Document:

Exhibit 10.3

 

COLLATERAL AGENCY AGREEMENT

 

dated as of July 16, 2019

 

among

 

GRIZZLY
NATURAL GAS, LLC,

as the Company,

 

the Grantors and Guarantors from time to
time party hereto,

 

CITIBANK,
N.A.,

as the First-Out Representative,

 

CITIBANK,
N.A.,

as the Term B Representative,

 

the other Priority Lien Representatives
from time to time party hereto

 

and

 

CITIBANK,
N.A.,

as Collateral Agent

 

     

     

    

 

TABLE OF CONTENTS

 

	
        Article
        1

        DEFINITIONS;
        PRINCIPLES OF CONSTRUCTION

	 	 	 
	Section 1.1	Defined Terms	2
	Section 1.2	Rules of Interpretation	14
	 	 	 
	
        Article
        2

        THE
        priority lien debt

	 	 	 
	Section 2.1	Priority Lien Debt	15
	Section 2.2	Collateral Shared Equally and Ratably	17
	Section 2.3	Similar Collateral and Agreements	17
	Section 2.4	Insolvency Matters	17
	Section 2.5	Purchase Right	22
	 	 	 
	
        Article
        3

        OBLIGATIONS
        AND POWERS OF COLLATERAL AGENT

	 	 	 
	Section 3.1	Appointment and Undertaking of the Collateral Agent	23
	Section 3.2	Release or Subordination of Liens	24
	Section 3.3	Enforcement of Liens	24
	Section 3.4	Application of Proceeds	28
	Section 3.5	Powers of the Collateral Agent	30
	Section 3.6	Documents and Communications	31
	Section 3.7	For Sole and Exclusive Benefit of Holders of Priority Lien Obligations	31
	Section 3.8	Additional Priority Lien Debt	31
	Section 3.9	Gratuitous Bailment for Perfection of Certain Security Interests	33
	 	 	 
	
        Article
        4

        OBLIGATIONS
        ENFORCEABLE BY THE COMPANY AND 

        THE
        OTHER GRANTORS

	 	 	 
	Section 4.1	Release of Liens on Collateral	34
	Section 4.2	Delivery of Copies to Priority Lien Representatives	35
	Section 4.3	Collateral Agent not Required to Serve, File or Record	35
	Section 4.4	Release of Liens in Respect of First-Out or Term B Obligations	36
	 	 	 
	
        Article
        5

        IMMUNITIES
        OF THE COLLATERAL AGENT

	 	 	 
	Section 5.1	No Implied Duty	36
	Section 5.2	Appointment of Agents and Advisors	36
	Section 5.3	Other Agreements	36
	Section 5.4	Solicitation of Instructions	37
	Section 5.5	Limitation of Liability	37
	Section 5.6	Documents in Satisfactory Form	37
	Section 5.7	Entitled to Rely	38
	Section 5.8	Priority Lien Debt Default	38

 

    		i	 

     

    

 

	Section 5.9	Actions by Collateral Agent	38
	Section 5.10	Security or Indemnity in favor of the Collateral Agent	38
	Section 5.11	Rights of the Collateral Agent	38
	Section 5.12	Limitations on Duty of Collateral Agent in Respect of Collateral	39
	Section 5.13	Assumption of Rights, Not Assumption of Duties	40
	Section 5.14	No Liability for Clean Up of Hazardous Materials	40
	Section 5.15	Other Relationships with the Company, Grantors or Guarantors	40
	Section 5.16	Other Provisions	41
	 	 	 
	
        Article
        6

        RESIGNATION
        AND REMOVAL OF THE COLLATERAL AGENT

	 	 	 
	Section 6.1	Resignation or Removal of Collateral Agent	42
	Section 6.2	Appointment of Successor Collateral Agent	43
	Section 6.3	Succession	43
	Section 6.4	Merger, Conversion or Consolidation of Collateral Agent	44
	Section 6.5	Concerning the Collateral Agent and the Priority Lien Representatives	44
	 	 	 
	
        Article
        7

        MISCELLANEOUS
        PROVISIONS

	 	 	 
	Section 7.1	Amendment	45
	Section 7.2	Voting	48
	Section 7.3	Further Assurances	48
	Section 7.4	Successors and Assigns	49
	Section 7.5	Delay and Waiver	49
	Section 7.6	Notices	49
	Section 7.7	Entire Agreement	52
	Section 7.8	Compensation; Expenses	52
	Section 7.9	Indemnity	53
	Section 7.10	Severability	53
	Section 7.11	Headings	53
	Section 7.12	Obligations Secured	53
	Section 7.13	Governing Law; Submission to Jurisdiction; Waiver of Venue; Waiver of Jury Trial	53
	Section 7.14	Counterparts, Electronic Signatures	53
	Section 7.15	Effectiveness	53
	Section 7.16	Grantors and Additional Grantors	53
	Section 7.17	Continuing Nature of this Agreement	54
	Section 7.18	Insolvency	54
	Section 7.19	Rights and Immunities of Priority Lien Representatives	54
	Section 7.20	Force Majeure	54
	Section 7.21	U.S.A. Patriot Act	55
	Section 7.22	Limitation on Liability	55

 

	Exhibit A	[Form of] Additional Secured Debt Designation
	Exhibit B	[Form of] Collateral Agency Joinder – Additional Debt
	Exhibit C	[Form of] Collateral Agency Joinder – Additional Grantor

 

    		ii	 

     

    

 

This Collateral
AGENCY Agreement (as amended, supplemented, amended and restated or otherwise modified form time to time in accordance with
Section 7.1 hereof, this “Agreement”) is dated as of July 16, 2019 and is by and among GRIZZLY NATURAL
GAS, LLC, a Kentucky limited liability company (the “Company”), the Grantors and Guarantors from time to time
party hereto, CITIBANK, N.A., as First-Out Representative (as defined below), CITIBANK,
N.A., as Term B Representative (as defined below), CITIBANK, N.A., as Collateral
Agent (in such capacity and together with its successors in such capacity, the “Collateral Agent”), and any
Priority Lien Representative of a Series of Priority Lien Debt that executes and delivers a Collateral Agency Joinder.

 

RECITALS

 

The Company, Grizzly
Energy, LLC, a Delaware limited liability company (the “Parent”), Citibank, N.A., as administrative agent, the
Collateral Agent and the lenders and other agents party thereto, have entered into the Senior Credit Facility (as defined below)
which will be First-Out Debt for purposes of this Agreement.

 

The Company, the Parent,
CITIBANK, N.A., as administrative agent, the Collateral Agent and the lenders and
other agents party thereto, have entered into the Term Loan Credit Facility (as defined below) which will be Priority Lien Debt
for purposes of this Agreement.

 

The Company, the Grantors
and the Guarantors have secured (or intend to secure) their “Obligations” under and as defined in the Term Loan Credit
Facility, the Senior Credit Facility, any future Priority Lien Debt and any other Priority Lien Obligations, with Liens on all
present and future Collateral to the extent that such Liens have been provided for in the applicable Security Instruments.

 

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

 

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

 

    		1	 

     

    

 

AGREEMENT

 

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

 

Article
1

DEFINITIONS; PRINCIPLES OF CONSTRUCTION

 

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

 

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

 

“Additional
Secured Debt Designation” means a notice in substantially the form of Exhibit A.

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.

 

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

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or
any successor statute.

 

“Bankruptcy
Laws” means the Bankruptcy Code or any other supranational, national federal, provincial or state law for the relief
of debtors.

 

“Board of
Directors” means: (1) with respect to a corporation, the board of directors of the corporation or any committee
thereof duly authorized to act on behalf of such board; (2) with respect to a partnership, the Board of Directors of the general
partner of the partnership; (3) with respect to a limited liability company, the manager or managers, the managing member
or members or any controlling committee of managers or managing members thereof and (4) with respect to any other Person,
the board or committee of such Person serving a similar function.

 

“Cash Management
Arrangement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit
or debit card, electronic funds transfer and other cash management arrangements.

 

“Collateral”
means all of the Company or a Grantor’s right, title and interest in, to and under any assets or property, whether real,
personal or mixed, wherever located and whether now existing or hereafter arising as to which a Lien has been granted to the Collateral
Agent to secure (or to purportedly secure) any or all of the Priority Lien Obligations, and shall include the “Collateral”
or “Mortgaged Property” as defined in any Security Instrument.

 

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

 

    		2	 

     

    

 

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

 

“Collateral
Agent Fee Letter” shall mean that certain fee letter dated on or about the date hereof, by and between the Company and
the Collateral Agent.

 

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

 

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

 

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

 

“Controlling
Priority Lien Representative” means (a) at any time prior to the earlier of (i) the Shifting Control Date, and (ii) the
date of the Discharge of First-Out Obligations, the Senior Credit Facility Agent or (b) on or any time after the earlier of (i)
the Shifting Control Date and (ii) the date of the Discharge of First-Out Obligations, the Priority Lien Representative for the
Required Term B Debtholders.

 

“Debt”
shall have the meaning assigned to such term in the Senior Credit Facility.

 

“DIP Financing”
has the meaning set forth in Section 2.4(d).

 

“DIP Financing
Liens” has the meaning set forth in Section 2.4(d).

 

“DIP Lenders”
has the meaning set forth in Section 2.4(c).

 

“Discharge
of Term B Obligations” means the occurrence of all of the following:

 

(a)       termination
or expiration of all commitments to extend credit that would constitute Term B Obligations;

 

(b)       payment
in full in cash of the principal of and interest and premium (if any) on all Term B Obligations; and

 

(c)       payment
in full in cash of all other Term B Obligations (other than any obligations for taxes, costs, indemnifications, reimbursements,
damages and other liabilities in respect of which no claim or demand for payment has been made at or prior to such time) that are
outstanding and unpaid at the time that each of the events described in clauses (a) and (b) above shall have occurred;

 

provided that, if, at any time after
the Discharge of Term B Obligations has occurred, the Company or any Guarantor enters into any Term B Document evidencing a Term
B Obligation which incurrence is not prohibited by the applicable Priority Lien Documents, then such Discharge of Term B Obligations
shall automatically be deemed not to have occurred for all purposes hereof with respect to such new Term B Obligation (other than
with respect to any actions previously taken as a result of the occurrence of such first Discharge of Term B Obligations), and,
from and after the date on which the Company designates such Debt as Term B Obligations in accordance herewith, the obligations
under such Term B Document shall automatically and without any further action be treated as Term B Obligations for all purposes
hereof, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein.

 

    		3	 

     

    

 

“Discharge
of First-Out Obligations” means the occurrence of all of the following:

 

(a)       termination
or expiration of all commitments to extend credit that would constitute First-Out Obligations;

 

(b)       payment
in full in cash of the principal of and interest and premium (if any) on all First-Out Obligations (other than any undrawn letters
of credit);

 

(c)       discharge
or cash collateralization at the lower of (i) 105% of the aggregate undrawn amount and (ii) the percentage of the aggregate undrawn
amount required for release of liens under the terms of any First-Out Credit Facility of all outstanding letters of credit constituting
First-Out Obligations;

 

(d)       (i)
the termination of all First-Out Hedging Agreements and the payment in full in cash of all First-Out Hedging Obligations that are
secured by a Priority Lien in connection therewith, including any close-out amounts, (ii) the novation of all transactions entered
into thereunder or pursuant thereto on terms and to counterparties acceptable to the applicable First-Out Hedging Counterparties
or (iii) the establishment of other arrangements with respect to such First-Out Hedging Obligations as may be acceptable to the
applicable First-Out Hedging Counterparties and which shall permit the release of the Priority Lien securing such First-Out Hedging
Obligations, and which shall be communicated to the Collateral Agent by the applicable First-Out Hedging Counterparty and the applicable
Company, Grantor or Guarantor); and

 

(e)       payment
in full in cash of all other First-Out Obligations (other than any obligations for taxes, costs, indemnifications, reimbursements,
damages and other liabilities in respect of which no claim or demand for payment has been made at or prior to such time) that are
outstanding and unpaid at the time that each of the events described in clauses (a), (b), (c) and (d) above shall have occurred;

 

provided that, if, at any time after
the Discharge of First-Out Obligations has occurred, the Company or any Guarantor enters into any First-Out Document evidencing
a First-Out Obligation which incurrence is not prohibited by the applicable Priority Lien Documents, then such Discharge of First-Out
Obligations shall automatically be deemed not to have occurred for all purposes hereof with respect to such new First-Out Obligation
(other than with respect to any actions previously taken as a result of the occurrence of such first Discharge of First-Out Obligations),
and, from and after the date on which the Company designates such Debt as First-Out Obligations, the obligations under such First-Out
Document shall automatically and without any further action be treated as First-Out Obligations for all purposes hereof, including
for purposes of the Lien priorities and rights in respect of Collateral set forth herein and any Term B Obligations shall be deemed
to have been at all times Term B Obligations and at no time First-Out Obligations.

 

    		4	 

     

    

 

“Discharge
of Priority Lien Obligations” means the occurrence of the Discharge of First-Out Obligations and the Discharge of Term
B Obligations.

 

“Enforcement
Action” means, with respect to any Series of Priority Lien Debt, (a) the taking of any action to enforce any Lien in
respect of the Collateral, including the institution of any foreclosure proceedings, the noticing of any public or private sale
or other disposition under the Bankruptcy Code or any attempt to vacate or obtain relief from a stay or other injunction restricting
any other action described in this definition, (b) the exercise of any right or remedy provided to a secured creditor on account
of a Lien under the Priority Lien Documents (including, in either case, any delivery of any notice to seek to obtain payment directly
from any account debtor of the Company or any Guarantor or the taking of any action or the exercise of any right or remedy in respect
of the setoff or recoupment against, collection or foreclosure on or marshalling of the Collateral or proceeds of Collateral),
under applicable law, at equity, in an Insolvency or Liquidation Proceeding or otherwise, including the acceptance of Collateral
in full or partial satisfaction of a Lien, (c) the sale, assignment, transfer, lease, license, or other disposition as a secured
creditor on account of a Lien of all or any portion of the Collateral, by private or public sale (judicial or non-judicial) or
any other means, (d) the solicitation of bids from third parties to conduct the liquidation of all or a portion of Collateral as
a secured creditor on account of a Lien, (e) the exercise of any other enforcement right relating to the Collateral (including
the exercise of any voting rights relating to any Equity Interests composing a portion of the Collateral) whether under the Priority
Lien Documents, under applicable law of any jurisdiction, in equity, in an Insolvency or Liquidation Proceeding, or otherwise,
or (f) the appointment of a receiver, manager or interim receiver of all or any portion of the Collateral or the commencement of,
or the joinder with any creditor in commencing, any Insolvency or Liquidation Proceeding against the Company or any Guarantor or
any assets of the Company or any Guarantor; provided that the exercise of any netting or setoff rights, acceleration, termination,
liquidation, novation, declaration of defaults or termination events, in each case by a First-Out Hedging Counterparty in connection
with their First-Out Hedging Agreements shall not be an Enforcement Action.

 

“Equity Interests”
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests
in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof
to purchase or acquire any such Equity Interest.

 

“Financial
Officer” of any Person means the Chief Financial Officer, Chief Accounting Officer, principal accounting officer, Controller,
Treasurer or Assistant Treasurer of such Person.

 

“First-Out
Cash Management Arrangements” means a Cash Management Arrangement with a Treasury Management Bank (as defined in the
Senior Credit Facility) which creates First-Out Cash Management Obligations.

 

“First-Out
Cash Management Obligations” means all obligations owing to any Treasury Management Bank under any Cash Management Arrangement.

 

    		5	 

     

    

 

“First-Out
Commitments” means the “Commitments” as defined in the First-Out Credit Facility.

 

“First-Out
Credit Facility” means the Senior Credit Facility or any other credit facility with respect to Debt that refunds, refinances
or replaces the Senior Credit Facility or any other credit facility with respect to Additional Priority Lien Debt that is designated
as being First-Out Debt pursuant to Section 3.8 hereof, in each case, in whole or in part from time to time following the
date hereof; provided that in the case of any other such Debt, such Debt complies with the definition of First-Out Debt.

 

“First-Out
Debt” means (a) Debt under the Senior Credit Facility (including the undrawn amount of letters of credit whether or not
then available to be drawn) and any guarantees thereof, (b) First-Out Cash Management Obligations, (c) First-Out Hedging Obligations
and (d) Debt under any other First-Out Credit Facility (including the undrawn amount of letters of credit whether or not then available
to be drawn) and any guarantees thereof that are permitted to be incurred and so secured under the terms of each applicable Priority
Lien Document; provided, in the case of this clause (d), that

 

(i)       on
or prior to the incurrence of such Debt, such Debt is designated by the Company, in an Officer’s Certificate delivered to
each Priority Lien Representative and the Collateral Agent, as both “Priority Lien Debt” and “First-Out Debt”
for the purposes of the Priority Lien Documents;

 

(ii)       the
Senior Credit Facility Agent under such First-Out Credit Facility shall have duly executed and delivered to the Collateral Agent
on behalf of itself and all holders of Debt thereunder (A) an Additional Secured Debt Designation and (B) a Collateral Agency Joinder;
and

 

(iii)       all
requirements set forth in this Agreement as to the confirmation, grant or perfection of the Collateral Agent’s Lien to secure
such Debt are satisfied (and the satisfaction of such requirements and the other provisions of this clause (d) will be conclusively
established, absent manifest error, if the Company delivers to the Collateral Agent an Officer’s Certificate stating that
such requirements and other provisions have been satisfied and that such debt constitutes First-Out Debt).

 

“First-Out
Documents” means, collectively, the documentation in respect of the Senior Credit Facility (including any other First-Out
Credit Facility in respect thereof), each First-Out Hedging Agreement and each First-Out Cash Management Arrangement pursuant to
which any First-Out Debt is incurred and secured in accordance with the terms of each applicable Priority Lien Document, and the
Security Instruments related thereto (other than any Security Instruments that do not secure First-Out Obligations).

 

“First-Out
Hedging Agreements” has the meaning assigned to the term “Secured Swap Agreement” in the Senior Credit Facility.

 

“First-Out
Hedging Counterparty” has the meaning assigned to the term “Secured Swap Provider” in the Senior Credit Facility.

 

    		6	 

     

    

 

“First-Out
Hedging Counterparty Majority” means the Majority Swap Providers (as defined in the Senior Credit Facility).

 

“First-Out
Hedging Obligations” means all obligations owing to any First-Out Hedging Counterparty under any First-Out Hedging Agreements.

 

“First-Out
Obligations” means the First-Out Debt and all other Obligations (as defined in the applicable First-Out Document) in
respect thereof.

 

“First-Out
Representative” means (a) in the case of the Senior Credit Facility (and First-Out Hedging Obligations and First-Out
Cash Management Obligations constituting First-Out Obligations thereunder), the Senior Credit Facility Agent or (b) in the case
of any other First-Out Credit Facility (and First-Out Hedging Obligations and First-Out Cash Management Obligations constituting
First-Out Obligations thereunder), the agent, trustee or other counterparty who is appointed as a representative of such First-Out
Debt (for purposes related to the administration of the applicable Security Instruments) pursuant to such First-Out Credit Facility
and that executes and delivers an Additional Secured Debt Designation and a Collateral Agency Joinder in accordance therewith.

 

“First-Out
Secured Parties” means each holder of a First-Out Obligation, including each First-Out Representative and the Collateral
Agent.

 

“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.

 

“Grantor”
means each of and “Grantors” means, collectively, the Company and the Guarantors and any other Person (if any)
that at any time provides collateral security for any Priority Lien Obligations.

 

“Guarantee”
means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct
or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of
any Debt or other obligations (and “Guaranteed” and “Guaranteeing” shall have meanings that
correspond to the foregoing).

 

“Guarantor”
means any Person who has Guaranteed payment of any Priority Lien Obligations, and their respective successors and assigns.

 

“Hedging Agreements”
means any agreement with respect to any swap, put, collar, call, forward, future or derivative transaction or option or similar
agreement, whether exchange traded, “over-the-counter” or otherwise, involving, or settled by reference to, one or
more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures
of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions (including
any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity
Exchange Act); provided that no phantom stock or similar plan providing for payments only on account of services provided
by current or former directors, managers, officers, employees or consultants of the Company or its Subsidiaries shall be a Hedging
Agreement.

 

    		7	 

     

    

 

“Hydrocarbon
Interests” means all rights, titles, interests and estates now or hereafter acquired in and to oil and gas leases, oil,
gas and mineral leases (excluding coal and timber), or other liquid or gaseous hydrocarbon leases, mineral fee interests, overriding
royalty and royalty interests, net profit interests and production payment interests, including any reserved or residual interests
of whatever nature. Unless other indicated herein, each reference to the term “Hydrocarbon Interests” shall mean Hydrocarbon
Interests of the Company and its subsidiaries.

 

“Hydrocarbons”
means oil, gas, casinghead gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons
and all products refined or separated therefrom. Unless otherwise indicated herein, each reference to the term “Hydrocarbons”
shall mean Hydrocarbons of the Company and its subsidiaries.

 

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

 

“Insolvency
or Liquidation Proceeding” means:

 

(a)       any
case or proceeding commenced by or against the Parent, the Company, any Grantor or any Guarantor under the Bankruptcy Code or any
other Bankruptcy Law, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets
or liabilities of the Parent, the Company, any Grantor or any Guarantor, any receivership or assignment for the benefit of creditors
relating to the Parent, the Company, any Grantor or any Guarantor or any similar case or proceeding relative to the Parent, the
Company, any Grantor or any Guarantor 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 Parent, the Company, any
Grantor or any Guarantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or

 

    		8	 

     

    

 

(c)       any
other proceeding of any type or nature in which substantially all claims of creditors of the Parent, the Company, any Grantor or
any Guarantor are determined and any payment or distribution is or may be made on account of such claims.

 

“Lien”
means any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of the Property, whether
such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and
including but not limited to (a) the lien or security interest arising from a deed of trust, mortgage, encumbrance, pledge,
security agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes or (b) production
payments and the like payable out of Oil and Gas Properties. The term “Lien” shall include easements, restrictions,
servitudes, permits, conditions, covenants, exceptions or reservations. For the purposes of this Agreement, the Company and its
subsidiaries shall be deemed to be the owner of any Property which it has acquired or holds subject to a conditional sale agreement,
or leases under a financing lease or other arrangement pursuant to which title to the Property has been retained by or vested in
some other Person in a transaction intended to create a financing.

 

“Officer’s
Certificate” means a certificate signed by an officer of the Company, who must be either the principal executive officer
or a Financial Officer, as applicable, including:

 

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

 

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

 

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

 

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

 

“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 without limitation 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, buildings, structures, fuel separators,
liquid extraction plants, plant compressors, pumps, pumping units, field gathering systems, 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. Unless otherwise expressly provided herein, all references
in this Agreement to “Oil and Gas Properties” refer to Oil and Gas Properties owned by any of the Company and its subsidiaries,
as the context requires.

 

    		9	 

     

    

 

“Parent”
means Grizzly Energy, LLC, a Delaware limited liability company.

 

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

 

“Priority
Lien” means a first priority Lien (subject in priority only to Excepted Liens (as defined in the Senior Credit Facility) that
may have priority by operation of applicable law) granted by any Grantor in favor of the Collateral Agent pursuant to a Security
Instrument, at any time, upon any property of the Company or such Grantor to secure Priority Lien Obligations.

 

“Priority
Lien Debt” means, collectively, First-Out Debt and Term B Debt.

 

“Priority
Lien Debt Default” means any “Event of Default” or “Termination Event” under any Priority Lien
Document or any similar event or condition (with or without the giving of notice and whether or not notice has been given) which,
under the terms of any Priority Lien Document governing any Series of Priority Lien Debt, in each case after giving effect to any
applicable grace periods, causes (or permits holders of Priority Lien Debt outstanding thereunder to cause) the Priority Lien Debt
outstanding thereunder to become immediately due and payable.

 

“Priority
Lien Documents” means, collectively, the Term B Documents and the First-Out Documents.

 

“Priority
Lien Obligations” means Priority Lien Debt and all other obligations (as defined under the applicable Priority Lien Document)
in respect thereof, including all obligations for amounts payable to the Collateral Agent (including for expenses and indemnities)
under this Agreement and the other Priority Lien Documents.

 

“Priority
Lien Representative” means (a) in the case of the Term B Debt, the Term B Representative, (b) in the case of the Senior
Credit Facility or any other First-Out Credit Facility in respect thereof (and First-Out Hedging Obligations and First-Out Cash
Management Obligations constituting First-Out Obligations thereunder), the First-Out Representative or (c) in the case of any other
Series of Priority Lien Debt, the trustee, agent or representative of the holders of such Series of Priority Lien Debt or counterparty
who (A) is appointed as a Priority Lien Representative of such Series of Priority Lien Debt (for purposes related to the administration
of the applicable Security Instruments) pursuant to the indenture, credit agreement or other agreement governing such Series of
Priority Lien Debt, together with its successors in such capacity and (B) has executed and delivered an Additional Secured Debt
Designation and a Collateral Agency Joinder in accordance herewith.

 

    		10	 

     

    

 

“Priority
Lien Representative for the Required Term B Debtholders” means the Term B Representative or such other Person expressly
designated as such by action of the Required Term B Debtholders.

 

“Priority
Lien Secured Party” means each holder of Priority Lien Obligations, the Collateral Agent and each Priority Lien Representative.

 

“Property”
means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including, without
limitation, cash, securities, accounts and contract rights.

 

“Purchase
Event” has the meaning assigned to such term in Section 2.5.

 

“Purchasers”
has the meaning assigned to such term in Section 2.5.

 

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

 

“Required
Term B Debtholders” means, at any time, the holders of a majority in aggregate principal amount of all Term B Debt then
outstanding, calculated in accordance with the provisions of Section 7.2. For purposes of this definition, Term B 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.

 

“Required
First-Out Debtholders” means (a) for so long as no loans or letters of credit are outstanding and there are no First-Out
Commitments in effect under the Senior Credit Facility, the First-Out Hedging Counterparty Majority and (b) at such time as there
are then loans or letters of credit outstanding or First-Out Commitments are in effect under the Senior Credit Facility, the holders
of a majority of the sum of the aggregate principal amount of loans outstanding, letters of credit and of available First-Out Commitments
under the Senior Credit Facility.

 

“Required
Priority Lien Debtholders” means, collectively, the Required Term B Debtholders and the Required First-Out Debtholders.

 

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

 

    		11	 

     

    

 

“Senior Credit
Facility” means that certain Fifth Amended and Restated Credit Agreement, dated as of July 16, 2019, as amended, amended
and restated, supplemented or otherwise modified, among the Company, the Parent, the lenders party thereto, the Collateral Agent
and Citibank, N.A., as administrative agent, together with all related notes, letters of credit, bankers acceptances, collateral
documents, guarantees, and any other related agreements and instruments executed and delivered in connection therewith, in each
case as amended, modified, supplemented or restated or replaced, refunded or refinanced in whole from time to time by any other
First-Out Credit Facility, including by or pursuant to any agreement or instrument that extends the maturity of any Debt thereunder,
or increases the amount of available borrowings thereunder, or adds Subsidiaries of the Company as additional borrowers or guarantors
thereunder, in each case with respect to such agreement or any successor or replacement agreement and whether by the same or any
other agent, lender or any group of any of the foregoing. For the avoidance of doubt, “Senior Credit Facility” shall
include any other First-Out Credit Facility which refinances the Senior Credit Facility.

 

“Senior Credit
Facility Agent” means, initially, Citibank, N.A., in its capacity as the administrative agent under the Senior Credit
Facility, and any other agent or representative of the First-Out Secured Parties then most recently designated in accordance with
the applicable provisions of the Senior Credit Facility, together with its successors in such capacity, for purposes of administration
of collateral matters with respect to the Senior Credit Facility (and First-Out Hedging Obligations and First-Out Cash Management
Obligations constituting First-Out Obligations thereunder).

 

“Series of
Priority Lien Debt” means, severally, the Senior Credit Facility, the Term Loan Credit Facility and each other issue
or series of Priority Lien Debt.

 

“Shifting
Control Date” means the date upon which (a) the acceleration of any Priority Lien Debt has occurred and is continuing
and (b) the Priority Lien Representative for the Required Term B Debtholders delivers written notice to the Senior Credit Facility
Agent and the Collateral Agent (in accordance with Section 7.6 and specifying both the first day and the last day of the
corresponding Standstill Period) that (1) the conditions under clause (a) have been met, (2) the Standstill Period has expired
and (3) the Required Term B Debtholders wish to commence or continue an Enforcement Action pursuant to the terms hereof.

 

“Standstill
Period” means the period of 120 consecutive days commencing on the date on which the Priority Lien Representative for
the Required Term B Debtholders has delivered a notice to the Priority Lien Representative for the First-Out Debtholders that the
acceleration of any Priority Lien Debt has occurred and is continuing; provided that such period shall be extended so long
as the Senior Credit Facility Agent has instructed (or shall be seeking relief from any stay or other prohibition in any Insolvency
or Liquidation Proceeding otherwise precluding the Senior Credit Facility Agent from instructing) the Collateral Agent to commence
an Enforcement Action under the terms of the Collateral Agency Agreement, and the Collateral Agent (acting at the written direction
of the Senior Credit Facility Agent as the then Controlling Priority Lien Representative) is diligently pursuing (or shall be seeking
relief from any stay or other prohibition in any Insolvency or Liquidation Proceeding otherwise precluding the Collateral Agent
from so diligently pursuing) an Enforcement Action against a material portion of the Collateral.

 

    		12	 

     

    

 

“Subsidiary”
means, with respect to any Person (the “parent”) at any date, any other Person of which Equity Interests representing
more than 50% of the equity or more than 50% of the ordinary voting power (irrespective of whether or not at the time Equity Interests
of any other class or classes of such Person shall have or might have voting power by reason of the happening of any contingency)
or, in the case of a partnership, any general partnership interests are, as of such date, owned, controlled or held by the parent
or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. Unless otherwise indicated,
when used herein the term “Subsidiary” shall refer to a Subsidiary of the Company.

 

“Term B Credit
Facility” means the Term Loan Credit Facility or any other credit facility with respect to Debt that refunds, refinances
or replaces the Term Loan Credit Facility or any other credit facility with respect to Additional Priority Lien Debt that is designated
as being Term B Debt pursuant to Section 3.8 hereof, in each case, in whole or in part from time to time following the date
hereof; provided that in the case of any other such Debt, such Debt complies with the definition of Term B Debt.

 

“Term B Debt”
means (a) the Loans (as defined in the Term Loan Credit Facility) and any guarantees thereof that are secured equally and ratably
with the Term B Obligations by a Priority Lien that is permitted to be incurred and so secured under the terms of each applicable
Priority Lien Document. and (b) Debt under any other Term B Credit Facility and any guarantees thereof that are permitted to be
incurred and so secured under the terms of each applicable Priority Lien Document; provided, in the case of this clause (b), that

 

(i)       on
or prior to the incurrence of such Debt, such Debt is designated by the Company, in an Officer’s Certificate delivered to
each Priority Lien Representative and the Collateral Agent, as both “Priority Lien Debt” and “Term B Debt”
for the purposes of the Priority Lien Documents;

 

(ii)       the
agent under such Term B Credit Facility shall have duly executed and delivered to the Collateral Agent on behalf of itself and
all holders of Debt thereunder (A) an Additional Secured Debt Designation and (B) a Collateral Agency Joinder; and

 

(iii)       all
requirements set forth in this Agreement as to the confirmation, grant or perfection of the Collateral Agent’s Lien to secure
such Debt are satisfied (and the satisfaction of such requirements and the other provisions of this clause (b) will be conclusively
established, absent manifest error, if the Company delivers to the Collateral Agent an Officer’s Certificate stating that
such requirements and other provisions have been satisfied and that such debt constitutes Term B Debt).

 

“Term B Documents”
means the Loan Documents (as defined in the Term Loan Credit Facility) and any additional credit agreement or other agreement pursuant
to which any other Term B Debt is incurred and secured in accordance with the terms of each applicable Priority Lien Document,
and the Security Instruments related thereto (other than any Security Instruments that do not secure Term B Obligations).

 

    		13	 

     

    

 

“Term B Obligations”
means, the Term B Debt and all other obligations (as defined under the applicable Term B Document) in respect thereof.

 

“Term B Representative”
means Citibank, N.A., as administrative agent.

 

“Term B Secured
Parties” means each holder of a Term B Obligation, including each Term B Representative and the Collateral Agent.

 

“Term Loan
Credit Facility” means that certain Term Loan Credit Agreement, dated as of the date hereof, as amended, amended and
restated, supplemented or otherwise modified, among the Company, the Parent, the lenders party thereto, the Collateral Agent and
Citibank, N.A., as administrative agent, together with all related notes, bankers acceptances, collateral documents, guarantees,
and any other related agreements and instruments executed and delivered in connection therewith, in each case as amended, modified,
supplemented or restated or replaced, refunded or refinanced in whole from time to time by any other Term B Credit Facility, including
by or pursuant to any agreement or instrument that extends the maturity of any Debt thereunder, or increases the amount of available
borrowings thereunder, or adds Subsidiaries of the Company as additional borrowers or guarantors thereunder, in each case with
respect to such agreement or any successor or replacement agreement and whether by the same or any other agent, lender or any group
of any of the foregoing. For the avoidance of doubt, “Term Loan Credit Facility” shall include any other Term B Credit
Facility which refinances the Term Loan Credit Facility.

 

“Term Loan
Credit Facility Documents” means the Term Loan Credit Facility, the Loan Documents (as defined in the Term Loan Credit
Facility), this Agreement and the Security Instruments.

 

“UCC”
means the Uniform Commercial Code of the State of New York or of any other state the laws of which are required to be applied in
connection with the perfection of security interests in any collateral.

 

Section 1.2            Rules
of Interpretation. 

 

(a)           All
capitalized terms used in this Agreement and not otherwise defined herein have the meanings assigned to them in the Senior Credit
Facility as in effect on the date hereof.

 

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

 

    		14	 

     

    

 

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

 

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

 

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

 

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

 

Article
2

THE priority lien debt

 

Section 2.1            Priority
Lien Debt.

 

To secure the payment
of the Priority Lien Obligations and in consideration of the premises and the mutual agreements set forth herein, each of the Grantors,
each Priority Lien Representative and each other Priority Lien Secured Party hereby confirms the grant of Liens in favor of the
Collateral Agent, and the Collateral Agent hereby accepts and agrees to hold, under this Agreement for the benefit of all current
and future Priority Lien Secured Parties, on all of such Grantor’s right, title and interest in, to and under all Collateral
and on all Liens now or hereafter granted to the Collateral Agent by each Grantor under any Security Instrument for the benefit
of the Priority Lien Secured Parties, together with all of the Collateral Agent’s right, title and interest in, to and under
the Security Instruments, and all interests, rights, powers and remedies of the Collateral Agent thereunder or in respect thereof
and all cash and non-cash proceeds thereof (collectively, the “Collateral Estate”).

 

    		15	 

     

    

 

The Collateral Agent
and its successors and permitted assigns under this Agreement will hold the Collateral Estate for the benefit solely and exclusively
of all current and future Priority Lien Secured Parties as security for the payment of all present and future Priority Lien Obligations.

 

Notwithstanding the
foregoing, if at any time:

 

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

 

(b)           the
Collateral Agent holds no other property as part of the Collateral Estate;

 

(c)           the
Discharge of Priority Lien Obligations has occurred;

 

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

 

(e)           the
Company delivers to the Collateral Agent an Officer’s Certificate stating that all Priority Liens of the Collateral Agent
have been released in compliance with all applicable provisions of the Priority Lien Documents and that the Grantors are not required
by any Priority Lien Document to grant any Priority Lien upon any property,

 

then this Agreement and any other Security
Instruments then in effect and the Collateral Estate arising hereunder will terminate (subject to any reinstatement pursuant to
Section 7.17), except that all provisions under any Priority Lien Documents that are expressly stated to survive termination
of any Priority Lien Documents that are enforceable by the Collateral Agent or any of its agents (whether in an individual or representative
capacity) will remain enforceable in accordance with their terms.

 

The parties further
agree that the Collateral Estate will be held and distributed by the Collateral Agent subject to the further agreements herein.

 

    		16	 

     

    

 

Section 2.2           Collateral
Shared Equally and Ratably.

 

(a)       The
parties to this Agreement agree that the payment and satisfaction of all of the Priority Lien Obligations will be secured equally
and ratably by the Priority Lien established in favor of the Collateral Agent for the benefit of the Priority Lien Secured Parties,
notwithstanding the time of incurrence of any Priority Lien Obligations or time or method of creation or perfection of any Priority
Liens securing such Priority Lien Obligations and notwithstanding any provision of the UCC or any other applicable law or any defect
or deficiencies in, or failure to perfect or lapse in perfection of, or avoidance as a fraudulent conveyance or otherwise of, the
Liens securing the Priority Lien Obligations or any other circumstance whatsoever, whether or not any Insolvency or Liquidation
Proceeding has been commenced against the Company or any other Grantor, it being the intent of the parties that all Priority Lien
Obligations will be and are secured equally and ratably by all Priority Liens at any time granted by the Company or any other Grantor
to secure any Priority Lien Obligations, whether or not upon property otherwise constituting collateral for such Priority Lien
Obligations, and that all such Priority Liens will be enforceable by the Collateral Agent for the benefit of all Priority Lien
Secured Parties equally and ratably.

 

(b)       Notwithstanding
anything herein to the contrary, the First-Out Representative, the Issuing Bank (as defined in the Senior Credit Facility), or
the applicable First-Out Hedging Counterparty will have the exclusive right to deal with that portion of the Collateral consisting
of cash collateral held to cash collateralize letter of credit obligations under the Senior Credit Facility or amounts received
in connection with setoff or net-off amounts with respect to transactions governed by any First-Out Hedging Agreements, including
exercising rights under control agreements with respect to such accounts.

 

Section 2.3           Similar
Collateral and Agreements. Except as otherwise set forth herein, the parties to this Agreement agree that it is their intention
that the Collateral securing the Priority Lien Obligations be identical. In furtherance of the foregoing, unless the Company otherwise
elects, the parties hereto agree that the Priority Lien Obligations shall be secured by the same set of Security Instruments granting
liens and security interests in favor of the Collateral Agent, for the benefit of all of the Priority Lien Secured Parties.

 

Section 2.4            Insolvency
Matters.

 

(a)       The
Collateral Agent (on behalf of the First-Out Secured Parties) and the First-Out Representative, for itself and on behalf of the
First-Out Secured Parties, and the Collateral Agent (on behalf of the Term B Secured Parties) and the Term B Representative for
itself and on behalf of the Term B Secured Parties, acknowledges and agrees that because of, among other things, their differing
rights to payment of the proceeds of the Collateral, the First-Out Obligations are fundamentally different from the Term B Obligations,
are not substantially similar to the Term B Obligations within the meaning of Bankruptcy Code Section 1122(a), and must be separately
classified from the Term B Obligations in any plan of reorganization proposed, confirmed or adopted in an Insolvency or Liquidation
Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that
the claims of the First-Out Secured Parties and the Term B Secured Parties in respect of the Collateral constitute only one secured
claim or are properly classified in one class (rather than separate claims or classes of secured claims), then each of the Priority
Lien Secured Parties hereby acknowledges and agrees that all distributions shall be made in accordance with Section 3.4
of this Agreement and the First-Out Secured Parties shall be entitled to receive, in addition to amounts distributed to them from,
or in respect of, the Collateral in respect of principal, pre-petition interest and other claims, all amounts owing in respect
of post-petition interest, fees, costs, expenses, premiums, and other charges, irrespective of whether a claim for such amounts
is allowed or allowable in such Insolvency or Liquidation Proceeding, before any distribution from, or in respect of, any Collateral
is made in respect of the claims held by the Term B Secured Parties, with the Collateral Agent (on behalf of the Term B Secured
Parties) and the Term B Secured Parties acknowledging and agreeing to turn over to the First-Out Secured Parties amounts otherwise
received or receivable by them to the extent necessary to effectuate the intent of this section and this Agreement, even if such
turnover has the effect of reducing the claim or recovery of the Term B Secured Parties.

 

    		17	 

     

    

 

(b)       None
of any Term B Representative or any other Term B Secured Party (whether in the capacity of a secured creditor or an unsecured creditor)
shall propose, vote in favor of, or otherwise directly or indirectly support any plan of reorganization that is inconsistent with
the priorities or other provisions of this Agreement (including but not limited to Sections 2.4 and 3.4), other than
with the prior written consent of the Priority Lien Representative for the Required First-Out Debtholders or to the extent any
such plan is accepted by the percentage (both in amount and number) of the First-Out Secured Parties required for First-Out Secured
Parties’ class to be an accepting class under section 1126(c) of the Bankruptcy Code without taking into consideration any
votes in that class on account of claims that are not First-Out Obligations. Furthermore, none of any Term B Representative or
any other Term B Secured Party (whether in the capacity of a secured creditor or an unsecured creditor) shall object to or contest
(or support any other party in objection or contesting) a plan of reorganization or other dispositive restructuring plan on the
grounds that the First-Out Obligations and Term B Obligations are classified separately.

 

(c)       The
parties hereto acknowledge that this Agreement is a “subordination agreement” under Section 510(a) of the Bankruptcy
Code and shall continue in full force and effect, notwithstanding the commencement of any Insolvency or Liquidation Proceeding
by or against the Parent, the Company or any subsidiary of the Company. All references in this Agreement to the Parent, the Company
or any subsidiary of the Company or any other Grantor will include such Person or Persons as a debtor-in-possession and any receiver
or trustee for such Person or Persons in an Insolvency or Liquidation Proceeding.

 

(d)       If
the Parent, the Company or any of its subsidiaries shall become subject to any Insolvency or Liquidation Proceeding and shall,
as debtor(s)-in-possession, or if any receiver or trustee for such Person or Persons shall, move for approval of financing (“DIP
Financing”) to be provided by one or more lenders (the “DIP Lenders”) under Section 364 of the Bankruptcy
Code or the use of cash collateral under Section 363 of the Bankruptcy Code, the Term B Representative, for itself and on behalf
of each Term B Secured Party, agrees that neither it nor any other Term B Secured Party will raise any objection, contest or oppose,
and each Term B Secured Party will waive any claim such Person may now or hereafter have, to any such DIP Financing or to the Liens
on the Collateral securing such DIP Financing (“DIP Financing Liens”), or to any use, sale or lease of cash
collateral that constitutes Collateral or to any grant of administrative expense priority under Section 364 of the Bankruptcy Code,
unless (i) the First-Out Representative or the First-Out Secured Parties oppose or object to such DIP Financing or such DIP Financing
Liens or such use of cash collateral, (ii) the maximum principal amount of indebtedness permitted under such DIP Financing exceeds
the sum of (A) the amount of First-Out Obligations refinanced with the proceeds thereof and (B) the greater of (I) $65 million
and (II) 20% of the sum of (x) the aggregate amount of indebtedness for borrowed money constituting principal outstanding under
the First-Out Documents plus (y) the aggregate face amount of any letters of credit issued and outstanding under the First-Out
Documents on the date of the commencement of such Insolvency or Liquidation Proceeding, or (iii) the terms of such DIP Financing
provide for the sale of a substantial part of the Collateral or require the confirmation of a plan of reorganization containing
specific terms or provisions (other than repayment in cash of such DIP Financing on the effective date thereof). To the extent
such DIP Financing Liens are (x) senior to the Liens on the Collateral securing the Priority Lien Obligations, the Term B Representative
will, for itself and on behalf of the other Term B Secured Parties, (A) agree to permit the Collateral Agent to subordinate the
Liens on the Collateral securing the Term B Obligations to the DIP Financing Liens on the terms to which the First-Out Representative
has agreed to subordinate the First-Out Obligations and (B) confirm that such Collateral shall be subject to Section 3.4
and (y) pari passu to the Liens on the Collateral securing the Priority Lien Obligations, the Term B Representative will, for itself
and on behalf of the other Term B Secured Parties, confirm that such Collateral shall be subject to Section 3.4, in each
case so long as the Collateral Agent, on behalf of the Term B Secured Parties, retains Liens on all the Collateral, including proceeds
thereof arising after the commencement of any Insolvency or Liquidation Proceeding.

 

    		18	 

     

    

 

(e)       The
Term B Representative, for itself and on behalf of each Term B Secured Party agrees that it will not object to, oppose or contest
(or join with or support any third party objecting to, opposing or contesting) and if requested, will consent to a sale or other
Disposition, a motion to sell or Dispose or the bidding procedure for such sale or Disposition of any Collateral (or any portion
thereof) under Section 363 of the Bankruptcy Code or any other provision of the Bankruptcy Code, if the First-Out Secured Parties
shall have consented to such sale or Disposition, such motion to sell or Dispose or such bidding procedure for such sale or Disposition
of such Collateral provided that (i) all Liens securing the Priority Lien Obligations will attach to the proceeds of the
sale subject to Section 3.4 or (ii) the net cash proceeds of any Disposition under Section 363(b) of the Bankruptcy Code
are permanently applied to the DIP Financing or to the Priority Lien Obligations pursuant to Section 3.4.

 

(f)       The
Term B Representative, for itself and on behalf of each other Term B Secured Party waives any claim that may be had against the
First-Out Representative or any other First-Out Secured Party arising out of any DIP Financing Liens or administrative expense
priority under Section 364 of the Bankruptcy Code (in each case that is granted in a manner that is consistent with this Agreement).

 

(g)       The
Term B Representative, for itself and on behalf of each other Term B Secured Party, agrees that neither the Term B Representative
nor any other Term B Secured Party will file or prosecute in any Insolvency or Liquidation Proceeding any motion for adequate protection
(or any comparable request for relief), including for payment of Post-Petition Interest, based upon adequate protection of their
interest in the Collateral, nor object to, oppose or contest (or join with or support any third party objecting to, opposing or
contesting) (i) any request by the First-Out Representative or any other First-Out Secured Party for adequate protection, including
for payment of Post-Petition Interest, or (ii) any objection by the First-Out Representative or any other First-Out Secured Party
to any motion, relief, action or proceeding based on the First-Out Representative or First-Out Secured Parties claiming a lack
of adequate protection, provided that:

 

    		19	 

     

    

 

(1)          The
First-Out Representative, for itself on behalf of each other First-Out Secured Party, covenants and agrees that to the extent the
First-Out Representative or any other First-Out Secured Party seeks and obtains relief granting adequate protection in the form
of a replacement lien, adequate protection payments or additional collateral granted to, or for the benefit of, the First-Out Secured
Parties, then such party shall, and shall take all action necessary to cause the First-Out Representative and the Collateral Agent
to, provide the benefits of such relief to the Term B Secured Parties (on the terms and subject to the conditions of this Agreement,
including Section 3.4);

 

(2)           the
Term B Secured Parties may freely seek and obtain relief granting adequate protection in the form of superpriority claims to the
same extent granted to the First-Out Secured Parties (on the terms and subject to the conditions of this Agreement, including Section
3.4); and

 

(3)           the
Term B Secured Parties may freely seek and obtain any relief upon a motion for adequate protection (or any comparable relief),
without any condition or restriction whatsoever, at any time after the Discharge of First-Out Obligations.

 

(h)       To
the extent the Term B Obligations and the First-Out Obligations are classified in the same class under a plan of reorganization,
the Term B Representative, for itself and on behalf of each of the other of the Term B Secured Parties waives any claim it or any
such other Term B Secured Party may now or hereafter have against the First-Out Representative or any other First-Out Secured Party
(or their representatives) arising out of any election by the First-Out Representative or any First-Out Secured Parties, in any
proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code.

 

(i)       [Reserved].

 

(j)       The
Term B Representative, for itself and on behalf of each other Term B Secured Party, agrees that neither the Term B Representative
nor any other Term B Secured Party shall seek relief (or support any other party seeking relief), pursuant to Section 362(d) of
the Bankruptcy Code or otherwise, from the automatic stay of Section 362(a) of the Bankruptcy Code or from any other stay in any
Insolvency or Liquidation Proceeding in respect of the Collateral without the prior written consent of the First-Out Representative.

 

(k)       The
Term B Representative, for itself and on behalf of each other Term B Secured Party, agrees that neither the Term B Representative
nor any other Term B Secured Party shall oppose or seek to challenge any claim by the First-Out Representative or any other First-Out
Secured Party for allowance or payment in any Insolvency or Liquidation Proceeding of First-Out Obligations consisting of Post-Petition
Interest or cash collateralization of all letters of credit to the extent of the value of the Liens securing the Priority Lien
Obligations (it being understood that such value will be determined without regard to the existence of the Term B Obligations).

 

    		20	 

     

    

 

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

 

(m)       Notwithstanding
anything to the contrary contained herein, if in any Insolvency or Liquidation Proceeding a determination is made that any Lien
encumbering any Collateral is not enforceable for any reason, then each Priority Lien Representative for themselves and on behalf
of their respective Priority Lien Secured Parties agrees that, any distribution or recovery they may receive in respect of any
Collateral (including assets that would constitute Collateral but for such determination) shall be segregated and held in trust
and forthwith paid over to the Collateral Agent in the same form as received without recourse, representation or warranty (other
than a representation of such Priority Lien Representative that it has not otherwise sold, assigned, transferred or pledged any
right, title or interest in and to such distribution or recovery) but with any necessary endorsements or as a court of competent
jurisdiction may otherwise direct in order to comply with Section 3.4.

 

(n)       The
Term B Representative, for itself and on behalf of each other Term B Secured Party, hereby agrees that the First-Out Representative
shall have the right to credit bid the First-Out Obligations and further that none of the Term B Representative or any other Term
B Secured Party shall (or shall join with or support any third party in opposing, objecting to or contesting, as the case may be)
oppose, object to or contest such credit bid by the First-Out Representative. The Term B Secured Parties may credit bid, or instruct
the Term B Representative to credit bid the Term B Obligations in accordance with Sections 363(k) or 1129 of the Bankruptcy Code
or any other applicable law, only if such bid includes a cash payment sufficient to provide for the Discharge of First-Out Obligations
and the Discharge of First-Out Obligations occurs immediately after giving effect to such credit bid, or if the First-Out Representative
otherwise consents in writing.

 

(o)       Without
the consent of the First-Out Representative in its sole discretion, the Term B Representative, for itself and on behalf of each
other Term B Secured Party agrees neither the Term B Representative nor any Term B Secured Party shall commence or join with any
parties to commence an involuntary bankruptcy petition for the Company or any of its subsidiaries, or support entry of an order
for relief in any involuntary bankruptcy proceedings against the Company or any of its subsidiaries, or seek the appointment of
an examiner or a trustee for the Company or any of its subsidiaries.

 

(p)       The
Term B Representative, for itself and on behalf of each other Term B Secured Party waives any right to assert or enforce any claim
under Section 506(c) or 552 of the Bankruptcy Code as against any First-Out Secured Party or any of the Collateral.

 

    		21	 

     

    

 

Section 2.5            Purchase
Right. Without prejudice to the enforcement of the First-Out Secured Parties’ remedies, the First-Out Secured Parties
agree that following the first to occur of (a) the acceleration of the First-Out Obligations in accordance with the terms of the
applicable First-Out Credit Facility, (b) the commencement of an Insolvency or Liquidation Proceeding (which, in the case of an
involuntary proceeding, shall continue undismissed for 30 days, unless an order or decree approving or ordering the foregoing
shall be entered) or (c) after the occurrence of the Zero Exposure Effective Date (as defined in the Senior Credit Facility),
a Priority Lien Default occurs and the First-Out Hedging Counterparty Majority directs the Collateral Agent to pursue remedies
(each, a “Purchase Event”), within thirty (30) days of the Purchase Event, one or more of the holders of the
Term B Debt or any of their designated Affiliates (the “Purchasers”) may request by written notice to each
First-Out Representative and the First-Out Secured Parties hereby offer such Purchasers the option, to purchase all, but not less
than all, of the aggregate amount of outstanding First-Out Obligations (including unfunded commitments under any First-Out Document)
outstanding at the time of purchase at par, plus (i) any premium that would be applicable upon prepayment of the First-Out Obligations
and accrued and unpaid interest, all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding,
at the applicable post-default rate or post-termination event rate and fees (including breakage costs), (ii) in the case of any
First-Out Hedging Obligations, such First-Out Hedging Agreements shall either be terminated or novated to the Purchasers (or another
person designated by such Purchasers which may be an affiliate of the Purchasers) on terms (including, without limitation, any
novation fee) acceptable in the sole discretion of the applicable First-Out Hedging Counterparty or other arrangements acceptable
in the sole discretion of the applicable First-Out Hedging Counterparty shall have been made and all amounts payable to such First-Out
Hedging Counterparty in relation thereto shall have been paid in full, (iii) if applicable, the cash collateral to be furnished
to the First-Out Secured Parties providing letters of credit under the First-Out Documents in such amounts (not to exceed 105%
thereof) as such First-Out Secured Party determines is reasonably necessary to secure such First-Out Secured Party in connection
with any such outstanding and undrawn letters of credit) and (iv) in the case of any First-Out Obligations in respect of Cash
Management Arrangements, the amount that would be payable to First-Out Secured Parties, including all amounts payable as a result
of the termination (or early termination) thereof, in any event, without warranty or representation or recourse (except for representations
and warranties required to be made by assigning lenders pursuant to customary assignment documentation). Promptly following the
receipt of such notice, each First-Out Representative will deliver to the Term B Representative a statement of the amount of the
First-Out Obligations provided by the First-Out Secured Parties represented by such First-Out Representative, if any, then outstanding
and the amount of the cash collateral requested by such First-Out Representative to be delivered pursuant to the applicable First-Out
Documents. If such right is exercised, the First-Out Secured Parties and the Term B Secured Parties shall endeavor to close promptly
thereafter but in any event within ten (10) Business Days of the request. If one or more of the Term B Secured Parties exercise
such purchase right, it shall be exercised pursuant to documentation mutually acceptable to each of the First-Out Representatives
and the purchasing Term B Secured Parties. If none of the Term B Secured Parties timely exercises such right the Term B Secured
Parties shall have no further obligations pursuant to this Section 2.5 for such Purchase Event and may take any further
actions in their sole discretion in accordance with the First-Out Documents and this Agreement. Each First-Out Secured Party will
retain all rights to indemnification provided in the relevant First-Out Document for all claims and other amounts relating to
the period prior to the purchase of the First-Out Obligations pursuant to this Section 2.5.

 

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Article
3

OBLIGATIONS AND POWERS OF COLLATERAL AGENT

 

Section 3.1            Appointment
and Undertaking of the Collateral Agent.

 

(a)           Each
Priority Lien Secured Party (other than the Collateral Agent) acting through its respective Priority Lien Representative and/or
by its acceptance of the Security Instruments hereby appoints the Collateral Agent to serve as collateral agent hereunder on the
terms and conditions set forth herein. Subject to, and in accordance with, this Agreement, the Collateral Agent will, as collateral
agent, for the benefit solely and exclusively of the present and future Priority Lien Secured Parties, acting at the written direction
of the Controlling Priority Lien Representative (other than with respect to (a)(6)(ii) below, which action may be taken without
written direction of the Controlling Priority Lien Representative):

 

(1)           accept,
enter into, hold, maintain, administer and enforce all Security Instruments to which the Collateral Agent is a party, including
all Collateral subject thereto, and all Liens created thereunder, perform its obligations hereunder and under the Security Instruments
to which it is a party and protect, exercise and enforce the interests, rights, powers and remedies granted or available to it
under, pursuant to or in connection with the Security Instruments (including in connection with any Enforcement Action or Insolvency
or Liquidation Proceeding);

 

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

 

(3)          deliver
and receive notices pursuant to this Agreement and the Security Instruments to which it is a party;

 

(4)          sell,
assign, collect, assemble, foreclose on, institute legal proceedings with respect to, take any Enforcement Action, or otherwise
exercise or enforce the rights and remedies of a secured party (including a mortgagee, trust deed beneficiary and insurance beneficiary
or loss payee) with respect to the Collateral under the Security Instruments and its other interests, rights, powers and remedies;

 

(5)          remit
as provided in Section 3.4 all cash proceeds received by the Collateral Agent from an Enforcement Action under the Security
Instruments or any of its other interests, rights, powers or remedies or otherwise received by it in accordance with this Agreement;

 

(6)          execute
and deliver (i) amendments and supplements to the Security Instruments as from time to time authorized pursuant to Section 7.1
accompanied by an Officer’s Certificate and (ii) acknowledgements of Collateral Agency Joinders delivered pursuant to Section
3.8 or 7.16 hereof; and

 

    		23	 

     

    

 

(7)           release
or subordinate any Lien granted to it by any Security Instrument upon any Collateral if and as required by Section 3.2,
Section 4.1 or Section 4.2.

 

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

 

(c)           Notwithstanding
anything to the contrary contained in this Agreement, the Collateral Agent will not commence any Enforcement Action or otherwise
take any action or proceeding against any of the Collateral unless and until it shall have been directed by written notice from
the Controlling Priority Lien Representative and then only in accordance with the provisions of this Agreement.

 

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

 

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

 

(a)           as
directed by the Controlling Priority Lien Representative accompanied by an Officer’s Certificate stating that the release
or subordination was permitted by each applicable Priority Lien Document and otherwise setting forth the requirements of Section
4.1(b)(1) and 4.1(b)(2);

 

(b)           as
required by Article 4; or

 

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

 

Section 3.3          Enforcement
of Liens.

 

(a)           (i)
The Collateral Agent shall act or refrain from acting with respect to the Collateral only on the written instructions of the Controlling
Priority Lien Representative, (ii) the Collateral Agent shall not follow any instructions with respect to the Collateral from any
Priority Lien Secured Party other than the Controlling Priority Lien Representative and (iii) no Priority Lien Secured Party (other
than the Priority Lien Representative acting as the Controlling Priority Lien Representative) shall or shall instruct the Collateral
Agent to, commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator
or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect
to (including any Enforcement Action) or otherwise take any action to enforce its security interest in or realize upon, or take
any other action available to it in respect of, any Collateral, whether under any Security Instrument, applicable law or otherwise,
it being agreed that only the Collateral Agent, acting on the written instructions of the Controlling Priority Lien Representative
and in accordance with the applicable Security Instruments, shall be entitled to take any such actions or exercise any such remedies
with respect to Collateral, including any Enforcement Action; provided that, if and to the extent that such Enforcement Action
is to be conducted through receivership, a court-appointed receiver will be utilized. If the Collateral Agent at any time receives
written notice from the Controlling Priority Lien Representative stating that a Priority Lien Debt Default has occurred, the Collateral
Agent at the written direction of the Controlling Priority Lien Representative will promptly deliver written notice thereof to
each other Priority Lien Representative. Notwithstanding the equal priority of the Liens, the Collateral Agent (acting on the written
instructions of the Controlling Priority Lien Representative) may deal with the Collateral as if the Controlling Priority Lien
Representative had a senior Lien on the Collateral. No Priority Lien Secured Party will contest, protest or object to any Enforcement
Action brought by the Collateral Agent or any other exercise by the Collateral Agent of any rights and remedies relating to the
Collateral, in each case, in accordance with the terms of this Agreement.

 

    		24	 

     

    

 

(b)           Each
Priority Lien Representative, on behalf of itself and the Priority Lien Secured Parties for which it is acting hereunder, agrees
that it will not accept any Lien on any Collateral for the benefit of any Priority Lien Obligations (other than (i) funds deposited
for the satisfaction, discharge, redemption or defeasance of any Series of Priority Lien Debt, (ii) cash collateral deposited with
any Priority Lien Representative or Priority Lien Secured Party in accordance with the terms of the applicable Priority Lien Documents
and (iii) cash collateral deposited with any Priority Lien Representative or Priority Lien Secured Party in respect of any First-Out
Hedging Obligations or First-Out Cash Management Obligations which are secured under the applicable Priority Lien Documents) other
than pursuant to the Security Instruments, and by executing this Agreement (or a Collateral Agency Joinder), each Priority Lien
Representative and each Priority Lien Secured Party for which it is acting hereunder agrees to be bound by the provisions of this
Agreement and the other Security Instruments applicable to it.

 

(c)           Each
Priority Lien Representative, on behalf of itself and each Priority Lien Secured Party for which it is acting hereunder, agrees
that (i) it will not challenge or question in any proceeding the validity, allowability or enforceability of any Priority Lien
Obligations or any Priority Lien Document or the validity, attachment, perfection or priority of any Lien under any Priority Lien
Document or the validity or enforceability of the priorities, rights or duties established by or other provisions of this Agreement;
(ii) it will not seek, and hereby waives any right, to have any Collateral or any part thereof marshalled upon any foreclosure
or other disposition of such Collateral; (iii) it will not attempt, directly or indirectly, whether by judicial proceedings or
otherwise, to challenge the enforceability of any provision of this Agreement; (iv) it will not object to or oppose, and shall
be deemed to consent to, a sale or other disposition of any Collateral (or any portion thereof) under section 363 of the Bankruptcy
Code or any other Bankruptcy Law or any other provision of the Bankruptcy Code or any other Bankruptcy Law if the Collateral Agent
(acting at the written direction of the Controlling Priority Lien Representative) shall have consented to such sale or disposition
of such Collateral, the Priority Liens attach to the proceeds of such sale or disposition, and the proceeds of such sale or disposition
received by the Collateral Agent are applied in accordance with the priority provisions of Section 3.4; (v) it will not
object to or otherwise contest (or support any other Person contesting), any motion for relief from the automatic stay or from
any injunction against foreclosure or enforcement in respect of the Collateral made by the Collateral Agent (acting at the written
direction of the Controlling Priority Lien Representative); (vi) it will not seek relief from the automatic stay or any other stay
in any Insolvency or Liquidation Proceeding in respect of any Collateral, without the prior written consent of the Collateral Agent
(acting at the written direction of the Controlling Priority Lien Representative); (vii) it will not object to, or otherwise contest
(or support any Person contesting), (A) any request by the Collateral Agent (acting at the written direction of the Controlling
Priority Lien Representative) for adequate protection on account of the Collateral or (B) any objection by the Collateral Agent
(acting at the written direction of the Controlling Priority Lien Representative) to any motion, relief, action or proceeding based
on the Collateral Agent’s claimed lack of adequate protection with respect to the Collateral; (viii) it will not assert or
enforce (or support any Person asserting or enforcing) any claim under section 506(c) of the Bankruptcy Code pari passu with or
on a first priority basis to the Priority Liens for costs or expenses of preserving or disposing any Collateral; (ix) it will not
take or cause to be taken any action the purpose or effect of which is to give any Term B Secured Party any preference or priority
relative to, the First-Out Secured Parties with respect to the Collateral or any part thereof; or (x) other than as otherwise provided
herein, oppose or otherwise contest (or support any other Person contesting) any lawful exercise by the Collateral Agent (acting
at the written direction of the Controlling Priority Lien Representative) of the right to credit bid at any sale of Collateral;
provided that nothing in this Agreement shall be construed to prevent or impair the rights of any of the Collateral Agent or any
other Priority Lien Secured Party to enforce this Agreement. No Priority Lien Secured Party may consent to any credit bid or acceptance
of Collateral in respect of all or part of the Priority Lien Obligations unless the Discharge of First-Out Obligations would occur
immediately upon the initial consummation of the transaction subject to credit bid or acceptance of Collateral.

 

    		25	 

     

    

 

(d)           Prior
to the commencement of any Enforcement Action with respect to any Collateral, the Controlling Priority Lien Representative shall
provide written notice (which notice shall include an instruction to the Collateral Agent to provide a copy of such notice to each
Priority Lien Representative) of its intention to direct the Collateral Agent to commence an Enforcement Action to the Collateral
Agent (who shall promptly provide a copy of such notice to each Priority Lien Representative). Failure by the Collateral Agent
to deliver a copy of the Enforcement Action notice to any Priority Lien Representative shall not affect the enforceability and
effectiveness of the Enforcement Action.

 

(e)           Except
as specifically set forth in this Agreement, each of the Priority Lien Representatives and the other Priority Lien Secured Parties
may exercise any rights of termination or acceleration of any Debt or other Priority Lien Obligations owing under their respective
Priority Lien Documents or to demand payment under the guarantee in respect thereof or take any actions and exercise all rights
that would be available to a holder of unsecured claims or exercise any rights arising out of, relating to, or in respect of, the
enforcement of any Lien (other than a Priority Lien) or any Insolvency or Liquidation Proceeding in respect thereof against the
Company or any other Grantor, in each case in accordance with the terms of their respective Priority Lien Documents and applicable
law and otherwise consistent with the order of application in Section 3.4 and the other terms of this Agreement; provided
that, during the continuance of any Priority Lien Debt Default under the applicable Priority Lien Documents, the proceeds of exercise
of any set-off rights in respect thereof shall be distributed in accordance with Section 3.4.

 

    		26	 

     

    

 

(f)            Each
Priority Lien Representative, for itself and on behalf of each other Priority Lien Secured Party represented by it, hereby agrees
that if any Priority Lien Secured Party shall obtain possession of any Collateral or shall realize any proceeds or payment in respect
of any Collateral, pursuant to any rights or remedies with respect to the Collateral or on account of any rights available to it
under applicable law or in any Insolvency or Liquidation Proceeding, to the extent permitted hereunder, at any time prior to the
Discharge of Priority Lien Obligations secured, or intended to be secured, by such Collateral, then it shall hold such Collateral,
proceeds or payment in trust for the other Priority Lien Representatives and Priority Lien Secured Parties and transfer such Collateral,
proceeds or payment, as the case may be, to the Collateral Agent as promptly as practicable; provided that nothing
herein shall limit the rights of the Priority Lien Secured Parties to receive the payments of principal, interest, fees and other
amounts due to Priority Lien Secured Parties so long as such payment is not the result of any exercise of remedies by any Priority
Lien Secured Party with respect to the Collateral or a payment in respect of Collateral or the Priority Lien Secured Parties realizing
any proceeds in respect of Collateral. For the avoidance of doubt, any proceeds received by any of the Priority Lien Secured Parties
in connection with any Insolvency or Liquidation Proceeding shall be deemed to be the result of an exercise of remedies. Furthermore,
the Priority Lien Representatives shall, at the Grantors’ expense, promptly send written notice to the Collateral Agent upon
receipt of such Collateral, proceeds or payment not permitted hereunder by any Priority Lien Secured Party and within five (5)
days after receipt by the Collateral Agent of such written notice, shall deliver such Collateral, proceeds or payment to the Collateral
Agent or its designee in the same form as received, with any necessary endorsements, or as a court of competent jurisdiction may
otherwise direct. The Collateral Agent is hereby authorized to make any such endorsements as agent for the Priority Lien Representatives
or any other Priority Lien Secured Party. The Term B Representative, for itself and on behalf of each other Term B Secured Party
agrees that if, at any time, it obtains written notice that all or part of any payment with respect to any First-Out Obligations
previously made shall be rescinded for any reason whatsoever, it will promptly pay over to the Collateral Agent any such Collateral,
proceeds or payment not permitted hereunder received by it and then in its possession or under its direct control in respect of
any such Collateral and shall promptly turn any such Collateral then held by it over to the Collateral Agent, and the provisions
set forth in this Agreement will be reinstated as if such payment had not been made, until the Discharge of First-Out Obligations.
The First-Out Representative agrees that if, at any time after the Discharge of First-Out Obligations, it obtains written notice
that all or part of any payment with respect to any Term B Obligations previously made after the Discharge of First-Out Obligations
shall be rescinded for any reason whatsoever, it will promptly pay over to the Collateral Agent any such Collateral, proceeds or
payment not permitted hereunder received by it and then in its possession or under its direct control in respect of any such Collateral
and shall promptly turn any such Collateral then held by it over to the Collateral Agent, and the provisions set forth in this
Agreement will be reinstated as if such payment had not been made, until the Discharge of Term B Obligations. All Priority Liens
will remain attached to, and enforceable against, all proceeds so held or remitted, subject to the priorities set forth in this
Agreement.

 

(g)           Notwithstanding
anything to the contrary contained in this Agreement, to the extent Sections 3.3 (a) through (f) above (i) prohibit
any Priority Lien Secured Party from taking any action or forbearing from taking any action, such Priority Lien Secured Party shall
also be prohibited from directing the Collateral Agent to take, or forbear from taking, such action, as applicable and (ii) permit
or require any Priority Lien Secured Party to take any action or forbear from taking any action and such Priority Lien Secured
Party takes such action, or forbears from taking such action, as applicable, such Priority Lien Secured Party shall be deemed to
have done so in its capacity as a sub-agent of the Collateral Agent.

 

    		27	 

     

    

 

Section 3.4            Application
of Proceeds.

 

(a)           The
Collateral Agent will apply the proceeds of any collection, sale, foreclosure or other realization upon, or any other Enforcement
Action with respect to, any Collateral and the proceeds thereof, the proceeds of any insurance policy required under any Priority
Lien Document or otherwise covering the Collateral, any condemnation proceeds with respect to the Collateral, and any other amounts
required to be delivered to the Collateral Agent by any Priority Lien Secured Party or Priority Lien Representative pursuant to
any other provision of this Agreement and for application in accordance with this Section 3.4(a), in the following order
of application (and the Controlling Priority Lien Representative shall provide an officer’s certificate which identifies
which amounts are payable to which Priority Lien Secured Parties pursuant to this Section 3.4(a) and the Collateral Agent
shall be entitled to rely exclusively on such officer’s certificate without independent inquiry):

 

FIRST, to
the payment of all fees, expenses, indemnities and any other amounts payable under this Agreement or any other Priority Lien Document
to the Collateral Agent, including but not limited to any reasonable legal fees, costs and expenses or other liabilities of any
kind incurred by the Collateral Agent or any agent of the Collateral Agent in connection with any Security Instrument and all amounts
necessary to provide for the expenses of the Collateral Agent in maintaining and disposing of the Collateral (including, but not
limited to, indemnification payments and reimbursements);

 

SECOND, to
the First-Out Representative for application to the equal and ratable payment of all outstanding First-Out Obligations that are
then due and payable in such order as may be provided in, and as otherwise subject to, the First-Out Documents in an amount sufficient
to pay in full in cash all outstanding First-Out Obligations that are then due and payable, including all interest, fees and expenses
accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, including any applicable post-default
rate or post-termination event rate, specified in the First-Out Documents, even if such interest, fee or expense is not enforceable,
allowable or allowed as a claim in such proceeding, and including the discharge or cash collateralization of all asserted indemnity
claims and the discharge or cash collateralization (at the lower of (1) 105% of the aggregate undrawn amount and (2) the percentage
of the aggregate undrawn amount required for release of Liens under the terms of the First-Out Documents) of all outstanding letters
of credit and bankers’ acceptances or the backstop thereof pursuant to arrangements reasonably satisfactory to the relevant
issuing bank, if any, constituting First-Out Obligations and the termination, expiration, novation of First-Out Hedging Obligations,
and the payment of any close-out amounts or other amounts due thereunder or entry into other collateral arrangements in respect
of First-Out Hedging Obligations that are satisfactory to the applicable First-Out Hedging Counterparty;

 

    		28	 

     

    

 

THIRD, after
the Discharge of First-Out Obligations, equally and ratably to the Term B Representative for application to the payment of all
outstanding Term B Debt and any other Term B Obligations that are then due and payable in such order as may be provided in the
applicable Term B Documents in an amount sufficient to pay in full in cash all such outstanding Term B Debt and all other Term
B Obligations that are then due and payable (including all interest, fees and expenses accrued thereon after the commencement of
any Insolvency or Liquidation Proceeding at the rate, including any applicable post-default rate or post-termination event rate,
specified in the applicable Term B Documents, even if such interest, fee or expense is not enforceable, allowable or allowed as
a claim in such proceeding); and

 

FOURTH, any
surplus remaining after the Discharge of Priority Lien Obligations will be paid to the Company or the applicable Guarantor, as
the case may be, its successors or assigns, or to such other Persons as may be entitled to such amounts under applicable law or
as a court of competent jurisdiction may direct.

 

Notwithstanding
the foregoing, if any Series of Priority Lien Debt has released its Lien on any Collateral as described below in Section 4.4,
then such Series of Priority Lien Debt and any related Priority Lien Obligations of that Series of Priority Lien Debt thereafter
shall not be entitled to share in the proceeds of any Collateral so released by that Series of Priority Lien Debt.

 

For the avoidance
of doubt, the Collateral Agent shall only apply proceeds in accordance with this Section 3.4 to the extent that such proceeds
are actually so received by the Collateral Agent.

 

(b)           If
any portion of the proceeds of the Collateral is in the form of cash, then such cash shall be applied pursuant to the priorities
set forth in this Section 3.4 before any non-cash proceeds are applied pursuant to the priorities set forth in this Section
3.4; provided that, irrespective of the terms of any Plan of Reorganization (including the confirmation of such Plan of Reorganization
pursuant to section 1129(b) of the Bankruptcy Code or the equivalent provision of any other Bankruptcy Laws), each of the Priority
Lien Debt Representatives hereby acknowledges and agrees to turn over to the Collateral Agent amounts otherwise received or receivable
by them under such Plan of Reorganization to the extent necessary to effectuate the intent of this Section 3.4. If any Priority
Lien Secured Party collects or receives any proceeds of an Enforcement Action, proceeds of any title or other insurance, and any
proceeds subject to Liens that have been avoided or otherwise invalidated that should have been applied to the payment of the First-Out
Obligations in accordance with Section 3.4(a) above, whether prior to or after the commencement of an Insolvency or Liquidation
Proceeding or otherwise, such Priority Lien Secured Party will forthwith deliver the same to the Collateral Agent, for the account
of the applicable Priority Lien Secured Parties, to be applied in accordance with Section 3.4(a). Until so delivered, such
proceeds shall be segregated and will be held in trust by that Priority Lien Secured Party for the benefit of the applicable Priority
Lien Secured Parties. The parties hereto agree that nothing in this Section 3.4(b) shall be construed to prohibit, restrict
or otherwise limit the ability of any of the Company or any Grantor or Guarantor to pay, or the ability of any Secured Party to
receive, regularly scheduled cash payments of interest, fees, setoff and net-off amounts due and payable under the applicable Priority
Lien Documents.

 

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(c)           To
the extent any Priority Lien Secured Party or Priority Lien Representative receives cash, property or other assets from any Insolvency
or Liquidation Proceeding (including, without limitation, pursuant to any plan of reorganization proposed, confirmed or adopted
in any Insolvency or Liquidation Proceeding), such cash, property or other assets will be delivered to the Collateral Agent for
application in accordance with Section 3.4(a) (including all interest accrued thereon after the commencement of any Insolvency
or Liquidation Proceeding at the rate, including any applicable post-default rate or post-termination event rate, specified in
the applicable Priority Lien Documents or other documentation in respect of Priority Lien Obligations, even if such interest is
not enforceable, allowable or allowed as a claim in such proceeding) until the Discharge of Priority Lien Obligations.

 

(d)           If,
after the occurrence and during the continuance of a Priority Lien Debt Default, any Discharge of Term B Obligations occurs by
way of the exercise of any rights of set-off, banker’s liens or consolidation of accounts prior to the Discharge of First-Out
Obligations, the relevant Priority Lien Secured Party shall immediately segregate and hold an amount equal to the amount so discharged
in trust for application to the First-Out Obligations and forthwith deliver such amount to the Collateral Agent as provided in
Section 3.4(b).

 

(e)           This
Section 3.4 is intended for the benefit of, and will be enforceable as a third party beneficiary by, each present and future
holder of Priority Lien Obligations, each present and future Priority Lien Representative and the Collateral Agent as holder of
Priority Liens. The Priority Lien Representative of each future Series of Priority Lien Debt will be required to deliver a Collateral
Agency Joinder and the Company will be required to deliver an Additional Secured Debt Designation as provided in Section 3.8
at the time of incurrence of such Series of Priority Lien Debt.

 

(f)            In
connection with the application of proceeds pursuant to Section 3.4(a), except as otherwise directed by the Controlling
Priority Lien Representative, the Collateral Agent may sell any non-cash proceeds for cash prior to the application of the proceeds
thereof.

 

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

 

Section 3.5            Powers
of the Collateral Agent.

 

(a)           The
Collateral Agent is irrevocably authorized and empowered to enter into and perform its obligations and protect, perfect, exercise
and enforce its interest, rights, powers and remedies under the Security Instruments (including in connection with any Enforcement
Action and in any Insolvency or Liquidation Proceeding) and applicable law and in equity and to act as set forth in this Article
3 or, subject to the other provisions of this Agreement, as requested in any lawful directions given to it from time to time in
respect of any matter by the Controlling Priority Lien Representative.

 

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

 

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

 

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

 

Section 3.8            Additional
Priority Lien Debt.

 

(a)           The
Collateral Agent will, as collateral agent hereunder, perform its undertakings set forth in Section 3.1(a) with respect
to any Priority Lien Obligations constituting a Series of Priority Lien Debt that is issued or incurred after the date hereof provided
that:

 

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

 

(2)           unless
such debt is issued under an existing Priority Lien Document for any Series of Priority Lien Debt whose Priority Lien Representative
is already party to this Agreement, the designated Priority Lien Representative identified pursuant to Section 3.8(b) signs
a Collateral Agency Joinder and promptly delivers the same to the Collateral Agent.

 

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

 

(1)           states
that the Company or applicable Grantor or Guarantor intends to incur additional Priority Lien Debt (“Additional Priority
Lien Debt”) that is permitted by each applicable Priority Lien Document to be incurred and to be secured with a Priority
Lien equally and ratably with all previously existing and future Priority Lien Debt (but subject to the prior payment rights of
the holders of First-Out Obligations as set forth in clause SECOND of Section 3.4(a), unless such Additional Priority Lien
Debt is First-Out Debt) and specifies whether such Additional Priority Lien Debt is designated as First-Out Debt or Term B Debt;

 

    		31	 

     

    

 

(2)           specifies
the name, address and contact information of the Priority Lien Representative for such series of Additional Priority Lien Debt
for purposes of Section 7.6;

 

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

 

(4)           states
that the Company has caused a copy of the Additional Secured Debt Designation and the related Collateral Agency Joinder to be delivered
to each then-existing Priority Lien Representative.

 

Although the Company shall be required
to deliver a copy of each Additional Secured Debt Designation and each Collateral Agency Joinder to each then-existing Priority
Lien Representative, the failure to so deliver a copy of the Additional Secured Debt Designation and/or Collateral Agency Joinder
to any then-existing Priority Lien Representative shall not affect the status of such debt as Additional Priority Lien Debt if
the other requirements of this Section 3.8 are complied with. Each of the Collateral Agent and the other then-existing Priority
Lien Representatives shall have the right to request a legal opinion or opinions of counsel (subject to customary assumptions and
qualifications) from the Company as to the Additional Priority Lien Debt being permitted by the terms of the Priority Lien Documents
and secured by a valid and perfected security interest in the Collateral; provided that (i) such legal opinion or opinions
need not address any collateral of a type not previously covered by any legal opinion delivered by or on behalf of the Company
and (ii) nothing shall preclude such legal opinion or opinions from being delivered on a post-closing basis after the incurrence
of such Additional Priority Lien Debt if permitted by the Priority Lien Representative for such Additional Priority Lien Debt.
Notwithstanding the foregoing, nothing in this Agreement will be construed to allow the Company, any Grantor or any Guarantor to
incur additional Debt unless otherwise permitted by the terms of all applicable Priority Lien Documents. Liens upon the Collateral
to secure Additional Priority Lien Debt shall be created pursuant to the Security Instruments that create Liens upon the Collateral
to secure the other Priority Lien Obligations as then in effect; provided that, to the extent required by applicable law
or as otherwise may be elected by the Company, such Liens upon the Collateral to secure Additional Priority Lien Debt and other
Priority Lien Obligations may be created pursuant to a separate set of Security Instruments, in favor of the Collateral Agent,
which shall be in all material respects the same form as the Security Instruments creating the Liens upon the Collateral to secure
the other Priority Lien Obligations as then in effect. Additional Priority Lien Debt shall not be secured by Liens upon any Collateral
unless the other Priority Lien Obligations are also secured by Liens on such Collateral. Additional Priority Lien Debt shall be
guaranteed by all of the applicable Guarantors and shall not be guaranteed by any Person that is not a Guarantor.

 

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(c)           With
respect to any Additional Priority Lien Debt that is issued or incurred after the date hereof, the Company and each of the Grantors
and Guarantors agrees to take such actions (if any) as necessary and as may from time to time reasonably be requested by the Collateral
Agent, any Priority Lien Representative or any Controlling Priority Lien Representative, and enter into such technical amendments,
modifications and/or supplements to the then existing Guarantees and Security Instruments (or execute and deliver such additional
Security Instruments) as necessary and as may from time to time be reasonably requested by such Persons (including as contemplated
by clause (d) below), to ensure that the Additional Priority Lien Debt is secured by, and entitled to the benefits of, the
Security Instruments, and each Priority Lien Secured Party (by its acceptance of the benefits hereof) hereby agrees to, and authorizes
the Collateral Agent to enter into, any such technical amendments, modifications and/or supplements (and additional Security Instruments).
The Company and each Grantor and Guarantor hereby further agrees that, if there are any recording, filing or other similar fees
payable in connection with any of the actions to be taken pursuant to this Section 3.8(c) or Section 3.8(d), all
such amounts shall be paid by, and shall be for the account of, the Company and the respective Grantors and Guarantors, on a joint
and several basis.

 

(d)           Without
limitation of the foregoing, each Grantor agrees to take such actions with respect to any real property Collateral (including Oil
and Gas Properties) with respect to all Additional Priority Lien Debt in accordance with each applicable Priority Lien Document.

 

(e)           The
Company shall have the right, at any time on or after the occurrence of the Discharge of First-Out Obligations, to enter into any
First-Out Document evidencing First-Out Debt so long as the incurrence thereof is not prohibited by any Priority Lien Documents,
and to designate such funded debt as First-Out Debt in accordance with Section 3.8(b). At any time from and after the date
of such designation pursuant to Section 3.8(b), subject to compliance with Sections 3.8(c) and (d), the obligations
under such First-Out Document shall automatically and without further action be treated as First-Out Debt for all purposes of this
Agreement.

 

Section 3.9            Gratuitous
Bailment for Perfection of Certain Security Interests. Each Priority Lien Representative, on behalf of itself and the Priority
Lien Secured Parties for which it is acting hereunder, agrees that if the Collateral Agent shall at any time hold a Lien on any
Collateral that can be perfected by the possession or control of such Collateral or of any account in which such Collateral is
held, and if such Collateral or any such account is in fact in the possession or under the control of such Priority Lien Representative
or any other Priority Lien Secured Party, such Priority Lien Representative or Priority Lien Secured Party will serve as gratuitous
bailee for the Collateral Agent for the sole purpose of perfecting the Liens of the Collateral Agent on such Collateral. It is
agreed that the obligations of each Priority Lien Representative and Priority Lien Secured Party and the rights of the Collateral
Agent and the other Priority Lien Representatives and Priority Lien Secured Parties in connection with any such bailment arrangement
will be in all respects subject to the provisions of Article 3. Notwithstanding anything to the contrary herein, no Priority
Lien Representative will be deemed to make any representation as to the adequacy of the steps taken by it to perfect the Lien on
any such Collateral and shall have no responsibility, duty, obligation or liability to the Collateral Agent, the other Priority
Lien Representatives or any other Priority Lien Secured Party or any other Person for such perfection or failure to perfect, it
being understood that the sole purpose of this Article 3 is to enable the Collateral Agent to obtain a perfected Lien
in such Collateral to the extent, if any, that such perfection results from the possession or control of such Collateral or any
such Account by a Priority Lien Representative or Priority Lien Secured Party. No Priority Lien Representative acting pursuant
to this Section 3.9 shall have by reason of the Priority Lien Documents, this Agreement or any other document or theory,
a fiduciary relationship in respect of any Priority Lien Secured Party, any other Priority Lien Representative or the Collateral
Agent. Subject to Section 7.17, each Priority Lien Representative, on behalf of itself and the Priority Lien Secured Parties
for which it is acting hereunder, agrees that it shall take all such actions in its power as shall reasonably be requested by the
Collateral Agent or any other Priority Lien Representative (at the sole cost and expense of the Grantors) to transfer possession
or control of such Collateral or any such account (in each case to the extent the other Priority Lien Secured Parties have, or
are entitled to have, a Lien on such Collateral or account after giving effect to any prior or concurrent releases of Liens) to
the Collateral Agent for the benefit of all Priority Lien Secured Parties.

 

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Article
4

OBLIGATIONS ENFORCEABLE BY THE COMPANY AND 

THE OTHER GRANTORS

 

Section 4.1           Release
of Liens on Collateral.

 

(a)          The
Priority Liens upon the Collateral will be automatically released in each of the following circumstances:

 

(1)           as
to all Collateral, upon the Discharge of Priority Lien Obligations;

 

(2)           as
to any Collateral of the Company, any Grantor or any Guarantor that is sold, transferred or otherwise disposed of by the Company,
any Grantor or any Guarantor to a Person that is not (either before or after such sale, transfer or disposition) the Company, a
Grantor or a Guarantor in a transaction or other circumstance that is permitted by the Senior Credit Facility, the Term Loan Credit
Facility and the other Priority Lien Documents, upon consummation of such sale, transfer or other disposition;

 

(3)           as
to any Collateral of a Grantor or Guarantor that is (A) released as a Grantor or Guarantor, as applicable, under each Priority
Lien Document and (B) not obligated (as primary obligor or guarantor) with respect to any other Priority Lien Obligations
and so long as the respective release does not violate the terms of any Priority Lien Document which then remains in effect, upon
the release of such Grantor or Guarantor, as applicable;

 

(4)           as
to any other release of any of the Collateral, if (A) consent to the release of that Collateral has been given by the requisite
percentage or number of holders of each Series of Priority Lien Debt at the time outstanding as provided for in the applicable
Priority Lien Documents and (B) the Company has delivered an Officer’s Certificate to the Collateral Agent certifying
that all such necessary consents have been obtained, upon satisfaction of clause (A) and (B) hereof; or

 

    		34	 

     

    

 

(5)           as
to any Collateral of the Company, any Grantor or any Guarantor that is foreclosed upon by the Collateral Agent or against which
the Collateral Agent otherwise exercises its rights or remedies (including in connection with an Enforcement Action) (whether or
not any Insolvency or Liquidation Proceeding is pending at the time) in each case, which results in a disposition of such Collateral,
upon such foreclosure.

 

(b)         The
Collateral Agent agrees for the benefit of the Company and the other Grantors that, if the Collateral Agent at any time receives:

 

(1)           an
Officer’s Certificate stating that (A) the signing officer has read Article 4 of this Agreement and understands
the provisions and the definitions relating thereto, (B) such officer has made such examination or investigation as is necessary
to enable him or her to express an informed opinion as to whether or not the conditions precedent in this Agreement and all other
Priority Lien Documents, if any, to the release of the Collateral and the execution of the documents described in (2) below have
been satisfied and (C) in the opinion of such Officer, such conditions precedent, if any, have been satisfied; and

 

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

 

then, promptly following receipt by the
Collateral Agent of the items required by this Section 4.1(b), upon written request of the Company, the Collateral Agent
will execute (with such acknowledgements and/or notarizations as are required) and deliver evidence of such release to the Company
or other applicable Grantor.

 

(c)          The
Collateral Agent hereby agrees that in the case of any release pursuant to Section 4.1(a)(2), if the terms of any such sale,
transfer or other disposition require the payment of the purchase price to be contemporaneous with the delivery of the applicable
release, then, at the written request of and at the expense of the Company or other applicable Grantor, the Collateral Agent will
either (A) be present at and deliver the release at the closing of such transaction or (B) deliver the release under
customary escrow arrangements that permit such contemporaneous payment and delivery of the release.

 

Section 4.2           Delivery
of Copies to Priority Lien Representatives. The Company will deliver to each Priority Lien Representative a copy of each Officer’s
Certificate delivered to the Collateral Agent pursuant to Section 4.1(b), together with copies of all documents delivered
to the Collateral Agent with such Officer’s Certificate. The Priority Lien Representatives will not be obligated to take
notice thereof or to act thereon.

 

Section 4.3           Collateral
Agent not Required to Serve, File or Record. Subject to Section 3.2, the Collateral Agent is not required to serve,
file, register or record any instrument releasing or subordinating its Liens on any Collateral; provided that if the Company or
any other Grantor shall make a written demand in the form of an Officer’s Certificate for authorization to file a termination
statement under Section 9-513(c) of the UCC, the Collateral Agent shall, at the Company’s or such other Grantor’s
expense, comply with the written request of the Company or Grantor to comply with the requirements of such UCC provision as determined
by the Company or Grantor.

 

    		35	 

     

    

 

Section 4.4           Release
of Liens in Respect of First-Out or Term B Obligations. In addition to any release pursuant to Section 4.1 hereof,
the Collateral Agent’s Priority Liens will no longer secure:

 

(a)          the
First-Out Obligations, and the right of the holders of such First-Out Obligations to the benefits and proceeds of the Priority
Liens on the Collateral will terminate and be discharged, upon the occurrence of the Discharge of First-Out Obligations; and

 

(b)          the
Term B Obligations, and the right of the holders of such Term B Obligations to the benefits and proceeds of the Priority Liens
on the Collateral will terminate and be discharged, upon (i) the Discharge of Term B Obligations or (ii) defeasance of the Term
B Obligations in accordance with the applicable Term B Document if such document provides for a release of Liens on the Collateral
upon such defeasance.

 

Article
5

IMMUNITIES OF THE COLLATERAL AGENT

 

Section 5.1            No
Implied Duty. The Collateral Agent will not have any duties nor will it have responsibilities or obligations other than those
expressly assumed by it in this Agreement or the other Security Instruments to which the Collateral Agent is a party. No implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or the other Priority
Lien Documents, or otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing sentences, the
use of the term “agent” in this Agreement with reference to the Collateral Agent is not intended to connote any fiduciary
or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely
as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting
parties. The Collateral Agent will not be required to take any action that is contrary to applicable law or any provision of this
Agreement or the other Security Instruments or that would reasonably be expected to expose the Collateral Agent to liability.
The Collateral Agent shall not have or be deemed to have any fiduciary relationship with any Priority Lien Secured Party or any
other Person, regardless of whether a default, event of default or termination event has occurred under any Priority Lien Document.

 

Section 5.2            Appointment
of Agents and Advisors. The Collateral Agent may execute any of the powers or perform any the duties hereunder or under any
other Security Instrument either directly or by or through agents, attorneys, accountants, appraisers or other experts or advisors
selected by it with due care as it may reasonably require and will not be responsible for any misconduct or negligence on the
part of any of them, so long as they are selected in the absence of gross negligence or willful misconduct.

 

Section 5.3           Other
Agreements. The Collateral Agent has accepted its appointment as collateral agent hereunder and is bound by the Security Instruments
executed by the Collateral Agent as of the date of this Agreement, and, as directed in writing by the Controlling Priority Lien
Representative, the Collateral Agent shall execute additional Security Instruments delivered to it after the date of this Agreement
(including to secure Priority Lien Obligations arising under Additional Priority Lien Debt to the extent such Priority Lien Obligations
are permitted to be incurred and secured under the Priority Lien Documents); provided that such additional Security Instruments
do not adversely affect the rights, privileges, benefits and immunities of the Collateral Agent. The Collateral Agent will not
otherwise be bound by, or be held obligated by, the provisions of any credit agreement, indenture or other agreement governing
Priority Lien Debt (other than this Agreement, the Senior Credit Facility, the Term B Facility, and the other Security Instruments
to which it is a party).

 

    		36	 

     

    

 

Section 5.4            Solicitation
of Instructions. Notwithstanding any provision of this Agreement or any other Priority Lien Document:

 

(a)           The
Collateral Agent may at any time solicit written instructions, in the form of a direction by the Controlling Priority Lien Representative,
an Officer’s Certificate or an order of a court of competent jurisdiction, as to any action that it may be requested or required
to take, or that it may propose to take, in the performance of any of its obligations under this Agreement or the other Security
Instruments.

 

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

 

(c)           The
Collateral Agent shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement at the request,
order or direction of the Controlling Priority Lien Representative or any other Priority Lien Secured Party pursuant to the provisions
of this Agreement or any other Priority Lien Document, unless such representative or other party shall have furnished to the Collateral
Agent security or indemnity reasonably satisfactory to the Collateral Agent against the fees, costs, expenses and liabilities including
attorneys’ fees and expenses which may be incurred therein or thereby.

 

Section 5.5            Limitation
of Liability. Notwithstanding any other provision of this Agreement or any other Priority Lien Document, the Collateral Agent
will not be responsible or liable for any action taken or omitted to be taken by it hereunder (i) with the consent or at the request
or direction of the Controlling Priority Lien Representative or (ii) in the absence of its own gross negligence, willful misconduct
or material breach of its obligations under this Agreement in bad faith, in each case, as determined in the final non-appealable
judgment of a court of competent jurisdiction.

 

Section 5.6            Documents
in Satisfactory Form. The Collateral Agent will be entitled, but not obligated, to require that all agreements, certificates,
opinions, instruments and other documents at any time submitted to it, including those expressly provided for in this Agreement
or any other Security Instrument, be delivered to it in a form reasonably satisfactory to it.

 

    		37	 

     

    

 

Section 5.7            Entitled
to Rely. The Collateral Agent may seek and conclusively rely upon, and shall be fully protected in conclusively relying upon,
any judicial order or judgment, upon any advice, opinion or statement of legal counsel, independent consultants and other experts
selected by it in good faith and upon any certification, instruction, notice or other writing delivered to it by the Company,
any Grantor or any Guarantor in compliance with the provisions of this Agreement or delivered to it by any Priority Lien Representative
as to the holders of Priority Lien Obligations for whom it acts, without being required to determine the authenticity thereof
or the correctness of any fact stated therein or the propriety or validity of service thereof. The Collateral Agent may act in
reliance upon any instrument comporting with the provisions of this Agreement or any other Security Instrument or any signature
believed by it in good faith to be genuine and may assume that any Person purporting to give notice or receipt or advice or make
any statement or execute any document in connection with the provisions hereof or the other Security Instruments has been duly
authorized to do so. To the extent an Officer’s Certificate or opinion of counsel is required or permitted under this Agreement
or any other Security Instrument to be delivered to the Collateral Agent in respect of any matter, the Collateral Agent may rely
conclusively on an Officer’s Certificate or opinion of counsel as to such matter and such Officer’s Certificate or
opinion of counsel shall be full warranty and protection to the Collateral Agent for any action taken, suffered or omitted by
it under the provisions of this Agreement and the other Security Instruments.

 

Section 5.8            Priority
Lien Debt Default. The Collateral Agent will not be required to inquire as to the occurrence or absence of any Priority Lien
Debt Default and will not be affected by or required to act upon any notice or knowledge as to the occurrence of any Priority
Lien Debt Default unless and until it is directed in writing by the Controlling Priority Lien Representative.

 

Section 5.9            Actions
by Collateral Agent. As to any matter not expressly provided for by this Agreement or the other Security Instruments, the
Collateral Agent will act or refrain from acting as directed in writing by the Controlling Priority Lien Representative and will
be fully protected if it does so, and any action taken, suffered or omitted pursuant to hereto or thereto shall be binding on
the holders of Priority Lien Obligations.

 

Section 5.10          Security
or Indemnity in favor of the Collateral Agent. The Collateral Agent will not be required to advance or expend any funds or
otherwise incur any financial liability in the performance of its duties or the exercise of its powers or rights hereunder or
under any other Priority Lien Document unless it has been provided with security or indemnity reasonably satisfactory to it against
any and all liability or expense which may be incurred by it by reason of taking or continuing to take such action. In no event
shall the Collateral Agent be liable, directly or indirectly, for any special, indirect, punitive or consequential damages, even
if the Collateral Agent has been advised of the possibility of such damages and regardless of the form of action.

 

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

 

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

 

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

 

(b)           The
Collateral Agent will not be responsible for the existence, genuineness or value of any of the Collateral or for the validity,
perfection, priority or enforceability of the Liens in any of the Collateral, for the validity or sufficiency of the Collateral
or any agreement or assignment contained therein, for the validity of the title of any Grantor to the Collateral, for insuring
the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance
of the Collateral. The Collateral Agent hereby disclaims any representation or warranty to the current and future holders of the
Priority Lien Obligations concerning the perfection of the security interests granted to it or in the value of any Collateral.
The Collateral Agent shall not be under any obligation to any Priority Lien Representative or any holder of Priority Lien Debt
to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement
or any other Security Instrument or to inspect the properties, books or records of the Company, any Grantor or any Guarantor. The
Collateral Agent shall not have any liability, duty or obligation with respect to any actions or omissions of any other Person,
including without limitation, the Company, the Priority Lien Representatives or any other Priority Lien Secured Party, except as
expressly provided by Section 5.2.

 

    		39	 

     

    

 

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

 

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

 

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

 

(3)           the
Collateral Agent will not be obligated to perform any of the obligations or duties of the Company or any Grantor or any other Person.

 

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

 

Section 5.15         Other
Relationships with the Company, Grantors or Guarantors. Citibank, N.A., and its Affiliates (and any successor Collateral Agent
and its Affiliates) may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests
in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with the Company, any
Grantor or any Guarantor and its Affiliates as though it was not the Collateral Agent hereunder and without notice to or consent
of the Priority Lien Secured Parties. The Priority Lien Representatives and the holders of the Priority Lien Obligations acknowledge
that, pursuant to such activities, Citibank, N.A., or its Affiliates (and any successor Collateral Agent and its Affiliates) may
receive information regarding the Company, any Grantor or any Guarantor or its Affiliates (including information that may be subject
to confidentiality obligations in favor of the Company, such Grantor or Guarantor or such Affiliate) and acknowledge that the
Collateral Agent shall not be under any obligation to provide such information to the Priority Lien Representatives or the holders
of the Priority Lien Obligations. Nothing herein shall impose or imply any obligation on the part of Citibank, N.A., (or any successor
Collateral Agent) to advance funds. Each party agrees and acknowledges that Citibank, N.A., is acting in separate and distinct
roles and capacities under the Priority Lien Documents. In no event shall Citibank, N.A., in any role or capacity have any duty
or liability for any other role or capacity.

 

    		40	 

     

    

 

Section 5.16          Other
Provisions.

 

(a)           The
permissive authorizations, entitlements, powers and rights granted to the Collateral Agent in the Priority Lien Documents shall
not be construed as duties.

 

(b)           The
Collateral Agent shall have no responsibility for interest or income on any funds held by it hereunder and any funds so held shall
be held un-invested pending distribution thereof.

 

(c)           Whether
or not explicitly set forth therein, the rights, powers, protections, immunities and indemnities granted to the Collateral Agent
herein shall apply to any document entered into by the Collateral Agent in connection with its role as Collateral Agent under the
Priority Lien Documents.

 

(d)           Each
Priority Lien Secured Party (other than the Collateral Agent) authorizes and directs the Collateral Agent to enter into this Agreement
and the other Priority Lien Documents to which it is a party on the date hereof on behalf of and for the benefit of the Priority
Lien Secured Parties.

 

(e)           Delivery
of reports, documents and other information to the Collateral Agent is for informational purposes only and the Collateral Agent’s
receipt of the foregoing shall not constitute constructive knowledge of any event or circumstance or any information contained
therein or determinable from information contained therein. Information contained in notices, reports or other documents delivered
to the Collateral Agent and other publicly available information shall not constitute actual or constructive knowledge. Knowledge
of or notices or other documents delivered to Citibank, N.A., in any capacity shall not constitute knowledge of or delivery to
Citibank, N.A., in any other capacity under the Priority Loan Documents or to any affiliate or other division of Citibank, N.A.

 

(f)            In
connection with the delivery of any information to the Collateral Agent by any other Person to be used in connection with the preparation
or distribution of calculations or reports, the Collateral Agent is entitled to conclusively rely on the accuracy of any such information
and shall not be required to investigate or reconfirm its accuracy and shall not be liable in any manner whatsoever for any errors,
inaccuracies or incorrect information resulting from the use of this information.

 

(g)           Not
less than four (4) Business Days (or such shorter period as may be agreed to by the Collateral Agent) prior to any payment, distribution
or transfer of funds by the Collateral Agent to any Person under the Priority Lien Documents, the payee shall provide to the Collateral
Agent such documentation and information as may be requested by the Collateral Agent (unless such Person has previously provided
the documentation or information, and so long as such documentation or information remain accurate and true). The Collateral Agent
shall have no duty, obligation or liability to make any payment to any Person unless it has timely received such documentation
and information with respect to such Person, which documentation and information shall be reasonably satisfactory to the Collateral
Agent.

 

    		41	 

     

    

 

(h)           Any
notes or other evidence of indebtedness issued under the Priority Lien Documents need not be presented or surrendered for any payment
made by the Collateral Agent, and the Collateral Agent shall not have any duty or responsibility with respect thereto.

 

(i)           The
Collateral Agent shall not act as the withholding agent under any Priority Lien Document. The Company and the Priority Lien Secured
Parties, as applicable, shall provide to the Collateral Agent any IRS forms (or updated versions of any previously submitted IRS
forms) or other documentation at such time or times required by applicable law or upon the reasonable request of the Collateral
Agent as may be necessary (x) to determine the nature of the income and whether any tax or withholding obligations apply, (y) to
reduce or eliminate the imposition of U.S. withholding taxes and (z) to permit the Collateral Agent to fulfill its tax reporting
obligations under applicable law with respect to this Agreement or any amounts paid. Citibank, N.A., both in its individual capacity
and in its capacity as the Collateral Agent, shall have no liability to any Person in connection with any tax withholding amounts
paid or withheld pursuant to applicable law arising from the failure to timely provide an accurate, correct and complete IRS Form
W-9, an appropriate IRS Form W-8 or such other documentation contemplated under this Agreement. In the event any IRS form, certification
or other documentation expires or becomes obsolete or inaccurate in any respect, the Person who provided the same shall promptly
provide to the Collateral Agent an updated version of such form, certificate or other documentation or promptly notify the Collateral
Agent in writing of its legal inability to do so.

 

(j)            Notwithstanding
anything else to the contrary herein or in the other Priority Lien Documents, whenever reference is made in this Agreement or any
other Priority Lien Document to any discretionary action by, consent, designation, specification, requirement or approval of, notice,
request or other communication from, or other direction given or action to be undertaken or to be (or not to be) suffered or omitted
by the Collateral Agent or to any election, decision, opinion, acceptance, use of judgment, expression of satisfaction or other
exercise of discretion, rights or remedies to be made (or not to be made) by the Collateral Agent, it is understood that the Collateral
Agent shall be acting at the direction of the Controlling Priority Lien Representative and shall be fully protected in acting pursuant
to such directions.

 

Article
6

RESIGNATION AND REMOVAL OF THE COLLATERAL AGENT

 

Section 6.1            Resignation
or Removal of Collateral Agent.

 

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

 

(b)           the
Collateral Agent may be removed upon not less than 30 days’ prior written notice, with or without cause, by the Controlling
Priority Lien Representative.

 

    		42	 

     

    

 

Section 6.2            Appointment
of Successor Collateral Agent. Upon any such resignation or removal, a successor Collateral Agent may be appointed by the
Controlling Priority Lien Representative. If no successor Collateral Agent has been so appointed and accepted such appointment
within 30 days after the predecessor Collateral Agent gave notice of resignation or was removed, the retiring Collateral Agent
may, at its option, but shall not be obligated to, appoint a successor Collateral Agent, or petition a court of competent jurisdiction
for appointment of a successor Collateral Agent, which must be a bank or trust company:

 

(1)           authorized
to exercise corporate trust powers;

 

(2)           having
a combined capital and surplus of at least $100,000,000; and

 

(3)           that
is not the Company or any of its Affiliates.

 

After any retiring
Collateral Agent’s resignation or removal hereunder as the Collateral Agent, the provisions of Article 5 of this Agreement
and Sections 7.8, 7.9 and 7.22 shall inure to the benefit of such retiring Collateral Agent, its sub-agents
or attorneys in fact as to any actions taken or omitted to be taken by any of them while the retiring Collateral Agent was Collateral
Agent under this Agreement. If no successor Collateral Agent has accepted appointment as Collateral Agent by the date which is
30 days following a retiring Collateral Agent’s notice of resignation or the notice of removal, the retiring Collateral Agent’s
resignation or removal shall nevertheless thereupon become effective and the Collateral Agent shall be discharged from its duties
and obligations hereunder, and the Controlling Priority Lien Representative shall perform all of the duties of the Collateral Agent
hereunder until such time, if any, a successor is appointed; provided that in the case of any security held by the Collateral Agent,
the retiring Collateral Agent shall continue to hold such security in a custodial capacity only until such time as a successor
agent is appointed or deposit such security with a court of competent jurisdiction (at the expense of the Company).

 

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

 

(1)           such
Person will succeed to and become vested with all the rights, powers, privileges and duties of the predecessor Collateral Agent,
and the predecessor Collateral Agent will be discharged from its duties and obligations hereunder (if not already discharged in
accordance with Section 6.1); and

 

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

 

    		43	 

     

    

 

Thereafter the predecessor Collateral Agent
will remain entitled to enforce the immunities granted to it in Article 5 and the provisions of Sections 7.8, 7.9
and 7.22, and said provisions will survive termination of this Agreement for the benefit of the predecessor of the Collateral
Agent. The predecessor Collateral Agent shall have no liability whatsoever for the actions or inactions of the successor Collateral
Agent.

 

Section 6.4            Merger,
Conversion or Consolidation of Collateral Agent. Any Person into which the Collateral Agent may be merged or converted or
with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Collateral
Agent shall be a party, or any Person succeeding to the corporate trust business of the Collateral Agent shall be the successor
of the Collateral Agent pursuant to Section 6.3.

 

Section 6.5            Concerning
the Collateral Agent and the Priority Lien Representatives.

 

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

 

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

 

(c)           Notwithstanding
anything contained herein to the contrary, it is expressly understood and agreed by the parties hereto that this Agreement has
been signed by Citibank, N.A., not in its individual capacity or personally but in its capacity as Administrative Agent signing
as First-Out Representative, and in no event shall Citibank, N.A., or any other Priority Lien Representative, in its individual
capacity, have any liability for the representations, warranties, covenants, agreements or other obligations of any other party
under this Agreement, any Priority Lien Document or in any of the certificates, reports, documents, data notices or agreements
delivered by such other party pursuant hereto or thereto.

 

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

 

    		44	 

     

    

 

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

 

Article
7

MISCELLANEOUS PROVISIONS

 

Section 7.1            Amendment.

 

(a)           No
amendment or supplement to the provisions of any Security Instrument will be effective without the approval of the Collateral Agent
and the Controlling Priority Lien Representative (acting with the consent of the Required Priority Lien Debtholders), except that:

 

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

 

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

 

(B)       curing
any ambiguity, omission, mistake, defect or inconsistency;

 

(C)       providing
for the assumption of the Company, any Grantor or any Guarantor’s obligations under any Priority Lien Document in the case
of a merger or consolidation or sale of all or substantially all of the properties or assets of the Company, any Grantor or such
Guarantor to the extent permitted by the terms of the Senior Credit Facility, the Term Loan Credit Facility and the other Priority
Lien Documents, as applicable;

 

(D)       making
any change that would provide any additional rights or benefits to the holders of Priority Lien Debt or the Collateral Agent or
that does not adversely affect the legal rights under the Term Loan Credit Facility, the Senior Credit Facility or any other Priority
Lien Document of any holder of First-Out Obligations or Term B Obligations, any other holder of Priority Lien Debt or the Collateral
Agent; or

 

(E)       effecting
any release of Collateral otherwise permitted under the Priority Lien Documents, will become effective when executed and delivered
by the Company or any other applicable Grantor party thereto and the Collateral Agent (acting at the written direction of the Controlling
Priority Lien Representative);

 

    		45	 

     

    

 

(2)           no
amendment or supplement that:

 

(A)       amends
the provisions of this clause (2):

 

(B)       reduces,
impairs or adversely affects the right of any holder of First-Out Obligations to vote its outstanding First-Out Debt as to any
matter described as subject to a direction by, or the agreement of, the Controlling Priority Lien Representative;

 

(C)       reduces,
impairs or adversely affects the right of any holder of Term B Obligations to vote its outstanding Term B Debt as to any matter
described as subject to a direction by, or the agreement of, the Controlling Priority Lien Representative;

 

(D)       
amends the definition of “Collateral”, “Controlling Priority Lien Representative,” “Discharge
of First-Out Obligations”, “First-Out Debt,” “First-Out Documents,” “First-Out
Obligations,” “First-Out Secured Parties,” “Priority Lien Debt”, “Priority
Lien Debt Default”, “Priority Lien Documents”, “Priority Lien Obligations”, “Priority
Lien Representative”, “Priority Lien Secured Party”, “Required First-Out Debtholders,”
any other definition containing the words “First-Out” or “Hedging” therein or any other defined
terms to the extent referenced or implicated therein;

 

(E)       amends
the definition of “Controlling Priority Lien Representative,” “Discharge of Term B Obligations,”
“Term B Debt,” “Term B Documents,” “Term B Obligations,” “Term
B Secured Parties,” “Required Term B Debtholders,” any other definition containing the words “Term
B” therein or any other defined terms to the extent referenced or implicated therein; or

 

(F)       reduces,
impairs or adversely affects the right of any holder of Priority Lien Obligations to (i) share in the order of application described
in Section 3.4 in the proceeds of an Enforcement Action that has not been released in accordance with the provisions described
in Section 4.1 or 4.4, or (ii) require that Liens securing Priority Lien Obligations be released only as set forth
in the provisions described in Sections 4.1 or 4.4,

 

will become effective without
the consent of the Controlling Priority Lien Representative acting with (i) with respect to clause (A), the consent of the Required
First-Out Debtholders (which must include the written consent of all of the First-Out Hedging Counterparties) and the Required
Term B Debtholders, (ii) with respect to clause (B), the consent of the Required First-Out Debtholders (which must include the
written consent of all of the First-Out Hedging Counterparties), (iii) with respect to clause (C), the consent of the Required
Term B Debtholders, (iv) with respect to clause (D), the consent of the Required First-Out Debtholders (which must include the
written consent of all of the First-Out Hedging Counterparties) and, to the extent such amendment reduces, impairs or adversely
affects the right of any holder of Term B Obligations, the consent of the Required Term B Debtholders, (v) with respect to clause
(E), the consent of the Required Term B Debtholders and, to the extent such amendment reduces, impairs or adversely affects the
right of any holder of First-Out Obligations, the consent of the Required First-Out Debtholders (which must include the written
consent of all of the First-Out Hedging Counterparties), and (vi) with respect to clause (F), the consent of the Required Priority
Lien Debtholders (which must include the written consent of all of the First-Out Hedging Counterparties); and

 

    		46	 

     

    

 

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

 

(b)           [Reserved].

 

(c)           Notwithstanding
Section 7.1(a) but subject to Sections 7.1(a)(2) and 7.1(a)(3):

 

(1)           any
mortgage or other Security Instrument may be amended or supplemented with the approval of the Collateral Agent (acting at the written
direction of the Controlling Priority Lien Representative), unless such amendment or supplement would not be permitted under the
terms of this Agreement or any Priority Lien Document;

 

(2)           any
amendment or waiver of, or any consent under, any provision of any Security Instrument that secures Priority Lien Obligations will
apply automatically to any comparable provision of any comparable Security Instrument without the consent of or notice to any holder
of Priority Lien Obligations and without any action by the Company, any Grantor or any Guarantor or any holder of Priority Lien
Obligations or the Collateral Agent; and

 

(3)           any
mortgage or other Security Instrument may be amended or supplemented with the approval of the Collateral Agent (acting at the written
direction of the Controlling Priority Lien Representative but without the consent of or notice to any other holder of Priority
Lien Obligations and without any action by any other holder of Priority Lien Obligations) (i) to cure any ambiguity, defect
or inconsistency, or (ii) to make other changes that do not have an adverse effect on the validity of the Lien created thereby.

 

(d)           The
Collateral Agent will not enter into any amendment or supplement unless it has received an Officer’s Certificate to the effect
that such amendment or supplement will not result in a breach of any provision or covenant contained in any of the Priority Lien
Documents. Prior to executing any amendment or supplement pursuant to this Section 7.1, the Collateral Agent shall receive
an opinion of counsel of the Company stating that the execution of such document is authorized or permitted under this Agreement
and the other Priority Lien Documents and is the legal, valid and binding obligation of the Company, and with respect to amendments
adding Collateral, to the extent otherwise required pursuant to any Series of Priority Lien Debt, an opinion of counsel of the
Company addressing customary creation and perfection, and if such additional Collateral consists of equity interests of any Person
which equity interests constitute certificated securities, priority matters with respect to such additional Collateral (which opinion
may be subject to customary assumptions and qualifications).

 

    		47	 

     

    

 

Section 7.2           Voting.
In connection with any matter under this Agreement requiring a vote of holders of Priority Lien Debt, each Series of Priority
Lien Debt will cast its votes in accordance with the Priority Lien Documents governing such Series of Priority Lien Debt. Following
and in accordance with the outcome of the applicable vote under its Priority Lien Documents, the Priority Lien Representative
of each Series of Priority Lien Debt will vote the total amount of Priority Lien Debt under that Series of Priority Lien Debt
as a block in respect of any vote under this Agreement.

 

Section 7.3            Further
Assurances.

 

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

 

(b)           Upon
the reasonable request of the Collateral Agent (acting at the written direction of the Controlling Priority Lien Representative)
or any Priority Lien Representative at any time and from time to time, the Company and each of the Grantors and Guarantors will
promptly execute, acknowledge and deliver such Security Instruments, instruments, certificates, notices and other documents, and
take such other actions as may be reasonably required, or that the Collateral Agent (acting at the written direction of the Controlling
Priority Lien Representative) 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 Priority Lien Documents for the benefit of holders of Priority Lien Obligations;
provided that no such Security Instrument, instrument or other document shall be materially more burdensome upon the Company, any
Grantor and the Guarantors than the Priority Lien Document executed and delivered (or required to be executed and delivered promptly
after the date hereof) by the Company, the Grantors and the Guarantors in connection with the issuance of the Initial Term B Notes
on or about the date hereof.

 

    		48	 

     

    

 

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

 

Section 7.4            Successors
and Assigns.

 

(a)           Except
as provided in Article 5 and Article 6, the Collateral Agent may not, in its capacity as such, delegate any of its
duties or assign any of its rights hereunder, and any attempted delegation or assignment of any such duties or rights will be null
and void. All obligations of the Collateral Agent hereunder will inure to the sole and exclusive benefit of, and be enforceable
by, each Priority Lien Representative and each Priority Lien Secured Party, each of whom will be entitled to enforce this Agreement
as a third-party beneficiary hereof, and all of their respective successors and permitted assigns.

 

(b)          Except
as otherwise permitted by the Priority Lien Documents, neither the Company nor any Grantor or Guarantor may delegate any of its
duties or assign any of its rights hereunder, and any attempted delegation or assignment of any such duties or rights will be null
and void. All obligations of the Company, the Grantors and the Guarantors hereunder will inure to the sole and exclusive benefit
of, and be enforceable by, the Collateral Agent, each Priority Lien Representative and each Priority Lien Secured Party, each of
whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and all of their respective successors and
permitted assigns.

 

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

 

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

 

    		49	 

     

    

 

	If to the Collateral Agent:	
        Citibank, N.A.

        811 Main Street, Suite 4000

        Houston, TX 77002

        Attention: Mr. Phil Ballard

        Facsimile No: 281-271-8970

        Telephone: 713-821-4789

        Electronic Mail Address: phil.ballard@citi.com

	 	 
	 	with a copy (which shall not constitute notice) to:
	 	 
	 	
        Latham & Watkins LLP

        811 Main Street, Suite 3700

        Houston, TX, 77002

        Attention: Mr. Trevor Wommack

        Facsimile No: 713-546-5401

        Telephone: 713-546-7425

        Electronic Mail Address:

        trevor.wommack@lw.com

	 	 
	If to the Company or any other Grantor:	
        5847 San Felipe, Suite 3000

        Houston, Texas 77057-3399

        Attn: Mr. Ryan Midgett

        Facsimile No: 832-327-2260

        Telephone: 832-377-2203

        Electronic Mail Address:

        rmidgett@vnrenergy.com

	 	 
	 	with a copy (which shall not constitute notice) to:
	 	 
	 	
        Kirkland & Ellis LLP

        609 Main Street

        Houston, TX 77002

        Attention: Mr. Lucas E. Spivey, P.C.

        Facsimile No: 713-836-3601

        Telephone: 713-836-3640

        Electronic Mail Address:

        lucas.spivey@kirkland.com

	 	 
	If to the Term B Representative:	
        Citibank, N.A.

        811 Main Street, Suite 4000

        Houston, TX 77002

        Attention: Mr. Phil Ballard

        Facsimile No: 281-271-8970

        Telephone: 713-821-4789

        Electronic Mail Address:

        phil.ballard@citi.com

 

    		50	 

     

    

 

	 	with a copy (which shall not constitute notice) to:
	 	 
	 	
        Latham & Watkins LLP

        811 Main Street, Suite 3700

        Houston, TX, 77002

        Attention: Mr. Trevor Wommack

        Facsimile No: 713-546-5401

        Telephone: 713-546-7425

        Electronic Mail Address:

        trevor.wommack@lw.com

	 	 
	If to the Senior Credit Facility Agent:	
        Citibank, N.A.

        811 Main Street, Suite 4000

        Houston, TX 77002

        Attention: Mr. Phil Ballard

        Facsimile No: 281-271-8970

        Telephone: 713-821-4789

        Electronic Mail Address:

        phil.ballard@citi.com

	 	 
	 	with a copy (which shall not constitute notice) to:
	 	 
	 	
        Latham & Watkins LLP

        811 Main Street, Suite 3700

        Houston, TX, 77002

        Attention: Mr. Trevor Wommack

        Facsimile No: 713-546-5401

        Telephone: 713-546-7425

        Electronic Mail Address:

        trevor.wommack@lw.com

 

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

 

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

 

If a notice or communication
is mailed or delivered by electronic mail or facsimile in the manner provided above within the time prescribed, it is duly given,
whether or not the addressee receives it; provided that notices or communications to the Collateral Agent shall only be effective
when actually received by the Collateral Agent.

 

    		51	 

     

    

 

Section 7.7            Entire
Agreement. This Agreement, the other Priority Lien Documents and the Collateral Agent Fee Letter state the complete agreement
of the parties relating to the undertaking of the Collateral Agent set forth herein or therein and supersede all oral negotiations
and prior writings in respect of such undertaking.

 

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

 

(1)           such
compensation to the Collateral Agent and its agents including attorneys as set forth in the Collateral Agent Fee Letter or otherwise
as the Company and the Collateral Agent may agree in writing from time to time;

 

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

 

(3)           all
reasonable and documented out-of-pocket fees, expenses and disbursements of legal counsel (which shall be limited to one primary
counsel for the Collateral Agent) and any auditors, accountants, consultants or appraisers or other professional advisors and agents
engaged by the Collateral Agent or any Priority Lien Representative incurred in connection with the negotiation, preparation, closing,
administration, performance or enforcement of this Agreement and the other Priority Lien Documents or any consent, amendment, waiver
or other modification relating hereto or thereto and any other document or matter requested by the Company, any Grantor or any
Guarantor;

 

(4)           all
reasonable and documented out-of-pocket costs and expenses incurred by the Collateral Agent and its agents in creating, perfecting,
preserving, releasing or enforcing the Collateral Agent’s Liens on the Collateral, including filing and recording fees, expenses
and taxes, stamp or documentary taxes, search fees, and title insurance premiums;

 

(5)           all
other reasonable and documented out-of-pocket fees, costs and expenses incurred by the Collateral Agent and its agents in connection
with the negotiation, preparation and execution of the Security Instruments and any consents, amendments, waivers or other modifications
thereto and the transactions contemplated thereby or the exercise of rights or performance of obligations by the Collateral Agent
thereunder; and

 

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

 

    		52	 

     

    

 

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

 

Section 7.9            Indemnity.

 

(a)           Sections
12.03(b) through (g) of the Senior Credit Facility are incorporated herein in their entirety, mutatis mutandis.

 

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

 

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

 

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

 

Section 7.13          Governing
Law; Submission to Jurisdiction; Waiver of Venue; Waiver of Jury Trial. Sections 12.10, 12.11, 12.12,
12.13, and 12.14 of the Senior Credit Facility are incorporated herein in their entirety, mutatis mutandis.

 

Section 7.14         Counterparts,
Electronic Signatures. This Agreement may be executed in any number of counterparts (including by facsimile), each of which
when so executed and delivered will be deemed an original, but all such counterparts together will constitute but one and the
same instrument. The parties hereto may sign this Agreement and any Collateral Agency Joinder and transmit the executed copy by
electronic means, including facsimile or noneditable *.pdf files. The electronic copy of the executed Agreement and any Collateral
Agency Joinder is and shall be deemed an original signature.

 

Section 7.15          Effectiveness.
This Agreement will become effective upon the execution of a counterpart hereof by each of the parties hereto.

 

Section 7.16          Grantors
and Additional Grantors. Each Grantor represents and warrants that it has duly executed and delivered this Agreement. The
Company will cause each Person that hereafter becomes a Grantor or is required by any Priority Lien Document to become a party
to this Agreement to become a party to this Agreement, for all purposes of this Agreement, by causing such Person to execute and
deliver to the Collateral Agent a Collateral Agency Joinder, whereupon such Person will be bound by the terms hereof to the same
extent as if it had executed and delivered this Agreement as of the date hereof. The Company shall promptly provide each Priority
Lien Representative with a copy of each Collateral Agency Joinder executed and delivered pursuant to this Section 7.16;
provided that the failure to so deliver a copy of the Collateral Agency Joinder to any then-existing Priority Lien Representative
shall not affect the inclusion of such Person as a Grantor if the other requirements of this Section 7.16 are complied
with.

 

    		53	 

     

    

 

Section 7.17          Continuing
Nature of this Agreement. This Agreement, including the priority payment rights of the First-Out Secured Parties, will be
reinstated following termination hereof if at any time any payment or distribution in respect of any of the Priority Lien Obligations
is rescinded or must otherwise be returned in an Insolvency or Liquidation Proceeding or otherwise by any Priority Lien Secured
Party, Priority Lien Representative or any representative of any such party (whether by demand, settlement, litigation or otherwise).
If all or any part of a payment or distribution made with respect to the First-Out Obligations is recovered from any holder of
Priority Lien Obligations, any Priority Lien Representative in an Insolvency or Liquidation Proceeding or otherwise, such payment
or distribution received by any holder of Priority Lien Obligations or Priority Lien Representative with respect to the Priority
Lien Obligations from the proceeds of any Collateral at any time after the date of the payment or distribution that is so recovered,
whether pursuant to a right of subrogation or otherwise, such Priority Lien Representative or holder of a Priority Lien Obligation,
as the case may be, will forthwith deliver the same to the Collateral Agent, for the ratable account of the holders of the First-Out
Obligations to be applied in accordance with Section 3.4. Until so delivered, such proceeds will be held by such Priority
Lien Representative or holder of Priority Lien Obligations, as the case may be, for the ratable benefit of the holders of the
First-Out Obligations.

 

Section 7.18          Insolvency.
This Agreement will be applicable both before and after the commencement of any Insolvency or Liquidation Proceeding by or against
any Grantor. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency
or Liquidation Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement.

 

Section 7.19          Rights
and Immunities of Priority Lien Representatives. The Term B Representative and the Collateral Agent will be entitled, to the
extent applicable to such entity, to all of the rights, protections, immunities and indemnities set forth in the Term Loan Credit
Facility, the Senior Credit Facility Agent will be entitled, to the extent applicable to such entity, to all of the rights, protections,
immunities and indemnities set forth in the Senior Credit Facility and any future Priority Lien Representative will be entitled
to all of the rights, protections, immunities and indemnities set forth in the credit agreement, indenture or other agreement
governing the applicable Priority Lien Debt with respect to which such Person will act as representative, in each case as if specifically
set forth herein. In no event will any Priority Lien Representative be liable for any act or omission on the part of the Grantors
or the Collateral Agent hereunder.

 

Section 7.20          Force
Majeure. In no event shall the Collateral Agent be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services;
it being understood that the Collateral Agent shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances.

 

    		54	 

     

    

 

Section 7.21          U.S.A.
Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Collateral
Agent, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to
obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an
account with the Collateral Agent. The parties to this Agreement agree that they will provide the Collateral Agent with such information
as it may request in order for the Collateral Agent to satisfy the requirements of the U.S.A. Patriot Act, including each party’s
name, physical address, tax identification number and other information that will help the Collateral Agent identify and verify
each party’s identity such as organizational documents, certificate of good standing, license to do business, or other pertinent
identifying information.

 

Section 7.22          Limitation
on Liability. Notwithstanding anything to the contrary in this Agreement, none of the Priority Lien Secured Parties shall
have any claims with respect to the transactions contemplated by the Priority Lien Documents against any present or future holder
(whether direct or indirect) of any Equity Interests in any Grantor or Guarantor (other than the Grantors or Guarantors), or,
in each case, any of their respective Affiliates (other than the Grantors or Guarantors), shareholders, officers, directors, members,
managers, partners, employees, representatives, controlling persons, executives or agents (collectively, the “Non-Recourse
Persons”) by virtue of their capacity as such, such claims against such Non-Recourse Persons (including as may arise
by operation of law) being expressly waived hereby; provided that the foregoing provision of this Section 7.22 shall
not (a) constitute a waiver, release or discharge (or otherwise impair the enforceability) of any of the Priority Lien Obligations,
or of any of the terms, covenants, conditions, or provisions of this Agreement or any other Priority Lien Document and the same
shall continue (but without liability of the Non-Recourse Persons) until fully paid, discharged, observed or performed, (b) constitute
a waiver, release or discharge of any lien or security interest purported to be created pursuant to the Security Instruments (or
otherwise impair the ability of any Priority Lien Secured Party to realize or foreclose upon any Collateral), (c) limit or restrict
the right of the Collateral Agent, any Priority Lien Representative or any other Priority Lien Secured Party (or any assignee,
beneficiary or successor to any of them) to name any Grantor, Guarantor or any other Person as a defendant in any action or suit
for a judicial foreclosure or for the exercise of any other remedy under or with respect to any Priority Lien Document, or for
injunction or specific performance, so long as no judgment in the nature of a deficiency judgment shall be enforced against any
Non-Recourse Person, except as expressly set forth in clauses (d) and (e) of this Section 7.22; (d) in any way limit or
restrict any right or remedy of the Collateral Agent, any Priority Lien Representative or any other Priority Lien Secured Party
(or any assignee or beneficiary thereof or successor thereto) with respect to, and each of the Non-Recourse Persons shall remain
fully liable to the extent that it would otherwise be liable for its own actions with respect to, any fraud, willful misrepresentation,
or misappropriation of revenues, profits or proceeds from or of any Collateral that should or would have been paid as provided
herein or paid or delivered to the Collateral Agent, any Priority Lien Representative or any other Priority Lien Secured Party
(or any assignee or beneficiary thereof or successor thereto) towards any payment required under this Agreement or any other Priority
Lien Document, or (e) affect or diminish in any way or constitute a waiver, release or discharge of any obligation, covenant,
or agreement made by any of the Non-Recourse Persons (or any security granted by the Non-Recourse Persons in support of the obligations
of any Person) under or in connection with any Priority Lien Document (or as security for the Priority Lien Obligations of the
Grantors). The limitations on recourse set forth in this Section 7.22 shall survive the Discharge of Priority Lien Obligations.

 

    		55	 

     

    

 

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

 

	 	COMPANY:
	 	 	 
	 	GRIZZLY NATURAL GAS, LLC
	 	 	 
	 	By:	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:	Chief Financial Officer

 

[Signature Page to Collateral Agency Agreement]

 

     

     

    

 

	 	GUARANTORS AND GRANTORS:
	 	 	 
	 	GRIZZLY NATURAL RESOURCES, LLC
	 	 	 
	 	By:	/s/ Ryan Midgett
	 	Name:	Ryan Midgett
	 	Title:	Chief Financial Officer
	 	 	 
	 	GRIZZLY HOLDINGS, LLC
	 	 	 
	 	
        By: Grizzly Natural Gas, LLC

        its Sole Member

	 	 	 
	 	By:	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:   	Chief Financial Officer
	 	 	 
	 	GRIZZLY OPERATING, LLC
	 	 	 
	 	
        By: Grizzly Natural Gas, LLC

        its Sole Member

	 	 	 
	 	By:	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:   	Chief Financial Officer
	 	 	 
	 	GRIZZLY ACQUISITION PARTNERSHIP, LLC
	 	 	 
	 	
        By GRIZZLY UPSTREAM DEVELOPMENT

        COMPANY, LLC,

        its general partner

	 	 	 
	 	By:	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:   	Chief Financial Officer

 

[Signature Page to Collateral Agency Agreement]

 

     

     

    

 

	 	GRIZZLY ACQUISITION PARTNERSHIP II, LLC
	 	 	 
	 	
        By: GRIZZLY UPSTREAM DEVELOPMENT

        COMPANY II, LLC,

        its general partner

	 	 	 
	 	By:	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:   	Chief Financial Officer
	 	 	 
	 	GRIZZLY ENERGY ACQUISITION CO., LLC
	 	 	 
	 	By: 	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:   	Chief Financial Officer
	 	 	 
	 	GRIZZLY ENERGY ACQUISITION CO. II, LLC
	 	 	 
	 	By: 	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:	Chief Financial Officer
	 	 	 
	 	GRIZZLY UPSTREAM DEVELOPMENT COMPANY, LLC
	 	 	 
	 	By: 	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:   	Chief Financial Officer

 

[Signature Page to Collateral Agency Agreement]

 

     

     

    

 

	 	GRIZZLY UPSTREAM DEVELOPMENT COMPANY II, LLC
	 	 	 
	 	By: 	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:   	Chief Financial Officer
	 	 	 
	 	ESCAMBIA ASSET CO. LLC
	 	 	 
	 	By: 	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:   	Chief Financial Officer
	 	 	 
	 	ESCAMBIA OPERATING CO. LLC
	 	 	 
	 	By:   	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:   	Chief Financial Officer

 

[Signature Page to Collateral Agency Agreement]

 

     

     

    

 

	 	CITIBANK, N.A., as Administrative Agent, as First-Out Representative
	 	 	 
	 	By:	/s/ Phil Ballard    
	 	Name:	Phil Ballard
	 	Title:   	Vice President

 

[Signature Page to Collateral Agency Agreement]

 

     

     

    

 

	 	CITIBANK, N.A., as Term B Representative 
	 	 	 
	 	By:	/s/ Phil Ballard
	 	Name:	Phil Ballard
	 	Title:   	Vice President

 

[Signature Page to Collateral Agency Agreement]

 

     

     

    

 

	 	CITIBANK, N.A., as Collateral Agent
	 	 	 
	 	By:	/s/ Phil Ballard
	 	Name:	Phil Ballard
	 	Title:   	Vice President

 

[Signature Page to Collateral Agency Agreement]

 

     

     

    

 

Exhibit
A

 

[Form
of]

Additional
Secured Debt Designation

 

Reference is made to
the Collateral Agency Agreement, dated as of July 16, 2019 (as amended, supplemented, amended and restated or otherwise modified
and in effect from time to time, the “Collateral Agency Agreement”), among Grizzly Natural Gas, LLC, a Kentucky
limited liability company (the “Company”), the Grantors and Guarantors from time to time party thereto, Citibank,
N.A., as First-Out Representative (as defined therein), Citibank, N.A., as Term B Representative (as defined therein), and Citibank,
N.A., as Collateral Agent. Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Collateral
Agency Agreement. This Additional Secured Debt Designation is being executed and delivered in order to designate additional secured
debt as Priority Lien Debt entitled to the benefit of the Collateral Agency Agreement.

 

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

 

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

 

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

 

	 	 
	 	 	 
	 	 
	 	 	 
	Telephone: 	 	 
	 	 	 
	Fax:	 	 

 

(C)       attached
as Exhibit 1 hereto is a Reaffirmation Agreement duly executed by the Company, each Grantor and each Guarantor,

 

(D)       the
Company has caused a copy of this Additional Secured Debt Designation and the related Collateral Agency Joinder to be delivered
to each existing Priority Lien Representative, and

 

(E)       such
Additional Priority Lien Debt shall constitute [First-Out Debt] [Term B Debt] and Priority Lien Debt for purposes of the Collateral
Agency Agreement.

 

    		1	 

     

    

 

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

 

	 	[COMPANY][GRANTOR]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

ACKNOWLEDGEMENT OF RECEIPT

 

The undersigned, the
duly appointed Collateral Agent under the Collateral Agency Agreement, hereby acknowledges receipt of an executed copy of this
Additional Secured Debt Designation.

 

	 	Citibank, N.A., as Collateral Agent,
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    		2	 

     

    

 

EXHIBIT 1 TO ADDITIONAL SECURED DEBT DESIGNATION

 

[FORM OF]

REAFFIRMATION AGREEMENT

 

Reference is made to
the Collateral Agency Agreement, dated as of July 16, 2019 (as amended, supplemented, amended and restated or otherwise modified
and in effect from time to time, the “Collateral Agency Agreement”), among Grizzly Natural Gas, LLC, a Kentucky
limited liability company (the “Company”), the Grantors and Guarantors from time to time party thereto, Citibank,
N.A., as First-Out Representative (as defined therein), Citibank, N.A., as Term B Representative (as defined therein), and Citibank,
N.A., as Collateral Agent. Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Collateral
Agency Agreement. This Reaffirmation Agreement is being executed and delivered as of ______________, 20__ in connection with an
Additional Secured Debt Designation of even date herewith which Additional Secured Debt Designation has designated additional Priority
Lien Debt entitled to the benefit of the Collateral Agency Agreement.

 

Each of the undersigned
hereby consents to the designation of additional secured debt as [First-Out Debt] [Term B Debt] and Priority Lien Debt as set forth
in the Additional Secured Debt Designation of even date herewith and hereby confirms its respective guarantees, pledges, grants
of security interests and other obligations, as applicable, under and subject to the terms of each of the Priority Lien Documents
to which it is party, and agrees that, notwithstanding the designation of such additional indebtedness or any of the transactions
contemplated thereby, such guarantees, pledges, grants of security interests and other obligations, and the terms of each Priority
Lien Document to which it is a party, are not impaired or adversely affected in any manner whatsoever and shall continue to guarantee
and secure as applicable and otherwise be in full force and effect and such additional secured debt shall be entitled to all of
the benefits of such Priority Lien Documents.

 

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

 

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

 

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

 

    		3	 

     

    

 

Exhibit
B

[Form of]

Collateral Agency Joinder – Additional Debt

 

Reference is made to
the Collateral Agency Agreement, dated as of July 16, 2019 (as amended, supplemented, amended and restated or otherwise modified
and in effect from time to time, the “Collateral Agency Agreement”), among Grizzly Natural Gas, LLC, a Kentucky
limited liability company (the “Company”), the Grantors and Guarantors from time to time party thereto, Citibank,
N.A., as First-Out Representative (as defined therein), Citibank, N.A., as Term B Representative (as defined therein), and Citibank,
N.A., as Collateral Agent. Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Collateral
Agency Agreement. This Collateral Agency Joinder is being executed and delivered pursuant to Section 3.8 of the Collateral
Agency Agreement as a condition precedent to the debt for which the undersigned is acting as agent being entitled to the benefits
of being additional Priority Lien Debt under the Collateral Agency Agreement.

 

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

 

2.            Additional
Secured Debt Designation

 

The undersigned, on
behalf of itself and each holder of “Obligations” in respect of the Series of Priority Lien Debt (the “Obligations”)
for which the undersigned is acting as Priority Lien Representative hereby agrees, for the enforceable benefit of all Priority
Lien Secured Parties and each existing and future holder of Priority Liens and as a condition to being treated as Priority Lien
Debt under the Collateral Agency Agreement that:

 

(a)       subject
to Section 3.4 of the Collateral Agency Agreement, all Priority Lien Obligations will be and are secured equally and ratably
by all Priority Liens at any time granted by the Company or any other Grantor to secure any Obligations in respect of any Series
of Priority Lien Debt, whether or not upon property otherwise constituting collateral for such Series of Priority Lien Debt, and
that all such Priority Liens will be enforceable by the Collateral Agent for the benefit of all holders of Priority Lien Obligations
equally and ratably;

 

(b)       the
undersigned, on behalf of itself and each holder of Obligations in respect of the Series of Priority Lien Debt for which the undersigned
is acting as [First-Out Representative] [Term B Representative] and Priority Lien Representative, hereby consents to and agrees
to be bound by the provisions of the Collateral Agency Agreement and the other Security Instruments, including the provisions relating
to the ranking of Priority Liens and the order of application of proceeds from the enforcement of Priority Liens; and

 

 

		1	Delete 1 if Additional Priority Lien Debt constitutes debt
under an agreement that is already Priority Lien Debt.

 

    		1	 

     

    

 

(c)       the
undersigned, on behalf of itself and each holder of Obligations in respect of the Series of Priority Lien Debt for which the undersigned
is acting as [First-Out Representative] [Term B Representative] and Priority Lien Representative, hereby appoints the Collateral
Agent to serve as collateral agent under the Security Instruments on the terms and conditions set forth therein and hereby consents
to the performance by the Collateral Agent of, and directs the Collateral Agent to perform its obligations under the Collateral
Agency Agreement and the Security Instruments.

 

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

 

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

 

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

 

The Collateral Agent
hereby acknowledges receipt of this Collateral Agency Joinder and agrees to act as Collateral Agent for the New Representative
and the holders of the Obligations represented thereby:

 

[________________________________]

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

    		2	 

     

    

 

Exhibit
C

 

[Form
of]

Collateral
Agency Joinder – Additional Grantor

 

Reference is made to
the Collateral Agency Agreement, dated as of July 16, 2019 (as amended, supplemented, amended and restated or otherwise modified
and in effect from time to time, the “Collateral Agency Agreement”), among Grizzly Natural Gas, LLC, a Kentucky
limited liability company (the “Company”), the Grantors and Guarantors from time to time party thereto, Citibank,
N.A., as First-Out Representative (as defined therein), Citibank, N.A., as Term B Representative (as defined therein), and Citibank,
N.A., as Collateral Agent. Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Collateral
Agency Agreement. This Collateral Agency Joinder is being executed and delivered pursuant to Section 7.16 of the Collateral
Agency Agreement.

 

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

 

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

 

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

 

[________________________________]

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

The Collateral Agent
hereby acknowledges receipt of this Collateral Agency Joinder and agrees to act as Collateral Agent with respect to the Collateral
pledged by the new Grantor:

 

[________________________________]

 

	 	By:	 
	 	Name:	 
	 	Title:Exhibit 10.4

 

Execution
Version

 

UNCONDITIONAL GUARANTY

 

THIS UNCONDITIONAL
GUARANTY (this “Guaranty”) dated as of July 16, 2019 is made by Grizzly Energy, LLC, a Delaware limited
liability company (“Parent”), each of the undersigned Subsidiaries of the Parent, whether as an original
signatory hereto or as an Additional Guarantor (together with each such Person’s respective heirs, executors, personal representatives,
permitted successors and permitted assigns, collectively, “Guarantors” and individually, a “Guarantor”),
in favor of Citibank, N.A., as Administrative Agent for the Secured Parties under and as defined in the Credit Agreement referred
to below (in such capacity, the “Administrative Agent”), and is executed and delivered pursuant to that
certain Term Loan Credit Agreement dated as of July 16, 2019 (as same may be amended, restated, amended and restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”) among Administrative Agent, Citibank,
N.A., as Collateral Agent (“Collateral Agent”), the Lenders party thereto, Parent and Grizzly Natural
Gas, LLC, a Kentucky limited liability company ( “Borrower”).

 

WHEREAS, on April 1,
2019 (the “Petition Date”), Parent, Borrower and certain of Parent’s indirect subsidiaries (such
subsidiaries, collectively with Parent and Borrower, the “Chapter 11 Debtors”) filed voluntary petitions
with the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”)
for relief under Chapter 11 of Title 11 of the United States Code and commenced their chapter 11 proceedings (the “Chapter
11 Cases”)

 

WHEREAS, the Chapter
11 Debtors shall emerge from bankruptcy on the date hereof upon the effectiveness of the Plan of Reorganization (as defined in
the Credit Agreement) confirmed by the Bankruptcy Court on July 9, 2019;

 

WHEREAS, Citibank,
N.A. in its capacity as administrative agent for the lenders thereunder (in such capacity, the “Prepetition Administrative
Agent”) and as the issuing bank in respect of letters of credit issued thereunder, and other financial institutions
named and defined therein as lenders, including Citibank, N.A. in its capacity as a lender (the “Prepetition Lenders”
and each a “Prepetition Lender”) entered into that certain Fourth Amended and Restated Credit Agreement
dated as of August 1, 2017 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time through
the Petition Date, the “Prepetition Credit Agreement”). Pursuant to the terms of the Plan of Reorganization,
the Prepetition Administrative Agent and the Prepetition Lenders agreed, in settlement of their prepetition claims in accordance
with the Plan of Reorganization and on the terms and conditions set forth therein, to enter into the Credit Agreement;

 

WHEREAS, pursuant to
the Plan of Reorganization, concurrently herewith Parent and Borrower shall execute and deliver the Credit Agreement, and as an
inducement to the Lenders to enter into the Credit Agreement and to make (or be deemed to make) the loans provided for therein,
Guarantors and the Administrative Agent have agreed to guarantee the payment and satisfaction of the Obligations (as defined in
the Credit Agreement) as more particularly described herein and to execute and deliver this Guaranty;

 

     

     

    

 

WHEREAS, each Guarantor
is a Subsidiary or Affiliate of Borrower, and each Guarantor desires that the Lenders and other Secured Parties extend credit and
make other financial accommodations to Parent, Borrower and the other Guarantors as contemplated by the Credit Agreement, and each
Guarantor will directly or indirectly benefit from such financial accommodations and the use of the loan proceeds provided under
the Credit Agreement; and

 

WHEREAS, each Guarantor,
by and through the action of its governing body, has determined that it may reasonably be expected to benefit, directly or indirectly,
from such Guarantor’s guarantee of the Obligations pursuant to this Guaranty, all as hereinafter provided.

 

In consideration of the premises and the
mutual covenants and agreements herein contained, the Guarantors hereto agree as follows:

 

1.            Definitions.
Terms used herein which are defined in the Credit Agreement have the meaning provided therefor in the Credit Agreement unless the
context hereof otherwise requires or provides.

 

2.            Guaranty.

 

(a)          Each
Guarantor hereby, jointly and severally, absolutely and unconditionally guarantees, as a guaranty of payment and performance and
not merely as a guaranty of collection or as a surety, the prompt payment in full in cash when due, whether at stated maturity,
by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of all Obligations and any and all
other existing and future indebtedness and liabilities of every kind, nature and character, direct or indirect, absolute or contingent,
liquidated or unliquidated, voluntary or involuntary and whether for principal, interest, premiums, fees, indemnities, damages,
costs, expenses or otherwise, of any Loan Party arising under (i) any Loan Document or otherwise with respect to any Loan (including
all renewals, extensions, amendments, refinancings and other modifications thereof and all costs, attorneys’ fees and expenses
incurred by any holder of the Obligations in connection with the collection or enforcement thereof), and whether recovery upon
such Obligations and other indebtedness and liabilities may be or hereafter become unenforceable or shall be an allowed or disallowed
claim under any proceeding or case commenced by or against such Guarantor, Borrower or any other Loan Party under any Debtor Relief
Laws, and including interest that accrues after the commencement by or against Borrower or any other Loan Party of any proceeding
under any Debtor Relief Laws whether or not the claim for such interest is allowed in such proceeding (collectively, the “Guaranteed
Obligations”).

 

(b)          The
books and records of the holders of the Obligations showing the amount of the Guaranteed Obligations shall be admissible in evidence
in any action or proceeding, and shall be binding upon the Guarantors and conclusive, absent manifest error, for the purpose of
establishing the amount of the Guaranteed Obligations at any time. This Guaranty shall not be affected by the genuineness, validity,
regularity or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations,
or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral securing the Guaranteed Obligations,
or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the obligations
of any Guarantor under this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire
in any way relating to any or all of the foregoing.

 

    
	UNCONDITIONAL GUARANTY	Page 2	 

     

    

 

(c)          Notwithstanding
anything contained herein to the contrary, the Guaranteed Obligations of each Guarantor hereunder shall be limited to an aggregate
amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the
Bankruptcy Code or any comparable provisions of any applicable state law.

 

3.            Payment.
If any of the Guaranteed Obligations are not punctually paid when and as the same shall be due and payable, either by its terms
or as a result of the exercise of any power to accelerate, Guarantors shall, immediately on demand and without presentment, protest,
notice of protest, notice of nonpayment, notice of intent to accelerate, notice of acceleration or any other notice whatsoever
(all of which are expressly waived in accordance with Section 4 hereof), pay the amount due and payable with respect
to such Guaranteed Obligations to Administrative Agent, at its office as specified in the Credit Agreement. It is not necessary
for Administrative Agent, in order to enforce such payment by Guarantors, first to institute suit or exhaust its remedies against
Borrower or any other Person liable for the Obligations or such Guaranteed Obligations, or to enforce its rights against any security
given to secure the Obligations or such Guaranteed Obligations. Administrative Agent is not required to mitigate damages or take
any other action to reduce, collect or enforce the Guaranteed Obligations. No setoff, counterclaim, reduction or diminution of
any obligation, or any defense of any kind which any Guarantor has or may have against Borrower or Administrative Agent, Collateral
Agent or any other Secured Party shall be available hereunder to Guarantors. No payment by any Guarantor shall discharge the liability
of Guarantors hereunder until the Final Discharge Date.

 

4.            Agreements
and Waivers. Each Guarantor

 

(a)          agrees
to all terms and agreements heretofore or hereafter made by any Loan Party with Administrative Agent, Collateral Agent, the Lenders
and/or any other holder of any of the Guaranteed Obligations in respect of the Loan Documents and the Transactions;

 

(b)          agrees
that Administrative Agent and Collateral Agent may without impairing their rights or the obligations of such Guarantor hereunder
(i) waive or delay the exercise of any of its rights or remedies against or release Borrower or any other Person, including,
without limitation, any other Person who is personally or whose property is liable with respect to the Guaranteed Obligations or
any part thereof (Guarantors and any such other Person or Persons are hereafter collectively called the “Sureties”
and individually called a “Surety”); (ii) take or accept any other security, collateral or guaranty,
or other assurance of the payment of all or any part of the Guaranteed Obligations; (iii) release, surrender, exchange, subordinate
or permit or suffer to exist any deterioration, waste, loss or impairment (including without limitation negligent, willful, unreasonable
or unjustified impairment) of any collateral, property or security, at any time existing in connection with, or assuring or securing
payment of, all or any part of the Guaranteed Obligations or the liability of such Guarantor or any other Surety; (iv) increase,
renew, extend, or modify the terms of any of the Guaranteed Obligations or any instrument or agreement evidencing the same; (v) apply
payments by Borrower, any Surety, or any other Person, to any of the Guaranteed Obligations; (vi) bring suit against any one
or more Sureties without joining any other Surety or Borrower in such proceeding; (vii) compromise or settle with any one
or more Sureties in whole or in part for such consideration or no consideration as Administrative Agent may deem appropriate; or
(viii) partially or fully release one or more of any Guarantor or any other Surety from liability hereunder.

 

    
	UNCONDITIONAL GUARANTY	Page 3	 

     

    

 

(c)          agrees
that the obligations of such Guarantor under this Guaranty shall not be released, diminished, or adversely affected by any of the
following, in each case, to the fullest extent permitted by applicable law: (i) the insolvency, bankruptcy, rearrangement,
adjustment, composition, liquidation, disability, dissolution or lack of power of Borrower or any Surety; (ii) the invalidity,
illegality or unenforceability of all or any part of the Guaranteed Obligations or any document or agreement executed in connection
with the Guaranteed Obligations, for any reason, or the fact that any debt included in the Guaranteed Obligations exceeds the amount
permitted by law; (iii) the failure of Administrative Agent, any other Secured Party or any other Person to exercise diligence
or reasonable care or to act in a commercially reasonable manner in the preservation, protection, enforcement, sale or other handling
or treatment of all or any part of such collateral, property or security; (iv) the fact that any collateral, security, security
interest or lien contemplated or intended to be given, created or granted as security for the repayment of the Guaranteed Obligations
is not properly perfected or created, or proves to be unenforceable or subordinate to any other security interest or lien; (v) the
fact that Borrower, any other Loan Party or any other Person has any defense to the payment of all or any part of the Guaranteed
Obligations; (vi) any payment by Borrower or any Surety to Administrative Agent and/or any other Secured Party is a preference
under applicable bankruptcy laws, or for any reason Administrative Agent and/or any other Secured Party is required to refund such
payment or pay such amounts to Borrower, any such Surety, or any other Person; (vii) any defenses which Borrower, any other
Loan Party or any other Person could assert on the Guaranteed Obligations, including but not limited to failure of consideration,
breach of warranty, fraud, payment, accord and satisfaction, strict foreclosure, statute of frauds, bankruptcy, infancy, statute
of limitations, lender liability and usury; or (viii) any other action taken or omitted to be taken with respect to the Credit
Agreement, the Loan Documents, the Guaranteed Obligations, the security and collateral therefor whether or not such action or omission
prejudices such Guarantor or any Surety, or increases the likelihood that such Guarantor will be required to pay the Guaranteed
Obligations pursuant to the terms hereof;

 

(d)          to
the fullest extent allowed by applicable law, agrees that such Guarantor is obligated to pay the Guaranteed Obligations when due,
notwithstanding any occurrence, circumstance, event, action or omission whatsoever, whether or not particularly described herein,
except for the occurrence of the Final Discharge Date;

 

(e)          to
the fullest extent allowed by applicable law, waives all rights and remedies now or hereafter accorded by applicable law to guarantors
or sureties, including without limitation any defense, right of offset or other claim which such Guarantor may have against Borrower
or which Borrower may have against Administrative Agent, Collateral Agent, the Lenders and/or any other Secured Party;

 

(f)          waives
all notices whatsoever with respect to this Guaranty or with respect to the Guaranteed Obligations, including, but without limitation,
notice of (i) any Secured Party’s acceptance hereof or its intention to act, or its action, in reliance hereon; (ii) the
present existence, future incurring, or any amendment of the provisions of any of the Guaranteed Obligations or any terms or amounts
thereof or any change therein or in the rate of interest thereon; (iii) any default by Borrower, any other Loan Party or any
other Surety; and (iv) the obtaining, enforcing, or releasing of any guaranty or surety agreement (in addition hereto), pledge,
assignment, or other security for any of the Guaranteed Obligations;

 

    
	UNCONDITIONAL GUARANTY	Page 4	 

     

    

 

(g)          waives
notice of presentment for payment, notice of protest, protest, demand, notice of intent to accelerate, notice of acceleration and
notice of nonpayment, protest in relation to any instrument or agreement evidencing any of the Guaranteed Obligations, and any
demands and notices required by law, except as such waiver may be expressly prohibited by applicable law, and diligence in bringing
suits against any Surety; and

 

(h)          waives
each right to which any of them may be entitled by virtue of applicable law governing or relating to suretyship and guaranties,
including, without limitation, any rights under the Uniform Commercial Code as in effect at any time in any applicable jurisdiction,
or applicable common law.

 

5.            Keepwell.
Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such
funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty
in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section
5 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section
5, or otherwise under this Guaranty, as it relates to such Loan Party, voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this
Section 5 shall remain in full force and effect until the Final Discharge Date. Each Qualified ECP Guarantor intends that
this Section 5 constitute, and this Section 5 shall be deemed to constitute, a “keepwell, support, or other
agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange
Act.

 

6.            Liability.
The liability of each Guarantor under this Guaranty is irrevocable, absolute and unconditional, without regard to the liability
of any other Person, and shall not in any manner be affected by reason of any action taken or not taken by Administrative Agent,
Collateral Agent, the Lenders and/or any other Secured Party, which action or inaction is herein consented and agreed to, nor by
the partial or complete unenforceability or invalidity of any other guaranty or surety agreement, pledge, assignment or other security
for, or in respect of, any of the Guaranteed Obligations. No delay in making demand on Sureties or any of them for satisfaction
of the liability hereunder shall prejudice Administrative Agent’s right to enforce such satisfaction. All of Administrative
Agent’s rights and remedies shall be cumulative and any failure of Administrative Agent to exercise any right hereunder shall
not be construed as a waiver of the right to exercise the same or any other right at any time, and from time to time, thereafter.
This is a continuing guaranty of payment, not a guaranty of collection, and this Guaranty shall be binding upon Guarantors regardless
of how long before or after the date hereof any of the Guaranteed Obligations were or are incurred.

 

    
	UNCONDITIONAL GUARANTY	Page 5	 

     

    

 

7.            Subordination.
If Borrower or any other Loan Party is now or hereafter becomes indebted to one or more Guarantors (such indebtedness and all interest
thereon is referred to as the “Affiliated Debt”) or otherwise has obligations to one or more Guarantors
(together with the Affiliated Debt, the “Grantor Claims”), such Grantor Claims shall be subordinate in
all respects to the full payment and performance of the Guaranteed Obligations, and no Guarantor shall be entitled to enforce or
receive payment in respect of such Grantor Claims until the occurrence of the Final Discharge Date. Each Guarantor agrees that
any liens, mortgages, deeds of trust, security interests, judgment liens, charges or other encumbrances upon any Loan Party’s
assets securing the payment of the Grantor Claims shall be and remain subordinate and junior to all liens, security interests,
judgment liens, charges or other encumbrances upon Borrower’s and each other Guarantor’s assets securing the payment
of the Guaranteed Obligations, and without the prior written consent of Administrative Agent, such Guarantor shall not exercise
or enforce any creditor’s rights of any nature against any of Borrower or any other Guarantors to collect the Grantor Claims
(other than demand payment therefor). In the event of the receivership, bankruptcy, reorganization, arrangement, debtor’s
relief or other insolvency proceedings involving Borrower or any other Guarantor as a debtor, Administrative Agent has the right
and authority, either in its own name or as attorney-in-fact for any Guarantor, to file such proof of debt, claim, petition or
other documents and to take such other steps as are necessary to prove its rights hereunder and receive directly from the receiver,
trustee or other court custodian, payments, distributions or other dividends which would otherwise be payable upon the Grantor
Claims. Each Guarantor hereby assigns such payments, distributions and dividends to Administrative Agent, and irrevocably appoints
Administrative Agent as its true and lawful attorney-in-fact with authority to make and file in the name of such Guarantor any
proof of debt, amendment of proof of debt, claim, petition or other document in such proceedings and to receive payment of any
sums becoming distributable on account of the Grantor Claims, and to execute such other documents and to give acquittances therefor
and to do and perform all such other acts and things for and on behalf of such Guarantor as may be necessary in the opinion of
Administrative Agent in order to have the Grantor Claims allowed in any such proceeding and to receive payments, distributions
or dividends of or on account of the Grantor Claims.

 

8.            No
Subrogation, Contribution or Reimbursement. Until the Final Discharge Date, notwithstanding any payment made by any
Guarantor hereunder or any set-off or application of funds of any Guarantor by the Administrative Agent or any other Secured Party,
no Guarantor shall be entitled to be subrogated to any of the rights of the Administrative Agent or any other Secured Party against
Borrower or any other Guarantor or any collateral security or guarantee or right of offset held by the Administrative Agent or
any other Secured Party for the payment of the Guaranteed Obligations, nor shall any Guarantor seek or be entitled to seek any
indemnity, exoneration, participation, contribution or reimbursement from Borrower or any other Guarantor in respect of payments
made by such Guarantor hereunder, and each Guarantor hereby expressly waives, releases and agrees not to exercise any or all such
rights of subrogation, reimbursement, indemnity and contribution. Each Guarantor further agrees that to the extent that such waiver
and release set forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, any rights of
subrogation, reimbursement, indemnity and contribution such Guarantor may have against Borrower or any other Guarantor or against
any collateral or security or guarantee or right of offset held by the Administrative Agent or any other Secured Party shall be
junior and subordinate to any rights the Administrative Agent and the other Secured Parties may have against Borrower and/or such
Guarantor and to all right, title and interest the Administrative Agent and the other Secured Parties may have in such collateral
or security or guarantee or right of offset. After the occurrence of an Event of Default and during its continuance, and as set
forth in the Credit Agreement and/or any other Loan Document, the Administrative Agent, for the benefit of the Secured Parties,
may use, sell or dispose of any item of Collateral or security as it sees fit without regard to any subrogation rights any Guarantor
may have, and upon any disposition or sale, any rights of subrogation any Guarantor may have shall terminate.

 

    
	UNCONDITIONAL GUARANTY	Page 6	 

     

    

 

9.            Other
Indebtedness or Obligations of Guarantors. If any Guarantor is or becomes liable for any indebtedness owed by Borrower
to the Lenders by endorsement or otherwise other than under this Guaranty, such liability shall not be affected by this Guaranty,
and the rights of Administrative Agent and the holders of the Guaranteed Obligations hereunder shall be cumulative of all other
rights that Administrative Agent and the holders of the Guaranteed Obligations may have against such Guarantor. The exercise by
Administrative Agent of any right or remedy hereunder or under any other instrument or at law or in equity shall not preclude the
concurrent or subsequent exercise of any other instrument or remedy at law or in equity and shall not preclude the concurrent or
subsequent exercise of any other right or remedy. Further, without limiting the generality of the foregoing, this Guaranty is given
by Guarantors as an additional guaranty to all guaranties heretofore or hereafter executed and delivered to Administrative Agent
and/or any other Secured Party by Guarantors in favor of Administrative Agent and/or any other Secured Party relating to the Guaranteed
Obligations, and nothing herein shall be deemed to replace or be in lieu of any other of such previous or subsequent guarantees.

 

10.           Reference
to Credit Agreement. Reference is hereby made to the representations, warranties and covenants of the Loan Parties
set forth in the Credit Agreement. Each Guarantor (a) reaffirms that each such representation and warranty of the Guarantors
in the Credit Agreement and in the other Loan Documents are true and correct in all material respects with respect to such Guarantor
on and as of the date hereof (except (i) to the extent such representations and warranties are expressly limited to an earlier
date, in which case, they are true and correct in all material respects as of such earlier date, (ii) that the representations
and warranties contained in Section 7.04 of the Credit Agreement shall be deemed to refer to the most recent statements furnished
pursuant to Section 8.01(a) and (b) of the Credit Agreement and (iii) that any representation and warranty that is qualified
as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving
effect to any qualification therein) in all respects on such respective dates), and (b) agrees to comply with the covenants
and agreements of such Loan Party on the terms and provisions set forth therein. If the Credit Agreement shall cease to remain
in effect for any reason whatsoever during any period prior to the Final Discharge Date, then the terms, covenants, and agreements
set forth therein applicable to the Guarantors shall nevertheless continue in full force and effect as obligations of each Guarantor
under this Guaranty.

 

11.           Reinstatement.
The provisions of Section 12.05(b) of the Credit Agreement are incorporated herein by reference, mutatis mutandis.

 

12.           Right
of Setoff. The provisions of Section 12.08 of the Credit Agreement are incorporated herein by reference, mutatis
mutandis.

 

13.           Costs
and Expenses; Indemnity. The provisions of Section 12.03 of the Credit Agreement are incorporated herein by reference,
mutatis mutandis, and each Guarantor hereby agrees to indemnify all Indemnitees to the same extent that Borrower is obliged
to indemnify Indemnitees pursuant to Section 12.03(b) of the Credit Agreement.

 

    
	UNCONDITIONAL GUARANTY	Page 7	 

     

    

 

14.           Exercising
Rights, Etc. No notice to or demand upon any Guarantor in any case shall, of itself, entitle such Guarantor or any
other Guarantor to any other or further notice or demand in similar or other circumstances. No delay or omission by Administrative
Agent in exercising any power or right hereunder shall impair such right or power or be construed as a waiver thereof or any acquiescence
therein, nor shall any single or partial exercise of any such power preclude other or further exercise thereof, or the exercise
of any other right or power hereunder.

 

15.           Governing
Law; Jurisdiction; Waiver of Venue; Consent to Service of Process; Waiver of Jury Trial. The provisions of Sections
12.10, 12.11, 12.12, 12.13 and 12.14 of the Credit Agreement entitled “Governing Law”, “Submission to Jurisdiction”;
“Waiver of Venue”, “Service of Process” and “Waiver of Jury Trial”, respectively, are incorporated
herein, mutatis mutandis, for all purposes.

 

16.           Notices.
Any notice required or permitted to be given under this Guaranty shall be sent (and deemed received) in the manner and to the addresses
set forth in the Credit Agreement.

 

17.           Benefit;
Binding Effect. This Guaranty shall inure to the benefit of Administrative Agent, Collateral Agent, each Lender, each
other Secured Party, and their respective successors and assigns, and to any interest in any of the Guaranteed Obligations. All
of the obligations of Guarantors arising hereunder shall be jointly and severally binding on each of the Persons signing this Guaranty,
and their respective successors, assigns, heirs, executors, administrators and personal representatives (provided, however,
that no Guarantor may, without the prior written consent of Administrative Agent in each instance, assign or delegate any of its
rights, powers, duties or obligations hereunder, and any attempted assignment or delegation made without Administrative Agent’s
prior written consent shall be void ab initio and of no force or effect).

 

18.           Entirety.
The provisions of Section 12.06(b) of the Credit Agreement are incorporated herein by reference, mutatis mutandis.

 

19.           Multiple
Guarantors. It is specifically agreed that Administrative Agent may enforce the provisions hereof with respect to one
or more Guarantors without seeking to enforce the same as to all or any other Guarantors. If one or more additional guaranty agreements
(“Other Guaranties”) are executed by one or more additional guarantors (“Other Guarantors”),
which guarantee, in whole or in part, any of the indebtedness or obligations evidenced by the Loan Documents, it is specifically
agreed that Administrative Agent may enforce the provisions of this Guaranty or of the Other Guaranties with respect to one or
more of the Guarantors or any one or more of the Other Guarantors under the Other Guaranties without seeking to enforce the provisions
of this Guaranty or the Other Guaranties as to all or any of the Guarantors or the Other Guarantors. Each Guarantor hereby waives
any requirement of joinder of all or any other Guarantor or all or any of the Other Guarantors in any suit or proceeding to enforce
the provisions of this Guaranty or of the Other Guaranties. The liability hereunder of all Guarantors hereunder shall be joint
and several.

 

    
	UNCONDITIONAL GUARANTY	Page 8	 

     

    

 

20.           Additional
Guarantors. From time to time subsequent to the date hereof, additional Persons may become parties hereto as additional
Guarantors (each, an “Additional Guarantor”), by executing a Joinder Agreement in the form of Exhibit A
hereto and delivering all documentation and other information that the Administrative Agent or any Lender requests in order to
comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations,
including without limitation the USA Patriot Act. Upon delivery of any such Joinder Agreement to Administrative Agent, notice of
which is hereby waived by each other Guarantor, and acceptance by the Administrative Agent of such Joinder Agreement, each Additional
Guarantor shall be a Guarantor and shall be as fully a party hereto as if Additional Guarantor were an original signatory hereto.
Each Guarantor expressly agrees that its obligations arising hereunder shall not be affected or diminished by the addition or release
of any other Guarantor hereunder, nor by any election of Administrative Agent not to cause any Subsidiary or Affiliate of Borrower
to become an Additional Guarantor hereunder. This Guaranty shall be fully effective as to any Guarantor that is or becomes a party
hereto regardless of whether any other Person becomes or fails to become or ceases to be a Guarantor hereunder.

 

21.           Condition
of Borrower. Each Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means
of, obtaining from Borrower, the other Loan Parties and any other Guarantor such information concerning the financial condition,
business and operations of Parent, Borrower, the other Loan Parties and any such other Guarantor as such Guarantor requires, and
that the Administrative Agent, Collateral Agent, the Lenders and/or any other Secured Party have no duty, and such Guarantor is
not relying on the Administrative Agent, Collateral Agent, the Lenders and/or any other Secured Party at any time, to disclose
to such Guarantor any information relating to the business, operations or financial condition of Parent, Borrower, the other Loan
Parties or any other Guarantor (each Guarantor waiving any duty on the part of the Administrative Agent, Collateral Agent, the
Lenders and/or any other Secured Party to disclose such information and any defense relating to the failure to provide the same).

 

22.           Miscellaneous.
No failure by the holders of the Guaranteed Obligations to exercise, and no delay in exercising, any right, remedy or power hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy or power hereunder preclude any
other or further exercise thereof or the exercise of any other right, power or remedy. The remedies herein provided are cumulative
and not exclusive of any remedies provided by law or in equity. The unenforceability or invalidity of any provision of this Guaranty
shall not affect the enforceability or validity of any other provision herein. Unless otherwise agreed by the Secured Parties and
each Guarantor in writing, this Guaranty is not intended to supersede or otherwise affect any other guaranty now or hereafter given
by any Guarantor for the benefit of the Administrative Agent, Collateral Agent, the Lenders and/or any other Secured Parties or
any term or provision thereof.

 

    
	UNCONDITIONAL GUARANTY	Page 9	 

     

    

 

23.           Severability.
If any provision of this Guaranty is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Guaranty shall not be affected or impaired thereby and (b) the parties shall endeavor in good
faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

24.           Terms
Generally; Rules of Construction. Sections 1.04, 1.05, 1.06 and 1.09 of the Credit Agreement are incorporated herein
by reference, mutatis mutandis.

 

[The rest
of this page is intentionally left blank. The signature pages follow.]

 

    
	UNCONDITIONAL GUARANTY	Page 10	 

     

    

 

IN WITNESS WHEREOF,
Guarantors, intending to be jointly and severally legally bound hereby, have executed this Guaranty as of the date and year first
above written.

 

	 	GRIZZLY ENERGY, LLC
	 	 	 
	 	By:	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:	Chief Financial Officer
	 	 	 
	 	GRIZZLY NATURAL GAS, LLC
	 	 	 
	 	By:	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:	Chief Financial Officer
	 	 	 
	 	GRIZZLY HOLDINGS, LLC
	 	 	 
	 	By: 	Grizzly Natural Gas, LLC
	 	 	its Sole Member
	 	 	 
	 	 	By:	/s/ Ryan Midgett
	 	 	Name:	 Ryan Midgett
	 	 	Title:	Chief Financial Officer
	 	 	 
	 	GRIZZLY OPERATING, LLC
	 	 	 
	 	By: 	Grizzly Natural Gas, LLC
	 	 	its Sole Member
	 	 	 
	 	 	By:	/s/ Ryan Midgett
	 	 	Name:	 Ryan Midgett
	 	 	Title: 	Chief Financial Officer

 

[Signature
Page to Unconditional Guaranty]

 

     

     

    

 

	 	GRIZZLY ACQUISITION PARTNERSHIP, LLC
	 	 	 
	 	By:  	GRIZZLY UPSTREAM DEVELOPMENT COMPANY, LLC,
	 	 	its general partner
	 	 	 
	 	 	By:	/s/ Ryan Midgett
	 	 	Name:	 Ryan Midgett
	 	 	Title:	Chief Financial Officer
	 	 	 
	 	GRIZZLY ACQUISITION PARTNERSHIP II, LLC
	 	 	 
	 	By:  	GRIZZLY UPSTREAM DEVELOPMENT COMPANY II, LLC,
	 	 	its general partner
	 	 	 
	 	 	By:	/s/ Ryan Midgett
	 	 	Name: 	Ryan Midgett
	 	 	Title:	Chief Financial Officer
	 	 	 
	 	GRIZZLY ENERGY ACQUISITION CO., LLC
	 	 	 
	 	By:	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:	Chief Financial Officer
	 	 	 
	 	GRIZZLY ENERGY ACQUISITION CO. II, LLC
	 	 	 
	 	By:	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:	Chief Financial Officer

 

[Signature
Page to Unconditional Guaranty]

 

     

     

    

 

	 	GRIZZLY UPSTREAM DEVELOPMENT COMPANY, LLC
	 	 	 
	 	By:	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:	Chief Financial Officer
	 	 	 
	 	GRIZZLY UPSTREAM DEVELOPMENT COMPANY II, LLC
	 	 	 
	 	By:	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:	Chief Financial Officer
	 	 	 
	 	ESCAMBIA ASSET CO. LLC
	 	 	 
	 	By:	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:	Chief Financial Officer
	 	 	 
	 	ESCAMBIA OPERATING CO. LLC
	 	 	 
	 	By:	/s/ Ryan Midgett
	 	Name: 	Ryan Midgett
	 	Title:	Chief Financial Officer

 

[Signature
Page to Unconditional Guaranty]

 

     

     

    

 

	 	ADMINISTRATIVE AGENT:
	 	 
	 	CITIBANK, N.A.
	 	 	 
	 	By:	/s/ Eamon
    Baqui
	 	Name:	Eamon
    Baqui        
	 	Title:	Vice President
	 	 	 
	 	COLLATERAL AGENT:
	 	 
	 	CITIBANK, N.A.
	 	 	 
	 	By:	/s/ Eamon
    Baqui
	 	Name:	Eamon
    Baqui        
	 	Title:	Vice President

 

[Signature
Page to Unconditional Guaranty]

 

     

     

    

 

EXHIBIT A

 

Form of Joinder Agreement

 

JOINDER AGREEMENT

 

THIS JOINDER AGREEMENT
(this “Joinder Agreement”) is entered into as of __________, 201___, by the undersigned (“Additional
Guarantor”), in favor of Citibank, N.A., as Administrative Agent for the Secured Parties as defined in the Credit
Agreement referred to below (in such capacity, “Administrative Agent”).

 

WHEREAS, Grizzly Natural
Gas, LLC, a Kentucky limited liability company (“Borrower”), Grizzly Energy, LLC, a Delaware limited
liability company (“Parent”), Administrative Agent, Collateral Agent and the Lenders party thereto have
entered into that certain Term Loan Credit Agreement dated as of July 16, 2019 (as same may be amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), and as an inducement to
the Lenders to enter into the Credit Agreement and to make the loans provided for therein, Guarantors have agreed to guarantee
the payment and satisfaction of the Obligations (as defined in the Credit Agreement) and to execute and deliver this Guaranty;
and

 

WHEREAS, pursuant to
the Credit Agreement, Parent, Borrower and certain Subsidiaries and Affiliates of Borrower entered into that certain Unconditional
Guaranty dated as of July 16, 2019 in favor of Administrative Agent (as same may be amended, restated, amended and restated, supplemented
or otherwise modified from time to time, the “Guaranty”) in order to, among other things, induce the
Lenders to enter into and extend credit and other financial considerations to Borrower under the Credit Agreement; and

 

WHEREAS, Additional
Guarantor is a Subsidiary or Affiliate of Parent, and Additional Guarantor desires that the Lenders extend credit and other financial
considerations to Borrower as contemplated by the Credit Agreement, and Additional Guarantor will directly or indirectly benefit
from the use of the loan proceeds by Borrower for the purposes for which the credit is being extended and other financial considerations
provided pursuant to the Credit Agreement; and

 

WHEREAS, Additional
Guarantor, by and through the action of its governing body, has determined that it may reasonably be expected to benefit, directly
or indirectly, from guarantying Borrower’s indebtedness and other Obligations under the Credit Agreement, all as provided
therein;

 

ACCORDINGLY, Additional Guarantor hereby
agrees with Administrative Agent as follows:

 

1.          Definitions.
All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Guaranty.

 

    
	JOINDER AGREEMENT – Page 1

     

    

 

2.          Party
to Guaranty. Additional Guarantor hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement,
Additional Guarantor will be deemed to be a party to the Guaranty and a “Guarantor” for all purposes of the Guaranty,
and shall have all of the obligations of a Guarantor thereunder as if it had executed the Guaranty. Additional Guarantor hereby
ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions applicable to Guarantors
contained in the Guaranty. Without limiting the generality of the foregoing terms of this Section 2, Additional Guarantor
hereby, jointly and severally with the other Guarantors, unconditionally, absolutely and irrevocably guarantees to the Lenders,
as provided in the Guaranty, the due and punctual payment at maturity, whether by acceleration or otherwise, and the due fulfillment
and performance of the Guaranteed Obligations. Additional Guarantor is jointly and severally liable for the full payment and performance
of the Guaranteed Obligations as a primary Guarantor.

 

3.          Waiver
of Acceptance. Additional Guarantor hereby waives acceptance by Administrative Agent and the Lenders of the guaranty by Additional
Guarantor under the Guaranty upon the execution of this Joinder Agreement by Additional Guarantor.

 

4.          Representations
and Warranties. Additional Guarantor hereby makes each representation and warranty set forth in the Guaranty with respect to
itself.

 

5.          Counterparts.
This Joinder Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which
when taken together shall constitute one contract.

 

6.          Governing
Law; Jurisdiction; Waiver of Venue; Consent to Service of Process; Waiver of Jury Trial. The provisions of Sections 12.10,
12.11, 12.12, 12.13 and 12.14 of the Credit Agreement entitled “Governing Law”, “Submission to Jurisdiction”;
“Waiver of Venue”, “Service of Process” and “Waiver of Jury Trial”, respectively, are incorporated
herein, mutatis mutandis, for all purposes.

 

7.          Loan
Document. This Joinder Agreement is a Loan Document for all purposes and each reference in any Loan Document to the Guaranty
shall mean the Guaranty as supplemented by this Joinder Agreement.

 

[The remainder
of this page is left intentionally blank. The signature pages follow.]

 

    
	JOINDER AGREEMENT – Page 2

     

    

 

IN WITNESS WHEREOF,
the undersigned Additional Guarantor and Administrative Agent have executed this Joinder Agreement as of the date first above written.

 

	 	ADDITIONAL GUARANTOR:
	 	 
	 	 	 
	 	By:	            
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	Address:	 
	 	 
	 	 
	 	 
	 	Facsimile:	 

 

    
	JOINDER AGREEMENT – Page 3

     

    

 

	 	ADMINISTRATIVE AGENT:
	 	 
	 	CITIBANK, N.A.
	 	 	                              
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:
	 	 
	 	811 Main Street, Suite 4000
	 	Houston, TX 77002
	 	Attention: Mr. Phil Ballard
	 	Facsimile No: 281-271-8970
	 	Telephone: 713-821-4789
	 	Electronic Mail Address: 

    phil.ballard@citi.com

 

    
	JOINDER AGREEMENT – Page 4

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