secured by the Collateral or preserving, perfecting
or establishing the Liens thereon or the rights of the Collateral Trustee therein; or

 

(B)             
providing for the assumption of an Obligor’s obligations under any Parity Lien Document in the case of a merger or
consolidation or sale of all or substantially all of the properties or assets of an Obligor to the extent permitted by the terms
of the Indenture and the other Parity Lien Documents, as applicable;

 

    27

     

    

 

will become effective when executed
and delivered by the applicable Obligor party thereto and, if required for effectiveness pursuant to its terms, the Collateral
Trustee;

 

(2)              
no amendment or supplement that reduces, impairs or adversely affects the right of any holder of Parity Lien Obligations:

 

(A)            
to vote its outstanding Parity Lien Debt as to any matter described as subject to an Act of Parity Lien Debtholders or direction
by the Required Parity Lien Debtholders (or amends the provisions of this clause (2) or the definition of “Act
of Parity Lien Debtholders” or “Required Parity Lien Debtholders”),

 

(B)             
to share in the order of application described in Section 3.4 in the proceeds of enforcement of or realization
on any Collateral; or

 

(C)             
to require that Liens securing Parity Lien Obligations be released only as set forth in the provisions described in Sections
4.1, 4.4 or 4.5,

 

will become effective without
the consent of the requisite percentage or number of holders of each Series of Parity Lien Debt adversely affected thereby under
the applicable Parity Lien Document; and

 

(3)              
no amendment or supplement that imposes any obligation upon the Collateral Trustee or any Parity Lien Representative or
adversely affects the rights of the Collateral Trustee or any Parity Lien Representative, respectively, in its individual capacity
as such will become effective without the consent of the Collateral Trustee or such Parity Lien Representative, respectively.

 

Any amendment or supplement
to the provisions of the Parity Lien Security Documents that releases Collateral will be effective only in accordance with the
requirements set forth in the applicable Parity Lien Document referenced in Sections 4.1 or 4.5 hereof.
Any amendment or supplement that results in the Collateral Trustee’s Liens upon the Collateral no longer securing the Notes
and the other Obligations under the Indenture and other Note Documents may only be effected in accordance with Section 4.4
hereof.

 

(b)              
Notwithstanding anything to the contrary contained in Section 7.1(a) but subject to Sections 7.1(a)(2) and 7.1(a)(3):

 

(1)               any
Mortgage or other Parity Lien Security Document may be amended or supplemented with the approval of the Collateral Trustee
acting as directed in writing by the Required Parity Lien Debtholders, unless such amendment or supplement would not
be permitted under the terms of this Agreement, the Intercreditor Agreement or any Priority Lien Documents;

 

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(2)              
any amendment or waiver of, or any consent under, any provision of any security document that secures Priority Lien Obligations
will apply automatically to any comparable provision of any comparable Parity Lien Security Document without the consent of or
notice to any holder of Parity Lien Obligations and without any action by any Obligor or any holder of Notes or other Parity Lien
Obligations; and

 

(3)              
any Mortgage or other Parity Lien Security Document, the Intercreditor Agreement and this Agreement may be amended or supplemented
with the approval of the Collateral Trustee (but without the consent of or notice to any holder of Parity Lien Obligations and
without any action by any holder of Notes or other Parity Lien Obligations), in reliance on an Officers’ Certificate and
an opinion of counsel (i) to cure any ambiguity, defect or inconsistency, or (ii) solely with respect to a Mortgage or other
Parity Lien Security Document, to make other changes that do not have an adverse effect on the validity of the Lien created
thereby.

 

(c)              
The Collateral Trustee will not enter into any amendment or supplement unless it has received an Officers’ Certificate
to the effect that such amendment or supplement will not result in a breach of any provision or covenant contained in this Agreement,
the Intercreditor Agreement or any of the Parity Lien Documents. Prior to executing any amendment or supplement pursuant to this
Section 7.1, the Collateral Trustee will be entitled to receive an opinion of counsel of the Company (which counsel
may be an employee or counsel of the Company) to the effect that the execution of such document is authorized or permitted hereunder,
and with respect to amendments adding Collateral, an opinion of counsel of the Company (which counsel may be an employee or counsel
of the Company) addressing customary creation and perfection, and if such additional Collateral consists of equity interests of
any Person which equity interests constitute certificated securities, priority matters with respect to such additional Collateral
(which opinion may be subject to customary assumptions and qualifications).

 

Section 7.2         Voting.
In connection with any matter under this Agreement requiring a vote of holders of Parity Lien Debt, each Series of Parity
Lien Debt will cast its votes in accordance with the Parity Lien Documents governing such Series of Parity Lien Debt. The
amount of Parity Lien Debt to be voted by a Series of Parity Lien Debt will equal (1) the aggregate principal amount of
Parity Lien Debt held by such Series of Parity Lien Debt (including outstanding letters of credit whether or not then
available or drawn), plus (2) other than in connection with an exercise of remedies, the aggregate unfunded commitments
to extend credit which, when funded, would constitute Indebtedness of such Series of Parity Lien Debt (to the extent such
unfunded commitments have not been terminated by the holders of such Series of Parity Lien Debt). Following and in accordance
with the outcome of the applicable vote under its Parity Lien Documents, the Parity Lien Representative of each Series of
Parity Lien Debt will vote the total amount of Parity Lien Debt under that Series of Parity Lien Debt as a block in respect
of any vote under this Agreement. In connection with this Section 7.2, the Collateral Trustee may conclusively
rely upon information supplied by the relevant Parity Lien Representative as to the amounts of Parity Lien Debt held by each
Series of Parity Lien Debt.

 

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Section 7.3        
Further Assurances.

 

(a)              
The Obligors will do or cause to be done all acts and things that may be required, or that the Collateral Trustee from time
to time may reasonably request, to assure and confirm that the Collateral Trustee holds, for the benefit of the holders of Parity
Lien Obligations, duly created Liens upon the Collateral (including any property or assets constituting Collateral that are acquired
or otherwise become, or are required by any Parity Lien Document to become, Collateral after the date hereof), in each case, as
contemplated by, and, to the extent required to be perfected, perfected, and enforceable Liens, with the Lien priority required
under the Parity Lien Documents. In connection with any merger or consolidation of any Obligor, the property and assets of the
Person which is consolidated or merged with or into any Obligor, to the extent that they are property or assets of the types which
would constitute Collateral under the Parity Lien Security Documents, shall be treated as after-acquired property and such Obligor
shall take such action as may be reasonably necessary to cause such property and assets to be made subject to the Parity Liens,
in the manner and to the extent required under the Parity Lien Documents.

 

(b)              
Upon the reasonable request of the Collateral Trustee or any Parity Lien Representative at any time and from time to time,
each of the Obligors will promptly execute, acknowledge and deliver such security documents, instruments, certificates, notices
and other documents, and take such other actions as may be reasonably required, or that the Collateral Trustee may reasonably request,
to create, perfect, protect, assure or enforce the Liens and benefits intended to be conferred, in each case as contemplated by
the Parity Lien Documents for the benefit of holders of Parity Lien Obligations; provided that no such security document,
instrument or other document shall contain provisions that are materially more burdensome upon the Obligors than the Parity Lien
Documents executed and delivered (or required to be executed and delivered promptly after the date hereof) by the Obligors in connection
with the issuance of the Initial Notes.

 

(c)              
From and after the date hereof, the Company shall, or shall cause the applicable Guarantor to, deliver such documents and
take such actions as are required by Article 11 of the Indenture.

 

(d)              
Upon the request of the Collateral Trustee, the Company and the Guarantors will permit the Collateral Trustee or any of
its agents or representatives, at reasonable times and intervals upon reasonable prior notice, to visit their offices and sites
and inspect any of the Collateral and to discuss matters relating to the Collateral with their respective officers and independent
public accountants. The Company and the Guarantors shall, at any reasonable time and from time to time upon reasonable prior notice,
permit the Collateral Trustee or any of its agents or representatives to examine and make copies of and abstracts from the records
and books of account of the Company and the Guarantors and their Subsidiaries, all at the Company’s expense.

 

(e)               Notwithstanding
anything to the contrary contained herein or in any other Parity Lien Document, to the extent that the Company or any
Guarantor delivers Mortgages or amendments or supplements to prior Mortgages naming the Collateral Trustee, as mortgagee or
beneficiary pursuant to this Section 7.3 or any corresponding provision of any Parity Lien Document, no local counsel opinion
or opinions to the effect that the Collateral Trustee has a valid and perfected Lien with respect to such Mortgaged
Property (subject to customary assumptions and qualifications) will be required to be delivered to the extent Mortgages have
previously been recorded in the public records of the state applicable to such additional Mortgages or amendments or
supplements to prior Mortgages, unless a corresponding opinion has been or will be delivered to the Priority Lien Agent.

 

    30

     

    

 

Section 7.4        
Successors and Assigns.

 

(a)              
Except as provided in Section 5.2 and 6.1 through 6.4, the Collateral Trustee
may not, in its capacity as such, delegate any of its duties or assign any of its rights hereunder, and any attempted delegation
or assignment of any such duties or rights will be null and void. All obligations of the Collateral Trustee hereunder will inure
to the sole and exclusive benefit of, and be enforceable by, each Parity Lien Representative and each present and future holder
of Parity Lien Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and all
of their respective successors and assigns.

 

(b)              
Neither the Company nor any Guarantor may delegate any of its duties or assign any of its rights hereunder, and any attempted
delegation or assignment of any such duties or rights will be null and void. All obligations of the Company and the Guarantors
hereunder will inure to the sole and exclusive benefit of, and be enforceable by, the Collateral Trustee, each Parity Lien Representative
and each present and future holder of Parity Lien Obligations, each of whom will be entitled to enforce this Agreement as a third-party
beneficiary hereof, and all of their respective successors and assigns.

 

Section 7.5        
Delay and Waiver. No failure to exercise, no course of dealing with respect to the exercise of, and no delay in exercising,
any right, power or remedy arising under this Agreement or any of the other Parity Lien Security Documents will impair any such
right, power or remedy or operate as a waiver thereof. No single or partial exercise of any such right, power or remedy will preclude
any other or future exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and
are not exclusive of any remedies provided by law.

 

Section 7.6        
Notices. Any communications, including notices and instructions, between the parties hereto or notices provided herein
to be given may be given to the following addresses:

 

If to the Collateral
Trustee:                                           Deutsche Bank Trust Company Americas

Trust and Agency Services

60 Wall Street, 24th Floor

Mail Stop: NYC60-2407

New York, New York 10005

USA

Attn: Corporates Team, Chesapeake
Energy Corp.

Facsimile: (732) 578-4635

 

If to any Obligor:                                                           Chesapeake
Energy Corporation

6100 North Western Avenue

Oklahoma City, Oklahoma 73118

Attention: Treasurer

Facsimile: (405) 849-6119

Email: bryan.lemmerman@chk.com

 

    31

     

    

  

If to the Trustee:                                                            Deutsche
Bank Trust Company Americas

Trust and Agency Services

60 Wall Street, 24th Floor

Mail Stop: NYC60-2407

New York, New York 10005

USA

Attn: Corporates Team, Chesapeake
Energy Corp.

Facsimile: (732) 578-4635

 

and if to any other Parity Lien Representative,
to such address as it may specify by written notice to the parties named above.

 

All notices and communications
will be mailed by first class mail, certified or registered, return receipt requested, by overnight air courier guaranteeing next
day delivery, or delivered by facsimile to the relevant address or number set forth above or, as to holders of Parity Lien Debt,
its address shown on the register kept by the office or agency where the relevant Parity Lien Debt may be presented for registration
of transfer or for exchange. Failure to mail or deliver by facsimile a notice or communication to a holder of Parity Lien Debt
or any defect in it will not affect its sufficiency with respect to other holders of Parity Lien Debt.

 

If a notice or communication
is mailed or delivered by facsimile in the manner provided above within the time prescribed, it is duly given, whether or not the
addressee receives it.

 

Section 7.7        
Entire Agreement. This Agreement states the complete agreement of the parties relating to the undertaking of the
Collateral Trustee set forth herein and supersedes all oral negotiations and prior writings in respect of such undertaking.

 

Section 7.8        
Compensation; Expenses. The Obligors jointly and severally agree to pay, promptly upon demand:

 

(1)              
such compensation to the Collateral Trustee and its agents as the Company and the Collateral Trustee may agree in writing
from time to time;

 

(2)              
all reasonable costs and expenses incurred by the Collateral Trustee and its agents in the preparation, execution, delivery,
filing, recordation, administration or enforcement of this Agreement or any other Parity Lien Security Document or any consent,
amendment, waiver or other modification relating hereto or thereto;

 

(3)              
all reasonable fees, expenses and disbursements of legal counsel and any auditors, accountants, consultants or appraisers
or other professional advisors and agents engaged by the Collateral Trustee or any Parity Lien Representative incurred in connection
with the negotiation, preparation, closing, administration, performance or enforcement of this Agreement and the other Parity Lien
Security Documents or any consent, amendment, waiver or other modification relating hereto or thereto and any other document or
matter requested by the Company or any Guarantor;

 

    32

     

    

 

(4)              
all reasonable costs and expenses incurred by the Collateral Trustee and its agents in creating, perfecting, preserving,
releasing or enforcing the Collateral Trustee’s Liens on the Collateral, including filing and recording fees, expenses and
taxes, stamp or documentary taxes and search fees;

 

(5)              
all other reasonable costs and expenses incurred by the Collateral Trustee and its agents in connection with the negotiation,
preparation and execution of the Parity Lien Security Documents and any consents, amendments, waivers or other modifications thereto
and the transactions contemplated thereby or the exercise of rights or performance of obligations by the Collateral Trustee thereunder;
and

 

(6)              
after the occurrence of any Parity Lien Debt Default, all costs and expenses incurred by the Collateral Trustee, its agents
and any Parity Lien Representative in connection with the preservation, collection, foreclosure or enforcement of the Collateral
subject to the Parity Lien Security Documents or any interest, right, power or remedy of the Collateral Trustee or in connection
with the collection or enforcement of any of the Parity Lien Obligations or the proof, protection, administration or resolution
of any claim based upon the Parity Lien Obligations in any Insolvency or Liquidation Proceeding, including all fees and disbursements
of attorneys, accountants, auditors, consultants, appraisers and other professionals engaged by the Collateral Trustee, its agents
or the Parity Lien Representatives.

 

The agreements in this Section 7.8
will survive repayment of all other Parity Lien Obligations and the removal or resignation of the Collateral Trustee and termination
of this Agreement.

 

Section 7.9        
Indemnity.

 

(a)              
The Obligors jointly and severally agree to defend, indemnify, pay and hold harmless the Collateral Trustee, each Parity
Lien Representative, each holder of Parity Lien Obligations and each of their respective Affiliates and each and all of their directors,
officers, partners, trustees, employees, attorneys and agents, and (in each case) their respective heirs, representatives, successors
and assigns (each of the foregoing, an “Indemnitee”) from and against any and all Indemnified Liabilities;
provided that no Indemnitee will be entitled to indemnification hereunder with respect to any Indemnified Liability to the
extent such Indemnified Liability is found by a final and nonappealable decision of a court of competent jurisdiction to have resulted
from the gross negligence or willful misconduct of such Indemnitee. THIS INDEMNITY COVERS ORDINARY NEGLIGENCE OF ANY OF THE FOREGOING
PARTIES.

 

(b)              
All amounts due under this Section 7.9 will be payable promptly upon written demand.

 

    33

     

    

 

(c)              
To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in Section 7.9(a)
may be unenforceable in whole or in part because they violate any law or public policy, each of the Obligors will contribute the
maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified
Liabilities incurred by Indemnitees or any of them.

 

(d)              
No Obligor will ever assert any claim against any Indemnitee, on any theory of liability, for any lost profits or special,
indirect or consequential damages or (to the fullest extent a claim for punitive damages may lawfully be waived) any punitive damages
arising out of, in connection with, or as a result of, this Agreement or any other Parity Lien Document or any agreement or instrument
or transaction contemplated hereby or relating in any respect to any Indemnified Liability, and each of the Obligors hereby forever
waives, releases and agrees not to sue upon any claim for any such lost profits or special, indirect, consequential or (to the
fullest extent lawful) punitive damages, whether or not accrued and whether or not known or suspected to exist in its favor.

 

(e)              
The agreements in this Section 7.9 will survive repayment of all other Parity Lien Obligations and the removal
or resignation of the Collateral Trustee and termination of this Agreement.

 

Section 7.10    
Severability. If any provision of this Agreement is invalid, illegal or unenforceable in any respect or in any jurisdiction,
the validity, legality and enforceability of such provision in all other respects and of all remaining provisions, and of such
provision in all other jurisdictions, will not in any way be affected or impaired thereby.

 

Section 7.11    
Headings. Section headings herein have been inserted for convenience of reference only, are not to be considered
a part of this Agreement and will in no way modify or restrict any of the terms or provisions hereof.

 

Section 7.12    
Obligations Secured. All obligations of the Obligors set forth in or arising under this Agreement will be Parity
Lien Obligations and are secured by all Liens granted by the Parity Lien Security Documents.

 

Section 7.13    
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

 

Section 7.14    
Consent to Jurisdiction. All judicial proceedings brought against any party hereto arising out of or relating to
this Agreement or any of the other Parity Lien Security Documents may be brought in any state or federal court of competent jurisdiction
in the State, County and City of New York. By executing and delivering this Agreement, each party hereto irrevocably:

 

(1)              
submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court 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, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment,
and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in such New York State court or, to the extent permitted by law, in such federal court. Each of the
parties hereto agrees that a final judgment in any such action 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 in the courts of any jurisdiction;

 

    34

     

    

 

(2)              
waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to
the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in
paragraph (1) of this Section 7.14, and waives, to the fullest extent permitted by law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court;

 

(3)              
agrees that service of all process in any such proceeding in any such court may be made by registered or certified mail,
return receipt requested, to such party at its address provided in accordance with Section 7.6;

 

(4)              
agrees that service as provided in clause (3) above is sufficient to confer personal jurisdiction over such
party in any such proceeding in any such court and otherwise constitutes effective and binding service in every respect; and

 

(5)              
agrees each party hereto retains the right to serve process in any other manner permitted by law or to bring proceedings
against any party in the courts of any other jurisdiction.

 

Section 7.15    
Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ITS RIGHTS
TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING UNDER THIS AGREEMENT OR ANY OF THE OTHER PARITY LIEN SECURITY
DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT OR THE INTENTS AND PURPOSES OF THE OTHER
PARITY LIEN SECURITY DOCUMENTS. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE
FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE OTHER PARITY LIEN SECURITY DOCUMENTS, INCLUDING
CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY TO THIS AGREEMENT
ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH PARTY HERETO HAS ALREADY
RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH PARTY HERETO WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED
FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND
THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE,
MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO
THIS SECTION 7.15 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER WILL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS OF OR TO THIS AGREEMENT OR ANY OF THE OTHER PARITY LIEN SECURITY DOCUMENTS OR TO ANY OTHER
DOCUMENTS OR AGREEMENTS RELATING THERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL
BY THE COURT.

 

    35

     

    

 

Section 7.16    
Counterparts, Electronic Signatures. This Agreement may be executed in any number of counterparts (including by facsimile),
each of which when so executed and delivered will be deemed an original, but all such counterparts together will constitute but
one and the same instrument. The parties hereto may sign this Agreement and any Collateral Trust Joinder and transmit the executed
copy by electronic means, including facsimile or noneditable.pdf files. The electronic copy of the executed Agreement and any Collateral
Trust Joinder is and shall be deemed an original signature.

 

Section 7.17    
Effectiveness. This Agreement will become effective upon the execution of a counterpart hereof by each of the parties
hereto and receipt by each party of written notification of such execution and written or telephonic authorization of delivery
thereof.

 

Section 7.18    
Obligors and Additional Obligors. Each Obligor represents and warrants that it has duly executed and delivered this
Agreement. The Company will cause each Person that hereafter becomes an Obligor or is required by any Parity Lien Document to become
a party to this Agreement to become a party to this Agreement, for all purposes of this Agreement, by causing such Person to execute
and deliver to the Collateral Trustee a Collateral Trust Joinder, whereupon such Person will be bound by the terms hereof to the
same extent as if it had executed and delivered this Agreement as of the date hereof. The Company shall promptly provide each Parity
Lien Representative with a copy of each Collateral Trust Joinder executed and delivered pursuant to this Section 7.18;
provided that the failure to so deliver a copy of the Collateral Trust Joinder to any then existing Parity Lien Representative
shall not affect the inclusion of such Person as an Obligor if the other requirements of this Section 7.18 are complied
with.

 

Section 7.19    
Insolvency. This Agreement will be applicable both before and after the commencement of any Insolvency or Liquidation
Proceeding by or against any Obligor. The relative rights, as provided for in this Agreement, will continue after the commencement
of any such Insolvency or Liquidation Proceeding on the same basis as prior to the date of the commencement of any such case, as
provided in this Agreement.

 

Section 7.20    
Rights and Immunities of Parity Lien Representatives. The Trustee and the Collateral Trustee will be entitled, to
the extent applicable to such entity, to all of the rights, protections, immunities and indemnities set forth in the Indenture
and any future Parity Lien Representative will be entitled to all of the rights, protections, immunities and indemnities set forth
in the credit agreement, indenture or other agreement governing the applicable Parity Lien Debt with respect to which such Person
will act as representative, in each case as if specifically set forth herein. In no event will any Parity Lien Representative be
liable for any act or omission on the part of the Obligors or the Collateral Trustee hereunder.

 

    36

     

    

 

Section
7.21     Intercreditor
Agreement. Each Person that is secured hereunder, by accepting the benefits of the security provided hereby,
(i) consents (or is deemed to consent), to the subordination of Liens in favor of the Collateral Trustee as provided for
in the Intercreditor Agreement, (ii) agrees (or is deemed to agree) that it will be bound by, and will take no
actions contrary to, the provisions of the Intercreditor Agreement, and (iii) authorizes (or is deemed to authorize) and
instructs (or is deemed to instruct) the Collateral Trustee on behalf of such Person to enter into, and perform under, the
Intercreditor Agreement as “Second Lien Collateral Trustee” (as defined in the Intercreditor Agreement). The
Collateral Trustee agrees to enter into any amendments or joinders to the Intercreditor Agreement, without the consent of any
holder of Parity Lien Debt or the Parity Lien Representatives, to add additional Indebtedness as Priority Lien Debt, Parity
Lien Debt or Junior Lien Debt (to the extent permitted to be incurred and secured by the applicable Secured Debt Documents)
and add other parties (or any authorized agent or trustee therefor) holding such Indebtedness thereto and to establish that
the Lien on any Collateral securing such Indebtedness ranks equally with the Liens on such Collateral securing the other
Priority Lien Debt, Parity Lien Debt or Junior Lien Debt, as applicable, then outstanding. The foregoing provisions are
intended as an inducement to the lenders under the Credit Agreement to extend credit to the Company, as the borrower under
the Credit Agreement, and such lenders are intended third party beneficiaries of this provision and the provisions of the
Intercreditor Agreement. Notwithstanding anything to the contrary contained herein, to the extent that any Lien on any
Collateral is perfected by the possession or control of such Collateral or of any account in which such Collateral is held,
and if such Collateral or any such account is in fact in the possession or under the control of the Priority Lien Agent, or
of agents or bailees of the Priority Lien Agent, the perfection actions and related deliverables described in this Agreement
or the other Parity Lien Security Documents shall not be required.

 

Section 7.22    
Force Majeure. The Collateral Trustee shall not be liable for delays or failures in performance resulting from acts
of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations superimposed after the fact, fire, communication
line failures, computer viruses, power failures, earthquakes or other disasters or similar acts beyond its control.

 

Section 7.23    
Representations and Warranties. The Collateral Trustee, the Company, each Guarantor and each Parity Lien Representative
represents and warrants to the others as of the date hereof (or, in the case of any Parity Lien Representative that becomes a party
hereto after the date hereof, on the date that it becomes party hereto), that: (a) neither the execution and delivery of this Agreement
nor its performance of or compliance with the terms and provisions hereof will conflict with, or result in a breach of the terms,
conditions, or provisions of, or constitute a default under, any other agreement to which it is now subject, which conflict, breach
or default could reasonably be expected to have a Material Adverse Effect (as defined in the Credit Agreement as in effect on the
date hereof); (b) it has all requisite authority to execute, deliver and perform its obligations under this Agreement; and (c)
this Agreement constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject
only to applicable bankruptcy, insolvency or similar laws and general principles of equity, regardless of whether considered in
a proceeding in equity or at law.

 

Section 7.24    
Additional Persons Bound Hereby. Each Parity Lien Secured Party (other than the Parity Lien Representative) and each
holder of any Parity Lien Debt (other than the Parity Lien Representative) agrees, by virtue of becoming a Parity Lien Secured
Party or a holder of any Parity Lien Debt, as applicable, that it shall be bound by the terms of this Agreement as if it were a
party hereto.

 

    37

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Collateral Trust Agreement to be executed by their respective officers or representatives as
of the day and year first above written.

 

	COMPANY:	CHESAPEAKE ENERGY CORPORATION
	 	 
	 	By:	/s/ Bryan J. Lemmerman
	 	Name:	Bryan J. Lemmerman
	 	Title:	Vice President – Business Development and Treasurer

 

[Signature Page to Collateral Trust Agreement]

 

    

     

    

 

	GUARANTORS:	CHESAPEAKE AEZ EXPLORATION, L.L.C.
	 	CHESAPEAKE APPALACHIA, L.L.C.
	 	CHESAPEAKE E&P HOLDING, L.L.C.
	 	CHESAPEAKE ENERGY LOUISIANA, LLC
	 	CHESAPEAKE ENERGY MARKETING, L.L.C.
	 	CHESAPEAKE EXPLORATION, L.L.C.
	 	CHESAPEAKE LAND DEVELOPMENT COMPANY, L.L.C.
	 	CHESAPEAKE MIDSTREAM DEVELOPMENT, L.L.C.
	 	CHESAPEAKE NG VENTURES CORPORATION
	 	CHESAPEAKE OPERATING, L.L.C., on
    behalf of itself and as
	 	the general
    partner of CHESAPEAKE LOUISIANA, L.P.
	 	CHESAPEAKE PLAINS, LLC
	 	CHESAPEAKE ROYALTY, L.L.C.
	 	CHESAPEAKE VRT, L.L.C.
	 	CHESAPEAKE-CLEMENTS ACQUISITION, L.L.C.
	 	CHK ENERGY HOLDINGS, INC.
	 	CHK UTICA, L.L.C.
	 	COMPASS MANUFACTURING, L.L.C.
	 	EMLP, L.L.C., on
    behalf of itself and as general partner of
	 	EMPRESS LOUISIANA PROPERTIES, L.P.
	 	EMPRESS, L.L.C.
	 	GSF, L.L.C.
	 	MC LOUISIANA MINERALS, L.L.C.
	 	MC MINERAL COMPANY, L.L.C.
	 	MIDCON COMPRESSION, L.L.C.
	 	NOMAC SERVICES, L.L.C.
	 	NORTHERN MICHIGAN EXPLORATION COMPANY, L.L.C.
	 	SPARKS DRIVE SWD, INC.
	 	WINTER MOON ENERGY CORPORATION

 

	 	By:	/s/ Bryan J. Lemmerman
	 	Name:	Bryan J. Lemmerman
	 	Title:	Vice President – Business Development and Treasurer, for and on behalf of each of the foregoing Guarantors

 

[Signature Page to Collateral Trust Agreement]

  

    

     

    

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as
    Parity Lien Representative of the holders of the Notes
	 	 
	 	By:	/s/ Bridgette Casasnovas
	 	Name:	Bridgette Casasnovas
	 	Title:	Vice President
	 	  
	 	By:	/s/ Jacqueline Bartnick
	 	Name:	Jacqueline Bartnick
	 	Title:	Director
	 	  
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as
    Collateral Trustee
	 	  
	 	By:	/s/ Bridgette Casasnovas
	 	Name:	Bridgette Casasnovas
	 	Title:	Vice President
	 	 
	 	By:	/s/ Jacqueline Bartnick
	 	Name:	Jacqueline Bartnick
	 	Title:	Director

 

[Signature Page to Collateral Trust Agreement]

 

    

     

    

 

Exhibit
A

 

Form
of

Additional Parity Lien Debt Certificate

 

Reference is made to
the Collateral Trust Agreement, dated as of December 19, 2019 (as amended, supplemented, amended and restated or otherwise modified
and in effect from time to time, the “Collateral Trust Agreement”), among Chesapeake Energy Corporation,
an Oklahoma corporation (the “Company”), the Guarantors from time to time party thereto, Deutsche Bank
Trust Company Americas, as Parity Lien Representative of the holders of the Notes (as defined therein), the other Parity Lien Representatives
from time to time party thereto and Deutsche Bank Trust Company Americas, as Collateral Trustee. Capitalized terms used but not
otherwise defined herein have the meanings assigned to them in the Collateral Trust Agreement. This Additional Parity Lien Debt
Certificate is being executed and delivered in order to designate additional secured debt as Parity Lien Debt entitled to the benefit
of the Collateral Trust Agreement.

 

The undersigned, the
duly appointed [specify title] of the Company, hereby certifies on behalf of [the Company or applicable Obligor]
that:

 

(A)            
[the Company or applicable Obligor] intends to incur additional Parity Lien Debt (“Additional Parity
Lien Debt”) which will be permitted by each applicable Parity Lien Document to be secured by a Parity Lien equally
and ratably with all previously existing and future Parity Lien Debt;

 

(B)             
[the name and address of the Parity Lien Debt Representative for the Additional Parity Lien Debt for purposes of Section
7.6 of the Collateral Trust Agreement is:

  

	 	 	 
	 	 	 
		Telephone:	 	

 

		Fax:	 	]1

 

(C)             
Attached as Exhibit 1 hereto is a Reaffirmation Agreement duly executed by the Company and each Guarantor; and

 

(D)            
the Company has caused a copy of this Additional Parity Lien Debt Certificate [and the related Collateral Trust Joinder][2]
to be delivered to each existing Parity Lien Representative.

 

 

1
Delete if Additional Parity Lien Debt constitutes Additional Notes.

2
Delete if Additional Parity Lien Debt constitutes Additional Notes.

 

    1

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Additional Parity Lien Debt Certificate to be duly executed by the undersigned officer as of _____________,
20____.

 

	 	CHESAPEAKE ENERGY CORPORATION
	 	 
	 	By:	            
	 	Name:	  
	 	Title:	   

 

ACKNOWLEDGEMENT OF RECEIPT

 

The undersigned, the
duly appointed Collateral Trustee under the Collateral Trust Agreement, hereby acknowledges receipt of an executed copy of this
Additional Parity Lien Debt Certificate.

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as
    Collateral Trustee
	 	 
	 	By:	        
	 	Name:	 
	 	Title:	 

 

    2

     

    

 

EXHIBIT 1 TO ADDITIONAL PARITY LIEN DEBT
CERTIFICATE

 

FORM OF

REAFFIRMATION AGREEMENT

 

______________, 20__

 

Reference is made to
the Collateral Trust Agreement, dated as of December 19, 2019 (as amended, supplemented, amended and restated or otherwise modified
and in effect from time to time, the “Collateral Trust Agreement”), among Chesapeake Energy Corporation,
an Oklahoma corporation (the “Company”), the Guarantors from time to time party thereto, Deutsche Bank
Trust Company Americas, as Parity Lien Representative of the holders of the Notes (as defined therein), the other Parity Lien Representatives
from time to time party thereto and Deutsche Bank Trust Company Americas, as Collateral Trustee. Capitalized terms used but not
otherwise defined herein have the meanings assigned to them in the Collateral Trust Agreement. This Reaffirmation Agreement is
being executed and delivered as of ______________, 20__ in connection with an Additional Parity Lien Debt Certificate of even date
herewith which Additional Parity Lien Debt Certificate has designated Additional Parity Lien Debt entitled to the benefit of the
Collateral Trust Agreement.

 

Each of the undersigned
hereby consents to the designation of additional secured debt as Parity Lien Debt as set forth in the Additional Parity Lien Debt
Certificate of even date herewith and hereby confirms its respective guarantees, pledges, grants of security interests and other
obligations, as applicable, under and subject to the terms of each of the Parity Lien Documents to which it is party, and agrees
that, notwithstanding the designation of such additional indebtedness or any of the transactions contemplated thereby, such guarantees,
pledges, grants of security interests and other obligations, and the terms of each Parity Lien Document to which it is a party,
shall continue to be in full force and effect.

 

Governing Law and
Miscellaneous Provisions. The provisions of Article 7 of the Collateral Trust Agreement will apply with like effect to this
Reaffirmation Agreement.

 

IN WITNESS WHEREOF,
each of the undersigned has caused this Reaffirmation Agreement to be duly executed as of the date written above.

 

	 	[names of the Company and Guarantors]
	 	 
	 	 
	 	Name:	       
	 	Title:	 

 

    3

     

    

 

Exhibit
B

 

Form
of

Collateral Trust Joinder – Additional Debt

 

Reference is made to
the Collateral Trust Agreement, dated as of December 19, 2019 (as amended, supplemented, amended and restated or otherwise modified
and in effect from time to time, the “Collateral Trust Agreement”), among Chesapeake Energy Corporation,
an Oklahoma corporation (the “Company”), the Guarantors from time to time party thereto, Deutsche Bank
Trust Company Americas, as Parity Lien Representative of the holders of the Notes (as defined therein), the other Parity Lien Representatives
from time to time party thereto and Deutsche Bank Trust Company Americas, as Collateral Trustee. Capitalized terms used but not
otherwise defined herein have the meanings assigned to them in the Collateral Trust Agreement. This Collateral Trust Joinder is
being executed and delivered pursuant to Section 3.8 of the Collateral Trust Agreement as a condition precedent to
the debt for which the undersigned is acting as agent being entitled to the benefits of being additional Parity Lien Debt under
the Collateral Trust Agreement.

 

1.        Joinder.
The undersigned, _____________________, a _________________, (the “New Representative”) as [trustee,
administrative agent] under that certain [described applicable indenture, credit agreement or other document governing the
additional secured debt] hereby agrees to become party as a Parity Lien Representative under the Collateral Trust Agreement
for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Collateral Trust Agreement as fully
as if the undersigned had executed and delivered the Collateral Trust Agreement as of the date thereof.

 

2.       Additional
Secured Debt Designation

 

The undersigned, on
behalf of itself and each holder of Obligations in respect of the Series of Parity Lien Debt for which the undersigned is acting
as Parity Lien Representative, hereby agrees, for the enforceable benefit of each existing and future holder of Priority Lien Obligations,
the Priority Lien Agent, all holders of each current and future Series of Parity Lien Debt, each other current and future Parity
Lien Representative and each current and future holder of Parity Lien Obligations and as a condition to being treated as Parity
Lien Debt under the Collateral Trust Agreement that:

 

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

 

(b)              
the undersigned and each holder of Obligations in respect of the Series of Parity Lien Debt for which the undersigned is
acting as Parity Lien Representative are bound by the provisions of the Collateral Trust Agreement and the Intercreditor Agreement,
including the provisions relating to the ranking of Parity Liens and the order of application of proceeds from the enforcement
of Parity Liens; and

 

    1

     

    

 

(c)              
the Collateral Trustee shall perform its obligations under the Collateral Trust Agreement, the other Parity Lien Security
Documents and the Intercreditor Agreement.

 

3.                 
Governing Law and Miscellaneous Provisions. The provisions of Article 7 of the Collateral Trust Agreement will apply
with like effect to this Collateral Trust Joinder.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Collateral Trust Joinder to be executed by their respective officers or representatives as
of ___________________, 20____.

 

	 	[insert name of the new representative or the Trustee]
	 	 
	 	 
	 	Name:	         
	 	Title:	 

 

The Collateral Trustee
hereby acknowledges receipt of this Collateral Trust Joinder and agrees to act as Collateral Trustee for the [New Representative][Trustee]
and the holders of the Obligations represented thereby:

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Trustee
	 	 
	 	By:	        
	 	Name:	 
	 	Title:	 

 

    2

     

    

 

Exhibit
C

 

Form
of

Collateral Trust Joinder – Additional Obligor

 

Reference is made to
the Collateral Trust Agreement, dated as of December 19, 2019 (as amended, supplemented, amended and restated or otherwise modified
and in effect from time to time, the “Collateral Trust Agreement”), among Chesapeake Energy Corporation,
an Oklahoma corporation (the “Company”), the Guarantors from time to time party thereto, Deutsche Bank
Trust Company Americas, as Parity Lien Representative of the holders of the Notes (as defined therein), the other Parity Lien Representatives
from time to time party thereto and Deutsche Bank Trust Company Americas, as Collateral Trustee. Capitalized terms used but not
otherwise defined herein have the meanings assigned to them in the Collateral Trust Agreement. This Collateral Trust Joinder is
being executed and delivered pursuant to Section 7.18 of the Collateral Trust Agreement.

 

1.                 
Joinder. The undersigned, ___________________, a ___________________, hereby agrees to become party as a Guarantor
and an Obligor under the Collateral Trust Agreement for all purposes thereof on the terms set forth therein, and to be bound by
the terms of the Collateral Trust Agreement as fully as if the undersigned had executed and delivered the Collateral Trust Agreement
as of the date thereof.

 

2.                 
Governing Law and Miscellaneous Provisions. The provisions of Article 7 of the Collateral Trust Agreement will apply
with like effect to this Collateral Trust Joinder.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Collateral Trust Joinder to be executed by their respective officers or representatives as
of _________________, 20____.

 

	 	[___________________________________]
	 	 
	 	By:
	 	Name:
	 	Title:

 

The Collateral Trustee
hereby acknowledges receipt of this Collateral Trust Joinder and agrees to act as Collateral Trustee with respect to the Collateral
pledged by the new Obligor:

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Trustee
	 	 
	 	By:	         
	 	Name:	 
	 	Title:	 

 

    1

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