Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

Deal CUSIP 41011YAC0 

Revolving Loan CUSIP 41011YAE6 

Term Loan CUSIP 41011YAD8 

CREDIT AGREEMENT 
 DATED
AS OF DECEMBER 18, 2015 
 AMONG 

HANCOCK HOLDING COMPANY, 

THE LENDERS, 
 U.S. BANK
NATIONAL ASSOCIATION, 
 AS ADMINISTRATIVE AGENT 

AND 
 U.S. BANK NATIONAL
ASSOCIATION, 
 AS SOLE LEAD ARRANGER AND SOLE BOOK RUNNER 

 
  

 

 Table of Contents 

 

							
	 	 	 	  	Page	 
		
	ARTICLE I DEFINITIONS	  	 	1	  
		
	ARTICLE II THE CREDITS	  	 	21	  
			
	 2.1.
	 	 Commitment
	  	 	21	  
	 2.2.
	 	 [reserved]
	  	 	21	  
	 2.3.
	 	 Ratable Loans; Types of Advances
	  	 	22	  
	 2.4.
	 	 [reserved]
	  	 	22	  
	 2.5.
	 	 Commitment Fee
	  	 	22	  
	 2.6.
	 	 Minimum Amount of Each Revolving Advance
	  	 	22	  
	 2.7.
	 	 Reductions in Revolving Commitments; Optional Principal Payments
	  	 	22	  
	 2.8.
	 	 Method of Selecting Types and Interest Periods for New Revolving Advances
	  	 	22	  
	 2.9.
	 	 Conversion and Continuation of Outstanding Advances; Maximum Number of Interest Periods
	  	 	23	  
	 2.10.
	 	 Interest Rates
	  	 	24	  
	 2.11.
	 	 Rates Applicable After Event of Default
	  	 	24	  
	 2.12.
	 	 Method of Payment; Repayment of Loans
	  	 	24	  
	 2.13.
	 	 Noteless Agreement; Evidence of Indebtedness
	  	 	25	  
	 2.14.
	 	 Telephonic Notices
	  	 	26	  
	 2.15.
	 	 Interest Payment Dates; Interest and Fee Basis
	  	 	26	  
	 2.16.
	 	 Notification of Advances, Interest Rates, Prepayments and Commitment Reductions
	  	 	26	  
	 2.17.
	 	 Lending Installations
	  	 	27	  
	 2.18.
	 	 Non-Receipt of Funds by the Administrative Agent
	  	 	27	  
	 2.19.
	 	 [reserved]
	  	 	27	  
	 2.20.
	 	 Replacement of Lender
	  	 	27	  
	 2.21.
	 	 Limitation of Interest
	  	 	28	  
	 2.22.
	 	 Defaulting Lenders
	  	 	29	  
		
	ARTICLE III YIELD PROTECTION; TAXES	  	 	30	  
			
	 3.1.
	 	 Yield Protection
	  	 	30	  
	 3.2.
	 	 Changes in Capital Adequacy Regulations
	  	 	31	  
	 3.3.
	 	 Availability of Types of Advances; Adequacy of Interest Rate
	  	 	31	  
	 3.4.
	 	 Funding Indemnification
	  	 	32	  
	 3.5.
	 	 Taxes
	  	 	32	  
	 3.6.
	 	 Selection of Lending Installation; Mitigation Obligations; Lender Statements; Survival of Indemnity
	  	 	36	  
		
	ARTICLE IV CONDITIONS PRECEDENT	  	 	36	  
			
	 4.1.
	 	 Initial Credit Extension
	  	 	36	  
	 4.2.
	 	 Each Credit Extension
	  	 	38	  

  
 i 

							
	ARTICLE V REPRESENTATIONS AND WARRANTIES	  	 	39	  
			
	 5.1.
	 	 Existence; Power
	  	 	39	  
	 5.2.
	 	 Organizational Power; Authorization
	  	 	39	  
	 5.3.
	 	 Governmental Approvals; No Conflicts
	  	 	39	  
	 5.4.
	 	 Financial Statements
	  	 	39	  
	 5.5.
	 	 Litigation Matters and Enforcement Actions
	  	 	40	  
	 5.6.
	 	 Compliance with Laws and Agreements
	  	 	40	  
	 5.7.
	 	 Investment Company Act
	  	 	41	  
	 5.8.
	 	 Taxes
	  	 	41	  
	 5.9.
	 	 Margin Regulation
	  	 	41	  
	 5.10.
	 	 ERISA
	  	 	41	  
	 5.11.
	 	 Disclosure
	  	 	42	  
	 5.12.
	 	 Subsidiaries
	  	 	42	  
	 5.13.
	 	 Dividend Restrictions; Other Restrictions
	  	 	42	  
	 5.14.
	 	 Capital Measures
	  	 	43	  
	 5.15.
	 	 FDIC Insurance
	  	 	43	  
	 5.16.
	 	 Ownership of Property
	  	 	43	  
	 5.17.
	 	 OFAC
	  	 	44	  
	 5.18.
	 	 Solvency
	  	 	44	  
	 5.20
	 	 Anti-Corruption Laws; Sanctions; Anti-Terrorism Laws
	  	 	44	  
		
	ARTICLE VI AFFIRMATIVE COVENANTS	  	 	44	  
			
	 6.1.
	 	 Financial Statements and Other Information
	  	 	44	  
	 6.2.
	 	 Notices of Material Events
	  	 	46	  
	 6.3.
	 	 Existence; Conduct of Business
	  	 	47	  
	 6.4.
	 	 Compliance with Laws, Etc
	  	 	47	  
	 6.5.
	 	 Payment of Obligations
	  	 	47	  
	 6.6.
	 	 Books and Records
	  	 	48	  
	 6.7.
	 	 Visitation, Inspection, Etc
	  	 	48	  
	 6.8.
	 	 Maintenance of Properties; Insurance
	  	 	48	  
	 6.9.
	 	 Use of Proceeds
	  	 	48	  
	 6.10.
	 	 Further Assurances
	  	 	48	  
		
	ARTICLE VII NEGATIVE COVENANTS	  	 	49	  
			
	 7.1.
	 	 Indebtedness
	  	 	49	  
	 7.2.
	 	 Negative Pledge
	  	 	50	  
	 7.3.
	 	 Fundamental Changes
	  	 	51	  
	 7.4.
	 	 Restricted Payments
	  	 	51	  
	 7.5.
	 	 Restrictive Agreements
	  	 	52	  
	 7.6.
	 	 Investments, Etc
	  	 	52	  
	 7.7.
	 	 Transactions with Affiliates
	  	 	53	  
	 7.8.
	 	 Hedging Transactions
	  	 	53	  
	 7.9.
	 	 Unsafe and Unsound Practices
	  	 	53	  
	 7.10.
	 	 Most Favored Lender Status
	  	 	53	  
	 7.11.
	 	 Use of Proceeds
	  	 	54	  
	 7.12.
	 	 Financial Covenants
	  	 	54	  

  
 ii 

							
	ARTICLE VIII DEFAULTS	  	 	56	  
		
	ARTICLE IX ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES	  	 	59	  
			
	 9.1.
	 	 Acceleration; Remedies
	  	 	59	  
	 9.2.
	 	 Application of Funds
	  	 	59	  
	 9.3.
	 	 Amendments
	  	 	60	  
	 9.4.
	 	 Preservation of Rights
	  	 	61	  
		
	ARTICLE X GENERAL PROVISIONS	  	 	61	  
			
	 10.1.
	 	 Survival of Representations
	  	 	61	  
	 10.2.
	 	 Governmental Regulation
	  	 	61	  
	 10.3.
	 	 Headings
	  	 	61	  
	 10.4.
	 	 Entire Agreement
	  	 	61	  
	 10.5.
	 	 Several Obligations; Benefits of this Agreement
	  	 	61	  
	 10.6.
	 	 Expenses; Indemnification
	  	 	62	  
	 10.7.
	 	 Numbers of Documents
	  	 	62	  
	 10.8.
	 	 Accounting
	  	 	63	  
	 10.9.
	 	 Severability of Provisions
	  	 	63	  
	 10.10.
	 	 Nonliability of Lenders
	  	 	63	  
	 10.11.
	 	 Confidentiality
	  	 	64	  
	 10.12.
	 	 Nonreliance
	  	 	64	  
	 10.13.
	 	 Disclosure
	  	 	64	  
	 10.14.
	 	 USA PATRIOT ACT NOTIFICATION
	  	 	64	  
		
	ARTICLE XI THE ADMINISTRATIVE AGENT	  	 	65	  
			
	 11.1.
	 	 Appointment; Nature of Relationship
	  	 	65	  
	 11.2.
	 	 Powers
	  	 	65	  
	 11.3.
	 	 General Immunity
	  	 	65	  
	 11.4.
	 	 No Responsibility for Loans, Recitals, etc
	  	 	65	  
	 11.5.
	 	 Action on Instructions of Lenders
	  	 	66	  
	 11.6.
	 	 Employment of Administrative Agents and Counsel
	  	 	66	  
	 11.7.
	 	 Reliance on Documents; Counsel
	  	 	66	  
	 11.8.
	 	 Administrative Agent’s Reimbursement and Indemnification
	  	 	66	  
	 11.9.
	 	 Notice of Event of Default
	  	 	67	  
	 11.10.
	 	 Rights as a Lender
	  	 	67	  
	 11.11.
	 	 Lender Credit Decision, Legal Representation
	  	 	67	  
	 11.12.
	 	 Successor Administrative Agent
	  	 	68	  
	 11.13.
	 	 Administrative Agent, Arranger and Lender Fees
	  	 	69	  
	 11.14.
	 	 Delegation to Affiliates
	  	 	69	  
	 11.15.
	 	 No Advisory or Fiduciary Responsibility
	  	 	69	  
		
	ARTICLE XII SETOFF; RATABLE PAYMENTS	  	 	70	  
			
	 12.1.
	 	 Setoff
	  	 	70	  
	 12.2.
	 	 Ratable Payments
	  	 	70	  

  
 iii 

							
	 ARTICLE XIII BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
	  	 	70	  
			
	 13.1.
	 	 Successors and Assigns
	  	 	70	  
	 13.2.
	 	 Participations
	  	 	71	  
	 13.3.
	 	 Assignments
	  	 	73	  
		
	 ARTICLE XIV NOTICES
	  	 	74	  
			
	 14.1.
	 	 Notices; Effectiveness; Electronic Communication.
	  	 	74	  
		
	 ARTICLE XV COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION; ELECTRONIC RECORDS
	  	 	75	  
			
	 15.1.
	 	 Counterparts; Effectiveness
	  	 	75	  
	 15.2.
	 	 Electronic Execution of Assignments
	  	 	76	  
	 15.3.
	 	 Electronic Records
	  	 	76	  
		
	 ARTICLE XVI CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL
	  	 	76	  
			
	 16.1.
	 	 CHOICE OF LAW.
	  	 	76	  
	 16.2.
	 	 CONSENT TO JURISDICTION.
	  	 	76	  
	 16.3.
	 	 WAIVER OF JURY TRIAL.
	  	 	77	  

  
 iv 

	
	SCHEDULES
	
	PRICING SCHEDULE
	
	SCHEDULE 1 – Commitments
	
	SCHEDULE 5.12 – Subsidiaries
	
	SCHEDULE 7.1 – Indebtedness
	
	EXHIBITS
	
	EXHIBIT A – Form of Opinion
	
	EXHIBIT B – Form of Compliance Certificate
	
	EXHIBIT C – Form of Assignment and Assumption Agreement
	
	EXHIBIT D-1 – Form of Borrowing Notice
	
	EXHIBIT D-2 – Form of Conversion/Continuation Notice
	
	EXHIBIT D-3 – Form of Payment Notice
	
	EXHIBIT E-1 – Form of Revolving Note
	
	EXHIBIT E-2 – Form of Term Note
	
	EXHIBIT F – List of Closing Documents

  
 v 

 CREDIT AGREEMENT 

This Credit Agreement (the “Agreement”), dated as of December 18, 2015, is among Hancock Holding Company, the Lenders and U.S.
Bank National Association, a national banking association, as Administrative Agent. The parties hereto agree as follows: 
 ARTICLE
I  
 DEFINITIONS 

As used in this Agreement: 

“Acquisition” shall mean any transaction or a series of related transactions for the purpose of, or resulting, directly or
indirectly, in (a) the acquisition of all or substantially all of the assets of a Person, or of any business or division of any Person, (b) the acquisition of greater than 50% of the capital stock, partnership interest, membership interest
or other equity interests of any Person, or otherwise causing a Person to become a Subsidiary, or (c) a merger or consolidation of, or any other combination with, another Person (other than a Person that is a Subsidiary); provided that
the Borrower or any Subsidiary is the surviving entity. 
 “Additional Covenant” shall mean any affirmative or negative covenant
or similar restriction applicable to the Borrower or any of its Subsidiaries (regardless of whether such provision is labeled or otherwise characterized as a covenant) the subject matter of which either (i) is similar to that of any covenant in
Articles VI or VII of this Agreement, or related definitions in Article I of this Agreement, but contains one or more percentages, amounts or formulas that is more restrictive than those set forth herein or more beneficial to the holder or holders
of the Indebtedness of the Borrower or its Subsidiaries created or evidenced by the document in which such covenant or similar restriction is contained (and such covenant or similar restriction shall be deemed an Additional Covenant only to the
extent that it is more restrictive or more beneficial) or (ii) is different from the subject matter of any covenant in Articles VI or VII of this Agreement, or related definitions in Article I of this Agreement. 

“Additional Default” shall mean any provision contained in any document or instrument creating or evidencing Indebtedness of the
Borrower or any of its Subsidiaries which permits the holder or holders of such Indebtedness to accelerate (with the passage of time or giving of notice or both) the maturity thereof or otherwise requires the Borrower or any of its Subsidiaries to
purchase such Indebtedness prior to the stated maturity thereof and which either (i) is similar to any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Article I of this Agreement, but contains
one or more percentages, amounts or formulas that is more restrictive or has a shorter grace period than those set forth herein or is more beneficial to the holder or holders of such other Indebtedness (and such provision shall be deemed an
Additional Default only to the extent that it is more restrictive or more beneficial) or (ii) is different from the subject matter of any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Article
I of this Agreement. 

 “Administrative Agent” means U.S. Bank in its capacity as contractual representative of
the Lenders pursuant to Article XI, and not in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to Article X. 

“Advance” means a borrowing hereunder of (i) Revolving Loans made by some or all of the Revolving Lenders, of the same Type,
made, converted or continued on the same Borrowing Date or date of conversion or continuation, as applicable, and, in the case of Eurocurrency Loans, for the same Interest Period, and (ii) a Term Loan made on the same date and, in the case of
Eurocurrency Loans, as to which a single Interest Period is in effect. 
 “Affected Lender” is defined in Section 2.20. 

“Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such
Person, including, without limitation, such Person’s Subsidiaries. A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of voting securities (or other ownership interests) of the controlled
Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise. 

“Aggregate Commitment” means the aggregate of the Commitments of all the Lenders, as reduced from time to time pursuant to the terms
hereof. As of the date of this Agreement, the Aggregate Commitment is $125,000,000. 
 “Aggregate Outstanding Credit Exposure”
means, at any time, the aggregate of the Outstanding Credit Exposure of all the Lenders. 
 “Agreement” means this Credit
Agreement, as it may be amended or modified and in effect from time to time. 
 “Alternate Base Rate” means, for any day, a rate
of interest per annum equal to the highest of (i) 0.0%, (ii) the Prime Rate for such day, (iii) the sum of the Federal Funds Effective Rate for such day plus 0.50% per annum and (iv) the Eurocurrency Rate (without
giving effect to the Applicable Margin) for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) for Dollars plus 1.00%, provided that, for the avoidance of doubt, the
Eurocurrency Rate for any day shall be based on the rate reported by the applicable financial information service at approximately 11:00 a.m. London time on such day. 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries
from time to time concerning or relating to bribery or corruption. 
 “Applicable Fee Rate” means, at any time, the percentage
rate per annum at which commitment fees are accruing on the Available Aggregate Revolving Commitment at such time as set forth in the Pricing Schedule. 

  
 2 

 “Applicable Margin” means, with respect to Advances of any Type at any time, the
percentage rate per annum which is applicable at such time with respect to Advances of such Type as set forth in the Pricing Schedule. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arranger” means U.S. Bank, and its
successors, in its capacity as Sole Lead Arranger and Sole Book Runner. 
 “Article” means an article of this Agreement unless
another document is specifically referenced. 
 “Authorized Officer” means any of the President, the Chief Financial Officer or
the Chief Operating Officer of the Borrower, acting singly. 
 “Available Aggregate Revolving Commitment” means, at any time, the
Revolving Commitments then in effect minus the Revolving Exposures at such time. 
 “Base Rate” means, for any day, a rate
per annum equal to (i) the Alternate Base Rate for such day plus (ii) the Applicable Margin, in each case changing when and as the Alternate Base Rate changes. 

“Base Rate Advance” means an Advance which, except as otherwise provided in Section 2.11, bears interest at the Base Rate. 

“Base Rate Loan” means a Loan which, except as otherwise provided in Section 2.11, bears interest at the Base Rate. 

“Borrower” means Hancock Holding Company, a Mississippi corporation, and its successors and assigns. 

“Borrowing Date” means a date on which an Advance is made hereunder. 

“Borrowing Notice” is defined in Section 2.8. 

“Business Day” means (i) with respect to any borrowing, payment or rate selection of Eurocurrency Advances, a day (other than a
Saturday or Sunday) on which banks generally are open in New York City, New York and London, England for the conduct of substantially all of their commercial lending activities, interbank wire transfers can be made on the Fedwire system and dealings
in Dollars are carried on in the London interbank market and (ii) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in New York City, New York for the conduct of substantially all of their
commercial lending activities and interbank wire transfers can be made on the Fedwire system. 

  
 3 

 “Call Report” shall mean, with respect to each Financial Institution Subsidiary, the
“Consolidated Reports of Condition and Income” (FFIEC Form 031 or 041 or any successor form of the Federal Financial Institutions Examination Council). 

“Cash Equivalent Investments” means (i) short-term obligations of, or fully guaranteed by, the United States of America,
(ii) commercial paper rated A-1 or better by S&P or P-1 or better by Moody’s, (iii) demand deposit accounts maintained in the ordinary course of business, and (iv) certificates of deposit issued by and time deposits with
commercial banks (whether domestic or foreign) having capital and surplus in excess of $500,000,000; provided in each case that the same provides for payment of both principal and interest (and not principal alone or interest alone) and is
not subject to any contingency regarding the payment of principal or interest and (v) shares of money market mutual funds that are rated at least “AAAm” or “AAAG” by S&P or “P-1” or better by Moody’s. 

“Change in Control” means (a) with respect to the Borrower, the occurrence of one or more of the following events: (i) any
sale, lease, exchange or other transfer (in a single transaction or a series of related transactions) of all or a material portion of the assets of the Borrower to any Person or “group” (within the meaning of the Securities Exchange Act of
1934 and the rules of the Securities and Exchange Commission thereunder in effect on the date hereof), (ii) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or “group” (within the meaning
of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) of 25% or more of the outstanding shares of the voting stock of the Borrower or (iii) occupation of a
majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were neither (A) nominated by the Borrower’s board of directors as constituted as of the Effective Date or (B) appointed by
directors so nominated, or (b) the Borrower shall own, directly or indirectly, less than 100% of the voting stock of any Financial Institution Subsidiary. 

“Change in Law” means the adoption of or change in any law, governmental or quasi-governmental rule, regulation, policy, guideline,
interpretation, or directive (whether or not having the force of law) or in the interpretation, promulgation, implementation or administration thereof by any Governmental or quasi-Governmental Authority, central bank or comparable agency charged
with the interpretation or administration thereof, including, notwithstanding the foregoing, all requests, rules, guidelines or directives (x) in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act or
(y) promulgated by the Bank for International Settlements, the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) or the United States financial regulatory authorities, in each case of
clauses (x) and (y), regardless of the date enacted, adopted, issued, promulgated or implemented, or compliance by any Lender or applicable Lending Installation with any request or directive (whether or not having the force of law) of any such
authority, central bank or comparable agency. 
 “Class”, when used in reference to any Loan or Advance, refers to whether such
Loan, or the Loans comprising such Advance, are Revolving Loans or Term Loans. 
 “Code” means the Internal Revenue Code of 1986,
as amended, reformed or otherwise modified from time to time. 

  
 4 

 “Compliance Certificate” shall mean a certificate from the Chief Financial Officer or
the President of the Borrower in the form of, and containing the certifications set forth in, the certificate attached hereto as Exhibit B. 

“Commitment” means, for each Lender, the sum of such Lender’s Revolving Commitment and Term Loan Commitment, in an amount not
exceeding the amount set forth in Schedule 1, as it may be modified (i) pursuant to Section 2.7, (ii) as a result of any assignment that has become effective pursuant to Section 13.3(c) or (iii) otherwise from time to time
pursuant to the terms hereof. 
 “Consolidated Net Income” means, for the Borrower and its Subsidiaries for any period, the net
income (or loss) of the Borrower and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP. 

“Consolidated Net Worth” shall mean, as of any date, the amount set forth under the line item “total stockholders’
equity” on the Borrower’s consolidated balance sheet most recently delivered pursuant to Section 6.1(a) or Section 6.1(b), as applicable. 

“Contractual Obligation” of any Person shall mean any provision of any security issued by such Person or of any agreement,
instrument or undertaking under which such Person is obligated or by which it or any of the Property in which it has an interest is bound. 

“Conversion/Continuation Notice” is defined in Section 2.9. 

“Credit Extension” means the making of an Advance hereunder. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect. 

“Default” means an event which but for the lapse of time or the giving of notice, or both, would constitute an Event of Default.

 “Defaulting Lender” means, subject to Section 2.22(b), any Lender that (a) has failed to (i) fund all or any
portion of its Loans within two (2) Business Days after the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such
Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied or waived, or
(ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two (2) Business Days after the date when due, (b) has notified the Borrower or the Administrative Agent in writing
that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such
position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied),
(c) has failed, within three (3) Business 

  
 5 

 
Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding
obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct
or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or
similar Person charged with reorganization or liquidation of its business or assets (other than an Undisclosed Administration), including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a
capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as
such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such
Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses
(a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.22(b)) upon delivery of written notice of such determination to the Borrower,
each Lender. 
 “Deposits” is defined in Section 12.1. 

“Dividend Capacity” shall mean, at any time of determination, the maximum aggregate amount of dividends that Whitney Bank could
declare and pay at such time while maintaining a “leverage ratio” (as defined at 12 C.F.R. 325.6(m) and determined in accordance with 12 C.F.R. 325 Subpart A (as the foregoing are in effect on the date hereof, together with such
amendments, modifications and supplements as may be acceptable to the Required Lenders)) at such time of at least seven percent (7%). 

“Dollar” and “$” means the lawful currency of the United States of America. 

“Effective Date” means the date on which the conditions specified in Section 4.1 are satisfied. 

“Eligible Assignee” means any Person except a natural Person (or holding company, investment vehicle or trust for, or owned and
operated for the primary benefit of a natural Person), the Borrower, any of the Borrower’s Affiliates or Subsidiaries or any Defaulting Lender or any of its Subsidiaries. 

“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or
binding agreements issued, promulgated or entered into by or with any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, Release or threatened Release of any Hazardous
Material or to health and safety matters. 

  
 6 

 “Environmental Liability” shall mean any liability, contingent or otherwise (including
any liability for damages, costs of environmental investigation and remediation, costs of administrative oversight, fines, natural resource damages, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from
or based upon (a) any actual or alleged violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) any actual or alleged exposure to any
Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 “Employee Benefit Plan” shall have that meaning as defined in Section 3(3) of ERISA and for which the Borrower or an ERISA
Affiliate maintains, contributes to or has an obligation to contribute to on behalf of participants who are or were employed by the Borrower or its ERISA Affiliates or on behalf of beneficiaries of such participants. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued
thereunder. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated), which, together with the Borrower, is
treated as a single employer under Section 414(b) or (c) of the Code or, solely for the purposes of Section 303 of ERISA and Section 430 of the Code, is treated as a single employer under Section 414 of the Code. 

“ERISA Event” means with respect to the Borrower or any ERISA Affiliate, (i) any “reportable event”, as defined in
Section 4043 of ERISA with respect to a Plan (other than an event for which the 30-day notice period is waived); (ii) the failure to make required contributions when due to a Multiemployer Plan or Plan or the imposition of a Lien in favor
of a Plan under Section 430(k) of the Code or Section 303(k) of ERISA; (iii) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with
respect to any Plan; (iv) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, or the imposition of an Lien in favor of the PBGC under Title IV of ERISA;
(v) the receipt from the PBGC or a plan administrator appointed by the PBGC of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (vi) any other event or condition that might
reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or Multiemployer Plan or for the imposition of liability under Section 4069 or 4212(c)
of ERISA; (vii) the incurrence of any liability with respect to the withdrawal or partial withdrawal from any Plan including the withdrawal from a Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial
employer, as defined in Section 4001(a)(2) of ERISA, or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (viii) or the incurrence of any Withdrawal Liability with respect to any
Multiemployer Plan; (ix) the receipt of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent (within the meaning of Section 4245 of ERISA) or in
reorganization (within the meaning of Section 4241 of ERISA), or in “critical” status or in “critical and declining status” (within the meaning of Section 432 of the Code or Section 305 of ERISA); or (x) a
determination that a Plan is, or is reasonably expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA). 

  
 7 

 “Eurocurrency Advance” means an Advance which, except as otherwise provided in
Section 2.11, bears interest at the applicable Eurocurrency Rate. 
 “Eurocurrency Base Rate” means, with respect to a
Eurocurrency Advance for the relevant Interest Period, the greater of (a) zero percent (0.0%) and (b) the applicable interest settlement rate for deposits in Dollars administered by ICE Benchmark Administration (or any other Person that
takes over the administration of such rate) appearing on the applicable Reuters Screen (or on any successor or substitute page on such screen) as of 11:00 a.m. (London time) on the Quotation Date for such Interest Period, and having a maturity equal
to such Interest Period, provided that, if the applicable Reuters Screen (or any successor or substitute page) is not available to the Administrative Agent for any reason, the applicable Eurocurrency Base Rate for the relevant Interest Period
shall instead be the applicable interest settlement rate for deposits in Dollars administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) as reported by any other generally recognized
financial information service selected by the Administrative Agent as of 11:00 a.m. (London time) on the Quotation Date for such Interest Period, and having a maturity equal to such Interest Period, provided that, if no such interest
settlement rate administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) is available to the Administrative Agent, the applicable Eurocurrency Base Rate for the relevant Interest Period shall
instead be the rate determined by the Administrative Agent to be the rate at which U.S. Bank or one of its Affiliate banks offers to place deposits in Dollars with first-class banks in the interbank market at approximately 11:00 a.m. (London time)
two (2) Business Days prior to the first day of such Interest Period, in the approximate amount of U.S. Bank’s relevant Eurocurrency Loan and having a maturity equal to such Interest Period. 

“Eurocurrency Loan” means a Loan which, except as otherwise provided in Section 2.11, bears interest at the applicable
Eurocurrency Rate. 
 “Eurocurrency Rate” means, with respect to a Eurocurrency Advance for the relevant Interest Period, the sum
of (i) the quotient of (a) the Eurocurrency Base Rate applicable to such Interest Period, divided by (b) one minus the Reserve Requirement (expressed as a decimal) applicable to such Interest Period, plus
(ii) the Applicable Margin. 
 “Event of Default” is defined in Article VIII. 

“Excluded Taxes” means, in the case of each Lender or applicable Lending Installation, and the Administrative Agent, (i) Taxes
imposed on its overall net income, franchise Taxes, and branch profits Taxes imposed on it, by the respective jurisdiction under the laws of which such Lender or the Administrative Agent is incorporated or is organized or in which its principal
executive office is located or, in the case of a Lender, in which such Lender’s applicable Lending Installation is located, (ii) in the case of a Non-U.S. Lender, any U.S. federal withholding Tax that is imposed on amounts payable to such
Non-U.S. Lender pursuant to the laws in effect at the time such Non-U.S. Lender becomes a party to this Agreement or designates a new Lending Installation, except in each case to the extent that, pursuant to Section 3.5(a), amounts with

  
 8 

 
respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending
Installation, or is attributable to the Non-U.S. Lender’s failure to comply with Section 3.5(f), and (iii) any U.S. federal withholding Taxes imposed by FATCA. 

“Exhibit” refers to an exhibit to this Agreement, unless another document is specifically referenced. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code. 

“FDIC” shall mean the Federal Deposit Insurance Corporation. 

“Federal Funds Effective Rate” means, for any day, an interest rate per annum equal to the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the
Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 10:00 a.m. on such day on such transactions received by the Administrative Agent from three
(3) Federal funds brokers of recognized standing selected by the Administrative Agent in its sole discretion. 
 “Fee
Letters” is defined in Section 11.13. 
 “Financial Institution Subsidiary” shall mean each of (a) those Financial
Institution Subsidiaries set forth on Schedule 5.12 and designated as a “Financial Institution Subsidiary” and (b) each other Subsidiary hereafter formed or acquired that is a regulated financial institution. 

“Fiscal Quarter” means each fiscal quarter (including the fiscal quarter at the fiscal year-end) of the Borrower and its
Subsidiaries. 
 “FRB” shall mean the Board of Governors of the Federal Reserve System. 

“FR Y-9C Report” shall mean the “Consolidated Financial Statements for Bank Holding Companies (FR Y-9C)” submitted by the
Borrower as required by Section 5(c) of the Bank Holding Company Act (12 U.S.C. 1844) and Section 225.5(b) of Regulation Y (12 CFR 225.5(b)), or any successor or similar replacement report. 

“FR Y-9LP Report” shall mean the “Parent Company Only Financial Statements for Large Bank Holding Companies (FR Y-9LP)”
submitted by the Borrower as required by Section 5(c) of the Bank Holding Company Act (12 U.S.C. 1844) and Section 225.5(b) of Regulation Y (12 CFR 225.5(b)), or any successor or similar replacement report. 

  
 9 

 “Fund” means any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 

“GAAP” means generally accepted accounting principles as in effect from time to time in the United States, applied in a manner
consistent with that used in preparing the financial statements referred to in Section 5.4, subject at all times to Section 10.8. 

“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government, including without limitation, the FRB, the FDIC, any supra-national bodies such as the European Union or the European Central Bank and any other federal or state agency charged with the supervision or regulation of depositary
institutions or holding companies of depositary institutions (as used herein, including any trust company subsidiaries whether or not they take deposits), or engaged in the insurance of depositary institution deposits, or any court, administrative
agency or commission or other governmental agency, authority or instrumentality having supervisory or regulatory authority with respect to the Borrower and/or any of its Subsidiaries. 

“Hazardous Material” means any explosive or radioactive substances or wastes, any hazardous or toxic substances, wastes or other
pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and any other substances or wastes of any nature regulated pursuant to any
Environmental Law. 
 “Hedging Obligations” of any Person shall mean any and all obligations of such Person, whether absolute or
contingent and howsoever and whensoever created, arising, evidenced or acquired under (i) any and all Hedging Transactions, (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any Hedging Transactions and
(iii) any and all renewals, extensions and modifications of any Hedging Transactions and any and all substitutions for any Hedging Transactions. 

“Hedging Transaction” of any Person shall mean (a) any transaction (including an agreement with respect to any such
transaction) now existing or hereafter entered into by such Person that is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap or option, bond option, interest
rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, spot transaction, credit protection transaction, credit swap, credit
default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, or any other similar transaction (including any
option with respect to any of these transactions) or any combination thereof, whether or not any such transaction is governed by or subject to any master agreement and (b) any and all transactions of any kind, and the related confirmations,
which are subject to the terms and conditions of, or governed by, any form of master agreement published by the 

  
 10 

 
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. 
 “Highest
Lawful Rate” means, on any day, the maximum non-usurious rate of interest permitted for that day by applicable federal or state law stated as a rate per annum. 

“Indebtedness” of any Person means, without duplication (i) all obligations of such Person for borrowed money, (ii) all
obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person in respect of the deferred purchase price of Property or services (other than trade payables incurred in the
ordinary course of business; provided, that for purposes of Section 8.6, trade payables overdue by more than 90 days shall be included in this definition except to the extent that any of such trade payables are being disputed in good
faith and by appropriate measures), (iv) all obligations of such Person under any conditional sale or other title retention agreement(s) relating to Property acquired by such Person, (v) all obligations of such Person under capital leases
and all monetary obligations of such Person under Synthetic Leases, (vi) all obligations, contingent or otherwise, of such Person in respect of letters of credit, acceptances or similar extensions of credit, (vii) all guarantees by such
Person of Indebtedness of others, (viii) all Indebtedness of a third party secured by any Lien on Property owned by such Person, whether or not such Indebtedness has been assumed by such Person, (ix) all obligations of such Person,
contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any capital stock of such Person, (x) all Hedging Obligations of such Person; and (xi) all obligations of such Person in respect of any trust preferred
securities, preferred equity or other types of hybrid capital securities issued by such Person. For purposes of determining the amount of attributed Indebtedness from Hedging Obligations, the “principal amount” of any Hedging Obligations
at any time shall be the Net Mark-to-Market Exposure of such Hedging Obligations. 
 “Indemnified Taxes” means Taxes imposed on or
with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document, other than Excluded Taxes and Other Taxes. 

“Interest Differential” is defined in Section 3.4. 

“Interest Period” means, with respect to a Eurocurrency Advance, a period of one (1), two (2), three (3) or six (6) months
commencing on a Business Day selected by the Borrower pursuant to this Agreement. Such Interest Period shall end on the day which corresponds numerically to such date one (1), two (2), three (3) or six (6) months thereafter,
provided, however, that if there is no such numerically corresponding day in such next, second, third or sixth succeeding month, such Interest Period shall end on the last Business Day of such next, second, third or sixth succeeding
month. If an Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day, provided, however, that if said next succeeding Business Day falls in a new
calendar month, such Interest Period shall end on the immediately preceding Business Day. 
 “Investment” of a Person has the
meaning set forth in Section 7.6 hereof. 

  
 11 

 “Lenders” means the lending institutions listed on the signature pages of this
Agreement and their respective successors and assigns. 
 “Lending Installation” means, with respect to a Lender or the
Administrative Agent, the office, branch, subsidiary or affiliate of such Lender or the Administrative Agent listed on the signature pages hereof (in the case of the Administrative Agent) or on its Administrative Questionnaire (in the case of a
Lender) or otherwise selected by such Lender or the Administrative Agent pursuant to Section 2.17. 
 “Lien” means any
mortgage, pledge, security interest, lien (statutory or otherwise), charge, encumbrance, hypothecation, assignment, deposit arrangement, or other arrangement having the practical effect of the foregoing or any preference, priority or other security
agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having the same economic effect as any of the foregoing). 

“Loan” means a Revolving Loan or a Term Loan. 

“Loan Documents” means, collectively, this Agreement, any Note or Notes, and any and all other instruments, agreements, documents
and writings now or in the future executed by the Borrower in connection with any of the foregoing. 
 “Material Adverse Effect”
means, with respect to any event, act, condition or occurrence of whatever nature (including any adverse determination in any litigation, arbitration, or governmental investigation or proceeding), whether singly or in conjunction with any other
event or events, act or acts, condition or conditions, occurrence or occurrences whether or not related, a material adverse change in, or a material adverse effect on, (i) the business, results of operations, financial condition, assets,
liabilities or prospects of the Borrower and of the Borrower and its Subsidiaries taken as a whole, (ii) the ability of the Borrower to perform any of its material obligations under the Loan Documents, (iii) the rights and remedies of
Administrative Agent and the Lenders under any of the Loan Documents or (iv) the legality, validity or enforceability of any of the Loan Documents. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Multiemployer Plan” has the meaning set forth in Section 4001(a)(3) of ERISA. 

“Net Mark-to-Market Exposure” of a Person means, as of any date of determination, with respect to any Hedging Obligation, the excess
(if any) of all unrealized losses over all unrealized profits of such Person arising from such Hedging Obligation. “Unrealized losses” shall mean the fair market value of the cost to such Person of replacing the Hedging Transaction giving
rise to such Hedging Obligation as of the date of determination (assuming the Hedging Transaction were to be terminated as of that date), and “unrealized profits” means the fair market value of the gain to such Person of replacing such
Hedging Transaction as of the date of determination (assuming such Hedging Transaction were to be terminated as of that date) 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time. 

  
 12 

 “Nonperforming Assets” shall mean the sum of (a) Nonperforming Loans, and
(b) Other Real Estate Owned. 
 “Nonperforming Loans” shall mean the sum of (a) nonaccrual loans and lease financing
receivables (as determined by reference to the line item “loans accounted for on a non-accrual basis” under “Selected Financial Data” (Non-performing assets) in the Borrower’s most recent Form 10-Q or 10-K, as applicable)
and (b) loans and lease financing receivables that are contractually past due 90 days or more as to interest or principal and are still accruing interest (as determined by reference to the line item “loans 90 days past due still
accruing” under “Selected Financial Data” (Non-performing assets) in the Borrower’s most recent Form 10-Q or 10-K, as applicable). 

“Non-U.S. Lender” means a Lender that is not a United States person as defined in Section 7701(a)(30) of the Code. 

“Note” is defined in Section 2.13(d). 

“Obligations” means all indebtedness, obligations, liabilities and other amounts owing by the Borrower to the Administrative Agent
and any Lender and, only with respect to Hedging Transactions, any Affiliate of the Administrative Agent or any Lender, pursuant to or in connection with (a) this Agreement or any other Loan Document, including without limitation, all
principal, interest (including any interest accruing after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Borrower, whether or not a claim for post-filing or
post-petition interest is allowed in such proceeding), all reimbursement obligations under letters of credit, all Hedging Obligations of the Borrower, fees, expenses, indemnification and reimbursement payments, costs and expenses (including all fees
and expenses of counsel to Administrative Agent and any Lender incurred pursuant to this Agreement or any other Loan Document), whether direct or indirect, absolute or contingent, liquidated or unliquidated, now existing or hereafter arising
hereunder or thereunder, together with all renewals, extensions, modifications or refinancings thereof and (b) any agreement governing the provision to the Borrower or any Subsidiary of treasury or cash management services. 

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control, and any successor thereto. 

“Other Real Estate Owned” shall mean the sum of real estate acquired in satisfaction of debts through foreclosure (as determined by
reference to the line item “foreclosed assets” under “Selected Financial Data” (Non-performing assets) in the Borrower’s most recent Form 10-Q or 10-K, as applicable). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise
from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document. 

  
 13 

 “Outstanding Credit Exposure” means, as to any Lender at any time, the sum of
(i) the aggregate principal amount of its Revolving Exposure outstanding at such time, plus (ii) the outstanding principal amount of its Term Loans outstanding at such time. 

“Participant” is defined in Section 12.2(a). 

“Participant Register” is defined in Section 13.2(c). 

“PATRIOT Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as amended from time
to time, and any successor statute. 
 “Payment Date” means the last day of each calendar quarter, provided, that if such
day is not a Business Day, the Payment Date shall be the next succeeding Business Day; provided, further, if the next succeeding Business Day falls in the next calendar month, the Payment Date shall instead be the immediately preceding
Business Day. 
 “Payment Notice” is defined in Section 2.7. 

“PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto. 

“Permitted Encumbrances” shall mean: 

(i) Liens imposed by law for taxes not yet due or which are being contested in good faith by appropriate proceedings and with respect to which
adequate reserves are being maintained in accordance with GAAP; 
 (ii) statutory Liens of landlords and Liens of carriers, warehousemen,
mechanics, materialmen and other Liens imposed by law created in the ordinary course of business for amounts not yet due or which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves are being
maintained in accordance with GAAP; 
 (iii) pledges and deposits made in the ordinary course of business in compliance with workers’
compensation, unemployment insurance and other social security laws or regulations and Liens arising by statute in connection with worker’s compensation, unemployment insurance, old age benefits, social security obligations, taxes, assessments,
statutory obligations or other similar charges, good faith cash deposits in connection with tenders, contracts or leases to which the Borrower or any of its Subsidiaries is a party or other cash deposits in any such foregoing case that is required
to be made in the ordinary course of business, provided in each case that the obligation is not for borrowed money and that the obligation secured is not overdue or, if overdue, is being contested in good faith by appropriate proceedings which
prevent enforcement of the matter under contest and adequate reserves have been established therefor; 
 (iv) deposits to secure the
performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 

(v) judgment and attachment Liens not giving rise to an Event of Default or Liens created by or existing from any litigation or legal
proceeding that are currently being contested in good faith by appropriate proceedings and with respect to which adequate reserves are being maintained in accordance with GAAP; 

  
 14 

 (vi) easements, zoning restrictions, rights-of-way and similar encumbrances on real property
imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or materially interfere with the ordinary conduct of business of the
Borrower and its Subsidiaries taken as a whole; 
 (vii) Liens, charges and encumbrances incidental to the conduct of the business of the
Financial Institution Subsidiaries incurred in the ordinary course of business and consistent with past practices; 
 (viii) Liens to secure
public funds or other pledges of funds required by law to secure deposits; and 
 (ix) repurchase agreements, reverse repurchase agreements
and other similar transactions entered into by any Financial Institution Subsidiary in the ordinary course of its banking, deposit or trust business; 

provided, that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness. 

“Permitted Financial Institution Subsidiary Indebtedness” means obligations incurred by any Financial Institution Subsidiary in the
ordinary course of business in such circumstances as may be incidental or usual in carrying on the banking or trust or mortgage business of a bank, thrift, trust company, or mortgage company incurred in accordance with applicable laws and
regulations and safe and sound practices, including obligations incurred in connection with: (a) any deposits with or funds collected by such Subsidiary; (b) the endorsement of instruments for deposit or collection in the ordinary course
of business, (c) any bankers acceptance credit of such Subsidiary; (d) any check, note, certificate of deposit, money order, traveler’s check, draft or bill of exchange issued, accepted or endorsed by such Subsidiary or letter of
credit issued by such Subsidiary; (e) any discount with, borrowing from, or other obligation to, any Federal Reserve Bank or any Federal Home Loan Bank; (f) any agreement made by such Subsidiary to purchase or repurchase securities, loans
or Federal funds or any interest or participation in any thereof; (g) any guarantee, indemnity or similar obligation incurred by such Subsidiary in the ordinary course of its banking or trust business and consistent with past practices;
(h) any transaction in the nature of an extension of credit, whether in the form of a commitment or otherwise, undertaken by such Subsidiary for the account of a third party with the application of the same banking considerations and legal
lending limits that would be applicable if the transaction were a loan to such party; (i) any transaction in which such Subsidiary acts solely in the fiduciary or agency capacity; (j) other short-term liabilities similar to those
enumerated in clauses (a) and (f) above, including United States Treasury tax and loan borrowings, (k) any Hedging Obligations or other obligations or liabilities relating to Hedging Transactions entered into by such Subsidiary in
connection with facilitating the hedging risk of a customer of such Subsidiary or another Financial Institution Subsidiary, but excluding any Hedging Obligations or other obligations or liabilities relating to Hedging Transactions entered into for
speculative purposes or that are 

  
 15 

 
speculative in nature, (l) any Indebtedness of one Financial Institution Subsidiary to another Financial Institution Subsidiary and (m) any Indebtedness of such Subsidiary relating to
letters of credit issued or confirmed by a third party financial institution for the account of such Subsidiary for the ultimate account of such Subsidiary’s customer. 

“Person” means any natural person, corporation, firm, joint venture, partnership, limited liability company, association,
enterprise, trust or other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof. 

“Plan” means any Employee Benefit Plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or
Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate either (i) maintains, contributes to or has an obligation to contribute to on behalf of participants who are or were employed
by any of them (or on behalf of beneficiaries of such participants) or (ii) is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA or a
“contributing sponsor” (as defined in ERISA Section 4001(a)(13)). 
 “Pricing Schedule” means the Schedule attached
hereto identified as such. 
 “Prime Rate” means a rate per annum equal to the prime rate of interest announced from time to time
by U.S. Bank or its parent (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes. 

“Property” of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or other
assets owned, leased or operated by such Person. 
 “Pro Rata Share” means, with respect to a Lender, (a) with respect to
Revolving Loans, a portion equal to a fraction the numerator of which is such Lender’s Revolving Commitment and the denominator of which is the aggregate Revolving Commitments of all Revolving Lenders, provided, however, if all of the
Revolving Commitments are terminated pursuant to the terms of this Agreement, then “Pro Rata Share” means the percentage obtained by dividing (i) such Lender’s Revolving Exposure at such time by (ii) the aggregate Revolving
Exposures of all Revolving Lenders at such time; provided, further, that when a Defaulting Lender shall exist, “Pro Rata Share” shall mean the percentage of the aggregate Revolving Commitments of all Revolving Lenders (disregarding
any Defaulting Lender’s Revolving Commitment) represented by such Lender’s Revolving Commitment (except that no Lender is required to fund Revolving Loans to the extent that, after giving effect thereto, the aggregate amount of its
outstanding Revolving Loans would exceed the amount of its Revolving Commitment (determined as though no Defaulting Lender existed)) and (b) with respect to Term Loans, a portion equal to a fraction the numerator of which is such Lender’s
outstanding principal amount of Term Loans and the denominator of which is the aggregate outstanding principal amount of the Term Loans of all Term Lenders. 

“Purchasers” is defined in Section 13.3(a). 

“Qualified Plan” shall mean an Employee Benefit Plan that is intended to be tax-qualified under Section 401(a) of the Code.

  
 16 

 “Register” is defined in Section 13.3(d). 

“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect and any
successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System. 

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any
successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stocks applicable to member banks of the Federal Reserve System. 

“Reports” is defined in Section 10.6(a). 

“Required Lenders” means Lenders in the aggregate having greater than 66.67% of the Aggregate Commitment or, if the Aggregate
Commitment has been terminated, Lenders in the aggregate holding greater than 66.67% of the Aggregate Outstanding Credit Exposure; provided, that, if the number of Lenders under this Agreement at the time of determination shall equal two,
“Required Lenders” means both such Lenders. The Commitments and Outstanding Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time. 

“Reserve Requirement” means, with respect to an Interest Period, the maximum aggregate reserve requirement (including all basic,
supplemental, marginal and other reserves) which is imposed under Regulation D on Eurocurrency liabilities. 
 “Responsible
Officer” means any of the president, the chief executive officer, the chief operating officer, the chief financial officer, the treasurer or a managing director of the Borrower or such other representative of the Borrower as may be designated
in writing by any one of the foregoing with the consent of the Administrative Agent; and, with respect to the financial covenants only, the chief financial officer, controller or the treasurer of the Borrower. 

“Restricted Payment” has the meaning given such term in Section 7.4. 

“Return on Average Assets” shall mean, with respect to the Borrower as of the last day of each Fiscal Quarter, a percentage
determined by dividing (a) the sum of the “net income” of the Borrower (as determined by reference to the line item “net income” under “Selected Financial Data” in the Borrower’s most recent Form 10-Q or 10-K,
as applicable) for such Fiscal Quarter and the three immediately preceding Fiscal Quarters by (b) the average of the “total assets” of the Borrower (as determined by reference to the line item “total assets” under
“Selected Financial Data” in the Borrower’s most recent Form 10-Q or 10-K, as applicable) for such four Fiscal Quarters. Notwithstanding the foregoing, for purposes of determining the Return on Average Assets for the Fiscal Quarters
ending December 31, 2015, March 31, 2016, June 30, 2016 and September 30, 2016, the following rules will apply: (1) for purposes of determining the Return on Average Assets for the Fiscal Quarter ending
December 31, 2015, clauses (a) and (b) immediately above shall be calculated based solely on the Fiscal Quarter ending December 31, 2015 (i.e., clause (a) above shall be calculated as the “net income” of the
Borrower (as 

  
 17 

 
determined by reference to the line item “net income” under “Selected Financial Data” in the Borrower’s 10-K) for the Fiscal Quarter ending December 31, 2015 and
clause (b) above shall be determined based on the “total assets” of the Borrower (as determined by reference to the line item “total assets” under “Selected Financial Data” in the Borrower’s 10-K) for the
Fiscal Quarter ending December 31, 2015; (2) for purposes of determining the Return on Average Assets for the Fiscal Quarter ending March 31, 2016, clauses (a) and (b) above shall be calculated by excluding the Fiscal
Quarter ending December 31, 2015 and annualizing the remaining three Fiscal Quarters for such period (i.e., clause (a) above shall be calculated using the sum of the Fiscal Quarters ending March 31, 2016, September 30, 2015
and June 30, 2015 and multiplying such sum by 4/3); (3) for purposes of determining the Return on Average Assets for the Fiscal Quarter ending June 30, 2016, clauses (a) and (b) above shall be calculated by excluding the
Fiscal Quarter ending December 31, 2015 and annualizing the remaining three Fiscal Quarters for such period (using the same general methodology described in the parenthetical in clause (2) above); and (4) for purposes of determining
the Return on Average Assets for the Fiscal Quarter ending September 30, 2016, clauses (a) and (b) above shall be calculated by excluding the Fiscal Quarter ending December 31, 2015 and annualizing the remaining three Fiscal
Quarters for such period (using the same general methodology described in the parenthetical in clauses (2) and (3) above). 

“Revolver Facility Termination Date” means December 16, 2016 or any earlier date on which the Revolving Commitments are reduced
to zero or otherwise terminated pursuant to the terms hereof. 
 “Revolving Commitment” means, for each Lender, the obligation, if
any, of such Lender to make Revolving Loans to the Borrower, expressed as an amount representing the maximum possible aggregate amount of such Lender’s Revolving Exposure hereunder. The initial amount of each Revolving Lender’s Revolving
Commitment is set forth on Schedule 1, as it may be modified (i) pursuant to Section 2.7, (ii) as a result of any assignment that has become effective pursuant to Section 13.3(c), or (iii) otherwise from time to time
pursuant to the terms hereof. As of the date of this Agreement, the aggregate amount of the Revolving Lenders’ Revolving Commitments is $0. 

“Revolving Exposure” means, with respect to any Lender at any time, the sum of the aggregate principal amount of such Lender’s
Revolving Loans outstanding at such time. 
 “Revolving Lender” means, as of any date of determination, a Lender with a Revolving
Commitment (if any) or, if the Revolving Commitments have terminated or expired, a Lender with Revolving Exposure. 
 “Revolving
Loan” means, with respect to a Lender, such Lender’s loan made pursuant to its commitment to lend set forth in Section 2.1(a) (or any conversion or continuation thereof). 

“RICO Related Law” shall mean the Racketeer Influenced and Corrupt Organizations Act of 1970 or any other federal, state or local
law for which forfeiture of assets is a potential penalty. 

  
 18 

 “Risk-Based Capital Guidelines” means (i) the risk-based capital guidelines in
effect in the United States on the date of this Agreement, including transition rules, and (ii) the corresponding capital regulations promulgated by regulatory authorities outside the United States, including transition rules, and, in each
case, any amendments to such regulations. 
 “S&P” means Standard & Poor’s Ratings Services, a
Standard & Poor’s Financial Services LLC business. 
 “Sanctioned Country” means, at any time, any country or
territory which is itself the subject or target of any comprehensive Sanctions. 
 “Sanctioned Person” means, at any time,
(a) any Person or group listed in any Sanctions-related list of designated Persons maintained by OFAC or the U.S. Department of State, the United Nations Security Council, the European Union or any EU member state, (b) any Person or group
operating, organized or resident in a Sanctioned Country, (c) any agency, political subdivision or instrumentality of the government of a Sanctioned Country, or (d) any Person 50% or more owned, directly or indirectly, by any of the above.

 “Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom. 

“Schedule” refers to a specific schedule to this Agreement, unless another document is specifically referenced. 

“Section” means a numbered section of this Agreement, unless another document is specifically referenced. 

“Stated Rate” is defined in Section 2.21. 

“Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting power of
which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, limited liability company, association,
joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. Unless otherwise expressly provided, all references herein to a
“Subsidiary” shall mean a Subsidiary of the Borrower. 
 “Synthetic Lease” of any Person shall mean (a) a lease
designed to have the characteristics of a loan for federal income tax purposes while obtaining operating lease treatment for financial accounting purposes, or (b) an agreement for the use or possession of Property creating obligations that are
not required to appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person would be characterized by a court of competent jurisdiction as indebtedness of such Person. 

  
 19 

 “Taxes” means any and all present or future taxes, duties, levies, imposts, deductions,
fees, assessments, charges or withholdings, and any and all liabilities with respect to the foregoing, including interest, additions to tax and penalties applicable thereto. 

“Term Facility Termination Date” means December 17, 2018. 

“Term Lender” means, as of any date of determination, a Lender having a Term Loan Commitment. 

“Term Loan Commitment” means, for each Lender, the obligation, if any, of such Lender to make Term Loans to the Borrower, as set
forth in Schedule 1, as it may be modified (i) as a result of any assignment that has become effective pursuant to Section 13.3(c) or (ii) otherwise from time to time pursuant to the terms hereof. As of the date of this Agreement, the
aggregate amount of the Term Lenders’ Term Loan Commitments is $125,000,000. After advancing the Term Loan, each reference to a Term Lender’s Term Loan Commitment shall refer to that Term Lender’s Pro Rata Share of the Term Loans.

 “Term Loans” means, with respect to a Lender, such Lender’s loan made pursuant to Section 2.1(b) (or any conversion
or continuation thereof). 
 “Total Loans” shall mean for the Borrower on a consolidated basis the line item “Loans” set
forth on the Borrower’s consolidated balance sheet delivered pursuant to Section 6.1(a) and Section 6.1(b) (and, for the avoidance of doubt, shall exclude loans held for sale). 

“Transferee” is defined in Section 13.3(e). 

“Type” means, with respect to any Advance, its nature as a Base Rate Advance or a Eurocurrency Advance and with respect to any Loan,
its nature as a Base Rate Loan or a Eurocurrency Loan. 
 “Undisclosed Administration” means in relation to a Lender the
appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender is subject to home
jurisdiction supervision if applicable law requires that such appointment is not to be publicly disclosed. 
 “U.S. Bank” means
U.S. Bank National Association, a national banking association, in its individual capacity, and its successors. 
 “Whitney Bank”
shall mean Whitney Bank (formerly known as Hancock Bank), a state bank chartered in the State of Mississippi and wholly-owned Subsidiary of the Borrower. 

The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms. For purposes of this
Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving Loan”). Advances also may be
classified and referred to by Class (e.g., a “Revolving Advance”) or by Type (e.g., a “Eurocurrency Advance”) or by Class and Type (e.g., a “Eurocurrency Revolving Advance”). Unless otherwise expressly provided

  
 20 

 
herein, all references herein to principal amounts, dollar amounts, amounts of Commitments, Advances or Loans, shall mean Dollars. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. In the computation of periods of time from a
specified date to a later specified date, the word “from” means “from and including” and the word “to” means “to but excluding”. Unless the context requires otherwise (i) any definition of or reference to
any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as it was originally executed or as it may from time to time be amended, restated, supplemented or otherwise modified
(subject to any restrictions on such amendments, supplements or modifications set forth herein), (ii) any reference herein to any Person shall be construed to include such Person’s successors and permitted assigns, (iii) the words
“hereof”, “herein” and “hereunder” and words of similar import shall be construed to refer to this Agreement as a whole and not to any particular provision hereof, (iv) all references to a specific time shall be
construed to refer to Central time, unless otherwise indicated; (v) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time and
(vi) any references to a particular line item in the Borrower’s consolidated financial statements (or Form 10-Q or 10-K) shall be construed to include any successor or replacement line item(s). 

ARTICLE II 
 THE
CREDITS 
 2.1. Commitment. From and including the date of this Agreement and prior to the Revolver Facility Termination
Date, each Lender severally agrees, on the terms and conditions set forth in this Agreement, to make: 
 (a) Revolving Loans to the Borrower
upon the request of the Borrower in accordance with the terms and conditions hereof, provided that, after giving effect to the making of each such Loan, (i) the amount of such Lender’s Revolving Exposure shall not exceed its
Revolving Commitment and (ii) the aggregate Revolving Exposures shall not exceed the aggregate Revolving Commitments; and 
 (b) a Term
Loan to the Borrower on the Effective Date, in an amount equal to such Lender’s Term Loan Commitment by making immediately available funds available to the Administrative Agent’s designated account, not later than the time specified by the
Administrative Agent. 
 All Loans shall be made in Dollars. Subject to the terms of this Agreement, the Borrower may borrow, repay and reborrow the
Revolving Loans at any time prior to the Revolver Facility Termination Date. Amounts repaid in respect of Term Loans may not be reborrowed. Unless previously terminated, (i) the Term Loan Commitments shall terminate at 1:00 p.m. on the
Effective Date and (ii) the Revolving Commitments (if any) shall terminate on the Revolver Facility Termination Date. 
 2.2.
[reserved]. 

  
 21 

 2.3. Ratable Loans; Types of Advances. Each Revolving Advance hereunder shall consist of
Revolving Loans made from the several Revolving Lenders ratably according to their Pro Rata Shares. The Revolving Advances may be Base Rate Advances or Eurocurrency Advances, or a combination thereof, selected by the Borrower in accordance with
Sections 2.8 and 2.9. Each Term Loan Advance hereunder shall consist of Term Loans made from the several Term Lenders ratably according to their Pro Rata Shares on the Effective Date. The Term Loan Advances may be Base Rate Advances or Eurocurrency
Advances. 
 2.4. [reserved]. 

2.5. Commitment Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Lender according to its Pro Rata
Share a commitment fee at a per annum rate equal to the Applicable Fee Rate on the average daily Available Aggregate Revolving Commitment (if any) from the date hereof to and including the Revolver Facility Termination Date, payable in arrears on
each Payment Date hereafter and on the Revolver Facility Termination Date. 
 2.6. Minimum Amount of Each Revolving Advance. Each
Eurocurrency Revolving Advance shall be in the minimum amount of $1,000,000, and each Base Rate Revolving Advance shall be in the minimum amount of $500,000, provided, however, that any Base Rate Revolving Advance may be in the amount of the
Available Aggregate Revolving Commitment. 
 2.7. Reductions in Revolving Commitments; Optional Principal Payments. The Borrower may
permanently reduce the aggregate Revolving Commitments in whole, or in part ratably among the Revolving Lenders in integral multiples of $1,000,000, upon at least five (5) Business Days’ prior written notice to the Administrative Agent by
10:00 a.m. in the form of Exhibit D-3 (a “Payment Notice”), which notice shall specify the amount of any such reduction, provided, however, that the amount of the aggregate Revolving Commitments may not be reduced below the
aggregate Revolving Exposure. All accrued commitment fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions hereunder. The Borrower may from time to time pay, without penalty or
premium, all outstanding Base Rate Advances, or, in a minimum aggregate amount of $100,000 (or the aggregate amount of the outstanding Loans at such time), any portion of the aggregate outstanding Base Rate Advances upon same day notice by 12:00
noon to the Administrative Agent. The Borrower may from time to time pay, subject to the payment of any funding indemnification amounts required by Section 3.4 but without penalty or premium, all outstanding Eurocurrency Advances, or, in a
minimum aggregate amount of $1,000,000 (or the aggregate amount of the outstanding Loans at such time), any portion of the aggregate outstanding Eurocurrency Advances upon at least two (2) Business Days’ prior written notice to the
Administrative Agent by 12:00 noon. All voluntary prepayments of Term Loans pursuant to this Section 2.7 shall be applied to scheduled principal installments of the Term Loans in inverse order of maturity. 

2.8. Method of Selecting Types and Interest Periods for New Revolving Advances. The Borrower shall select the Type of Advance and, in
the case of each Eurocurrency Advance, the Interest Period from time to time. For Revolving Loans, the Borrower shall give the Administrative Agent irrevocable notice in the form of Exhibit D-1 (a “Borrowing Notice”) not

  
 22 

 
later than 12:00 noon on the Borrowing Date of each Base Rate Revolving Advance, two (2) Business Days before the Borrowing Date for each Eurocurrency Revolving Advance, specifying: 

 

	 	(i)	the Borrowing Date, which shall be a Business Day, of such Advance, 

  

	 	(ii)	the aggregate amount of such Advance, 

  

	 	(iii)	the Type of Advance selected, and 

  

	 	(iv)	in the case of each Eurocurrency Advance, the Interest Period applicable thereto. 

 Not later than 2:00 p.m. on
each Borrowing Date, each Lender shall make available its Loan or Loans in funds immediately available to the Administrative Agent at its address specified pursuant to Article XIV. The Administrative Agent will make the funds so received from the
Lenders available to the Borrower at the Administrative Agent’s aforesaid address. 
 2.9. Conversion and Continuation of
Outstanding Advances; Maximum Number of Interest Periods. Base Rate Advances shall continue as Base Rate Advances unless and until such Base Rate Advances are converted into Eurocurrency Advances pursuant to this Section 2.9 or are repaid
in accordance with Section 2.7. Each Eurocurrency Advance shall continue as a Eurocurrency Advance until the end of the then applicable Interest Period therefor, at which time such Eurocurrency Advance shall be automatically converted into a
Base Rate Advance unless (x) such Eurocurrency Advance is or was repaid in accordance with Section 2.7 or (y) the Borrower shall have given the Administrative Agent a Conversion/Continuation Notice (as defined below) requesting that,
at the end of such Interest Period, such Eurocurrency Advance continue as a Eurocurrency Advance for the same or another Interest Period. Subject to the terms of Section 2.6, the Borrower may elect from time to time to convert all or any part
of a Base Rate Advance into a Eurocurrency Advance. The Borrower shall give the Administrative Agent irrevocable notice in the form of Exhibit D-2 (a “Conversion/Continuation Notice”) of each conversion of a Base Rate Advance into a
Eurocurrency Advance, conversion of a Eurocurrency Advance to a Base Rate Advance, or continuation of a Eurocurrency Advance not later than 12:00 noon at least two (2) Business Days prior to the date of the requested conversion or continuation,
specifying: 
  

	 	(i)	the requested date, which shall be a Business Day, of such conversion or continuation, 

  

	 	(ii)	the Type of the Advance which is to be converted or continued, and 

  

	 	(iii)	the amount of such Advance which is to be converted into or continued as a Eurocurrency Advance and the duration of the Interest Period applicable thereto. 

After giving effect to all Advances, all conversions of Advances from one Type to another and all continuations of Advances of the same Type, there shall be
no more than five (5) Interest Periods in effect hereunder. 

  
 23 

 Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or
roll over all or a portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the
Administrative Agent and such Lender. 
 2.10. Interest Rates. Each Base Rate Advance shall bear interest on the outstanding
principal amount thereof, for each day from and including the date such Advance is made or is automatically converted from a Eurocurrency Advance into a Base Rate Advance pursuant to Section 2.9, to but excluding the date it becomes due or is
converted into a Eurocurrency Advance pursuant to Section 2.9 hereof, at a rate per annum equal to the Base Rate for such day; provided, that if a Base Rate Advance is due as a result of an Event of Default or is otherwise outstanding
during the continuance of an Event of Default, the Base Rate shall continue to apply thereto plus such other amounts as required under Section 2.11. Changes in the rate of interest on that portion of any Advance maintained as a Base Rate
Advance will take effect simultaneously with each change in the Alternate Base Rate. Each Eurocurrency Advance shall bear interest on the outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto
to (but not including) the last day of such Interest Period at the interest rate determined by the Administrative Agent as applicable to such Eurocurrency Advance based upon the Borrower’s selections under Sections 2.8 and 2.9 and the Pricing
Schedule. No Interest Period may end after the Term Facility Termination Date. 
 2.11. Rates Applicable After Event of Default.
Notwithstanding anything to the contrary contained in Sections 2.8, 2.9 or 2.10, during the continuance of a Default or Event of Default the Required Lenders may, at their option, by notice from the Administrative Agent to the Borrower (which notice
may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.3 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued as a
Eurocurrency Advance. During the continuance of an Event of Default the Required Lenders may, at their option, by notice from the Administrative Agent to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding
any provision of Section 9.3 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise
applicable to such Interest Period plus 2.00% per annum, and (ii) each Base Rate Advance shall bear interest at a rate per annum equal to the Base Rate in effect from time to time plus 2.00% per annum, provided
that, during the continuance of an Event of Default under Sections 8.1, 8.7 or 8.8, the interest rates set forth in clauses (i) and (ii) above shall be applicable automatically to all Credit Extensions without any election or action on the
part of the Administrative Agent or any Lender. After an Event of Default has been waived, the interest rate applicable to advances shall revert to the rates applicable prior to the occurrence of an Event of Default. 

2.12. Method of Payment; Repayment of Loans. 

(a) Each Advance shall be repaid and each payment of interest thereon shall be paid in Dollars. All payments of the Obligations under this
Agreement and the other Loan Documents shall be made, without setoff, deduction, or counterclaim, in immediately available 

  
 24 

 
funds to the Administrative Agent at the Administrative Agent’s address specified pursuant to Article XIV, or at any other Lending Installation of the Administrative Agent specified in
writing by the Administrative Agent to the Borrower, by 12:00 noon on the date when due and shall (except as otherwise specifically required hereunder) be applied ratably by the Administrative Agent among the Lenders. Each payment delivered to the
Administrative Agent for the account of any Lender shall be delivered promptly by the Administrative Agent to such Lender in the same type of funds that the Administrative Agent received at its address specified pursuant to Article XIV or at any
Lending Installation specified in a notice received by the Administrative Agent from such Lender. The Administrative Agent is hereby authorized to charge the account of the Borrower maintained with U.S. Bank for each payment of principal, interest
and fees as it becomes due hereunder. 
 (b) To the extent not previously paid, all unpaid Revolving Loans shall be paid in full in cash by
the Borrower on the Term Facility Termination Date. 
 (c) The Borrower hereby unconditionally promises to pay to the Administrative Agent
for the account of each Lender holding Term Loans, on the last Business Day of each March, June, September and December commencing on March 31, 2016, a principal amount equal to $4,475,000 for each such quarterly installment through and
including September 30, 2018. To the extent not previously paid, all unpaid Term Loans shall be paid in full in cash by the Borrower on the Term Facility Termination Date. 

2.13. Noteless Agreement; Evidence of Indebtedness. (a) Each Lender shall maintain in accordance with its usual practice an
account or accounts evidencing the Indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time
hereunder. 
 (b) The Administrative Agent shall also maintain accounts in which it will record (i) the amount of each Loan made
hereunder, the Type thereof and the Interest Period with respect thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder, and (iii) the amount of any sum
received by the Administrative Agent hereunder from the Borrower and each Lender’s share thereof. 
 (c) The entries maintained in the
accounts maintained pursuant to paragraphs (a) and (b) above shall be prima facie evidence of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of the Administrative Agent or
any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Obligations in accordance with their terms; provided, further, that, to the extent of any conflict
between the accounts maintained by the Administrative Agent, on the one hand, and a Lender, on the other hand, the accounts of the Administrative Agent shall control absent manifest error. 

(d) Any Lender may request that its Loans be evidenced by a promissory note representing its Revolving Loans and Term Loans, respectively,
substantially in the form of Exhibit E-1 or E-2, as applicable (each a “Note”). In such event, the Borrower shall prepare, 

  
 25 

 
execute and deliver to such requesting Lender such Note or Notes payable to the order of such Lender in a form supplied by the Administrative Agent. Thereafter, the Loans evidenced by such Note
or Notes and interest thereon shall at all times (prior to any assignment pursuant to Section 13.3) be represented by one or more Notes payable to the order of the payee named therein, except to the extent that any such Lender subsequently
returns any such Note for cancellation and requests that such Loans once again be evidenced as described in clauses (b) (i) and (ii) above. 

2.14. Telephonic Notices. The Borrower hereby authorizes the Lenders and the Administrative Agent to extend, convert or continue
Advances, effect selections of Types of Advances and to transfer funds based on telephonic notices made by any Person or Persons the Administrative Agent or any Lender in good faith believes to be acting on behalf of the Borrower, it being
understood that the foregoing authorization is specifically intended to allow Borrowing Notices and Conversion/Continuation Notices to be given telephonically. The Borrower agrees to deliver promptly to the Administrative Agent a written
confirmation (which may include e-mail) of each telephonic notice authenticated by an Authorized Officer. If the written confirmation differs in any material respect from the action taken by the Administrative
Agent and the Lenders, the records of the Administrative Agent and the Lenders shall govern absent manifest error. The parties agree to prepare appropriate documentation to correct any such error within ten (10) days after discovery by any
party to this Agreement. 
 2.15. Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Rate Advance shall be
payable on each Payment Date, commencing with the first such Payment Date to occur after the date hereof and at maturity. Interest accrued on each Eurocurrency Advance shall be payable on the last day of its applicable Interest Period, on any date
on which the Eurocurrency Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each Eurocurrency Advance having an Interest Period longer than three (3) months shall also be payable on the last day of
each three-month interval during such Interest Period. Interest accrued pursuant to Section 2.11 shall be payable on demand. Interest on all Advances and fees shall be calculated for actual days elapsed on the basis of a 360-day year, except
that interest computed by reference to the Alternate Base Rate shall be calculated for actual days elapsed on the basis of a 365/366-day year. Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount
paid if payment is received prior to 12:00 noon at the place of payment. If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day;
provided, however, if the next succeeding Business Day falls in the next calendar month, such payment shall be made on the immediately preceding Business Day. 

2.16. Notification of Advances, Interest Rates, Prepayments and Commitment Reductions. Promptly after receipt thereof, the
Administrative Agent will notify each Lender of the contents of each Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. The Administrative Agent will notify each Lender of
the interest rate applicable to each Eurocurrency Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate. 

  
 26 

 2.17. Lending Installations. Each Lender may book its Advances at any Lending Installation
selected by such Lender and may change its Lending Installation from time to time. All terms of this Agreement shall apply to any such Lending Installation and the Loans, and any Notes issued hereunder shall be deemed held by each Lender for the
benefit of any such Lending Installation. Each Lender may, by written notice to the Administrative Agent and the Borrower in accordance with Article XIV, designate replacement or additional Lending Installations through which Loans will be made by
it and for whose account Loan payments are to be made. 
 2.18. Non-Receipt of Funds by the Administrative Agent. Unless the Borrower
or a Lender, as the case may be, notifies the Administrative Agent prior to the date on which it is scheduled to make payment to the Administrative Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii) in the case of the
Borrower, a payment of principal, interest or fees to the Administrative Agent for the account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has been made. The Administrative
Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or the Borrower, as the case may be, has not in fact made such payment to the
Administrative Agent, the recipient of such payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together with interest thereon in respect of each day during the period commencing on
the date such amount was so made available by the Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (x) in the case of payment by a Lender, the Federal Funds Effective Rate for such
day for the first three (3) days and, thereafter, the interest rate applicable to the relevant Loan or (y) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan. 

2.19. [reserved]. 
 2.20.
Replacement of Lender. If the Borrower is required pursuant to Sections 3.1, 3.2 or 3.5 to make any additional payment to any Lender or if any Lender’s obligation to make or continue, or to convert Base Rate Advances into Eurocurrency
Advances shall be suspended pursuant to Section 3.3 or if any Lender defaults in its obligation to make a Loan, or declines to approve an amendment or waiver that is approved by the Required Lenders or otherwise becomes a Defaulting Lender (any
Lender so affected an “Affected Lender”), the Borrower may elect, if such amounts continue to be charged or such suspension is still effective, to replace such Affected Lender as a Lender party to this Agreement, provided that no
Default or Event of Default shall have occurred and be continuing at the time of such replacement, and provided further that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the
Borrower and the Administrative Agent and, to the Borrower’s and the Administrative Agent’s reasonable satisfaction, which other bank or entity does not suffer from and is not impacted by the issue or event causing the replacement of the
Affected Lender, shall agree, as of such date, to purchase for cash at par the Advances and other Obligations due to the Affected Lender under this Agreement and the other Loan Documents pursuant to an assignment substantially in the form of Exhibit
C and to become a Lender for all purposes under this Agreement and to assume all obligations of the Affected Lender to be terminated as of such date and to comply with the requirements of Section 13.3 applicable to assignments, and
(ii) the Borrower shall pay (without duplication of any such same amounts paid pursuant to clause (i) 

  
 27 

 
above) to such Affected Lender in same day funds on the day of such replacement all interest, fees and other amounts then accrued but unpaid to such Affected Lender by the Borrower hereunder to
and including the date of termination, including without limitation payments due to such Affected Lender under Sections 3.1, 3.2, 3.4 and 3.5. 

2.21. Limitation of Interest. The Borrower, the Administrative Agent and the Lenders intend to strictly comply with all applicable
laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this
Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the term “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under
applicable law, provided that, to the maximum extent permitted by applicable law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money
and not as interest, and (b) all interest at any time contracted for, reserved, charged or received shall be amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall the Borrower or any
other Person be obligated to pay, or any Lender have any right or privilege to reserve, receive or retain, (a) any interest in excess of the maximum amount of nonusurious interest permitted under the applicable laws (if any) of the United
States or of any applicable state, or (b) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement
at the Highest Lawful Rate. On each day, if any, that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the rate at which interest shall accrue shall
automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the total amount of interest
which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions of the
immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful
Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever
be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of the Highest Lawful Rate. If the term of any Loan or any other
Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if for that
(or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any
such excess interest shall be canceled automatically as of the date of such acceleration, prepayment or other event which produces the excess, and, if such excess interest has been paid to such Lender, it shall be credited pro tanto against
the then-outstanding principal balance of the Borrower’s Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been
fully paid and satisfied, whichever occurs first, and any remaining balance of such excess shall be promptly refunded to its payor. 

  
 28 

 2.22. Defaulting Lenders. 

(a) Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a
Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 
  

	 	(i)	Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required
Lenders. 

  

	 	(ii)	 Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of
such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 12.1 shall be applied at such time or times as may
be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request (so long as no Default or Event of
Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the
Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement; fourth, to the
payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement; fifth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender
as a result of such Defaulting Lender’s breach of its obligations under this Agreement; sixth, if so determined by the Administrative Agent, distributed to the Lenders other than the Defaulting Lender until the ratio of the Revolving
Exposures of such Lenders to the Revolving Exposures of all Revolving Lenders equals such ratio immediately prior to the Defaulting Lender’s failure to fund any portion of any Loans; and seventh, to such Defaulting Lender or as otherwise
directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such
Loans were made at a time when the conditions set forth in Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the Credit Extensions of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the
payment of any Credit Extensions of such Defaulting Lender until such time as all Loans are held by the Lenders pro rata in accordance with the Commitments without 

  
 29 

	 	
giving effect to this Section 2.22(a)(ii). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting
Lender shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

  

	 	(iii)	Certain Fees. No Defaulting Lender shall be entitled to receive any commitment fee for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that
otherwise would have been required to have been paid to that Defaulting Lender). 

 (b) Defaulting Lender Cure. If the
Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any
conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans
to be held pro rata by the Lenders in accordance with the Commitments (without giving effect to this Section 2.22(a)(ii)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made
retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties,
no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

ARTICLE III 
 YIELD
PROTECTION; TAXES 
 3.1. Yield Protection. If, on or after the date of this Agreement, there occurs any Change in Law which:

 (a) subjects any Lender or any applicable Lending Installation, or the Administrative Agent to any Taxes (other than with
respect to Indemnified Taxes, Excluded Taxes, and Other Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, or 

(b) imposes or increases or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement
against assets of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending Installation (other than reserves and assessments taken into account in determining the interest rate applicable to Eurocurrency
Advances), or 
 (c) imposes any other condition (other than Taxes) the result of which is to increase the cost to any Lender
or any applicable Lending Installation of making, funding or maintaining its Eurocurrency Loans, or reduces any amount receivable by any Lender or any applicable Lending Installation in connection with its Eurocurrency Loans, or

  
 30 

 
requires any Lender or any applicable Lending Installation to make any payment calculated by reference to the amount of Eurocurrency Loans, or interest received by it, by an amount deemed
material by such Lender, 
 and the result of any of the foregoing is to increase the cost to such Person of making or maintaining its Loans or Commitment
or to reduce the amount received by such Person in connection with such Loans or Commitment, then, within fifteen (15) days after demand by such Person, the Borrower shall pay such Person, as the case may be, such additional amount or amounts
as will compensate such Person for such increased cost or reduction in amount received. Failure or delay on the part of any such Person to demand compensation pursuant to this Section 3.1 shall not constitute a waiver of such Person’s
right to demand such compensation; provided that the Borrower shall not be required to compensate a Person pursuant to this Section 3.1 for any increased costs or reductions suffered more than 270 days prior to the date that such Person
notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Person’s intention to claim compensation therefor; provided further, that if the Change in Law giving rise to such increased costs
or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof. 

3.2. Changes in Capital Adequacy Regulations. If a Lender determines that the amount of capital or liquidity required or expected to be
maintained by such Lender or any Lending Installation of such Lender, or any corporation or holding company controlling such Lender is increased as a result of (i) a Change in Law or (ii) any change on or after the date of this Agreement
in the Risk-Based Capital Guidelines, then, within fifteen (15) days after demand by such Lender, the Borrower shall pay such Lender the amount necessary to compensate for any shortfall in the rate of return on the portion of such increased
capital or liquidity which such Lender determines is attributable to this Agreement, its Outstanding Credit Exposure or its Commitment to make Loans, as the case may be, hereunder (after taking into account such Lender’s policies as to capital
adequacy or liquidity), in each case that is attributable to such Change in Law or change in the Risk-Based Capital Guidelines, as applicable. Failure or delay on the part of such Lender to demand compensation pursuant to this Section 3.2 shall
not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate any Lender pursuant to this Section 3.2 for any shortfall suffered more than 270 days prior
to the date that such Lender notifies the Borrower of the Change in Law or change in the Risk-Based Capital Guidelines giving rise to such shortfall and of such Lender’s intention to claim compensation therefor; provided further, that if
the Change in Law or change in Risk-Based Capital Guidelines giving rise to such shortfall is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive
effect thereof 
 3.3. Availability of Types of Advances; Adequacy of Interest Rate. If the Administrative Agent or the Required
Lenders determine that deposits of a type and maturity appropriate to match fund Eurocurrency Advances are not available to such Lenders in the relevant market or the Administrative Agent, in consultation with the Lenders, determines that the
interest rate applicable to Eurocurrency Advances is not ascertainable or does not adequately and fairly reflect the cost of making or maintaining Eurocurrency Advances, then the Administrative Agent shall suspend the availability of Eurocurrency
Advances and require any affected Eurocurrency Advances to be repaid or converted to Base Rate Advances, subject to the payment of any funding indemnification amounts required by Section 3.4. 

  
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 3.4. Funding Indemnification. If (a) any payment of a Eurocurrency Advance occurs on
a date which is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, (b) a Eurocurrency Advance is not made on the date specified by the Borrower for any reason other than default by the
Lenders, (c) a Eurocurrency Loan is converted other than on the last day of the Interest Period applicable thereto, (d) the Borrower fails to borrow, convert, continue or prepay any Eurocurrency Loan on the date specified in any notice
delivered pursuant hereto, or (e) any Eurocurrency Loan is assigned other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.20, the Borrower will indemnify each
Lender for such Lender’s costs, expenses and Interest Differential (as determined by such Lender) incurred as a result of such prepayment. The term “Interest Differential” shall mean that sum equal to the greater of zero or the
financial loss incurred by the Lender resulting from prepayment, calculated as the difference between the amount of interest such Lender would have earned (from the investments in money markets as of the Borrowing Date of such Advance) had
prepayment not occurred and the interest such Lender will actually earn (from like investments in money markets as of the date of prepayment) as a result of the redeployment of funds from the prepayment. Because of the short-term nature of this
facility, Borrower agrees that Interest Differential shall not be discounted to its present value. 
 The Borrower hereby acknowledges that the Borrower
shall be required to pay Interest Differential with respect to any portion of the principal balance paid or that becomes due before its scheduled due date, whether voluntarily, involuntarily, or otherwise, including, without limitation, any
principal payment made following default, demand for payment, acceleration, collection proceedings, foreclosure, sale or other disposition of collateral, bankruptcy or other insolvency proceedings, eminent domain, condemnation or otherwise. Such
prepayment fee shall at all times be an Obligation as well as an undertaking by the Borrower to the Lenders whether arising out of a voluntary or mandatory prepayment. 

3.5. Taxes. 
 (a) Any and
all payments by or on account of any obligation of the Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law requires the deduction or withholding
of any Tax from any such payment, then the Borrower shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if
such Tax is an Indemnified Tax or Other Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums
payable under this Section 3.5) the applicable Lender, or the Administrative Agent receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

  
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 (b) The Borrower shall timely pay to the relevant Governmental Authority in accordance with
applicable law or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 
 (c) The Borrower
shall indemnify the Lender and/or the Administrative Agent within fifteen (15) days after demand therefor, for the full amount of any Indemnified Taxes and Other Taxes (including Indemnified Taxes and Other Taxes imposed or asserted on or
attributable to amounts payable under this Section 3.5) payable or paid by such Lender, or the Administrative Agent or required to be withheld or deducted from a payment to such Lender, or the Administrative Agent and any reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes and Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability
delivered to the Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(d) Each Lender shall severally indemnify the Administrative Agent, within fifteen (15) days after demand therefor, for (i) any
Indemnified Taxes and Other Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and Other Taxes and without limiting the obligation of the
Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 13.2(c) relating to the maintenance of a Participant Register, and (iii) any Excluded Taxes attributable to such
Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the
Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative
Agent under this paragraph (d). 
 (e) As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority
pursuant to this Section 3.5, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or
other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (f) (i) Any Lender that is entitled to an exemption
from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such
properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably
requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to
determine 

  
 33 

 
whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in Section 3.5(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or
submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing, 

(A) any Lender that is a United States Person for U.S. federal income Tax purposes shall deliver to the Borrower and the Administrative Agent
on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such
Lender is exempt from U.S. federal backup withholding Tax; 
 (B) any Non-U.S. Lender shall, to the extent it is legally entitled to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this Agreement (and from time to time thereafter upon
the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
 (1) in the
case of a Non-U.S. Lender claiming the benefits of an income Tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such Tax treaty and (y) with respect to any other applicable
payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or
“other income” article of such Tax treaty; 
 (2) executed copies of IRS Form W-8ECI; 

(3) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code, (x) a certificate to the effect that such Non-U.S. Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of
Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (y) executed copies of IRS Form W-8BEN or IRS Form
W-8BEN-E; or 
 (4) to the extent a Non-U.S. Lender is not the beneficial owner, executed copies of IRS Form W-8IMY,
accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY or IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable. 

  
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 (C) any Non-U.S. Lender shall, to the extent it is legally entitled to do so, deliver to the
Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time
or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied
with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this
Agreement. 
 (iii) Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate
in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(g) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has
been indemnified pursuant to this Section 3.5 (including by the payment of additional amounts pursuant to this Section 3.5), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section 3.5 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or
other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will
the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have
been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating
to its Taxes that it deems confidential) to the indemnifying party or any other Person. 
 (h) Each party’s obligations under this
Section 3.5 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all
obligations under any Loan Document. 

  
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 3.6. Selection of Lending Installation; Mitigation Obligations; Lender Statements; Survival of
Indemnity. To the extent reasonably possible, each Lender shall designate an alternate Lending Installation with respect to its Eurocurrency Loans to reduce any liability of the Borrower to such Lender under Sections 3.1, 3.2 and 3.5 or to avoid
the unavailability of Eurocurrency Advances under Section 3.3, so long as such designation is not, in the judgment of such Lender, disadvantageous to such Lender. Each Lender shall deliver a written statement of such Lender to the Borrower
(with a copy to the Administrative Agent) as to the amount due, if any, under Section 3.1, 3.2, 3.4 or 3.5. Such written statement shall set forth in reasonable detail the calculations upon which such Lender determined such amount and shall be
final, conclusive and binding on the Borrower in the absence of manifest error. Determination of amounts payable under such Sections in connection with a Eurocurrency Loan shall be calculated as though each Lender funded its Eurocurrency Loan
through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the Eurocurrency Rate applicable to such Loan, whether in fact that is the case or not. Unless otherwise provided herein, the
amount specified in the written statement of any Lender shall be payable on demand after receipt by the Borrower of such written statement. The obligations of the Borrower under Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of the Obligations
and termination of this Agreement. 
 ARTICLE IV 

CONDITIONS PRECEDENT 

4.1. Initial Credit Extension. The Lenders shall not be required to make the initial Credit Extension hereunder unless each of the
following conditions is satisfied: 
 (a) The Administrative Agent shall have received executed counterparts of this Agreement. 

(b) The Administrative Agent shall have received a certificate, signed by the chief financial officer of the Borrower, stating that on the
date of the initial Credit Extension (1) no Default or Event of Default has occurred and is continuing and (2) the representations and warranties contained in Article V are (w) with respect to any representations or warranties
that contain a materiality qualifier, true and correct in all respects as of such date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have
been true and correct in all respects on and as of such earlier date, (x) with respect to any representations or warranties that do not contain a materiality qualifier, true and correct in all material respects as of such date, except to the
extent any such representation or warranty is stated to relate solely to an earlier date, in which case such 

  
 36 

 
representation or warranty shall have been true and correct in all material respects on and as of such earlier date (y) since December 31, 2014, there shall have been no change, event
or other circumstance which has had or could reasonably be expected to have a Material Adverse Effect and (z) no consents, approvals, authorizations, registrations, filings or orders of the type described in clause (j) below are required
to be made or obtained in connection with the execution, delivery, performance, validity and enforceability of the Loan Documents or any transaction contemplated thereby. 

(c) The Administrative Agent shall have received a written opinion of the Borrower’s counsel, in form and substance acceptable to the
Administrative Agent, addressed to the Lenders, substantially covering the opinions set forth in Exhibit A and such other opinions reasonably required by the Administrative Agent. The Borrower’s counsel shall be reasonably acceptable to the
Administrative Agent. 
 (d) The Administrative Agent shall have received any Notes requested by a Lender pursuant to Section 2.13
payable to the order of each such requesting Lender. 
 (e) The Administrative Agent shall have received such documents and certificates
relating to the organization, existence and good standing of the Borrower, the authorization of the transactions contemplated hereby and any other legal matters relating to the Borrower, the Loan Documents or the transactions contemplated hereby,
all in form and substance satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as Exhibit F. 

(f) The Administrative Agent shall have received certificates of good standing or existence with respect to each material Subsidiary of the
Borrower (which shall include, in any event, each Financial Institution Subsidiary), as may be available from the Secretary of State of the jurisdiction of incorporation of each such Subsidiary and each other jurisdiction where such Subsidiary is
required to be qualified to do business as a foreign corporation. 
 (g) The Administrative Agent shall have received evidence satisfactory
to it of the repayment in full of all amounts owing under that certain Term Loan Agreement, dated as of December 21, 2012, among the Borrower, the lenders from time to time party thereto and SunTrust Bank, as administrative agent thereunder.

 (h) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including,
to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. 

(i) Since December 31, 2014, there shall have been no change, event or other circumstance which has had or could reasonably be expected
to have a Material Adverse Effect. 
 (j) The Administrative Agent shall have received certified copies of all consents, approvals,
authorizations, registrations and filings and orders required to be made or obtained under any applicable laws, or by any Contractual Obligation of the Borrower, in connection with the execution, delivery, performance, validity and enforceability of
the Loan 

  
 37 

 
Documents or any of the transactions contemplated hereby or thereby, and such consents, approvals, authorizations, registrations, filings and orders shall be in full force and effect and all
applicable waiting periods shall have expired, and no investigation or inquiry by any Governmental Authority regarding the Commitments or any transaction being financed with the proceeds thereof shall be ongoing. 

(k) No action, suit, investigation or proceeding is pending or, to the knowledge of the Borrower, threatened in any court or before any
arbitrator or Governmental Authority that would reasonably be expected to result in a Material Adverse Effect or which seeks to prevent, enjoin or delay the making of any Credit Extensions. 

(l) The Administrative Agent shall have received: (i) pro forma financial statements giving effect to the initial Credit Extensions
contemplated hereby, which demonstrate, in the Administrative Agent’s reasonable judgment, together with all other information then available to the Administrative Agent, that the Borrower can repay its debts and satisfy its other obligations
as and when they become due, and can comply with the financial covenants set forth in Section 7.12, (ii) such information as the Administrative Agent may reasonably request to confirm the tax, legal, and business assumptions made in such
pro forma financial statements, (iii) unaudited consolidated financial statements of the Borrower and its Subsidiaries for the fiscal quarter ended September 30, 2015 and (iv) audited consolidated financial statements of the
Borrower and its Subsidiaries for the fiscal years ended 2014, 2013 and 2012. 
 (m) The Administrative Agent shall have received evidence
of current insurance coverage in form, scope and substance reasonably satisfactory to the Administrative Agent and otherwise in compliance with the terms herein. 

(n) The Administrative Agent shall have received the results of a recent UCC, tax, judgment and lien searches in respect of the Borrower, and
such searches shall reveal no Liens of record other than Liens expressly permitted pursuant to Section 7.2. 
 (o) The Administrative
Agent shall have received such other documents, agreements and instruments as the Administrative Agent on behalf of the Lenders may reasonably request. 

4.2. Each Credit Extension. The Lenders shall not be required to make any Credit Extension unless on the applicable Borrowing Date:

 (a) There exists no Default or Event of Default, nor would a Default or Event of Default result from such Credit Extension. 

(b) The representations and warranties contained in Article V are (x) with respect to any representations or warranties that contain a
materiality qualifier, true and correct in all respects as of such Borrowing Date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been
true and correct in all respects on and as of such earlier date and (y) with respect to any representations or warranties that do not contain a materiality qualifier, true and correct in all material respects as of such Borrowing Date, except
to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date. 

  
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 Each Borrowing Notice with respect to such Credit Extension shall constitute a representation and
warranty by the Borrower that the conditions contained in Sections 4.2(a) and (b) have been satisfied. 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Administrative Agent and the Lenders as follows: 

5.1. Existence; Power. Each of the Borrower and its Subsidiaries (i) is duly organized and validly existing as a corporation, bank
or other entity, as the case may be, under the laws of the jurisdiction of its organization, (ii) has all requisite power and authority to carry on its business as now conducted, and (iii) is duly qualified to do business, and is in good
standing, in each jurisdiction where such qualification is required, except where a failure to be so qualified could not reasonably be expected to result in a Material Adverse Effect. 

5.2. Organizational Power; Authorization. The Borrowing, and the execution, delivery and performance by the Borrower of each of the
Loan Documents are within the Borrower’s corporate powers and have been duly authorized by all necessary corporate, and if required, stockholder, action. This Agreement has been duly executed and delivered by the Borrower and constitutes, and
each other Loan Document when executed and delivered by the Borrower will constitute, valid and binding obligations of the Borrower, enforceable against it in accordance with their respective terms, except as may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity. 

5.3. Governmental Approvals; No Conflicts. The execution, delivery and performance by the Borrower of this Agreement and the other Loan
Documents (a) do not require any consent or approval of, registration or filing with, or any action by, any Governmental Authority, except those as have been obtained or made and are in full force and effect, (b) will not violate any
applicable law or regulation or the articles of incorporation or by-laws of the Borrower or any order of any Governmental Authority binding upon Borrower, (c) will not violate or result in a default under any indenture, material agreement or
other material instrument binding on the Borrower or any of its Subsidiaries or any of their respective assets or give rise to a right thereunder to require any payment to be made by the Borrower or any such Subsidiary and (d) will not result
in the creation or imposition of any Lien on any asset of the Borrower or any Subsidiary. All necessary regulatory approvals have been obtained for the Borrower and its Subsidiaries to conduct their respective businesses 

5.4. Financial Statements. The Borrower has furnished to the Administrative Agent and the Lenders (i) the audited consolidated
balance sheet of the Borrower and its Subsidiaries as of December 31, 2014 and the related consolidated statements of income, shareholders’ equity 

  
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and cash flows for the fiscal year then ended prepared by PricewaterhouseCoopers LLP and (ii) the unaudited consolidated balance sheet of the Borrower and its Subsidiaries as of
September 30, 2015, and the related unaudited consolidated statements of income and cash flows for the Fiscal Quarter and year-to-date period then ending, certified by a Responsible Officer, subject to year-end audit adjustments and the absence
of footnotes. Such financial statements fairly present, in all material respects, the consolidated financial position of the Borrower and its Subsidiaries as of such date and the consolidated results of operations and cash flows for such period in
conformity with GAAP consistently applied. Since December 31, 2014, there have been no changes with respect to the Borrower and its Subsidiaries which have had or could reasonably be expected to have, singly or in the aggregate, a Material
Adverse Effect. In addition, the Borrower has provided to the Lenders copies of the Call Reports filed by its Financial Institution Subsidiaries for the period ending September 30, 2015, and copies of the FRY-9LP Report and the FRY-9C Report
filed by the Borrower for the period ending September 30, 2015. Each of such reports filed by the Borrower or the Financial Institution Subsidiaries with any Governmental Authority is true and correct and is in accordance with the respective
books of account and records of the Borrower and the Financial Institution Subsidiaries, and has been prepared in accordance with applicable banking regulations, rules and guidelines on a basis consistent with prior periods, and fairly and
accurately presents, in all material respects, the financial condition of the Borrower and the Financial Institution Subsidiaries and their respective assets and liabilities and the results of their respective operations as of such date. 

5.5. Litigation Matters and Enforcement Actions. No litigation, investigation or proceeding of or before any arbitrators or
Governmental Authorities is pending against, or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination that could
reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect or (ii) which in any manner draws into question the validity or enforceability of this Agreement or any other Loan Document. None of the
Borrower, or any of the Financial Institution Subsidiaries, or any of their respective officers or directors, is now operating under any currently effective written restrictions agreed to by the Borrower or any of the Financial Institution
Subsidiaries, or agreements, memoranda, or written commitments by the Borrower or any of the Financial Institution Subsidiaries (other than restrictions of general application) imposed or required by any Governmental Authority nor are any such
restrictions threatened or agreements, memoranda or commitments being sought by any Governmental Authority. 
 5.6. Compliance with Laws
and Agreements. The Borrower and each Subsidiary is in compliance with all applicable laws (including without limitation all Environmental Laws and all federal and state banking statutes) and all rules, regulations (including without limitation
all applicable federal and state banking regulations) and orders of any Governmental Authority, except where failure to do so could not reasonably be expected to result in a Material Adverse Effect. Neither the Borrower nor any of the Financial
Institution Subsidiaries is in material default in the performance, observance or fulfillment of any of the terms, obligations, covenants, conditions or provisions contained in any indenture or other agreement creating, evidencing or securing
indebtedness of any kind or pursuant to which any such indebtedness is issued, or other agreement or instrument to which the Borrower or any Financial Institution Subsidiary is a party or by which the Borrower or any such Financial Institution
Subsidiary or any of their respective properties may be bound or affected. 

  
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 5.7. Investment Company Act. Neither the Borrower nor any of its Subsidiaries is an
“investment company”, as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. 
 5.8.
Taxes. The Borrower and its Subsidiaries have timely filed or caused to be filed all Federal income tax returns and all other material tax returns that are required to be filed by them, and have paid all taxes shown to be due and payable on
such returns or on any assessments made against it or its Property and all other taxes, fees or other charges imposed on it or any of its Property by any Governmental Authority, except (i) to the extent the failure to do so would not have a
Material Adverse Effect or (ii) where the same are currently being contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as the case may be, has set aside on its books adequate reserves. 

5.9. Margin Regulation. None of the proceeds of any Credit Extension will be used for “purchasing” or “carrying”
any “margin stock” with the respective meanings of each of such terms under Regulation U as now and from time to time hereafter in effect or for any purpose that violates the provisions of Regulation U. 

5.10. ERISA. 
 (a) No
ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The
“benefit obligations” of all Plans did not, as of December 31, 2014, exceed the “fair market value of the assets” of such Plans by more than $5,000,000. No event has occurred since December 31, 2014 that would cause the
“benefit obligations” of all Plans to exceed the “fair market value of the assets” of such Plans by the dollar amount specified in the previous sentence. The terms “benefit obligations” and “fair market value of
assets” shall be determined by and with such terms defined in accordance with Statement of Financial Accounting Standards No. 158 or Accounting Standards Codification 715. 

(b) Each Employee Benefit Plan is in compliance in all material respects with the applicable provisions ERISA, the Code and other applicable
law. Except with respect to Multiemployer Plans, each Qualified Plan (I) has received a favorable determination from the IRS applicable to the Qualified Plan’s current remedial amendment cycle (as described in Revenue Procedure 2007-44 or
“2007-44” for short), (II) has timely filed for a favorable determination letter from the IRS during its staggered remedial amendment cycle (as defined in 2007-44) and such application is currently being processed by the IRS, or (III) is
maintained under a prototype or volume submitter plan and may rely upon a favorable opinion or letter issued by the IRS with respect to such prototype or volume submitter plan. No event has occurred which would cause the loss of the Borrower’s
or any ERISA Affiliate’s reliance on the Qualified Plan’s favorable determination letter or opinion or advisory letter. 

  
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 (c) With respect to any Employee Benefit Plan that is a retiree welfare benefit arrangement, all
amounts have been accrued on the Borrower’s financial statements in accordance with Statement of Financial Accounting Standards No. 106 or Accounting Standards Codification 715. 

(d) Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) there are no
pending or to the best of the Borrower’s knowledge, threatened claims, actions or lawsuits or action by any Governmental Authority, participant or beneficiary with respect to an Employee Benefit Plan; (ii) there are no violations of the
fiduciary responsibility rules with respect to any Employee Benefit Plan; and (iii) neither the Borrower nor ERISA Affiliate has engaged in a non-exempt “prohibited transaction,” as defined in Section 406 of ERISA and
Section 4975 of the Code, in connection with any Employee Benefit Plan, that would subject the Borrower to a tax on prohibited transactions imposed by Section 502(i) of ERISA or Section 4975 of the Code. 

5.11. Disclosure. The Borrower has disclosed to the Administrative Agent and the Lenders all agreements, instruments, and corporate or
other restrictions to which the Borrower or any of its Subsidiaries is subject, and all other matters known to any of them, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the
reports (including without limitation all reports that the Borrower is required to file with the Securities and Exchange Commission), financial statements, certificates or other information furnished by or on behalf of the Borrower to the
Administrative Agent and the Lenders in connection with this Agreement or any other Loan Document or delivered hereunder or thereunder (as modified or supplemented by any other information so furnished) contains any material misstatement of fact or
omits to state any material fact necessary to make the statements therein, taken as a whole, in light of the circumstances under which they were made, not misleading. 

5.12. Subsidiaries. Schedule 5.12 sets forth the name of, the ownership interest of the Borrower in, and the jurisdiction of
incorporation of Financial Institution Subsidiary and each other Subsidiary, in each case as of the Effective Date. All of the capital stock of each of the Borrower’s Subsidiaries has been duly authorized and validly issued, and is fully paid
and non-assessable. Except as set forth on Schedule 5.12, the Borrower owns all of the issued and outstanding capital stock of each of its Subsidiaries free and clear of any Lien. 

5.13. Dividend Restrictions; Other Restrictions. 

(a) No Financial Institution Subsidiary has violated any applicable regulatory restrictions on dividends, and no Governmental Authority has
taken any action to restrict the payment of dividends by any Financial Institution Subsidiary. 
 (b) Neither the Borrower nor any
Subsidiary is under investigation by, or is operating under any restrictions (excluding any restrictions on the payment of dividends referenced in subsection (a) above) imposed by or agreed to with, any Governmental Authority, other than
routine examinations by such Governmental Authorities. 
 (c) Except as set forth as an exhibit to the Borrower’s Form 10-K for its
fiscal year ended December 31, 2014, or its Quarterly Reports on Form 10-Q for its fiscal quarter ended September 30, 2015, or described therein, neither the Borrower nor any of the Financial Institution Subsidiaries is a party, nor is
bound by, any material contract or agreement or instrument, or subject to any charter or other corporate restriction, that is of a type that the Borrower is required to file as an exhibit to its Form 10-K annual reports or otherwise describe
therein. 

  
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 5.14. Capital Measures. (a) The Borrower is “well capitalized”, as
determined in accordance with any regulations established by any Governmental Authority having regulatory authority over it and (b) each Financial Institution Subsidiary has been, or are deemed to have been, notified by the appropriate
Governmental Authority having regulatory authority over each of them that each of them is “well capitalized”, as determined in accordance with any regulations established by such Governmental Authority. 

5.15. FDIC Insurance. The deposits of each Financial Institution Subsidiary that is an “insured depository institution”
(within the meaning of § 12 U. S. C. 1831(c)) are insured by the FDIC and no act has occurred that would adversely affect the status of such Financial Institution Subsidiary as an FDIC insured bank. 

5.16. Ownership of Property. 

(a) Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all of its Property material to the
operation of its business, including all such Properties reflected in the most recent audited consolidated balance sheet of the Borrower referred to in Section 5.4 or purported to have been acquired by the Borrower or any Subsidiary after said
date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens other than those Liens permitted by Section 7.2 All leases that individually or in the aggregate are material to the
business or operations of the Borrower and its Subsidiaries are valid and subsisting and are in full force. 
 (b) Each of the Borrower and
its Subsidiaries owns, or is licensed, or otherwise has the right, to use, all patents, trademarks, service marks, trade names, copyrights and other intellectual property material to its business, and the use thereof by the Borrower and its
Subsidiaries does not infringe in any material respect on the rights of any other Person. 
 (c) The Borrower maintains, and has caused each
Subsidiary to maintain, with financially sound and reputable insurance companies insurance on all their Property, liability insurance and environmental insurance in such amounts, subject to such deductibles and self-insurance retentions and covering
such Properties and risks as is consistent with sound business practice. 

  
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 5.17. OFAC. Neither the Borrower nor any of its Subsidiaries (i) is a person whose
property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism (66 Fed. Reg. 49079 (2001)), (ii) engages in any dealings or transactions prohibited by Section 2 of such executive order, or is otherwise associated with any such person in any manner violative of Section 2 or (iii) is
a person on the list of Specially Designated Nationals and Blocked Persons or subject to the limitations or prohibitions under any other OFAC regulation or executive order. 

5.18. Solvency. After giving effect to the execution and delivery of the Loan Documents and the making of any Loan under this
Agreement, neither the Borrower nor its Subsidiaries will be “insolvent,” within the meaning of such term as defined in § 101(32) of Title 11 of the United States Code, as amended from time to time, or be unable to pay its debts
generally as such debts become due, or have an unreasonably small capital to engage in any business or transaction, whether current or contemplated. 

5.20 Anti-Corruption Laws; Sanctions; Anti-Terrorism Laws 

(a) The Borrower, its Subsidiaries and their respective officers and employees, and to the knowledge of the Borrower, its directors and
agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of the Borrower, any Subsidiary or to the knowledge of the Borrower or such Subsidiary any of their respective directors, officers or
employees, is a Sanctioned Person. No Loan, use of the proceeds of any Loan or other transactions contemplated hereby will violate Anti-Corruption Laws or applicable Sanctions. 

(b) Neither the making of the Loans hereunder nor the use of the proceeds thereof will violate the PATRIOT Act, the Trading with the Enemy
Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or successor
statute thereto. The Borrower and its Subsidiaries are in compliance in all material respects with the PATRIOT Act. 
 ARTICLE VI 

AFFIRMATIVE COVENANTS 

The Borrower covenants and agrees that so long as any principal of and interest on the Loans or any fee or other obligation owing hereunder
remains unpaid, and for so long as any Lender has any Commitment or other obligation to the Borrower hereunder: 
 6.1. Financial
Statements and Other Information. The Borrower will deliver to the Administrative Agent and each Lender: 
 (a) as soon as available and
in any event within 90 days after the end of each fiscal year of Borrower, a copy of the annual audited report for such fiscal year for the Borrower and its Subsidiaries, containing (i) a consolidated and consolidating balance sheet and the
related consolidated and consolidating statements of income, of changes in shareholders’ equity and of 

  
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cash flows (together with all footnotes thereto), and (ii) a condensed balance sheet of the Borrower only and the related condensed statements of income and of cash flows, setting forth in
each case in comparative form the figures for the previous fiscal year, all in reasonable detail and reported on by PricewaterhouseCoopers LLP or other independent public accountants of nationally recognized standing (without a “going
concern” or like qualification, exception or explanation and without any qualification or exception as to scope of such audit) to the effect that such financial statements present fairly in all material respects the financial condition and the
results of operations and cash flows on a consolidated and consolidating basis of the Borrower for such fiscal year in accordance with GAAP and that the examination by such accountants in connection with such financial statements has been made in
accordance with generally accepted auditing standards; provided, that the requirements set forth in this clause (a), other than the certification of the Borrower’s certified public accountants set forth in clause (ii) above, may be
fulfilled by providing to the Administrative Agent and the Lenders the report of the Borrower to the SEC on Form 10-K for the applicable fiscal year; 

(b) as soon as available and in any event within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the
Borrower, an unaudited balance sheet of the Borrower and its Subsidiaries on a consolidated basis as of the end of such fiscal quarter and the related unaudited statements of income and cash flows of the Borrower and its Subsidiaries on a
consolidated basis, each for such fiscal quarter and the then elapsed portion of such fiscal year, setting forth in each case in comparative form the figures for the corresponding quarter and the corresponding portion of Borrower’s previous
fiscal year, all certified by the chief financial officer or treasurer of the Borrower as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in
accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes; provided, that the requirements set forth in this clause (b) with respect to the financial information of the Borrower and its Subsidiaries
on a consolidated and consolidating basis may be fulfilled by providing to the Administrative Agent and the Lenders the report of the Borrower to the SEC on Form 10-Q for the applicable fiscal quarter; 

(c) concurrently with the delivery of the financial statements referred to in clauses (a) and (b) above, a Compliance Certificate,
(i) certifying as to whether there exists a Default or Event of Default on the date of such certificate, and if a Default or an Event of Default then exists, specifying the details thereof and the action which the Borrower has taken or proposes
to take with respect thereto, and (ii) setting forth in reasonable detail calculations demonstrating compliance with Section 7.12; 

(d) concurrently with the delivery of the financial statements referred to in clauses (a) and (b) above, duly executed copies of the
Borrower’s then-current FR Y-9C Report and FR Y-9LP Report and a duly executed copy of the then-current Call Report for each Financial Institution Subsidiary; 

(e) as soon as available and in any event within 90 days after the first day of each fiscal year of the Borrower, a budget prepared on a
consolidated and quarterly basis in reasonable detail (including budgeted income statements, statements of cash flow and balance sheets and the principal assumptions upon which such budgets are based) prepared by the Borrower for such fiscal year in
form and content reasonably acceptable to the Administrative Agent; 

  
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 (f) promptly after the same become publicly available, copies of all periodic and other reports,
proxy statements and other materials filed with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all functions of said Commission, or with any national securities exchange, or distributed by the Borrower to
its shareholders generally, as the case may be (to the extent not otherwise required to be delivered to the Administrative Agent or the Lenders hereunder); 

(g) promptly after receiving knowledge thereof, written notice of all material charges, material assessments, actions, suits and proceedings
(as well as notice of the outcome of any such charges, assessments, orders, actions, suits and proceedings) that are proposed or initiated by, or brought before, any court or Governmental Authority, in connection with the Borrower or any of the
Financial Institution Subsidiaries, other than ordinary course of business litigation or proceedings which, if adversely decided, could not reasonably be expected to have a Material Adverse Effect; and 

(h) promptly following any request therefor, such other information regarding the results of operations, business affairs and financial
condition of the Borrower or any Subsidiary, as the Administrative Agent or any Lender may reasonably request. 
 Documents required to be delivered
pursuant to Section 6.1(a) or (b) or Section 6.1(f) (to the extent any such documents are included in materials otherwise filed with the Securities and Exchange Commission) may be delivered electronically and if so delivered, shall be
deemed to have been delivered on the date (i) on which the Borrower posts such documents or provides a link thereto on the Borrower’s website on the internet at the website address set forth in Section 14.1 or (ii) on which such
documents are posted on the Borrower’s behalf on an internet or intranet website, if any, to which the Administrative Agent and each Lender have access; provided, that (A) the Borrower shall deliver paper copies of such documents to the
Administrative Agent or any Lender if so requested until a written notice is received by the Borrower from the Administrative Agent or such Lender to cease delivering paper copies and (B) the Borrower shall notify (which may be by facsimile or
electronic mail) the Administrative Agent and each Lender of the posting of any such documents and provide to the Administrative Agent and each Lender by electronic mail electronic versions (i.e. soft copies) of such documents. Notwithstanding
anything contained herein, in every instance the Borrower shall be required to provide paper copies of all Compliance Certificates. 
 6.2.
Notices of Material Events. The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following: 

(a) the occurrence of any Default or Event of Default; 

(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or, to the
knowledge of the Borrower, affecting the Borrower or any Subsidiary which, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 

  
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 (c) the occurrence of any ERISA Event that alone, or together with any other ERISA Events that
have occurred, could reasonably be expected to result in liability of the Borrower or its Subsidiaries in an aggregate amount exceeding $2,500,000; 

(d) any material investigation of the Borrower or any Subsidiary by any Governmental Authority having regulatory authority over the Borrower
or any such Subsidiary (other than routine examinations of the Borrower and/or any such Subsidiary) to the extent that such Governmental Authority has consented to the giving of such notice (if the consent of such Governmental Authority is required
for the Borrower to give such notice); 
 (e) the issuance of any cease and desist order (whether written or oral), written agreement,
cancellation of insurance or other public or enforcement action by the FDIC or other Governmental Authority having regulatory authority over the Borrower or any Subsidiary; 

(f) the issuance of any material informal enforcement action, including, without limitation, a memorandum of understanding or proposed
disciplinary action by or from any Governmental Authority having regulatory authority over the Borrower or any Subsidiary, to the extent that the Borrower or any such Subsidiary is permitted to disclose such information (provided that the Borrower
shall take all reasonable efforts to obtain any necessary regulatory consents); and 
 (g) any other development that results in, or could
reasonably be expected to result in, a Material Adverse Effect. 
 Each notice delivered under this Section shall be accompanied by a
written statement of a Responsible Officer setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

6.3. Existence; Conduct of Business. The Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all things
necessary to preserve, renew and maintain in full force and effect its legal existence and its respective rights, licenses, permits, privileges, franchises, patents, copyrights, trademarks and trade names material to the conduct of its business and
will continue to engage in the same business as presently conducted or such other businesses that are reasonably related thereto; provided, that nothing in this Section shall prohibit any merger, consolidation, liquidation or dissolution
permitted under Section 7.3. 
 6.4. Compliance with Laws, Etc. The Borrower will, and will cause each of its Subsidiaries to,
comply with all laws, rules, regulations and requirements of any Governmental Authority (including without limitation all federal and state banking statutes and regulations) applicable to its assets, except where the failure to do so, either
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 6.5. Payment of
Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay and discharge at or before maturity, all of its obligations and liabilities (including without limitation all tax liabilities and all claims that could result in a
statutory Lien) before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such

  
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Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected
to result in a Material Adverse Effect. 
 6.6. Books and Records. The Borrower will, and will cause each of its Subsidiaries to,
keep proper books of record and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities to the extent necessary to prepare the consolidated and consolidating financial
statements of the Borrower in conformity with GAAP. 
 6.7. Visitation, Inspection, Etc. The Borrower will, and will cause each of
its Subsidiaries to, permit any representative of the Administrative Agent and of each Lender to, subject to Section 10.11, visit and inspect its properties, to examine its books and records and to make copies and take extracts therefrom, and
to discuss its affairs, finances and accounts with any of its officers and with its independent certified public accountants, all at such reasonable times and as often as the Administrative Agent or such Lender may reasonably request after
reasonable prior notice to the Borrower and at the Borrower’s expense. 
 6.8. Maintenance of Properties; Insurance. 

(a) The Borrower will, and will cause each of its Subsidiaries to, (i) keep and maintain all Property material to the conduct of its
business in good working order and condition, except for ordinary wear and tear and except where the failure to do so, either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect and
(ii) maintain with financially sound and reputable insurance companies, insurance with respect to its properties and business, and the properties and business of its Subsidiaries, against loss or damage of the kinds customarily insured against
by companies in the same or similar businesses operating in the same or similar locations. 
 (b) The deposits of each Financial Institution
Subsidiary will at all times be insured by the FDIC. 
 6.9. Use of Proceeds. The Borrower will use the proceeds of the Credit
Extensions on the Effective Date to satisfy the condition set forth in Section 4.1(g). After the Effective Date, proceeds of Revolving Loans will be used (i) to maintain cash at the Borrower in amounts required to be maintained by the FRB
from time to time and (ii) for general corporate purposes and liquidity, including share repurchases. No part of the proceeds of any Credit Extension will be used, whether directly or indirectly, for any purpose that would violate any rule or
regulation of the FRB, including Regulation T, U or X. 
 6.10. Further Assurances. The Borrower agrees, upon request of the
Administrative Agent, to execute and deliver or cause to be executed and delivered such further instruments, documents and certificates, and to and cause to be done such further acts that may be reasonably necessary or advisable in the reasonable
opinion of the Administrative Agent to carry out more effectively the provisions and purposes of this Agreement and the other Loan Documents. Without limiting the foregoing, the Borrower shall, and shall cause each Subsidiary to, provide such
information and take such actions as are reasonably requested by the Administrative Agent or any Lender in order to assist the Administrative Agent and the Lenders in maintaining compliance with the Patriot Act. 

  
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 ARTICLE VII 

NEGATIVE COVENANTS 

The Borrower covenants and agrees that so long as any principal of and interest on the Loans or any fee or other obligation owing hereunder
remains unpaid, and for so long as any Lender has any Commitment or other obligation to the Borrower hereunder: 
 7.1. Indebtedness.
The Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Indebtedness, except: 

(a) Indebtedness of the Borrower created pursuant to the Loan Documents; 

(b) Indebtedness existing on the date hereof and set forth on Schedule 7.1 and extensions, renewals and replacements of any such Indebtedness
that do not increase the outstanding principal amount thereof (immediately prior to giving effect to such extension, renewal or replacement) or shorten the maturity or the weighted average life thereof; 

(c) Permitted Financial Institution Subsidiary Indebtedness; 

(d) Indebtedness constituting obligations of the Borrower and any Financial Institution Subsidiary under debentures, indentures, trust
agreements and guarantees in connection with the issuance by such Persons of trust preferred securities and other types of hybrid securities (but only to the extent that the Governmental Authority having regulatory authority over the Borrower
permits the inclusion of such securities in the calculation of its Total Risk-based Capital Ratio or its Tier I Risk-based Capital Ratio under Section 7.12(c)(i)); provided, that aggregate amount outstanding at any time under this clause
(d) shall not to exceed $5,000,000; 
 (e) (i) Indebtedness owed by the Borrower or any “affiliate” of the Borrower (as
defined in Regulation W of the FRB and sections 23A and 23B of the Federal Reserve Act) to any Financial Institution Subsidiary not in violation of Regulation W of the FRB (as amended, supplemented or otherwise modified), or (ii) Indebtedness
owed by any Subsidiary to the Borrower or (iii) Indebtedness owed by the Borrower or any Subsidiary to a Subsidiary other than a Financial Institution Subsidiary; 

(f) Indebtedness constituting capital leases of any real property and improvements thereon that are owned by the Borrower or any Subsidiary
and that have been sold by the Borrower or such Subsidiary to a third person and have been leased back from such Person; 
 (g) Any other
Indebtedness that is subordinated to the Indebtedness under this Agreement on the following terms: (i) no part of the principal of such Indebtedness is stated to 

  
 49 

 
be payable or is required to be paid (whether by way of mandatory sinking fund, mandatory redemption, mandatory prepayment or otherwise) prior to the date that is 6 months following the Term
Facility Termination Date and the payment of principal of which and any other obligations of the Borrower with respect thereof (other than interest subject to clause (g)(ii) below) are subordinated to the prior payment in full of principal and
interest (including post-petition interest) and all other obligations and amounts of the Borrower to the Lenders hereunder on terms and conditions first approved in writing by the Required Lenders, (ii) no part of the interest accruing on such
Indebtedness is payable, without the prior written consent of the Required Lenders, after a Default or Event of Default has occurred and is continuing, and (iii) such Indebtedness otherwise contains terms, covenants and conditions in form and
substance reasonably satisfactory to the Required Lenders as evidenced by its prior written approval thereof; 
 (h) other unsecured
Indebtedness of the Borrower and its Subsidiaries in an aggregate amount outstanding at any time not to exceed $5,000,000; and 
 (i)
Purchase money indebtedness and capitalized lease obligations secured by Liens permitted under this Agreement in an aggregate amount outstanding at any time not to exceed $5,000,000. 

7.2. Negative Pledge. The Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist
any Lien on any of its Property now owned or hereafter acquired (including without limitation in the case of the Borrower, the capital stock of any Financial Institution Subsidiary), except: 

(a) Liens (if any) created in favor of the Administrative Agent for the benefit of the Lenders; 

(b) Permitted Encumbrances; 

(c) Liens granted to secure any Indebtedness expressly permitted pursuant to Section 7.1(f) (as long as such Lien shall extend only to
the real property and improvements subject to such capital leases); 
 (d) Liens on Property of the Borrower or any of its Subsidiaries
created solely for the purpose of securing Indebtedness expressly permitted by Section 7.1(i), representing or incurred to finance, refinance or refund the purchase price of Property, provided that no such Lien shall extend to or encumber other
Property of the Borrower or such Subsidiary other than the respective Property so acquired, and the principal amount of Indebtedness secured thereby shall at no time exceed the original purchase price of such Property; and 

(e) extensions, renewals, or replacements of any Lien referred to in paragraphs (a), (b), (c) and (d) of this Section; provided,
that the principal amount of the Indebtedness secured thereby is not increased in any manner that would exceed the amounts permitted in Section 7.1 and that any such extension, renewal or replacement is limited to the assets originally
encumbered thereby. 

  
 50 

 Notwithstanding anything herein or otherwise to the contrary, the Borrower shall not grant any Lien, or otherwise
permit any Lien to exist, on the capital stock of any Financial Institution Subsidiary (other than Liens in favor of the Administrative Agent for the benefit of the Lenders). 

7.3. Fundamental Changes. 

(a) The Borrower will not, and will not permit any Subsidiary to, (i) merge into or consolidate into any other Person, or permit any
other Person to merge into or consolidate with it, or (ii) sell, lease, transfer or otherwise dispose of (in a single transaction or a series of transactions) all or a material portion of its assets (other than in the ordinary course of
business) or all or substantially all of the stock of any of its Subsidiaries or (iii) liquidate or dissolve; provided, that if at the time thereof and immediately after giving effect thereto on a pro forma basis, no Default or Event of Default
shall have occurred, (A) the Borrower or any Subsidiary may merge with a Person, provided that (1) if the Borrower is a party to such merger, the Borrower shall be the surviving Person, (2) if a Subsidiary is a party to such merger,
such Subsidiary shall be the surviving Person (if two Subsidiaries are party to such merger, one of those Subsidiaries shall be the surviving Person) and (3) such merger shall not constitute a Change in Control of the Borrower, (B) any
Subsidiary may sell, lease, transfer or dispose of its assets to the Borrower or another Subsidiary, (C) any Financial Institution Subsidiary may sell loans, investments, or other similar assets in the ordinary course of its business, provided,
that such sale or series of sales do not constitute a sale of all or substantially all of such Financial Institution Subsidiary’s assets, and (D) the Borrower and any Subsidiary may sell any (i) real property and improvements thereon
that are owned (in whole or in part) by the Borrower or such Subsidiary and that are subsequently leased back by the Borrower or such Subsidiary and (ii) Other Real Estate Owned. 

(b) The Borrower will not dispose of any stock or other equity interest in any of its Financial Institution Subsidiaries, whether by sale,
assignment, lease or otherwise, without the prior written consent of Required Lenders; provided, however, that, if at the time thereof and immediately after giving effect thereto, on a pro forma basis, no Default or Event of Default shall exist or
shall have occurred, the Borrower shall be permitted to allow Financial Institution Subsidiaries to be merged into or consolidated with any other Financial Institution Subsidiary. 

(c) The Borrower will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other than businesses
of the type conducted by the Borrower and its Subsidiaries on the date hereof and businesses reasonably related thereto and any types of businesses that are expressly permitted by any Governmental Authority having jurisdiction over the Borrower
and/or any Financial Institutions Subsidiary. 
 7.4. Restricted Payments. The Borrower will not, and will not permit its
Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any dividend on any class of its stock, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption,
retirement, defeasance, prepayment or other acquisition of, any shares of capital stock or Indebtedness subordinated to the Obligations of the Borrower or any options, warrants, or other rights to purchase such capital stock or such Indebtedness,
whether now or hereafter outstanding (each a “Restricted Payment”); provided, however, that the Borrower and its Subsidiaries may make and agree to make Restricted Payments so long as no 

  
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Default or Event of Default then exists or would result (on a pro forma basis) from the making of such Restricted Payment; provided, further, however, that any Subsidiary may
make Restricted Payments to the Borrower at any time. 
 7.5. Restrictive Agreements. The Borrower will not, and will not permit any
Subsidiary to, directly or indirectly, enter into, incur or permit to exist any agreement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any Subsidiary to create, incur or permit any Lien upon any of
its assets or properties, whether now owned or hereafter acquired, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to its common stock, to make or repay loans or advances to the Borrower or any
other Subsidiary, to guarantee Indebtedness of the Borrower or any other Subsidiary or to transfer any of its Property to the Borrower or any Subsidiary of the Borrower; provided, that (i) the foregoing shall not apply to restrictions or
conditions imposed by law or by this Agreement or any other Loan Document, (ii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided
such restrictions and conditions apply only to the Subsidiary that is sold and such sale is permitted hereunder, and (iii) clause (a) shall not apply to customary provisions in leases restricting the assignment thereof. 

7.6. Investments, Etc. The Borrower will not, and will not permit any of its Subsidiaries to, purchase, hold or acquire (including
pursuant to any merger with any Person that was not a wholly-owned Subsidiary prior to such merger), any capital stock, Indebtedness or other securities (including any option, warrant, or other right to acquire any of the foregoing) of, make or
permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) all or
substantially all of the assets of a Person, or of any business or division of any Person (all of the foregoing being collectively called “Investments”), except: 

(a) Investments existing on the date hereof (including Investments in Subsidiaries) that have been disclosed to the Lenders and/or that are
set forth on the most current financial statements that have been delivered to the Lenders; 
 (b) Investments purchased in the ordinary
course of business by any Financial Institution Subsidiary; 
 (c) Investments made by the Borrower in or to any Subsidiary and by any
Subsidiary in or to the Borrower or in or to another Subsidiary; 
 (d) Investments made for the purpose of making or consummating an
Acquisition; provided, that (i) no Default or Event of Default shall have occurred or would result (on a pro forma basis) from the making or consummation of such Acquisition, (ii) not less than five (5) Business Days prior to the
consummation of the Acquisition, the Borrower shall have delivered a Compliance Certificate evidencing compliance with the covenants set forth in Section 7.12 hereof on a pro forma basis after giving effect to such Acquisition, (iii) such
Acquisitions are undertaken in accordance with all applicable laws, and (iv) the prior written consent or approval of such Acquisition of the board of directors or equivalent governing body 

  
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of the Person being acquired has been obtained; provided, further, that in the case of any Investment by the Borrower or any Subsidiary in which the Borrower or such Subsidiary acquires, directly
or indirectly, fifty percent (50%) or more of the voting stock any Person that is a regulated financial institution, such acquired Person shall become a Financial Institution Subsidiary for purposes of this Agreement; 

(e) Guarantees of the Borrower of any Indebtedness expressly permitted under Section 7.1(d); and 

(f) Other Investments made in the ordinary course of business and in accordance with applicable laws and regulations and safe and sound
business practices. 
 7.7. Transactions with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to,
sell, lease or otherwise transfer any Property to, or purchase, lease or otherwise acquire any Property from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices and
on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Borrower and any Subsidiary not involving any
other Affiliates and (c) any Restricted Payment expressly permitted by Section 7.4. 
 7.8. Hedging Transactions. The
Borrower will not, and will not permit any of the Subsidiaries to, enter into any Hedging Transaction, other than Hedging Transactions entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary
is exposed in the conduct of its business or the management of its liabilities. Solely for the avoidance of doubt, the Borrower acknowledges that a Hedging Transaction entered into for speculative purposes or of a speculative nature (which shall be
deemed to include any Hedging Transaction under which the Borrower or any of the Subsidiaries is or may become obliged to make any payment (i) in connection with the purchase by any third party of any Capital Stock or any Indebtedness or
(ii) as a result of changes in the market value of any Capital Stock or any Indebtedness) is not a Hedging Transaction entered into in the ordinary course of business to hedge or mitigate risks. 

7.9. Unsafe and Unsound Practices. The Borrower will not, and will not permit any of its Subsidiaries to, engage in any unsafe or
unsound business practice that could reasonably be expected to have a Material Adverse Effect. 
 7.10. Most Favored Lender Status.
The Borrower will not, and will not permit any of its Subsidiaries to, enter into, amend or modify documents evidencing or governing Indebtedness to which the Borrower or its Subsidiaries are bound, that contain, or are amended and modified to
contain, one or more Additional Covenants or Additional Defaults, unless in each case the Borrower or such Subsidiary contemporaneously executes an amendment to this Agreement, in form and substance reasonably satisfactory to the Administrative
Agent and the Required Lenders, to include such Additional Covenants or Additional Defaults herein; provided, that to the extent that the Borrower or any Subsidiary shall enter into, assume or otherwise become 

  
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bound by or obligated under such amendment or agreement containing one or more Additional Covenants or Additional Defaults without amending this Agreement to include such Additional Covenants or
Additional Defaults, the terms of this Agreement shall nonetheless, without any further action on the part of the Borrower or any Subsidiary, be deemed or amended automatically to include each Additional Covenant and each Additional Default
contained in such amendment or agreement. 
 7.11. Use of Proceeds. The Borrower will not use, and the Borrower shall ensure that its
Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything
else of value, to any Person in violation of any Anti-Corruption Laws or (ii) in any manner that would result in the violation of any applicable Sanctions. 

7.12. Financial Covenants. The Borrower covenants and agrees that so long as any principal of and interest on the Loans or any fee or
other obligation owing hereunder remains unpaid, and for so long as any Lender has any Commitment or other obligation to the Borrower hereunder: 

(a) Consolidated Net Worth. The Borrower will not permit its Consolidated Net Worth as of December 31, 2015 to be less than
$2,327,616,000. Further, the Borrower will not permit its Consolidated Net Worth at any time after December 31, 2015 (measured at the end of each Fiscal Quarter after December 31, 2015 to be less than (i) $2,327,616,000 plus
(ii) 50% of Consolidated Net Income earned on a cumulative basis for each Fiscal Quarter commencing with the Fiscal Quarter ending March 31, 2016; provided, that if Consolidated Net Income is negative in any Fiscal Quarter, the
amount added for such Fiscal Quarter shall be zero and such negative Consolidated Net Income shall not reduce the amount of Consolidated Net Income added from any Fiscal Quarter in such period; plus (iii) 100% of the amount by which the
Borrower’s “total stockholders’ equity” (as set forth in the Borrower’s consolidated balance sheet most recently delivered pursuant to Section 6.1(a) or Section 6.1(b), as applicable) is increased
after the Effective Date as a result of (A) any public or private offering of capital stock of the Borrower, (B) the issuance of capital stock of the Borrower in any merger transaction or in payment of any purchase price (deferred or
otherwise) in any acquisition or (C) the conversion of debt securities of the Borrower to capital stock of the Borrower, but in any event excluding the issuance of capital stock of the Borrower under stock options, stock grants and other
compensation plans of the Borrower and/or its Subsidiaries. 
 (b) Ratio of Nonperforming Assets to Loans and OREO. The Borrower on a
consolidated basis will not permit at the end of any Fiscal Quarter (commencing with the Fiscal Quarter ending December 31, 2015), Nonperforming Assets to be greater than 3.00% of the sum of Total Loans and Other Real Estate Owned. For purposes
of determining compliance with this Section, the defined terms used in this Section shall exclude, without duplication, assets that are covered under loss-sharing or risk-sharing agreements with the FDIC. 

  
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 (c) Regulatory Capital. 

(i) The Borrower will be “well capitalized” for all applicable state and federal regulatory purposes at all times, and the Borrower
(i) will have a Total Risk-based Capital Ratio of 11.50% or greater, a Tier 1 Risk-based Capital Ratio of 9.50% or greater, and a leverage ratio of 8.00% or greater (each as defined by applicable federal and state regulations or orders), and
will not be subject to any written agreement, order, capital directive or prompt corrective action directive by any Governmental Authority having regulatory authority over the Borrower or (ii) if required by any Governmental Authority having
regulatory authority over the Borrower in order to remain “well capitalized” and in compliance with all applicable regulatory requirements, will have such higher amounts of Total Risk-based Capital and Tier 1 Risk-based Capital and/or such
greater leverage ratio as specified by such Governmental Authority. 
 (ii) Each Financial Institution Subsidiary of the Borrower will be
“well capitalized” for all applicable state and federal regulatory purposes at all times, and such Financial Institution Subsidiary (i) will have a Total Risk-based Capital Ratio of 11.50% or greater, a Tier 1 Risk-based Capital Ratio
of 9.50% or greater, and a leverage ratio of 8.00% or greater (each as defined by applicable federal and state regulations or orders) and not be subject to any written agreement, order, capital directive or prompt corrective action directive by any
Governmental Authority having regulatory authority over such Financial Institution Subsidiary or (ii) if required by any Governmental Authority having regulatory authority over such Financial Institution Subsidiary in order to remain “well
capitalized” and in compliance with all applicable regulatory requirements, will have such higher amounts of Total Risk-based Capital and Tier 1 Risk-based Capital and/or such greater leverage ratio as specified by such Governmental Authority.

 (iii) Notwithstanding the foregoing, if at any time any such Governmental Authority changes the definition of “well
capitalized” either by amending such ratios or otherwise, such amended definition, and any such amended or new ratios, shall automatically, and in lieu of the existing definitions and ratios set forth in this Section, be incorporated by
reference into this Agreement as the minimum standard for the Borrower or any Financial Institution Subsidiary, as the case may be, on and as of the date that any such amendment becomes effective by applicable statute, regulation, order or
otherwise. 
 (d) Return on Average Assets. The Borrower will have, as of the end of each Fiscal Quarter (commencing with the
Fiscal Quarter ending December 31, 2015), a Return on Average Assets of not less than the percentage specified immediately below corresponding to the applicable Fiscal Quarter: 

 

					
	 Fiscal Quarter Ending
	  	Return on
Average Assets	 
	 December 31, 2015
	  	 	0.20%	  
	 March 31, 2016 and each Fiscal Quarter thereafter
	  	 	0.60%	  

 (e) Minimum Cash at Borrower. The Borrower shall at all times maintain adequate unrestricted cash or
eligible unrestricted securities directly at the Borrower in accordance with the requirements of the FRB; provided, that at no time shall the Borrower hold an amount less than $100,000,000. 

(f) Dividend Capacity. The Borrower shall cause Whitney Bank to maintain a Dividend Capacity at all times of not less than
$100,000,000. 

  
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 ARTICLE VIII 

DEFAULTS 
 The
occurrence of any one or more of the following events shall constitute an Event of Default (each, an “Event of Default”): 
 8.1.
The Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or otherwise. 

8.2. The Borrower shall fail to pay any interest on any Loan or any fee or any other Obligation (other than an amount payable under
Section 8.1), when and as the same shall become due and payable and such failure shall continue unremedied for a period of three (3) days. 

8.3. Any representation or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary in or in connection with this
Agreement or any other Loan Document (including the Schedules attached thereto) and any amendments or modifications hereof or waivers hereunder, or in any certificate, report, financial statement or other document submitted to the Administrative
Agent or the Lenders by the Borrower or any representative of the Borrower pursuant to or in connection with this Agreement or any other Loan Document shall prove to be incorrect in any material respect when made or deemed made or submitted. 

8.4. The Borrower shall fail to observe or perform any covenant or agreement contained in Section 6.1, Section 6.2, Section 6.3
(with respect to the Borrower’s existence), Section 6.7, Section 6.9 or Article VII. 
 8.5. The Borrower shall fail to
observe or perform any covenant or agreement contained (i) in this Agreement (other than those referred to in Section 8.1, Section 8.2 and Section 8.4 above), and such failure shall remain unremedied for 30 days after the earlier
of (x) any officer of the Borrower becomes aware of such failure, or (y) notice thereof shall have been given to the Borrower by the Administrative Agent or the Required Lenders or (ii) in any other Loan Document (after taking into
consideration any applicable grace periods). 
 8.6. The Borrower or any Subsidiary (whether as primary obligor or as guarantor or other
surety) shall fail to pay any Indebtedness (other than under this Agreement or the Term Note) owed to any Lender or to any other Person, in each case, in an amount greater than $5,000,000 that is outstanding, when and as the same shall become due
and payable (whether at scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument evidencing such Indebtedness; or
any other event shall occur or condition shall exist under any agreement or instrument relating to such Indebtedness and shall continue after the applicable 

  
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grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or permit the acceleration of, the maturity of such Indebtedness
(without regard to whether such holders or other Person shall have exercised or waived their right to do so); or any such Indebtedness shall be declared to be due and payable; or required to be prepaid or redeemed (other than by a regularly
scheduled required prepayment or redemption), purchased or defeased, or any offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case prior to the stated maturity thereof (and for purposes of
determining the amount of attributed Indebtedness under this Section 8.6 from Hedging Obligations, the “principal amount” of any Hedging Obligations at any time shall be the Net Mark-to-Market Exposure of such Hedging Obligations).

 8.7. The Borrower or any Subsidiary shall (i) commence a voluntary case or other proceeding or file any petition seeking
liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a custodian, trustee, receiver, liquidator or other similar official
of it or any substantial part of its Property, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (i) of this Section 8.7, (iii) apply for or
consent to the appointment of a custodian, trustee, receiver, liquidator or other similar official for the Borrower or any such Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a
petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, or (vi) take any action for the purpose of effecting any of the foregoing. 

8.8. An involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of the Borrower or any Subsidiary or its debts, or any substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect or (ii) the appointment of
a custodian, trustee, receiver, liquidator or other similar official for the Borrower or any Subsidiary or for a substantial part of its assets, and in any such case, such proceeding or petition shall remain undismissed for a period of 60 days or an
order or decree approving or ordering any of the foregoing shall be entered. 
 8.9. Without duplication of Section 8.6, the Borrower
or any Subsidiary shall become unable to pay, shall admit in writing its inability to pay, or shall fail to pay, its debts as they become due. 

8.10. An ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with other ERISA Events that have
occurred, could reasonably be expected to result in liability to the Borrower and the Subsidiaries in an aggregate amount exceeding $5,000,000. 

8.11. Any judgment or order for the payment of money in excess of $5,000,000 in the aggregate not covered by insurance and for which the
applicable insurer shall have acknowledged in writing that such claim or payment is insured shall be rendered against the Borrower or any Subsidiary, and either (i) enforcement proceedings shall have been commenced by any creditor upon such
judgment or order or (ii) there shall be a period of 30 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect. 

  
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 8.12. Any non-monetary judgment or order shall be rendered against the Borrower or any Subsidiary
that could reasonably be expected to have a Material Adverse Effect, and there shall be a period of 30 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect.

 8.13. A Change in Control shall occur. 

8.14. Any Governmental Authority having regulatory authority over the Borrower or any Subsidiary shall take any action that restricts, or has
the practical effect of restricting, the payment of dividends from any such Subsidiary to the Borrower or the payment of any debt owing by a Subsidiary to the Borrower. 

8.15. Any Financial Institution Subsidiary shall cease for any reason (other than as a result of being merged into another Financial
Institution Subsidiary) to be an insured bank under the Federal Deposit Insurance Act, as amended. 
 8.16. The FRB, the FDIC or any other
Governmental Authority charged with the regulation of bank holding companies or depository institutions: (i) issues (whether orally or in writing) to the Borrower or any Financial Institution Subsidiary, or initiates through formal proceedings
any action, suit or proceeding to obtain against, impose on or require from the Borrower or any Financial Institution Subsidiary, a cease and desist order or similar regulatory order, the assessment of civil monetary penalties, articles of
agreement, a memorandum of understanding, a capital directive, a capital restoration plan, restrictions that prevent or as a practical matter impair the payment of dividends by any Financial Institution Subsidiary or the payments of any debt by the
Borrower, restrictions that make the payment of the dividends by any Financial Institution Subsidiary or the payment of debt by the Borrower subject to prior regulatory approval, a notice or finding under subsection 8(a) of the Federal Deposit
Insurance Act, as amended, or any similar enforcement action, measure or proceeding; or (ii) proposes or issues (whether orally or in writing) to any executive officer or director of the Borrower or any Financial Institution Subsidiary, or
initiates any action, suit or proceeding to obtain against, impose on or require from any such officer or director, a cease and desist order or similar regulatory order, a removal order or suspension order, or the assessment of civil monetary
penalties, unless any such orders or penalties would not reasonably be expected to have a Material Adverse Effect. 
 8.17. There shall
occur with respect to any Financial Institution Subsidiary any event that is grounds for the required submission of a capital restoration plan under 12 U. S. C. §1831o (e)(2) and the regulations thereunder, or a conservator or receiver is
appointed for any Financial Institution Subsidiary. 
 8.18. Any order or decree is entered by any court of competent jurisdiction directly
or indirectly enjoining or prohibiting the Administrative Agent, any Lender or the Borrower from performing any of their respective obligations under this Agreement or under any of the other Loan Documents and such order or decree is not vacated,
and the proceedings out of which such order or decree arose are not dismissed, within 60 days after the granting of such decree or order. 

  
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 8.19. The Borrower or any Financial Institution Subsidiary shall enter into a written agreement
with any Governmental Authority having regulatory authority over such Person for any reason which could reasonably be expected to have a Material Adverse Effect. 

8.20. The filing of formal charges by any Governmental Authority or quasi-governmental entity, including, without limitation, the issuance of
an indictment under a RICO Related Law against Borrower or any Subsidiary of Borrower. 
 ARTICLE IX 

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 

9.1. Acceleration; Remedies. 

(a) If any Event of Default described in Section 8.7 or 8.8 occurs with respect to the Borrower, the obligations of the Lenders to make
Loans hereunder shall automatically terminate and the Obligations under this Agreement and the other Loan Documents shall immediately become due and payable without any election or action on the part of the Administrative Agent or any Lender. If any
other Event of Default occurs, the Administrative Agent may, and at the request of the Required Lenders shall, terminate or suspend the obligations of the Lenders to make Loans hereunder or declare the Obligations under this Agreement and the other
Loan Documents to be due and payable, or both, whereupon the Obligations under this Agreement and the other Loan Documents shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which the
Borrower hereby expressly waives. 
 (b) If, within thirty (30) days after acceleration of the maturity of the Obligations under this
Agreement and the other Loan Documents or termination of the obligations of the Lenders to make Loans hereunder as a result of any Event of Default (other than any Event of Default as described in Section 8.7 or 8.8 with respect to the
Borrower) and before any judgment or decree for the payment of the Obligations due under this Agreement and the other Loan Documents shall have been obtained or entered, the Lenders (in their sole discretion) shall so direct, the Administrative
Agent shall, by notice to the Borrower, rescind and annul such acceleration and/or termination. 
 (c) Upon the occurrence and during the
continuation of any Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise all rights and remedies under the Loan Documents and enforce all other rights and remedies under applicable law. 

9.2. Application of Funds. After the exercise of remedies provided for in Section 9.1 (or after the Obligations under this
Agreement and the other Loan Documents have automatically become immediately due and payable as set forth in the first sentence of Section 9.1(a)), any amounts received by the Administrative Agent on account of the Obligations shall be applied
by the Administrative Agent in the following order: 
 (a) First, to payment of fees, indemnities, expenses and other amounts (including
fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 

  
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 (b) second, to payment of fees, indemnities and other reimbursable expenses (other than
principal, interest, and commitment fees) payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders as required by Section 10.6 and amounts payable under Article III); 

(c) third, to payment of accrued and unpaid commitment fees and interest on the Loans, ratably among the Lenders in proportion to the
respective amounts described in this Section 9.2(c) payable to them; 
 (d) fourth, to payment of all Obligations ratably among the
Lenders; 
 (e) last, the balance, if any, to the Borrower or as otherwise required by law. 

9.3. Amendments. Subject to the provisions of this Section 9.3, the Required Lenders (or the Administrative Agent with the consent
in writing of the Required Lenders) and the Borrower may enter into agreements supplemental hereto for the purpose of adding or modifying any provisions to this Agreement, or changing in any manner the rights of the Lenders or the Borrower hereunder
or thereunder or waiving any Default or Event of Default hereunder; provided, however, that no such supplemental agreement shall: 

(a) without the consent of each Lender directly affected thereby, extend the Revolving Facility Maturity Date, extend the final maturity of
any Loan to a date after the Term Facility Termination Date or postpone any regularly scheduled payment of principal of any Loan or forgive all or any portion of the principal amount thereof, or reduce the rate or extend the time of payment of
interest or fees thereon or increase the amount of the Commitment of such Lender hereunder. 
 (b) without the consent of all of the
Lenders, reduce the percentage or the number specified in the definition of Required Lenders. 
 (c) without the consent of all of the
Lenders, amend Section 9.2, this Section 9.3 or Section 12.2; provided, that the foregoing limitation in respect of Section 12.2 shall not prohibit each Lender directly affected thereby from consenting to the extension of
the final maturity date of its Loans beyond the Term Facility Termination Date as contemplated by Section 9.3(a) above. 
 No amendment
of any provision of this Agreement relating to the Administrative Agent shall be effective without the written consent of the Administrative Agent. The Administrative Agent may waive payment of the fee required under Section 13.3(c) without
obtaining the consent of any other party to this Agreement. Notwithstanding anything to the contrary herein, the Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement this Agreement or any of the other Loan
Documents to cure any ambiguity, omission, mistake, defect or inconsistency of a technical or immaterial nature, as determined in good faith by the Administrative Agent. 

  
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 9.4. Preservation of Rights. No delay or omission of the Lenders, or the Administrative
Agent to exercise any right under the Loan Documents shall impair such right or be construed to be a waiver of any Event of Default or an acquiescence therein, and the making of a Credit Extension notwithstanding the existence of an Event of Default
or the inability of the Borrower to satisfy the conditions precedent to such Credit Extension shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right shall not preclude other or further exercise thereof or
the exercise of any other right, and no waiver, amendment or other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to Section 9.3, and
then only to the extent in such writing specifically set forth. All remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Administrative Agent and the Lenders until the Obligations have
been paid in full. 
 ARTICLE X 

GENERAL PROVISIONS 

10.1. Survival of Representations. All representations and warranties of the Borrower contained in this Agreement shall survive the
making of the Credit Extensions herein contemplated. 
 10.2. Governmental Regulation. Anything contained in this Agreement to the
contrary notwithstanding, no Lender shall be obligated to extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation. 

10.3. Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation
of any of the provisions of the Loan Documents. 
 10.4. Entire Agreement. The Loan Documents embody the entire agreement and
understanding among the Borrower, the Administrative Agent and the Lenders and supersede all prior agreements and understandings among the Borrower, the Administrative Agent, and the Lenders relating to the subject matter thereof other than those
contained in the Fee Letters which shall survive and remain in full force and effect during the term of this Agreement. 
 10.5. Several
Obligations; Benefits of this Agreement. The respective obligations of the Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized
to act as such). The failure of any Lender to perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any
Person other than the parties to this Agreement and their respective successors and assigns, provided, however, that the parties hereto expressly agree that the Arranger shall enjoy the benefits of the provisions of Sections 10.6,
10.10 and 11.11 to the extent specifically set forth therein and shall have the right to enforce such provisions on its own behalf and in its own name to the same extent as if it were a party to this Agreement. 

  
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 10.6. Expenses; Indemnification. 

(a) The Borrower shall reimburse the Administrative Agent and the Arranger upon demand for all reasonable out-of-pocket expenses paid or
incurred by the Administrative Agent or the Arranger, including, without limitation, filing and recording costs and fees, costs of any environmental review, and consultants’ fees, travel expenses and reasonable fees, charges and disbursements
of outside counsel to the Administrative Agent and the Arranger and/or the allocated costs of in-house counsel incurred from time to time, in connection with the due diligence, preparation, administration, negotiation, execution, delivery,
syndication, distribution (including, without limitation, via DebtX and any other internet service selected by the Administrative Agent), review, amendment, modification, and administration of the Loan Documents. The Borrower also agrees to
reimburse the Administrative Agent, the Arranger and the Lenders for any costs, internal charges and out-of-pocket expenses, including, without limitation, filing and recording costs and fees, costs of any environmental review, and consultants’
fees, travel expenses and reasonable fees, charges and disbursements of outside counsel to the Administrative Agent, the Arranger and the Lenders and/or the allocated costs of in-house counsel incurred from time to time, paid or incurred by the
Administrative Agent, the Arranger, or any Lender in connection with the collection and enforcement of the Loan Documents. Expenses being reimbursed by the Borrower under this Section 10.6(a) include, without limitation, costs and expenses
incurred in connection with the Reports described in the following sentence. The Borrower acknowledges that from time to time U.S. Bank may prepare and may distribute to the Lenders (but shall have no obligation or duty to prepare or to distribute
to the Lenders) certain audit reports (the “Reports”) pertaining to the Borrower’s assets for internal use by U.S. Bank from information furnished to it by or on behalf of the Borrower, after U.S. Bank has exercised its rights of
inspection pursuant to this Agreement. 
 (b) The Borrower hereby further agrees to indemnify and hold harmless the Administrative Agent,
the Arranger, each Lender, their respective affiliates, and each of their directors, officers and employees, agents and advisors (each, an “Indemnitee”) against all losses, claims, damages, penalties, judgments, liabilities and expenses
(including, without limitation, reasonable attorneys’ fees, charges and disbursements and settlement costs (including, without limitation, all expenses of litigation or preparation therefor) whether or not the Administrative Agent, the
Arranger, any Lender or any affiliate is a party thereto) which any such Indemnitee may pay or incur arising out of or relating to this Agreement, the other Loan Documents, the transactions contemplated hereby, any actual or alleged presence or
release of Hazardous Materials on or from any Property owned or operated by Borrower or any of its Subsidiaries, any environmental liability related in any way to Borrower or any of its Subsidiaries, or any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by Borrower or any of its Subsidiaries, or the direct or indirect application or proposed
application of the proceeds of any Credit Extension hereunder except to the extent that they are determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of
the applicable Indemnitee. The obligations of the Borrower under this Section 10.6 shall survive the termination of this Agreement. 

10.7. Numbers of Documents. All statements, notices, closing documents, and requests hereunder shall be furnished to the Administrative
Agent with sufficient counterparts so that the Administrative Agent may furnish one to each of the Lenders. 

  
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 10.8. Accounting. Except as provided to the contrary herein, all accounting terms used
herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with GAAP in a manner consistent with that used in preparing the financial statements referred to in Section 5.4, except that any calculation or
determination which is to be made on a consolidated basis shall be made for the Borrower and all of its Subsidiaries, including those Subsidiaries, if any, which are unconsolidated on the Borrower’s audited financial statements;
provided, however that, notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made
without giving effect to (i) any election under Accounting Standards Codification Section 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any
Indebtedness or other liabilities of the Borrower or any of its Subsidiaries at “fair value”, as defined therein, or (ii) any treatment of Indebtedness in respect of convertible debt instruments under Financial Accounting Standards
Codification Subtopic 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such
Indebtedness shall at all times be valued at the full stated principal amount thereof. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and the Borrower, the
Administrative Agent or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in
GAAP (subject to the approval of the Required Lenders), provided that, until so amended, such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and the Borrower shall provide to the
Administrative Agent and the Lenders reconciliation statements showing the difference in such calculation, together with the delivery of monthly, quarterly and annual financial statements required hereunder. 

10.9. Severability of Provisions. Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in any
jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to
this end the provisions of all Loan Documents are declared to be severable. 
 10.10. Nonliability of Lenders. The relationship
between the Borrower on the one hand and the Lenders and the Administrative Agent on the other hand shall be solely that of borrower and lender. Neither the Administrative Agent, the Arranger, nor any Lender shall have any fiduciary responsibilities
to the Borrower. Neither the Administrative Agent, the Arranger, nor any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the Borrower’s business or operations.
The Borrower agrees that neither the Administrative Agent, the Arranger, nor any Lender shall have liability to the Borrower (whether sounding in tort, contract or otherwise) for losses suffered by the Borrower in connection with, arising out of, or
in any way related to, the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined in a final non-appealable judgment by a court of
competent jurisdiction that such losses resulted from the gross negligence or willful misconduct of the party from which recovery is sought. Neither the Administrative 

  
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Agent, the Arranger, nor any Lender shall have any liability with respect to, and the Borrower hereby waives, releases and agrees not to sue for, any special, indirect, consequential or punitive
damages suffered by the Borrower in connection with, arising out of, or in any way related to the Loan Documents or the transactions contemplated thereby. It is agreed that the Arranger shall, in its capacity as such, have no duties or
responsibilities under the Agreement or any other Loan Document. Each Lender acknowledges that it has not relied and will not rely on the Arranger in deciding to enter into the Agreement or any other Loan Document or in taking or not taking any
action. 
 10.11. Confidentiality. The Administrative Agent and each Lender agrees to hold any confidential information which it may
receive from the Borrower in connection with this Agreement in confidence, except for disclosure (i) to its Affiliates and to the Administrative Agent and any other Lender and their respective Affiliates, and, in each case, their respective
employees, directors, and officers, (ii) to legal counsel, accountants, and other professional advisors to the Administrative Agent or such Lender, (iii) as provided in Section 13.3(e), (iv) to regulatory officials, (v) to
the extent required by applicable laws or regulations or by any subpoena or similar legal process, (vi) to any Person in connection with any legal proceeding to which it is a party, (vii) to its direct or indirect contractual
counterparties in swap agreements or to legal counsel, accountants and other professional advisors to such counterparties, (viii) to rating agencies if requested or required by such agencies in connection with a rating relating to the Advances
hereunder, (ix) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, and (x) to the extent
such information (1) becomes publicly available other than as a result of a breach of this Section 10.11 or (2) becomes available to the Administrative Agent or any other Lender on a non-confidential basis from a source other than the
Borrower. Without limiting Section 10.4, the Borrower agrees that the terms of this Section 10.11 shall set forth the entire agreement between the Borrower and the Administrative Agent and each Lender with respect to any confidential
information previously or hereafter received by the Administrative Agent or such Lender in connection with this Agreement, and this Section 10.11 shall supersede any and all prior confidentiality agreements entered into by the Administrative
Agent or any Lender with respect to such confidential information. 
 10.12. Nonreliance. Each Lender hereby represents that it is
not relying on or looking to any margin stock (as defined in Regulation U) for the repayment of the Credit Extensions provided for herein. 

10.13. Disclosure. The Borrower and each Lender hereby acknowledge and agree that U.S. Bank and/or its Affiliates from time to time may
hold investments in, make other loans to or have other relationships with the Borrower and its Affiliates. 
 10.14. USA PATRIOT ACT
NOTIFICATION. The following notification is provided to Borrower pursuant to Section 326 of the PATRIOT Act: 
 Each Lender that is subject to the
requirements of the PATRIOT Act hereby notifies the Borrower that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address
of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the PATRIOT Act. 

  
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 ARTICLE XI 

THE ADMINISTRATIVE AGENT 

11.1. Appointment; Nature of Relationship. U.S. Bank National Association is hereby appointed by each of the Lenders as its contractual
representative (herein referred to as the “Administrative Agent”) hereunder and under each other Loan Document, and each of the Lenders irrevocably authorizes the Administrative Agent to act as the contractual representative of such Lender
with the rights and duties expressly set forth herein and in the other Loan Documents. The Administrative Agent agrees to act as such contractual representative upon the express conditions contained in this Article XI. Notwithstanding the use of the
defined term “Administrative Agent,” it is expressly understood and agreed that the Administrative Agent shall not have any fiduciary responsibilities to any Lender by reason of this Agreement or any other Loan Document and that the
Administrative Agent is merely acting as the contractual representative of the Lenders with only those duties as are expressly set forth in this Agreement and the other Loan Documents. In its capacity as the Lenders’ contractual representative,
the Administrative Agent (i) does not hereby assume any fiduciary duties to any of the Lenders and (ii) is acting as an independent contractor, the rights and duties of which are limited to those expressly set forth in this Agreement and
the other Loan Documents. Each of the Lenders hereby agrees to assert no claim against the Administrative Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of which claims each Lender hereby waives. 

11.2. Powers. The Administrative Agent shall have and may exercise such powers under the Loan Documents as are specifically delegated
to the Administrative Agent by the terms of each thereof, together with such powers as are reasonably incidental thereto. The Administrative Agent shall have no implied duties to the Lenders, or any obligation to the Lenders to take any action
thereunder except any action specifically provided by the Loan Documents to be taken by the Administrative Agent. 
 11.3. General
Immunity. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable to the Borrower, the Lenders or any Lender for any action taken or omitted to be taken by it or them hereunder or under any other
Loan Document or in connection herewith or therewith except to the extent such action or inaction is determined in a final non-appealable judgment by a court of competent jurisdiction to have arisen from the gross negligence or willful misconduct of
such Person. 
 11.4. No Responsibility for Loans, Recitals, etc. Neither the Administrative Agent nor any of its directors,
officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into, or verify (a) any statement, warranty or representation made in connection with any Loan Document or any borrowing hereunder; (b) the
performance or observance of any of the covenants or agreements of any obligor under any Loan Document, including, without limitation, any agreement by an obligor to furnish information directly to each Lender; (c) the satisfaction of any
condition specified in Article IV, except receipt of items required to be 

  
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delivered solely to the Administrative Agent; (d) the existence or possible existence of any Default or Event of Default; (e) the validity, enforceability, effectiveness, sufficiency or
genuineness of any Loan Document or any other instrument or writing furnished in connection therewith; (f) the value, sufficiency, creation, perfection or priority of any Lien in any collateral security; or (g) the financial condition of
the Borrower or any guarantor of any of the Obligations or of any of the Borrower’s or any such guarantor’s respective Subsidiaries. 

11.5. Action on Instructions of Lenders. The Administrative Agent shall in all cases be fully protected in acting, or in refraining
from acting, hereunder and under any other Loan Document in accordance with written instructions signed by the Required Lenders, and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders.
The Lenders hereby acknowledge that the Administrative Agent shall be under no duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Agreement or any other Loan Document unless it shall be requested in
writing to do so by the Required Lenders. The Administrative Agent shall be fully justified in failing or refusing to take any action hereunder and under any other Loan Document unless it shall first be indemnified to its satisfaction by the Lenders
pro rata against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action. 

11.6. Employment of Administrative Agents and Counsel. The Administrative Agent may execute any of its duties as Administrative Agent
hereunder and under any other Loan Document by or through employees, agents, and attorneys-in-fact and shall not be answerable to the Lenders, except as to money or securities received by it or its authorized agents, for the default or misconduct of
any such agents or attorneys-in-fact selected by it with reasonable care. The Administrative Agent shall be entitled to advice of counsel concerning the contractual arrangement between the Administrative Agent and the Lenders and all matters
pertaining to the Administrative Agent’s duties hereunder and under any other Loan Document. 
 11.7. Reliance on Documents;
Counsel. The Administrative Agent shall be entitled to rely upon any Note, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex, electronic mail message, statement, paper or document believed by it to be genuine and
correct and to have been signed or sent by the proper Person or Persons, and, in respect to legal matters, upon the opinion of counsel selected by the Administrative Agent, which counsel may be employees of the Administrative Agent. For purposes of
determining compliance with the conditions specified in Sections 4.1 and 4.2, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required
thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the applicable date specifying its objection thereto. 

11.8. Administrative Agent’s Reimbursement and Indemnification. The Lenders agree to reimburse and indemnify the Administrative
Agent ratably in proportion to their respective Pro Rata Shares (determined without excluding the Defaulting Lenders) (i) for any amounts not reimbursed by the Borrower for which the Administrative Agent is entitled to reimbursement by the
Borrower under the Loan Documents, (ii) for any other expenses incurred by the Administrative Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and enforcement of the Loan Documents
(including, without limitation, 

  
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for any expenses incurred by the Administrative Agent in connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders) and (iii) for any
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent in any way relating
to or arising out of the Loan Documents or any other document delivered in connection therewith or the transactions contemplated thereby (including, without limitation, for any such amounts incurred by or asserted against the Administrative Agent in
connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders), or the enforcement of any of the terms of the Loan Documents or of any such other documents, provided that (i) no Lender
shall be liable for any of the foregoing to the extent any of the foregoing is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Administrative Agent
and (ii) any indemnification required pursuant to Section 3.5(d) shall, notwithstanding the provisions of this Section 11.8, be paid by the relevant Lender in accordance with the provisions thereof. The obligations of the Lenders
under this Section 11.8 shall survive payment of the Obligations and termination of this Agreement. 
 11.9. Notice of Event of
Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent has received written notice from a Lender or the Borrower referring
to this Agreement describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice
thereof to the Lenders; provided that, except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the
Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. 

11.10. Rights as a Lender. In the event the Administrative Agent is a Lender, the Administrative Agent shall have the same rights and
powers hereunder and under any other Loan Document with respect to its Commitment and its Loans as any Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, at
any time when the Administrative Agent is a Lender, unless the context otherwise indicates, include the Administrative Agent in its individual capacity. The Administrative Agent and its Affiliates may accept deposits from, lend money to, and
generally engage in any kind of trust, debt, equity or other transaction, in addition to those contemplated by this Agreement or any other Loan Document, with the Borrower or any of its Subsidiaries in which the Borrower or such Subsidiary is not
restricted hereby from engaging with any other Person. 
 11.11. Lender Credit Decision, Legal Representation. 

(a) Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, the Arranger or any
other Lender and based on the financial statements prepared by the Borrower and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Loan Documents.
Each Lender also acknowledges that it will, 

  
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independently and without reliance upon the Administrative Agent, the Arranger or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit decisions in taking or not taking action under this Agreement and the other Loan Documents. Except for any notice, report, document or other information expressly required to be furnished to the Lenders by the Administrative
Agent or Arranger hereunder, neither the Administrative Agent nor the Arranger shall have any duty or responsibility (either initially or on a continuing basis) to provide any Lender with any notice, report, document, credit information or other
information concerning the affairs, financial condition or business of the Borrower or any of its Affiliates that may come into the possession of the Administrative Agent or Arranger (whether or not in their respective capacity as Administrative
Agent or Arranger) or any of their Affiliates. 
 (b) Each Lender further acknowledges that it has had the opportunity to be
represented by legal counsel in connection with its execution of this Agreement and the other Loan Documents, that it has made its own evaluation of all applicable laws and regulations relating to the transactions contemplated hereby, and that the
counsel to the Administrative Agent represents only the Administrative Agent and not the Lenders in connection with this Agreement and the transactions contemplated hereby. 

11.12. Successor Administrative Agent. The Administrative Agent may resign at any time by giving written notice thereof to the Lenders
and the Borrower, such resignation to be effective upon the appointment of a successor Administrative Agent or, if no successor Administrative Agent has been appointed, thirty (30) days after the retiring Administrative Agent gives notice of
its intention to resign. Upon any such resignation, the Required Lenders shall have the right to appoint, on behalf of the Borrower and the Lenders, a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed
by the Required Lenders within fifteen (15) days after the resigning Administrative Agent’s giving notice of its intention to resign, then the resigning Administrative Agent may appoint, on behalf of the Borrower and the Lenders, a
successor Administrative Agent. Notwithstanding the previous sentence, the Administrative Agent may at any time without the consent of the Borrower or any Lender, appoint any of its Affiliates which is a commercial bank as a successor Administrative
Agent hereunder. If the Administrative Agent has resigned and no successor Administrative Agent has been appointed, the Lenders may perform all the duties of the Administrative Agent hereunder and the Borrower shall make all payments in respect of
the Obligations to the applicable Lender and for all other purposes shall deal directly with the Lenders. No successor Administrative Agent shall be deemed to be appointed hereunder until such successor Administrative Agent has accepted the
appointment. Any such successor Administrative Agent shall be a commercial bank having capital and retained earnings of at least $100,000,000. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative
Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the resigning Administrative Agent. Upon the effectiveness of the resignation of the Administrative Agent,
the resigning Administrative Agent shall be discharged from its duties and obligations hereunder and under the Loan Documents. After the effectiveness of the resignation of an Administrative Agent, the provisions of this Article XI shall continue in
effect for the benefit of such Administrative Agent in respect of any actions taken or omitted to be taken by it while it was acting as the 

  
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Administrative Agent hereunder and under the other Loan Documents. In the event that there is a successor to the Administrative Agent by merger, or the Administrative Agent assigns its duties and
obligations to an Affiliate pursuant to this Section 11.12, then the term “Prime Rate” as used in this Agreement shall mean the prime rate, base rate or other analogous rate of the new Administrative Agent. 

11.13. Administrative Agent, Arranger and Lender Fees. The Borrower agrees to pay to the Administrative Agent and the Arranger, for
their respective accounts, the fees agreed to by the Borrower, the Administrative Agent and the Arranger pursuant to that certain letter agreement dated as of the date hereof between the Administrative Agent and the Borrower (the “U.S. Bank
Fee Letter”), or as otherwise agreed from time to time. The Borrower further agrees to pay to Wells Fargo Bank, National Association (“Wells Fargo”), for its account, the fees agreed to by the Borrower and Wells Fargo
pursuant to that certain letter agreement dated as of the date hereof between the Wells Fargo and the Borrower (the “Wells Fargo Fee Letter”; the Wells Fargo Fee Letter and the U.S. Bank Fee Letter are collectively referred to
herein as the “Fee Letters”). 
 11.14. Delegation to Affiliates. The Borrower and the Lenders agree that the
Administrative Agent may delegate any of its duties under this Agreement to any of its Affiliates. Any such Affiliate (and such Affiliate’s directors, officers, agents and employees) which performs duties in connection with this Agreement shall
be entitled to the same benefits of the indemnification, waiver and other protective provisions to which the Administrative Agent is entitled under Articles X and XI. 

11.15. No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the Lenders are
arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Lenders, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has
deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Lenders is
and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other
Person and (B) no Lender has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) each
of the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and no Lender has any obligation to disclose any of such interests to
the Borrower or its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against each of the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in
connection with any aspect of any transaction contemplated hereby. 

  
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 ARTICLE XII 

SETOFF; RATABLE PAYMENTS 

12.1. Setoff. The Borrower hereby grants each Lender a security interest in all deposits, credits and deposit accounts (including all
account balances, whether provisional or final and whether or not collected or available) of the Borrower with such Lender or any Affiliate of such Lender (the “Deposits”) to secure the Obligations. In addition to, and without limitation
of, any rights of the Lenders under applicable law, if the Borrower becomes insolvent, however evidenced, or any Event of Default occurs, Borrower authorizes each Lender to offset and apply all such Deposits toward the payment of the Obligations
owing to such Lender, whether or not the Obligations, or any part thereof, shall then be due and regardless of the existence or adequacy of any collateral, guaranty or any other security, right or remedy available to such Lender or the Lenders;
provided, that in the event that any Defaulting Lender shall exercise such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions
of Section 2.22 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide
promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. 

12.2. Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it upon its Outstanding Credit Exposure
(other than payments received pursuant to Section 3.1, 3.2, 3.4 or 3.5) in a greater proportion than that received by any other Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Aggregate Outstanding Credit Exposure
held by the other Lenders so that after such purchase each Lender will hold its Pro Rata Share of the Aggregate Outstanding Credit Exposure. If any Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise,
receives collateral or other protection for its Obligations or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders share in the benefits of such collateral or
other protection ratably in proportion to their respective Pro Rata Shares of the Aggregate Outstanding Credit Exposure. In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made. 

ARTICLE XIII 

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS 

13.1. Successors and Assigns. The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit of the
Borrower and the Lenders and their respective successors and assigns permitted hereby, except that (i) the Borrower shall not have the right to assign its rights or obligations under the Loan Documents without the prior written consent of each
Lender, (ii) any assignment by any Lender must be made in compliance with Section 13.3, and (iii) any transfer by participation must be made in compliance with Section 13.2. Any attempted assignment or transfer by any party not
made in compliance with this Section 13.1 shall be null and void, unless such attempted assignment or transfer is treated as a participation in accordance with the terms of this Agreement. The parties to this Agreement acknowledge that 

  
 70 

 
clause (ii) of this Section 13.1 relates only to absolute assignments and this Section 13.1 does not prohibit assignments creating security interests, including, without
limitation, (x) any pledge or assignment by any Lender of all or any portion of its rights under this Agreement and any Note to a Federal Reserve Bank or (y) in the case of a Lender which is a Fund, any pledge or assignment of all or any
portion of its rights under this Agreement and any Note to its trustee in support of its obligations to its trustee; provided, however, that no such pledge or assignment creating a security interest shall release the transferor Lender
from its obligations hereunder unless and until the parties thereto have complied with the provisions of Section 13.3. The Administrative Agent may treat the Person which made any Loan or which holds any Note as the owner thereof for all
purposes hereof unless and until such Person complies with Section 13.3; provided, however, that the Administrative Agent may in its discretion (but shall not be required to) follow instructions from the Person which made any Loan or
which holds any Note to direct payments relating to such Loan or Note to another Person. Any assignee of the rights to any Loan or any Note agrees by acceptance of such assignment to be bound by all the terms and provisions of the Loan Documents.
Any request, authority or consent of any Person, who at the time of making such request or giving such authority or consent is the owner of the rights to any Loan (whether or not a Note has been issued in evidence thereof), shall be conclusive and
binding on any subsequent holder or assignee of the rights to such Loan. 
 13.2. Participations. 

(a) Permitted Participants; Effect. Any Lender may at any time sell to one or more entities (“Participants”) participating
interests in any Outstanding Credit Exposure owing to such Lender, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender under the Loan Documents. In the event of any such sale by a Lender of participating
interests to a Participant, such Lender’s obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, such Lender shall remain the
owner of its Outstanding Credit Exposure and the holder of any Note issued to it in evidence thereof for all purposes under the Loan Documents, all amounts payable by the Borrower under this Agreement shall be determined as if such Lender had not
sold such participating interests, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under the Loan Documents. 

(b) Voting Rights. Each Lender shall retain the sole right to approve, without the consent of any Participant, any amendment,
modification or waiver of any provision of the Loan Documents provided that each such Lender may agree in its participation agreement with its Participant that such Lender will not vote to approve any amendment, modification or waiver with
respect to any Outstanding Credit Exposure or Commitment in which such Participant has an interest which would require consent of all of the Lenders or affected Lenders pursuant to the terms of Section 9.3 or of any other Loan Document. 

(c) Benefit of Certain Provisions. The Borrower agrees that each Participant shall be deemed to have the right of setoff provided in
Section 12.1 in respect of its participating interest in amounts owing under the Loan Documents to the same extent as if the amount of its participating interest were owing directly to it as a Lender under the Loan Documents, provided
that each Lender shall retain the right of setoff provided in Section 12.1 with respect to the 

  
 71 

 
amount of participating interests sold to each Participant. The Lenders agree to share with each Participant, and each Participant, by exercising the right of setoff provided in
Section 12.1, agrees to share with each Lender, any amount received pursuant to the exercise of its right of setoff, such amounts to be shared in accordance with Section 12.2 as if each Participant were a Lender. The Borrower further
agrees that each Participant shall be entitled to the benefits of Sections 3.1, 3.2, 3.4, 3.5, 10.6 and 10.10 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 13.3, provided that
(i) a Participant shall not be entitled to receive any greater payment under Section 3.1 or 3.2 than the Lender who sold the participating interest to such Participant would have received had it retained such interest for its own account,
unless the sale of such interest to such Participant is made with the prior written consent of the Borrower, and (ii) a Participant shall not be entitled to receive any greater payment under Section 3.5 than the Lender who sold the
participating interest to such Participant would have received had it retained such interest for its own account (A) except to the extent such entitlement to receive a greater payment results from a change in treaty, law or regulation (or any
change in the interpretation or administration thereof by any Governmental Authority) that occurs after the Participant acquired the applicable participation and (B), in the case of any Participant that would be a Non-U.S. Lender if it were a
Lender, such Participant agrees to comply with the provisions of Section 3.5 to the same extent as if it were a Lender (it being understood that the documentation required under Section 3.5(f) shall be delivered to the participating
Lender). Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of
each Participant’s interest in any Outstanding Credit Exposure, any Note, any Commitment or any other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to
disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Outstanding Credit Exposure, any Note, any Commitment or any other obligations
under the Loan Documents) to any Person except to the extent that such disclosure is necessary to establish that such Outstanding Credit Exposure, any Note, any Commitment or any other obligations under the Loan Documents is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the
owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a
Participant Register. 
 (d) Consents. The consent of the Borrower shall be required prior to the sale of a participation interest
under this Section 13.2 becoming effective unless the Participant is an Affiliate of the Lender selling the participation interest, provided that the consent of the Borrower shall not be required if an Event of Default has occurred and
is continuing; provided further that the Borrower shall be deemed to have consented to any such sale of a participation interest unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days
after having received notice thereof. 
 (e) Dissemination of Information. The Borrower authorizes each Lender to disclose to any
Participant or any other Person acquiring an interest in the Loan Documents by operation of law (each a “Transferee”) and any prospective Transferee any and all information in such Lender’s possession; provided that each
Transferee and prospective Transferee agrees to be bound by Section 10.11 of this Agreement. 

  
 72 

 13.3. Assignments. 

(a) Permitted Assignments. Any Lender may at any time assign to one or more Eligible Assignees (“Purchasers”) all or any part
of its rights and obligations under the Loan Documents. Such assignment shall be substantially in the form of Exhibit C or in such other form reasonably acceptable to the Administrative Agent as may be agreed to by the parties thereto. Each such
assignment with respect to a Purchaser which is not a Lender or an Affiliate of a Lender or an Approved Fund shall either be in an amount equal to the entire applicable Commitment and Outstanding Credit Exposure of the assigning Lender or (unless
each of the Borrower and the Administrative Agent otherwise consents) be in an aggregate amount not less than $5,000,000. The amount of the assignment shall be based on the Commitment or Outstanding Credit Exposure (if the Commitment has been
terminated) subject to the assignment, determined as of the date of such assignment or as of the “Trade Date,” if the “Trade Date” is specified in the assignment. 

(b) Consents. The consent of the Borrower shall be required prior to an assignment becoming effective unless the Purchaser is a Lender,
an Affiliate of a Lender or an Approved Fund, provided that the consent of the Borrower shall not be required if an Event of Default has occurred and is continuing; provided further that the Borrower shall be deemed to have consented
to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof. The consent of the Administrative Agent shall be required prior to an
assignment becoming effective. Any consent required under this Section 13.3(b) shall not be unreasonably withheld or delayed. 
 (c)
Effect; Assignment Effective Date. Upon (i) delivery to the Administrative Agent of an assignment, together with any consents required by Sections 13.3(a) and 13.3(b), and (ii) payment of a $3,500 fee to the Administrative Agent for
processing such assignment (unless such fee is waived by the Administrative Agent), such assignment shall become effective on the effective date specified in such assignment. The assignment shall contain a representation by the Purchaser to the
effect that none of the consideration used to make the purchase of the Commitment and Outstanding Credit Exposure under the applicable assignment agreement constitutes “plan assets” as defined under ERISA and that the rights and interests
of the Purchaser in and under the Loan Documents will not be “plan assets” under ERISA. On and after the effective date of such assignment, such Purchaser shall for all purposes be a Lender party to this Agreement and any other Loan
Document executed by or on behalf of the Lenders and shall have all the rights and obligations of a Lender under the Loan Documents, to the same extent as if it were an original party thereto, and the transferor Lender shall be released with respect
to the Commitment and Outstanding Credit Exposure assigned to such Purchaser without any further consent or action by the Borrower, the Lenders or the Administrative Agent. In the case of an assignment covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a Lender hereunder but shall continue to be entitled to the benefits of, and subject to, those provisions of this Agreement and the other Loan Documents which survive payment
of the Obligations and termination of the applicable agreement. Any assignment or transfer by a Lender of rights or obligations under this 

  
 73 

 
Agreement that does not comply with this Section 13.3 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with Section 13.2. Upon the consummation of any assignment to a Purchaser pursuant to this Section 13.3(c), the transferor Lender, the Administrative Agent and the Borrower shall, if the transferor Lender or the Purchaser desires that its
Loans be evidenced by Notes, make appropriate arrangements so that new Notes or, as appropriate, replacement Notes are issued to such transferor Lender and new Notes or, as appropriate, replacement Notes, are issued to such Purchaser, in each case
in principal amounts reflecting their respective Commitments, as adjusted pursuant to such assignment. 
 (d) Register. The
Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices in the United States of America, a copy of each Assignment and Assumption delivered to it and a register for the recordation of
the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender, pursuant to the terms hereof from time to time (the “Register”). The entries in the Register
shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. The Register shall be available for inspection by the Borrower and each Lender at any reasonable time and from time to time upon reasonable prior notice. 

(e) Dissemination of Information. The Borrower authorizes each Lender to disclose to any Purchaser or any other Person acquiring an
interest in the Loan Documents by operation of law and any prospective Transferee any and all information in such Lender’s possession; provided that each Transferee and prospective Transferee agrees to be bound by Section 10.11 of
this Agreement. 
 ARTICLE XIV 

NOTICES 
 14.1.
Notices; Effectiveness; Electronic Communication. 
 (a) Notices Generally. Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as provided in paragraph (b) below), 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 facsimile as follows: 
 (i) if to the Borrower, to it at One Hancock Plaza,
Gulfport, Mississippi 39502, Attention: Chief Financial Officer, Facsimile: (228) 868-4627, website address (for Section 6.1): Michael.Achary@whitneybank.com; 

  
 74 

 (ii) if to the Administrative Agent, to it at 505 N. 7th Street, 11th Floor, St. Louis, MO 63101, Attention: Eric Niedbalski, Facsimile: (314) 418-2173; 

(iii) if to a Lender, to it at its address (or facsimile number) set forth in its Administrative Questionnaire. 

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent
by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices
delivered through electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b). 

(b) Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic
communication (including e-mail and internet or intranet websites) pursuant to procedures approved by the Administrative Agent or as otherwise determined by the Administrative Agent, provided that the foregoing shall not apply to notices to
any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in its respective
discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it or as it otherwise determines, provided that such determination or approval may be limited to
particular notices or communications. 
 Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written
acknowledgement), provided that if such notice or other communication is not given during the normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next
Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause
(i) of notification that such notice or communication is available and identifying the website address therefor. 
 (c) Change of
Address, Etc. Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto given in the manner set forth in this Section 14.1. 

ARTICLE XV 

COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION; ELECTRONIC RECORDS 

15.1. Counterparts; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an 

  
 75 

 
original, but all of which when taken together shall constitute a single contract. Except as provided in Article IV, this Agreement shall become effective when it shall have been executed by the
Administrative Agent, and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the parties hereto, and thereafter shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 

15.2. Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and words of
like import in any assignment and assumption agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, or any other state laws based
on the Uniform Electronic Transactions Act. 
 15.3. Electronic Records. The Borrower hereby acknowledges the receipt of a copy of
this Agreement and all other Loan Documents. The Administrative Agent and each Lender may, on behalf of the Borrower, create a microfilm or optical disk or other electronic image of this Agreement and any or all of the Loan Documents. The
Administrative Agent and each Lender may store the electronic image of this Agreement and Loan Documents in its electronic form and then destroy the paper original as part of the Administrative Agent’s and each Lender’s normal business
practices, with the electronic image deemed to be an original and of the same legal effect, validity and enforceability as the paper originals. The Administrative Agent and each Lender are authorized, when appropriate, to convert any note into a
“transferable record” under the Uniform Electronic Transactions Act. 
 ARTICLE XVI 

CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL 

CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 

CONSENT TO JURISDICTION. THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE
COURT SITTING IN NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY
SUCH COURT AND IRREVOCABLY WAIVES ANY 

  
 76 

 
OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE
RIGHT OF THE ADMINISTRATIVE AGENT, OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE ADMINISTRATIVE AGENT, OR ANY LENDER OR ANY AFFILIATE OF THE
ADMINISTRATIVE AGENT, OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK. 

WAIVER OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT, AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING
INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER. 

[Signature Pages Follow] 

  
 77 

 IN WITNESS WHEREOF, the Borrower, the Lenders, and the Administrative Agent have executed this
Agreement as of the date first above written. 
  

			
	HANCOCK HOLDING COMPANY
		
	By:	 	 /s/ Michael M. Achary

	Name:	 	Michael M. Achary
	Title:	 	EVP, Chief Financial Officer
	
	U.S. BANK NATIONAL ASSOCIATION, as a Lender and as Administrative Agent
		
	By:	 	 /s/ Andrew J. Cooley

	Name:	 	Andrew J. Cooley
	Title:	 	SVP

  
 Signature Page to

 Hancock Credit Agreement 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Lori Hartman

	Name:	 	Lori Hartman
	Title:	 	Vice President

  
 Signature Page to

 Hancock Credit Agreement 

 PRICING SCHEDULE 
  

					
	 APPLICABLE MARGIN
	  	 	 
	 Eurocurrency Rate
	  	 	1.50	% 
	 Base Rate
	  	 	0.50	% 
		
	 APPLICABLE FEE RATE
	  	 	 
	 Commitment Fee
	  	 	0.25	% 

 SCHEDULE 1 

Commitments 
  

													
	 Lender:
	  	Revolving
Commitment:	 	  	Term Loan
Commitment:	 	  	Total Commitment:	 
	 U.S. BANK NATIONAL ASSOCIATION
	  	$	0	  	  	$	71,428,571.43	  	  	$	71,428,571.43	  
	 WELLS FARGO BANK, NATIONAL ASSOCIATION
	  	$	0	  	  	$	53,571,428.57	  	  	$	53,571,428.57	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 TOTAL COMMITMENTS
	  	$	0	  	  	$	125,000,000.00	  	  	$	125,000,000.00	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

 SCHEDULE 5.12 

Subsidiaries 
  

			
	WHITNEY BANK
	 	 
	 Amount of ownership interest of Borrower in Whitney Bank:
	  	100%
	 	 
	 An indication of whether or not Whitney Bank is a Financial Institution
Subsidiary:
	  	Yes
	 	 
	 Whitney Bank’s Jurisdiction of
Incorporation
	  	Mississippi

 SCHEDULE 7.1 

Indebtedness 
  

			
	 	 
	 Subordinated Debt
	  	 
	 Publicly Held, maturing June 2045
	  	 
	 Date: March 9, 2015
	  	 
	 Subordinated notes payable
	  	$150,000,000.00    
	 Whitney Bank Notes
	  	 
	 Publicly Held, maturing April 2017
	  	 
	 Date: Assumed by Hancock in Whitney acquisition
	  	 
	 Subordinated notes payable
	  	$98,000,000.00

 EXHIBIT A 

FORM OF OPINION 

December 18, 2015 
 The Administrative Agent,
and the Lenders who are parties to the 
 Credit Agreement described below. 

Gentlemen/Ladies: 
 We are counsel for Hancock
Holding Company, a Mississippi corporation (the “Borrower”), and have represented the Borrower in connection with its execution and delivery of a Credit Agreement dated as of the date hereof (the “Agreement”) among the Borrower,
the Lenders named therein, and U.S. Bank National Association, as Administrative Agent, and providing for Credit Extensions in an aggregate principal amount not exceeding $125,000,000 at any one time outstanding. All capitalized terms used in this
opinion and not otherwise defined herein shall have the meanings attributed to them in the Agreement. 
 We have examined the
Borrower’s [describe constitutive documents of Borrower and appropriate evidence of authority to enter into the transaction], the Loan Documents and such other matters of fact and law which we deem necessary in order to render this opinion.
Based upon the foregoing, it is our opinion that: 
 l. Each of the Borrower is a corporation, validly existing and (to the extent such
concept applies to such entity) in good standing under the laws of its jurisdiction of incorporation and has all requisite authority to conduct its business in each jurisdiction in which its business is conducted. 

2. The execution and delivery by the Borrower of the Loan Documents and the performance by the Borrower of its obligations thereunder have
been duly authorized by proper corporate proceedings on the part of the Borrower and will not: 
 (a) require any consent of
the Borrower’s shareholders (other than any such consent as has already been given and remains in full force and effect); 

(b) violate (i) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the Borrower or
(ii) the Borrower’s articles or certificate of incorporation, or (iii) the provisions of any indenture, instrument or agreement to which the Borrower is a party or is subject, or by which it, or its Property, is bound, or conflict
with or constitute a default thereunder; or 
 (c) result in, or require, the creation or imposition of any Lien in, of or on
the Property of the Borrower pursuant to the terms of any indenture, instrument or agreement binding upon the Borrower. 

  
 EXH. A-1 

 3. The Loan Documents have been duly executed and delivered by the Borrower and constitute legal,
valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their terms except to the extent the enforcement thereof may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of
creditors’ rights generally and subject also to the availability of equitable remedies if equitable remedies are sought. 
 4. There is
no litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the best of our knowledge after due inquiry, threatened against the Borrower or any of its Subsidiaries which, if adversely determined, could reasonably be
expected to have a Material Adverse Effect. 
 5. No order, consent, adjudication, approval, license, authorization, or validation of, or
filing, recording or registration with, or exemption by, or other action in respect of any governmental or public body or authority, or any subdivision thereof, which has not been obtained by the Borrower, is required to be obtained by the Borrower
in connection with the execution and delivery of the Loan Documents, the borrowings under the Agreement, the payment and performance by the Borrower of the Obligations, or the legality, validity, binding effect or enforceability of any of the Loan
Documents. 
 6. The Borrower is not required to be registered as an “investment company” within the meaning of the Investment
Company Act of 1940, as amended. 
 This opinion may be relied upon by the Administrative Agent, the Lenders and their participants,
assignees and other transferees. 
 Very truly yours, 

  
 EXH. A-2 

 EXHIBIT B 

FORM OF COMPLIANCE CERTIFICATE 
  

	To:	The Lenders parties to the 

	  	Credit Agreement Described Below 

 This Compliance Certificate is furnished pursuant to that
certain Credit Agreement dated as of December 18, 2015 (as amended, modified, renewed or extended from time to time, the “Agreement”) among the Hancock Holding Company (the “Borrower”), the lenders party thereto and U.S.
Bank National Association, as Administrative Agent for the Lenders. Unless otherwise defined herein, capitalized terms used in this Compliance Certificate have the meanings ascribed thereto in the Agreement. 

THE UNDERSIGNED HEREBY CERTIFIES THAT: 

1. I am the duly elected [President / Chief Financial Officer] of the Borrower; 

2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the
transactions and conditions of the Borrower and its Subsidiaries during the accounting period covered by the attached financial statements; 

3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or event which
constitutes a Default or Event of Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate, except as set forth below; and 

4. Schedule I attached hereto sets forth financial data and computations evidencing the Borrower’s compliance with certain covenants of
the Agreement, all of which data and computations are true, complete and correct. 
 Described below are the exceptions, if any, to
paragraph 3 by listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or event: 

 

	
	 [

	
	  

	
	  

	
	  

 The foregoing certifications, together with the computations set forth in Schedule I hereto and the
financial statements delivered with this Certificate in support hereof, are made and delivered this [    ] day of [            ], 20[    ]. 

  
 EXH. B-1 

 
			
	[NAME OF OFFICER OF BORROWER]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 EXH. B-2 

 SCHEDULE I TO COMPLIANCE CERTIFICATE 

Compliance as of [            ], 20[    ] with 

Provisions of Section 7.12 of 

the Agreement 
  

									
	I.	 	Section 7.12(a) – Consolidated Net Worth
				
		 	A.	 	Consolidated Net Worth:	 	$
				
		 	B.	 	Minimum Consolidated Net Worth For Quarter Ending December 31, 2015	 	$2,327,616,000
				
		 	C.	 	Line I.A. equal to or greater than Line I.B:	 	[Yes – Pass]
					
		 		 		 		 	[No – Fail]
				
		 	D.	 	Minimum net worth value:	 	
					
		 		 	1.	 	Fixed value:	 	$2,327,616,000
					
		 		 	2.	 	50% of Consolidated Net Income earned on a cumulative basis for each Fiscal Quarter, commencing with the Fiscal Quarter ending March 31, 2016 (and measured each at the end of Fiscal Quarter thereafter starting with the Fiscal
Quarter ending December 31, 2015):	 	$
					
		 		 	3.	 	100% of the amount by which the Borrower’s “total stockholders’ equity” is increased after the Effective Date as a result of (A) public or private offering of the Borrower’s capital stock, (B) the issuance
of the Borrower’s capital stock in any merger transaction or in payment of any purchase price in an acquisition or (C) the conversion of the Borrower’s debt securities into the Borrower’s capital stock:	 	$
					
		 		 	4.	 	Minimum net worth value (Lines I.D.1 + 2+ 3):	 	$
				
		 	E.	 	Line I.A. equal to or greater than Line I.D.4:	 	[Yes – Pass]
					
		 		 		 		 	[No – Fail]
		
	II.	 	Section 7.12(b) – Ratio of Nonperforming Assets to Total Loans and OREO
				
		 	A.	 	Nonperforming Loans:	 	
					
		 		 	1.	 	Nonaccrual loans and lease financing receivables:	 	$

  
 EXH. B-3 

									
		 		 	2.	 	Loans and lease financing receivables that are contractually past due 90 days or more as to interest or principal and are still accruing interest:	 	$
					
		 		 	3.	 	Nonperforming Loans (Lines II.A.1 + II.A.2):	 	$
				
		 	B.	 	Other Real Estate Owned:	 	$
				
		 	C.	 	Nonperforming Assets (Lines II.A.3 + II.B.):	 	$
				
		 	D.	 	Total Loans:	 	$
				
		 	E.	 	Other Real Estate Owned (from Line II.B.):	 	$
				
		 	F.	 	Ratio of Nonperforming Assets to Total Loans and OREO (Line II.C ÷ [Line II.D + Line II.E]):	 	       %
				
		 		 	Maximum permitted for each Fiscal Quarter Ending after September 30, 2015:	 	3.00%
		 		 		 		 	[Pass] [Fail]
			
	III.	 	Section 7.12(c) – Regulatory Capital	 	
				
		 	A.	 	With Respect to the Borrower:	 	
					
		 		 	1.	 	Total Risk-based Capital Ratio:	 	  

		 		 		 		 	[3 11.50%]
					
		 		 	2.	 	Tier 1 Risk-based Capital Ratio:	 	  

		 		 		 		 	[ 3 9.50%]
					
		 		 	3.	 	Leverage Ratio:	 	  

		 		 		 		 	[ 3 8.00%]
				
		 	B.	 	With Respect to each Financial Institution Subsidiary:	 	
					
		 		 	1.	 	Total Risk-based Capital Ratio:	 	  

		 		 		 		 	[3 11.50%]
					
		 		 	2.	 	Tier 1 Risk-based Capital Ratio:	 	  

		 		 		 		 	[ 3 9.50%]
					
		 		 	3.	 	Leverage Ratio:	 	  

		 		 		 		 	[ 3 8.00%]
				
		 	C.	 	As of the end of the Fiscal [Quarter / Year] ended                     , the Borrower and each Financial
Institution Subsidiary is “well capitalized” in accordance with, and satisfy each of the ratios specified above.	 	
					
		 		 		 		 	[Yes – Pass]
					
		 		 		 		 	[No – Fail]

  
 EXH. B-4 

									
	IV.	 	Section 7.12(d) – Return on Average Assets1
				
		 	[A.	 	With respect to the Borrower, as of the Fiscal Quarter ending December 31, 2015:	 	
					
		 		 	1.	 	The “net income” of the Borrower (as determined by reference to the line item “net income” under “Selected Financial Data” in the Borrower’s Form 10-K) for such Fiscal Quarter:	 	$
					
		 		 	2.	 	The “total assets” of the Borrower (as determined by reference to the line item “total assets” under “Selected Financial Data” in the Borrower’s Form 10-K) for such Fiscal Quarter:	 	$
					
		 		 	3.	 	Return on Average Assets (Line IV.A.1 / IV.A.2):	 	$
				
		 	B.	 	Line IV.A.3 equal to or greater than 0.20%:	 	[Yes – Pass]]
				
		 	[A.	 	With respect to the Borrower, as of the end of the Fiscal [Quarter / Year]2:	 	
					
		 		 	1.	 	The sum of the “net income” of the Borrower (as determined by reference to the line item “net income” under “Selected Financial Data” in the Borrower’s most recent Form 10-Q or 10-K, as applicable)
for such Fiscal Quarter and the three immediately preceding Fiscal Quarters:	 	$
					
		 		 	2.	 	The average of the “total assets” of the Borrower (as determined by reference to the line item “total assets” under “Selected Financial Data” in the Borrower’s most recent Form 10-Q or 10-K, as
applicable) for such Fiscal Quarter and the three immediately preceding Fiscal Quarters:	 	$
					
		 		 	3.	 	Return on Average Assets (Line IV.A.1 / IV.A.2):	 	$
				
		 	B.	 	Line IV.A.3 equal to or greater than 0.60%:	 	[Yes – Pass]]

  

	1 	Following formulations are to be used in the alternative. The first one is to only be used for the Fiscal Quarter ending December 31, 2015. For all other Fiscal Quarters, the second formulation is to be used.

	2 	For purposes of calculating the Return on Average Assets for the Fiscal Quarters ending March 31, 2016, June 30, 2016 and September 30, 2016, such calculations will be made in accordance with the
second sentence of the definition of Return on Average Assets. 

  
 EXH. B-5 

							
	V.	 	Section 7.12(e) – Minimum Cash at Borrower	 	
				
		 	A.	 	Unrestricted cash and eligible unrestricted securities:	 	$
				
		 	B.	 	The Borrower has maintained adequate unrestricted cash or eligible unrestricted securities directly at the Borrower in accordance with the requirements of the FRB and at no time has the Borrower held an amount of unrestricted cash
or eligible unrestricted securities directly at the Borrower in an amount less than $100,000,000.	 	
				
		 		 		 	[Yes – Pass]
			
		 		 	[No – Fail]
		
	VI.	 	Section 7.12(f) – Dividend Capacity
				
		 	A.	 	With respect to Whitney Bank, as of the end of the Fiscal [Quarter / Year]:	 	
				
		 		 	 The maximum aggregate amount of dividends that could be declared and paid during the current fiscal [quarter/year] while maintaining a Leverage Ratio
(as defined at 12 C.F.R. 325.6(m) (as in effect on the Effective Date, together with such amendments, modifications and supplements as may be acceptable to the Required Lenders)) for such fiscal [quarter/year] of at least 7%:
	 	$
				
		 	B.	 	Line VI.A. equal to or greater than $100,000,000:	 	[Yes – Pass]

  
 EXH. B-6 

 EXHIBIT C 

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered
into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit
Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein
by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, the Assignor
hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Terms and Conditions and the Credit Agreement, as of the Effective Date inserted
by the Administrative Agent as contemplated below, the interest in and to all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto that
represents the amount and percentage interest identified below of all of the Assignor’s outstanding rights and obligations under the respective facilities identified below (including without limitation any letters of credit, and guaranties
included in such facilities and, to the extent permitted to be assigned under applicable law, all claims (including without limitation contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity),
suits, causes of action and any other right of the Assignor against any Person whether known or unknown arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions
governed thereby) (the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 

 

					
	1.	 	Assignor:	 	[                                      
  ]
			
	2.	 	Assignee:	 	[                                      
  ][and is an Affiliate/ Approved Fund of [identify Lender]3
			
	3.	 	Borrower(s):	 	Hancock Holding Company

  

	3 	Select as applicable. 

  
 EXH. C-1 

					
	4.	 	Administrative Agent:	 	U.S. Bank National Association, as the agent under the Credit Agreement.
			
	5.	 	Credit Agreement:	 	The $125,000,000 Credit Agreement dated as of December 18, 2015 among Hancock Holding Company, the Lenders party thereto, U.S. Bank National Association, as Administrative Agent, and the other agents party thereto.
			
	6.	 	Assigned Interest:	 	

  

															
	Facility Assigned	  	Aggregate Amount of
Commitment/Loans
for all Lenders4	 	  	Amount of
Commitment/Loans
Assigned5	 	  	Percentage Assigned
of
Commitment/Loans6	 
	
[            ]7
	  	$	[            	] 	  	$	[            	] 	  	 	[            	]% 
	 [            ]
	  	$	[            	] 	  	$	[            	] 	  	 	[            	]% 
	 [            ]
	  	$	[            	] 	  	$	[            	] 	  	 	[            	]% 

  

					
	7.	 	Trade Date:	 	[                                      
  ]8

 Effective Date: [            ], 20[    ] [TO
BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER BY THE ADMINISTRATIVE AGENT.] 
 The
terms set forth in this Assignment and Assumption are hereby agreed to: 
  

			
	ASSIGNOR
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Title:
	
	ASSIGNEE
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Title:

  

	4 	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. 

	5 	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. 

	6 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	7 	Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g. “Revolving Commitment,” “Term Loan Commitment,”, etc.).

	8 	Insert if satisfaction of minimum amounts is to be determined as of the Trade Date. 

  
 EXH. C-2 

			
	[Consented to and]9 Accepted:
	
	U.S. BANK NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	  

	Title:	 	
	
	[Consented to:]10
	
	[NAME OF RELEVANT PARTY]
		
	By:	 	  

	Title:	 	

  

	9 	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

	10 	To be added only if the consent of the Borrower and/or other parties is required by the terms of the Credit Agreement. 

  
 EXH. C-3 

 ANNEX 1 

TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 

1.1 Assignor. The Assignor represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest,
(ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to
consummate the transactions contemplated hereby. Neither the Assignor nor any of its officers, directors, employees, agents or attorneys shall be responsible for (i) any statements, warranties or representations made in or in connection with
the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency, perfection, priority, collectability, or value of the Loan Documents or any collateral thereunder, (iii) the
financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document, (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other
Person of any of their respective obligations under any Loan Documents, (v) inspecting any of the Property, books or records of the Borrower, or any guarantor, or (vi) any mistake, error of judgment, or action taken or omitted to be taken
in connection with the Loans or the Loan Documents. 
 1.2. Assignee. The Assignee (a) represents and warrants that (i) it
has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) from and
after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iii) agrees that its payment
instructions and notice instructions are as set forth in Schedule 1 to this Assignment and Assumption, (iv) confirms that none of the funds, monies, assets or other consideration being used to make the purchase and assumption hereunder are
“plan assets” as defined under ERISA and that its rights, benefits and interests in and under the Loan Documents will not be “plan assets” under ERISA, (v) agrees to indemnify and hold the Assignor harmless against all
losses, costs and expenses (including, without limitation, reasonable attorneys’ fees) and liabilities incurred by the Assignor in connection with or arising in any manner from the Assignee’s non-performance of the obligations assumed
under this Assignment and Assumption, (vi) it has received a copy of the Credit Agreement, together with copies of financial statements and such other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and
(vii) attached as Schedule 1 to this Assignment and Assumption is any documentation required to be delivered by the Assignee with respect to its tax status pursuant to the terms of the Credit Agreement, duly completed and executed by the
Assignee and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as
a Lender. 

  
 EXH. C-4 

 2. Payments. The Assignee shall pay the Assignor, on the Effective Date, the amount agreed
to by the Assignor and the Assignee. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for
amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 

3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and
Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York. 

  
 EXH. C-5 

 EXHIBIT D-1 

FORM OF BORROWING NOTICE 
 TO: U.S. Bank
National Association, as administrative agent (the “Administrative Agent”) under that certain Credit Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), dated as of
December 18, 2015 among Hancock Holding Company (the “Borrower”), the financial institutions party thereto, as lenders (the “Lenders”), and the Administrative Agent. 

Capitalized terms used herein shall have the meanings ascribed to such terms in the Credit Agreement. 

The undersigned Borrower hereby gives to the Administrative Agent a request for borrowing pursuant to Section 2.8 of the Credit
Agreement, and the Borrower hereby requests to borrow on [            ], 20[    ] (the “Borrowing Date”): 

from the Lenders, on a pro rata basis, an aggregate principal amount of
$[            ] in Revolving Loans as: 
  

	 	1.	 ̈     a Base Rate Advance (in Dollars) 

  

	 	2.	 ̈     a Eurocurrency Advance with the following characteristics: 

Interest Period of [            ] month(s) 

The undersigned hereby certifies to the Administrative Agent and the Lenders that (i) the representations and warranties contained in
Article V of the Credit Agreement are (a) with respect to any representations or warranties that contain a materiality qualifier, true and correct in all respects as of the date hereof, except to the extent any such representation or warranty
is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all respects on and as of such earlier date and (b) with respect to any representations or warranties that do not
contain a materiality qualifier, true and correct in all material respects as of the date hereof, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty
shall have been true and correct in all material respects on and as of such earlier date; (ii) at the time of and immediately after giving effect to such Advance, no Default or Event of Default shall have occurred and be continuing; and
(iii) all other relevant conditions set forth in Section 4.2 of the Credit Agreement have been satisfied. 
 ****** 

  
 EXH. D-1-1 

 IN WITNESS WHEREOF, the undersigned has caused this Borrowing Notice to be executed by its
authorized officer as of the date set forth below. 
 Dated: [            ],
20[    ] 
  

			
	HANCOCK HOLDING COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 EXH. D-1-2 

 EXHIBIT D-2 

FORM OF CONVERSION/CONTINUATION NOTICE11 

TO: U.S. Bank National Association, as administrative agent (the “Administrative Agent”) under that certain Credit Agreement (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), dated as of December 18, 2015 among Hancock Holding Company (the “Borrower”), the financial institutions party thereto, as lenders (the
“Lenders”), and the Administrative Agent. 
 Capitalized terms used herein shall have the meanings ascribed to such terms in the
Credit Agreement. 
 Pursuant to Section 2.9 of the Credit Agreement, the undersigned Borrower hereby requests to [continue] [convert]
the interest rate on a portion of its Loan in the outstanding principal amount of $[            ] on [            ],
20[    ] as follows: 
  ̈ to convert such Eurocurrency Advance to a Base
Rate Advance of the same type as of the last day of the current Interest Period for such Eurocurrency Advance. 
  ̈ to convert such Base Rate Advance to a Eurocurrency Advance of the same type with an Interest Period of [            ] month(s). 

 ̈ to continue such Eurocurrency Advance on the last day of its current Interest Period as a
Eurocurrency Advance of the same type with an Interest Period of [            ] month(s). 

The undersigned hereby certifies to the Administrative Agent and the Lenders that (i) the representations and warranties contained in
Article V of the Credit Agreement are (a) with respect to any representations or warranties that contain a materiality qualifier, true and correct in all respects as of the date hereof, except to the extent any such representation or warranty
is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all respects on and as of such earlier date and (b) with respect to any representations or warranties that do not
contain a materiality qualifier, true and correct in all material respects as of the date hereof, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty
shall have been true and correct in all material respects on and as of such earlier date; (ii) the Borrower is in full compliance with all of the terms and conditions hereof, and no Default or Event of Default shall have occurred and be
continuing or would occur as a result of the [continuation] [conversion] contemplated hereby; and (iii) all other relevant conditions set forth in Section 4.2 of the Credit Agreement have been satisfied. 

 

	11 	Such Conversion/Continuation Notice to be delivered not later than 12:00 noon (Central time) at least two (2) Business Days prior to the date of the requested conversion or continuation. 

  
 EXH. D-2-1 

 IN WITNESS WHEREOF, the undersigned has caused this Conversion/Continuation Notice to be executed
on its behalf by its authorized officer as of the date set forth below. 
 Dated:
[            ], 20[    ] 
  

			
	HANCOCK HOLDING COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 EXH. D-2-2 

 EXHIBIT D-3 

FORM OF PAYMENT NOTICE12 

TO: U.S. Bank National Association, as administrative agent (the “Administrative Agent”) under that certain Credit Agreement (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), dated as of December 18, 2015 among Hancock Holding Company (the “Borrower”), the financial institutions party thereto, as lenders (the
“Lenders”), and the Administrative Agent. 
 Capitalized terms used herein shall have the meanings ascribed to such terms in the
Credit Agreement. 
 Pursuant to Section 2.7 of the Credit Agreement, the undersigned Borrower hereby notifies the Administrative Agent
of its intent to make a prepayment of a portion of its [Eurocurrency] [Base Rate] [Revolving] [Term] Loan in the amount of
$[            ]13 on [            ], 20[    ]. 

 

	12 	Such Payment Notice to be delivered not later than (i) 10:00 a.m. (Central time) five (5) Business Days prior to any permanent reduction in the Aggregate Revolving Commitment of the Revolving Lenders,
(ii) 12:00 noon (Central time) upon the same day as any Base Rate Advance repayment, or (iii) 12:00 noon (Central time) two (2) Business Days prior to any Eurocurrency Advance repayment. 

	13 	Payments to be made in a minimum aggregate amount of $1,000,000 for any permanent reduction in the Aggregate Revolving Commitment of the Revolving Lenders and $1,000,000 or the remaining outstanding balance of the Term
Loan or Revolving Loan, as applicable. 

  
 EXH. D-3-1 

 IN WITNESS WHEREOF, the undersigned has caused this Payment Notice to be executed on its behalf
by its authorized officer as of the date set forth below. 
 Dated: [            ],
20[    ] 
  

			
	HANCOCK HOLDING COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 EXH. D-3-2 

 EXHIBIT E-1 

FORM OF REVOLVING NOTE 

[            ], 20[    ] 

Hancock Holding Company, a Mississippi corporation (the “Borrower”), promises to pay to the order of
[                                        ] (the
“Lender”) the aggregate unpaid principal amount of all Loans made by the Lender to the Borrower pursuant to Section 2.1(a) of the Agreement (as hereinafter defined), in immediately available funds at the applicable office of U.S. Bank
National Association, as Administrative Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on the
Loans in full on the Term Facility Termination Date. 
 The Lender shall, and is hereby authorized to, record on the schedule attached
hereto, or to otherwise record in accordance with its usual practice, the date and amount of each Loan and the date and amount of each principal payment hereunder. 

This Revolving Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Credit Agreement dated as of
December 18, 2015 (which, as it may be amended or modified and in effect from time to time, is herein called the “Agreement”), among the Borrower, the lenders party thereto, including the Lender and U.S. Bank National Association, as
Administrative Agent, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Revolving Note, including the terms and conditions under which this Revolving Note may be prepaid or its maturity date
accelerated. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement. 

In the event of default hereunder, the undersigned agree to pay all costs and expenses of collection, including reasonable attorneys’
fees. The undersigned waive demand, presentment, notice of nonpayment, protest, notice of protest and notice of dishonor. 
 THE VALIDITY,
CONSTRUCTION AND ENFORCEABILITY OF THIS NOTE SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF, BUT GIVING EFFECT TO FEDERAL LAWS OF THE UNITED STATES APPLICABLE TO
NATIONAL BANKS. 
  

			
	HANCOCK HOLDING COMPANY
		
	By:	 	  

	Print Name:	 	  

	Title:	 	  

  
 EXH. E-1-1 

 SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL 

TO 
 REVOLVING NOTE OF HANCOCK
HOLDING COMPANY, 
 DATED [            ], 20[    ] 

 

									
	 Date
	  	Principal
Amount of
Loan	  	Maturity
of Interest
Period	  	Principal
Amount
Paid	  	Unpaid
Balance
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 EXH. E-1-2 

 EXHIBIT E-2 

FORM OF TERM NOTE 

[            ], 20[    ] 

Hancock Holding Company, a Mississippi corporation (the “Borrower”), promises to pay to the order of
[                                        ] (the
“Lender”) the aggregate unpaid principal amount of all Loans made by the Lender to the Borrower pursuant to Section 2.1(b) of the Agreement (as hereinafter defined), in immediately available funds at the applicable office of U.S. Bank
National Association, as Administrative Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on the
Loans in full on the Term Facility Termination Date. 
 The Lender shall, and is hereby authorized to, record on the schedule attached
hereto, or to otherwise record in accordance with its usual practice, the date and amount of each Loan and the date and amount of each principal payment hereunder. 

This Term Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Credit Agreement dated as of December 18,
2015 (which, as it may be amended or modified and in effect from time to time, is herein called the “Agreement”), among the Borrower, the lenders party thereto, including the Lender, and U.S. Bank National Association, as Administrative
Agent, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Term Note, including the terms and conditions under which this Term Note may be prepaid or its maturity date accelerated. Capitalized terms
used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement. 
 In the event of default
hereunder, the undersigned agree to pay all costs and expenses of collection, including reasonable attorneys’ fees. The undersigned waive demand, presentment, notice of nonpayment, protest, notice of protest and notice of dishonor. 

THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY OF THIS NOTE SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING
EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF, BUT GIVING EFFECT TO FEDERAL LAWS OF THE UNITED STATES APPLICABLE TO NATIONAL BANKS. 
  

			
	HANCOCK HOLDING COMPANY
		
	By:	 	  

	Print Name:	 	  

	Title:	 	  

  
 EXH. E-2-1 

 SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL 

TO 
 TERM NOTE OF HANCOCK HOLDING
COMPANY, 
 DATED [            ], 20[    ] 

 

									
	 Date
	  	Principal
Amount of
Loan	  	Maturity
of Interest
Period	  	Principal
Amount
Paid	  	Unpaid
Balance]
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 EXH. E-2-2 

 EXHIBIT F 

LIST OF CLOSING DOCUMENTS 

HANCOCK HOLDING COMPANY 

CREDIT FACILITIES 

December 18, 2015 
 LIST OF
CLOSING DOCUMENTS14 
 A. LOAN DOCUMENTS 

 

	1.	Credit Agreement dated as of December 18, 2015 among Hancock Holding Company, a Mississippi corporation (the “Borrower”), the Lenders party thereto and U.S. Bank National Association, as administrative
agent (in such capacity, the “Administrative Agent”), evidencing a credit facility to the Borrower from the Lenders in an initial aggregate principal amount of up to $125,000,000. 

 

			
	SCHEDULES
		
	Pricing Schedule	  	
	Schedule 1	  	Commitments
	Schedule 5.12	  	Subsidiaries
	Schedule 7.1	  	Indebtedness
	
	EXHIBITS
		
	Exhibit A	  	Form of Opinion
	Exhibit B	  	Form of Compliance Certificate
	Exhibit C	  	Form of Assignment and Assumption Agreement
	Exhibit D-1	  	Form of Borrowing Notice
	Exhibit D-2	  	Form of Conversion/Continuation Notice
	Exhibit D-3	  	Form of Payment Notice
	Exhibit E-1	  	Form of Revolving Note
	Exhibit E-2	  	Form of Term Note
	Exhibit F	  	List of Closing Documents

  

	2.	Notes executed by the Borrower in favor of each of the Lenders, if any, which has requested a note pursuant to Section 2.13(d) of the Credit Agreement. 

 

	3.	Borrowing Notice executed by the Borrower with respect to all Credit Extensions to be made on the Effective Date. 

 

	14 	Each capitalized term used herein and not defined herein shall have the meaning assigned to such term in the above-defined Credit Agreement. Items appearing in bold and italics shall be prepared and/or
provided by the Borrower and/or Borrower’s counsel. 

  
 EXH. F-1 

 B. UCC AND OTHER DELIVERIES 

 

	4.	UCC, tax lien, judgment search reports naming the Borrower from the appropriate offices in relevant jurisdictions. 

  

	5.	Evidence of current insurance coverage for the Borrower and its Subsidiaries in form, scope and substance reasonably satisfactory to the Administrative Agent. 

 

	6.	Financial information required to be provided pursuant to Section 4.1(l) of the Credit Agreement. 

C. CORPORATE DOCUMENTS 
  

	7.	Certificate of the Secretary or an Assistant Secretary of the Borrower certifying (i) that there have been no changes in the charter document of the Borrower, as attached thereto and as certified as of a
recent date by the Secretary of State (or analogous governmental entity) of the jurisdiction of its organization, since the date of the certification thereof by such governmental entity, (ii) the by-laws of the Borrower attached thereto,
(iii) resolutions of the Board of Directors of the Borrower authorizing the execution, delivery and performance of each Loan Document to which it is a party, (iv) the Good Standing Certificate (or analogous documentation if applicable) for
the Borrower and each of its material Subsidiaries from the Secretary of State (or analogous governmental entity) of the jurisdiction of its organization, to the extent generally available in such jurisdiction and (v) the names and true
signatures of the incumbent officers of the Borrower authorized to sign the Loan Documents, and authorized to request an Advance under the Credit Agreement. 

D. OPINIONS 
  

	8.	Opinion of Jones Walker LLP, counsel for the Borrower. 

 E. CLOSING
CERTIFICATES AND MISCELLANEOUS 
  

	9.	Officer’s Certificate described in Section 4.1(b) of the Credit Agreement. 

  

	10.	Payoff documentation providing evidence satisfactory to the Administrative Agent that the term loan facility currently in effect for the Borrower has been terminated and cancelled (along with all of the
agreements, documents and instruments delivered in connection therewith) and all Indebtedness owing thereunder has been repaid. 

  
 EXH. F-2EX-4.1

 Exhibit 4.1 
  

 
  

CHESAPEAKE ENERGY CORPORATION, 

as Issuer, 
 THE SUBSIDIARY
GUARANTORS PARTY HERETO, 
 as Subsidiary Guarantors, 

AND 
 DEUTSCHE BANK TRUST COMPANY
AMERICAS, 
 as Trustee and Collateral Trustee 
  

 
 INDENTURE 

DATED AS OF DECEMBER 23, 2015 
  

 
 8.00% SENIOR
SECURED SECOND LIEN NOTES DUE 2022 
  
  

 
  

 
 Reference is made to the Intercreditor Agreement
(as defined herein). Each Holder (as defined herein), by its acceptance of a Security (as defined herein) (i) consents to the subordination of Liens (as defined herein) 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 Collateral Trustee (as defined herein) on behalf of the Holders (and each other holder of Parity Lien
Obligations (as defined herein)) to enter into the Intercreditor Agreement as Collateral Trustee on behalf of the Holders and each other holder of Parity Lien Obligations. The foregoing provisions are intended as an inducement to the lenders under
the Priority Lien Documents (as defined herein) 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. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE ONE
	 	DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	1	  
	 SECTION 1.01
	 	DEFINITIONS	  	 	1	  
	 SECTION 1.02
	 	OTHER DEFINITIONS	  	 	27	  
	 SECTION 1.03
	 	[RESERVED]	  	 	28	  
	 SECTION 1.04
	 	RULES OF CONSTRUCTION	  	 	28	  
			
	 ARTICLE TWO
	 	THE SECURITIES	  	 	28	  
	 SECTION 2.01
	 	FORM AND DATING	  	 	28	  
	 SECTION 2.02
	 	FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION	  	 	29	  
	 SECTION 2.03
	 	AMOUNT UNLIMITED; ISSUANCE OF ADDITIONAL SECURITIES	  	 	29	  
	 SECTION 2.04
	 	EXECUTION OF SECURITIES	  	 	29	  
	 SECTION 2.05
	 	AUTHENTICATION AND DELIVERY OF SECURITIES	  	 	30	  
	 SECTION 2.06
	 	REGISTRAR AND PAYING AGENT	  	 	30	  
	 SECTION 2.07
	 	PAYING AGENT TO HOLD MONEY IN TRUST	  	 	31	  
	 SECTION 2.08
	 	HOLDER LISTS	  	 	31	  
	 SECTION 2.09
	 	TRANSFER AND EXCHANGE	  	 	31	  
	 SECTION 2.10
	 	REPLACEMENT SECURITIES	  	 	32	  
	 SECTION 2.11
	 	OUTSTANDING SECURITIES	  	 	33	  
	 SECTION 2.12
	 	TEMPORARY SECURITIES	  	 	33	  
	 SECTION 2.13
	 	SECURITIES ISSUABLE IN THE FORM OF A GLOBAL SECURITY	  	 	34	  
	 SECTION 2.14
	 	CANCELLATION	  	 	35	  
	 SECTION 2.15
	 	DEFAULTED INTEREST	  	 	36	  
	 SECTION 2.16
	 	CUSIP NUMBERS AND ISINS	  	 	36	  
			
	 ARTICLE THREE
	 	REDEMPTION	  	 	36	  
	 SECTION 3.01
	 	OPTIONAL REDEMPTION	  	 	36	  
	 SECTION 3.02
	 	NOTICE TO TRUSTEE	  	 	37	  
	 SECTION 3.03
	 	SELECTION OF SECURITIES TO BE REDEEMED	  	 	37	  
	 SECTION 3.04
	 	NOTICE OF REDEMPTION	  	 	38	  
	 SECTION 3.05
	 	EFFECT OF NOTICE OF REDEMPTION	  	 	39	  
	 SECTION 3.06
	 	DEPOSIT OF REDEMPTION PRICE	  	 	39	  
	 SECTION 3.07
	 	SECURITIES REDEEMED IN PART	  	 	40	  
	 SECTION 3.08
	 	NO MANDATORY REDEMPTION OR SINKING FUND	  	 	40	  
			
	 ARTICLE FOUR
	 	COVENANTS	  	 	40	  
	 SECTION 4.01
	 	PAYMENT OF SECURITIES	  	 	40	  
	 SECTION 4.02
	 	SEC REPORTS	  	 	41	  
	 SECTION 4.03
	 	COMPLIANCE CERTIFICATES	  	 	41	  
	 SECTION 4.04
	 	MAINTENANCE OF OFFICE OR AGENCY	  	 	41	  
	 SECTION 4.05
	 	CONTINUED EXISTENCE	  	 	42	  

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 SECTION 4.06
	 	WAIVER OF STAY, EXTENSION OR USURY LAWS	  	 	42	  
	 SECTION 4.07
	 	PAYMENT OF TAXES AND OTHER CLAIMS	  	 	42	  
	 SECTION 4.08
	 	MAINTENANCE OF PROPERTIES AND INSURANCE	  	 	43	  
	 SECTION 4.09
	 	LIMITATION ON LIENS SECURING FUNDED DEBT	  	 	43	  
	 SECTION 4.10
	 	LIMITATION ON SALE/LEASEBACK TRANSACTIONS	  	 	44	  
	 SECTION 4.11
	 	LIMITATION ON COLLATERAL SALES	  	 	45	  
	 SECTION 4.12
	 	COLLATERAL AND COLLATERAL SALE COVENANT TERMINATION	  	 	49	  
			
	 ARTICLE FIVE
	 	SUCCESSORS	  	 	50	  
	 SECTION 5.01
	 	WHEN COMPANY MAY MERGE, ETC	  	 	50	  
	 SECTION 5.02
	 	SUCCESSOR SUBSTITUTED	  	 	50	  
			
	 ARTICLE SIX
	 	DEFAULTS AND REMEDIES	  	 	51	  
	 SECTION 6.01
	 	EVENTS OF DEFAULT	  	 	51	  
	 SECTION 6.02
	 	ACCELERATION	  	 	53	  
	 SECTION 6.03
	 	OTHER REMEDIES	  	 	54	  
	 SECTION 6.04
	 	WAIVER OF PAST DEFAULTS	  	 	54	  
	 SECTION 6.05
	 	CONTROL BY MAJORITY	  	 	54	  
	 SECTION 6.06
	 	LIMITATION ON REMEDIES	  	 	54	  
	 SECTION 6.07
	 	RIGHTS OF HOLDERS TO RECEIVE PAYMENT	  	 	55	  
	 SECTION 6.08
	 	COLLECTION SUIT BY TRUSTEE	  	 	55	  
	 SECTION 6.09
	 	TRUSTEE MAY FILE PROOFS OF CLAIM	  	 	55	  
	 SECTION 6.10
	 	PRIORITIES	  	 	55	  
	 SECTION 6.11
	 	UNDERTAKING FOR COSTS	  	 	56	  
			
	 ARTICLE SEVEN
	 	TRUSTEE	  	 	56	  
	 SECTION 7.01
	 	DUTIES OF TRUSTEE	  	 	56	  
	 SECTION 7.02
	 	RIGHTS OF TRUSTEE	  	 	57	  
	 SECTION 7.03
	 	INDIVIDUAL RIGHTS OF TRUSTEE	  	 	58	  
	 SECTION 7.04
	 	TRUSTEE’S DISCLAIMER	  	 	58	  
	 SECTION 7.05
	 	NOTICE OF DEFAULTS	  	 	59	  
	 SECTION 7.06
	 	TIA AND LISTINGS	  	 	59	  
	 SECTION 7.07
	 	COMPENSATION AND INDEMNITY	  	 	59	  
	 SECTION 7.08
	 	REPLACEMENT OF TRUSTEE	  	 	60	  
	 SECTION 7.09
	 	SUCCESSOR TRUSTEE BY MERGER, ETC	  	 	61	  
	 SECTION 7.10
	 	ELIGIBILITY; DISQUALIFICATION	  	 	61	  
	 SECTION 7.11
	 	PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY	  	 	61	  
			
	 ARTICLE EIGHT
	 	DEFEASANCE	  	 	61	  
	 SECTION 8.01
	 	[RESERVED]	  	 	61	  
	 SECTION 8.02
	 	OPTION TO EFFECT LEGAL DEFEASANCE OR COVENANT DEFEASANCE	  	 	61	  
	 SECTION 8.03
	 	LEGAL DEFEASANCE AND DISCHARGE	  	 	61	  
	 SECTION 8.04
	 	COVENANT DEFEASANCE	  	 	62	  
	 SECTION 8.05
	 	CONDITIONS TO LEGAL OR COVENANT DEFEASANCE	  	 	62	  

  
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 SECTION 8.06
	 	DEPOSITED MONEY AND U.S. GOVERNMENT SECURITIES TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS	  	 	64	  
	 SECTION 8.07
	 	REPAYMENT TO COMPANY	  	 	64	  
	 SECTION 8.08
	 	REINSTATEMENT	  	 	64	  
			
	 ARTICLE NINE
	 	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  	 	65	  
	 SECTION 9.01
	 	WITHOUT CONSENT OF HOLDERS	  	 	65	  
	 SECTION 9.02
	 	WITH CONSENT OF HOLDERS	  	 	66	  
	 SECTION 9.03
	 	[RESERVED]	  	 	68	  
	 SECTION 9.04
	 	REVOCATION AND EFFECT OF CONSENTS	  	 	68	  
	 SECTION 9.05
	 	NOTATION ON OR EXCHANGE OF SECURITIES	  	 	68	  
	 SECTION 9.06
	 	TRUSTEE PROTECTED	  	 	69	  
			
	 ARTICLE TEN
	 	GUARANTEES	  	 	69	  
	 SECTION 10.01
	 	[RESERVED]	  	 	69	  
	 SECTION 10.02
	 	UNCONDITIONAL GUARANTEE	  	 	69	  
	 SECTION 10.03
	 	SUBSIDIARY GUARANTORS MAY CONSOLIDATE, ETC., ON CERTAIN TERMS	  	 	70	  
	 SECTION 10.04
	 	ADDITION OF SUBSIDIARY GUARANTORS	  	 	70	  
	 SECTION 10.05
	 	RELEASE OF A SUBSIDIARY GUARANTOR	  	 	71	  
	 SECTION 10.06
	 	LIMITATION OF SUBSIDIARY GUARANTOR’S LIABILITY	  	 	71	  
	 SECTION 10.07
	 	CONTRIBUTION	  	 	72	  
	 SECTION 10.08
	 	SEVERABILITY	  	 	72	  
			
	 ARTICLE ELEVEN
	 	COLLATERAL AND SECURITY	  	 	72	  
	 SECTION 11.01
	 	SECURITY INTEREST	  	 	72	  
	 SECTION 11.02
	 	POST-ISSUE DATE COLLATERAL REQUIREMENTS	  	 	73	  
	 SECTION 11.03
	 	FURTHER ASSURANCES; LIENS ON ADDITIONAL PROPERTY	  	 	74	  
	 SECTION 11.04
	 	INTERCREDITOR AGREEMENT	  	 	76	  
	 SECTION 11.05
	 	COLLATERAL TRUST AGREEMENT	  	 	76	  
	 SECTION 11.06
	 	RELEASE OF LIENS IN RESPECT OF SECURITIES	  	 	76	  
	 SECTION 11.07
	 	COLLATERAL TRUSTEE	  	 	77	  
			
	 ARTICLE TWELVE
	 	SATISFACTION AND DISCHARGE	  	 	78	  
	 SECTION 12.01
	 	SATISFACTION AND DISCHARGE OF INDENTURE	  	 	78	  
	 SECTION 12.02
	 	APPLICATION OF TRUST MONEY	  	 	79	  
			
	 ARTICLE THIRTEEN
	 	MISCELLANEOUS	  	 	80	  
	 SECTION 13.01
	 	[RESERVED]	  	 	80	  
	 SECTION 13.02
	 	NOTICES	  	 	80	  
	 SECTION 13.03
	 	COMMUNICATION BY HOLDERS WITH OTHER HOLDERS	  	 	81	  
	 SECTION 13.04
	 	CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT	  	 	81	  
	 SECTION 13.05
	 	STATEMENTS REQUIRED IN CERTIFICATE OR OPINION	  	 	82	  
	 SECTION 13.06
	 	RULES BY TRUSTEE AND AGENTS	  	 	82	  
	 SECTION 13.07
	 	LEGAL HOLIDAYS	  	 	82	  
	 SECTION 13.08
	 	GOVERNING LAW	  	 	82	  

  
 -iv- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 SECTION 13.09
	 	NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS	  	 	82	  
	 SECTION 13.10
	 	NO RECOURSE AGAINST OTHERS	  	 	83	  
	 SECTION 13.11
	 	SUCCESSORS	  	 	83	  
	 SECTION 13.12
	 	DUPLICATE ORIGINALS	  	 	83	  
	 SECTION 13.13
	 	SEVERABILITY	  	 	83	  
	 SECTION 13.14
	 	FORCE MAJEURE	  	 	83	  
	 SECTION 13.15
	 	WAIVER OF JURY TRIAL	  	 	83	  
	 SECTION 13.16
	 	U.S.A. PATRIOT ACT	  	 	83	  
	 SECTION 13.17
	 	EXECUTION IN COUNTERPARTS	  	 	84	  

  
 -v- 

 TABLE OF CONTENTS 

(continued) 
  

 APPENDIX AND ANNEX 

 

					
	 RULE 144A/REGULATION S APPENDIX
	  	 	App. - 1	  
	 EXHIBIT 1 Form of Security
	  	 	Exhibit 1 to App. - 1	  

 NOTE: This Table of Contents shall not, for any purpose, be deemed to be a part of this Indenture. 

  
 -vi- 

 INDENTURE, dated as of December 23, 2015, among CHESAPEAKE ENERGY CORPORATION, an
Oklahoma corporation (the “Company”), the SUBSIDIARY GUARANTORS party hereto and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as Trustee (the “Trustee”) and Collateral Trustee (the
“Collateral Trustee”). 
 RECITALS OF THE COMPANY AND THE SUBSIDIARY GUARANTORS 

WHEREAS, the Company and each Subsidiary Guarantor have duly authorized the execution and delivery of this Indenture to provide for the
issuance of the Company’s 8.00% Senior Secured Second Lien Notes due 2022 (herein called the “Securities”), and the guarantee by Subsidiary Guarantors of the Securities;  

WHEREAS, the Company and the Subsidiary Guarantors are members of the same consolidated group of companies, and the Subsidiary Guarantors will
derive direct and indirect economic benefits from the issuance of the Securities; 
 WHEREAS, accordingly, each Subsidiary Guarantor has
duly authorized the execution and delivery of this Indenture to provide for its guarantee of the Securities, to the extent provided in or pursuant to this Indenture; and 

WHEREAS, all things necessary to make this Indenture a legal, valid and binding agreement of the Company and each Subsidiary Guarantor, in
accordance with its terms, have been done; 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises, and of the purchase and acceptance of the Securities by the holders thereof, it is mutually agreed,
for the benefit of the Holders from time to time of the Securities, as follows: 
 ARTICLE ONE 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.01 Definitions. 

“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. 

“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) all holders of existing and future Parity Lien Debt, the Collateral Trustee, and each existing and future holder of Parity Liens, in each case: 

	 	(a)	that all Parity Lien Obligations will be and are secured equally and ratably by all Parity Liens at any time granted by any Mortgagor 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;

  

	 	(b)	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 

  

	 	(c)	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 the
Collateral Trust Agreement or applicable security documents, as applicable, and the Intercreditor Agreement, together with all such powers as are reasonably incidental thereto. 

“Additional Securities” means, subject to the Company’s compliance with Section 4.09, 8.00% Senior Secured Second
Lien Notes due 2022 issued from time to time after the Issue Date under the terms of this Indenture (other than Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities pursuant to
Section 2.09, Section 2.10, Section 2.12, Section 2.13, Section 3.07, or Section 9.05 of this Indenture or Section 2.3 or Section 2.4 of the Appendix). 

“Adjusted Consolidated Net Tangible Assets” or “ACNTA” means (without duplication), as of the date of
determination, (a) the sum of (i) discounted future net revenue from proved oil and gas reserves of the Company and its Subsidiaries calculated in accordance with SEC guidelines before any state or federal income taxes, as estimated by
petroleum engineers (which may include the Company’s internal engineers) in a reserve report prepared as of the end of the Company’s most recently completed fiscal year, as increased by, as of the date of determination, the discounted
future net revenue of (A) estimated proved oil and gas reserves of the Company and its Subsidiaries attributable to any acquisition consummated since the date of such year-end reserve report, and (B) estimated proved oil and gas reserves
of the Company and its Subsidiaries attributable to extensions, discoveries and other additions and upward revisions of estimates of proved oil and gas reserves due to exploration, development or exploitation, production or other activities
conducted or otherwise occurring since the date of such year-end reserve report, which, in the case of sub-clauses (A) and (B), would, in accordance with standard industry practice, result in such increases as calculated in accordance with SEC
guidelines (utilizing the prices utilized in such year-end reserve report), and decreased by, as of the date of determination, the discounted future net revenue of (C) estimated proved oil and gas reserves of the Company and its Subsidiaries
produced or disposed of since the date of such year-end reserve report and (D) reductions in the estimated oil and gas reserves of the Company and its Subsidiaries since the date of such year-end reserve report attributable to downward
revisions of estimates of proved oil and gas reserves due to exploration, development or exploitation, production or other activities conducted or otherwise occurring since the date of such year-end reserve report which, in the case of sub-clauses
(C) and (D), would, in accordance with standard industry practice, result in such decreases as calculated in accordance with SEC 

  
 -2- 

 
guidelines (utilizing the prices utilized in such year-end reserve report); provided that, in the case of each of the determinations made pursuant to clauses (A) through (D), such
increases and decreases may be estimated by the Company’s engineers, (ii) the capitalized costs that are attributable to oil and gas properties of the Company and its Subsidiaries to which no proved oil and gas reserves are attributable,
based on the Company’s books and records as of a date no earlier than the date of the Company’s latest annual or quarterly financial statements, (iii) the Net Working Capital on a date no earlier than the date of the Company’s
latest annual or quarterly financial statements and (iv) the greater of (I) the net book value on a date no earlier than the date of the Company’s latest annual or quarterly financial statements and (II) the appraised value, as
estimated by independent appraisers, of other tangible assets (including Investments in unconsolidated Subsidiaries) of the Company and its Subsidiaries, as of a date no earlier than the date of the Company’s latest audited financial
statements, minus (b) the sum of (i) minority interests, (ii) any gas balancing liabilities of the Company and its Subsidiaries reflected as a long-term liability in the Company’s latest annual or quarterly financial statements,
(iii) the discounted future net revenue, calculated in accordance with SEC guidelines (utilizing the prices utilized in the Company’s year-end reserve report), attributable to reserves which are required to be delivered to third parties to
fully satisfy the obligations of the Company and its Subsidiaries with respect to Volumetric Production Payments on the schedules specified with respect thereto, (iv) the discounted future net revenue, calculated in accordance with SEC
guidelines, attributable to reserves subject to Dollar-Denominated Production Payments which, based on the estimates of production included in determining the discounted future net revenue specified in (a) (i) above (utilizing the same
prices utilized in the Company’s year-end reserve report), would be necessary to fully satisfy the payment obligations of the Company and its Subsidiaries with respect to Dollar-Denominated Production Payments on the schedules specified with
respect thereto and (v) the discounted future net revenue, calculated in accordance with SEC guidelines (utilizing the same prices utilized in the Company’s year-end reserve report), attributable to reserves subject to participation
interests, overriding royalty interests or other interests of third parties, pursuant to participation, partnership, vendor financing or other agreements then in effect, or which otherwise are required to be delivered to third parties. If the
Company changes its method of accounting from the full cost method to the successful efforts method or a similar method of accounting, Adjusted Consolidated Net Tangible Assets will continue to be calculated as if the Company were still using the
full cost method of accounting. 
 “Adjusted Net Assets of a Subsidiary Guarantor” at any date shall mean the lesser of
(i) the amount by which the fair value of the property of such Subsidiary Guarantor exceeds the total amount of liabilities, including, without limitation, contingent liabilities (after giving effect to all other fixed and contingent
liabilities incurred or assumed on such date), but excluding liabilities under the Guarantee of such Subsidiary Guarantor at such date and (ii) the amount by which the present fair saleable value of the assets of such Subsidiary Guarantor at
such date exceeds the amount that will be required to pay the probable liability of such Subsidiary Guarantor on its debts (after giving effect to all other fixed and contingent liabilities incurred or assumed on such date and after giving effect to
any collection from any Subsidiary of such Subsidiary Guarantor in respect of the obligations of such Subsidiary under the Guarantee), excluding debt in respect of the Guarantee, as they become absolute and matured. 

  
 -3- 

 “Adjusted Treasury Rate” means, with respect to any redemption date, the yield,
under the heading which represents the average for the immediately preceding week, appearing in the most recently published Federal Reserve Statistical Release H.15 (519) or any successor publication which is published weekly by the Board of
Governors of the Federal Reserve System (or, if such release (or any successor release) is not published, any publicly available source of similar market data) and which establishes yields on actively traded United States Treasury securities
adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after December 15, 2018, yields for the
two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month),
calculated on the third Business Day immediately preceding the redemption date, plus 50 basis points. 
 “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. 
 “Agent” means any Registrar or Paying Agent. 

“Attributable Indebtedness” means, with respect to any particular lease under which any Person is at the time liable and at
any date as of which the amount thereof is to be determined, the present value of the total net amount of rent required to be paid by such Person under the lease during the primary term thereof, without giving effect to any renewals at the option of
the lessee, discounted from the respective due dates thereof to such date at the rate of interest per annum implicit in the terms of the lease. As used in the preceding sentence, the “net amount of rent” under any lease for any such period
shall mean the sum of rental and other payments required to be paid with respect to such period by the lessee thereunder excluding any amounts required to be paid by such lessee on account of maintenance and repairs, insurance, taxes, assessments,
water rates or similar charges. In the case of any lease which is terminable by the lessee upon payment of a penalty, such net amount of rent shall also include the amount of such penalty, but no rent shall be considered as required to be paid under
such lease subsequent to the first date upon which it may be so terminated. 
 “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. 

“Board Resolution” means, with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant
Secretary of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Borrowing Base” means the maximum amount in United States dollars determined or re-determined by the lenders under the
Priority Lien Credit Agreement as the aggregate lending value to be ascribed to the Oil and Gas Properties of the Company and the 

  
 -4- 

 
Subsidiary Guarantors against which commercial banks are prepared to provide loans or other Indebtedness to the Company and the Subsidiary Guarantors under the Priority Lien Credit Agreement,
using their customary practices and standards for determining reserve-based loans and which are generally applied by commercial lenders to borrowers in the Oil and Gas Business, as determined semi-annually during each year and/or on such other
occasions as may be provided for by the Priority Lien Credit Agreement, and which is based upon, inter alia, the review by such lenders of the Hydrocarbon reserves, royalty interests and assets and liabilities of the Company and the Subsidiary
Guarantors. 
 “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. 

“Cash Equivalents” means any of the following: 
  

	 	(a)	U.S. dollars; 

  

	 	(b)	U.S. Government Securities with maturities of two years or less from the date of acquisition; 

  

	 	(c)	certificates of deposit, time deposits and eurodollar time deposits with maturities of three years or less from the date of acquisition, demand deposits, bankers’ acceptances with maturities not exceeding three
years and overnight bank deposits, in each case with any domestic or foreign commercial bank having capital and surplus of not less than $500,000,000 in the case of U.S. banks and $250,000,000 (or the U.S. dollar equivalent as of the date of
determination) in the case of non-U.S. banks (any such bank in the foregoing, an “Approved Bank”); 

  

	 	(d)	repurchase obligations for underlying securities of the types described in clauses (b) and (c) above or clauses (f) and (g) below entered into with any Approved Bank or recognized securities dealer
meeting the qualifications specified in clause (c) above; 

  

	 	(e)	commercial paper and variable or fixed rate notes issued by an Approved Bank (or by the parent company thereof) or any variable or fixed rate note issued by, or guaranteed by, a corporation (other than structured
investment vehicles and other than corporations used in structured financing transactions) rated at least P-2 (or the equivalent thereof) or A-2 (or the equivalent thereof) from either Moody’s or S&P (or, if at any time neither Moody’s
nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected by the Company) and in each case maturing within 36 months after the date of acquisition thereof;

  
 -5- 

	 	(f)	marketable short-term money market and similar liquid funds having either (i) assets in excess of $500 million or (ii) a rating of at least P-2 (or the equivalent thereof) or A-2 (or the equivalent thereof)
from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected by the Company);

  

	 	(g)	readily marketable direct obligations issued or fully guaranteed by any state, commonwealth or territory of the U.S. or any political subdivision or taxing authority thereof; provided that each such readily
marketable direct obligation shall be rated Investment Grade from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized
statistical rating agency selected by the Company) with maturities of two years or less from the date of acquisition; 

  

	 	(h)	Investments with average maturities of 18 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by
Moody’s (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected by the Company); 

 

	 	(i)	investment funds investing substantially all of their assets in securities of the types described in clauses (a) through (h) above; and 

 

	 	(j)	Indebtedness or preferred stock issued by Persons with a rating of “A” or higher from S&P and “A-2” from Moody’s with maturities of two years or less from the date of acquisition.

 “Cash Management 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. 

“Cash Management Services Obligations” means any and all obligations of the Company or any Subsidiary, 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 Cash Management Services. 

“Clearstream” means Clearstream Banking, S.A. or any successor securities clearing agency. 

“Collateral” means all assets and property, whether real, personal or mixed, wherever located and whether now owned or at any
time acquired after the Issue Date by any Mortgagor as to which a Lien is granted under the Security Documents to secure the Parity Lien Obligations. For the avoidance of doubt, the Collateral does not include Excluded Property. 

  
 -6- 

 “Collateral Sale” means the sale, conveyance, transfer or other disposition
(whether in a single transaction or a series of related transactions) of property or assets constituting Collateral (including by way of Production Payments and Reserve Sales, but not by way of Sale/Leaseback Transactions and including by way of any
sale or disposition of a Mortgagor) (other than an operating lease entered into in the ordinary course of the Oil and Gas Business) (each referred to in this definition as a “disposition”); provided, however, that the
term “Collateral Sale” shall exclude: 
  

	 	(a)	any disposition of (i) cash and Cash Equivalents, (ii) obsolete, damaged, worn out or surplus property or assets or any disposition of inventory or goods (or other assets) held for sale, including Hydrocarbons
and other mineral products, each in the ordinary course of business, (iii) assets (other than Oil and Gas Properties) no longer used or useful in the ordinary course, (iv) assets no longer economically practicable or commercially
reasonable to maintain (as determined in good faith by the management of the Company), (v) dispositions to landlords of improvements made to leased real property pursuant to customary terms of leases entered into in the ordinary course of
business, and (vi) assets for the purposes of charitable contributions, community outreach or similar gifts and political contributions made in accordance with applicable law to the extent such assets are not material to the ability of the
Company and the Subsidiaries, taken as a whole, to conduct its business in the ordinary course; 

  

	 	(b)	the disposition of all or substantially all of the assets of the Company in a manner permitted pursuant to Section 5.01; 

  

	 	(c)	any disposition of property or assets of any Mortgagor (including by way of any sale or disposition of a Mortgagor) in any transaction or series of related transactions with an aggregate Fair Market Value of less than
$150,000,000; 

  

	 	(d)	any disposition of property or assets or issuance of securities by a Mortgagor to a Mortgagor (including a Person that becomes a Mortgagor in accordance with the Note Documents); 

 

	 	(e)	the lease, sub-lease, license or sublicense of any real or personal property in the ordinary course of business and the exercise of termination rights with respect to any lease, sub-lease, license or sublicense or other
agreement; 

  

	 	(f)	foreclosures, condemnation, expropriation, disposition or any similar action with respect to any property or other assets or the granting of Liens not prohibited by this Indenture; 

 

	 	(g)	the sale or discount of inventory, accounts receivable or notes receivable in the ordinary course of business or the conversion of accounts receivable to notes receivable; 

 

	 	(h)	the licensing or sub-licensing of intellectual property or other general intangibles in the ordinary course of business; 

  

	 	(i)	the unwinding of any Hedging Obligations; 

  
 -7- 

	 	(j)	sales, transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture
arrangements and similar binding arrangements; 

  

	 	(k)	the transfer of assets as part of the consideration for Investment in a joint venture so long as the transfer is done at Fair Market Value; 

 

	 	(l)	the lapse or abandonment of intellectual property rights in the ordinary course of business or which in the good faith determination of the Company are not material to the conduct of the business of the Company and the
Subsidiaries taken as a whole; 

  

	 	(m)	any surrender, expiration or waiver of contract rights or oil and gas leases or the settlement, release, recovery on or surrender of contract, tort or other claims of any kind; 

 

	 	(n)	any Production Payments and Reserve Sales; provided that any such Production Payments and Reserve Sales, other than incentive compensation programs on terms that are reasonably customary in the Oil and Gas
Business for geologists, geophysicists and other providers of technical services to the Company or a Subsidiary, shall have been created, incurred, issued, assumed or guaranteed in connection with the financing of, and within 180 days after the
acquisition of, the property that is subject thereto; 

  

	 	(o)	the abandonment, farm-out pursuant to a farm-out agreement, lease or sublease or other disposition of Oil and Gas Properties with no associated Proved Reserves owned or held by any Mortgagor, whether or not in the
ordinary course of business; 

  

	 	(p)	dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings; 

 

	 	(q)	in the ordinary course of business, any swap of assets, or lease, assignment or sublease of any real or personal property, in exchange for services related to capital expenditures (including with any outsourcing
arrangements) of comparable or greater value or usefulness to the business of the Company and the Subsidiaries taken as a whole, as determined in good faith by the Company; 

 

	 	(r)	dispositions of machinery and equipment that are not Oil and Gas Properties for Fair Market Value; 

  

	 	(s)	Permitted Asset Swaps, to the extent included in the definition of Collateral Sale; 

  

	 	(t)	transfers of property subject to a (i) casualty event or in connection with any condemnation proceeding with respect to Collateral upon receipt of the net cash proceeds of such casualty event or condemnation
proceeding or (ii) in connection with any casualty event or any condemnation proceeding, in each case with respect to property that does not constitute Collateral; and 

  
 -8- 

	 	(u)	any financing transaction with respect to property built or acquired by any Mortgagor after the Issue Date, including Sale/Leaseback Transactions and asset securitizations permitted by this Indenture. 

“Collateral Trust Agreement” means the Collateral Trust Agreement, dated as of the Issue Date, among the Company, the
Subsidiary Guarantors party thereto, the Collateral Trustee, the Trustee and the other parties from time to time party thereto, as the same may be amended, supplemented or otherwise modified from time to time. 

“Collateral Trustee” means the party named as such above until a successor replaces it in accordance with the applicable
provisions of the Collateral Trust Agreement, and thereafter means such successor. 
 “Company” means the party named as
such above, until a successor replaces such Person in accordance with the terms of this Indenture, and thereafter means such successor. 

“Company Request” or “Company Order” means a written request or order signed in the name of the Company by two
Officers of the Company, or by one Officer of the Company and either an Assistant Treasurer or an Assistant Secretary of the Company, and delivered to the Trustee. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Company as having a maturity comparable
to the remaining term of the Securities from the redemption date to December 15, 2018 that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a
maturity most nearly equal to December 15, 2018. 
 “Corporate Trust Office” means the principal office of the Trustee
at which at any time its corporate trust business shall be administered, which office at the date hereof is located at Trust and Agency Services, 60 Wall Street, 16th Floor, New York, NY 10005,
Attention: Corporates Team, Chesapeake Energy Corporation, or such other address as the Trustee may designate from time to time by notice to the Company, or the principal corporate trust office of any successor Trustee (or such other address as such
successor Trustee may designate from time to time by notice to the Holders of Securities and the Company). 
 “Credit
Facilities” means one or more debt facilities (including, without limitation, the Priority Lien 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. 

“De Minimis Guaranteed Amount” means a principal amount of Indebtedness that does not exceed $25,000,000. 

  
 -9- 

 “Default” means any event which is, or after notice or passage of time (or both)
would be, an Event of Default. 
 “Depositary” means, unless otherwise specified by the Company pursuant to
Section 2.13, with respect to any Securities issuable or issued in whole or in part in the form of one or more Global Securities, The Depository Trust Company, New York, New York, or any successor thereto registered as a clearing agency
under the Exchange Act or other applicable statute or regulations. 
 “Designated Non-Cash Consideration” means the Fair
Market Value of non-cash consideration received by the Company or any other Mortgagor in connection with a Collateral Sale that is designated as Designated Non-Cash Consideration pursuant to an Officers’ Certificate, setting forth the basis of
such valuation minus the Fair Market Value of the portion of the non-cash consideration converted to cash or Cash Equivalents within 365 days following the consummation of the applicable Collateral Sale. 

“Disqualified Stock” means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests
into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (1) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation,
scheduled redemption or otherwise (except as a result of a change of control or asset sale), (2) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests and other than as a result of a change of
control or asset sale), or (3) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would otherwise constitute Disqualified Stock, in the case of each of clauses (1), (2) and (3), prior to the
date that is 91 days after the Maturity Date at the time of issuance of such Equity Interests; provided that if such Equity Interests are issued pursuant to any plan for the benefit of future, current or former employees, directors, officers,
members of management or consultants of the Company or the Subsidiaries or by any such plan to such employees, directors, officers, members of management or consultants, such Equity Interests shall not constitute Disqualified Stock solely because
they may be required to be repurchased by the Company or the Subsidiaries in order to satisfy applicable statutory or regulatory obligations, or as a result of such employee’s, director’s, officer’s, management member’s or
consultant’s termination, death or disability; provided, further, that any Equity Interests held by any future, current or former employee, director, officer, member of management or consultant of the Company, any Subsidiary, or
any other Person in which the Company or a Subsidiary has an Investment and is designated in good faith as an “affiliate” by the Board of Directors of the Company (or the compensation committee thereof), in each case pursuant to any stock
subscription or shareholders’ agreement, management equity plan or stock option plan or any other management or employee benefit plan or agreement shall not constitute Disqualified Stock solely because it may be required to be repurchased by
the Company or the Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s, director’s, officer’s, management member’s or consultant’s termination, death or
disability. 
 “Dollar-Denominated Production Payments” means production payment obligations recorded as liabilities in
accordance with GAAP, together with all undertakings and obligations in connection therewith. 

  
 -10- 

 “Equity Interests” means Capital Stock and all warrants, options or other rights
to acquire Capital Stock; provided that any instrument evidencing Indebtedness convertible or exchangeable into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock, shall not be deemed to
be an Equity Interest unless and until such instrument is so converted or exchanged. 
 “Equity Offering” means any public
or private sale after the Issue Date of Capital Stock of the Company (other than Disqualified Stock), other than: 
  

	 	(a)	public offerings with respect to the Company’s common stock registered on Form S-4 or Form S-8; and 

  

	 	(b)	issuances to any Subsidiary. 

 “Euroclear” means the Euroclear System, or any
successor securities clearing agency. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the SEC thereunder. 
 “Excluded Property” means (a) any property or assets to the extent the
grant or maintenance of a Lien on such property is (i) prohibited by applicable law, (ii) could reasonably be expected to result in material adverse tax consequences to the Company or any Subsidiary, (iii) requires a consent not
obtained of any governmental authority pursuant to applicable law or (iv) is prohibited by, or constitutes a breach or default under or results in the termination of or requires any consent not obtained under, any contract, license, agreement,
instrument or other document evidencing or giving rise to such property, except to the extent that such term in such contract, license, agreement, instrument or other document or similar agreement providing for such prohibition, breach, default or
termination or requiring such consent is ineffective under applicable law (including without limitation, pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the applicable Uniform Commercial Code), (b) motor vehicles and other assets
subject to certificates of title, (c) deposit accounts and securities accounts, (d) all real property not constituting Oil and Gas Properties, (e) property and assets owned by the Company or any Subsidiary that are subject of
Permitted Liens described in clause (viii) of the definition thereof, (f) properties or assets of the Company or any Subsidiary that is or may be provided to providers of Cash Management Services, issuers of letters of credit and certain
counterparties in respect of Hedging Obligations pursuant to the Priority Lien Documents rather than (I) generally to the holders of Priority Lien Obligations or (II) to the Priority Lien Agent for the benefit of the holders of the Priority
Lien Obligations as a whole, (g) property or assets securing Indebtedness under a Credit Facility that does not constitute Priority Lien Debt and that is incurred after the Issue Date, but only to the extent that the aggregate principal amount
of such Indebtedness at any time outstanding does not exceed the greater of (i) 3.5% of Adjusted Consolidated Net Tangible Assets and (ii) 10% of the Borrowing Base, in each case, at such time, and (h) any property as to which the
Priority Lien Agent and the Company agree in writing that the costs of obtaining a security interest in, or Lien on, such property, or perfection thereof, are excessive in relation to the value to the parties secured thereby of the security interest
afforded thereby. 

  
 -11- 

 “Existing Unsecured Notes” means the Company’s outstanding (a) 3.25%
Senior Notes due 2016, (b) 6.25% Euro-denominated Senior Notes due 2017, (c) 6.5% Senior Notes due 2017, (d) 7.25% Senior Notes due 2018, (e) Floating Rate Senior Notes due 2019, (f) 6.625% Senior Notes due 2020,
(g) 6.875% Senior Notes due 2020, (h) 6.125% Senior Notes due 2021, (i) 5.375% Senior Notes due 2021, (j) 4.875% Senior Notes due 2022, (k) 5.75% Senior Notes due 2023, (l) 2.75% Contingent Convertible Senior Notes due
2035, (m) 2.5% Contingent Convertible Senior Notes due 2037 and (n) 2.25% Contingent Convertible Senior Notes due 2038. 

“Fair Market Value” means, with respect to any asset or liability, the fair market value of such asset or liability as
determined by the Company in good faith. 
 “Financial Officer” of any Person means the chief financial officer, chief
accounting officer, principal accounting officer, controller, treasurer or assistant treasurer of such Person. 
 “Funded
Debt” means, with regard to any Person, all Indebtedness incurred, created, assumed or guaranteed by such Person, which matures, or is renewable by such Person to a date, more than one year after the date as of which Funded Debt is being
determined. 
 “GAAP” means generally accepted accounting principles as in effect in the United States of America from time
to time. 
 “Global Security” means a Security in global form that evidences all or part of the Securities and registered
in the name of the Depositary or a nominee thereof. 
 “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 the Company’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. 

  
 -12- 

 “Hedge Bank” means any Person (other than the Company or any Subsidiary) that
(a) at the time it enters into a Hedge Agreement is a Lender, the administrative agent under the Priority Lien Credit Agreement or an Affiliate of any of them or (b) at any time after it enters into a Hedge Agreement, becomes a Lender, the
administrative agent under the Priority Lien Credit Agreement or an Affiliate of any of them. 
 “Hedging Obligations”
means, with respect to any Person, the obligations of such Person incurred in the normal course of business and not for speculative purposes under Hedge Agreements. 

“Holder” means the Person in whose name a Security is registered in the Register. 

“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 (1) the full amount of such obligations so secured, and (2) 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 Board Resolution. For the avoidance of doubt, neither Dollar-Denominated Production Payments nor Volumetric Production Payments shall be deemed to be Indebtedness.

 “Indenture” means this Indenture, as amended, supplemented or otherwise modified from time to time in accordance with
the terms hereof, and shall include the form and terms of the Securities as contemplated hereunder. 
 “Index Debt” means
the senior, unsecured, long-term indebtedness for borrowed money of the Company that is not guaranteed by any other Person (but may be guaranteed by one or more Subsidiary Guarantors) or subject to any other credit enhancement. 

  
 -13- 

 “Insolvency or Liquidation Proceeding” means: 

 

	 	(a)	any case commenced by or against the Company or any other Mortgagor under any Bankruptcy Law, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of
the Company or any other Mortgagor, any receivership or assignment for the benefit of creditors relating to the Company or any other Mortgagor or any similar case or proceeding relative to the Company or any other Mortgagor 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 the Company or any other Mortgagor, 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 the Company or any other Mortgagor are determined and any payment or distribution is or
may be made on account of such claims. 

 “Intercreditor Agreement” means the Intercreditor Agreement, dated
as of the Issue Date, among the Collateral Trustee, the Trustee, the Priority Lien Agent, the Company, the Subsidiary Guarantors and the other parties from time to time party thereto, as it may be amended, restated, supplemented or otherwise
modified from time to time in accordance with this Indenture. 
 “Investment” of any Person means (i) all investments
by such Person in any other Person in the form of loans, advances or capital contributions, (ii) all guarantees of Indebtedness of any other Person by such Person, (iii) all purchases (or other acquisitions for consideration) by such
Person of Indebtedness, Capital Stock or other securities of any other Person and (iv) all other items that would be classified as investments or advances on a balance sheet of such Person prepared in accordance with GAAP. 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of
Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P), and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the
Company under the circumstances permitting the Company to select a replacement agency and in the manner for selecting a replacement agency, in each case as set forth in the definition of “Rating Agency.” 

“Issue Date” means December 23, 2015. 

“Junior Lien” means a Lien, junior to the Priority Liens and the Parity Liens as provided in the Intercreditor Agreement,
granted by a Mortgagor in favor of holders of Junior Lien Debt (or any collateral trustee or representative in connection therewith), at any time, upon any property of a Mortgagor to secure Junior Lien Obligations. 

“Junior Lien Agent” means the collateral trustee or other representative of lenders or holders of Junior Lien Obligations
designated pursuant to the terms of the Junior Lien Documents and the Intercreditor Agreement. 

  
 -14- 

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

“Junior Lien Debt” means any Indebtedness (other than intercompany Indebtedness owing to the Company or any Subsidiary) of
the Company or any Subsidiary Guarantor that is secured by a Junior Lien that was permitted to be incurred and so secured under each applicable Secured Debt Document; provided that, in the case of any Indebtedness referred to in this
definition: 
  

	 	(a)	on or before the date on which such Indebtedness is incurred by the Company or any Subsidiary Guarantor, such Indebtedness is designated by the Company, in an Officers’ Certificate delivered to the Junior Lien
Agent and Collateral Trustee as “Junior Lien Debt” for the purposes of the Secured Debt Documents; provided that if such Series of Secured Debt is designated “Junior Lien Debt,” it cannot also be designated as Parity Lien
Debt or Priority Lien Debt (or any combination of the three); 

  

	 	(b)	the collateral agent or other representative with respect to such Indebtedness, the Priority Lien Agent, the Junior Lien Agent, the Collateral Trustee, the Company and each applicable Subsidiary Guarantor have duly
executed and delivered a joinder to the Intercreditor Agreement or a new Intercreditor Agreement substantially similar to the Intercreditor Agreement as in effect on the Issue Date, and in a form reasonably acceptable to each of the parties thereto;

  

	 	(c)	such Indebtedness has a final maturity date later than 90 days after the Maturity Date; and 

  

	 	(d)	all other requirements set forth in the Intercreditor Agreement as to the confirmation, grant or perfection of the Liens of the holders of Junior Lien Debt to secure such Indebtedness or Obligations in respect thereof
are satisfied. 

 “Junior Lien Documents” means, collectively, any indenture, credit agreement or other
agreement or instrument pursuant to which Junior Lien Debt is incurred and the documents pursuant to which Junior Lien Obligations are granted. 

“Junior Lien Obligations” means Junior Lien Debt and all other Obligations in respect thereof. 

“Junior Lien Representative” means, in the case of any Series of Junior Lien Debt, the trustee, agent or representative of
the holders of such Series of Junior Lien Debt who maintains the transfer register for such Series of Junior Lien Debt and is appointed as a representative of the Junior Lien Debt (for purposes related to the administration of the security
documents) pursuant to the indenture, credit agreement or other agreement governing such Series of Junior Lien Debt. 

“Lender” means any lender under the Priority Lien Credit Agreement. 

  
 -15- 

 “Lender Hedging Obligations” means obligations under any Hedge Agreement which
(a) are permitted by the Priority Lien Credit Agreement between the Company or any Restricted Subsidiary and a Hedge Bank and (b) specifies that such obligations are secured by the Priority Lien Collateral. 

“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). 
 “Make-Whole Premium” means, with respect
to a Security, at any applicable redemption date, the excess of (i) the present value at such redemption date of (A) the redemption price of such Security on December 15, 2018 (such redemption price being described in paragraph 5(a)
of the Security) exclusive of any accrued interest plus (B) all required remaining scheduled interest payments due on such Security through December 15, 2018 (but excluding accrued and unpaid interest to the redemption date), computed
using a discount rate equal to the Adjusted Treasury Rate, over (ii) the principal amount of such Security on such redemption date. 

“Maturity Date” means December 15, 2022. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 

“Mortgages” means all mortgages, deeds of trust, security documents and similar documents, instruments and agreements (and
all amendments, modifications and supplements thereof) creating, evidencing, perfecting or otherwise establishing the Liens on the Collateral to secure payment of the Securities and the Guarantee or any part thereof. 

“Mortgagor” means the Company or any Subsidiary Guarantor, in each case executing and delivering a Mortgage. 

“Net Available Proceeds” means, with respect to any Sale/Leaseback Transaction of any Person, cash proceeds received
(including any cash proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, and excluding any other consideration until such time as such consideration is
converted into cash) therefrom, in each case net of all legal, title and recording tax expenses, commissions and other fees and expenses incurred, and all federal, state or local taxes required to be accrued as a liability as a consequence of such
Sale/Leaseback Transaction, and in each case net of all Indebtedness which is secured by such assets, in accordance with the terms of any Lien upon or with respect to such assets, or which must, by its terms or in order to obtain a necessary consent
to such Sale/Leaseback Transaction or by applicable law, be repaid out of the proceeds from such Sale/Leaseback Transaction and which is actually so repaid. 

“Net Cash Proceeds” means, with respect to Collateral Sales of any Person, cash proceeds actually received by the Company or
any other Mortgagor (including, without limitation, any cash or Cash Equivalents received upon the sale or other disposition of 

  
 -16- 

 
Designated Non-Cash Consideration received in a Collateral Sale), net of the costs relating to such Collateral Sale and the sale of such Designated Non-Cash Consideration, including legal,
accounting and investment banking fees, payments made in order to obtain a necessary consent or required by applicable law, and brokerage and sales commissions, all dividends, distributions or other payments required to be made to minority interest
holders in the Mortgagor as a result of any such Collateral Sale by such Mortgagor, the amount of any purchase price or similar adjustment claimed by any Person to be owed by the Company or any other Mortgagor or otherwise estimated in good faith by
the Company, until such time as such claim shall have been settled or otherwise finally resolved, or paid or payable by the Company or any other Mortgagor, in either case in respect of such Collateral Sale, any relocation expenses incurred as a
result thereof, other fees and expenses, including title and recordation expenses, survey costs, title insurance premiums, the Company’s good faith estimate of Taxes paid and payable as a result thereof or any transactions occurring or deemed
to occur to effectuate a payment (including, for the avoidance of doubt, withholding Taxes and Taxes imposed on the distribution of any such net proceeds) under this Indenture, amounts required to be applied to the repayment of principal, premium,
if any, and interest on Indebtedness or amounts required to be applied to the repayments of Indebtedness secured by a Lien on such assets and amounts required to be paid in connection with the termination of Hedging Obligations related to
Indebtedness repaid with such proceeds or hedging oil, natural gas and natural gas liquid production in notional volumes corresponding to the Oil and Gas Properties subject to such Collateral Sale, as a result of such transaction, and including any
deduction of appropriate amounts to be provided by the Company or any other Mortgagor as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Company or any other
Mortgagor after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction, in
each case, as determined reasonably and in good faith by a Financial Officer of the Company. 
 “Net Working Capital” means
(i) all current assets of the Company and its Subsidiaries, minus (ii) all current liabilities of the Company and its Subsidiaries, except current liabilities included in Indebtedness. 

“Note Documents” means this Indenture, the Securities, the Guarantees, the Security Documents and the Intercreditor
Agreement. 
 “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. 

“Offering Memorandum” means the Company’s Offering Memorandum, dated December 2, 2015, relating to the offering of
the Securities. 

  
 -17- 

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

“Officers’ Certificate” means, with respect to any Person, a certificate signed by two Officers or by an Officer and
either an Assistant Secretary or Assistant Treasurer of such Person. One of the Officers signing an Officers’ Certificate given pursuant to Section 4.03(a) shall be the principal executive, financial or accounting officer of the
Person delivering such certificate. 
 “Oil and Gas Business” means the business of the exploration for, and exploitation,
development, production, processing, marketing, storage and transportation of, hydrocarbons, and other related energy and natural resource businesses (including oil and gas services businesses related to the foregoing). 

“Oil and Gas Hedging Contracts” means any oil and gas purchase or hedging agreement, and other agreement or arrangement, in
each case, that is designed to provide protection against price fluctuations of oil, gas or other commodities. 
 “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. 

  
 -18- 

 “Opinion of Counsel” means a written opinion from legal counsel. The counsel may
be an employee (who is an attorney) of or counsel to the Company or any Subsidiary Guarantor. 
 “OID Legend” means the
legend set forth in Section 2.3(d)(iv) of the Appendix. 
 “Parity Lien” means a Lien granted by a Parity Lien
Document to the Collateral Trustee, at any time, upon any Collateral by any Mortgagor to secure the Parity Lien Obligations. 

“Parity Lien Debt” means: 
  

	 	(a)	the Securities issued on the Issue Date and Guarantees thereof; and 

  

	 	(b)	all additional Indebtedness of the Company or any Subsidiary Guarantor (including Additional Securities 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 Securities by a Parity Lien; provided that, in the case of any Indebtedness referred to in this clause (b): 

  

	 	(i)	on or before the date on which such Indebtedness is incurred by the Company or any Subsidiary Guarantor, such Indebtedness is designated by the Company, in an Officers’ Certificate delivered to each Parity Lien
Representative and the Collateral Trustee, as “Parity Lien Debt” for the purposes of this Indenture and the Collateral Trust Agreement; provided, further, that if such Series of Secured Debt is designated as “Parity Lien
Debt,” it cannot also be designated as Priority Lien Debt or Junior Lien Debt (or any combination of the three); 

  

	 	(ii)	other than in the case of Additional Securities, 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 in the case of Additional Securities) shall have executed a joinder to the Intercreditor Agreement in the form provided; and 

 

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

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

“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. 

  
 -19- 

 “Parity Lien Representative” means: 

 

	 	(a)	in the case of the Securities, the Trustee; and 

  

	 	(b)	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 who (i) is appointed as a Parity 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 Parity Lien Debt, together with its successors in such capacity, and (ii) has become a party to the
Collateral Trust Agreement by executing a joinder in the form required under the Collateral Trust Agreement. 

“Permitted Asset Swap” means the substantially concurrent (and in any event occurring within 180 days of each other) purchase
and sale or exchange (including Section 1031 exchanges and reverse Section 1031 exchanges, in each case made in accordance with the Code) of Related Business Assets or a combination of Related Business Assets and cash and Cash Equivalents
between the Company or any other Mortgagor and another Person; provided that the Fair Market Value of the properties or assets traded or exchanged by the Company or such Mortgagor (together with any cash or Cash Equivalents) is reasonably
equivalent to the Fair Market Value of the properties or assets (together with any cash or Cash Equivalents) to be received by the Company or such Mortgagor; provided, further, that any cash or Cash Equivalents received must be applied in
accordance with Section 4.11; provided, further that such Related Business Assets shall be secured for the benefits of all Holders as Collateral. 

“Permitted Liens” means (i) Liens existing on the Issue Date (excluding any Liens securing the Securities);
(ii) Liens securing Indebtedness under Credit Facilities; (iii) Liens securing any renewal, extension, substitution, refinancing or replacement of secured Indebtedness; provided, that such Liens extend to or cover only the property
or assets then securing the Indebtedness being refinanced and that the Indebtedness being refinanced was not incurred under the Credit Facilities; (iv) Liens on, or related to, properties to secure all or part of the costs incurred in the
ordinary course of business of exploration, drilling, development or operation thereof; (v) Liens upon (a) any property of or any interests in any Person existing at the time of acquisition of such property or interests by the Company or a
Subsidiary, (b) any property of or interests in a Person existing at the time such Person is merged or consolidated with the Company or any Subsidiary or existing at the time of the sale or transfer of any such property of or interests in such
Person to the Company or any Subsidiary, or (c) any property of or interests in a Person existing at the time such Person becomes a Subsidiary; provided, that in each case such Lien has not been created in contemplation of such sale,
merger, consolidation, transfer or acquisition, and provided, further, that in each such case no such Lien shall extend to or cover any property of the Company or any Subsidiary other than the property being acquired and improvements
thereon; (vi) Liens on deposits to secure public or statutory obligations or in lieu of surety or appeal bonds entered into in the ordinary course of business; (vii) Liens in favor of collecting or payor banks having a right of setoff,
revocation, refund or chargeback with respect to money or instruments of the Company or any Subsidiary on deposit with or in 

  
 -20- 

 
possession of such bank; (viii) purchase money security interests granted in connection with the acquisition of assets in the ordinary course of business and consistent with past practices,
provided, that (a) such Liens attach only to the property so acquired with the purchase money indebtedness secured thereby and (b) such Liens secure only Indebtedness that is not in excess of 100% of the purchase price of such
assets; (ix) Liens reserved in oil and gas mineral leases for bonus or rental payments and for compliance with the terms of such leases; (x) Liens arising under partnership agreements, oil and gas leases, farm-out agreements, division
orders, contracts for the sale, purchase, exchange, transportation or processing of oil, gas or other hydrocarbons, unitization and pooling declarations and agreements, development agreements, operating agreements, area of mutual interest
agreements, and other similar agreements which are customary in the Oil and Gas Business; (xi) Liens securing obligations of the Company or any of its Subsidiaries under Oil and Gas Hedging Contracts; (xii) Liens in favor of the United
States, any State thereof, any foreign country or any department, agency or instrumentality or political subdivision of any such jurisdiction, to secure partial, progress, advance or other payments pursuant to any contract or statute or to secure
any indebtedness incurred for the purpose of financing all or any part of the purchase price or the cost of constructing or improving the property subject to such Liens, including without limitation, Liens to secure Funded Debt of the pollution
control or industrial revenue bond type; and (xiii) Liens in favor of the Company or any Subsidiary Guarantor. 

“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. 
 “Place of
Payment” means the office or agency of the Company in The City of New York and such other place or places where, subject to the provisions of Section 4.04, the principal of, and any premium and interest on, the Securities are
payable. 
 “Principal Property” means any property interest in oil and gas reserves located in the United States owned by
the Company or any Subsidiary and which is capable of producing crude oil, condensate, natural gas, natural gas liquids or other similar hydrocarbon substances in paying quantities, the net book value of which property interest or interests exceeds
2% of Adjusted Consolidated Net Tangible Assets, except any such property interest or interests that in the opinion of the Board of Directors of the Company is not of material importance to the total business conducted by the Company and its
Subsidiaries taken as a whole. Without limitation, the term “Principal Property” shall not include (i) property or assets employed in gathering, treating, processing, refining, transportation, distribution or marketing,
(ii) accounts receivable and other obligations of any obligor under a contract for the sale, exploration, production, drilling, development, processing or transportation of crude oil, condensate, natural gas, natural gas liquids or other
similar hydrocarbon substances by the Company or any of its Subsidiaries, and all related rights of the Company or any of its Subsidiaries, and all guarantees, insurance, letters of credit and other agreements or arrangements of whatever character
supporting or securing payment of such receivables or obligations, or (iii) the production or any proceeds from production of crude oil, condensate, natural gas, natural gas liquids or other similar hydrocarbon substances. 

  
 -21- 

 “Priority Lien” means a Lien granted by any Mortgagor in favor of the Priority
Lien Agent at any time, upon any property of any Mortgagor to secure Priority Lien Obligations. 
 “Priority Lien Agent”
means the administrative agent under the Priority Lien Credit Agreement (or other Person designated by the administrative agent under the Priority Lien Credit Agreement), or if the Priority Lien 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 and the Intercreditor Agreement. 

“Priority Lien Credit Agreement” means the Credit Agreement dated as of December 15, 2014 among the Company, the Lenders
and MUFG Union Bank, N.A., as administrative agent for the Lenders, including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith (in each case, as the same has been amended and as it may
be amended, restated, supplemented, modified, renewed or refunded, or replaced or refinanced with any Priority Substitute Credit Facility (as defined in the Intercreditor Agreement), in each case from time to time hereafter in accordance with the
terms of the Intercreditor Agreement). 
 “Priority Lien Debt” means: 

 

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

 

	 	(b)	additional Indebtedness of the Company and the Subsidiary Guarantors under any other Credit Facility that is secured by a Priority Lien that was permitted to be incurred and so secured under each applicable Secured Debt
Document; provided that, in the case of any Indebtedness referred to in this clause (b), that: 

  

	 	(i)	on or before the date on which such Indebtedness is incurred by the Company and the Subsidiary Guarantors, such Indebtedness is designated by the Company, in an Officers’ Certificate delivered to the Priority Lien
Agent and the Collateral Trustee, as “Priority Lien Debt” for the purposes of the Secured Debt Documents; provided that if such Series of Secured Debt is designated as “Priority Lien Debt,” it cannot also be designated as
Parity Lien Debt or Junior Lien Debt (or any combination of the three); 

  

	 	(ii)	the collateral agent or other representative with respect to such Indebtedness, the Priority Lien Agent, the Collateral Trustee, the Company and each applicable Subsidiary Guarantor have duly executed and delivered the
Intercreditor Agreement (or a joinder to the Intercreditor Agreement or a new Intercreditor Agreement substantially similar to the Intercreditor Agreement, as in effect on the Issue Date, and in a form reasonably acceptable to each of the parties
thereto); and 

  
 -22- 

	 	(iii)	all other requirements set forth in the Intercreditor Agreement as to the confirmation, grant or perfection of the Priority Lien Agent’s Liens to secure such Indebtedness or Obligations in respect thereof are
satisfied. 

 “Priority Lien Documents” means the Priority Lien Credit Agreement, the Priority Lien Security
Documents, the other “Credit Documents” (as defined in the Priority Lien Credit Agreement) and all other loan documents, notes, guarantees, instruments and agreements governing or evidencing, or executed or delivered in connection with,
any Credit Facility pursuant to which any Priority Lien Debt is incurred. 
 “Priority Lien Obligations” means the Priority
Lien Debt and all other Obligations in respect of Priority Lien Debt, Lender Hedging Obligations and Cash Management Services Obligations, in each case, that are secured by the Priority Liens. 

“Priority Lien Security Documents” means the Priority Lien Credit Agreement (insofar as the same grants a Lien on the
Collateral), the agreements listed on Part A of Exhibit B to the Intercreditor Agreement 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 any Mortgagor 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 Credit Facility pursuant to which any Priority Lien Debt is incurred). 

“Production Payments” means Dollar-Denominated Production Payments and Volumetric Production Payments, collectively. 

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

“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.” 

  
 -23- 

 “QIB” means a “qualified institutional buyer” as defined in
Rule 144A under the Securities Act. 
 “Qualified Equity Interests” means any Equity Interests that are not Disqualified
Stock. 
 “Rating Agency” means each of Moody’s and S&P; provided, that if any of Moody’s or S&P
ceases to provide rating services to issuers or investors, the Company may appoint another “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act as a replacement for such
Rating Agency. 
 “Related Business Assets” means assets (other than cash or Cash Equivalents) used or useful in an Oil and
Gas Business. 
 “Representative” means the trustee, agent or representative (if any) for an issue of Senior Indebtedness.

 “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 Securities), calculated in accordance with the provisions of Section 7.2 of the Collateral Trust Agreement. 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. 

“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 Lien Credit Agreement), the Proved Reserves and Proved Developed Reserves (including the aggregate values thereof) attributable to the Oil and Gas Properties of the Company and the Subsidiary Guarantors, 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 Lien Credit
Agreement, or if there is no Priority Lien Credit Agreement requiring delivery of a Reserve Report, in form substantially consistent as determined in good faith by the Company with the form of Reserve Report required under the Priority Lien Credit
Agreement as in effect on the Issue Date. 
 “Responsible Officer” means any officer within the corporate trust department
of the Trustee, including any managing director, director, vice president, associate, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by Persons who at the time shall be such officers,
respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“Restricted Subsidiary” means any Subsidiary that, as of the applicable date of determination, (i) is a Subsidiary
Guarantor or (ii) directly owns or leases any Principal Property. 

  
 -24- 

 “Sale/Leaseback Transaction” means with respect to the Company or any Restricted
Subsidiary, any arrangement with any Person providing for the leasing by the Company or any of its Restricted Subsidiaries of any Principal Property which was acquired or placed into service more than one year prior to such arrangement, whereby such
property has been or is to be sold or transferred by the Company or such Restricted Subsidiary to such Person; provided, that the term “Sale/Leaseback Transaction” shall not include any such arrangement that does not provide for a
lease by the Company or any of its Restricted Subsidiaries with a period, including renewals, of more than three years. For the avoidance of doubt, a transaction primarily involving Dollar-Denominated Production Payments or Volumetric Production
Payments shall not be deemed to be a Sale/Leaseback Transaction. 
 “S&P” means Standard & Poor’s Ratings
Services, or any successor to the ratings agency business thereof. 
 “SEC” or “Commission” means the
Securities and Exchange Commission or its successor. 
 “Secured Debt” means Priority Lien Debt, Parity Lien Debt and
Junior Lien Debt. 
 “Secured Debt Documents” means the Priority Lien Documents, the Parity Lien Documents and the Junior
Lien Documents. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Security Documents” means the Collateral Trust Agreement, each joinder agreement required by the Collateral
Trust 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 any Mortgagor creating (or
purporting to create) a Parity Lien upon Collateral in favor of the Collateral Trustee, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and the provisions of
Section 7.1 of the Collateral Trust Agreement. 
 “Senior Indebtedness” means the Securities and any other
Indebtedness of the Company or a Subsidiary Guarantor (whether outstanding on the Issue Date or thereafter incurred), unless such other Indebtedness is contractually subordinate or junior in right of payment of principal of, and any premium and
interest on, the Securities or the Guarantees, respectively. 
 “Series of Junior Lien Debt” means, severally, each issue
or series of Junior Lien Debt for which a single transfer register is maintained. 
 “Series of Parity Lien Debt” means,
severally, the Securities and each other issue or series of Parity Lien Debt for which a single transfer register is maintained. 

  
 -25- 

 “Series of Priority Lien Debt” means, severally, the Indebtedness outstanding
under the Priority Lien Credit Agreement and any other Credit Facility that constitutes Priority Lien Debt. 
 “Series of Secured
Debt” means each Series of Priority Lien Debt, each Series of Parity Lien Debt and each Series of Junior Lien Debt. 

“Subsidiary” means any subsidiary of the Company. A “subsidiary” of any Person means (i) 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, (ii) 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
(iii) 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. 
 “Subsidiary Guarantor” means (i) each of the
Subsidiaries that executes this Indenture as a subsidiary guarantor until such time as such Subsidiary shall no longer be a Subsidiary Guarantor of the Securities pursuant to Article Ten and (ii) each other Subsidiary that becomes a
Subsidiary Guarantor of the Securities in compliance with the provisions of Article Ten of this Indenture until such time as such Subsidiary shall no longer be a Subsidiary Guarantor pursuant to Article Ten. 

“Taxes” means any and all present or future taxes, duties, levies, imposts, assessments, deductions, withholdings or other
similar charges imposed by any governmental authority and any interest, fines, penalties or additions to tax with respect to the foregoing. 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture.

 “Trustee” means the party named as such above until a successor replaces it in accordance with the applicable provisions
of this Indenture and thereafter means the successor. 
 “U.S. Government Securities” means securities that are
(i) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United
States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case under clauses (i) or (ii) are not callable or redeemable at the option of the
issuer thereof. 
 “U.S. Legal Tender” means such coin or currency of the United States as at the time of payment shall be
legal tender for the payment of public and private debts. 
 “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

  
 -26- 

 
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. 

SECTION 1.02 Other Definitions. 

Other terms used in this Indenture are defined in the Section indicated below: 

 

			
	 Term
	  	Defined in Section
	 “Additional Collateral Lien”
	  	11.03
	 “Agent Members”
	  	2.13
	 “AHYDOs”
	  	3.08
	 “AHYDO Payment Date”
	  	3.08
	 “Appendix”
	  	2.01
	 “Bankruptcy Law”
	  	6.01
	 “Certificated Securities”
	  	2.13
	 “Code”
	  	3.08
	 “Collateral Sale Offer”
	  	4.11
	 “Collateral Termination Trust”
	  	4.12
	 “Covenant Defeasance”
	  	8.04
	 “Custodian”
	  	6.01
	 “DTC”
	  	2.13
	 “EDGAR”
	  	4.02
	 “Event of Default”
	  	6.01
	 “Excess Collateral Proceeds
	  	4.11
	 “Excess Proceeds”
	  	4.10
	 “Funding Guarantor”
	  	10.07
	 “Guarantee”
	  	10.02
	 “Legal Defeasance”
	  	8.03
	 “Legal Holiday”
	  	13.07
	 “Mandatory Principal Payment”
	  	3.08
	 “Mandatory Principal Payment Amount”
	  	3.08
	 “Net Proceeds Offer”
	  	4.10
	 “Net Proceeds Offer Triggering Event”
	  	4.10
	 “Net Proceeds Payment Date”
	  	4.10
	 “Notes Obligations”
	  	11.01
	 “Offer Notice”
	  	4.10
	 “Paying Agent”
	  	2.06
	 “Payment Default”
	  	6.01
	 “Register”
	  	2.06
	 “Registrar”
	  	2.06

  
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	 “Regulation S”
	  	 	Appendix	  
	 “Securities”
	  	 	Preamble	  
	 “Successor”
	  	 	5.01	  

 SECTION 1.03 [Reserved]. 

SECTION 1.04 Rules of Construction. Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 

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

(c) “or” is not exclusive; 

(d) words in the singular include the plural, and words in the plural include the singular; 

(e) any gender used in this Indenture shall be deemed to include the neuter, masculine or feminine genders; 

(f) provisions apply to successive events and transactions; 

(g) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular
Article, Section or other Subdivision; 
 (h) references to “second lien” or “second-priority” Liens means Liens that may
be junior in priority to the Liens securing Priority Lien Obligations, to the extent permitted to be incurred or to exist under the Intercreditor Agreement, and to certain Permitted Liens; and 

(i) this Indenture shall not treat (1) unsecured Indebtedness as subordinated or junior to Secured Debt merely because it is unsecured or
(2) Senior Indebtedness as subordinated or junior to any other Senior Indebtedness merely because it has a junior priority with respect to the same collateral or because it is guaranteed by other obligors. 

ARTICLE TWO 
 THE SECURITIES 

SECTION 2.01 Form and Dating. Provisions relating to the Securities are set forth in the Rule 144A/Regulation S Appendix attached
hereto (the “Appendix”), which is hereby incorporated in and expressly made part of this Indenture. The Securities shall be substantially in the form of Exhibit 1 to the Appendix, which is hereby incorporated in and expressly made a
part of this Indenture. The Securities may have such insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as the Company may deem appropriate or as may be required or appropriate to comply with any law or with any rules made pursuant thereto or with any rules of any securities exchange on which such Securities may be listed,
or to conform to general usage, or as may, consistently herewith, be determined by the Officers of the Company executing such Securities, as evidenced by their execution of the Securities. 

  
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 The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or
may be produced in any other manner, all as determined by the Officers of the Company executing such Securities, as evidenced by their execution of such Securities. 

SECTION 2.02 Form of Trustee’s Certificate of Authentication. The Trustee’s certificates of authentication shall be in
substantially the following form: 
 This is one of the Securities referred to in the within-mentioned Indenture. 

 

							
		 		 		 	 DEUTSCHE BANK TRUST COMPANY AMERICAS
 By:
Deutsche Bank National Trust Company
 As Trustee

				
	Date:	 		 	By:	 	  

		 		 		 	Authorized Signatory

 SECTION 2.03 Amount Unlimited; Issuance of Additional Securities. The aggregate principal amount of
Securities which may be issued, executed, authenticated, delivered and outstanding under this Indenture is unlimited. 
 On the Issue Date,
the Trustee shall authenticate and deliver $2,398,363,000 aggregate principal amount of Securities. 
 The Company shall be entitled,
subject to its compliance with Section 4.09, to issue Additional Securities under this Indenture which shall have identical terms as the Securities issued on the Issue Date, other than with respect to the date of issuance and issue
price. The Securities issued on the Issue Date and any Additional Securities shall be treated as a single class for all purposes under this Indenture, including waivers, consents, directions, declarations, amendments, redemptions and offers to
purchase; provided, however, that if any Additional Securities are not fungible with the Securities issued on the Issue Date for U.S. federal income tax purposes, such Additional Securities shall be issued under a separate CUSIP number
(and, if applicable, ISIN). 
 The Securities shall be issuable only in registered form without coupons in denominations of $2,000 or
integral multiples of $1,000 in excess thereof. 
 SECTION 2.04 Execution of Securities. The Securities shall be signed on behalf of
the Company by two Officers thereof. Such signatures upon the Securities may be the manual or facsimile signatures of the present or any future such Officers and may be imprinted or otherwise reproduced on the Securities. The seal of the Company, if
any, is not required to appear on the Securities, but if it does so appear it may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Securities. 

  
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 Only such Securities as shall bear thereon a certificate of authentication substantially in the
form hereinbefore recited, manually signed by the Trustee, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed by the Company shall be conclusive
evidence that the Security so authenticated has been duly authenticated and delivered hereunder and entitled to the benefits of this Indenture. 

In case any Officer of the Company who shall have signed any of the Securities shall cease to be such Officer before the Securities so signed
shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Securities nevertheless may be authenticated and delivered or disposed of as though the Person who signed such Securities had not ceased to be such
Officer of the Company; and any Security may be signed on behalf of the Company by such Persons as, at the actual date of the execution of such Security, shall be the proper Officers of the Company, although at the date of such Security or of the
execution of this Indenture any such Person was not such Officer. 
 SECTION 2.05 Authentication and Delivery of Securities. At any
time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such
Securities, and the Trustee shall thereupon authenticate and deliver such Securities in accordance with such Company Order. 
 The Trustee
shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which
is not reasonably acceptable to the Trustee. 
 If any Security shall have been authenticated and delivered hereunder but never issued and
sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 2.14, such Security shall for all purposes of this Indenture be deemed never to have been authenticated and delivered
hereunder and shall never be entitled to the benefits of this Indenture. 
 The Trustee may appoint an authenticating agent reasonably
acceptable to the Company to authenticate Securities. Unless limited by the terms of such appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by such agent. An authenticating agent has the same rights under Section 7.03 to deal with the Company and its Subsidiaries and Affiliates as any Registrar or Paying Agent. 

Each Security shall be dated the date of its authentication. 

SECTION 2.06 Registrar and Paying Agent. The Company shall maintain an office or agency where Securities may be presented for
registration of transfer or for exchange (the “Registrar”), and an office or agency where Securities may be presented for redemption or repurchase, if applicable, and for payment (the “Paying Agent”). The Registrar
shall keep a register of the Securities and of their transfer and exchange (the “Register”). The Company may have one or more co-registrars and one or more additional paying agents for the Securities. With respect to any Securities,
the term “Paying Agent” includes any additional paying agent and the term “Registrar” includes any additional co-registrar. 

  
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 The Company shall enter into an appropriate agency agreement with any Registrar or Paying Agent
not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any such Agent and shall furnish the Trustee with an executed
counterpart of any such agency agreement. The Company at any time may replace any Registrar or Paying Agent or change the location of any such office or agency without notice to any Holder. The Company will give prompt written notice to the Trustee
of any such replacement or change in location. If the Company fails to maintain a Registrar or Paying Agent the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Company or
any Subsidiary incorporated or organized within the United States of America may act as Paying Agent or Registrar. 
 The Company initially
appoints the Trustee as Registrar and Paying Agent. 
 SECTION 2.07 Paying Agent to Hold Money in Trust. The Company shall require
each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal of, and any premium and interest on,
the Securities and shall notify the Trustee of any default by the Company in making any such payment. If the Company or a Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund
for the benefit of the Persons entitled thereto. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this Section, the Paying
Agent shall have no further liability for the money delivered to the Trustee. 
 SECTION 2.08 Holder Lists. The Trustee shall
preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders of Securities. If the Trustee is not the Registrar, the Company shall furnish to the Trustee, in writing at least
five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of the
Securities. 
 SECTION 2.09 Transfer and Exchange. The Securities shall be transferable only upon the surrender of a Security for
registration of transfer. When a Security is presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the requirements of this Indenture and any reasonable regulations prescribed by
the Company or the Registrar are met. When Securities (other than Global Securities) are presented to the Registrar with a request to exchange them for an equal principal amount of Securities of other denominations, the Registrar shall make the
exchange as requested if the same requirements are met. 

  
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 To permit registrations of transfers and exchanges, the Company shall execute and the Trustee
shall authenticate at the Registrar’s request one or more new Securities of any authorized denominations and of a like aggregate principal amount and tenor. 

No service charge shall be made for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover
any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon exchange not involving any transfer pursuant to
Section 3.07). 
 The Registrar shall not be required to register the transfer of or exchange of any Security for a period
beginning 15 Business Days before the mailing of a notice of redemption or of an offer to repurchase Securities and ending at the close of business on the date of such mailing, or for a period beginning 15 Business Days before an interest payment
date and ending on the close of business on such interest payment date, or of any Security selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

Prior to the due presentation for registration of transfer of any Security, the Company, the Trustee and any Agent may deem and treat the
person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of, and any premium and interest on, such Security and for all other purposes whatsoever, whether or not such
Security is overdue, and none of the Company, the Trustee or any Agent shall be affected by notice to the contrary. 
 All Securities issued
upon any registration of transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Securities surrendered upon such registration of transfer or
exchange. 
 The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Agent Members or beneficial owners of interests in any Global Security) other than
to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to
form with the express requirements hereof. 
 SECTION 2.10 Replacement Securities. If a mutilated Security is surrendered to the
Registrar or if the Holder of a Security claims that the Security has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Security if the Holder satisfies the reasonable requirements of
the Company and the Trustee. If required by the Company or the Trustee, such Holder shall furnish an indemnity bond or other security sufficient in the judgment of the Company and the Trustee to protect the Company, the Trustee, the Paying Agent and
the Registrar from any loss which any of them may suffer if a Security is replaced. The Company and the Trustee may charge the Holder for their expenses in replacing a Security. 

  
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 Every replacement Security is an additional obligation of the Company. 

SECTION 2.11 Outstanding Securities. Securities outstanding at any time are all Securities authenticated by the Trustee except for
those canceled by it, those delivered to it for cancellation and those described in this Section as not outstanding. Except to the extent provided in the last paragraph of this Section 2.11, a Security does not cease to be outstanding
because the Company or an Affiliate of the Company holds the Security. 
 If a Security is replaced pursuant to Section 2.10, it
ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them that the replaced Security is held by a bona fide purchaser. 

If the Paying Agent holds on a redemption date or the Maturity Date money sufficient to pay all principal and interest payable on that date
with respect to the Securities (or portions thereof) to be redeemed or maturing, as the case may be, then on and after that date such Securities (or portions thereof) cease to be outstanding and interest on them ceases to accrue. 

If the principal amount of any Security is considered paid under Section 4.01, it ceases to be outstanding and interest on it
ceases to accrue. 
 Securities with respect to which the Company has effected legal defeasance or covenant defeasance as provided in
Article Eight cease to be outstanding except to the extent provided in Sections 8.03 and 8.04. 
 In determining
whether the Holders of the requisite principal amount of the outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Securities owned by the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Securities which a Responsible Officer actually knows to be so owned shall be so disregarded. Securities so owned as described in the immediately preceding sentence which have been pledged in good faith may
be regarded as outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor. 
 SECTION 2.12 Temporary Securities. Until definitive Securities are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary
Securities. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Securities and deliver them in exchange for temporary Securities. 

  
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 SECTION 2.13 Securities Issuable in the Form of a Global Security. 

(a) For all Securities that are to be issued in whole or in part in the form of one or more Global Securities, any such Global Security shall
represent such of the outstanding Securities as shall be specified therein and may provide that it shall represent the aggregate amount of outstanding Securities from time to time endorsed thereon and that the aggregate amount of outstanding
Securities represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges, transfers or redemptions. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, of
outstanding Securities represented thereby shall be made by the Trustee (i) in such manner and upon instructions given by such Person or Persons as shall be specified in such Security or in a Company Order to be delivered to the Trustee
pursuant to Section 2.05 or (ii) otherwise in accordance with written instructions from the Depositary or its nominee on behalf of any Person having a beneficial interest in such Global Security. Any such Global Security shall be
registered in the name of the Depositary for such Global Security or Securities or its nominee, shall be delivered by the Trustee or its agent to the Depositary or pursuant to the Depositary’s instruction and shall bear a legend substantially
to the following effect (or to such effect as may be required by the Depositary): 
 UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

(b) Members of, or participants, including Clearstream and Euroclear as indirect participants, in, the Depositary (“Agent
Members”), and any owner of a beneficial interest in a Global Security, shall have no rights under this Indenture with respect to or under such Global Security, and the Company, the Trustee and any agent of the Company or the Trustee shall
be entitled to treat the Depositary or its nominee as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the
Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices of such Depositary governing the
exercise of the rights of a holder of a beneficial interest in any Global Security. 

  
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 (c) Notwithstanding any other provision in this Indenture, no Global Security may be transferred
to, or registered or exchanged for Securities registered in the name of, any Person other than the Depositary for such Global Security or any nominee thereof, and no such transfer may be registered, except as provided in this
Section 2.13(c). Every Security authenticated and delivered upon registration or transfer of, or in exchange for or in lieu of, a Global Security shall be a Global Security, except as provided in this Section 2.13(c). If
(1) (A) the Depositary for a Global Security notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or ceases to be a clearing agency registered under the Exchange Act, and (B) a
successor Depositary is not appointed by the Company within 90 days, (2) an Event of Default has occurred and is continuing with respect to the Securities and the Registrar has received a request from the Depositary to issue certificated
securities (“Certificated Securities”) in lieu of all or a portion of the Global Securities (in which case the Company shall deliver Certificated Securities within 30 days of such request) or (3) the Company determines in its
sole discretion and notifies the Trustee that Securities issued in global form shall no longer be represented by a Global Security, then such Global Security may be exchanged by such Depositary for Certificated Securities of any authorized
denomination and of a like aggregate principal amount and tenor, registered in the names of, and the transfer of such Global Security or portion thereof may be registered to, such Persons as such Depositary shall direct, in each case, in accordance
with the procedures set forth in the Appendix. 
 (d) Neither the Company nor the Trustee shall have any responsibility or obligation to any
beneficial owner of a Global Security, or interest therein, Agent Member or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any Agent Member, with respect to any ownership interest in Global Securities
or with respect to the delivery to any Agent Member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Securities. Neither the
Company nor the Trustee shall be liable for any delay by the related Holder of the Global Security or the Depositary in identifying the beneficial owners, and each such Person may conclusively rely on, and shall be protected in relying on,
instructions from such Global Security Holder or the Depositary for all purposes (including with respect to the registration and delivery and the respective principal amounts, of the Securities to be issued). 

(e) Neither the Company, the Trustee nor any agent shall have any responsibility or liability for any actions taken or not taken by the
Depositary. 
 SECTION 2.14 Cancellation. The Company at any time may deliver Securities to the Trustee for cancellation. The
Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel and dispose of (subject to the record retention requirements
of the Exchange Act) all Securities surrendered for registration of transfer, exchange, payment or cancellation in its customary manner and upon written request shall deliver a certificate of such cancellation to the Company. Any Securities
purchased by the Company may, to the extent permitted by law, be reissued or resold or may, at its option, be surrendered to the Trustee for cancellation. The Company may not issue new Securities to replace Securities it has delivered to the Trustee
for cancellation, except as expressly permitted by the terms of the Securities. 

  
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 SECTION 2.15 Defaulted Interest. If the Company defaults in a payment of interest on the
Securities, the Company shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) at the rate borne by the Securities in any lawful manner. In the event that the Company is required to pay defaulted interest to
Holders, the Company will provide written notice to the Trustee of its obligation to pay such defaulted interest no later than five days prior to the proposed payment date for the defaulted interest, and such notice shall set forth the amount of
defaulted interest to be paid by the Company on such payment date. The Trustee shall not at any time be under any duty or responsibility to any Holder to determine the defaulted interest, or with respect to the nature, extent, or calculation of the
amount of defaulted interest owed, or with respect to the method employed in such calculation of the defaulted interest. The Company may pay the defaulted interest to the persons who are Holders on a subsequent special record date. The Company shall
fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly mail or cause to be mailed to each Holder a notice that states the special record date, the payment date and the
amount of defaulted interest to be paid. 
 SECTION 2.16 CUSIP Numbers and ISINs. The Company in issuing the Securities may use
“CUSIP” numbers and/or “ISINs” (if then generally in use) and, if so, the Trustee shall use CUSIP numbers and/or ISINs in notices of redemption or repurchase as a convenience to Holders; provided, however, that any
such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption or repurchase and that reliance may be placed only on the other
identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in the CUSIP numbers and/or ISINs.

 ARTICLE THREE 
 REDEMPTION

 SECTION 3.01 Optional Redemption. 

(a) Except as set forth in this Section 3.01(a), the Company shall not be entitled to optionally redeem the Securities prior to
December 15, 2018. 
 (1) At any time prior to December 15, 2018, the Company will be entitled at its option to
redeem the Securities, in whole or in part, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus the Make-Whole Premium as of, and accrued and unpaid interest, if any, to the redemption date (subject to
the right of Holders on the relevant record date to receive interest due on the relevant interest payment date), in accordance with paragraph 4 of the Securities. 

  
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 (2) At any time prior to December 15, 2018, the Company will be entitled at
its option on any one or more occasions to redeem up to 35% of the aggregate principal amount of Securities issued under this Indenture at a redemption price equal to 108.0% of the principal amount of the Securities redeemed, plus accrued and unpaid
interest, if any, to the date of redemption (subject to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date), with an amount of cash not greater than the net cash proceeds of one or more
Equity Offerings by the Company; provided that, with respect to each such redemption: 
 (A) at least 65% of the
aggregate principal amount of Securities issued under the Indenture (excluding any Securities held by the Company and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 

(B) such redemption occurs within 180 days of the date of the closing of such Equity Offering. 

(b) At any time on or after December 15, 2018, the Company may redeem the Securities, in whole or in part, at its option, at the
redemption prices set forth in paragraph 5(a) of the Securities, plus accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders on the relevant record date to receive interest due on the relevant interest payment
date), in accordance with paragraph 5 of the Securities. 
 (c) The Trustee shall have no responsibility or obligation whatsoever to
calculate the Adjusted Treasury Rate or the Make-Whole Premium in connection with any redemption. The Company will calculate the Adjusted Treasury Rate and the Make-Whole Premium and, prior to the redemption date, deliver an Officers’
Certificate to the Trustee setting forth the Adjusted Treasury Rate and the Make-Whole Premium and showing the calculation of each in reasonable detail. 

SECTION 3.02 Notice to Trustee. If the Company elects to redeem all or any part of the Securities pursuant to the applicable provisions
of this Article 3 and the Securities, it shall furnish to the Trustee and the Registrar, at least 30 days but not more than 60 days before the redemption date (unless the Trustee consents to a shorter period), an Officers’ Certificate setting
forth the redemption date, the principal amount of Securities to be redeemed and the redemption price (or the manner of calculation thereof) for Securities to be redeemed. 

SECTION 3.03 Selection of Securities to Be Redeemed. If less than all of the Securities are to be redeemed at any time, the Trustee
shall select the particular Securities to be redeemed on a pro rata basis, in accordance with the procedures of the Depositary, or, if the Securities are listed on any securities exchange, by any other method that complies with the requirements of
such exchange; provided, however, that no Securities with a principal amount of $2,000 or less will be redeemed in part. The Trustee shall make the selection from outstanding Securities not previously called for redemption not less
than 30 nor more than 60 days prior to the redemption date. Securities and portions of them it selects shall be in amounts of $2,000 or integral multiples of $1,000 in excess thereof, except that if all of the Securities of a Holder are 

  
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to be redeemed, the entire outstanding amount of such Securities held by such Holder, even if not a multiple of $1,000, shall be redeemed. Provisions of this Indenture that apply to Securities
called for redemption also apply to portions of Securities called for redemption. The Trustee shall notify the Company promptly of the Securities or portions of Securities selected for redemption. 

SECTION 3.04 Notice of Redemption. 

(a) At least 30 days but not more than 60 days before a redemption date, the Company shall mail or cause to be mailed a notice of redemption by
first-class mail to each Holder of Securities to be redeemed at such Holder’s registered address or send such notice in accordance with the Depositary’s applicable procedures. The notice shall state: 

(1) the redemption date; 

(2) the redemption price or, if the redemption price is not then determinable, the manner in which it is to be determined; 

(3) the aggregate principal amount of Securities being redeemed; 

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

(5) that Securities called for redemption must be surrendered to the Paying Agent at the address specified in such notice to
collect the redemption price, together with any accrued and unpaid interest thereon; 
 (6) that, unless the Company defaults
in the payment of the redemption price, accrued interest on Securities called for redemption ceases to accrue on and after the redemption date and the only remaining right of the Holders is to receive payment of the redemption price in respect of
the Securities upon surrender to the Paying Agent of the Securities; 
 (7) if fewer than all of the outstanding Securities
are to be redeemed, the identification of the particular Securities to be redeemed, and if any Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed and that, after the redemption date, upon
surrender of such Security, in the case of a Certificated Security, a new Security or Securities in principal amount equal to the unredeemed portion will be issued in the name of the Holder thereof upon cancellation of the Security or Securities
being redeemed; 
 (8) the CUSIP number and/or ISIN, if any, of the Securities to be redeemed; 

(9) any condition precedent to such redemption; and 

(10) the paragraph of the Security and/or Section of this Indenture pursuant to which the Securities called for redemption are
being redeemed. 

  
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 (b) At the Company’s written request, the Trustee shall give the notice of redemption
required in Section 3.04(a) in the Company’s name and at the Company’s expense; provided, however, that the Company shall deliver to the Trustee, at least 15 days prior to the date on which the Company requests
that the Trustee give such notice (unless the Trustee consents to a shorter notice period), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in
Section 3.04(a). 
 (c) Notice of any redemption, including, without limitation, upon an Equity Offering, may, at the
Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering. In addition, if such redemption is subject to satisfaction of one or more conditions precedent, such
notice shall state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any
or all such conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed. In addition, the Company may provide in such notice that payment of the redemption price and performance of the Company’s
obligations with respect to such redemption may be performed by another Person. 
 SECTION 3.05 Effect of Notice of Redemption. Once
notice of redemption is mailed in accordance with Section 3.04, Securities called for redemption become due and payable on the redemption date at the redemption price, subject to the satisfaction of any conditions precedent specified in
the notice. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price, plus accrued and unpaid interest to, but not including, the redemption date; provided, however, that installments of interest that
are due and payable on or prior to the redemption date shall be payable to the Holders of such Securities, registered as such, at the close of business on the relevant record date for the payment of such installment of interest. Failure to give
notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 
 SECTION 3.06 Deposit
of Redemption Price. Prior to 10:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent (or if the Company or a Subsidiary is the Paying Agent, shall segregate and hold in trust) funds available on
the redemption date sufficient to pay the redemption price of, and accrued and unpaid interest to, but not including, the redemption date on, the Securities to be redeemed on that date. The Paying Agent shall promptly return to the Company any money
so deposited which is not required for that purpose upon the written request of the Company, except with respect to monies owed as obligations to the Trustee pursuant to Article Seven. 

Unless the Company defaults in making such payment, interest on the Securities to be redeemed will cease to accrue on the applicable
redemption date, whether or not such Securities are presented for payment. If any Security called for redemption shall not be so paid upon redemption because of the failure of the Company to comply with the preceding paragraph, interest will
continue to be payable on the unpaid principal and any premium including from the redemption date until such principal and any premium is paid, and, to the extent lawful, on any interest not paid on such unpaid principal, in each case at the rate
provided in the Securities and in Section 4.01 hereof. 

  
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 SECTION 3.07 Securities Redeemed in Part. Upon surrender of a Security that is to be
redeemed in part, in the case of a Certificated Security, the Company shall issue and the Trustee upon receipt of a Company Order shall authenticate for the Holder, at the expense of the Company, a new Security equal in aggregate amount to the
unredeemed portion of the Security surrendered. 
 SECTION 3.08 No Mandatory Redemption or Sinking Fund. 

(a) Except as set forth in Section 3.08(b), the Company shall not be required to make mandatory redemption or sinking fund payments with
respect to the Securities, nor (except pursuant to Section 4.10 and Section 4.11) shall the Company be required to repurchase the Securities at the option of the Holders. 

(b) If the Securities would otherwise constitute “applicable high yield discount obligations”
(“AHYDOs”) within the meaning of Section 163(i)(1) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), at the end of all accrual periods ending after the fifth anniversary
of the Issue Date (each, an “AHYDO Payment Date”), but not including the final accrual period, the Company will make pro-rata cash payments to all Holders of the Securities then outstanding in an amount equal to the
Mandatory Principal Payment Amount (each such payment, a “Mandatory Principal Payment”). The “Mandatory Principal Payment Amount” means the portion of the Securities’ principal
required to be paid as of each AHYDO Payment Date to prevent the Securities from being treated as an AHYDO within the meaning of Section 163(i)(1) of the Code. No partial payments, redemptions or repurchases of the Securities prior to an AHYDO
Payment Date pursuant to any other provision of this Indenture or the Securities will alter the Company’s obligation to make the Mandatory Principal Payment with respect to the Securities that remain outstanding on an AHYDO Payment Date. Solely
for U.S. federal income tax purposes, any Mandatory Principal Payment shall be treated as a payment of accrued original issue discount that constitutes interest for purposes of Section 163(i)(2) of the Code. Any Mandatory Principal Payment paid
with respect to Global Securities will be processed as a “partial redemption” through the Depositary, in accordance with its rules and procedures as a “Pro Rata Pass-Through Distribution of Principal.” Any Mandatory Principal
Payment shall otherwise be made pursuant to the provisions of Sections 3.02 through 3.07. 
 ARTICLE FOUR 

COVENANTS 
 SECTION 4.01
Payment of Securities. The Company, for the benefit of the Holders of Securities, shall pay the principal of, and any premium and interest on, the Securities on the dates and in the manner provided in the terms of the Securities and this
Indenture. Principal or redemption price, and any premium and interest with respect to the Securities, shall be considered paid on the date due if the Trustee or Paying Agent holds by 10:00 a.m., New York City time, on that date money deposited by
the Company designated for and sufficient to pay such principal, redemption price, premium and interest as is then due. 

  
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 The Company, for the benefit of the Holders of Securities, shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal, and any premium, at the rate borne by the Securities to the extent lawful; and it shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful. 

SECTION 4.02 SEC Reports. Notwithstanding that the Company may not be required to remain subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act, the Company, within 15 days after it files the same with the SEC, shall deliver to the Trustee copies of the annual reports and the information, documents and other reports (or copies of any such
portions of any of the foregoing as the SEC may by rules and regulations prescribe) specified in Section 13 or 15(d) of the Exchange Act; provided that any such annual reports, information, documents or other reports filed with or
furnished to the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval (or “EDGAR”) system shall be deemed to be delivered to the Trustee as of the time such information, documents or reports are filed or
furnished via EDGAR; provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed pursuant to the EDGAR system (or its successor). Delivery
of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

SECTION 4.03 Compliance Certificates. 

(a) The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate,
stating that a review of the activities of the Company and the Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether each of the Company and the Subsidiary
Guarantors has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that, to the best of such Officers’ knowledge, each of the Company and the
Subsidiary Guarantors has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or
Event of Default shall have occurred, describing all such Defaults or Events of Default of which such Officers may have knowledge and what action the Company is taking or proposes to take with respect thereto). 

(b) The Company will, so long as any of the Securities are outstanding, deliver to the Trustee within 30 days after any Officer becoming aware
of any Default or Event of Default or default in the performance of any covenant, agreement or condition contained in this Indenture, an Officers’ Certificate specifying such Default or Event of Default and what action the Company proposes to
take with respect thereto. 
 SECTION 4.04 Maintenance of Office or Agency. The Company will maintain in each Place of Payment an
office or agency where Securities may be surrendered for registration of transfer or exchange or for presentation for payment, and where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The
Company 

  
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will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee set forth in Section 13.02 or at the Corporate Trust
Office of the Trustee. 
 The Company may also from time to time designate one or more other offices or agencies where the Securities may be
presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or
agency in each Place of Payment for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. The Company hereby initially
designates as the Place of Payment for the Securities The City of New York, and initially appoints the Trustee as Paying Agent at its Corporate Trust Office as the Company’s office or agency for each such purpose in such city. 

SECTION 4.05 Continued Existence. Except as permitted by Article Five and Section 10.03 hereof, the Company will do
or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the corporate, partnership or other existence of each Restricted Subsidiary and all rights (charter and statutory) and franchises of
the Company and the Restricted Subsidiaries; provided, that the Company shall not be required to preserve the corporate, partnership or other existence of any Restricted Subsidiary, or any such right or franchise, if the Company shall
determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries, taken as a whole, and that the loss thereof is not disadvantageous in any material respect to the Holders.

 SECTION 4.06 Waiver of Stay, Extension or Usury Laws. The Company and each Subsidiary Guarantor covenants (to the extent that each
may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension, or usury law or other law which would prohibit or forgive the Company or any Subsidiary
Guarantor from paying all or any portion of the principal of, and any premium and interest on, the Securities as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of
this Indenture; and (to the extent that it may lawfully do so) each of the Company and the Subsidiary Guarantors hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

SECTION 4.07 Payment of Taxes and Other Claims. The Company shall pay or discharge or cause to be paid or discharged, before the same
shall become delinquent, (a) all taxes, assessments and governmental charges levied or imposed upon the Company or any Restricted Subsidiary or upon the income, profits or property of the Company or any Restricted Subsidiary and (b) all
lawful claims for labor, materials and supplies which, if unpaid, might by law become a Lien upon the property of the Company or any Restricted Subsidiary; provided, however, that the Company shall not be required to pay or discharge
or cause to be paid or discharged any such tax, assessment or charge whose amount, applicability or validity is being contested in good faith by appropriate proceedings or where the failure to effect such payment is not disadvantageous in any
material respect to the Holders. 

  
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 SECTION 4.08 Maintenance of Properties and Insurance. 

(a) The Company shall cause all properties used or held for use in the conduct of its business or the business of any Restricted Subsidiary to
be maintained and kept in good condition, repair and working order (ordinary wear and tear excepted) and supplied with all necessary equipment and shall cause to be made all necessary repairs, renewals, replacements, betterments and improvements
thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this
Section 4.08 shall prevent the Company from discontinuing the operation or maintenance of any such property, or disposing of it, if such discontinuance or disposal is, in the judgment of the Company, desirable in the conduct of its business and
not disadvantageous in any material respect to the Holders. 
 (b) The Company shall provide or cause to be provided, for itself and each of
its Restricted Subsidiaries, insurance (including appropriate self-insurance) against loss or damage of the kinds that, in the reasonable, good faith opinion of the Company, are adequate and appropriate for the conduct of the business of the Company
and such Restricted Subsidiaries in a prudent manner, with reputable insurers or with the government of the United States or an agency or instrumentality thereof, in such amounts, with such deductibles, and by such methods as shall be customary, in
the reasonable, good faith opinion of the Company, for corporations similarly situated in the industry. 
 SECTION 4.09 Limitation on
Liens Securing Funded Debt. 
 (a) The Company (i) will not, and will not permit any Restricted Subsidiary to, create, incur or
assume any Funded Debt secured by any Liens (other than Permitted Liens) upon any of the properties of the Company or any Restricted Subsidiary and (ii) will not, and will not permit any Subsidiary to, create, incur or assume any Funded Debt
secured by any Liens (other than Permitted Liens) upon the Capital Stock of any Restricted Subsidiary or the Capital Stock of any Subsidiary that owns, directly or indirectly through ownership in another Subsidiary, the Capital Stock of any
Restricted Subsidiary. 
 (b) Notwithstanding the provisions of Section 4.09(a), the Company or any Subsidiary may create, incur
or assume Funded Debt secured by Liens (including the Securities) which would otherwise be subject to the restrictions of such section, if the aggregate principal amount of such Funded Debt and all other Funded Debt of the Company and any Subsidiary
theretofore created, incurred or assumed pursuant to the exception in this Section 4.09(b) and outstanding at such time does not exceed 15% of the Adjusted Consolidated Net Tangible Assets of the Company, less, without duplication, the
outstanding principal amount of the Securities outstanding at such time. 

  
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 SECTION 4.10 Limitation on Sale/Leaseback Transactions. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, enter into any Sale/Leaseback Transaction with any Person
(other than the Company or any other Subsidiary) unless (i) the Company or such Restricted Subsidiary, as the case may be, would be entitled to incur Funded Debt secured by Liens in a principal amount equal to the Attributable Indebtedness
(treated as if such Attributable Indebtedness were Funded Debt) with respect to such Sale/Leaseback Transaction in accordance with Section 4.09 or (ii) the Company or such Restricted Subsidiary receives proceeds from such
Sale/Leaseback Transaction at least equal to the Fair Market Value thereof and such proceeds are applied in accordance with paragraphs (b) to (c) hereof (or, in the case of a Sale/Leaseback Transaction that constitutes a Collateral Sale,
such proceeds are applied in accordance with Section 4.11); provided, however, that Attributable Indebtedness in respect of any Sale/Leaseback Transaction entered into pursuant to clause (i) shall not count
against the amount of Funded Debt permitted under Section 4.09(b) for any other purpose, including when determining the amount available thereunder for future Sale/Leaseback Transactions or any Funded Debt transactions. 

(b) The Company may apply Net Available Proceeds from such Sale/Leaseback Transaction, within 365 days after receipt of Net Available Proceeds
from the Sale/Leaseback Transaction, to: (i) the repayment of Indebtedness of the Company or a Restricted Subsidiary under Credit Facilities or other Senior Indebtedness, including any mandatory redemption or repurchase or make-whole redemption
of the Existing Unsecured Notes or the Securities; (ii) make an Investment in assets used in the Oil and Gas Business; or (iii) develop by drilling the Company’s oil and gas reserves. 

(c) If, upon completion of the 365-day period referred to in Section 4.10(b), any portion of the Net Available Proceeds (other than Net
Cash Proceeds of a Sale/Leaseback Transaction that constitutes a Collateral Sale) shall not have been applied by the Company as described in clauses (i), (ii) or (iii) of Section 4.10(b) and such remaining Net Available Proceeds,
together with any remaining net cash proceeds from any prior Sale/Leaseback Transaction (such aggregate constituting “Excess Proceeds”), exceed $60,000,000, then the Company will be obligated to make an offer (the “Net
Proceeds Offer”) to purchase the Securities and any other Senior Indebtedness in respect of which such an offer to purchase is required to be made concurrently with the Net Proceeds Offer having an aggregate principal amount equal to the
Excess Proceeds (such purchase to be made on a pro rata basis if the amount available for such repurchase is less than the principal amount of the Securities and other Senior Indebtedness tendered in such Net Proceeds Offer) at a purchase price of
100% of the principal amount thereof plus accrued and unpaid interest on the Securities and other Senior Indebtedness so repurchased to the date of repurchase. Upon the completion of the Net Proceeds Offer, the amount of Excess Proceeds will be
reset to zero. 
 (d) Within 15 days after the Company becomes obligated to make a Net Proceeds Offer (a “Net Proceeds Offer
Triggering Event”), the Company (with notice to the Trustee and the Paying Agent), or the Trustee at the Company’s request and expense, will mail or cause to be mailed (or otherwise communicate in accordance with the applicable
procedures of the Depositary) to all Holders on the date of the Net Proceeds Offer Triggering Event a notice prepared by the Company (the “Offer Notice”) of the occurrence of such Net Proceeds Offer Triggering Event
and of the Holders’ rights arising as a result thereof. The Offer Notice will contain all instructions and materials necessary to enable Holders to tender their Securities to the Company. The Offer Notice, which shall govern the terms of the
Net Proceeds Offer, shall state: (1) that the Net Proceeds Offer is being made pursuant to this Section 4.10; (2) the purchase 

  
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price and the Net Proceeds Payment Date; (3) that any Security not tendered will continue to accrue interest at the stated rate; (4) that any Security accepted for payment pursuant to
the Net Proceeds Offer shall cease to accrue interest on the Net Proceeds Payment Date; (5) that Holders will be entitled to withdraw their election if the Company, Depositary or Paying Agent, as the case may be, receives, not later than the
expiration of the Net Proceeds Offer, or such longer period as may be required by law, a notice to such effect in the form specified in the Offer Notice; and (6) that Holders whose Securities are purchased only in part will be issued Securities
equal in principal amount to the unpurchased portion of the Securities surrendered. The Net Proceeds Offer shall be deemed to have commenced upon mailing (or other communication in accordance with the applicable procedures of the Depositary) of the
Offer Notice and shall terminate 20 Business Days after its commencement, unless a longer offering period is required by law. 
 (e) Promptly
after the termination of the Net Proceeds Offer (the “Net Proceeds Payment Date”), the Company shall, to the extent permitted by applicable law, (i) accept for payment Securities or portions thereof tendered
pursuant to the Net Proceeds Offer, (ii) deposit with the Depositary or Paying Agent money sufficient to pay the purchase price of all Securities or portions thereof so tendered and (iii) deliver to the Trustee Securities so accepted
together with an Officers’ Certificate stating the Securities or portions thereof tendered to the Company. The Depositary, the Company or the Paying Agent, as the case may be, shall promptly mail or deliver to the Holders of Securities so
accepted payment in an amount equal to the purchase price (representing those funds received pursuant to clause (ii) of this Section 4.10(e)), and the Trustee shall promptly authenticate and mail or deliver to each such Holder a new
Security equal in principal amount to any unpurchased portion of the Security surrendered; provided that each such new Security will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. For purposes of this
Section 4.10, the Trustee shall act as the Paying Agent. 
 (f) The Company will comply with Section 14 of the Exchange Act
and the provisions of Regulation 14E and any other tender offer rules under the Exchange Act and any other federal and state securities laws, rules and regulations which may then be applicable to any Net Proceeds Offer. To the extent that the
provisions of any securities laws or regulations conflict with the Net Proceeds Offer procedures included in this Indenture, the Company shall comply with the applicable securities laws and regulations and will be deemed to have complied with its
obligations under the Net Proceeds Offer provisions of this Indenture by virtue of such compliance. 
 SECTION 4.11 Limitation on
Collateral Sales. 
 (a) The Company will not, and will not permit any of the other Mortgagors to, consummate a Collateral Sale, unless:

 (1) the Mortgagor receives consideration at the time of such Collateral Sale at least equal to the Fair Market Value of
the Collateral sold or otherwise disposed of (whether directly or indirectly through the sale or disposition of a Mortgagor); and 

  
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 (2) at least 75% of the consideration received by the Company and the Mortgagors
(determined on the date of contractually agreeing to such Collateral Sale) and all other Collateral Sales since the Issue Date, on a cumulative basis, is in the form of cash or Cash Equivalents; provided that the following shall be deemed to
be Cash Equivalents for purposes of this clause (2) and for no other purpose: 
 (A) any liabilities (as shown on the
Company’s most recent consolidated balance sheet or in the footnotes thereto or if incurred or accrued subsequent to the date of such balance sheet, such liabilities as would have been reflected in the Company’s consolidated balance sheet
or the footnotes thereto if such incurrence or accrual had been put in place on or prior to the date of such balance sheet, as determined in good faith by the Company), other than contingent liabilities or liabilities that are by their terms
subordinated to the Securities or the Guarantee, which (i) are assumed by the transferee of any such assets and from which the Company or other Mortgagor shall have been validly released by all applicable creditors in writing or (ii) that
are otherwise cancelled or terminated in connection with the transaction with such transferee (other than intercompany debt owed to the Company or the Subsidiaries); 

(B) any securities, notes or other obligations or assets received by the Company or any other Mortgagor from such transferee
that are converted by the Company or such other Mortgagor into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received) within 180 days following the closing of such Collateral Sale; 

(C) with respect to any Collateral Sale of Oil and Gas Properties by any Mortgagor in which such Mortgagor retains an interest
in such property (whether directly or indirectly through retentions of any Equity Interests in any Person owning such property), the costs and expenses related to the exploration, development, completion or production of such Oil and Gas Properties
and activities related thereto agreed to be assumed by the transferee (or an Affiliate thereof); 
 (D) Indebtedness of any
Mortgagor that ceases to be a Mortgagor as a result of such asset disposition (other than intercompany debt owed to the Company or the Subsidiaries), to the extent that the Company and each other Subsidiary Guarantor are released from any guarantee
of payment of the principal amount of such Indebtedness in connection with such Collateral Sale; and 
 (E) any Designated
Non-Cash Consideration received by the Company or any other Mortgagor in respect of the applicable Collateral Sale having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this
clause (E) at any time outstanding, not to exceed the greater of (x) $500,000,000 and 

  
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(y) 10% of ACNTA determined as of the time of the receipt of such Designated Non-Cash Consideration, with the Fair Market Value of each item of Designated Non-Cash Consideration being measured at
the time received and without giving effect to subsequent changes in value. 
 (b) Within 365 days after the receipt of any Net Cash
Proceeds, the Company or any of the other Mortgagors may apply such Net Cash Proceeds at its option: 
 (1) to permanently
prepay, repay, redeem, defease or repurchase Priority Lien Debt and other outstanding Priority Lien Obligations; 
 (2) to
permanently prepay, repay, redeem, defease or repurchase Parity Lien Debt and other outstanding Parity Lien Obligations other than Indebtedness owed to the Company or another Subsidiary; provided that if the Company shall so prepay, repay,
redeem, defease or repurchase any such Parity Lien Debt, the Company shall equally and ratably repay (or offer to repay) the Securities as provided either, at the Company’s option, under Section 3.01, through open-market purchases (to the
extent such purchases are at or above 100% of the principal amount thereof) or by making an offer (in accordance with the procedures set forth in this Section 4.11 for a Collateral Sale Offer) to all Holders to purchase their Securities
at 100% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, on the amount of Securities that would otherwise be prepaid; 

(3) to acquire all or substantially all of the assets of, or a division or line of business of, any Person engaged in an Oil
and Gas Business, or any Capital Stock of any Person engaged in an Oil and Gas Business, if, after giving effect to any such acquisition of Capital Stock, such Person is or becomes a Subsidiary Guarantor; 

(4) to make capital expenditures or to make other expenditures for leasehold or seismic purposes, or for maintenance, repair or
improvement of existing properties and assets; 
 (5) to acquire other assets that are used or useful in an Oil and Gas
Business, including Oil and Gas Properties; or 
 (6) any combination of the foregoing; 

provided that in the case of clauses (3), (4) and (5) above (or combination thereof), a binding commitment to make such acquisitions or
expenditures is entered into within 365 days of the consummation of the Collateral Sale that generated the Net Cash Proceeds shall be treated as a permitted application of the Net Cash Proceeds from the date of such commitment so long as such
Mortgagor enters into such commitment with the good faith expectation that such Net Cash Proceeds will be applied to satisfy such commitment within 545 days after the consummation of the Collateral Sale that generated such Net Cash Proceeds and, in
the event such commitment is later cancelled or terminated for any reason before the Net Cash Proceeds are applied in connection therewith, then such Net Cash Proceeds shall constitute Excess Collateral Proceeds as described herein as of the date of
such cancellation or termination. 

  
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 (c) Any Net Cash Proceeds from Collateral Sales that are not applied or invested as provided in
Section 4.11(b) will constitute “Excess Collateral Proceeds.” When the aggregate amount of Excess Collateral Proceeds exceeds $60,000,000, the Company will, within 45 days, make an offer to all Holders,
and, if required by the terms of other Parity Lien Debt containing provisions similar to those set forth in this Section 4.11 with respect to offers to purchase or redeem with the proceeds of sales of assets, to all holders of such other
similar Parity Lien Debt (a “Collateral Sale Offer”) to purchase the maximum principal amount of Securities and/or such Parity Lien Debt that may be purchased out of the Excess Collateral Proceeds. The offer price in
any Collateral Sale Offer will be equal to 100% of the principal amount plus accrued and unpaid interest, to, but excluding, the date of purchase, and will be payable in cash. 

(d) The Company shall commence a Collateral Sale Offer by mailing (with notice to the Trustee and the Paying Agent), or the Trustee at the
Company’s request and expense, mailing or causing to be mailed (or otherwise communicating in accordance with the applicable procedures of the Depositary) to all Holders, a notice prepared by the Company of the Collateral Sale Offer and of the
Holders’ rights arising as a result thereof. The notice will contain all instructions and materials necessary to enable Holders to tender their Securities to the Company. The notice, which shall govern the terms of the Collateral Sale Offer,
shall state: (1) that the Collateral Sale Offer is being made pursuant to this Section 4.11; (2) the purchase price and the payment date; (3) that any Security not tendered will continue to accrue interest at the stated
rate; (4) that any Security accepted for payment pursuant to the Collateral Sale Offer shall cease to accrue interest on the payment date; (5) that Holders will be entitled to withdraw their election if the Company, Depositary or Paying
Agent, as the case may be, receives, not later than the expiration of the Collateral Sale Offer, or such longer period as may be required by law, a notice to such effect in the form specified in the Collateral Sale Offer; and (6) that Holders
whose Securities are purchased only in part will be issued Securities equal in principal amount to the unpurchased portion of the Securities surrendered. The Collateral Sale Offer shall be deemed to have commenced upon mailing (or other
communication in accordance with the applicable procedures of the Depositary) of the notice and shall terminate 20 Business Days after its commencement, unless a longer offering period is required by law. If the aggregate principal amount of
Securities and other Parity Lien Debt tendered into such Collateral Sale Offer exceeds the amount of Excess Collateral Proceeds, the Excess Collateral Proceeds will be allocated between the Securities and such other Parity Lien Debt based on the
principal amount (or accreted value, if applicable) of the Securities and such other Parity Lien Debt tendered and the Trustee will select the Securities to be purchased in the manner described in Section 4.11(g). Upon completion of each
Collateral Sale Offer, the amount of Excess Collateral Proceeds will be reset at zero. 
 (e) Pending the final application of any Net Cash
Proceeds pursuant to this Section 4.11, the holder of such Net Cash Proceeds may apply such Net Cash Proceeds temporarily to reduce obligations under a revolving credit facility or otherwise invest such Net Cash Proceeds in any manner
not prohibited by the Indenture. If any Excess Collateral Proceeds remain after consummation of the Collateral Sale Offer, the Company may use those funds for any purpose not otherwise prohibited by the Indenture and they will no longer constitute
Excess Collateral Proceeds. 

  
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 (f) The Company will comply with Section 14 of the Exchange Act and the provisions of
Regulation 14E and any other tender offer rules under the Exchange Act and any other federal and state securities laws, rules and regulations which may then be applicable to any Collateral Sale Offer. To the extent that the provisions of any
securities laws or regulations conflict with the Collateral Sale Offer procedures included in the Indenture, the Company will comply with the applicable securities laws and regulations and will be deemed to have complied with its obligations under
the Collateral Sale provisions of the Indenture by virtue of such compliance. 
 (g) If the aggregate principal amount of Securities and
Parity Lien Debt validly tendered and not properly withdrawn pursuant to a Collateral Sale Offer exceeds the amount of Excess Collateral Proceeds, the Trustee shall select the Securities and the Company shall select such Parity Lien Debt to be
purchased on a pro rata basis on the basis of the aggregate accreted value or principal amount of tendered Securities and Parity Lien Debt (provided that the selection of such Parity Lien Debt shall be made pursuant to the terms of such Parity Lien
Debt) and in such manner as complies with applicable legal requirements and applicable procedures of the Depositary. 
 (h) The provisions
under this Section 4.11 relative to the Company’s obligation to make an offer to repurchase the Securities as a result of a Collateral Sale may be waived or modified at any time with the written consent of the Holders of a majority
in principal amount of the Securities. 
 SECTION 4.12 Collateral and Collateral Sale Covenant Termination. If on any date
(a) either (1) both (x) the rating of the Index Debt is (i) BB+ or higher from S&P and Ba2 or higher from Moody’s or (ii) Ba1 or higher from Moody’s and BB or higher S&P and (y) the Leverage Ratio (as
such term and all component definitions thereof are defined in the Priority Lien Credit Agreement as in effect on the Issue Date) of the Company (as of the date of its most recent annual or quarterly financial statements filed with the SEC) is less
than or equal to 3.00:1.00 or (2) the rating of the Index Debt is (i) BBB- or higher from S&P and Ba1 or higher from Moody’s or (ii) Baa3 or higher from Moody’s and BB+ or higher from S&P (this clause (a), the
“Collateral Termination Test”) or (b) upon consummation of a contemplated transaction, immediately after giving effect to such transaction and pro forma for such transaction, any Indebtedness incurred in
connection therewith and the use of proceeds therefrom, the Company would be able to satisfy the Collateral Termination Test (including as evidenced by indicative ratings from S&P and Moody’s), on and after such date, in the case of clause
(a), or on consummation of such transaction, in the case of clause (b), the Company and its Restricted Subsidiaries will not be subject to the provisions of Section 4.11 and the Liens on the Collateral will be released. 

  
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 ARTICLE FIVE 

SUCCESSORS 
 SECTION 5.01 When
Company May Merge, etc. The Company shall not consolidate with or merge with or into any Person or sell, convey, lease, transfer or otherwise dispose of all or substantially all of its assets to any Person, unless: 

(1) (a) the Company survives such consolidation or merger or (b) the Person formed by such consolidation or into which the
Company is merged or that acquires by sale, conveyance, transfer or other disposition, or which leases, all or substantially all of the assets of the Company (a “Successor”) is a corporation, limited liability company, general
partnership or limited partnership organized and existing under the laws of the United States of America, any state thereof or the District of Columbia, or Canada or any province thereof, and expressly assumes, by supplemental indenture in a form
reasonably satisfactory to the Trustee (and similar documents with respect to the other Note Documents, in each case in a form reasonably satisfactory to the Trustee and Collateral Trustee, as applicable), the due and punctual payment of the
principal of, and any premium and interest on, all the Securities and the performance of every other covenant and obligation of the Company under this Indenture and the other Note Documents (including taking such action (or agreeing to take such
action) as may be reasonably necessary to cause any property or assets that constitute Collateral owned by or transferred to such Successor to continue to constitute Collateral and to be subject to the Parity Liens in the manner and to the extent
required under the Note Documents); provided, that unless the Successor is a corporation, a corporate co-issuer of the Securities shall be added hereto by the execution and delivery of a supplemental indenture by such co-issuer; and 

(2) immediately after giving effect to such transaction no Default or Event of Default exists. 

In connection with any consolidation, merger, sale, conveyance, lease, transfer or other disposition contemplated by this
Section 5.01, the Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and such
supplemental indenture, if any, comply with this Indenture. 
 SECTION 5.02 Successor Substituted. Upon any consolidation, merger,
lease, conveyance or transfer in accordance with Section 5.01, the Trustee shall be notified by the Company or the Successor, and the Successor formed by such consolidation or into which the Company is merged or to which such lease,
conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such Successor had been named as the Company herein and thereafter
(except in the case of a lease) the predecessor will be relieved of all further obligations and covenants under this Indenture, the Securities and the other Note Documents. The Successor and the Trustee shall enter into a supplemental indenture to
evidence the succession and substitution of such Successor and such discharge and release of such predecessor. 

  
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 ARTICLE SIX 

DEFAULTS AND REMEDIES 
 SECTION
6.01 Events of Default. An “Event of Default” occurs in respect of the Securities upon: 

(1) default by the Company or any Subsidiary Guarantor in the payment of principal of, or any premium on, the Securities when
due and payable at maturity; 
 (2) default by the Company or any Subsidiary Guarantor in the payment of any installment of
interest on the Securities when due and payable and continuance of such default for 30 days; 
 (3) default on any other
Indebtedness of the Company or any Subsidiary Guarantor if either (A) such default results in the acceleration of the maturity of any such Indebtedness having a principal amount of $75,000,000 or more individually or, taken together with the
principal amount of any other such Indebtedness the maturity of which has been so accelerated, in the aggregate, or (B) such default results from the failure to pay when due principal of any such Indebtedness, after giving effect to any
applicable grace period (a “Payment Default”), having a principal amount of $75,000,000 or more individually or, taken together with the principal amount of any other Indebtedness under which there has been a Payment
Default, in the aggregate; provided that if any such default is cured or waived or any such acceleration is rescinded, or such Indebtedness is repaid, within a period of 30 days from the continuation of such default beyond any applicable
grace period or the occurrence of such acceleration, as the case may be, such Event of Default and any consequent acceleration of the Securities shall be rescinded, so long as any such rescission does not conflict with any judgment or decree or
applicable provision of law; 
 (4) default in the performance, or breach of, any covenant or agreement of the Company or any
Subsidiary Guarantor in this Indenture and, in each such case, failure to remedy such default within a period of 60 days after written notice thereof from the Trustee or Holders of 25% of the principal amount of the Securities; provided,
however, that the Company shall have 90 days after the receipt of such written notice to remedy, or receive a waiver for, any failure to comply with its obligations under this Indenture so long as the Company is attempting to cure such
failure as promptly as reasonably practicable; 
 (5) a Guarantee by a Subsidiary Guarantor shall cease to be in full force
and effect (other than a release of a Guarantee in accordance with Section 10.05) or any Subsidiary Guarantor shall deny or disaffirm its obligations with respect thereto; 

  
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 (6) the Company or any Subsidiary Guarantor pursuant to or within the meaning of
any Bankruptcy Law: 
 (A) commences a voluntary case or proceeding, 

(B) consents to the entry of an order for relief against it in an involuntary case or proceeding, 

(C) consents to the appointment of a Custodian of it or for all or substantially all of its property, 

(D) makes a general assignment for the benefit of its creditors, 

or 

(E) admits in writing that it generally is unable to pay its debts as the same become due; 

(7) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A) is for relief (with respect to the petition commencing such case) against the Company or any Subsidiary Guarantor in an
involuntary case or proceeding, 
 (B) appoints a Custodian of the Company or any Subsidiary Guarantor or for all or
substantially all of its property, 
 or 

(C) orders the liquidation of the Company or any Subsidiary Guarantor, and the order or decree remains unstayed and in effect
for 60 days; or 
 (8) the occurrence of any of the following: 

(A) except as permitted by the Note Documents, any Note Document establishing the Parity Liens ceases for any reason to be
enforceable; provided that it will not be an Event of Default under this clause 8(A) if the sole result of the failure of one or more Note Documents to be fully enforceable is that any Parity Lien purported to be granted under such Note
Documents on Collateral, individually or in the aggregate, having a Fair Market Value of not more than $50,000,000, ceases to be an enforceable and perfected Parity Lien; provided further, that if such failure is susceptible to cure,
no Event of Default shall arise with respect thereto until 90 days after any officer of the Company or any Restricted Subsidiary becomes aware of such failure, which failure has not been cured during such time period; 

  
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 (B) except as permitted by the Note Documents, any Parity Lien purported to be
granted under any Note Document on Collateral, individually or in the aggregate, having a Fair Market Value in excess of $50,000,000, ceases to be an enforceable and perfected second-priority Lien, subject to the Intercreditor Agreement and
Permitted Liens; provided that if such failure is susceptible to cure, no Event of Default shall arise with respect thereto until 90 days after any officer of the Company or any Restricted Subsidiary becomes aware of such failure, which
failure has not been cured during such time period; or 
 (C) any Mortgagor, or any Person acting on behalf of any of them,
denies or disaffirms, in writing, any obligations of any Mortgagor set forth in or arising under any Note Document establishing Parity Liens. 

The term “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. The
term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

SECTION 6.02 Acceleration. If an Event of Default (other than an Event of Default specified in clauses (6) or (7)) under
Section 6.01 occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% of the principal amount of the outstanding Securities may declare the unpaid principal of, and any premium and accrued and
unpaid interest on, all the Securities then outstanding to be due and payable, by a notice in writing to the Company (and to the Trustee, if given by Holders), and upon any such declaration such principal, and any premium and accrued and unpaid
interest shall become immediately due and payable. If an Event of Default specified in clauses (6) or (7) of Section 6.01 above occurs, all unpaid principal of, and any premium and accrued and unpaid interest on, all Securities
then outstanding will become due and payable, without any declaration or other act on the part of the Trustee or any Holder. 
 The Holders
of a majority of the principal amount of the outstanding Securities, by written notice to the Company, the Subsidiary Guarantors and the Trustee, may rescind and annul such declaration of acceleration and its consequences if (1) the Company or
any Subsidiary Guarantor has paid or deposited with such Trustee a sum sufficient to pay (A) all overdue installments of interest on all the Securities, (B) the principal of, and any premium and interest on, any Securities that have become
due otherwise than by such declaration of acceleration and interest thereon at the rate or rates prescribed therefor in the Securities, (C) to the extent that payment of such interest is lawful, interest on the defaulted interest at the rate or
rates prescribed therefor in the Securities, and (D) all money paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; (2) all Events of
Default, other than the non-payment of the principal of, and any premium and interest on, the Securities that have become due solely by such declaration of acceleration, have been cured or waived as provided in this Indenture; and (3) the
rescission would not conflict with any judgment or decree of a court of competent jurisdiction. No such rescission will affect any subsequent Event of Default or impair any right consequent thereon. 

  
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 SECTION 6.03 Other Remedies. Subject to the Intercreditor Agreement, if an Event of
Default occurs and is continuing, the Trustee may, but is not obligated to, pursue, in its own name and as trustee of an express trust, any available remedy by proceeding at law or in equity to collect the payment of principal or interest on the
Securities or to enforce the performance of any provision of the Securities or this Indenture. If an Event of Default specified under clauses (6) or (7) of Section 6.01 occurs with respect to the Company at a time when the
Company is the Paying Agent, the Trustee shall assume the duties of Paying Agent. 
 The Trustee may maintain a proceeding even if it does
not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 

SECTION 6.04 Waiver of Past Defaults. Subject to Sections 6.07 and 9.02, the Holders of at least a majority of the
principal amount of the outstanding Securities by notice to the Trustee may waive an existing Default or Event of Default and its consequences, except an Event of Default under clauses (1) and (2) of Section 6.01. 

SECTION 6.05 Control by Majority. The Holders of a majority in principal amount of the outstanding Securities will have the right to
direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities, provided that (1) such direction is not in conflict
with any rule of law or with this Indenture and (2) the Trustee may take any other action deemed proper by such Trustee that is not inconsistent with such direction. 

SECTION 6.06 Limitation on Remedies. No Holder of any of the Securities will have any right to institute any proceeding, judicial or
otherwise, to appoint a receiver or trustee or to pursue any remedy under this Indenture, unless: 
 (1) such Holder has
previously given written notice to the Trustee of a continuing Event of Default, 
 (2) the Holders of not less than 25% of
the principal amount of the outstanding Securities have made written request to such Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under this Indenture, 

(3) such Holder or Holders have offered to such Trustee indemnity or security satisfactory to it against the costs, expenses
and liabilities to be incurred in compliance with such request, 
 (4) the Trustee for 60 days after its receipt of such
notice, request and offer of indemnity or security has failed to institute any proceeding, and 
 (5) no direction
inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority of the principal amount of the outstanding Securities. 

  
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 A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a
preference or priority over other Holders. 
 SECTION 6.07 Rights of Holders to Receive Payment. Notwithstanding any other provision
of this Indenture, the Holder of any Securities will have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Securities on the due date and to institute suit for the enforcement of any such
payment, and such right may not be impaired without the consent of such Holder. 
 SECTION 6.08 Collection Suit by Trustee. Subject
to the Intercreditor Agreement, if an Event of Default in payment of principal or any premium or interest specified in paragraphs (1) or (2) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own
name and as trustee of an express trust against the Company or any Subsidiary Guarantor for the whole amount of principal and any premium and interest then due and remaining unpaid with respect to the Securities, and interest on overdue principal
and any premium, and, to the extent lawful, interest on overdue interest, and such further amounts as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation and expenses of the Trustee, its agents
and counsel. 
 SECTION 6.09 Trustee May File Proofs of Claim. 

(a) The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee and the Holders allowed in any judicial proceedings relative to the Company, the Subsidiary Guarantors, their creditors or their property and may collect and receive any money or securities or other property payable or deliverable on any
such claims and to distribute the same. 
 (b) Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in
any such proceeding. 
 SECTION 6.10 Priorities. Subject to the Intercreditor Agreement and the Collateral Trust Agreement, if the
Trustee collects any money pursuant to this Article Six with respect to the Securities, it shall pay out the money in the following order: 

First: to the Trustee, the Collateral Trustee and their agents for amounts due under Section 7.07; 

Second: to Holders for amounts due and unpaid on the Securities for principal, interest and premium, if any, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Securities for principal, interest and premium, if any, respectively; and 

Third: to the Company or to such party as a court of competent jurisdiction shall direct. 

  
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 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section 6.10. 
 SECTION 6.11 Undertaking for Costs. In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its
discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by Holders of more than 10% in principal amount of the then outstanding Securities. 

ARTICLE SEVEN 
 TRUSTEE 

SECTION 7.01 Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such rights and powers vested in it by this Indenture and
use the same degree of care and skill in such exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(1) The Trustee need perform only those duties that are specifically set forth (or incorporated by reference) in this Indenture
and no others and no implied covenants or obligations shall be read into this Indenture against the Trustee. 
 (2) In the
absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture. However, in the case of certificates or opinions specifically required by any provision hereof to be furnished to it, the Trustee shall examine such certificates and opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that: 
 (1) This paragraph (c) does not limit the effect of paragraph (b) of this
Section 7.01. 

  
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 (2) The Trustee shall not be liable for any error of judgment made in good faith
by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts. 
 (3) The
Trustee shall not be liable to Holders of Securities with respect to action it takes or omits to take in good faith (A) in accordance with a direction received by it from Holders pursuant to Section 6.05, and the Trustee shall be
entitled from time to time to request such a direction or (B) in connection with the exercise by the Trustee of any trust or power conferred upon the Trustee under this Indenture. 

(d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this
Section 7.01. 
 (e) The Trustee shall be under no obligation and may refuse to perform any duty or exercise any right, duty or
power hereunder unless it receives indemnity or security reasonably satisfactory to it against any loss, liability, claim, damage or expense. No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur
liability, financial or otherwise, in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it. 
 (f) The Trustee shall not be liable for interest on any money received by it except as
the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

SECTION 7.02 Rights of Trustee. Subject to Section 7.01: 

(a) The Trustee may conclusively rely on and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee shall not be bound to
make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Company, personally or by agent or attorney, to the extent reasonably required by such inquiry or investigation at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate of the Company or an Opinion of Counsel or
both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion. 

(c) The Trustee may act through agents or attorneys and shall not be responsible for the misconduct or negligence of any agent appointed with
due care. 

  
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 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which
it believes to be authorized or within its rights or powers under this Indenture. 
 (e) The Trustee may consult with counsel of its
selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and reliance thereon. 

(f) In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(g) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer has actual knowledge thereof
or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture. 

(h) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and each agent, custodian and other person employed by the Trustee to act hereunder. 

(i) The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture. 
 (j) Any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order and resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution. 

(k) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder. 

SECTION 7.03 Individual Rights of Trustee. The Trustee in its individual or any other capacity (including in its capacity as the
Collateral Trustee) may become the owner or pledgee of Securities and may otherwise deal with the Company or its Subsidiaries or Affiliates with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights.
However, the Trustee must comply with Sections 7.10 and 7.11. 
 SECTION 7.04 Trustee’s Disclaimer. The Trustee
makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities or any prospectus, offering or solicitation documents, and it
shall not be responsible for any statement in the Securities other than its certificate of authentication. 

  
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 SECTION 7.05 Notice of Defaults. If a Default occurs and is continuing and if it is
actually known to a Responsible Officer, the Trustee shall mail to each Holder of Securities pursuant to Section 13.02 a notice of the Default within 90 days after it occurs. Except in the case of a Default in any payment on any
Security, the Trustee may withhold the notice and shall be protected in so withholding if and so long as it determines in good faith that withholding the notice is in the interests of Holders of Securities. 

SECTION 7.06 TIA and Listings. The Trustee shall comply with TIA Section 313(b)(2) as if such provision were applicable to this
Indenture. The Company shall notify the Trustee in writing when the Securities become listed on any national securities exchange or of any delisting thereof. 

SECTION 7.07 Compensation and Indemnity. Each of the Company and the Subsidiary Guarantors, jointly and severally, agrees to pay the
Trustee from time to time compensation for its services as shall be agreed upon from time to time in writing between the Company and the Trustee (which compensation shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust). The Company agrees to reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred by it. Such expenses shall include when applicable the reasonable compensation and
expenses of the Trustee’s agents and counsel. 
 The Trustee shall not be under any obligation to institute any suit, or take any
remedial action under this Indenture, or to enter any appearance or in any way defend any suit in which it may be a defendant, or to take any steps in the execution of the trusts created hereby or thereby or in the enforcement of any rights and
powers under this Indenture, until it shall be indemnified to its satisfaction against any and all expenses, disbursements and advances incurred or made by the Trustee in accordance with any provisions of this Indenture, including compensation for
services, costs, expenses, outlays, counsel fees and other disbursements, and against all liability (including fees and expenses incurred by the Trustee pursuant to the penultimate paragraph of Section 7.08) determined not to have been
caused by its own negligence or willful misconduct. Each of the Company and the Subsidiary Guarantors agrees to indemnify the Trustee against any loss, liability, claim, damage or expenses incurred by it arising out of or in connection with the
acceptance and administration of the trust and its duties hereunder as Trustee, Registrar and/or Paying Agent, if any, including the costs and expenses of enforcing this Indenture against the Company (including with respect to this
Section 7.07) and of defending itself against any claim (whether asserted by the Company or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Trustee
shall notify the Company of any claim of which a Responsible Officer has received written notice for which it may seek indemnity; however, the failure of the Trustee to promptly notify the Company shall not limit its right to indemnification. The
Company shall defend each such claim and the Trustee shall cooperate in the defense. The Trustee may retain separate counsel and the Company shall reimburse the Trustee for the reasonable fees and expenses of such counsel. Neither the Company nor
any Subsidiary Guarantor shall pay for any settlement made without its consent (which consent shall not be unreasonably withheld). 

Neither the Company nor any Subsidiary Guarantor shall be obligated to reimburse any expense or indemnify against any loss, liability, claim
or damage incurred by the Trustee determined to have been caused by the Trustee’s own negligence or willful misconduct. To secure the payment obligations of the Company in this Section, the Trustee shall have a claim

  
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prior to that of the Holders of the Securities on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on, or the redemption price
of, particular Securities. The Trustee’s right to receive payment of any amounts due under this Section 7.07 shall not be subordinate to any other liability or Indebtedness of the Company or any Subsidiary Guarantor. 

When the Trustee incurs expenses or renders services after the occurrence of any Event of Default specified in clauses (6) or (7) of
Section 6.01, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 

The benefits of this section shall survive termination of this Indenture and resignation or removal of the Trustee. 

SECTION 7.08 Replacement of Trustee. The Trustee may resign by so notifying the Company and the Subsidiary Guarantors. The Holders of a
majority in principal amount of the Securities may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.10; 

(b) the Trustee is adjudged a bankrupt or an insolvent; 

(c) a receiver or other public officer takes charge of the Trustee or its property; or 

(d) the Trustee becomes incapable of acting as Trustee hereunder. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary
Guarantors. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each Holder
of Securities. 
 If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Company or the Holders of a majority in principal amount of Securities may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee fails to comply with Section 7.10, any Holder of Securities may petition any court of competent jurisdiction for
the removal of the Trustee and the appointment of a successor Trustee. Any successor Trustee shall comply with TIA Section 310(a)(5) as if such provision were applicable to this Indenture. 

  
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 SECTION 7.09 Successor Trustee by Merger, etc. If the Trustee consolidates, merges or
converts into, or transfers all or substantially all of its corporate trust assets to, another corporation or national association, the successor corporation or national association without any further act shall be the successor Trustee;
provided that such corporation or national association shall be otherwise eligible and qualified under this Article and shall notify the Company of its successor hereunder. 

SECTION 7.10 Eligibility; Disqualification. This Indenture shall always have a Trustee that is a corporation organized and doing
business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a
combined capital and surplus of at least $100,000,000 as set forth in its most recent published annual report of condition. No obligor upon the Notes shall serve as a Trustee. 

SECTION 7.11 Preferential Collection of Claims Against Company . The Trustee shall comply with TIA Section 311(a) as if such
provision were applicable to this Indenture, excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein as if such
provision were applicable to this Indenture. 
 ARTICLE EIGHT 

DEFEASANCE 
 SECTION 8.01
[Reserved]. 
 SECTION 8.02 Option to Effect Legal Defeasance or Covenant Defeasance. The Company may, at the option of its
Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, at any time, elect to exercise its rights pursuant to either Section 8.03 or 8.04 with respect to all outstanding Securities upon compliance
with the conditions set forth below in this Article Eight. 
 SECTION 8.03 Legal Defeasance and Discharge. Upon the
Company’s exercise under Section 8.02 of the option applicable to this Section 8.03, the Company and each Subsidiary Guarantor shall be deemed to have been discharged from its obligations with respect to all outstanding
Securities on the date all conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that the Company and any Subsidiary Guarantors shall be deemed to have paid and
discharged the entire Indebtedness represented by the outstanding Securities and any Guarantees thereof, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.06 and the other Sections of this
Indenture referred to in clauses (a) and (b) of this Section 8.03, and to have satisfied all their other obligations under such Securities and this Indenture and the other Note Documents (insofar as related to the Securities
and this Indenture) (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the 

  
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following which shall survive such satisfaction and discharge until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Securities to receive solely from
the trust fund described in Section 8.06, and as more fully set forth in such Section, payments in respect of the principal of, and any premium and interest on, such Securities when such payments are due, (b) the Company’s
obligations with respect to such Securities under Sections 2.06, 2.09, 2.10, 2.12 and 4.04, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in
connection therewith (including, but not limited to, Section 7.07) and (d) this Article Eight. Subject to compliance with this Article Eight, the Company may exercise its option under this Section 8.03
notwithstanding the prior exercise of its option under Section 8.04. 
 If the Company exercises its Legal Defeasance option,
the Collateral will be released. 
 SECTION 8.04 Covenant Defeasance. Upon the Company’s exercise under Section 8.02
of the option applicable to this Section 8.04, the Company shall be released from its obligations under the covenants contained in Sections 4.02, 4.03, 4.07, 4.08, 4.09, 4.10 and
4.11, and Article Five and any covenants contained in the Security Documents (insofar as related to the Securities and this Indenture) with respect to the outstanding Securities on and after the date the conditions set forth below are
satisfied (hereinafter, “Covenant Defeasance”), and the Securities shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of
any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Securities shall not be deemed outstanding for accounting purposes). For this
purpose, such Covenant Defeasance means that, with respect to the outstanding Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a
Default or an Event of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby. In addition, upon the Company’s exercise under
Section 8.02 of the option applicable to this Section 8.04, clauses (3) through (8) of Section 6.01 shall not constitute Events of Default with regard to such Securities. 

If the Company exercises its Covenant Defeasance option, the Collateral will be released. 

SECTION 8.05 Conditions to Legal or Covenant Defeasance. The following shall be the conditions to application of either
Section 8.03 or Section 8.04: 
 (a) The Company shall irrevocably have deposited or cause to be deposited with the
Trustee (or another trustee satisfying the requirements of Section 7.10 who shall agree to comply with the provisions of this Article Eight applicable to it) as trust funds in trust for the purpose of making the following
payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of Securities, (a) cash in U.S. Legal Tender in an amount, or (b) U.S. Government Securities which through the scheduled payment of
principal and interest in 

  
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respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, cash in U.S. Legal Tender in an amount, or (c) a combination thereof,
in such amounts, as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (or other qualifying trustee) to pay the principal of, and
any premium and interest on, the outstanding Securities on each date on which such principal or any premium or interest is due and payable or on any redemption date established pursuant to the last paragraph of Section 8.06;
provided that the Trustee shall have been irrevocably instructed to apply such money or the proceeds of such U.S. Government Securities to said payments with respect to the Securities; 

(b) In the case of an election under Section 8.03, the Company shall have delivered to the Trustee an Opinion of Counsel
confirming that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the date hereof, there has been a change in the applicable federal income tax law, in either case to the
effect that, and based thereon such opinion shall confirm that, the Holders of the outstanding Securities will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(c) In the case of an election under Section 8.04, the Company shall have delivered to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee to the effect that the Holders of the outstanding Securities will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(d) No Default or Event of Default shall have occurred and be continuing on the date of such deposit or, insofar as clauses (6) or
(7) of Section 6.01 is concerned, at any time in the period ending on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period); 

(e) Such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any material
agreement other than this Indenture (this Indenture being the subject of clause (d) above), or instrument to which the Company is a party or by which the Company is bound; 

(f) In the case of any election under Section 8.03 or 8.04, the Company shall have delivered to the Trustee an
Officers’ Certificate stating that the deposit made by the Company pursuant to its election under Section 8.03 or 8.04 was not made by the Company with the intent of preferring the Holders over other creditors of the Company
or with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; and 
 (g) The Company shall have
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to either the Legal Defeasance under Section 8.03 or the Covenant Defeasance under
Section 8.04 (as the case may be) have been complied with as contemplated by this Section 8.05. 

  
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 SECTION 8.06 Deposited Money and U.S. Government Securities to be Held in Trust; Other
Miscellaneous Provisions. Subject to Section 8.07, all money and U.S. Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this
Section 8.06, the “Trustee”) pursuant to Section 8.05 shall be held in trust and applied by the Trustee, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company or a Subsidiary Guarantor, if any, acting as Paying Agent) as the Trustee may determine, to the Holders of the Securities of all sums due and to become due thereon in respect of principal and any
premium and interest, but such money need not be segregated from other funds except to the extent required by law. 
 The Company shall pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Securities deposited pursuant to Section 8.05 or the principal and interest received in respect thereof other than
any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Securities. 
 Anything in this
Article Eight to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the Company’s written request any money or U.S. Government Securities held by it as provided in
Section 8.05 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under
Section 8.05(b)), are in excess of the amount thereof which would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

Before or after the deposit pursuant to Section 8.05(a), the Company may make arrangements satisfactory to the Trustee for the
redemption of Securities at a future date pursuant to Article Three. 
 SECTION 8.07 Repayment to Company. Any money deposited
with the Trustee or any Paying Agent, or then held by the Company, whether pursuant to this Article Eight or otherwise, in trust for the payment of the principal of, and any premium and interest on, or redemption price on, any Security
which has remained unclaimed for two years after such principal and any premium or interest has become due and payable shall be paid to the Company on its written request (unless an abandoned property law designates another Person) or (if then held
by the Company) shall be discharged from such trust; and the Holder of such Securities shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease. 
 SECTION 8.08
Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S. Legal Tender or U.S. Government Securities in accordance with Section 8.03 or 8.04, as the case may be, by reason of any order or judgment of any
court or governmental authority enjoining, restraining, or otherwise prohibiting such application, then the Company’s obligations under this Indenture, the Securities and the other Note Documents (insofar as related to this Indenture and the
Securities) shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.03 or 8.04 until such time as the Trustee or Paying Agent is permitted to 

  
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apply all such money in accordance with this Article Eight; provided, however, that, if the Company makes any payment of principal of, or any premium or interest on, or
redemption price on the Securities following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of the Securities to receive such payment from the money held by the Trustee or Paying Agent. In the
event the Company’s obligations under this Indenture and the Securities are revived and reinstated pursuant to this Section 8.08, then the obligations of each Subsidiary Guarantor under its Guarantee, if any, and this Indenture that
were released pursuant to Section 10.05 as a result of the Company’s exercise of its rights under this Article Eight shall be revived and reinstated as though such release had not occurred. 

ARTICLE NINE 
 AMENDMENTS,
SUPPLEMENTS AND WAIVERS 
 SECTION 9.01 Without Consent of Holders. The Company, the Subsidiary Guarantors, the Trustee and the
Collateral Trustee, if applicable, may amend or supplement this Indenture, the Securities or the other Note Documents without notice to or consent of any Holder: 

(a) to cure any ambiguity, omission, defect or inconsistency; provided that such modification shall not adversely affect the Holders in
any material respect; 
 (b) to comply with Sections 5.01 and 10.03; 

(c) [Reserved]; 
 (d) to reflect
the addition or release of any Subsidiary Guarantor from its Guarantee, as provided for by this Indenture, or to reflect the addition of any Collateral or the release of Liens on the Collateral, in the manner provided for in this Indenture or the
other Note Documents; 
 (e) [Reserved]; 

(f) to provide for the issuance of Additional Securities in accordance with the limitations set forth in this Indenture; 

(g) [Reserved]; 
 (h) to make any
change that would provide any additional benefit or rights to the Holders or that does not adversely affect the rights of any Holder in any material respect; 

(i) to evidence or provide for the acceptance of an appointment by a successor Trustee or Collateral Trustee; 

(j) to conform the text of the Note Documents (i) to any provision under the heading “Description of Second Lien Notes” in the
Offering Memorandum, to the extent that the Trustee (and Collateral Trustee, if applicable) has received an Officers’ Certificate stating that such text constitutes an unintended conflict with, or is inconsistent with, the description of the

  
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corresponding provision in such “Description of Second Lien Notes” or (b) as may be necessary or advisable to preserve and confirm the relative priorities of the Secured Debt
Documents as such priorities are contemplated by and set forth in the Intercreditor Agreement, as set forth in an Officers’ Certificate delivered to the Trustee (and Collateral Trustee, if applicable); 

(k) to make, complete or confirm any grant of Collateral permitted or required by the Note Documents; 

(l) to release or subordinate Liens on Collateral in accordance with the Note Documents or to confirm and evidence such release or
subordination, or the termination or discharge of any Lien with respect to or securing the Securities or the Guarantee, in accordance with the Note Documents; or 

(m) with respect to the Note Documents, as provided in the Intercreditor Agreement and the Collateral Trust Agreement. 

In addition, the Intercreditor Agreement and the Collateral Trust Agreement may be amended in accordance with their terms and without the
consent of any Holder or the Trustee with the consent of the parties thereto or otherwise in accordance with their terms, including to add additional Indebtedness as Priority Lien Debt, Parity Lien Debt or Junior Lien Debt and add other parties (or
any authorized agent thereof or trustee therefor) holding such Indebtedness thereto and to establish that the Liens on any Collateral securing such Indebtedness shall rank equally with the Liens on such Collateral securing the other Priority Lien
Debt, Parity Lien Debt or Junior Lien Debt, as applicable, then outstanding, in each case to the extent permitted by the Secured Debt Documents. 

Upon the written request of the Company and the Subsidiary Guarantors, accompanied by a Board Resolution of the Company and of each Subsidiary
Guarantor authorizing the execution of any such supplemental indenture, and upon receipt by the Trustee of the documents described in Section 9.06, the Trustee and the Collateral Trustee, if applicable, shall join with the Company and
the Subsidiary Guarantors in the execution of any supplemental indenture authorized or permitted by the terms of this Indenture and make any further appropriate agreements and stipulations that may be therein contained. 

SECTION 9.02 With Consent of Holders. Except as provided below in this Section 9.02, the Company, the Subsidiary
Guarantors, the Trustee and the Collateral Trustee, if applicable, may amend or supplement this Indenture or the Securities with the consent (including consents obtained in connection with a tender offer or exchange offer for Securities or a
solicitation of consents in respect of Securities) of the Holders of at least a majority in aggregate principal amount of the Securities then outstanding. 

For purposes of this Indenture, the consent of the Holder of a Global Security shall be deemed to include any consent delivered by any member
of, or participant in, the Depositary or such other depositary institution hereinafter appointed by the Company by electronic means in accordance with the Automated Tender Offer Procedures system or other customary procedures of, and pursuant to
authorization by, such entity. 

  
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 Upon the written request of the Company and the Subsidiary Guarantors, accompanied by a Board
Resolution of the Company and each Subsidiary Guarantor authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee and the Collateral Trustee, if applicable, of evidence of the consent of the Holders as
aforesaid, and upon receipt by the Trustee of the Opinion of Counsel and Officers’ Certificate described in Section 9.06, the Trustee and the Collateral Trustee, if applicable, shall join with the Company and the Subsidiary
Guarantors in the execution of such supplemental indenture. 
 It shall not be necessary for the consent of the Holders under this Section
to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 

The Holders of a majority in aggregate principal amount of the outstanding Securities may waive compliance in a particular instance by the
Company or the Subsidiary Guarantors with any provision of this Indenture or the Securities (including waivers obtained in connection with a tender offer or exchange offer for Securities or a solicitation of consents in respect of Securities).
However, without the consent of each Holder affected, an amendment, supplement or waiver under this Section may not: 
 (1)
reduce the percentage of principal amount of Securities whose Holders must consent to an amendment, supplement or waiver of any provision of this Indenture or the Securities; 

(2) reduce the rate or change the time for payment of interest, including default interest, if any, on the Securities; 

(3) reduce the principal amount of any Security or change the Maturity Date of the Securities; 

(4) reduce the amount payable upon the redemption of any Security; 

(5) [Reserved]; 

(6) waive any Event of Default under clauses (1) and (2) of Section 6.01; 

(7) make any Security payable in money other than that stated in such Security; 

(8) impair the right of Holders of Securities to receive payment of the principal of and interest on Securities on the
respective due dates therefor and to institute suit for the enforcement of any such payment; or 
 (9) make any change in
Sections 6.04 or 6.07 or in this sentence of this Section 9.02. 

  
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 In addition, the consent of Holders representing at least 66.67% of the outstanding Securities
(including consents obtained in connection with a tender offer or exchange offer for Securities or a solicitation of consents in respect of Securities) will be required to release the Liens for the benefit of the Holders on all or substantially all
of the Collateral, other than in accordance with the Note Documents. 
 SECTION 9.03 [Reserved]. 

SECTION 9.04 Revocation and Effect of Consents. A consent to an amendment, supplement or waiver by a Holder of a Security shall bind
the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent
Holder may revoke the consent as to its Security or portion of a Security if the Trustee receives written notice of revocation before a date and time therefor identified by the Company in a notice furnished to such Holder in accordance with the
terms of this Indenture or, if no such date and time shall be identified, the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every
Holder. 
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent
to any amendment, supplement or waiver. If the Company elects to fix a record date for such purpose, the record date shall be fixed at (i) the later of 30 days prior to the first solicitation of such consent or the date of the most recent list
of Holders furnished to the Trustee prior to such solicitation pursuant to Section 2.08, or (ii) such other date as the Company shall designate. If a record date is fixed, then notwithstanding the provisions of the immediately
preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent previously given,
whether or not such Persons continue to be Holders after such record date. No consent shall be valid or effective for more than 90 days after such record date unless consent from the Holders of the principal amount of Securities required hereunder
for such amendment, supplement or waiver to be effective also shall have been given and not revoked within such 90-day period. 
 After an
amendment, supplement or waiver becomes effective, it shall bind every Holder unless it makes a change described in any of clauses (1) through (9) of Section 9.02. In that case the amendment, supplement or waiver shall bind
each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security. 

SECTION 9.05 Notation on or Exchange of Securities. If an amendment, supplement or waiver changes the terms of a Security, the Trustee
may require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security about the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the
Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make appropriate notation or issue a new Security shall not affect the validity of any such amendment,
supplement or waiver. 

  
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 SECTION 9.06 Trustee Protected. The Trustee and the Collateral Trustee shall sign any
amendment, supplement or waiver authorized pursuant to this Article Nine if the amendment, supplement or waiver does not adversely affect the rights of the Trustee or the Collateral Trustee, as applicable. If it does adversely affect the
rights of the Trustee or the Collateral Trustee, the Trustee or the Collateral Trustee, as applicable, may but need not sign it. In signing such amendment, supplement or waiver the Trustee and the Collateral Trustee shall be provided with, and
(subject to Article Seven) shall be fully protected in relying upon, an Opinion of Counsel and an Officers’ Certificate of the Company complying with the requirements of Section 13.05 and stating that such amendment,
supplement or waiver is authorized or permitted by and complies with this Indenture. 
 ARTICLE TEN 

GUARANTEES 
 SECTION 10.01
[Reserved]. 
 SECTION 10.02 Unconditional Guarantee. Each Subsidiary Guarantor hereby, jointly and severally, fully and
unconditionally guarantees, as principal obligor and not only as surety (such guarantee to be referred to herein, individually and collectively, as the “Guarantee”), to each Holder the due and punctual payment of the principal of,
and any premium and interest on, the Securities and all other amounts due and payable under this Indenture and the Securities by the Company whether at Maturity Date or otherwise, including, without limitation, interest on the overdue principal of,
and any premium and interest on, the Securities, to the extent lawful, all in accordance with the terms hereof and thereof; subject, however, to the limitations set forth in Section 10.06. 

Failing payment when due of any amount so guaranteed for whatever reason, the Subsidiary Guarantors will be jointly and severally obligated to
pay the same immediately. Each Subsidiary Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Securities or this Indenture, the absence of any action to
enforce the same, any waiver or consent by any Holder of the Securities with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of a Subsidiary Guarantor. Each Subsidiary Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of
the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that this Guarantee will not be discharged except by complete performance of the obligations contained in the
Securities, this Indenture and in this Guarantee. If any Holder or the Trustee is required by any court or otherwise to return to the Company, any Subsidiary Guarantor, or any custodian, trustee, liquidator or other similar official acting in
relation to the Company or any Subsidiary Guarantor, any amount paid by the Company or any Subsidiary Guarantor to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. Each
Subsidiary Guarantor agrees it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Subsidiary Guarantor further
agrees that, as between each 

  
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Subsidiary Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article
Six for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as
provided in Article Six, such obligations (whether or not due and payable) shall forthwith become due and payable by each Subsidiary Guarantor for the purpose of this Guarantee. 

SECTION 10.03 Subsidiary Guarantors May Consolidate, etc., on Certain Terms. 

(a) Subject to paragraph (b) of this Section 10.03, no Subsidiary Guarantor (other than a Subsidiary Guarantor whose
Guarantee is to be released in accordance with this Indenture) may consolidate or merge with or into (whether or not such Subsidiary Guarantor is the surviving Person) another Person unless (i) the Person formed by or surviving any such
consolidation or merger (if other than such Subsidiary Guarantor) ( a “Successor Guarantor”) assumes all the obligations of such Subsidiary Guarantor under this Indenture and the other Note Documents (and takes such action (or
agrees to take such action) as may be reasonably necessary to cause any property or assets that constitute Collateral owned by or transferred to such Successor Guarantor to continue to constitute Collateral and to be subject to the Parity Liens in
the manner and to the extent required under the Note Documents) pursuant to a supplemental indenture (and similar documents with respect to the other Note Documents), in each case, in a form reasonably satisfactory to the Trustee and Collateral
Trustee and (ii) immediately after such transaction, no Default or Event of Default exists. In connection with any consolidation or merger contemplated by this Section 10.03, the Company shall deliver to the Trustee prior to the
consummation of the proposed transaction an Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and such supplemental indenture, if any, comply with this Indenture. This
Section 10.03(a) is not applicable to a merger between Subsidiary Guarantors or a merger between the Company and a Subsidiary Guarantor. 

(b) In the event of a sale or other disposition of all or substantially all of the assets of any Subsidiary Guarantor or a sale or other
disposition of all of the Capital Stock of such Subsidiary Guarantor, in any case by way of merger, consolidation or otherwise, then such Subsidiary Guarantor (in the event of a sale or other disposition, by way of such a merger, consolidation or
otherwise, of all of the Capital Stock of such Subsidiary Guarantor) or the Person acquiring the assets (in the event of a sale or other disposition of all or substantially all of the assets of such Subsidiary Guarantor) will be automatically
released and relieved of any obligations under its Guarantee and, if such Subsidiary Guarantor is a Mortgagor, the Lien on such Mortgagor’s Collateral securing the Parity Lien Obligations (including such Mortgagor’s Guarantee) will be
released. 
 SECTION 10.04 Addition of Subsidiary Guarantors. 

(a) The Company shall cause each Person that becomes a domestic Subsidiary after the Issue Date and that guarantees any other Indebtedness of
the Company or a Subsidiary Guarantor in excess of a De Minimis Guaranteed Amount to execute and deliver a supplemental indenture pursuant to which such Subsidiary shall guarantee the payment of such Securities pursuant to the terms hereof within 60
days after the later of (i) the date that such Person 

  
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becomes a domestic Subsidiary and (ii) the date that such Person guarantees such other Indebtedness; provided that no guarantee shall be required if the Subsidiary merges into the
Company or merges into an existing Subsidiary Guarantor and the surviving entity remains a Subsidiary Guarantor. 
 (b) Any Person that was
not a Subsidiary Guarantor on the date of this Indenture may become a Subsidiary Guarantor by executing and delivering to the Trustee (i) a supplemental indenture in form and substance satisfactory to the Trustee, which subjects such Person to
the provisions of this Indenture as a Subsidiary Guarantor and (ii) an Opinion of Counsel and Officers’ Certificate to the effect that such supplemental indenture has been duly authorized and executed by such Person and constitutes the
legal, valid and binding obligation of such Person (subject to such customary exceptions concerning creditors’ rights and equitable principles as may be acceptable to the Trustee in its discretion and provided that no opinion need be rendered
concerning the enforceability of the Guarantee) and complying with the requirements of Section 13.05. 
 SECTION 10.05
Release of a Subsidiary Guarantor. Upon (i) the sale or disposition of all the Capital Stock of a Subsidiary Guarantor (or all or substantially all of its assets), in any case whether by way of merger, consolidation or otherwise or
(ii) subject, in the case of a Mortgagor, to satisfaction of the requirements set forth in Section 4.01(a)(i) of the Intercreditor Agreement, the cessation by a Subsidiary Guarantor to guarantee any other Indebtedness of the Company or any
other Subsidiary Guarantor other than a De Minimis Guaranteed Amount, in each case which is otherwise in compliance with the terms of this Indenture, including but not limited to the provisions of Section 10.03, such Subsidiary Guarantor
shall be automatically released from all of its Guarantee and related obligations in this Indenture without any further action by the Trustee, the Company or such Subsidiary Guarantor and, if such Subsidiary Guarantor is a Mortgagor, the Lien on
such Mortgagor’s Collateral securing the Parity Lien Obligations (including such Mortgagor’s Guarantee) shall be released. Subject to Section 8.08, upon the Company’s election, in compliance with the conditions set forth
in Article Eight hereof, to exercise its rights pursuant to either Section 8.03 or 8.04 with respect to all outstanding Securities, each Subsidiary Guarantor shall be automatically released from all of its Guarantee
and related obligations in this Indenture without any further action by the Trustee, the Collateral Trustee, the Company or any Subsidiary Guarantor. The Trustee and the Collateral Trustee, as applicable, shall deliver an appropriate instrument
evidencing any such release upon receipt of a written request by the Company accompanied by an Officers’ Certificate. Any Subsidiary Guarantor not so released remains liable for the full amount of principal of and interest on the Securities as
provided in this Article Ten. 
 SECTION 10.06 Limitation of Subsidiary Guarantor’s Liability. Each Subsidiary
Guarantor, and by its acceptance hereof each Holder, hereby confirms that it is the intention of all such parties that the guarantee by such Subsidiary Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for
purposes of any federal, state or foreign law. To effectuate the foregoing intention, the Holders and each Subsidiary Guarantor hereby irrevocably agree that the obligations of each Subsidiary Guarantor under the Guarantee shall be limited to the
maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of
the obligations of 

  
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such other Subsidiary Guarantor under its Guarantee or pursuant to Section 10.07, result in the obligations of such Subsidiary Guarantor under the Guarantee not constituting a
fraudulent conveyance or fraudulent transfer under federal, state or foreign law. This Section 10.06 is for the benefit of the creditors of each Subsidiary Guarantor, and, for purposes of applicable fraudulent transfer and fraudulent
conveyance law, any Indebtedness of a Subsidiary Guarantor pursuant to Credit Facilities shall be deemed to have been incurred prior to the incurrence by such Subsidiary Guarantor of its liability under the Guarantee. 

SECTION 10.07 Contribution. In order to provide for just and equitable contribution among the Subsidiary Guarantors, the Subsidiary
Guarantors agree, inter se, that in the event any payment or distribution is made by any Subsidiary Guarantor (a “Funding Guarantor”) under the Guarantee, such Funding Guarantor shall be entitled to a contribution from each other
Subsidiary Guarantor in a pro rata amount based on the Adjusted Net Assets of each Subsidiary Guarantor (including the Funding Guarantor) for all payments, damages and expenses incurred by the Funding Guarantor in discharging the Company’s
obligations with respect to the Securities or any other Subsidiary Guarantor’s obligations with respect to the Guarantee. 
 SECTION
10.08 Severability. In case any provision of this Guarantee shall be invalid, illegal or unenforceable, that portion of such provision that is not invalid, illegal or unenforceable shall remain in effect, and the validity, legality, and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 ARTICLE ELEVEN 

COLLATERAL AND SECURITY 
 SECTION
11.01 Security Interest. 
 (a) The due and punctual payment of the Obligations on the Securities and the Obligations of the
Subsidiary Guarantors under the Guarantees, when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium, if
any, and interest (to the extent permitted by law), on the Securities, the Guarantees and performance and payment of all other obligations of the Company and the Subsidiary Guarantors to the Holders or the Trustee and/or the Collateral Trustee under
the Note Documents, according to the terms hereunder or thereunder (collectively, the “Notes Obligations”), are secured as provided in the Security Documents. The Company and each of the Subsidiary Guarantors consent and agree to be
bound by the terms of the Security Documents to which they are parties, as the same may be in effect from time to time, and agree to perform their obligations thereunder in accordance therewith. The Company and the Subsidiary Guarantors hereby agree
that the Collateral Trustee shall hold the Collateral on behalf of and for the benefit of all of the Holders and the other holders of Parity Lien Obligations. 

(b) Each Holder of Securities, by its acceptance thereof and of the Guarantees, consents and agrees to the terms of the Intercreditor
Agreement, the Collateral Trust Agreement and the Security Documents (including, without limitation, the provisions providing for 

  
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foreclosure and release of Collateral and amendments to the Security Documents) as the same may be in effect or may be amended from time to time in accordance with their terms, and authorizes and
appoints Deutsche Bank Trust Company Americas as the Trustee and as the Collateral Trustee. The Trustee hereby authorizes and appoints Deutsche Bank Trust Company Americas as Collateral Trustee, and each Holder of Securities and the Trustee direct
the Collateral Trustee to enter into the Security Documents (including any amendments thereto contemplated by Section 7.1 of the Collateral Trust Agreement and any security documents to secure additional Parity Lien Debt in accordance
with Section 5.3 of the Collateral Trust Agreement, all as more particularly described in the Collateral Trust Agreement) and to perform its obligations and exercise its rights thereunder in accordance therewith, subject to the terms and
conditions thereof, including, the limitations on duties of the Collateral Trustee provided in Section 5.12 of the Collateral Trust Agreement. The Trustee, the Collateral Trustee and each Holder of Securities, by accepting the Securities
and the Guarantees of the Subsidiary Guarantors, acknowledges that, as more fully set forth in the Security Documents, the Collateral as now or hereafter constituted shall be held, subject to the Intercreditor Agreement, for the benefit of all the
holders of Parity Lien Obligations, the Collateral Trustee and the Trustee, and the Lien of this Indenture and the Security Documents is subject to and qualified and limited in all respects by the Intercreditor Agreement, the Collateral Trust
Agreement, the Security Documents and actions that may be taken thereunder. 
 SECTION 11.02 Post-Issue Date Collateral Requirements.

 (a) Within 60 days of the Issue Date, the Company shall, or shall cause the applicable Subsidiary Guarantor to, (i) execute and
deliver to the Collateral Trustee, as mortgagee or beneficiary, as applicable, such Mortgages, together with satisfactory evidence of the completion (or satisfactory arrangements for the completion) of all recordings and filings of such Mortgages in
the proper recorders’ offices or appropriate public records (and payment of any taxes or fees in connection therewith) as may be necessary to create a valid, perfected second-priority Lien (subject to the Intercreditor Agreement), against the
Oil and Gas Properties and related assets of the Company and the Subsidiary Guarantors that are subject to Liens securing the Priority Lien Obligations on the Issue Date and (ii) on the date that each such Mortgage is so filed or recorded,
cause its counsel for the jurisdiction in which the relevant Oil and Gas Properties and related assets are located to execute and deliver to the Collateral Trustee a favorable Opinion of Counsel with respect thereto in form and substance reasonably
satisfactory to the Collateral Trustee. 
 (b) Any Security Documents entered into after the Issue Date shall be substantially in the form of
the corresponding security document securing the Priority Liens Obligations, or to the extent there is no such corresponding security document, the corresponding security documents securing the Priority Lien Obligations in place on the Issue Date,
in each case, with such changes as are reasonably necessary to reflect the terms of the Intercreditor Agreement and with such deletions or modifications of representations, warranties and covenants as are customary with respect to security documents
establishing Liens securing publicly traded debt securities, all as certified to the Collateral Trustee pursuant to an Officers’ Certificate of the Company. 

  
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 SECTION 11.03 Further Assurances; Liens on Additional Property. 

(a) The Company and each of the Subsidiary Guarantors shall 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 Issue Date), 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, and in connection with any merger or consolidation of any Mortgagor, the property and assets of the Person which is consolidated or merged with or into any
Mortgagor, to the extent that they are property or assets of the types which would constitute Collateral under the Security Documents, shall be treated as after-acquired property and the Company or such other Mortgagor 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
Company and the other Mortgagors shall promptly execute, acknowledge and deliver such Security Documents, instruments, certificates, notices and other documents, and take such other actions as shall be reasonably required, or that the Collateral
Trustee may reasonably request, to create, perfect, protect, assure or enforce the Liens and benefits intended to be conferred, in each case as contemplated by the Parity Lien Documents for the benefit of the 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 Mortgagors than the Parity Lien Documents executed and delivered (or required to be executed and
delivered promptly after the Issue Date, including pursuant to Section 11.02) by the Mortgagors in connection with the issuance of the Securities on the Issue Date. Notwithstanding anything to the contrary in this Indenture or the
Security Documents, and subject to the Intercreditor Agreement, the Company and the Subsidiary Guarantors shall not be required to take any action to perfect a security interest in any Collateral other than (i) to file financing or continuation
statements under the Uniform Commercial Code (or similar laws) in effect in any jurisdiction with respect to the security interests created under the Security Documents and (ii) recordings and filings of Mortgages, as described in
Section 11.02(a). 
 (c) In addition, from and after the Issue Date, if the Company or any Subsidiary Guarantor acquires any
property or asset that constitutes collateral for the Priority Lien Debt or Junior Lien Debt, and any Priority Lien Document or Junior Lien Document, as applicable, requires any supplemental security document for such collateral or other actions to
achieve a perfected Lien on such collateral, the Company shall, or shall cause the applicable Subsidiary Guarantor to, promptly (but in any event no later than the date that is 60 days after which such supplemental security documents are executed
and delivered (or other action taken) under such Priority Lien Documents or Junior Lien Documents, as applicable), to the extent permitted by applicable law, execute and deliver to the Collateral Trustee appropriate Security Documents (or amendments
thereto) in such form as shall be necessary in the Collateral Trustee’s reasonable discretion to grant the Collateral Trustee a perfected second-priority Lien 

  
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on such Collateral or take such other actions in favor of the Collateral Trustee as shall be reasonably necessary to grant a valid and enforceable perfected second-priority Lien on such
Collateral to the Collateral Trustee, for the benefit of the Holders and holders of any other Parity Lien Obligations, subject to the terms of this Indenture, the Intercreditor Agreement and the other Note Documents. Additionally, subject to this
Indenture, the Intercreditor Agreement and the other Note Documents, if the Company or any Subsidiary Guarantor creates any additional Lien upon any assets or property that is required to become Collateral, or takes any additional actions to perfect
any existing Lien on Collateral, in each case for the benefit of the holders of the Priority Lien Debt or the holders of Junior Lien Debt, after the Issue Date, the Company or such Subsidiary Guarantor, as applicable, shall, to the extent permitted
by applicable law, within 60 days after such Lien is granted or other action taken, grant a valid and enforceable perfected second-priority Lien upon such property or asset, or take such additional perfection actions, as applicable, for the benefit
of the Holders and obtain all related deliverables as those delivered to the Priority Lien Representative or Junior Lien Agent, as applicable, in each case as security for the Notes Obligations. Notwithstanding the foregoing, to the extent that any
Lien on any Collateral is perfected by the possession or control of such Collateral or of any account in which such Collateral is held, and if such Collateral or any such account is in fact in the possession or under the control of the Priority Lien
Agent, or of agents or bailees of the Priority Lien Agent, the perfection actions and related deliverables described in this Section 11.03(c) shall not be required. 

From and after the Issue Date, if the Company or any Subsidiary Guarantor grants a Lien (an “Additional Collateral Lien”) on
any property or assets, other than Excluded Property, to secure Indebtedness under a Credit Facility that does not constitute Priority Lien Debt, then the Company shall, or shall cause the applicable Subsidiary Guarantor to, promptly (but in any
event no later than the date that is 60 days thereafter), to the extent permitted by applicable law, execute and deliver to the Collateral Trustee appropriate Security Documents in such form as shall be necessary in the Collateral Trustee’s
reasonable discretion to grant the Collateral Trustee a valid and enforceable Lien on such property or assets perfected on a second lien basis to such Additional Collateral Lien to secure the Parity Lien Obligations, subject to the terms of an
intercreditor arrangement substantially in the form of the Intercreditor Agreement, as it relates to the Priority Lien Debt and the Parity Lien Debt, including with respect to releases of such Liens. Notwithstanding anything to the contrary
contained herein, any such property or assets that become subject to a Lien to secure the Parity Lien Obligations as provided in this Section 11.03(c) will not constitute “Collateral” for purposes of the Intercreditor
Agreement. No Credit Facility shall be permitted to be secured as described in this second paragraph of this Section 11.03(c) unless the Priority Lien Agent shall have consented to such property and assets not constituting
“Collateral” for purposes of the Intercreditor Agreement. 
 (d) The Company will deliver to the Trustee copies of all documents
delivered to the Collateral Trustee pursuant to the Security Documents. 
 (e) Each applicable Mortgagor will cause to be delivered to the
Collateral Trustee an Opinion of Counsel to the effect that the Collateral Trustee has a valid and perfected Lien with respect to each real property subject to a Mortgage only in the circumstances required by the Collateral Trust Agreement. 

  
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 (f) In acting hereunder and under the other Note Documents, the Holders, the Company and the
Subsidiary Guarantors agree that the Collateral Trustee shall be entitled to the rights, privileges, protections, immunities, indemnities and benefits provided to the Trustee hereunder as if such were provided to the Collateral Trustee. 

SECTION 11.04 Intercreditor Agreement. This Article 11 and the provisions of each Security Document are subject to the terms,
conditions and benefits set forth in the Intercreditor Agreement. The Company and each Subsidiary Guarantor consents to, and agrees to be bound by, the terms of the Intercreditor Agreement, as the same may be in effect from time to time, and to
perform its obligations thereunder in accordance with the terms thereof. Each Holder of Securities, by its acceptance of the Securities (a) consents to the subordination of Liens provided for in the Intercreditor Agreement, (b) agrees that
it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement and (c) authorizes and instructs the Collateral Trustee on behalf of each Holder to enter into the Intercreditor Agreement as Original
Second Lien Collateral Trustee (as defined in the Intercreditor Agreement) on behalf of such Holders as Second Lien Secured Parties (as defined in the Intercreditor Agreement). In addition, each Holder authorizes and instructs the Collateral Trustee
to enter into any amendments or joinders to the Intercreditor Agreement, without the consent of any Holder or the Trustee, to add additional Indebtedness as Priority Lien Debt, Parity Lien Debt or Junior Lien Debt and add other parties (or any
authorized agent or trustee therefor) holding such Indebtedness thereto and to establish that the Lien on any Collateral securing such Indebtedness ranks equally with the Liens on such Collateral securing the other Priority Lien Debt, Parity Lien
Debt or Junior Lien Debt, as applicable, then outstanding, in each case, where the incurrence of such secured Indebtedness is permitted by this Indenture. The foregoing provisions are intended as an inducement to the lenders under the Priority Lien
Credit Agreement to extend credit to the Company and certain of the Subsidiaries, and such lenders are intended third party beneficiaries of such provisions and the provisions of the Intercreditor Agreement. 

SECTION 11.05 Collateral Trust Agreement. This Article 11 and the provisions of each Security Document are subject to the terms,
conditions and benefits set forth in the Collateral Trust Agreement. The Company and each Subsidiary Guarantor consents to, and agrees to be bound by, the terms of the Collateral Trust Agreement and to perform its obligations thereunder in
accordance with the terms therewith. Each Holder of Securities, by its acceptance of the Securities (a) agrees that it will be bound by, and will take no actions contrary to, the provisions of the Collateral Trust Agreement and
(b) authorizes and instructs the Collateral Trustee on behalf of the Holders and each other holder of Parity Lien Obligations to enter into the Collateral Trust Agreement as Collateral Trustee on behalf of the Holders and the other holders of
Parity Lien Obligations. 
 SECTION 11.06 Release of Liens in Respect of Securities. The Collateral Trustee’s Parity Liens upon
the Collateral will no longer secure the Securities outstanding under this Indenture or any other Notes Obligations, and the right of the Holders to the benefits and proceeds of the Collateral Trustee’s Parity Liens on the Collateral will
terminate and be discharged: 
 (a) upon satisfaction and discharge of this Indenture in accordance with Article 12 hereof; 

  
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 (b) upon Legal Defeasance or Covenant Defeasance in accordance with Article 8 hereof; 

(c) upon payment in full in cash and discharge of all Securities outstanding under this Indenture and all other Notes Obligations that are
outstanding, due and payable under this Indenture and the other Note Documents at the time the Securities are paid in full in cash and discharged (other than contingent indemnity obligations for which no claim has been made); 

(d) as to any Collateral of a Mortgagor that is sold, transferred or otherwise disposed of by a Mortgagor to a Person that is not (either
before or after such sale, transfer or disposition) the Company or a Subsidiary of the Company in a transaction or other circumstance that does not violate Section 4.11 (other than the obligation to apply proceeds of such Collateral Sale
as provided in such section) and is permitted by all of the other Note Documents (including, for the avoidance of doubt, 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 disposition is subject to Section 5.01; 

(e) in whole or in part, with the consent of the Holders of the requisite percentage of aggregate principal amount of Securities in accordance
with Section 9.02 hereof; 
 (f) with respect to the assets of any Subsidiary Guarantor that is a Mortgagor, at the time that
such Subsidiary Guarantor is released from its Guarantee in accordance with Section 10.05, subject to satisfaction of the requirements set forth in Section 4.01(a)(i) of the Intercreditor Agreement; 

(g) as provided under Section 4.12; or 

(h) if and to the extent required by Section 4.1(a) of the Collateral Trust Agreement or Section 4.01(a) of the
Intercreditor Agreement. 
 Upon receipt of an Officers’ Certificate and Opinion of Counsel, the Collateral Trustee shall execute,
deliver or acknowledge any necessary or proper instruments of termination, satisfaction or release prepared by the Company of any Collateral permitted to be released pursuant to this Section 11.06. 

SECTION 11.07 Collateral Trustee. 

(a) The Collateral Trustee will hold (directly or through co-trustees or agents) and, subject to the terms of the Intercreditor Agreement, will
be entitled to enforce all Liens on the Collateral created by the Security Documents. 
 (b) Except as provided in the Collateral Trust
Agreement or as directed by an Act of Parity Lien Debtholders in accordance with the Collateral Trust Agreement, the Collateral Trustee will not be obligated: 

(1) to act upon directions purported to be delivered to it by any Person; 

  
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 (2) to foreclose upon or otherwise enforce any Lien; or 

(3) to take any other action whatsoever with regard to any or all of the Security Documents, the Liens created thereby or the
Collateral. 
 (c) By accepting a Security, each Holder is deemed to authorize the Collateral Trustee to release or subordinate any
Collateral that is permitted to be sold, reclassified or released or be subject to a Priority Lien pursuant to the terms of this Indenture and the Security Documents. By accepting a Security, each Holder is deemed to authorize the Collateral Trustee
to execute and deliver to the Company, at the Company’s sole cost and expense, any and all releases of Liens, termination statements, assignments or other documents reasonably requested by the Company in connection with any sale,
reclassification or other disposition of Collateral to the extent such sale, reclassification or other disposition, and such release of Liens, is permitted by the terms of this Indenture and the Security Documents. 

(d) Neither the Trustee nor the Collateral Trustee shall be responsible for (i) perfecting, maintaining, monitoring, preserving or
protecting the security interest or Lien granted under the Security Documents or any agreement or instrument contemplated hereby or thereby, (ii) the filing, re-filing, recording, re-recording or continuing of any document, financing statement,
Mortgage, assignment, notice, instrument of further assurance or other instrument in any public office at any time or times or (iii) providing, maintaining, monitoring or preserving insurance on or the payment of taxes with respect to the
Collateral. The actions described in clauses (i) through (iii) shall be the sole responsibility of the Company and the Subsidiary Guarantors. 

ARTICLE TWELVE 
 SATISFACTION AND
DISCHARGE 
 SECTION 12.01 Satisfaction and Discharge of Indenture. This Indenture and the other Note Documents (insofar as related
to the Indenture and the Securities) shall upon Company Request cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of the Securities herein expressly provided for), and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture and the other Note Documents (insofar as related to the Indenture and the Securities), when: 

(a) either 
 (1)
all Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.10, and (ii) Securities for whose payment
money has theretofore been, as provided in Section 2.07, deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 8.07) have
been delivered to the Trustee for cancellation; or 

  
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 (2) all Securities not theretofore delivered to the Trustee for cancellation 

(A) have become due and payable, 

(B) will become due and payable at their Maturity Date within one year, or 

(C) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company in the case of (A), (B) or (C) above,
has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for this purpose an amount of money in U.S. Legal Tender sufficient to pay and discharge the entire indebtedness on Securities not theretofore delivered to
the Trustee for cancellation, for principal of, and any premium and interest thereon, to the Maturity Date or applicable redemption date, as the case may be in accordance with the terms of this Indenture and the Securities; 

(b) the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Securities; and 

(c) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Securities have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to Securities, (i) the obligations of the Company to the
Trustee under Section 7.07 and the right of the Trustee to resign under Section 7.08 shall survive, (ii) the obligations of the Company in Sections 2.06, 2.07, 2.08, 2.09, 2.10 and
2.11 and in Article 8 and this Article 12 shall survive until the Securities have been repaid in full, and (iii) if money shall have been deposited with the Trustee pursuant to clause (2) of
subsection (a) of this Section, the obligations of the Company and/or the Trustee under Sections 2.08, 4.04, 7.01(f), 8.07 and 12.02 shall survive such satisfaction and discharge. 

SECTION 12.02 Application of Trust Money. Subject to the provisions of Section 8.07, all money deposited with the Trustee
pursuant to Section 12.01 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its
own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with the Trustee. 

  
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 ARTICLE THIRTEEN 

MISCELLANEOUS 
 SECTION 13.01
[Reserved]. 
 SECTION 13.02 Notices. Any notice or communication to the Company, any Subsidiary Guarantor, the Trustee, the
Collateral Trustee or any Agent shall be sufficiently given if in writing in English and delivered in person or mailed by certified or registered mail (return receipt requested), e-mail in PDF format, facsimile, telecopier or overnight courier
guaranteeing next day delivery, addressed as follows: 
 If to the Company or any Subsidiary Guarantor: 

Chesapeake Energy Corporation 

6100 North Western Avenue 

Oklahoma City, Oklahoma 73118 

Attention: Treasurer 

Facsimile: (405) 849-6119 

If to the Trustee, the Collateral Trustee or any Agent: 

Deutsche Bank Trust Company Americas 

Trust and Agency Services 
 60
Wall Street, 16th Floor 
 Mail Stop: NYC60-1630 

New York, New York 10005 
 USA

 Attn: Corporates Team, Chesapeake Energy Corp. 

Facsimile: (732) 578-4635 with a copy to: 

Deutsche Bank National Trust Company 

for Deutsche Bank Trust Company Americas 

Trust and Agency Services 
 100
Plaza One – 6th Floor 
 MSJCY03-0699 

Jersey City, NJ 07311-3901 
 USA

 Attn: Corporates Team, Chesapeake Energy Corp. 

Facsimile: (732) 578-4635 

The Company, any Subsidiary Guarantor, the Trustee, the Collateral Trustee or any Agent by notice to the other may designate additional or
different addresses for subsequent notices or communications. 

  
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 The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture
sent by unsecured e-mail in PDF format, facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to give such
instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Company elects to give the
Trustee e-mail in PDF format or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its reasonable discretion elects to act upon such instructions, the Trustee’s reasonable understanding of such
instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reasonable reliance upon and compliance with such instructions notwithstanding such
instructions conflict or are inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of incidents of actual use by the Company of such electronic methods to submit instructions and directions to the
Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions and the risk of interception by third parties. 

All notices and communications described above shall be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when sent, if by e-mail in PDF format; when receipt acknowledged, if faxed or telecopied; and the next Business Day after timely delivery to the courier, if
sent by overnight courier guaranteeing next day delivery. 
 Any notice or communication mailed to a Holder shall be mailed by first-class
mail to the address for such Holder appearing on the Register and shall be sufficiently given to such Holder if so mailed within the time prescribed. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its
sufficiency with respect to other Holders. In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval
of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
 If a notice or communication is mailed in the
manner provided above, it is duly given, whether or not the addressee receives it. If the Company or any Subsidiary Guarantor mails notice or communications to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 

Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event
(including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice also shall be sufficiently given if given to the Depositary for such Security (or its designee), pursuant to the customary procedures
of such Depositary, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. 

SECTION 13.03 Communication by Holders with Other Holders. Holders may communicate with other Holders with respect to their rights
under this Indenture or the Securities. 
 SECTION 13.04 Certificate and Opinion as to Conditions Precedent. Upon any request or
application by the Company or any Subsidiary Guarantor to the Trustee to take any action under this Indenture, the Company or such Subsidiary Guarantor, as the case may be, shall furnish to the Trustee: 

  
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 (a) an Officers’ Certificate (which shall include the statements set forth in
Section 13.05) stating that, in the opinion of the signers, the conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b) an Opinion of Counsel stating that, in the opinion of such counsel, such conditions precedent have been complied with. 

SECTION 13.05 Statements Required in Certificate or Opinion . Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture shall include: 
 (a) a statement that each person making such certificate or opinion 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 or opinion are based; 
 (c) a statement that, in the opinion of each such person, he has made such
examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether or not, in the opinion of each such person, such covenant or condition has been complied with. 

SECTION 13.06 Rules by Trustee and Agents . The Trustee may make reasonable rules for actions taken by, or meetings or consents of,
Holders. The Registrar or Paying Agent may make reasonable rules for its functions. 
 SECTION 13.07 Legal Holidays. A “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. If a payment date is a Legal Holiday at a Place of Payment, payment may be made at
such place on the next succeeding day that is not a Legal Holiday, without additional interest. 
 SECTION 13.08 Governing Law. THIS
INDENTURE AND THE SECURITIES AND THE GUARANTEES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS TO THE EXTENT THAT THE APPLICATION OF THE LAW
OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 SECTION 13.09 No Adverse Interpretation of Other Agreements. This Indenture may
not be used to interpret another indenture, loan or debt agreement of the Company, any Subsidiary Guarantor or any other Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

  
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 SECTION 13.10 No Recourse Against Others. Obligations of the Company and the Subsidiary
Guarantors under this Indenture, the Guarantees, the Securities and the other Note Documents are payable only out of the respective cash flow and assets of the Company and the Subsidiary Guarantors. The Trustee, the Collateral Trustee and each
Holder of a Security by its acceptance thereof, will be deemed to have agreed in this Indenture that no director, officer, employee, or shareholder, as such, of the Company, the Subsidiary Guarantors, the Trustee or the Collateral Trustee or of any
Affiliate of any of the foregoing entities shall have any liability in respect of the obligations of the Company, the Subsidiary Guarantors, the Trustee or the Collateral Trustee under this Indenture, the Guarantees, the Securities or the other Note
Documents or for any claim based on, in respect of or by reason of, such obligations or their creation. The agreements set forth in this Section 13.10 are part of the consideration for the issuance of the Securities. 

SECTION 13.11 Successors. All agreements of the Company and the Subsidiary Guarantors in this Indenture, the Securities and the
Guarantees shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successor. 
 SECTION
13.12 Duplicate Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same instrument. 

SECTION 13.13 Severability. In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 13.14
Force Majeure. The Trustee shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the Trustee (including but not limited to any
act or provision of any present or future law or regulation or governmental authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or
facsimile or other wire or communication facility). 
 SECTION 13.15 Waiver of Jury Trial. EACH OF THE COMPANY, THE SUBSIDIARY
GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION
CONTEMPLATED HEREBY. 
 SECTION 13.16 Patriot Act. In order to comply with the laws, rules, regulations and executive orders in
effect from time to time applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the United States
(“Applicable Law”), the Trustee is required to obtain, verify, record and update certain information relating to individuals 

  
 -83- 

 
and entities which maintain a business relationship with the Trustee. Accordingly, each of the parties agree to provide to the Trustee, upon their request from time to time such identifying
information and documentation as may be available for such party in order to enable the Trustee to comply with Applicable Law. 
 SECTION
13.17 Execution in Counterparts. This Indenture may be executed in two or more counterparts, which, when so executed, shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or
PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall
be deemed to be their original signatures for all purposes. 

  
 -84- 

 SIGNATURES 

IN WITNESS WHEREOF, the patties hereto have caused this Indenture to be duly executed as of the date first written above. 

 

							
		 		 	 COMPANY:
  

		 		 	CHESAPEAKE ENERGY CORPORATION
				
		 		 	By:	 	/s/ Caleb G. Morgret
		 		 		 	 Name: Caleb G. Morgret
 Title: Vice President
and Treasurer

 SIGNATURE PAGE TO INDENTURE 

 
			
	 SUBSIDIARY GUARANTORS:

	
	 CHESAPEAKE AEZ EXPLORATION, L.L.C.

	 CHESAPEAKE APPALACHIA, L.L.C.

	 CHESAPEAKE-CLEMENTS ACQUISITION, L.L.C.

	 CHESAPEAKE E&P HOLDING CORPORATION

	 CHESAPEAKE ENERGY LOUISIANA CORPORATION

	 CHESAPEAKE ENERGY MARKETING, L.L.C.

	 CHESAPEAKE NG VENTURES CORPORATION

	 CHESAPEAKE EXPLORATION, L.L.C.

	 CHESAPEAKE LAND DEVELOPMENT COMPANY, L.L.C.

	 CHESAPEAKE LOUISIANA, L.P.

BY: CHESAPEAKE OPERATING, L.L.C., its General Partner

	 CHESAPEAKE MIDSTREAM DEVELOPMENT, L.L.C.

	 CHESAPEAKE OPERATING, L.L.C.

	 CHESAPEAKE PLAZA, L.L.C.

	 CHESAPEAKE ROYALTY, L.L.C.

	 CHESAPEAKE VRT, L.L.C.

	 CHK-MAC, L.L.C.

	 COMPASS MANUFACTURING, L.L.C.

	 EMLP, L.L.C.

	 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.

	 WINTER MOON ENERGY CORPORATION

	 CHK UTICA, L.L.C.

	 SPARKS DRIVE SWD, INC.

	 CHK ENERGY HOLDINGS, INC.

	 EMPRESS LOUISIANA PROPERTIES, L.P.

	 BY: EMLP, L.L.C., its General Partner

  

			
		
	 By:
	 	 /s/ Caleb G. Morgret

	 Name: Caleb G. Morgret

Title: Vice President and Treasurer

 SIGNATURE PAGE TO INDENTURE 

 
							
	 TRUSTEE:

	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee and Collateral Trustee 

		
	        By:	 	 Deutsche Bank National Trust Company

			
		 	 By:
	 	   /s/ Robert S. Peschler

		 		 	 Name: Robert S. Peschler
 Title:
Vice President

			
		 	By:	 	   /s/ Wanda Camacho

		 		 	 Name: Wanda Camacho
 Title: Vice
President

 SIGNATURE PAGE TO INDENTURE 

 RULE 144A/REGULATION S APPENDIX 

PROVISIONS RELATING TO SECURITIES 
  

	1.	Definitions 

  

	 	1.1	Definitions. 

 For the purposes of this Appendix the following terms shall have the
meanings indicated below: 
 “Transfer Restricted Securities” means Securities that bear or are required to bear the legend
set forth in Section 2.3(d)(i) hereof. 
 “Unrestricted Securities” means any Securities that are not Transfer
Restricted Securities. 
  

	 	1.2	Other Definitions. 

  

			
	 Term
	  	Defined in Section:
	“Permanent Regulation S Global Security”	  	2.1(b)
	“Regulation S”	  	2.1(a)
	“Regulation S Global Security”	  	2.1(b)
	“Resale Restriction Termination Date”	  	2.3(d)
	“Restricted Global Security”	  	2.1(a)
	“Restricted Period”	  	2.1(b)
	“Rule 144A”	  	2.1(b)
	“Rule 144A Global Security”	  	2.1(a)
	“Temporary Regulation S Global Security”	  	2.1(a)

  

	2.	

  

	 	2.1	The Securities. 

 (a) Form and Dating. Securities offered and sold to QIBs
(“Rule 144A Global Securities”) shall be issued initially in the form of one or more permanent Global Securities in definitive, fully registered form, and Securities offered and sold in reliance on Regulation S under the Securities
Act (“Regulation S”), shall be issued initially in the form of one or more temporary Global Securities in fully registered form (“Temporary Regulation S Global Securities”), in each case, without interest coupons
and with the Global Securities legend, Restricted Securities legend and the OID Legend set forth in Section 2.3 (each security, unless and until becoming an Unrestricted Security in accordance with Section 2.3(d)(ii) below, a
“Restricted Global Security”), which shall be deposited on behalf of the holders of the Securities represented thereby with the Trustee, as custodian for the Depositary (or with such other custodian as the Depositary may direct),
and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided. 

 (b) Book-Entry Provisions. This Section 2.1(b) shall apply only to a Global
Security deposited with or on behalf of the Depositary. 
 The Company shall execute and the Trustee shall, in accordance with this
Section 2.1(b), authenticate and deliver initially one or more Global Securities that (a) shall be registered in the name of the Depositary for such Global Security or Global Securities or the nominee of such Depositary and
(b) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions or held by the Trustee as custodian for the Depositary. If such Global Securities are Restricted Global Securities, then separate Global
Securities shall be issued to represent Rule 144A Global Securities and Regulation S Global Securities so long as required by law or the Depositary. 

Except as set forth in this Section 2.1(b), beneficial interests in the Temporary Regulation S Global Security will not be exchangeable
for interests in the Rule 144A Global Security, a permanent global security (the “Permanent Regulation S Global Security” and, together with the Temporary Regulation S Global Security, the “Regulation S Global
Security”) or any other Security prior to the expiration of the period through and including the 40th day after the later of the commencement of the offering of any Securities and the closing of such offering (such period, the
“Restricted Period”) and then, after the expiration of the Restricted Period, may be exchanged for interests in a Rule 144A Global Security or the Permanent Regulation S Global Security only upon certification in form reasonably
satisfactory to the Company and the Trustee that beneficial ownership interests in such Temporary Regulation S Global Security are owned either by non-U.S. persons or U.S. persons who purchased such interests in a transaction that did not require
registration under the Securities Act. 
 Prior to the expiration of the Restricted Period, beneficial interests in the Temporary Regulation
S Global Security may be exchanged for beneficial interests in the Rule 144A Global Security only if (i) such exchange occurs in connection with a transfer of the Securities pursuant to Rule 144A under the Securities Act (“Rule
144A”), (ii) the transferor first delivers to the Trustee a written certificate (in the form provided in Exhibit 1 hereto) to the effect that the beneficial interest in the Temporary Regulation S Global Security is being transferred to
a Person who the transferor reasonably believes to be a QIB and is purchasing for its own account or the account of a QIB, in each case in a transaction meeting the requirements of Rule 144A, and (iii) the transfer is in accordance with all
applicable securities laws of the states of the United States and other jurisdictions. After the expiration of the Restricted Period, such certification requirements shall not apply to such transfers of beneficial interests in a Restricted Global
Security representing Regulation S Global Securities. 
 Beneficial interests in a Rule 144A Global Security may be transferred to a Person
who takes delivery in the form of an interest in the Regulation S Global Security, whether before or after the expiration of the Restricted Period, only if the transferor first delivers to the Trustee a written certificate (in the form provided in
Exhibit 1 hereto) to the effect that such transfer is being made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (if available). 

The aggregate principal amount of the Global Securities may from time to time be increased or decreased by adjustments made on the records of
the Trustee and the Depositary or its nominee as provided herein and in the Indenture. 

  
 App. - 2 

 (c) Certificated Securities. Except as provided in Section 2.13(c) of the Indenture,
owners of beneficial interests in Restricted Global Securities shall not be entitled to receive Certificated Securities. Certificated Securities shall be exchangeable for beneficial interests in Global Securities only as provided in
Section 2.13(c) of the Indenture and Section 2.3. 
  

	 	2.2	[Reserved]. 

  

	 	2.3	Transfer and Exchange. 

 (a) Transfer and Exchange of Global Securities. The
transfer and exchange of Global Securities or beneficial interests therein shall be effected through the Depositary, in accordance with this Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the
Depositary therefor. A transferor of a beneficial interest in a Global Security shall deliver to the Registrar a written order given in accordance with the Depositary’s procedures containing information regarding the participant account of the
Depositary to be credited with a beneficial interest in the Global Security. The Registrar shall, in accordance with such instructions, instruct the Depositary to credit to the account of the Person specified in such instructions a beneficial
interest in the Global Security and to debit the account of the Person making the transfer the beneficial interest in the Global Security being transferred. 

(i) Notwithstanding any other provisions of this Appendix, a Global Security may not be transferred as a whole except by the Depositary to a
nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 

(ii) In the event that a Restricted Global Security is exchanged for Certificated Securities pursuant to Section 2.4(a) hereof,
such Securities may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.3 (including the certification requirements set forth on the reverse of the Securities
intended to ensure that such transfers comply with Rule 144A or Regulation S or another applicable exemption under the Securities Act, as the case may be) and such other procedures as may from time to time be adopted by the Company. 

(b) Transfer and Exchange of Certificated Securities. When Certificated Securities are presented to the Registrar with a request
(x) to register the transfer of such Certificated Securities or (y) to exchange such Certificated Securities for an equal principal amount of Certificated Securities of other authorized denominations, the Registrar shall register the
transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided, however, that the Certificated Securities surrendered for transfer or exchange: 

(i) shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the
Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing; and 

  
 App. - 3 

 (ii) if such Certificated Securities are required to bear a Restricted Securities legend, they
are being transferred or exchanged pursuant to an effective registration statement under the Securities Act, pursuant to Section 2.3(c) or pursuant to clause (A), (B) or (C) below, and are accompanied by the following additional
information and documents, as applicable: 
 (A) if such Certificated Securities are being delivered to the Registrar by a
Holder for registration in the name of such Holder, without transfer, a certification from such Holder to that effect; or 

(B) if such Certificated Securities are being transferred to the Company, a Subsidiary Guarantor or any Subsidiary thereof a
certification to that effect; or 
 (C) if such Certificated Securities are being transferred (x) pursuant to an
exemption from registration in accordance with Rule 144A, Regulation S or Rule 144 under the Securities Act; or (y) in reliance upon another exemption from the requirements of the Securities Act: (I) a certification to that effect (in the
form set forth on the reverse of the Security) and (II) if the Company so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend set forth in
Section 2.3(d). 
 (c) Restrictions on Transfer of a Certificated Security for a Beneficial Interest in a Global Security. A
Certificated Security may not be exchanged for a beneficial interest in a Rule 144A Global Security or a Permanent Regulation S Global Security except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a
Certificated Security, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the Trustee, together with: 

(i) certification, in the form set forth on the reverse of the Security, that such Certificated Security is either (A) being transferred
to a QIB in accordance with Rule 144A, or (B) being transferred after expiration of the Restricted Period by a Person who initially purchased such Security in reliance on Regulation S to a buyer who elects to hold its interest in such Security
in the form of a beneficial interest in the Permanent Regulation S Global Security; and 
 (ii) written instructions directing the Trustee
to make, or to direct the Securities custodian to make, an adjustment on its books and records with respect to such Rule 144A Global Security (in the case of a transfer pursuant to clause (c)(i)(A)) or Permanent Regulation S Global Security (in the
case of a transfer pursuant to clause (c)(i)(B)) to reflect an increase in the aggregate principal amount of the Securities represented by the Rule 144A Global Security or Permanent Regulation S Global Security, as applicable, such instructions to
contain information regarding the Depositary account to be credited with such increase, 
 then the Trustee shall cancel such Certificated Security and
cause, or direct the Securities custodian to cause, in accordance with the standing instructions and procedures existing between the Depository and the Securities custodian, the aggregate principal amount of Securities represented by the Rule 144A
Global Security or Permanent Regulation S Global Security, as 

  
 App. - 4 

 
applicable, to be increased by the aggregate principal amount of the Certificated Security to be exchanged and shall credit or cause to be credited to the account of the Person specified in such
instructions a beneficial interest in the Rule 144A Global Security or Permanent Regulation S Global Security, as applicable, equal to the principal amount of the Certificated Security so canceled. If no Rule 144A Global Securities or Permanent
Regulation S Global Securities, as applicable, are then outstanding, the Company shall issue and the Trustee shall authenticate, upon written order of the Company in the form of an Officers’ Certificate of the Company, a new Rule 144A Global
Security or Permanent Regulation S Global Security, as applicable, in the appropriate principal amount. 
 (d) Legend. 

(i) Except as permitted by the following paragraph (ii) and (iii), each Security certificate evidencing the Restricted
Global Securities (and all Securities issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form: 

THIS SECURITY HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT (“RULE 144A”)) OR (B) IT IS NOT A “U.S. PERSON” AND IS ACQUIRING THIS SECURITY IN AN “OFFSHORE TRANSACTION” AS DEFINED IN REGULATION S UNDER THE
U.S. SECURITIES ACT, (2) AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR FOR WHICH IT HAS EXCHANGED SECURITIES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”)
THAT IS [IN THE CASE OF SECURITIES INITIALLY ISSUED TO QIBS: ONE YEAR (OR SUCH SHORTER PERIOD AS IS PRESCRIBED BY RULE 144 UNDER THE SECURITIES ACT AS THEN IN EFFECT OR ANY SUCCESSOR RULE WITHOUT ANY VOLUME OR MANNER OF SALE RESTRICTIONS OR
COMPLIANCE BY THE COMPANY WITH ANY CURRENT PUBLIC INFORMATION REQUIREMENTS THEREUNDER) AFTER THE LATER OF THE ISSUE DATE AND THE LAST DATE ON WHICH THE COMPANY OR ANY OF ITS AFFILIATES WERE THE OWNER OF SUCH SECURITY (OR ANY PREDECESSOR THERETO)]
[IN THE CASE OF REGULATION S GLOBAL SECURITY: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN
RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S] ONLY (A) TO THE COMPANY, THE SUBSIDIARY GUARANTORS OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE

  
 App. - 5 

 
U.S. SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER THAT PURCHASES FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO PERSONS WHO ARE NOT U.S. PERSONS THAT OCCUR OUTSIDE THE
UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT, OR (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING CASES TO ANY
REQUIREMENT OR LAW THAT THE DISPOSITION OF ITS PROPERTY OR THE PROPERTY OF SUCH INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN ITS OR THEIR CONTROL AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND ANY APPLICABLE LOCAL LAWS AND
REGULATIONS AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED, THAT THE COMPANY, THE TRUSTEE AND THE TRANSFER AGENT SHALL HAVE THE RIGHT PRIOR TO
ANY SUCH OFFER, SALE OR TRANSFER (I) PURSUANT TO CLAUSE (D) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE OR PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION OR OTHER INFORMATION SATISFACTORY
TO EACH OF THEM AND (II) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE REVERSE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. 

THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY
SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT
ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO
SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS
SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 

  
 App. - 6 

 
Each Certificated Security shall also bear the following additional legend: 
 IN CONNECTION WITH ANY
TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

Each Temporary Regulation S Global Security shall also bear the following legend: 

THE RIGHTS ATTACHING TO THIS TEMPORARY REGULATION S GLOBAL SECURITY, AND THE CONDITIONS AND PROCEDURES GOVERNING (I) THE EXCHANGE OF BENEFICIAL INTERESTS
IN THIS TEMPORARY REGULATION S GLOBAL SECURITY FOR INTERESTS IN THE PERMANENT REGULATION S GLOBAL SECURITY OR RULE 144A GLOBAL SECURITY AND (II) THE TRANSFER OF INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL SECURITY, ARE AS SPECIFIED IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 (ii) The Company, acting in its discretion, may remove the Restricted
Securities legend set forth in paragraph (i) above from any Transfer Restricted Security at any time on or after the Resale Restriction Termination Date applicable to such Transfer Restricted Security. Without limiting the generality of the
preceding sentence, the Company may effect such removal by issuing and delivering, in exchange for such Transfer Restricted Security, an Unrestricted Security without such legend, registered to the same Holder and in an equal principal amount, and
upon receipt by the Trustee of a Company Order stating that the Resale Restriction Termination Date applicable to such Transfer Restricted Security has occurred and requesting the authentication and delivery of an Unrestricted Security in exchange
therefor given at least three Business Days in advance of the proposed date of exchange specified therein (which shall be no earlier than such Resale Restriction Termination Date), the Trustee shall authenticate and deliver such Unrestricted
Security to the Depositary or pursuant to such Depositary’s instructions or hold such Security as custodian for the Depositary and shall request the Depositary to, or, if the Trustee is custodian of such Transfer Restricted Security, shall
itself, surrender such Transfer Restricted Security in exchange for such Unrestricted Security without such legend and thereupon cancel such Transfer Restricted Security so surrendered, all as directed in such order. For purposes of determining
whether the Resale Restriction Termination Date has occurred with respect to any Securities evidenced by a Transfer Restricted Security or delivering any order pursuant to this Section 2.3(d)(ii) with respect to such Securities,
(i) only those Securities which a Principal Officer of the Company actually knows (after reasonable inquiry) to be or to have been owned by an Affiliate of the Company shall be deemed to be or to have been, respectively, owned by an Affiliate
of the Company; and (ii) “Principal Officer” means the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company. 

For purposes of this Section 2.3(d)(ii), all provisions relating to the removal of the legend set forth in paragraph (i) above shall relate,
if the Resale Restriction Termination Date has occurred only with respect to a portion of the Securities evidenced by a Transfer Restricted Security, to such portion of the Securities so evidenced as to which the Resale Restriction Termination Date
has occurred. 

  
 App. - 7 

 Each holder of any Securities evidenced by any Restricted Global Security, by its acceptance thereof,
(A) authorizes and consents to, (B) appoints the Company as its agent for the sole purpose of delivering such electronic messages, executing and delivering such instruments and taking such other actions, on such holder’s behalf, as
the Depositary or the Trustee may require to effect, and (C) upon the request of the Company, agrees to deliver such electronic messages, execute and deliver such instruments and take such other actions as the Depositary or the Trustee may
require, or as shall otherwise be necessary to effect, the removal of the legend set forth in Section 2.3(d)(i) (including by means of the exchange of all or the portion of such Restricted Global Security evidencing such Security for a
certificate evidencing such Security that does not bear such legend) at any time after the Resale Restriction Termination Date. 

(iii) Upon any sale or transfer of a Transfer Restricted Security that is a Certificated Security pursuant to Rule 144 under
the Securities Act, the Registrar shall permit the transferee thereof to exchange such Transfer Restricted Security for a Certificated Security that does not bear the legend set forth above and rescind any restriction on the transfer of such
Transfer Restricted Security, if the transferor thereof certifies in writing to the Registrar that, and if the Company or the Trustee so request, delivers an opinion of counsel to the effect that, such sale or transfer was made in reliance on Rule
144 (such certification to be in the form set forth on the reverse of the Security). 
 (iv) Each Security certificate
evidencing the Restricted Global Securities (and all Securities issued in exchange therefor or in substitution thereof), unless not required in the Company’s reasonable determination, shall bear a legend in substantially the following form (the
“OID Legend”). 
 SOLELY FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS SECURITY WILL BE TREATED AS ISSUED WITH ORIGINAL ISSUE
DISCOUNT (“OID”). UPON REQUEST, THE COMPANY WILL PROMPTLY MAKE AVAILABLE TO A HOLDER OF THIS SECURITY THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUE DATE OF THIS SECURITY, (2) THE AMOUNT OF OID, (3) THE YIELD TO
MATURITY OF THIS SECURITY, AND (4) ANY OTHER INFORMATION REQUIRED TO BE MADE AVAILABLE BY U.S. TREASURY REGULATIONS. HOLDERS SHOULD CONTACT THE CHIEF FINANCIAL OFFICER AT 6100 NORTH WESTERN AVENUE, OKLAHOMA CITY, OKLAHOMA 73118. 

(e) Restrictions on Transfer of Temporary Regulation S Global Securities. During the Restricted Period, beneficial ownership interests
in Temporary Regulation S Global Securities may only be sold, pledged or transferred in accordance with the applicable procedures of the Depositary and only (i) to the Company, (ii) in an offshore transaction in accordance with Regulation
S (other than a transaction resulting in an exchange for an interest in a Permanent Regulation S Global Security) or (iii) pursuant to an effective registration statement under the Securities Act, in each case, in accordance with any applicable
securities laws of any state of the United States. 

  
 App. - 8 

 (f) Cancellation or Adjustment of Global Security. At such time as all beneficial
interests in a Global Security have either been exchanged for Certificated Securities, redeemed, purchased or canceled, such Global Security shall be returned to the Company for cancellation or retained and canceled by the Trustee. At any time prior
to such cancellation, if any beneficial interest in a Global Security is exchanged for Certificated Securities, redeemed, purchased or canceled, the principal amount of Securities represented by such Global Security shall be reduced and an
adjustment shall be made on the books and records of the Trustee (if it is then the custodian for such Global Security) with respect to such Global Security, by the Trustee or the custodian, to reflect such reduction. 

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

	 	2.4	Certificated Securities. 

 (a) A Global Security deposited with the Depository or with
the Trustee as custodian for the Depository pursuant to Section 2.1 shall be transferred to the beneficial owners thereof in the form of Certificated Securities in an aggregate principal amount equal to the principal amount of such
Global Security, in exchange for such Global Security, only in the circumstances described in Section 2.13(c) of this Indenture and only if such transfer complies with Section 2.3 hereof. 

(b) Any Global Security that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by
the Depository or the custodian to the Trustee located at its Corporate Trust Office to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of
such Global Security, an equal aggregate principal amount of Certificated Securities of authorized denominations. Any portion of a Global Security transferred pursuant to this Section 2.4 shall be executed, authenticated and delivered only in
denominations equal to $2,000 or an integral multiple of $1,000 in excess thereof, and registered in such names as the Depository shall direct. Any Certificated Security delivered in exchange for an interest in a Global Security shall, except as
otherwise provided by Section 2.3, bear the Restricted Securities legend, Certificated Securities legend and, if applicable, the OID Legend set forth in Exhibit 1 hereto. 

(c) In no event shall beneficial interests in the Temporary Regulation S Global Security be transferred or exchanged for Certificated
Securities prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) of Regulation S under the Securities Act. 

  
 App. - 9 

 EXHIBIT 1 TO RULE 144A/REGULATION S APPENDIX 

FORM OF SECURITY 
 [FACE OF
SECURITY] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]1 
 [Restricted Securities Legend]

 THIS SECURITY HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES
ACT”) OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT (“RULE 144A”)) OR (B) IT IS NOT A “U.S. PERSON” AND IS ACQUIRING THIS SECURITY IN AN “OFFSHORE TRANSACTION” AS DEFINED IN REGULATION
S UNDER THE U.S. SECURITIES ACT, (2) AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR FOR WHICH IT HAS EXCHANGED SECURITIES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION
DATE”) THAT IS [IN THE CASE OF 
  
  

	1 	 To be included in a Global Security 

 
SECURITIES INITIALLY ISSUED TO QIBS: ONE YEAR (OR SUCH SHORTER PERIOD AS IS PRESCRIBED BY RULE 144 UNDER THE SECURITIES ACT AS THEN IN EFFECT OR ANY SUCCESSOR RULE WITHOUT ANY VOLUME OR MANNER OF
SALE RESTRICTIONS OR COMPLIANCE BY THE COMPANY WITH ANY CURRENT PUBLIC INFORMATION REQUIREMENTS THEREUNDER) AFTER THE LATER OF THE ISSUE DATE AND THE LAST DATE ON WHICH THE COMPANY OR ANY OF ITS AFFILIATES WERE THE OWNER OF SUCH SECURITY (OR ANY
PREDECESSOR THERETO)] [IN THE CASE OF REGULATION S SECURITIES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS
(AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S] ONLY (A) TO THE COMPANY, THE GUARANTORS OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE U.S. SECURITIES
ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER
TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO PERSONS WHO ARE NOT U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE U.S.
SECURITIES ACT, OR (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING CASES TO ANY REQUIREMENT OR LAW THAT THE DISPOSITION OF ITS PROPERTY OR THE
PROPERTY OF SUCH INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN ITS OR THEIR CONTROL AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND ANY APPLICABLE LOCAL LAWS AND REGULATIONS AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON
TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED, THAT THE COMPANY, THE TRUSTEE AND THE TRANSFER AGENT SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (I) PURSUANT TO CLAUSE
(D) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE OR PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (II) IN EACH OF THE FOREGOING CASES, TO
REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE REVERSE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. 

THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE
ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN,
INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS 

 
UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING
ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 
 [Temporary Regulation S Legend] 

THE RIGHTS ATTACHING TO THIS TEMPORARY REGULATION S GLOBAL SECURITY, AND THE CONDITIONS AND PROCEDURES GOVERNING (I) THE EXCHANGE OF
BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL SECURITY FOR INTERESTS IN THE PERMANENT REGULATION S GLOBAL SECURITY OR RULE 144A GLOBAL SECURITY AND (II) THE TRANSFER OF INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL SECURITY, ARE AS
SPECIFIED IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [OID Legend] 

SOLELY FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THIS SECURITY WILL BE TREATED AS ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”).
UPON REQUEST, THE COMPANY WILL PROMPTLY MAKE AVAILABLE TO A HOLDER OF THIS SECURITY THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUE DATE OF THIS SECURITY, (2) THE AMOUNT OF OID, (3) THE YIELD TO MATURITY OF THIS SECURITY, AND
(4) ANY OTHER INFORMATION REQUIRED TO BE MADE AVAILABLE BY U.S. TREASURY REGULATIONS. HOLDERS SHOULD CONTACT THE CHIEF FINANCIAL OFFICER AT 6100 NORTH WESTERN AVENUE, OKLAHOMA CITY, OKLAHOMA 73118. 

			
	Certificate No.	  	[CUSIP NO. [                    ]]
	$	  	[ISIN NO. [                    ]]

 8.00% Senior Secured Second Lien Notes due 2022 

Chesapeake Energy Corporation, an Oklahoma corporation, promises to pay to
                    , or registered assigns, the principal sum of
                                        Dollars
[(as may be increased or decreased as set forth on the Schedule of Increases or Decreases in Global Security attached hereto)]2 on December 15, 2022. 

Interest Payment Dates: June 15 and December 15 

Record Dates: June 1 and December 1 

Additional provisions of this Security are set forth on the other side of this Security. 

 

			
	CHESAPEAKE ENERGY CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 This is one of the Securities
referred to in the within-mentioned Indenture. 
  
  

 
  

									
		 		 		 	DEUTSCHE BANK TRUST COMPANY AMERICAS
		 		 		 	 By: Deutsche Bank National Trust Company

As Trustee

					
	Date:	 	  
	 		 	By:	 	  

		 		 		 		 	Authorized Signatory

  
  

	2 	To be included in a Global Security. 

 [REVERSE SIDE OF SECURITY] 

8.00% Senior Secured Second Lien Notes due 2022 
  

	1.	Interest 

 Chesapeake Energy Corporation, an Oklahoma corporation (such corporation, and
its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Security at the fixed rate per annum shown above. The Company shall pay
interest semiannually on June 15 and December 15 of each year. The first interest payment date shall be June 15, 2016. Interest on the Security shall accrue from the most recent date to which interest has been paid or, if no interest
has been paid, from December 23, 2015. Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 
  

	2.	Method of Payment 

 The Company shall pay interest on the Securities (except defaulted
interest) to the Persons who are registered holders of Securities at the close of business on the June 1 or December 1 next preceding the interest payment date even if Securities are canceled after the record date and on or before the
interest payment date. Holders must surrender Securities to a Paying Agent to collect principal payments. The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public
and private debts. Payments in respect of the Securities represented by a Global Security (including principal, premium and interest) shall be made by wire transfer of immediately available funds to the accounts specified by the Depositary. The
Company shall make all payments in respect of a certificated Security (including principal, premium and interest), at the Company’s option, at the corporate trust office of the Trustee or by mailing a check to the registered address of each
Holder thereof; provided, however, that payments on a certificated Security shall be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer
by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 

If any scheduled payment date falls on a day that is not a Business Day, the applicable payment to be made on such payment date will be made
on the next Business Day with the same force and effect as if made on the relevant payment date. No interest will accrue on such payment for the period from and after the applicable payment date. 

 

	3.	Indenture 

 The Company issued the Securities under an Indenture dated as of
December 23, 2015, among the Company, the Subsidiary Guarantors, the Trustee and the Collateral Trustee (“Indenture”). The terms of the Securities include those stated in the Indenture. Terms defined in the Indenture and not defined
herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all such terms, and Holders are referred to the Indenture for a statement of those terms. The Securities are entitled to the benefits of the Security
Documents, subject to the terms of the Intercreditor Agreement, all as more fully set forth in the Indenture. 

 The Company shall be entitled to issue Additional Securities pursuant to Section 2.03 of the
Indenture. The Securities issued on the Issue Date and any Additional Securities shall be treated as a single series for all purposes under the Indenture. 
  

	4.	Make-Whole Redemption 

 Except as set forth below in this paragraph 4 or paragraph 5, or
in the Indenture, the Company shall not be entitled to optionally redeem the Securities prior to December 15, 2018. 
 At any time
prior to December 15, 2018, the Company shall be entitled at its option to redeem the Securities, in whole or in part, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus the Make-Whole Premium as
of, and accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date). Any redemption pursuant to this paragraph 4 shall be
made, to the extent applicable, pursuant to the provisions of Sections 3.01 through 3.07 of the Indenture. 
 The Trustee shall have no
responsibility or obligation whatsoever to calculate the Adjusted Treasury Rate or the Make-Whole Premium in connection with any redemption hereunder. Such responsibility shall be solely that of the Company. 

For the purposes of this paragraph 4, the following terms shall have the meaning indicated: 

“Adjusted Treasury Rate” means, with respect to any redemption date, the yield, under the heading which represents the average for
the immediately preceding week, appearing in the most recently published Federal Reserve Statistical Release H.15 (519) or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System (or, if such
release (or any successor release) is not published, any publicly available source of similar market data) and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption
“Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after December 15, 2018, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), calculated on the third Business Day
immediately preceding the redemption date, plus 50 basis points. 
 “Comparable Treasury Issue” means the United States Treasury
security selected by the Company as having a maturity comparable to the remaining term of the Securities from the redemption date to December 15, 2018 that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of a maturity most nearly equal to December 15, 2018. 
 “Make-Whole
Premium” means with respect to a Security at any applicable redemption date, the excess of (i) the present value at such redemption date of (A) the redemption price of such Security on December 15, 2018 (such redemption price
being described in paragraph 5 below) exclusive of any accrued interest plus (B) all required remaining scheduled interest 

 
payments due on such Security through December 15, 2018 (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury
Rate, over (ii) the principal amount of such Security on such redemption date. 
  

	5.	Optional Redemption 

 (a) At any time on or after December 15, 2018, the Company may
redeem the Securities, in whole or in part, at its option, at the following redemption prices (expressed as percentages of the principal amount thereof), plus accrued and unpaid interest, if any, to the redemption date (subject to the right of
Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the 12-month period (or, in the case of the period commencing December 15, 2020, such 12-month period and
thereafter) commencing on December 15 of the years set forth below: 
  

					
	 Year
	  	Percentage	 
	 2018
	  	 	104.00	% 
	 2019
	  	 	102.00	% 
	 2020 and thereafter
	  	 	100.00	% 

 (b) At any time prior to December 15, 2018, the Company may on any one or more occasions redeem up to 35%
of the aggregate principal amount of Securities issued under the Indenture at a redemption price equal to 108.00% of the principal amount of the Securities redeemed, plus accrued and unpaid interest, if any, to the date of redemption (subject to the
right of Holders on the relevant record date to receive interest due on the relevant interest payment date), with an amount of cash not greater than the net cash proceeds of one or more Equity Offerings by the Company; provided that, with
respect to each such redemption, (i) at least 65% of the aggregate principal amount of Securities issued under the Indenture (excluding any Securities held by the Company and its Subsidiaries) remains outstanding immediately after the
occurrence of such redemption and (ii) such redemption occurs within 180 days of the date of the closing of such Equity Offering. 
 (c)
Any redemption pursuant to this paragraph 5 shall be made, to the extent applicable, pursuant to the provisions of Sections 3.01 through 3.07 of the Indenture. 
  

	6.	Applicable High Yield Discount Obligations 

 If this Security would otherwise constitute
“applicable high yield discount obligations” (“AHYDOs”) within the meaning of Section 163(i)(1) of the Code, at the end of all accrual periods ending after December 23, 2020 (each, an “AHYDO Payment Date”),
but not including the final accrual period, the Company will make pro-rata cash payments to all Holders of this Security then outstanding in an amount equal to the Mandatory Principal Payment Amount (each such payment, a “Mandatory Principal
Payment”). The “Mandatory Principal Payment Amount” means the portion of this Security’s principal required to be paid as of each AHYDO Payment Date to prevent this Security from being treated as an AHYDO within the
meaning of Section 163(i)(1) of the Code. No partial payments, redemptions or repurchases of this Security 

 
prior to an AHYDO Payment Date pursuant to any other provision of the Indenture or this Security will alter the Company’s obligation to make the Mandatory Principal Payment with respect to
the amount of this Security that remain outstanding on an AHYDO Payment Date. Solely for U.S. federal income tax purposes, any Mandatory Principal Payment shall be treated as a payment of accrued OID that constitutes interest for purposes of
Section 163(i)(2) of the Code. 
 Any Mandatory Principal Payment paid with respect to Global Securities will be processed as a
“partial redemption” through the Depositary, in accordance with its rules and procedures as a “Pro Rata Pass-Through Distribution of Principal.” 
  

	7.	Notice of Redemption 

 At least 30 days but not more than 60 days before a redemption
date, the Company shall mail a notice of redemption by first class mail (or otherwise give such notice in accordance with the Indenture) to each Holder of Securities to be redeemed at such Holder’s registered address. If less than all of the
Securities are redeemed at any time, the Trustee shall select the Securities to be redeemed on a pro rata basis in accordance with the procedures of the Depositary, or, if the Securities are listed on any securities exchange, by any other method
that complies with the requirements of such exchange; provided, however, that no Securities with a principal amount of $2,000 or less shall be redeemed in part. Unless the Company defaults in payment of the applicable redemption price,
interest on the Securities to be redeemed shall cease to accrue on the applicable redemption date, whether or not such Securities are presented for payment. 
  

	8.	Repurchase at Option of Holder 

 (a) In the event of certain Sale/Leaseback Transactions,
the Company may be required to make a Net Proceeds Offer to purchase on a pro rata basis all or any portion of each Holder’s Securities and any other Senior Indebtedness in respect of which such an offer to purchase is also required to be made,
at 100% of the principal amount thereof, plus accrued and unpaid interest to the Net Proceeds Payment Date. 
 (b) In the event of certain
Collateral Sales, the Company may be required to make a Collateral Sale Offer to purchase on a pro rata basis all or a portion of each Holder’s Securities and any other Parity Lien Debt containing provisions similar to those set forth in the
Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets, at 100% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of purchase. 

 

	9.	Restrictive Covenants 

 The Indenture imposes certain limitations on, among other things,
the ability of the Company to merge or consolidate with, or transfer all or substantially all of its assets to, any other Person, sell and lease back certain of its properties or assets, the ability of the Company or any Restricted Subsidiary to
incur encumbrances securing funded debt against certain property and the ability of the Company or any Restricted Subsidiary to sell certain Collateral, all subject to certain exceptions and limitations described in the Indenture. 

	10.	Ranking and Guarantees 

 The Securities are general senior obligations of the Company,
secured on a second lien basis by the Collateral pledged by the Company. The Company’s obligation to pay principal, premium, if any, and interest with respect to the Securities is unconditionally guaranteed on a senior basis, jointly and
severally, by the Subsidiary Guarantors pursuant to Article Ten of the Indenture, secured on a second-priority basis by the Collateral pledged by the Subsidiary Guarantors. Certain limitations to the obligations of the Subsidiary Guarantors are set
forth in further detail in the Indenture. 
  

	11.	Denominations; Transfer; Exchange 

 The Securities are in registered form without coupons
in denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. A Holder may transfer or exchange Securities in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange of any Securities selected for redemption (except, in the case of
a Security to be redeemed in part, the portion of the Security not to be redeemed) or any Securities for a period of 15 Business Days before the mailing of a notice of an offer to repurchase or redeem Securities or 15 Business Days before an
interest payment date. 
  

	12.	Security Documents; Intercreditor Agreement 

 Each Holder, by accepting a Security, shall
be deemed to have agreed to and accepted the terms and conditions of the Security Documents and the Intercreditor Agreements and the performance by the Trustee and the Collateral Trustee of their respective obligations and the exercise of their
respective rights thereunder and in connection therewith. 
  

	13.	Persons Deemed Owners 

 The registered Holder of this Security may be treated as the
owner of it for all purposes. 
  

	14.	Unclaimed Money 

 If money for the payment of principal or interest remains unclaimed for
two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Company and not to
the Trustee for payment. 
  

	15.	Discharge and Defeasance 

 Subject to certain conditions, the Company at any time shall
be entitled to terminate some or all of its obligations under the Securities and the Indenture and to the release of liens on the Collateral if the Company deposits with the Trustee money or U.S. Government Securities for the payment of principal
and interest on the Securities to redemption or maturity, as the case may be. 

	16.	Amendment, Supplement, Waiver 

 The amendment, supplement and waiver provisions are set
forth in the Indenture. Subject to certain exceptions, the Indenture, the Securities or the other Note Documents may be amended or supplemented with the consent of the Holders of at least a majority of the outstanding principal amount of the
Securities, and any past default or noncompliance with any provision may be waived with the consent of the Holders of a majority in principal amount of the Securities. Without the consent of any Holder, the Company may amend or supplement the
Indenture, the Securities or the other Note Documents to, among other things, cure any ambiguity, defect or inconsistency or to make any change that does not adversely affect the rights of any Holder in any material respect. 

 

	17.	Successor Obligor 

 When a successor obligor assumes all the obligations of its
predecessor under the Securities, the Indenture and the other Note Documents, the predecessor obligor shall be released from those obligations. 
  

	18.	Defaults and Remedies 

 The defaults, events of default and remedies provisions are set
forth in the Indenture. An Event of Default generally is: (i) default by the Company or any Subsidiary Guarantor in payment of principal of, or premium, if any, on the Securities; (ii) default by the Company or any Subsidiary Guarantor for
30 days in payment of interest on the Securities; (iii) defaults resulting in acceleration prior to maturity of certain other Indebtedness or resulting from payment defaults under certain other Indebtedness; (iv) failure by the Company or
any Subsidiary Guarantor for 60 days after notice to comply with any of its other agreements in the Indenture; (v) a failure of any Guarantee of a Subsidiary Guarantor to be in full force and effect or denial by any Subsidiary Guarantor of its
obligations with respect thereto; (vi) certain events of bankruptcy, insolvency or reorganization; and (vii) except as permitted by the Note Documents, certain Note Documents or Parity Liens cease for any reason to be enforceable or, in
certain cases, perfected, or denial by a Mortgagor of its obligations with respect thereto. Subject to certain limitations in the Indenture, if an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal
amount of the then outstanding Securities may declare all the Securities to be due and payable immediately, except that in the case of an Event of Default arising from certain events of bankruptcy, insolvency or reorganization, all outstanding
Securities shall become due and payable immediately without further action or notice. Holders may not enforce the Note Documents except as provided in the Indenture. The Trustee may require security or indemnity satisfactory to it before it enforces
the Note Documents. Subject to certain limitations, Holders of a majority in principal amount of the Securities may direct the Trustee in its exercise of any trust or power. The Company must furnish an annual compliance certificate to the Trustee.

  

	19.	Trustee Dealings with Company and Subsidiary Guarantors 

 Each of the Trustee and the
Collateral Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Company, the Subsidiary Guarantors or their respective Subsidiaries or Affiliates with the
same rights it would have if it were not Trustee or Collateral Trustee, as applicable. 

	20.	No Recourse Against Others 

 A director, officer, employee or stockholder, as such, of
the Company, any Subsidiary Guarantor, the Trustee or the Collateral Trustee shall not have any liability for any obligations of the Company, any Subsidiary Guarantor, the Trustee or the Collateral Trustee or of any Affiliate of any of the foregoing
entities under the Note Documents or for any claim based on, in respect of or by reason of, such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are part of the
consideration for the issue of this Security. 
  

	21.	Authentication 

 This Security shall not be valid until the Trustee or an authenticating
agent signs the certificate of authentication on the other side of this Security. 
  

	22.	Abbreviations 

 Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=Custodian), and U/G/M/A (=Uniform Gifts to Minors Act). 

 

	23.	CUSIP Numbers 

 Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company shall cause CUSIP numbers and corresponding ISIN numbers to be printed on the Securities as a convenience to Holders of the Securities. No representation is made as to the accuracy of such numbers as
printed on the Securities and reliance may be placed only on the other identification numbers printed hereon. 
  

	24.	Governing Law 

 THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

 The Company shall furnish to any Holder upon written request and without charge to the Holder a
copy of the Indenture. Requests may be made to: 
 Chesapeake Energy Corporation 

6100 North Western Avenue 
 Oklahoma City, OK 73118 

Attention: Treasurer 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 

I or we assign and transfer this Security to 
  

							
	  
 (Print or
type assignee’s name, address and zip code)

	
	  
 (Insert
assignee’s soc. sec. or tax I.D. No.)

	  
 and irrevocably
appoint                     agent to transfer this Security on the books of the Company. The agent may substitute another to act for him.

 

	Date:            	 	  
	  	Your signature:	  	  

		 		  		  	
		 		  		  	Sign exactly as your name appears on the other side of this Security.
	Signature Guarantee:	  		  	
			
	  
 (Signature must be
guaranteed)
	  		  	

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 
 [Include the following only if the
Restricted Securities Legend is included hereon] 
 In connection with any transfer of any of the Securities evidenced by this certificate occurring prior
to one year (or such shorter period as is prescribed by Rule 144 under the Securities Act as then in effect or any successor rule without any volume or manner of sale restrictions or compliance by the Company with any current public information
requirements thereunder) after the later of the date of original issuance of such Securities and the last date, if any, on which such Securities were owned by the Company or any Affiliate of the Company (or, in the case of Regulation S Securities,
prior to the expiration of the Restricted Period), the undersigned confirms that such Securities are being transferred in accordance with their terms: 

 CHECK ONE BOX BELOW 
  

					
	(1)	  	 ̈	  	to the Company, the Subsidiary Guarantors or any Subsidiary thereof; or
			
	(2)	  	 ̈	  	pursuant to a registration statement that has been declared effective under the Securities Act of 1933; or
			
	(3)	  	 ̈	  	for so long as the Securities are eligible for resale pursuant to Rule 144A, to a person who the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of
1933) that is purchasing for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the
Securities Act of 1933; or
			
	(4)	  	 ̈	  	pursuant to offers and sales to non-U.S. persons that occur outside the United States within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933; or
			
	(5)	  	 ̈	  	pursuant to another exemption from registration under the Securities Act of 1933, (other than Regulation S under the Securities Act of 1933).

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Securities evidenced by this certificate in
the name of any person other than the registered holder thereof; provided, however, that if box (4) or (5) is checked, the Company and the Trustee shall be entitled to require, prior to registering any such transfer of the
Securities, such legal opinions, certifications and other information as each of the Company and the Trustee has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act of 1933. 
  

	
	   

	Signature

 TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company and any Subsidiary Guarantors as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor
is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

							
	Dated:    	 	
                     
                        
	 		  	  

		 		 		  	Notice: To be executed by an executive officer

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
SECURITY3 
 The following increases or decreases in this Global Security have been made: 

 

									
	 Date of

Exchange
	  	 Amount of decrease in
Principal amount of

this Global Security
	  	 Amount of increase in
Principal amount of

this Global Security
	  	 Principal amount of

this Global Security
 following
such
 decrease or increase
	  	 Signature of

authorized signatory
 of
Trustee

		  		  		  		  	
		  		  		  		  	

  

	3 	To be included in a Global Security. 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 4.10 or Section 4.11 of the Indenture, check
the box: 
  ̈ Section 4.10
             ̈ Section 4.11 

If you want to elect to have only part of this Security purchased by the Company pursuant to Section 4.10 or Section 4.11 of the
Indenture, state the amount in principal amount: 

$                         
        
  

							
	Dated:        	 	  
	  	Your Signature:	  	  

		 		  		  	(Sign exactly as your name appears on the other side of this Security.)

  

	
	Signature Guarantee:
	
	   

	Signature must be guaranteed

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 [FORM OF CERTIFICATE TO BE DELIVERED 

IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S] 

Chesapeake Energy Corporation 
 6100 North Western Avenue 

Oklahoma City, Oklahoma 73118 
 Facsimile: (405) 849-6119

 Attention: Treasurer 
 Deutsche Bank Trust Company Americas

 Trust and Agency Services 
 60 Wall Street, 16th Floor 
 Mail Stop: NYC60-1630 

New York, New York 10005 
 Facsimile: (732) 578-4635 

Attention: Corporates Team– Chesapeake Energy Corp. 

Re: Chesapeake Energy Corporation (the “Issuer”) 8.00% Senior Secured Second Lien Notes due 2022 (the “Notes”) 

Ladies and Gentlemen: 
 In connection with our
proposed sale of $                     aggregate principal amount of the Notes (CUSIP
No.                    ), we confirm that such sale has been effected pursuant to and in accordance with Regulation S (“Regulation S”)
under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 
 (1) the offer of
the Notes was not made to a person in the United States; 
 (2) either (a) at the time the buy order was originated, the transferee was
outside the United States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated off-shore securities
market and neither we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 

(3) no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S, as applicable; and 
 (4) the transaction is not part of a plan or scheme to evade the registration requirements of the
Securities Act. 
 In addition, if the sale is made during a restricted period and the provisions of Rule 903(b) or Rule 904(b) of
Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b) or Rule 904(b), as the case may be. 

 The Issuer and you are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 

 

			
	Very truly yours,
	 
	[Name of Transferor]
		
	 By:
	 	 
		 	 Authorized Signature

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