Document:

Exhibit 4.1

 

 

		CAPELOGIC INCORPORATED

Providing Technology Solutions for Financial Services

1 Windhaven Court, Monroe
Twp, NJ 08831 

Telephone: (609) 448-7930 Fax:
(973) 206-9430 

Web: www.capelogic.com

 

October 17, 2019

 

Advisors Asset Management, Inc.

8100 E. 22nd St. North, Building 800

Suite 102

Wichita, KS 67226

 

Re: Advisors Disciplined Trust 1966 (the “Fund”)

Ladies and Gentlemen:

We have examined
the Registration Statement File No. 333-232652 for the above captioned Fund and acknowledge that Capelogic, Inc. is currently acting
as the independent pricing agent for the Fund. Subsequently, we hereby consent to the reference of Capelogic, Inc. as independent
pricing agent.

You are hereby authorized
to file a copy of this letter with the Securities and Exchange Commission.

 

	 	Sincerely,
	 	 	 
	 	Capelogic, Inc.
	 	 	 
	 	 	 
	 	By	/s/ SALMAN AHMAD
	 	 	Salman Ahmad
	 	 	TreasurerExhibit 4.2

 

Consent of Independent Registered
Public Accounting Firm

We have issued our
report dated October 17, 2019, with respect to the financial statement of Advisors Disciplined Trust 1966 contained in Amendment
No. 1 to the Registration Statement on Form S-6 (File No. 333-232652) and related Prospectus. We consent to the use of the aforementioned
report in the Registration Statement and Prospectus, and to the use of our name as it appears under the caption “Experts”.

 

/s/ Grant
Thornton LLP

 

Chicago, Illinois

October 17, 2019Exhibit 4.1

 

_____________________________________

 

VIPER ENERGY PARTNERS LP

 

AND EACH OF THE GUARANTORS PARTY HERETO

 

5.375% SENIOR NOTES DUE 2027

 

_____________________________________

 

INDENTURE

 

Dated as of October 16, 2019

 

_____________________________________

 

_____________________________________

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

Trustee

 

_____________________________________

 

    

     

    

 

TABLE OF CONTENTS

 

Page

 

	 	ARTICLE
    1
 DEFINITIONS AND INCORPORATION
 BY REFERENCE	 
	 	 	 
	Section
    1.01	Definitions	1
	Section
    1.02	Other
    Definitions	30
	Section
    1.03	Incorporation
    by Reference of Trust Indenture Act	31
	Section
    1.04	Rules
    of Construction	31
	 	 	 
	 	ARTICLE
    2
 THE NOTES	 
	 	 	 
	Section
    2.01	Form
    and Dating	32
	Section
    2.02	Execution
    and Authentication	32
	Section
    2.03	Registrar
    and Paying Agent	33
	Section
    2.04	Paying
    Agent to Hold Money in Trust	33
	Section
    2.05	Holder
    Lists	33
	Section
    2.06	Transfer
    and Exchange	33
	Section
    2.07	Replacement
    Notes	40
	Section
    2.08	Outstanding
    Notes	41
	Section
    2.09	Treasury
    Notes	41
	Section
    2.10	Temporary
    Notes	41
	Section
    2.11	Cancellation	41
	Section
    2.12	Defaulted
    Interest	42
	 	 	 
	 	ARTICLE
    3
 REDEMPTION AND PREPAYMENT	 
	 	 	 
	Section
    3.01	Election
    to Redeem; Notices to Trustee	42
	Section
    3.02	Selection
    of Notes to Be Redeemed or Purchased	42
	Section
    3.03	Notice
    of Redemption	43
	Section
    3.04	Effect
    of Notice of Redemption	44
	Section
    3.05	Deposit
    of Redemption or Purchase Price	44
	Section
    3.06	Notes
    Redeemed or Purchased in Part	44
	Section
    3.07	Optional
    Redemption	45
	Section
    3.08	Mandatory
    Redemption	46
	Section
    3.09	Offer
    to Purchase by Application of Excess Proceeds	46
	 	 	 
	 	ARTICLE
    4
 COVENANTS	 
	 	 	 
	Section
    4.01	Payment
    of Notes	48
	Section
    4.02	Maintenance
    of Office or Agency	48
	Section
    4.03	Reports	48
	Section
    4.04	Compliance
    Certificate	50
	Section
    4.05	Taxes	51
	Section
    4.06	Stay,
    Extension and Usury Laws	51
	Section
    4.07	Restricted
    Payments	51
	Section
    4.08	Dividend
    and Other Payment Restrictions Affecting Restricted Subsidiaries	55
	Section
    4.09	Incurrence
    of Indebtedness and Issuance of Preferred Stock	57
	Section
    4.10	Asset
    Sales	61

 

    

     

    

 

Page

 

	Section
    4.11	Transactions
    with Affiliates	63
	Section
    4.12	Liens	66
	Section
    4.13	Corporate
    Existence	66
	Section
    4.14	Offer
    to Repurchase Upon Change of Control	66
	Section
    4.15	Additional
    Note Guarantees	68
	Section
    4.16	Designation
    of Restricted and Unrestricted Subsidiaries	68
	Section
    4.17	Covenant
    Suspension	69
	 	 	 
	 	ARTICLE
    5
 SUCCESSORS	 
	 	 	 
	Section
    5.01	Merger,
    Consolidation or Sale of Assets	70
	Section
    5.02	Successor
    Company Substituted	71
	 	 	 
	 	ARTICLE
    6
 DEFAULTS AND REMEDIES	 
	 	 	 
	Section
    6.01	Events
    of Default	71
	Section
    6.02	Acceleration	73
	Section
    6.03	Other
    Remedies	73
	Section
    6.04	Waiver
    of Past Defaults	73
	Section
    6.05	Control
    by Majority	73
	Section
    6.06	Limitation
    on Suits	74
	Section
    6.07	Rights
    of Holders of Notes to Receive Payment	74
	Section
    6.08	Collection
    Suit by Trustee	74
	Section
    6.09	Trustee
    May File Proofs of Claim	74
	Section
    6.10	Priorities	75
	Section
    6.11	Undertaking
    for Costs	75
	 	 	 
	 	ARTICLE
    7
 TRUSTEE	 
	 	 	 
	Section
    7.01	Duties
    of Trustee	75
	Section
    7.02	Rights
    of Trustee	76
	Section
    7.03	Individual
    Rights of Trustee	77
	Section
    7.04	Trustee’s
    Disclaimer	77
	Section
    7.05	Notice
    of Defaults	77
	Section
    7.06	Compensation
    and Indemnity	78
	Section
    7.07	Replacement
    of Trustee	78
	Section
    7.08	Successor
    Trustee by Merger, etc.	79
	Section
    7.09	Eligibility;
    Disqualification	79
	 	 	 
	 	ARTICLE
    8
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE	 
	 	 	 
	Section
    8.01	Option
    to Effect Legal Defeasance or Covenant Defeasance	80
	Section
    8.02	Legal
    Defeasance and Discharge	80
	Section
    8.03	Covenant
    Defeasance	80
	Section
    8.04	Conditions
    to Legal or Covenant Defeasance	81
	Section
    8.05	Deposited
    Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	82
	Section
    8.06	Repayment
    to Company	82
	Section
    8.07	Reinstatement	83

 

    ii

     

    

 

Page

 

	 	ARTICLE
    9
 AMENDMENT, SUPPLEMENT AND WAIVER	 
	 	 	 
	Section
    9.01	Without
    Consent of Holders of Notes	83
	Section
    9.02	With
    Consent of Holders of Notes	84
	Section
    9.03	Revocation
    and Effect of Consents	85
	Section
    9.04	Notation
    on or Exchange of Notes	85
	Section
    9.05	Trustee
    to Sign Amendments, etc.	86
	 	 	 
	 	ARTICLE
    10

NOTE GUARANTEES	 
	 	 	 
	Section
    10.01.	Guarantee	86
	Section
    10.02.	Limitation
    on Guarantor Liability	87
	Section
    10.03.	Execution
    and Delivery of Note Guarantee	87
	Section
    10.04.	Guarantors
    May Consolidate, etc., on Certain Terms	88
	Section
    10.05.	Releases	88
	 	 	 
	 	ARTICLE 11

Satisfaction and Discharge.	  
	 	 	 
	Section
    11.01	Satisfaction
    and Discharge	89
	Section
    11.02	Application
    of Trust Money	90
	 	 	 
	 	ARTICLE
    12
 MISCELLANEOUS	 
	 	 	 
	Section
    12.01	Notices	91
	Section
    12.02	Certificate
    and Opinion as to Conditions Precedent	92
	Section
    12.03	Statements
    Required in Certificate or Opinion	92
	Section
    12.04	Rules
    by Trustee and Agents	92
	Section
    12.05	No
    Personal Liability of Directors, Officers, Employees and Unitholders	92
	Section
    12.06	Governing
    Law	93
	Section
    12.07	No
    Adverse Interpretation of Other Agreements	93
	Section
    12.08	Successors	93
	Section
    12.09	Severability	93
	Section
    12.10	Counterpart
    Originals	93
	Section
    12.11	Table
    of Contents, Headings, etc.	93
	Section
    12.12	Payment
    Date Other Than a Business Day	93
	Section
    12.13	Evidence
    of Action by Holders	93

 

	EXHIBITS
	 	 
	Exhibit A	FORM OF NOTE
	Exhibit B	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit D	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	Exhibit E	FORM OF NOTATION OF GUARANTEE
	Exhibit F	FORM OF SUPPLEMENTAL INDENTURE

 

    iii

     

    

 

 

INDENTURE dated as
of October 16, 2019 among Viper Energy Partners LP, a Delaware limited partnership, the Guarantors and Wells Fargo Bank, National
Association, as Trustee.

 

The Company, the Guarantors
and the Trustee (in each case, as defined below) agree as follows for the benefit of each other and for the equal and ratable benefit
of the Holders (as defined below) of the 5.375% Senior Notes due 2027 (the “Notes”):

 

ARTICLE
1

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

Section 1.01           
Definitions.

 

“144A Global
Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be
issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A.

 

“Acquired
Debt” means, with respect to any specified Person:

 

(1)               
Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of
such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person
merging with or into, or becoming a Restricted Subsidiary of, such specified Person; and

 

(2)               
Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

 

“Additional
Notes” means additional Notes (other than the Initial Notes) issued hereunder in accordance with Sections 2.02 and 4.09
hereof, as part of the same series as the Initial Notes.

 

“Adjusted Consolidated
Net Tangible Assets” means (without duplication), as of the date of determination,

 

(1)               
the sum of:

 

(a)               
the discounted future net revenues from proved oil and natural gas reserves of the Company and its Restricted Subsidiaries
calculated in accordance with SEC guidelines (before any state or federal or other income taxes) as estimated in the Company’s
most recently prepared reserve report, which reserve report is prepared or reviewed by independent petroleum engineers as to proved
reserves accounting for at least 80% of all such discounted future net revenues and by the Company’s petroleum engineers
with respect to any other proved reserves covered by such report, as increased by, as of the date of determination, the estimated
discounted future net revenues from:

 

(i)                
estimated proved oil and natural gas reserves of the Company and its Restricted Subsidiaries acquired since the date of
such most recently prepared reserve report, and

 

(ii)              
estimated proved oil and natural gas reserves of the Company and its Restricted Subsidiaries attributable to extensions,
discoveries and other additions and upward revisions of estimates of proved oil and natural gas reserves (including previously
estimated development costs incurred during the period and the accretion of discount since the prior period end) since the date
of such most recently prepared reserve report due to exploration, development or exploitation, production or other activities which
would, in accordance with standard industry practice, cause such revisions,

 

    1

     

    

 

and decreased by, as of the
date of determination, the discounted future net revenue attributable to:

 

(iii)            
estimated proved oil and natural gas reserves of the Company and its Restricted Subsidiaries reflected in such reserve report
produced or disposed of since the date of such most recently prepared reserve report, and

 

(iv)             
reductions in estimated proved oil and natural gas reserves of the Company and its Restricted Subsidiaries reflected in
such reserve report attributable to downward revisions of estimates of proved oil and natural gas reserves since the date of such
most recently prepared reserve report due to changes in geological conditions or other factors which would, in accordance with
standard industry practice, cause such revisions;

 

in the case of the preceding clauses
(i) through (iv), calculated on a pre-tax basis and in accordance with SEC guidelines (utilizing the prices utilized in such most
recently prepared reserve report) and estimated by the Company’s petroleum engineers or any independent petroleum engineers
engaged by the Company for that purpose;

 

(b)               
the capitalized costs that are attributable to Oil and Gas Properties of the Company and its Restricted Subsidiaries to
which no proved oil and natural gas reserves are attributable, based on the Company’s books and records as of a date no earlier
than the last day of the Company’s most recent quarterly or annual period for which internal financial statements are available;

 

(c)               
the Consolidated Net Working Capital of the Company and its Restricted Subsidiaries as of a date no earlier than the last
day of the Company’s most recent quarterly or annual period for which internal financial statements are available; and

 

(d)               
the greater of: (i) the net book value and (ii) the appraised value, as estimated by independent appraisers,

 

of other assets
(including Investments in Unrestricted Subsidiaries and Persons not constituting a Subsidiary), in each case, of the Company and
its Restricted Subsidiaries as of a date no earlier than the last day of the Company’s most recent quarterly or annual period
for which internal financial statements are available; provided that if no such appraisal has been performed, the Company
shall not be required to obtain such an appraisal and only clause (d)(i) of this definition shall apply,

 

minus, to the extent not otherwise
taken into account in the immediately preceding clause (a),

 

(2)               
the sum of

 

(a)               
minority interests,

 

(b)               
to the extent not otherwise taken into account in determining Adjusted Consolidated Net Tangible Assets, any net gas balancing
liabilities of the Company and its Restricted Subsidiaries as of the last day of the Company’s most recent annual or quarterly
period for which internal financial statements are available;

 

    2

     

    

 

(c)               
to the extent included in clause (1)(a) above, the discounted future net revenues, calculated in accordance with SEC guidelines
(utilizing the prices utilized in the Company’s year-end reserve report), attributable to reserves that are required to be
delivered to third parties to fully satisfy the obligations of the Company and its Restricted Subsidiaries with respect to Volumetric
Production Payments on the schedules specified with respect thereto; and

 

(d)               
the discounted future net revenues, calculated in accordance with SEC guidelines, attributable to reserves subject to Dollar-Denominated
Production Payments that, based on the estimates of production and price assumptions included in determining the discounted future
net revenues specified in (1)(a) above, would be necessary to fully satisfy the payment obligations of the Company and its Restricted
Subsidiaries with respect to Dollar-Denominated Production Payments on the schedules specified with respect thereto.

 

If the Company changes its method of accounting
from the full cost method to the successful efforts method or a similar method of accounting, “Adjusted Consolidated Net
Tangible Assets” will continue to be calculated as if the Company were still using the full cost method of accounting.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control,” as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided that beneficial
ownership of 10% or more of the Voting Stock of a Person will be deemed to be control. For purposes of this definition, the terms
 “controlling,” “controlled by” and “under common control with” have correlative
meanings. Unless otherwise specified or the context shall otherwise require, each reference to an “Affiliate” will
refer to an Affiliate of the Company.

 

“Agent”
means any Registrar, co-registrar, Paying Agent or additional paying agent.

 

“Applicable
Premium” means, with respect to any Note on any redemption date, the greater of:

 

(1)               1.0%
of the principal amount of the Note; and

 

(2)               the
excess of: (a) the present value at such redemption date of (i) the redemption price of the Note at November 1, 2022 (such redemption
price being set forth in the table appearing in Section 3.07(d) hereof), plus (ii) all required interest payments due on the Note
through November 1, 2022 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal
to the Treasury Rate as of such redemption date plus 50 basis points discounted to the redemption date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months); over (b) the principal amount of the Note.

 

“Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules
and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange.

 

“Asset Sale”
means:

 

(1)               the
sale, lease, conveyance, transfer or other disposition (each, a “disposition”) of any assets by the Company or any
of the Company’s Restricted Subsidiaries; provided that the disposition of all or substantially all of the properties or
assets of the Company and its Restricted Subsidiaries taken as a whole will be governed by Section 4.14 and/or Section 5.01 hereof
and not by the provisions of Section 4.10 hereof; and

 

    3

     

    

 

(2)            the
issuance of Equity Interests by any of the Company’s Restricted Subsidiaries or the sale by the Company or any of the Company’s
Restricted Subsidiaries of Equity Interests in any of the Company’s Subsidiaries.

 

Notwithstanding
the preceding, each of the following items will be deemed not to be an Asset Sale:

 

(1)            any
single transaction or series of related transactions that involves assets, properties or Equity Interests having a Fair Market
Value of less than $50.0 million;

 

(2)            a
disposition of assets between or among the Company and its Restricted Subsidiaries;

 

(3)            an
issuance or sale of Equity Interests by a Restricted Subsidiary of the Company to the Company or to a Restricted Subsidiary of
the Company;

 

(4)            the
sale, lease or other disposition of equipment, inventory, products, services or accounts receivable or other assets or properties
in the ordinary course of business and any sale, lease or other disposition of damaged, worn-out or obsolete assets or properties
in the ordinary course of business (including the abandonment or other disposition of licenses and sublicenses of software, intellectual
property or other general intangibles that are, as determined in good faith by the Company, no longer economically practicable
to maintain or useful in the conduct of the business of the Company and its Restricted Subsidiaries taken as whole);

 

(5)            licenses
and sublicenses by the Company or any of its Restricted Subsidiaries of software or intellectual property in the ordinary course
of business;

 

(6)            any
surrender or waiver of contract rights or settlement, release, recovery on or surrender of contract, tort or other claims;

 

(7)            the
granting, creation or perfection of Liens not prohibited by Section 4.12 hereof, dispositions in connection with Permitted Liens
and the exercise by any Person in whose favor a Permitted Lien is granted of any of its rights in respect of that Permitted Lien;

 

(8)            the
disposition of cash or Cash Equivalents or other financial instruments (other than Oil and Gas Hedging Contracts);

 

(9)            a
Restricted Payment that does not violate Section 4.07 hereof or a Permitted Investment, or any disposition excluded from such
definitions or their component definitions;

 

(10)          a
disposition of Hydrocarbons, sand or other mineral products in the ordinary course of business;

 

(11)          an
Asset Swap;

 

(12)          dispositions
of crude oil and natural gas properties or direct or indirect interests in real property, provided that at the time of any such
disposition such properties do not have associated with them any proved reserves;

 

    4

     

    

 

(13)          any
Production Payments and Reserve Sales; provided that any such Production Payments and Reserve Sales, other than incentive compensation
programs on terms that are reasonably customary in the Oil and Gas Business for geologists, geophysicists and other providers
of technical services to the Company or a Restricted Subsidiary, shall have been created, incurred, issued, assumed or Guaranteed
in connection with the financing of, and within 60 days after the acquisition of, the property that is subject thereto;

 

(14)          issuances
and sales of directors’ qualifying shares and other Capital Stock in Restricted Subsidiaries issued to foreign governments,
foreign individuals or other third parties to the extent required by applicable law;

 

(15)          farmouts
of undeveloped oil and gas properties, deemed transfers of working interests under any joint operating agreement as the result
of electing (or being deemed to have elected) not to participate in the drilling operations for a new well, and assignments under
pooling or unitization agreements or other similar contracts that are customary in the Oil and Gas Business;

 

(16)          the
disposition of assets or Equity Interests received in settlement of debts as a result of foreclosure, perfection or enforcement
of any Lien or debt; and

 

(17)          any
disposition of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary.

 

“Asset Sale
Offer” has the meaning set forth in Section 4.10 hereof.

 

“Asset Swap”
means any substantially contemporaneous (and in any event occurring within 180 days of each other) purchase and sale or exchange
of any assets or properties used or useful in the Oil and Gas Business between the Company or any of its Restricted Subsidiaries
and another Person; provided, that the Fair Market Value of the properties or assets traded or exchanged by the Company or such
Restricted Subsidiary (together with any cash or Cash Equivalents) is reasonably equivalent, as determined in good faith by the
Company, to the Fair Market Value of the properties or assets (together with any cash or Cash Equivalents) to be received by the
Company or such Restricted Subsidiary, and provided further that any net cash or Cash Equivalents received must be applied in accordance
with the provisions of Section 4.10 hereof if then in effect, as if the Asset Swap were an Asset Sale.

 

“Attributable
Debt” in respect of a sale and leaseback transaction means, at the time of determination, the present value of the obligation
of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including
any period for which such lease has been extended or may, at the option of the lessor, be extended. Such present value shall be
calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP;
provided, however, that if such sale and leaseback transaction results in a Capital Lease Obligation, the amount of Indebtedness
represented thereby will be determined in accordance with the definition of “Capital Lease Obligation.”

 

“Bankruptcy
Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors.

 

“Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act),
such “person” will be deemed to have beneficial ownership of all securities that such “person” has the
right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only
after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding
meaning.

 

    5

     

    

 

“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 a general partner of the partnership;

 

(3)               
with respect to a limited liability company, the managing member or members or any controlling committee of managing members
thereof; and

 

(4)                
with respect to any other Person, the board or committee of such Person serving a similar function.

 

“Borrowing
Base” means, with respect to borrowings under the Credit Agreement and any amendment, restatement, supplement, modification,
renewal, refunding, replacement in any manner (whether upon or after termination or otherwise) or refinancing in whole or in part
of the foregoing in the form of a reserve-based borrowing base credit facility, in each case with lenders that include commercial
banks and similar entities regulated by one or more of the U.S. Office of the Comptroller of the Currency, the Federal Deposit
Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, any successor to any of such Governmental
Authorities, or any similar Governmental Authority, the maximum amount determined or re-determined by the lenders thereunder as
the aggregate lending value to be ascribed to the Oil and Gas Properties and other assets of the Company and its Restricted Subsidiaries
against which such lenders are prepared to provide loans, letters of credit or other Indebtedness to the credit parties, using
customary practices and standards for determining reserve-based borrowing base loans and which are generally applied to borrowers
in the Oil and Gas Business by commercial lenders, as determined semiannually during each year and/or on such other occasions as
may be required or provided for therein.

 

“Business
Day” means any day other than a Legal Holiday.

 

“Capital Lease
Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a financing
lease or capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP,
and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to
the first date upon which such lease may be prepaid by the lessee without payment of a penalty. Notwithstanding the foregoing,
any lease (whether entered into before or after the date of this Indenture) that would have been classified as an operating lease
pursuant to GAAP as in effect on December 1, 2018 will be deemed not to represent a Capital Lease Obligation. For purposes of Section
4.12 hereof, a Capital Lease Obligation will be deemed to be secured by a Lien on the property being leased.

 

“Capital Stock”
means:

 

(1)               
in the case of a corporation, corporate stock;

 

(2)               
in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents
(however designated) of corporate stock;

 

    6

     

    

 

(3)               
in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership
interests; and

 

(4)               
any other interest or participation that confers on a Person the right to receive a share of the profits and losses of,
or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities exercisable for,
exchangeable for, or convertible into Capital Stock, whether or not such debt securities include any right of participation with
Capital Stock.

 

“Cash Equivalents”
means:

 

(1)               
United States dollars;

 

(2)               
securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality
of the United States government (provided that the full faith and credit of the United States is pledged in support of those
securities) having maturities of not more than twelve months from the date of acquisition;

 

(3)               
certificates of deposit and eurodollar time deposits with maturities of twelve months or less from the date of acquisition,
bankers’ acceptances with maturities not exceeding twelve months and overnight and demand bank deposits, in each case, with
any lender party to the Credit Agreement or with any domestic commercial bank having capital and surplus in excess of $500.0 million
and a Thomson Bank Watch Rating of “B” or better;

 

(4)               
repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses
(2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above;

 

(5)               
commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing
within nine months after the date of acquisition;

 

(6)               
money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1)
through (5) of this definition; and

 

(7)               
with respect to any Subsidiary of the Company conducting business in whole or in part outside of the United States, Investments
denominated in the currency of any member of the Organisation for Economic Co-operation and Development.

 

“Change of
Control” means the occurrence of any of the following:

 

(1)               
the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries
taken as a whole, to any Person (including any “person” as that term is used in Section 13(d)(3) of the Exchange Act)
other than a Qualifying Owner;

 

(2)               
the adoption of a plan relating to the liquidation or dissolution of the Company;

 

(3)               
the removal by the limited partners of the Company of the General Partner as the general partner of the Company unless the
successor general partner of the Company is a Qualifying Owner;

 

    7

     

    

 

(4)               
at any time when the Company is a limited partnership, the consummation of any transaction (including any merger or consolidation),
the result of which is that any Person (including any “person” (as defined above)), other than the Company, any Restricted
Subsidiary of the Company or a Qualifying Owner, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the
Voting Stock of the Company’s general partner, measured by voting power rather than number of shares, units or the like;
or

 

(5)               
at any time when the Company is not a limited partnership, the consummation of any transaction (including any merger or
consolidation), the result of which is that any Person (including any “person” (as defined above)), excluding the Qualifying
Owners, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the Company, measured by
voting power rather than number of shares, units or the like.

 

Notwithstanding the
preceding, a conversion of the Company or any of its Restricted Subsidiaries from a limited partnership, corporation, limited liability
company or other form of entity to a limited liability company, corporation, limited partnership or other form of entity (including
by way of merger, consolidation, amalgamation or liquidation) or an exchange of all of the outstanding Equity Interests in one
form of entity for Equity Interests in another form of entity or the transfer or redomestication of the Company to or in another
jurisdiction shall not constitute a Change of Control, so long as following such conversion, exchange, transfer or redomestication
the “persons” (as that term is used in Section 13(d)(3) of the Exchange Act) who Beneficially Owned the Capital Stock
of the Company immediately prior to such transactions, together with Qualifying Owners, Beneficially Own in the aggregate more
than 50% of the Voting Stock of such entity, or Beneficially Own sufficient Equity Interests in such entity to elect a majority
of its directors, managers, trustees or other persons serving in a similar capacity for such entity or its general partner, as
applicable, and, in either case no “person” (other than a Qualifying Owner) Beneficially Owns more than 50% of the
Voting Stock of such entity or its general partner, as applicable.

 

“Clearstream”
means Clearstream Banking, S.A.

 

“Company”
means Viper Energy Partners LP, and any and all successors thereto.

 

“Consolidated
Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for
such period plus, without duplication:

 

(1)               
an amount equal to any extraordinary loss plus any net loss realized by such Person or any of its Restricted Subsidiaries
in connection with any Asset Sale (or any transaction excluded from the definition thereof), or the disposition of securities or
the early extinguishment of Indebtedness, to the extent such losses were deducted in computing such Consolidated Net Income; plus

 

(2)               
provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent
that such provision for taxes was deducted in computing such Consolidated Net Income; plus

 

(3)               
the Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that such Fixed Charges
were deducted in computing such Consolidated Net Income; plus

 

(4)               
depreciation, depletion, amortization (including amortization of intangibles but excluding amortization of prepaid cash
expenses that were paid in a prior period), impairment and other non-cash charges and expenses (excluding any such non-cash charge
or expense to the extent that it represents an accrual of or reserve for cash charges or expenses in any future period or amortization
of a prepaid cash charge or expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period
to the extent that such depreciation, depletion, amortization, impairment and other non-cash charges or expenses were deducted
in computing such Consolidated Net Income; plus

 

    8

     

    

 

(5)               
if such Person accounts for its oil and gas operations using successful efforts or a similar method of accounting, consolidated
exploration expense of such Person and its Restricted Subsidiaries; plus

 

(6)                any
reasonable expenses and charges related to any Investment, acquisition, disposition, Equity Offering, recapitalization, or issuance
or incurrence or repayment of Indebtedness permitted hereunder (in each case, whether or not successful); plus

 

(7)                dividends
and distributions received in cash by the Company or a Restricted Subsidiary of the Company from a Person that is not a Restricted
Subsidiary or that is accounted for by the equity method of accounting (including an Unrestricted Subsidiary), to the extent that
such dividends or distributions were not otherwise included in the Consolidated Net Income of the Company for such period; minus

 

(8)              
non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary
course of business; and minus

 

(9)                to
the extent increasing such Consolidated Net Income for such period, the sum of (a) the amount of deferred revenues that are amortized
during such period and are attributable to reserves that are subject to Volumetric Production Payments and (b) amounts recorded
in accordance with GAAP as repayments of principal and interest pursuant to Dollar-Denominated Production Payments,

 

in each case, on a consolidated
basis and determined in accordance with GAAP.

 

“Consolidated
Net Income” means, with respect to any specified Person for any period, the aggregate of the net income (loss) of such
Person and its Restricted Subsidiaries for such period, on a consolidated basis determined in accordance with GAAP and without
any reduction in respect of preferred stock dividends; provided that, to the extent such items are otherwise included in the calculation
of net income:

 

(1)               
all extraordinary gains (or losses) and all gains (or losses) realized in connection with any Asset Sale (or any transaction
excluded from the definition thereof) or the disposition of securities or the early extinguishment of Indebtedness, together with
any related provision for taxes on any such gain, will be excluded;

 

(2)               
the net income (or loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method
of accounting will be included only to the extent of the amount of dividends or distributions paid in cash to the specified Person
or a Restricted Subsidiary of the specified Person (or, in the case of a loss for such period, only to the extent of the aggregate
cash or fair market value of property contributed to such Person by the Company or any Restricted Subsidiary during such period);

 

(3)               
solely for the purpose of determining the amount available for Restricted Payments under Section 4.07(a)(c) hereof, the
net income of any Restricted Subsidiary will be excluded to the extent that the declaration or payment of dividends or distributions
by that Restricted Subsidiary of that net income is not at the date of determination permitted without any prior governmental approval
(that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument,
judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders,
partners or members;

 

    9

     

    

 

(4)               
the cumulative effect of a change in accounting principles will be excluded;

 

(5)               
unrealized losses and gains under derivative instruments, including those resulting from the application of FASB ASC815
will be excluded;

 

(6)               
any asset impairment, write-off or writedown on or related to Oil and Gas Properties under GAAP or SEC guidelines will be
excluded;

 

(7)               
non-cash charges relating to grants of performance shares, stock options, stock awards, stock purchase agreements or management
compensation plans for officers, directors, employees or consultants of the Company or a Restricted Subsidiary of the Company (excluding
any such non-cash charge to the extent that it represents an accrual of or reserve for cash charges in any future period or amortization
of a prepaid cash expense that was paid in a prior period) to the extent that such non-cash charges are deducted in computing such
Consolidated Net Income will be excluded; provided that if the Company or any Restricted Subsidiary of the Company makes a cash
payment in respect of a non-cash charge in any period, such cash payment shall (without duplication) be deducted from the Consolidated
Net Income of the Company for such period; and

 

(8)               
gains and losses due to fluctuations in exchange rates or currency values will be excluded.

 

“Consolidated
Net Working Capital” means (a) all current assets of the Company and its Restricted Subsidiaries except current assets
from Oil and Gas Hedging Contracts, less (b) all current liabilities of the Company and its Restricted Subsidiaries, except (i)
current liabilities included in Indebtedness, (ii) current liabilities associated with asset retirement obligations relating to
oil and gas properties and (iii) any current liabilities from Oil and Gas Hedging Contracts, in each case as set forth in the consolidated
financial statements of the Company prepared in accordance with GAAP (excluding any adjustments made pursuant to FASB ASC 815).

 

“continuing”
means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured or waived.

 

“Corporate
Trust Office of the Trustee” means the address of the Trustee specified in Section 12.01 hereof or such other address
as to which the Trustee may give notice to the Company.

 

“Credit Agreement”
means that certain Amended and Restated Senior Secured Revolving Credit Agreement, dated as of July 20, 2018, as amended to date,
by and among Viper Energy Partners LLC, as borrower, the Company, as guarantor, Wells Fargo Bank, National Association, as administrative
agent, and certain financial institutions, as lenders, including any related notes, Guarantees, collateral documents, instruments
and agreements executed in connection therewith, and, in each case, as amended, restated, supplemented, modified, renewed, refunded,
replaced in any manner (whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities
to institutional investors) in whole or in part from time to time, with the same or different lenders or agents.

 

    10

     

    

 

“Credit Facilities” means
one or more debt facilities (including the Credit Agreement), indentures or commercial paper facilities, secured or unsecured capital
market financings or other debt issuances, in each case, with banks or other institutional lenders or institutional investors or
other lenders or credit providers providing for revolving credit loans, term loans, capital market financings, receivables financing
(including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against
such receivables), letters of credit or other borrowings or debt issuances, in each case, as amended, restated, supplemented, modified,
renewed, refunded, replaced in any manner (whether upon or after termination or otherwise) or refinanced (including refinancing
with any capital markets transaction or otherwise by means of sales of debt securities to institutional investors) in whole or
in part from time to time, with the same or different lenders or agents.

 

“Currency Agreement”
means any foreign exchange contract, currency swap agreement or other financial agreement or arrangement with respect to currency
values designed to protect the Company or any of its Subsidiaries against fluctuations in currency values.

 

“Custodian”
means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.

 

“Customary
Recourse Exceptions” means with respect to any Non-Recourse Debt, exclusions from the exculpation provisions with respect
to such Non-Recourse Debt for the voluntary bankruptcy of a Person, fraud, misapplication of cash, environmental claims, waste,
willful destruction and other circumstances customarily excluded by lenders from exculpation provisions or included in separate
indemnification agreements in non-recourse financings.

 

“Default”
means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 

“Definitive
Note” means a certificated Note bearing the Private Placement Legend and registered in the name of the Holder thereof
and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not
bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached
thereto.

 

“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof
as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become
such pursuant to the applicable provision hereof.

 

“Designated
Non-cash Consideration” means non-cash consideration received by the Company or a Restricted Subsidiary in connection
with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate, less
the amount of cash or Cash Equivalents received in connection with a subsequent sale or other disposition of or collection on such
Designated Non-cash Consideration.

 

“Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for
which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the happening of any event,
matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder
of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding
the preceding sentence, (i) any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital
Stock have the right to require the Company to repurchase or redeem such Capital Stock upon the occurrence of a change of control
or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase
or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.07 hereof
and (ii) any Capital Stock issued pursuant to any plan of the Company or any of its Affiliates for the benefit of one or more
employees will not constitute Disqualified Stock solely because it may be required to be repurchased by the Company or any of its
Affiliates in order to satisfy applicable contractual, statutory or regulatory obligations. The amount of Disqualified Stock deemed
to be outstanding at any time for purposes hereof will be the maximum amount that the Company and its Restricted Subsidiaries may
become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive
of accrued dividends.

 

    11

     

    

 

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

 

“Domestic
Subsidiary” means any Restricted Subsidiary of the Company that was formed under the laws of the United States or any
state of the United States or the District of Columbia.

 

“Equity Interests”
of any Person means (1) any and all Capital Stock of such Person and (2) all rights to purchase, warrants or options (whether or
not currently exercisable), participations or other equivalents of or interests in (however designated) such Capital Stock of such
Person, but excluding from all of the foregoing any debt securities exercisable for, exchangeable for or convertible into Equity
Interests, regardless of whether such debt securities include any right of participation with Equity Interests.

 

“Equity Offering”
means a sale of Equity Interests of the Company (other than Disqualified Stock and other than to a Subsidiary of the Company) made
for cash on a primary basis by the Company after the date hereof.

 

“Euroclear”
means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Existing
Indebtedness” means all Indebtedness of the Company and its Restricted Subsidiaries (other than Indebtedness under the
Credit Agreement) in existence on the date hereof, until such amounts are repaid.

 

“Fair Market
Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving
distress or necessity of either party, determined in good faith by the Board of Directors of the Company in the case of amounts
of $100.0 million or more and otherwise by an Officer of the Company (unless otherwise provided herein).

 

“FASB ASC
815” means Financial Accounting Standards Board Accounting Standards Codification 815.

 

“Fixed Charge
Coverage Ratio” means with respect to any specified Person for any four-quarter reference period, the ratio of the Consolidated
Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person
or any of its Restricted Subsidiaries incurs, assumes, Guarantees, repays, repurchases, redeems, defeases or otherwise discharges
any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems Preferred Stock subsequent
to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on
which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then
the Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, Guarantee, repayment,
repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of Preferred
Stock, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference
period.

 

    12

     

    

 

In addition, for purposes
of calculating the Fixed Charge Coverage Ratio:

 

(1)               
acquisitions or Investments that have been made, or contributions received, by the specified Person or any of its Restricted
Subsidiaries, including through mergers or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the
specified Person or any of its Restricted Subsidiaries, and including all related financing transactions and including increases
in ownership of Restricted Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on
or prior to the Calculation Date, or that are to be made on the Calculation Date, will be given pro forma effect as if they had
occurred on the first day of the four-quarter reference period and any Consolidated Cash Flow for such period will be calculated
giving pro forma effect to any operating improvements or cost savings that have occurred or are reasonably expected to occur within
one year of the closing of such acquisition in the reasonable judgment of the principal accounting officer or chief financial officer
of the Company as certified in an Officers’ Certificate delivered to the Trustee (regardless of whether those operating improvements
or cost savings could then be reflected in pro forma financial statements prepared in accordance with Regulation S-X under the
Securities Act or any other regulation or policy of the SEC related thereto);

 

(2)               
the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations
or businesses or Investments (and ownership interests therein) disposed of on or prior to the Calculation Date, will be excluded;

 

(3)               
the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses
or Investments (and ownership interests therein) disposed of on or prior to the Calculation Date, will be excluded, but only to
the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its
Restricted Subsidiaries following the Calculation Date;

 

(4)               
any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at
all times during such four-quarter period;

 

(5)               
any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted Subsidiary
at any time during such four-quarter period; and

 

(6)               
if any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness will be calculated as if
the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging
Obligation applicable to such Indebtedness if such Hedging Obligation has a remaining term as at the Calculation Date of 12 months
or more, or, if the remaining term is less than 12 months, taking such Hedging Obligation into account on a proportional basis).

 

“Fixed Charges”
means, with respect to any specified Person for any period, the sum, without duplication, of:

 

(1)               
the consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued
(excluding (i) write-off of deferred financing costs and (ii) accretion of interest charges on future plugging and abandonment
obligations, future retirement benefits and other obligations that do not constitute Indebtedness, but including amortization of
debt issuance costs and original issue discount, non-cash interest payments, the interest component of all payments associated
with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges
incurred in respect of letter of credit or bankers’ acceptance financings), and net of the effect of all payments made or
received pursuant to Hedging Obligations in respect of interest rates; plus

 

    13

     

    

 

(2)               
the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period;
plus

 

(3)               
any interest expense on Indebtedness of another Person (other than Non-Recourse Debt of any Unrestricted Subsidiary or Joint
Venture) that is Guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person
or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon; plus

 

(4)               
all dividends, whether paid or accrued and whether or not in cash, on any series of Disqualified Stock of such Person or
any series of Preferred Stock of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity
Interests of the Company (other than Disqualified Stock) or to the Company or a Restricted Subsidiary of the Company,

 

in each case, on a consolidated
basis and determined in accordance with GAAP.

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect on the date hereof.

 

“General Partner” means
Viper Energy Partners GP LLC.

 

“Global Note
Legend” means the legend set forth in Section 2.06(f)(2) hereof, which is required to be placed on all Global Notes issued
hereunder.

 

“Global Notes”
means, individually and collectively, each of the Notes bearing the Private Placement Legend deposited with or on behalf of and
registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global
Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance
with Section 2.01, 2.06(b)(3) or 2.06(d) hereof.

 

“Government
Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the payment
for which the United States pledges its full faith and credit.

 

“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.

 

“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 by way of a pledge of assets or through letters of credit or reimbursement agreements in respect
thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well,
to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise).
When used as a verb, “Guarantee” has a correlative meaning.

 

    14

     

    

 

“Guarantors” means any
Restricted Subsidiary of the Company that Guarantees the Notes in accordance with the provisions hereof, and their respective successors
and assigns, in each case, until the Note Guarantee of such Person has been released in accordance with the provisions hereof.

 

“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under any Interest Rate Agreement, Oil and Gas Hedging
Contract or Currency Agreement.

 

“Holder”
means a Person in whose name a Note is registered.

 

“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,
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.

 

“Hydrocarbons” means
oil, natural gas, casing head gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons
and all constituents, elements or compounds thereof, and other minerals or products commonly created, recovered or produced in
association therewith or refined or processed therefrom.

 

“IAI Global
Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued
in a denomination equal to the outstanding principal amount of the Notes sold to Institutional Accredited Investors.

 

“Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether
or not contingent:

 

(1)               
in respect of borrowed money;

 

(2)               
evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect
thereof);

 

(3)               
in respect of bankers’ acceptances;

 

(4)               
representing Capital Lease Obligations or Attributable Debt in respect of sale and leaseback transactions;

 

(5)               
representing the balance deferred and unpaid of the purchase price of any property or services due more than six months
after such property is acquired or such services are completed; or

 

(6)               
representing any Hedging Obligations,

 

if and to the extent any of the preceding
items (other than letters of credit, Attributable Debt and Hedging Obligations) would appear as a liability upon a balance sheet
of the specified Person (excluding the footnotes thereto) prepared in accordance with GAAP. In addition, the term “Indebtedness”
includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is
assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness
of any other Person (including, with respect to any Production Payment, any warranties or guarantees of production or payment by
such Person with respect to such Production Payment, but excluding other contractual obligations of such Person with respect to
such Production Payment). Subject to the preceding sentence, neither Dollar-Denominated Production Payments nor Volumetric Production
Payments shall be deemed to be Indebtedness.

 

    15

     

    

 

In addition, “Indebtedness”
of any Person shall include Indebtedness described in the preceding paragraph that would not appear as a liability on the balance
sheet of such Person (excluding footnotes thereto) if:

 

(1)               
such Indebtedness is the obligation of a partnership or joint venture that is not a Restricted Subsidiary (a “Joint
Venture”);

 

(2)               
such Person or a Restricted Subsidiary of such Person is a general partner of the Joint Venture (a “Joint Venture
General Partner”); and

 

(3)               
there is recourse, by contract or operation of law, with respect to the payment of such Indebtedness to property or assets
of such Person or a Restricted Subsidiary of such Person; and then such Indebtedness shall be included in an amount equal to the
least of (i) the net assets of the Joint Venture General Partner, (ii) the amount of such obligations to the extent that there
is recourse, by contract or operation of law, to the property or assets of such Person or a Restricted Subsidiary of such Person
and (iii) the actual amount of such Indebtedness that is recourse to such Person or a Restricted Subsidiary of such Person, if
the Indebtedness is evidenced by a writing and is for a determinable amount; and the related interest expense shall be included
in Fixed Charges to the extent actually paid by such Person or its Restricted Subsidiaries.

 

The amount of any Indebtedness
outstanding as of any date will be:

 

(1)               
the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 

(2)               
the principal amount of the Indebtedness, in the case of any other Indebtedness; and

 

(3)               
in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:

 

		(a)	the Fair Market Value of such assets at the date of determination; and

 

		(b)	the amount of the Indebtedness of the other Person.

 

Notwithstanding the
foregoing, “Indebtedness” shall not include (i) accrued expenses and royalties arising in the ordinary course of business,
(ii) obligations to satisfy customer prepayment arrangements arising in the ordinary course of business, (iii) asset retirement
obligations, (iv) obligations in respect of environmental reclamation or site rehabilitation, (v) obligations under farm-in and
farm-out agreements or operating agreements, (vi) workers compensation obligations (including superannuation, pensions and retiree
medical care) that are not overdue by more than 90 days, (vii) obligations arising out of the endorsement of negotiable instruments
for collection in the ordinary course of business, (viii) customary indemnification obligations, (ix) Customary Recourse Exceptions,
(x) Obligations secured by a pledge of, or constituting a Guarantee limited in recourse solely to, the Equity Interests of an Unrestricted
Subsidiary or Joint Venture, (xi) Treasury Management Arrangements, and (xii) Indebtedness, the proceeds of which are funded into
an escrow account or trust or similar arrangement pending the satisfaction of one or more conditions, unless and until such proceeds
are released to the Company or any Restricted Subsidiary.

 

    16

     

    

 

“Indenture”
means this Indenture, as amended or supplemented from time to time.

 

“Indirect
Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.

 

“Initial Notes”
means the first $500 million aggregate principal amount of Notes issued hereunder on the date hereof.

 

“Initial Purchasers”
means Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., Capital
One Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Inc., BB&T Capital
Markets, a division of BB&T Securities, LLC, BBVA Securities Inc., BOK Financial Securities, Inc., CIBC World Markets Corp.,
Comerica Securities, Inc., PNC Capital Markets LLC and Scotia Capital (USA) Inc.

 

“Institutional
Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act, who are not also QIBs.

 

“Interest Rate Agreement”
means any interest rate swap agreement (whether from fixed to floating or from floating to fixed), interest rate cap agreement,
interest rate collar agreement or other similar agreement or arrangement designed to protect the Company or any of its Subsidiaries
against fluctuations in interest rates.

 

“Investments” means,
with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms
of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, payroll, travel
and similar advances to officers, employees, directors, consultants and others made in the ordinary course of business), purchases
or other acquisitions for consideration of Indebtedness, Equity Interests or other securities (excluding any interest in an oil
or natural gas leasehold to the extent constituting a security under applicable law), together with all items that are or would
be classified as investments on a balance sheet prepared in accordance with GAAP. If the Company or any Restricted Subsidiary of
the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Company
such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of the Company
(other than the sale or other disposition of all of the outstanding Capital Stock of such Subsidiary), the Company will be deemed
to have made an Investment on the date of any such sale or disposition in an amount equal to the Fair Market Value of the Company’s
Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided in Section 4.07(c) hereof.
The acquisition by the Company or any Restricted Subsidiary of the Company of a Person that holds an Investment in a third Person
will be deemed to be an Investment by the Company or such Restricted Subsidiary in such third Person in an amount equal to the
Fair Market Value of the Investments held by the acquired Person in such third Person in an amount determined as provided in Section
4.07(c) hereof. Except as otherwise provided herein, the amount of an Investment will be determined at the time the Investment
is made and without giving effect to subsequent changes in value or write-ups, write-downs or write-offs with respect to such Investment.

 

“Legal Holiday”
means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized
by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may
be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for
the intervening period.

 

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“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other
title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in
and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction.

 

“Moody’s”
means Moody’s Investors Service, Inc., and any successor to the ratings business thereof.

 

“Net Proceeds” means
cash in an amount equal to the aggregate cash proceeds and Cash Equivalents received by the Company or any of its Restricted Subsidiaries
in respect of any Asset Sale (including any cash or Cash Equivalents received upon the sale or other disposition of any non-cash
consideration received in any Asset Sale), net of the direct costs relating to such Asset Sale, including legal, accounting, investment
banking, underwriting, advisory and consulting fees, title and recording tax expenses and sales commissions, severance and associated
costs, expenses and charges of personnel and any relocation expenses relating to the properties or assets subject to or incurred
as a result of the Asset Sale, commissions, discounts and expenses incurred as a result of the Asset Sale, and taxes paid or payable
as a result of the Asset Sale, in each case, after taking into account any available tax credits or deductions and any tax sharing
arrangements, and amounts required to be applied to the repayment of Indebtedness (and all other Obligations related thereto),
other than revolving credit Indebtedness under a Credit Facility secured by a Lien on the properties or assets that were the subject
of such Asset Sale, and any reserve for sale price adjustment, indemnification or retained liability obligations in respect of
such assets or such Asset Sale established in accordance with GAAP, and all distributions and other payments required to be made
to minority interest holders in Subsidiaries or to holders of royalty or similar interests as a result of such Asset Sale.

 

“Non-Recourse
Debt” means Indebtedness as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support
of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly
liable as a guarantor or otherwise except, in each case for (i) Customary Recourse Exceptions and (ii) the pledge of (or a Guarantee
limited in recourse solely to) the Equity Interests of such Unrestricted Subsidiary or Joint Venture.

 

“Non-U.S.
Person” means a Person who is not a U.S. Person.

 

“Note Guarantee” means
any Guarantee by any Guarantor of the Company’s obligations under this Indenture and the Notes, as provided in Article 10
hereof or a supplemental indenture to this Indenture.

 

“Notes”
has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes shall be treated as
a single class for all purposes hereunder, and unless the context otherwise requires, all references to the Notes shall include
the Initial Notes and any Additional Notes.

 

“Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the
documentation governing any Indebtedness.

 

“Offering
Circular” means that certain offering circular, dated October 10, 2019, relating to the Initial Notes.

 

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“Officer”
means, with respect to any Person, the chairman of the board, the chief executive officer, the president, the chief operating officer,
the chief financial officer, the treasurer, any assistant treasurer, the controller, the secretary or any vice-president of such
Person, or, if such Person is a partnership, the general partner of such Person.

 

“Officers’
Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be
the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company,
that meets the requirements of Section 12.03 hereof.

 

“Oil and Gas
Business” means (i) the acquisition, ownership, operation, exploration, exploitation, development, production, operation,
mining and disposition of Hydrocarbons, Hydrocarbon Interests, Oil and Gas Properties, sand, and other minerals and other products
commonly created, used, recovered or produced in the conduct of the activities described in this definition, (ii) the gathering,
distributing, marketing, treating, processing (but not refining), storage, selling, transporting and other handling of any production
from such interests or properties, and (iii) any activity that is ancillary to or necessary or appropriate for the activities described
in clauses (i) and (ii) of this definition.

 

“Oil and Gas
Hedging Contracts” means any puts, cap transactions, floor transactions, collar transactions, forward contract, commodity
swap agreement, commodity option agreement or other similar agreement or arrangement in respect of Hydrocarbons (or related revenues
or costs, including basis) to be used, produced, processed or sold by the Company or any of its Subsidiaries that are customary
in the Oil and Gas Business and designed to protect such Person against fluctuations in Hydrocarbon prices.

 

“Oil and Gas
Properties” means all properties, including equity or other ownership interest therein, owned by such Person or any of
its Restricted Subsidiaries that contain or are believed to contain “proved oil and gas reserves” as defined in Rule
4-10 of Regulation S-X promulgated under the Securities Act.

 

“Opinion of
Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements
of Section 12.03 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee.

 

“ordinary
course of business” means, with respect to any activity involving the Company or any Restricted Subsidiary, performing
or engaging in such activity in the ordinary course of business of the Company or such Restricted Subsidiary or in such manner
as is or shall have become customary in the Oil and Gas Business, either generally or in the particular geographical location or
industry segment in which such activity is performed or engaged in, in each case as determined in good faith by the Company.

 

“Participant”
means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or
Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream).

 

“Permitted
Acquisition Indebtedness” means Indebtedness or Disqualified Stock of the Company or any of its Restricted Subsidiaries
to the extent such Indebtedness or Disqualified Stock was Indebtedness or Disqualified Stock of any other Person existing at the
time (a) such Person became a Restricted Subsidiary of the Company or (b) such Person was merged or consolidated with or into the
Company or any of its Restricted Subsidiaries; provided that on the date such Person became a Restricted Subsidiary or the date
such Person was merged or consolidated with or into the Company or any of its Restricted Subsidiaries, as applicable, either:

 

    19

     

    

 

(1)               
immediately after giving effect to such transaction and any related financing transaction on a pro forma basis as if the
same had occurred at the beginning of the applicable four-quarter period, the Company or such Person (if the Company is not the
survivor in the transaction) would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
Coverage Ratio test set forth in Section 4.09(a) hereof; or

 

(2)               
immediately after giving effect to such transaction and any related financing transaction on a pro forma basis as if the
same had occurred at the beginning of the applicable four-quarter period, the Fixed Charge Coverage Ratio of the Company or such
Person (if the Company is not the survivor in the transaction) would be equal to or greater than the Fixed Charge Coverage Ratio
of the Company immediately prior to such transaction.

 

If such Person was
entitled to borrow under a revolving credit commitment at the time such Person became a Restricted Subsidiary of the Company or
such Person was merged or consolidated with or into the Company or any of its Restricted Subsidiaries, the Company may elect to
treat all or any portion of the undrawn amount of such revolving credit commitment as Indebtedness of such Person existing at such
time.

 

“Permitted
Business Investments” means Investments made in the ordinary course of, or of a nature that is or shall have become customary
in, the Oil and Gas Business as a means of acquiring, owning, operating, exploring for, exploiting, developing, producing, operating,
mining or disposing of Hydrocarbons, Hydrocarbon Interests, Oil and Gas Properties, sand and other minerals and other products
commonly created, used, recovered or produced in the conduct of the activities described in this definition and properties that
contain or are believed to contain Hydrocarbons, sand and other minerals, through agreements, transactions, interests or arrangements
that permit one to share risks or costs, comply with regulatory requirements regarding local ownership or satisfy other objectives
customarily achieved through the conduct of such activities jointly with third parties, either generally or in the particular geographical
location or industry segment in which such Investment is made, in each case as determined in good faith by the Company, including
(i) ownership interests in properties that contain or are believed to contain Hydrocarbons, sand or other minerals or any interest
therein or gathering, transportation, processing, storage or related systems or ancillary real property interests, in each case
either directly or through entities the primary business of which is to own or operate any of the foregoing and (ii) entry into
and Investments in the form of or pursuant to operating agreements, working interests, royalty interests, mineral leases, contracts
for the sale, transportation or exchange of oil and natural gas, production sharing agreements, production, sales and marketing
agreements, processing agreements, farm-in agreements, farm-out agreements, developments agreements, area of mutual interest agreements,
unitization agreements, pooling agreements, joint bidding agreements, service contracts, joint venture agreements, partnership
agreements (whether general or limited), limited liability company agreements, subscription agreements, stock purchase agreements,
stockholder agreements and other similar agreements with third parties, incentive compensation programs for geologists, geophysicists
and other providers of technical services, and other similar or customary agreements.

 

“Permitted
Investments” means:

 

(1)               
any Investment in the Company or in any of its Restricted Subsidiaries;

 

(2)               
any Investment in cash and Cash Equivalents;

 

(3)               
any Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment:

 

		(a)	such Person becomes a Restricted Subsidiary of the Company; or

 

		(b)	such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially
all of its properties or assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company;

 

    20

     

    

 

(4)               
any Investment made as a result of the receipt of non-cash consideration from (a) an Asset Sale that was made pursuant to
and in compliance with Section 4.10 hereof or (b) a transaction excluded from the definition of “Asset Sale,” including
an Asset Swap;

 

(5)               
any acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other than Disqualified
Stock) of the Company;

 

(6)               
any Investments received in compromise or resolution of, or upon satisfaction of judgments with respect to, (a) obligations
of trade creditors or customers that were incurred in the ordinary course of business of the Company or any of its Restricted Subsidiaries,
including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor
or customer or (b) litigation, arbitration or other disputes;

 

(7)               
Investments represented by Hedging Obligations;

 

(8)               
loans or advances to officers, directors or employees made in the ordinary course of business of the Company or any Restricted
Subsidiary of the Company in an aggregate principal amount not to exceed $2.0 million at any one time outstanding;

 

(9)               
repurchases of the Notes;

 

(10)             
any Guarantee permitted to be incurred by Section 4.09 hereof;

 

(11)            
any Investment existing on, or made pursuant to a binding commitment existing on, the date hereof and any Investment consisting
of an extension, modification, conversion, exchange or renewal of any Investment existing on, or made pursuant to a binding commitment
existing on, the date hereof; provided that the amount of any such Investment may be increased (a) as required by the terms of
such Investment as in existence on the date hereof or (b) as otherwise permitted hereunder;

 

(12)             
Investments acquired after the date hereof as a result of the acquisition by the Company or any Restricted Subsidiary of
the Company of another Person, including by way of a merger, amalgamation or consolidation with or into the Company or any of its
Restricted Subsidiaries in a transaction that is not prohibited by Section 5.01 hereof after the date hereof to the extent that
such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation and were in existence
on the date of such acquisition, merger, amalgamation or consolidation;

 

(13)             
Permitted Business Investments;

 

(14)              receivables
owing to the Company or any Restricted Subsidiary of the Company created or acquired in the ordinary course of business and payable
or dischargeable in accordance with customary trade terms; provided, that such trade terms may include such concessionary trade
terms as the Company or any such Restricted Subsidiary of the Company deems reasonable under the circumstances;

 

    21

     

    

 

(15)           
Investments constituting prepaid expenses or advances or extensions of credit to customers or suppliers in the ordinary
course of business;

 

(16)           
endorsements of negotiable instruments and documents in the ordinary course of business;

 

(17)           
Investments in the form of pledges or deposits made in the ordinary course of business and constituting Permitted Liens;

 

(18)           
the contribution of the Capital Stock of any Unrestricted Subsidiary to the capital of any other Unrestricted Subsidiary
which is wholly owned by the Company or any Restricted Subsidiary;

 

(19)           
Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made and
without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause
(19) that are at the time outstanding that do not exceed the greater of (a) $75.0 million and (b) 6.0% of Adjusted Consolidated
Net Tangible Assets determined as of the date such Investment is made; and

 

(20)           
professional or advisory, administrative, management, treasury or similar services, indemnification, insurance, officers’
and directors’ fees and expenses, registration fees, and other like expenses paid or provided for the benefit of any Joint
Venture or Unrestricted Subsidiary pursuant to arrangements not involving the incurrence of Indebtedness that comply with Section
4.11 hereof.

 

“Permitted
Liens” means:

 

(1)               
Liens on assets of the Company or any Guarantor securing Indebtedness and other Obligations under Credit Facilities that
were permitted by the terms hereof to be incurred pursuant to Section 4.09(b)(1) and/or securing Hedging Obligations related thereto
and/or securing Obligations with regard to Treasury Management Arrangements;

 

(2)               
Liens in favor of the Company or the Guarantors;

 

(3)               
Liens on property of a Person existing at the time such Person becomes a Restricted Subsidiary of the Company or is merged
with or into or consolidated with the Company or any Restricted Subsidiary of the Company; provided that such Liens were in existence
prior to the contemplation of such Person becoming a Restricted Subsidiary of the Company or such merger or consolidation and do
not extend to any assets other than those of the Person that becomes a Restricted Subsidiary of the Company or is merged with or
into or consolidated with the Company or any Restricted Subsidiary of the Company;

 

(4)               
Liens on property (including Capital Stock) existing at the time of acquisition of the property by the Company or any Subsidiary
of the Company; provided that such Liens were in existence prior to such acquisition and not incurred in contemplation of such
acquisition;

 

(5)               
Liens to secure the performance of statutory or regulatory obligations, insurance, surety or appeal bonds, workers’
compensation obligations, bid, plugging and abandonment and performance bonds or other obligations of a like nature incurred in
the ordinary course of business or otherwise described in Section 4.09(b)(10) (including Liens to secure letters of credit issued
to assure payment of such obligations);

 

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(6)               
Liens to secure Indebtedness (including Capital Lease Obligations) permitted by Section 4.09(b)(4) covering only the assets
acquired with or financed by such Indebtedness;

 

(7)               
Liens existing on the date hereof;

 

(8)               
Liens created for the benefit of (or to secure) the Notes (or the Note Guarantees);

 

(9)               
Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred hereunder; provided, however, that:

 

		(a)	the new Lien is limited to all or part of the same property and assets that secured or, under the
written agreements pursuant to which the original Lien arose, could secure the original Lien; and

 

		(b)	the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of
(i) the outstanding principal amount, or, if greater, committed amount, of the Indebtedness renewed, refunded, refinanced, replaced,
defeased or discharged with such Permitted Refinancing Indebtedness and (ii) an amount necessary to pay accrued interest and any
fees and expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge;

 

(10)           
Liens on insurance policies and proceeds thereof, or other deposits, to secure insurance premium financings;

 

(11)           
filing of Uniform Commercial Code financing statements as a precautionary measure in connection with operating leases;

 

(12)           
bankers’ Liens, rights of setoff, rights of revocation, refund or chargeback with respect to money or instruments
of the Company or any Restricted Subsidiary, Liens arising out of judgments or awards not constituting an Event of Default and
notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and
for which adequate reserves have been made;

 

(13)           
Liens on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of
Indebtedness;

 

(14)           
Liens on specific items of inventory or other goods (and the proceeds thereof) of any Person securing such Person’s
obligations in respect of bankers’ acceptances issued or created in the ordinary course of business for the account of such
Person to facilitate the purchase, shipment or storage of such inventory or other goods;

 

(15)           
grants of software and other technology licenses in the ordinary course of business;

 

(16)           
Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered
into in the ordinary course of business;

 

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(17)           
Liens in respect of Production Payments and Reserve Sales; provided, that such Liens are limited to the property that is
subject to such Production Payments and Reserve Sales;

 

(18)           
Liens arising under oil and gas leases or subleases, assignments, farm-out agreements, farm-in agreements, division orders,
contracts for the sale, purchase, exchange, transportation, gathering or processing of Hydrocarbons, unitizations and pooling designations,
declarations, orders and agreements, development agreements, joint venture agreements, partnership agreements, operating agreements,
royalties, working interests, net profits interests, joint interest billing arrangements, participation agreements, production
sales contracts, area of mutual interest agreements, gas balancing or deferred production agreements, injection, repressuring and
recycling agreements, salt water or other disposal agreements, seismic or geophysical permits or agreements, licenses, sublicenses
and other agreements that are customary in the Oil and Gas Business; provided, however, in all instances that such Liens are limited
to the assets that are the subject of the relevant agreement, program, order or contract;

 

(19)           
Liens to secure performance of Hedging Obligations of the Company or any of its Restricted Subsidiaries;

 

(20)           
Liens imposed by law, including landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s
and repairmen’s Liens, or related contracts in the ordinary course of business, in each case for sums not overdue for more
than 60 days (or which, if due and payable, are being contested in good faith by appropriate proceedings provided appropriate reserves
required pursuant to GAAP have been made in respect thereof);

 

(21)           
Liens for taxes, assessments or other governmental charges not overdue for more than 30 days (or which, if so overdue, are
being contested in good faith by appropriate proceedings provided appropriate reserves required pursuant to GAAP have been made
in respect thereof) or the nonpayment of which in the aggregate would not reasonably be expected to have a material adverse effect
on the Company and the Restricted Subsidiaries of the Company taken as a whole;

 

(22)           
Liens in favor of issuers of surety or performance bonds or letters of credit or bankers’ acceptances issued pursuant
to the request of and for the account of the Company or any Restricted Subsidiary of the Company in the ordinary course of its
business; provided, however, that such letters of credit do not constitute Indebtedness;

 

(23)           
survey exceptions, encumbrances, ground leases, easements, restrictions, servitudes, permits, conditions, covenants, exceptions
or reservations of, or rights of others for, licenses, rights-of-way, roads, pipelines, transmission liens, transportation liens,
distribution lines for the removal of gas, oil, coal or other minerals or timber, sewers, electric lines, telegraph and telephone
lines and other similar purposes, or for the joint or common use of real estate, rights of way, facilities and equipment, Liens
related to surface leases and surface operations, or zoning, building codes or other restrictions (including minor defects or irregularities
in title and similar encumbrances) as to the use of real properties or liens incidental to the conduct of the business of the Company
or any Restricted Subsidiary of the Company or to the ownership of its properties that do not in the aggregate materially adversely
affect the value of said properties or materially impair their use in the operation of the business of the Company or any Restricted
Subsidiary of the Company;

 

    24

     

    

 

(24)           
leases, licenses, subleases and sublicenses of assets (including real property and intellectual property rights) that do
not materially interfere with the ordinary conduct of the business of the Company or any Restricted Subsidiary of the Company;

 

(25)           
any interest or title of a lessor under any operating lease;

 

(26)           
Liens on pipelines or pipeline facilities that arise by operation of law;

 

(27)           
Liens arising hereunder in favor of the Trustee for its own benefit and similar Liens in favor of other trustees, agents
and representatives arising under instruments governing Indebtedness permitted to be incurred hereunder, provided, that such Liens
are solely for the benefit of the trustees, agents, or representatives in their capacities as such and not for the benefit of the
holders of such Indebtedness;

 

(28)           
Liens (a) on advances of cash or Cash Equivalents in favor of the seller of any property to be acquired by the Company or
any Restricted Subsidiary of the Company under clause (3) of the definition of “Permitted Investment” to be applied
against the purchase price for such Investment, (b) consisting of an agreement to dispose of any property in a disposition permitted
hereunder and (c) on cash earnest money deposits made by the Company or any Restricted Subsidiary of the Company in connection
with any letter of intent or purchase agreement permitted hereunder;

 

(29)           
Liens incurred by the Company or any Restricted Subsidiary of the Company with respect to Indebtedness and other obligations
at any one time outstanding that do not exceed in aggregate principal or face amount the greater of (a) $75.0 million and (b) 6.0%
of Adjusted Consolidated Net Tangible Assets determined as of the date such Lien is granted or, if later, the date such Indebtedness
or other obligation is incurred;

 

(30)           
any Lien renewing, extending, refinancing, replacing or refunding a Lien permitted by this definition, provided that (a)
the principal amount of the Indebtedness secured by such Lien is not increased except by an amount equal to accrued interest and
premiums or other amounts paid, and fees, costs and expenses incurred, in connection therewith and by an amount equal to any existing
commitments unutilized thereunder and (b) no assets encumbered by any such Lien other than the assets permitted to be encumbered
immediately prior to such renewal, extension, refinancing, replacement or refunding are encumbered thereby;

 

(31)           
Liens arising from the deposit of funds or securities in trust for the purpose of decreasing, discharging, redeeming or
defeasing Indebtedness if such deposit of funds or securities and such decreasing, discharging, redeeming or defeasing of Indebtedness
are not prohibited under the covenant described under Section 4.07 hereof;

 

(32)           
Liens (other than Liens securing Indebtedness) on, or related to, properties or assets to secure all or part of the costs
incurred in the ordinary course of business for the exploration, drilling, development, production, processing, gathering, transportation,
marketing or storage, plugging, abandonment or operation thereof; and

 

(33)           
(a) Liens on Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary, and (b) Liens on Equity
Interests in Joint Ventures to secure Non-Recourse Debt.

 

    25

     

    

 

In each case set forth
above, notwithstanding any stated limitation on the assets or property that may be subject to such Lien, a Permitted Lien on a
specified asset or property or group or type of assets or property may include Liens on all improvements, additions, repairs, attachments
and accessions thereto, construction thereon, assets and property affixed or appurtenant thereto, parts, replacements and substitutions
therefor and all products and proceeds thereof, including dividends, distributions, interest and increases in respect thereof.

 

“Permitted Refinancing
Indebtedness” means any Indebtedness or Disqualified Stock of the Company or any of its Restricted Subsidiaries incurred
or issued in exchange for, or the net proceeds of which are used to extend, renew, refund, refinance, replace, defease, discharge
or otherwise retire for value other Indebtedness or Disqualified Stock of the Company or any of its Restricted Subsidiaries (other
than intercompany Indebtedness); provided that:

 

(1)               
the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal
amount (or accreted value, if applicable) of the Indebtedness or Disqualified Stock extended, renewed, refunded, refinanced, replaced,
defeased, discharged or otherwise retired for value (plus all accrued interest on the Indebtedness or accrued and unpaid dividends
on the Disqualified Stock, as the case may be, and the amount of all fees, costs and expenses, including premiums, incurred in
connection therewith);

 

(2)               
such Permitted Refinancing Indebtedness has (a) a Weighted Average Life to Maturity equal to or greater than the Weighted
Average Life to Maturity of the Indebtedness or Disqualified Stock being extended, renewed, refunded, refinanced, replaced, defeased,
discharged or otherwise retired for value and (b) a final maturity date that is (i) later than the final maturity date of the Indebtedness
or Disqualified Stock being extended, renewed, refunded, refinanced, replaced, defeased, discharged or otherwise retired for value
or (ii) more than 90 days after the final maturity date of the Notes;

 

(3)               
if the Indebtedness or Disqualified Stock being extended, renewed, refunded, refinanced, replaced, defeased, discharged
or otherwise retired for value is contractually subordinated in right of payment to the Notes or the Note Guarantees, such Permitted
Refinancing Indebtedness is contractually subordinated in right of payment to the Notes or the Note Guarantees, as applicable,
on terms at least as favorable to the Holders of Notes as those contained in the documentation governing the Indebtedness or Disqualified
Stock being extended, renewed, refunded, refinanced, replaced, defeased, discharged or otherwise retired for value, as determined
in good faith by the Company; and

 

(4)               
such Indebtedness is not incurred (other than by way of a Guarantee) by a Restricted Subsidiary of the Company that is not
a Guarantor if the Company is the issuer or other primary obligor on the Indebtedness being extended, renewed, refunded, refinanced,
replaced, defeased or discharged.

 

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

 

“Preferred
Stock” means, with respect to any Person, any and all preferred or preference stock or other similar Equity Interests
(however designated) of such Person whether outstanding or issued after the date hereof.

 

“Private Placement
Legend” means the legend set forth in Section 2.06(f)(1) hereof to be placed on all Notes issued hereunder except where
otherwise permitted by the provisions hereof.

 

    26

     

    

 

 

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

 

“Production
Payments and Reserve Sales” means the grant or transfer by the Company or any of its Restricted Subsidiaries to any Person
of a royalty, overriding royalty, net profits interest, Production Payment, partnership or other interest in Oil and Gas Properties,
reserves or the right to receive all or a portion of the production or the proceeds from the sale of production attributable to
such properties where the holder of such interest has recourse solely to such production or proceeds of production, subject to
the obligation of the grantor or transferor to operate and maintain, or cause the subject interests to be operated and maintained,
in a reasonably prudent manner or other customary standard or subject to the obligation of the grantor or transferor to indemnify
for environmental, title or other matters customary in the Oil and Gas Business, including any such grants or transfers pursuant
to incentive compensation programs on terms that are reasonably customary in the Oil and Gas Business for geologists, geophysicists
or other providers of technical services to the Company or any of its Restricted Subsidiaries.

 

“QIB”
means a “qualified institutional buyer” as defined in Rule 144A.

 

“Qualifying
Equity Interests” means Equity Interests of the Company other than Disqualified Stock and Equity Interests of the Company
sold to a Subsidiary or an employee stock ownership plan, option plan or similar trust to the extent such sale to an employee stock
ownership plan, option plan or similar trust is financed by loans from or Guaranteed by the Company or any Restricted Subsidiary
(unless such loans have been repaid with cash on or prior to the date of determination).

 

“Qualifying
Owners” means each of: (i) Diamondback Energy, Inc., any Subsidiary thereof, any Affiliated holding companies directly
or indirectly owned, controlled or managed by Diamondback Energy, Inc. or any other Person that is a Qualifying Owner or (ii) any
stockholder, director or officer of any of the Persons described in clause (i) above.

 

“Regulation
S” means Regulation S promulgated under the Securities Act.

 

“Regulation
S Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued
in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 903 of Regulation S.

 

“Responsible
Officer” when used with respect to the Trustee, means any officer within the Corporate Trust Administration of the Trustee
(or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed
by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer
to whom such matter is referred because of his knowledge of and familiarity with the particular subject.

 

“Restricted
Investment” means an Investment other than a Permitted Investment.

 

“Restricted
Period” means the 40-day distribution compliance period as defined in Regulation S.

 

“Restricted
Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary.

 

“Rule 144”
means Rule 144 promulgated under the Securities Act.

 

“Rule 144A”
means Rule 144A promulgated under the Securities Act.

 

    27

     

    

 

“Rule 903”
means Rule 903 promulgated under the Securities Act.

 

“Rule 904”
means Rule 904 promulgated under the Securities Act.

 

“S&P”
means Standard & Poor’s Ratings Services, and any successor to the ratings business thereof.

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Significant
Subsidiary” means any Restricted Subsidiary that would be a “significant subsidiary” as defined in Article
1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date hereof.

 

“Stated Maturity”
means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of
interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and will not include
any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled
for the payment thereof. Unless otherwise specified or implied by the context, “Stated Maturity” means the Stated Maturity
of the principal of the notes.

 

“Subsidiary”
means, with respect to any specified Person:

 

(1)               
any corporation, association or other business entity (other than a partnership or limited liability company) of which more
than 50% of the total voting power of its Voting Stock is at the time owned or controlled, directly or indirectly, by that Person
or one or more of the other Subsidiaries of that Person (or a combination thereof); and

 

(2)               
any partnership or limited liability company of which (a) more than 50% of the capital accounts, distribution rights, total
equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly,
by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership,
general, special or limited partnership interests or otherwise, and (b) such Person or any Subsidiary of such Person is a controlling
general partner or otherwise controls such entity.

 

Unless otherwise specified or the context
shall otherwise require, each reference to a “Subsidiary” will refer to a Subsidiary of the Company.

 

“TIA”
or “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).

 

“Total Leverage
Ratio” means, on any date, the ratio of:

 

(1)               
the aggregate principal amount of Indebtedness of the types described in clauses (1) and (2) of the definition thereof of
the Company and the Restricted Subsidiaries of the Company on a consolidated basis outstanding on such date, minus the aggregate
amount of unencumbered cash and Cash Equivalents of the Company and its Restricted Subsidiaries on such date, to

 

 

    28

     

    

 

(2)               
the aggregate amount of the Company’s Consolidated Cash Flow for the most recent four-quarter period for which internal
financial statements are available.

 

The Total Leverage
Ratio shall be calculated using the same methodologies and assumptions used to calculate the Fixed Charge Coverage Ratio.

 

“Treasury
Management Arrangement” means any agreement or other arrangement governing the provision of treasury or cash management
services, including deposit accounts, overdraft, funds transfer, automated clearinghouse, zero balance accounts, cash pooling (including
notional cash pooling), returned check, concentration, controlled disbursement, lockbox, account reconciliation and reporting,
trade finance services, commercial credit cards, merchant card services, purchase or debit cards (including non-card e-payables
services), and any other deposit or operating account relationships or other treasury, cash management or similar services, and
in each case including any associated lines or extensions of credit and related collateral and security arrangements.

 

“Treasury
Rate” means, as of any redemption date, the yield to maturity as of the time of computation of United States Treasury
securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519)
that has become publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is
no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption
date to November 1, 2022; provided, however, that if the period from the redemption date to November 1, 2022, is less than one
year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year
will be used. The Company will (a) calculate the Treasury Rate on the second Business Day preceding the applicable redemption
date and (b) prior to such redemption date file with the Trustee an Officers’ Certificate setting forth the Applicable Premium
and the Treasury Rate and showing the calculation of each in reasonable detail.

 

“Trustee”
means Wells Fargo Bank, National Association, until a successor replaces it in accordance with the applicable provisions hereof
and thereafter means the successor serving hereunder.

 

“Unrestricted
Subsidiary” means any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary or a Person
becoming a Subsidiary through merger or consolidation or Investment therein) that is designated by the Board of Directors of the
Company as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors, but only if at the time of such designation
such Subsidiary:

 

(1)               
has no Indebtedness other than Non-Recourse Debt;

 

(2)               
is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the
Company that is prohibited by Section 4.11 hereof; and

 

(3)               
is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect
obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition
or to cause such Person to achieve any specified levels of operating results, other than any such obligation that is made pursuant
to and in compliance with Section 4.07 hereof or an exception therefrom.

 

Notwithstanding the
foregoing and notwithstanding the provisions of Section 4.16 hereof, all Subsidiaries of an Unrestricted Subsidiary shall be Unrestricted
Subsidiaries.

 

    29

     

    

 

“U.S. Person”
means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act.

 

“Volumetric Production Payments”
means production payment obligations recorded as deferred revenue in accordance with GAAP, together with all undertakings and
obligations in connection therewith.

 

“Voting Stock” of any
specified Person as of any date means the Capital Stock of such Person entitling the holders thereof (whether at all times or only
so long as no senior class of Capital Stock has voting power by reason of any contingency) to vote in the election of members of
the Board of Directors of such Person; provided that with respect to a limited partnership or other entity that does not have a
Board of Directors, Voting Stock means the Capital Stock of the general partner of such limited partnership or other business entity
with the ultimate authority to manage the business and operations of such Person.

 

“Weighted Average
Life to Maturity” means, when applied to any Indebtedness or Disqualified Stock at any date, the number of years obtained
by dividing:

 

(1)               
the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial
maturity or other required payments of principal, redemption or similar payment including payment at final maturity, in respect
of the Indebtedness or Disqualified Stock, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse
between such date and the making of such payment; by

 

(2)               
the then outstanding aggregate principal, redemption or similar amount of such Indebtedness or Disqualified Stock.

 

Section 1.02           
Other Definitions.

 

	 	 	Defined

 in	 
	Term	 	Section	 
	“Affiliate Transaction”	 	 	4.11	 
	“Alternate Offer”	 	 	4.14	 
	“Authentication Order”	 	 	2.02	 
	“Change of Control Offer”	 	 	4.14	 
	“Change of Control Payment”	 	 	4.14	 
	“Change of Control Purchase Date”	 	 	4.14	 
	“Covenant Defeasance”	 	 	8.03	 
	“DTC”	 	 	2.03	 
	“Event of Default”	 	 	6.01	 
	“Excess Proceeds”	 	 	4.10	 
	“incur”	 	 	4.09	 
	“Legal Defeasance”	 	 	8.02	 
	“Offer Amount”	 	 	3.09	 
	“Offer Period”	 	 	3.09	 
	“Paying Agent”	 	 	2.03	 
	“Payment Default”	 	 	6.01	 
	“Permitted Debt”	 	 	4.09	 
	“Purchase Date”	 	 	3.09	 
	“Registrar”	 	 	2.03	 
	“Restricted Payments”	 	 	4.07	 

 

    30

     

    

 

Section 1.03           
Limited Incorporation by Reference of Trust Indenture Act.

 

Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference herein and made a part hereof. Except to the extent
specified in this Indenture, this Indenture is not subject to the TIA, and the provisions of the TIA are not incorporated or deemed
incorporated by reference.

 

Section 1.04           
Rules of Construction.

 

Unless the context
otherwise requires:

 

(1)               
a term has the meaning assigned to it;

 

(2)               
an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(3)               
“or” is not exclusive;

 

(4)               
words in the singular include the plural, and in the plural include the singular;

 

(5)               
“will” shall be interpreted to express a command;

 

(6)               
provisions apply to successive events and transactions;

 

(7)               
references to sections of or rules under the Securities Act will be deemed to include substitute, replacement or successor
sections or rules adopted by the SEC from time to time;

 

(8)               
“herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not
to any particular Article, Section or other subdivision; and

 

(9)               
when the words “includes” or “including” are used herein, they shall be deemed to be followed by
the words “without limitation.”

 

For purposes of determining
compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the making of Investments or any other
covenant, limitation or ratio in this Indenture, the U.S. dollar-equivalent of the principal amount of Indebtedness, Investment
or other amount denominated in a foreign currency shall be utilized, calculated based on the relevant currency exchange rate in
effect on the date such Indebtedness was incurred, such Investment was made, or such other amount was expended or incurred. Notwithstanding
any other provision of this Indenture, the maximum amount of Indebtedness that the Company or any Restricted Subsidiary may incur
pursuant to this Indenture shall be deemed not to be exceed and all other covenants, limitations and ratios in this Indenture be
deemed not to be breached or exceeded, solely as a result of fluctuations in exchange rates or currency values.

 

    31

     

    

 

ARTICLE
2

THE NOTES

 

Section 2.01           
Form and Dating.

 

(a)               
General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit
A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be
dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess
thereof.

 

The terms and provisions
contained in the Notes will constitute, and are hereby expressly made, a part hereof and the Company, the Guarantors and the Trustee,
by their execution and delivery hereof, expressly agree to such terms and provisions and to be bound thereby. However, to the extent
any provision of any Note conflicts with the express provisions hereof, the provisions hereof shall govern and be controlling.

 

(b)               
Global Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global
Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued
in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without
the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such
of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount
of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of
a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented
thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by
the Holder thereof as required by Section 2.06 hereof.

 

Section 2.02           
Execution and Authentication.

 

At least one Officer
must sign the Notes for the Company by manual or facsimile signature.

 

If an Officer whose
signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.

 

A Note will not be
valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the Note has been
authenticated hereunder.

 

The Trustee will, upon
receipt of a written order of the Company signed by two Officers (an “Authentication Order”), authenticate Notes
for original issue that may be validly issued hereunder, including any Additional Notes. The aggregate principal amount of Notes
outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Company pursuant
to one or more Authentication Orders, except as provided in Section 2.07 hereof.

 

The Trustee may appoint
an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever
the Trustee may do so. Each reference herein to authentication by the Trustee includes authentication by such agent. An authenticating
agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company.

 

    32

     

    

 

Section 2.03           
Registrar and Paying Agent.

 

The Company will maintain
an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”)
and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a
register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional
paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any
additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company will notify
the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain
another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying
Agent or Registrar.

 

The Company initially
appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 

The Company initially
appoints the Trustee to act as the Registrar and Paying Agent (at its offices indicated in the definition of Corporate Trust Office
of the Trustee in Section 1.01 hereof) and to act as Custodian with respect to the Global Notes.

 

Section 2.04           
Paying Agent to Hold Money in Trust.

 

The Company will require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders
or the Trustee all money held by the Paying Agent for the payment of principal of, premium on, if any, or interest, if any, on,
the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any such default continues,
the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying
Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company
or a Subsidiary) will have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will segregate
and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization
proceedings relating to the Company, the Trustee will serve as Paying Agent for the Notes.

 

Section 2.05           
Holder Lists.

 

The Trustee will preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders.
If the Trustee is not the Registrar, the Company will furnish to the Trustee at least seven Business Days before each interest
payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee
may reasonably require of the names and addresses of the Holders of Notes.

 

Section 2.06           
Transfer and Exchange.

 

(a)               
Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to
a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the
Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged
by the Company for Definitive Notes if:

 

(1)               
The Depositary (A) notifies the Company that it is unwilling or unable to continue as Depositary or (B) has ceased to be
a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company
within 90 days after the date of such notice from the Depositary;

 

    33

     

    

  

(2)               
the Company, at its option but subject to the Depositary’s requirements, notifies the Trustee in writing that it elects
to cause the issuance of the Definitive Notes; or

 

(3)               
there has occurred and is continuing an Event of Default, and the Depositary notifies the Trustee of its decision to exchange
such Global Notes for Definitive Notes.

 

Upon the occurrence
of any of the preceding events in (1), (2) or (3) above, Definitive Notes shall be issued in such names as the Depositary shall
instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10
hereof. Except as specified above, every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any
portion thereof, pursuant to this Section 2.06, Section 2.07 or Section 2.10 hereof, shall be authenticated and delivered in the
form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section
2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c)
hereof.

 

(b)               
Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests
in the Global Notes will be effected through the Depositary, in accordance with the provisions hereof and the Applicable Procedures.
Beneficial interests in the Global Notes will be subject to restrictions on transfer comparable to those set forth herein to the
extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with
either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

 

(1)               
Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in the same Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted
Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or
benefit of a U.S. Person (other than an Initial Purchaser). No written orders or instructions shall be required to be delivered
to the Registrar to effect the transfers described in this Section 2.06(b)(1).

 

(2)               
All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges
of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver
to the Registrar either:

 

(A)             
both:

 

(i)                
a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount
equal to the beneficial interest to be transferred or exchanged; and

 

(ii)              
instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase; or

 

    34

     

    

 

(B)             
both:

 

(i)                
a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be
transferred or exchanged; and

 

(ii)              
instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive
Note shall be registered to effect the transfer or exchange referred to in (i) above.

 

Upon satisfaction of all of the requirements
for transfer or exchange of beneficial interests in Global Notes contained herein and the Notes or otherwise applicable under the
Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(g) hereof.

 

(3)               
Transfer of Beneficial Interests to Another Global Note. A beneficial interest in any Global Note may be transferred
to a Person who takes delivery thereof in the form of a beneficial interest in another Global Note if the transfer complies with
the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

 

(A)             
if the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof;

 

(B)             
if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and

 

(C)             
if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required
by item (3) thereof, if applicable.

 

(c)               
Transfer or Exchange of Beneficial Interests in Global Notes to Definitive Notes. If any holder of a beneficial interest
in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to
a Person who takes delivery thereof in the form of a Definitive Note, then, upon receipt by the Registrar of the following documentation:

 

(1)               
if the holder of such beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive
Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof;

 

(2)               
if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (1) thereof;

 

(3)               
if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule
903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

 

    35

     

    

 

(4)               
if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(3)(a) thereof;

 

(5)               
if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from
the registration requirements of the Securities Act other than those listed in subparagraphs (2) through (4) above, a certificate
to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item
(3) thereof, if applicable;

 

(6)               
if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

(7)               
if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the Trustee shall cause the aggregate principal
amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Company shall execute
and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate
principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Global Note pursuant to this Section 2.06(c)
shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial
interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The
Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued
in exchange for a beneficial interest in a Global Note pursuant to this Section 2.06(c) shall bear the Private Placement Legend
and shall be subject to all restrictions on transfer contained therein.

 

(d)               
Transfer and Exchange of Definitive Notes to Beneficial Interests in Global Notes. If any Holder of a Definitive
Note proposes to exchange such Note for a beneficial interest in a Global Note or to transfer such Definitive Notes to a Person
who takes delivery thereof in the form of a beneficial interest in a Global Note, then, upon receipt by the Registrar of the following
documentation:

 

(1)               
if the Holder of such Definitive Note proposes to exchange such Note for a beneficial interest in a Global Note, a certificate
from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof;

 

(2)               
if such Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (1) thereof;

 

(3)               
if such Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

 

(4)               
if such Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(3)(a) thereof;

 

    36

     

    

 

(5)               
if such Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (2) through (4) above, a certificate to
the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3)
thereof, if applicable;

 

(6)               
if such Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

(7)               
if such Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a
certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the Trustee will cancel the Definitive
Note, and will increase or cause to be increased the aggregate principal amount of, in the case of clause (1) above, the appropriate
Global Note, in the case of clause (2) above, the 144A Global Note, in the case of clause (3) above, the Regulation S Global Note,
and in all other cases, the IAI Global Note.

 

(e)               
Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and
such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange
of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the
Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar
duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any
additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section
2.06(e). Any Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form
of a Definitive Note if the Registrar receives the following:

 

(1)               
if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit
B hereto, including the certifications in item (1) thereof;

 

(2)               
if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form
of Exhibit B hereto, including the certifications in item (2) thereof; and

 

(3)               
if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then
the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion
of Counsel required by item (3) thereof, if applicable.

 

(f)                
Legends. The following legends will appear on the face of all Global Notes and Definitive Notes issued hereunder
unless specifically stated otherwise in the applicable provisions hereof.

 

(1)               
Private Placement Legend. Each Global Note and each Definitive Note (and all Notes issued in exchange therefor or
substitution thereof) shall bear the legend in substantially the following form:

 

    37

     

    

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.
NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

 

THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE,
HEREOF AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR (IN
THE CASE OF RULE 144A SECURITIES) AFTER THE LATER OF THE ISSUE DATE OF THIS SECURITY (OR ANY ADDITIONAL NOTES) AND THE LAST DATE
ON WHICH AN ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY OR ANY ADDITIONAL
NOTE) OR 40 DAYS (IN THE CASE OF REGULATION S SECURITIES), ONLY (A) TO AN ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT
HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE
144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO
WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS
THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED
INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE
IN A MINIMUM PRINCIPAL AMOUNT OF NOTES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION
WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT
TO CLAUSE (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY
TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

 

(2)               
Global Note Legend. Each Global Note will bear a legend in substantially the following form:

 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY
(AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND
IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO
SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11
OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF VIPER
ENERGY PARTNERS LP.

 

    38

     

    

  

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH
OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

(3)               
Regulation S Legend. Each Note offered in reliance on Regulation S will bear a legend in substantially the following
form unless otherwise agreed in writing by the Company and the holder thereof:

 

THIS NOTE (OR ITS PREDECESSOR)
WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
 “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S.
PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE
SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.

 

(g)               
Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note
have been exchanged for Definitive Notes or beneficial interests in other Global Notes or a particular Global Note has been redeemed,
repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee
in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is
exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global
Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an
endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will
be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

 

(h)               
General Provisions Relating to Transfers and Exchanges.

 

(1)               
To permit registrations of transfers and exchanges, the Company will execute and the Trustee or authenticating agent will
authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or
at the Registrar’s request.

 

    39

     

    

 

(2)               
No service charge will be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax
or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.14 and 9.04 hereof).

 

(3)               
All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive
Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits hereunder, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

(4)               
Neither the Registrar nor the Company will be required:

 

(A)             
to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days
before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day
of selection;

 

(B)             
to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion
of any Note being redeemed in part; or

 

(C)             
to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.

 

(5)               
Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem
and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment
of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall
be affected by notice to the contrary.

 

(6)               
The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof.

 

(7)               
All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section
2.06 to effect a registration of transfer or exchange may be submitted by facsimile.

 

Section 2.07           
Replacement Notes.

 

If any mutilated Note
is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, the Company will issue and the Trustee or authenticating agent, upon receipt of an Authentication Order when
the Notes are in the form of Definitive Notes, will authenticate a replacement Note if the Trustee’s requirements are met.
If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment
of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any
of them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note.

 

    40

     

    

 

Every replacement Note
is an additional obligation of the Company and will be entitled to all of the benefits hereof equally and proportionately with
all other Notes duly issued hereunder.

 

Section 2.08           
Outstanding Notes.

 

The Notes outstanding
at any time are all the Notes authenticated by the Trustee or authenticating agent except for those canceled by the Trustee, those
delivered to the Trustee for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance
with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof,
a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note.

 

If a Note is replaced
pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced
Note is held by a protected purchaser.

 

If the principal amount
of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent
(other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient
to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease
to accrue interest.

 

Section 2.09           
Treasury Notes.

 

In determining whether
the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company
or any Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control
with the Company or any Guarantor, will be considered as though not outstanding, except that for the purposes of determining whether
the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned
will be so disregarded.

 

Section 2.10           
Temporary Notes.

 

Until certificates
representing Notes are ready for delivery, the Company may prepare and the Trustee or authenticating agent, upon receipt of an
Authentication Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes
but may have variations that the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee.
Without unreasonable delay, the Company will prepare and the Trustee or authenticating agent will authenticate definitive Notes
in exchange for temporary Notes.

 

Holders of temporary
Notes will be entitled to all of the benefits hereof.

 

Section 2.11           
Cancellation.

 

The Company at any
time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered
to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration
of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes (subject to the record retention requirement
of the Exchange Act). Certification of the destruction of all canceled Notes will be delivered to the Company upon written request.
The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation.

 

    41

     

    

 

Section 2.12           
Defaulted Interest.

 

If the Company defaults
in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest
payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate
provided in the Notes and in Section 4.01 hereof. The Company will notify the Trustee in writing of the amount of defaulted interest
proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special
record date and payment date; provided that no such special record date may be less than 10 days prior to the related payment
date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of
the Company, the Trustee in the name and at the expense of the Company) will send or cause to be sent (or when the Notes are represented
by Global Notes, send or caused to be sent electronically pursuant to the applicable procedures of the Depositary) to Holders a
notice that states the special record date, the related payment date and the amount of such interest to be paid.

 

ARTICLE
3

REDEMPTION AND PREPAYMENT

 

Section 3.01           
Election to Redeem; Notices to Trustee.

 

If the Company elects to redeem Notes pursuant
to the optional redemption provisions hereof, it must furnish to the Trustee, at least 20 days but not more than 60 days (or such
shorter period acceptable to the Trustee) before a redemption date, an Officers’ Certificate setting forth:

 

(1)               
the clause hereof pursuant to which the redemption shall occur;

 

(2)               
the redemption date;

 

(3)               
the principal amount of Notes to be redeemed; 

 

(4)               
the redemption price; and

 

(5)               
if a redemption is subject to the satisfaction of one or more conditions precedent, a statement to such effect describing
the conditions and stating that the redemption date may be delayed up to 10 Business Days and that if such conditions precedent
are not satisfied within 10 Business Days of the proposed redemption date, such redemption shall not occur and the notice thereof
shall be deemed rescinded.

 

Other than an optional redemption made by
an affirmative election of the Company pursuant to this Section 3.01 and Section 3.03, no payment, purchase, redemption,
repurchase, defeasance, exchange or other acquisition, retirement for value or satisfaction of Notes (including any payment made
or deemed made after acceleration of the Notes) shall constitute an optional redemption of the Notes for purposes of Section 3.07
hereof and paragraph 5 of the Notes.

 

Section 3.02           
Selection of Notes to Be Redeemed or Purchased.

 

If less than all of the Notes are to be
redeemed or purchased in an offer to purchase at any time, the Trustee will select Notes for redemption or purchase on a pro rata
basis (or, in the case of Notes issued in global form pursuant to Article 2 hereof, based on a method as the Depositary or
its nominee or successor may require or, where such nominee or successor is the Trustee, a method that most nearly approximates
a pro rata selection as the Trustee deems fair and appropriate) unless otherwise required by law or applicable stock exchange or
depositary requirements.

 

    42

     

    

 

The Trustee will promptly
notify the Company in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial
redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be
in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed
or purchased, the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased. Except as provided in
the preceding sentence, provisions hereof that apply to Notes called for redemption or purchase also apply to portions of Notes
called for redemption or purchase.

 

Section 3.03           
Notice of Redemption.

 

Subject to the provisions
of Section 3.09 hereof, at least 15 days but not more than 60 days before a redemption date, the Company will mail or cause
to be mailed by first class mail (or when the Notes are represented by Global Notes, sent electronically pursuant to the applicable
procedures of the Depositary), a notice of redemption to each Holder whose Notes are to be redeemed at its registered address,
except that redemption notices may be mailed (or otherwise sent) more than 60 days prior to a redemption date if the notice is
issued in connection with a defeasance of the Notes or a satisfaction and discharge hereof pursuant to Articles 8 or 11 hereof.

 

The notice will identify
the Notes to be redeemed and will state:

 

(1)               
the redemption date;

 

(2)               
the redemption price;

 

(3)               
if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued
upon cancellation of the original Note;

 

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

 

(5)               
that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(6)               
that, unless the Company defaults in making such redemption payment or the conditions precedent to the redemption are not
satisfied, interest on Notes called for redemption ceases to accrue on and after the redemption date;

 

(7)               
the paragraph of the Notes and/or Section hereof pursuant to which the Notes called for redemption are being redeemed;

 

(8)               
if the redemption is subject to the satisfaction of one or more conditions precedent, a statement to such effect describing
the conditions and stating that the redemption date may be delayed up to 10 Business Days and that if such conditions precedent
are not satisfied within 10 Business Days of the proposed redemption date, such redemption shall not occur and the notice thereof
shall be deemed rescinded; and

 

    43

     

    

 

(9)               
that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed
on the Notes.

 

At the Company’s
request, the Trustee will give the notice of redemption in the Company’s name and at its expense; provided, however, that
the Officers’ Certificate delivered to the Trustee pursuant to Section 3.01 hereof requests that the Trustee give such
notice and sets forth the information to be stated in such notice as provided in the preceding paragraph. The notice of redemption
with respect to a redemption pursuant to Section 3.07(c) need not set forth the Applicable Premium but only the manner of calculation
thereof. The Company will notify the Trustee of the Applicable Premium with respect to any such redemption promptly after the calculation,
and the Trustee shall not be responsible for such calculation.

 

Section 3.04           
Effect of Notice of Redemption.

 

Once notice of redemption
is sent in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable (subject to
the provisions of the next succeeding sentence) on the redemption date at the redemption price. A notice of redemption may be subject
to one or more conditions precedent. If a redemption is subject to satisfaction of one or more conditions precedent, the redemption
date may be delayed up to 10 Business Days. If such conditions precedent are not satisfied within 10 Business Days of the proposed
redemption date, such redemption shall not occur and the notice thereof shall be deemed rescinded.

 

Section 3.05           
Deposit of Redemption or Purchase Price.

 

One Business Day prior
to the redemption or purchase date, the Company will deposit with the Trustee or with the Paying Agent money sufficient to pay
the redemption or purchase price of and accrued interest, if any, on all Notes to be redeemed or purchased on that date. The Trustee
or the Paying Agent will promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company
in excess of the amounts necessary to pay the redemption or purchase price of and accrued interest, if any, on all Notes to be
redeemed or purchased.

 

If the Company complies
with the provisions of the preceding paragraph and, if the redemption is conditional, the conditions precedent to the redemption
are satisfied, on and after the redemption or purchase date, interest will cease to accrue on the Notes or the portions of Notes
called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the
related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered
at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption
or purchase because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid
principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid
on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof.

 

Section 3.06           
Notes Redeemed or Purchased in Part.

 

Upon surrender of a
Note that is redeemed or purchased in part, the Company will issue, and, if the Note is a Definitive Note, upon receipt of an Authentication
Order, the Trustee or authenticating agent will authenticate for the Holder at the expense of the Company, a new Note equal in
principal amount to the unredeemed or unpurchased portion of the Note surrendered.

 

    44

     

    

 

Section
3.07        
     Optional Redemption.

 

(a)               
Except pursuant to Section 3.07(b), (c), or (d), Section 3.08 or Section 4.14(e) hereof, the Notes will not be redeemable
at the Company’s option.

 

(b)               
At any time prior to November 1, 2022, the Company may on any one or more occasions redeem up to 40% of the aggregate principal
amount of Notes issued hereunder at a redemption price equal to 105.375% of the principal amount of the Notes redeemed, plus accrued
and unpaid interest, if any, to, but not including, the date of redemption (subject to the rights of Holders of Notes on the relevant
record date to receive interest on the relevant interest payment date), with an amount of cash not greater than the net cash proceeds
of one or more Equity Offerings; provided that:

 

(1)               
at least 60% of the aggregate principal amount of the Notes (including Additional Notes, if any) originally issued hereunder
(excluding Notes held by the Company and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption;
and

 

(2)               
the redemption occurs within 180 days of the date of the closing of such Equity Offering.

 

(c)               
At any time prior to November 1, 2022, the Company may on any one or more occasions redeem all or a part of the Notes, upon
not less than 15 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes
redeemed, plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but not including, the date of redemption,
subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment
date.

 

(d)               
On or after November 1, 2022, the Company may on any one or more occasions redeem all or a part of the Notes at the redemption
prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest,
if any, on the Notes to be redeemed, to, but not including, the applicable date of redemption, if redeemed during the twelve-month
period beginning on November 1 of the years indicated below, subject to the rights of Holders of Notes on the relevant record date
to receive interest on the relevant interest payment date:

 

	Year	 	 	Percentage	 
	2022	 	 	 	102.688	%
	2023	 	 	 	101.792	%
	2024	 	 	 	100.896	%
	2025 and thereafter	 	 	 	100.000	%

 

(e)               
Unless the Company defaults in the payment of the redemption price, or the redemption is subject to satisfaction of one
or more conditions precedent and such conditions precedent are not satisfied, interest will cease to accrue on the Notes or portions
thereof called for redemption on the applicable redemption date.

 

(f)                
Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.

 

    45

     

    

 

Section 3.08           
Mandatory Redemption.

 

The Company is not
required to make mandatory redemption or sinking fund payments with respect to the Notes. The Company may at any time and from
time to time purchase notes in the open market or otherwise, in each case without any restriction hereunder.

 

Section 3.09           
Offer to Purchase by Application of Excess Proceeds.

 

In the event that,
pursuant to Section 4.10 hereof, the Company is required to commence an Asset Sale Offer, it will follow the procedures specified
below.

 

The Asset Sale Offer
shall be made to all Holders and all holders of other Indebtedness that is pari passu with the Notes containing provisions
similar to those set forth herein with respect to offers to purchase, prepay or redeem with the proceeds of sales of assets. The
Asset Sale Offer will remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business
Days, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later
than three Business Days after the termination of the Offer Period (the “Purchase Date”), the Company will apply
all Excess Proceeds (the “Offer Amount”) to the purchase, prepayment or redemption of Notes and such other pari
passu Indebtedness (on a pro rata basis based on the principal amount of Notes and such other pari passu Indebtedness
surrendered, if applicable (except that any Notes represented by a Global Note will be selected by such method as the Depositary
or its nominee or successor may require or, where such nominee or successor is the Trustee, a method that most nearly approximates
a pro rata selection as the Trustee deems fair and appropriate unless otherwise required by law or applicable stock exchange or
depositary requirements)) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in response
to the Asset Sale Offer. Payment for any Notes so purchased will be made in the same manner as interest payments are made.

 

If the Purchase Date
is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest, if
any, will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional
interest will be payable to Holders who tender Notes pursuant to the Asset Sale Offer.

 

Upon the commencement
of an Asset Sale Offer, the Company will send, by first class mail (or when the Notes are represented by Global Notes, send electronically
pursuant to the applicable procedures of the Depositary), a notice to each of the Holders, with a copy to the Trustee. The notice
will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer.
The notice, which will govern the terms of the Asset Sale Offer, will state:

 

(1)               
that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.10 hereof and the length of time the
Asset Sale Offer will remain open;

 

(2)               
the Offer Amount, the purchase price and the Purchase Date;

 

(3)               
that any Note not tendered or accepted for payment will continue to accrue interest;

 

(4)               
that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer
will cease to accrue interest after the Purchase Date;

 

    46

     

    

 

(5)               
that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in denominations
of $2,000 or an integral multiple of $1,000 in excess thereof;

 

(6)               
that Holders electing to have Notes purchased pursuant to any Asset Sale Offer will be required to surrender the Note, with
the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer,
to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three
days before the Purchase Date;

 

(7)               
that Holders will be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case
may be, receives, not later than the expiration of the Offer Period, a telegram, electronic image scan, facsimile transmission
or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement
that such Holder is withdrawing his election to have such Note purchased;

 

(8)               
that, if the aggregate principal amount of Notes and other pari passu Indebtedness tendered in (or required to be
prepaid or redeemed in connection with) such Asset Sale exceeds the amount of Excess Proceeds, the Trustee will select the Notes
and such other pari passu Indebtedness to be purchased, prepaid or redeemed on a pro rata basis (except that any
Notes represented by a Global Note shall be selected by such method as DTC or its nominee or successor may require or, where such
nominee or successor is the Trustee, a method that most nearly approximates pro rata selection as the Trustee deems fair
and appropriate unless otherwise required by law or applicable stock exchange or depositary requirements) based on the principal
amount of Notes and such other pari passu Indebtedness tendered or required to be prepaid or redeemed (with such adjustments
as may be deemed appropriate by the Company so that only Notes in denominations of $2,000, or an integral multiple of $1,000 in
excess thereof, will be purchased); and

 

(9)               
that Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered (or transferred by book-entry transfer).

 

On or before the Purchase
Date, the Company will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer
Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered,
all Notes tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’
Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of
this Section 3.09. The Company, the Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later
than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes
tendered by such Holder and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee,
upon written request from the Company, will authenticate and mail or deliver (or cause to be transferred by book entry) such new
Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall
be promptly mailed or delivered by the Company to the Holder thereof. The Company will publicly announce the results of the Asset
Sale Offer on or promptly after the Purchase Date.

 

Other than as specifically
provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections
3.01 through 3.06 hereof.

 

    47

     

    

 

ARTICLE
4

COVENANTS

 

Section 4.01           
Payment of Notes.

 

The Company will pay
or cause to be paid the principal of, premium on, if any, and interest, if any, on, the Notes on the dates and in the manner provided
in the Notes. Principal, premium, if any, and interest, if any, will be considered paid on the date due if the Paying Agent, if
other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company
in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest, if any, then
due.

 

The Company will pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at a rate that is equal
to the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law) on overdue installments of interest, if any (without regard to any applicable grace
period), at the same rate to the extent lawful.

 

Section 4.02           
Maintenance of Office or Agency.

 

The Company will maintain
in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an affiliate of
the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices
and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails
to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the Trustee.

 

The Company may also
from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission
will in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, the City
of New York for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency.

 

The Company hereby
designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03
hereof.

 

Section 4.03           
Reports.

 

(a)               
So long as any Notes are outstanding, the Company will furnish to the Holders of Notes or cause the Trustee to furnish to
the Holders of Notes (or file or furnish, as applicable, with the SEC for public availability), within the time periods specified
in the SEC’s rules and regulations applicable to the Company (or, in the event the Company is not so required, which would
be applicable to the Company if it were required), after giving effect to all applicable extensions and cure periods:

 

(1)               
all quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Company were
required to file reports with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, annual audited financial statements
prepared in accordance with GAAP (with footnotes to such financial statements), including the audit report on such financial statements
issued by the Company’s certified independent accountants, and unaudited quarterly financial statements prepared in accordance
with GAAP (with condensed footnotes to such financial statements consistent with past practice), in each case, with a “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” and a presentation of EBITDA of the Company and
its Subsidiaries derived from such financial statements;

 

    48

     

    

 

(2)               
all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such
reports; and

 

(3)               
if at any time the Company is not required to file reports with the SEC pursuant to Section 13 or 15(d) of the Exchange
Act, (a) as promptly as reasonably practicable after furnishing to the Trustee the reports and financial statements required by
clauses (1) and (2) of this Section 4.03(a), hold a conference call to discuss such reports and the results of operations
for the relevant reporting period and (b) issue a press release to an internationally recognized wire service no fewer than three
Business Days prior to the date of the conference call required to be held in accordance with this paragraph, announcing the time
and date of such conference call and either including all information necessary to access the call or directing noteholders, prospective
investors, broker dealers and securities analysts to contact the appropriate person at the Company to obtain such information.

 

All such reports will
be prepared in all material respects in accordance with all of the rules and regulations applicable to such reports. In addition
to the foregoing, the Company will file a copy of each of the reports referred to in clauses (1) and (2) of this Section 4.03(a)
with the SEC for public availability or, if the Company is not required to file with the SEC, or the SEC will not accept such a
filing, on its website, in each case, within the time periods, after giving effect to all applicable extensions and cure periods,
applicable to the Company if the Company were required to file those reports with the SEC.

 

(b)               
If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual financial
information required by Section 4.03(a) hereof will include, to the extent material, a reasonably detailed presentation, either
on the face of the financial statements or in the footnotes thereto, and in “Management’s Discussion and Analysis of
Financial Condition and Results of Operations”, of the financial condition and results of operations of the Company and its
Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the
Company.

 

(c)               
Any and all Defaults or Events of Default arising from a failure to furnish or file in a timely manner a report or information
required by this Section 4.03 shall be deemed cured (and the Company shall be deemed to be in compliance with this Section 4.03)
upon furnishing or filing such report or information as contemplated by this Section 4.03 (but without regard to the date on which
such report or information is so furnished or filed); provided that such cure shall not otherwise affect the rights of the Holders
under Section 6.01 if the principal, interest and premium, if any, have been accelerated in accordance with the terms of this Indenture
and such acceleration has not been rescinded or cancelled prior to such cure.

 

(d)               
In addition, the Company and the Guarantors will agree that, for so long as any Notes remain outstanding, if at any time
they are not filing with the SEC the reports required by Section 4.03(a), they will furnish to the Holders of Notes and to
securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act so long as the Notes are not freely transferable under the Securities Act.

 

    49

     

    

 

(e)               
This Section 4.03 will not impose any duty on the Company under the Sarbanes-Oxley Act of 2002 and the related SEC
rules that would not otherwise be applicable. Any reports, information or documents filed with the SEC pursuant to its Electronic
Data Gathering, Analysis and Retrieval (EDGAR) system shall be deemed filed with the Trustee and furnished to the Holders of the
Notes and securities analysts as required pursuant to this covenant. The Trustee does not have a duty or obligation to monitor
whether the Company has so filed such reports, information or documents with the SEC.

 

(f)                
Delivery of such reports, information and documents to the Trustee is for informational purposes only, and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled
to rely exclusively on Officers’ Certificates).

 

Section 4.04           
Compliance Certificate.

 

(a)               
The Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee,
within 90 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the
Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with
a view to determining whether the Company has kept, observed, performed and fulfilled its obligations hereunder, and further stating,
as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed
and fulfilled each and every covenant contained herein and is not in default in the performance or observance of any of the terms,
provisions and conditions hereof (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of
Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto).

 

(b)               
So long as not contrary to the then current recommendations of the American Institute of Certified Public Accountants, the
year-end financial statements delivered pursuant to Section 4.03 shall be accompanied by a written statement of the Company’s
independent public accountants (who shall be a firm of established national reputation) that in making the examination necessary
for certification of such financial statements, nothing has come to their attention that would lead them to believe that the Company
has violated any provisions of Article 4 or Article 5 hereof or, if any such violation has occurred, specifying the nature and
period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any Person
for any failure to obtain knowledge of any such violation.

 

(c)               
So long as any of the Notes are outstanding, the Company will deliver to the Trustee, within 30 days after any Officer becomes
aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action
the Company is taking or proposes to take with respect thereto, unless such Default or Event of Default has been cured before the
end of such 30-day period.

 

(d)               
Delivery of such reports, information and documents under Section 4.03 and this Section 4.04 to the Trustee shall
be for informational purposes only, and the Trustee’s receipt thereof shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including compliance with any of the covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

    50

     

    

 

Section 4.05           
Taxes.

 

The Company will pay,
and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies
except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse
in any material respect to the Holders of the Notes.

 

Section 4.06           
Stay, Extension and Usury Laws.

 

The Company and each
of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance hereof; and the Company and each of the Guarantors (to the
extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will
not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer
and permit the execution of every such power as though no such law had been enacted.

 

Section 4.07           
Restricted Payments.

 

(a)               
The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:

 

(1)               
declare or pay any dividend or make any other payment or distribution on account of the Company’s or any of its Restricted
Subsidiaries’ Equity Interests (including any payment in connection with any merger or consolidation involving the Company
or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Company’s or any of its Restricted Subsidiaries’
Equity Interests in their capacity as such (other than dividends, payments or distributions payable in Equity Interests (other
than Disqualified Stock) of the Company and other than dividends, payments or distributions payable to the Company or a Restricted
Subsidiary of the Company);

 

(2)               
repurchase, redeem or otherwise acquire or retire for value (including in connection with any merger or consolidation involving
the Company) any Equity Interests of the Company or any direct or indirect parent of the Company (other than Equity Interests owned
by the Company or any Restricted Subsidiary of the Company);

 

(3)               
make any principal payment on or with respect to, or repurchase, redeem, defease or otherwise acquire or retire for value,
prior to the scheduled maturity, scheduled repayment or scheduled sinking fund payment, any Indebtedness of the Company or any
Guarantor that is contractually subordinated in right of payment to the Notes or to any Note Guarantee (excluding any intercompany
Indebtedness between or among the Company and any of its Restricted Subsidiaries), except payments, purchases, repurchases, redemptions,
defeasances or other acquisitions or retirements at or within one year prior to the Stated Maturity thereof; or

 

(4)               
make any Restricted Investment

 

(all such payments and other actions set
forth in these clauses (1) through (4) above being collectively referred to as “Restricted Payments”), unless,
at the time of and after giving effect to such Restricted Payment:

 

    51

     

    

 

(a)               
no Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;

 

(b)               
the Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted
Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a) hereof; and

 

(c)               
such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its
Restricted Subsidiaries since the date hereof (all payment calculations being made as if this covenant had been in effect as of
the date hereof and at all times thereafter, and excluding Restricted Payments permitted by Section 4.07 (b)(2), (3), (4),
(5), (6), (7), (8), (9), (10), (11), (12) and (13), is less than the sum, without duplication, of:

 

1.                  
50% of the Consolidated Net Income of the Company for the period (taken as one accounting period) from October 1, 2019 to
the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the
time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit);
plus

 

2.                  
100% of the aggregate net cash proceeds and the Fair Market Value of property or assets other than cash used or useful in
the Oil and Gas Business (including Equity Interests of Persons (other than the Company or a Subsidiary of the Company) engaged
primarily in the Oil and Gas Business), in each case received by the Company since the date hereof as a contribution to its common
equity capital or from the issue or sale of Qualifying Equity Interests or convertible or exchangeable Disqualified Stock or Indebtedness
of the Company, in each case that has been converted into or exchanged for Qualifying Equity Interests on or after the date hereof;
plus

 

3.                  
to the extent not already included in Consolidated Net Income for such period, if any Restricted Investment that was made
by the Company or any of its Restricted Subsidiaries after the date hereof is sold for cash (other than to the Company or any Subsidiary
of the Company) or otherwise cancelled, released, liquidated or repaid for cash, the cash return of capital or other reduction
with respect to such Restricted Investment resulting from such sale, liquidation, cancellation, release or repayment (less any
out-of-pocket costs incurred in connection with any such transaction); plus

 

4.                  
the amount by which Indebtedness of the Company or its Restricted Subsidiaries (other than any Indebtedness which by its
terms is subordinated in right of payment to the Notes or Note Guarantees) is reduced on the Company’s balance sheet upon
the conversion or exchange (other than by a Subsidiary of the Company) subsequent to the date hereof of any such Indebtedness of
the Company or its Restricted Subsidiaries for or into Equity Interests (other than Disqualified Stock) of the Company (less the
amount of any cash, or the Fair Market Value of any other property (other than such Equity Interests), distributed by the Company
upon such conversion or exchange and excluding the net cash proceeds from the conversion or exchange financed, directly or indirectly,
using funds borrowed from the Company or any Subsidiary), together with the net proceeds, if any, received by the Company or any
of its Restricted Subsidiaries upon such conversion or exchange; plus

 

    52

     

    

 

5.                  
to the extent that any Unrestricted Subsidiary of the Company designated as such after the date hereof is redesignated as
a Restricted Subsidiary pursuant to the terms hereof, or any Unrestricted Subsidiary of the Company or other Person in which the
Company or a Restricted Subsidiary has a Restricted Investment is merged or consolidated with or into, or transfers or otherwise
disposes of all or substantially all of its properties or assets to or is liquidated into, the Company or a Restricted Subsidiary,
or such Person becomes a Restricted Subsidiary, after the date hereof, the lesser of, as of the date of such redesignation or other
event, (A) the Fair Market Value of the Company’s Restricted Investment in such Person (or of the properties or assets disposed
of, as applicable) as of the date of such redesignation, merger, consolidation, transfer, disposition or liquidation and (B) such
Fair Market Value as of the date on which such Subsidiary was originally designated as an Unrestricted Subsidiary after the date
hereof or, in the case of any other Person, the date such Restricted Investment was originally made; plus

 

6.                  
any dividends received in cash by the Company or a Restricted Subsidiary of the Company after the date hereof from an Unrestricted
Subsidiary of the Company, to the extent that such dividends were not otherwise included in the Consolidated Net Income of the
Company for such period.

 

(b)               
The provisions of Section 4.07(a) hereof will not prohibit:

 

(1)               
the payment of any dividend or distribution or the consummation of any irrevocable redemption within 65 days after the date
of declaration of the dividend or distribution or giving of the redemption notice, as the case may be, if at the date of declaration
or notice, the dividend or distribution or redemption payment would have complied with the provisions hereof;

 

(2)               
the making of any Restricted Payment in exchange for, or out of or with the net cash proceeds of the substantially concurrent
sale (other than to a Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock) or from the
substantially concurrent contribution of common equity capital to the Company; provided that the amount of any such net cash proceeds
that are utilized for any such Restricted Payment will not be considered to be net proceeds of Equity Interests for purposes of
clause (c)(2) of Section 4.07(a) and will not be considered to be net cash proceeds from an Equity Offering for purposes of
Section 3.07 hereof;

 

(3)               
the declaration and payment of any dividend or distribution by a Restricted Subsidiary of the Company to the holders of
any class or series of its Equity Interests on a pro rata basis among the holders of such class or series;

 

(4)               
the payment on or purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness
of the Company or any Guarantor that is contractually subordinated in right of payment to the Notes or to any Note Guarantee in
exchange for, or out of or with the net cash proceeds from a substantially concurrent incurrence of Permitted Refinancing Indebtedness;

 

(5)               
if no Default or Event of Default has occurred and is continuing or would result therefrom, the purchase, repurchase, redemption
or other acquisition or retirement for value of any Equity Interests of the Company or any Restricted Subsidiary of the Company
held by any current or former officer, director or employee of the Company or any of its Restricted Subsidiaries (or their respective
estates, heirs, family members, spouses, former spouses or beneficiaries under their estates or other permitted transferees) pursuant
to any equity subscription agreement, stock option agreement, employee benefit plan or to satisfy obligations under any Equity
Interests appreciation rights or option plan or similar arrangement, shareholders’ agreement or similar agreement; provided
that the aggregate price paid for all such purchased, repurchased, redeemed, acquired or retired Equity Interests (excluding amounts
representing cancellation of Indebtedness) may not exceed $10.0 million in any calendar year, with unused amounts in any calendar
year being permitted to be carried forward to succeeding calendar years plus, to the extent not previously applied or included,
the net cash proceeds of key man life insurance policies received by the Company or any of its Restricted Subsidiaries after the
date hereof;

 

    53

     

    

 

(6)               
the repurchase of Equity Interests deemed to occur upon the exercise, exchange or vesting of any equity compensation (including
stock or other equity options, restricted stock, phantom stock, warrants, incentives, rights to acquire Equity Interests or other
derivative securities) to the extent such Equity Interests represent a portion of the exercise or other price or cost thereof and
any repurchase or other acquisition of Equity Interests made in lieu of or to satisfy withholding taxes in connection with any
exercise, exchange or vesting of stock or other equity options, restricted stock, phantom stock, warrants, incentives, rights to
acquire Equity Interests or other derivative securities;

 

(7)               
if no Default or Event of Default has occurred and is continuing or would result therefrom, the declaration and payment
of regularly scheduled or accrued dividends or distributions to holders of any class or series of Disqualified Stock of the Company
or any Preferred Stock of any Restricted Subsidiary of the Company issued on or after the date hereof in accordance with the Fixed
Charge Coverage Ratio test set forth in Section 4.09(a) hereof;

 

(8)               
payments of cash, dividends, distributions, advances or other Restricted Payments by the Company or any of its Restricted
Subsidiaries to allow the payment of cash in lieu of the issuance of fractional shares upon or in connection with (i) the exercise
of options or warrants, (ii) the conversion or exchange of Capital Stock of any such Person or (iii) a merger or consolidation
involving the Company or such Restricted Subsidiary or any other transaction not prohibited by this Indenture;

 

(9)               
the payment, purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of any subordinated
Indebtedness in accordance with provisions substantially similar to those set forth in Section 4.10 and Section 4.14
hereof; provided that prior to such payment, purchase, repurchase, redemption, defeasance or other acquisition or retirement, all
Notes tendered by holders in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been purchased,
repurchased, redeemed or acquired for value;

 

(10)           
payments to dissenting stockholders of the Company not to exceed $5.0 million in the aggregate made (i) pursuant to applicable
law or (ii) in connection with the settlement or other satisfaction of legal claims made pursuant to or in connection with a consolidation,
merger or transfer of assets in connection with a transaction not prohibited hereby;

 

(11)           
if no Default or Event of Default has occurred and is continuing or would result therefrom, Restricted Payments in an aggregate
amount at any one time outstanding not to exceed the greater of $50.0 million and 4.0% of Adjusted Consolidated Net Tangible Assets
determined as of the date of such Restricted Payment;

 

    54

     

    

 

(12)           
if no Default or Event of Default has occurred and is continuing or would result therefrom, other Restricted Payments if,
immediately after giving effect to such Restricted Payment (including the incurrence of any Indebtedness to finance such Restricted
Payment) as if it had occurred at the beginning of the most recently ended four full fiscal quarters for which internal financial
statements are available, the Total Leverage Ratio would not be greater than 3.0 to 1.0; and

 

(13)           
the declaration and payment of (i) distributions to the Company’s general partner in respect of its general partnership
interest in accordance with the Company’s partnership agreement and (ii) distributions to the holders of the Company’s
Class B Equity Interests in respect thereof in accordance with the Company’s partnership agreement in an aggregate amount
for clauses (i) and (ii) not to exceed $200,000 in any calendar quarter.

 

(c)               
The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment
(or, in the case of a dividend or distribution, on the date of declaration) of the asset(s) or securities proposed to be transferred
or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair Market
Value of any assets or securities that are required to be valued by this covenant will be determined, in the case of amounts under
$100.0 million, by an Officer of the Company, and in the case of amounts of $100.0 million or more, by the Board of Directors of
the Company, whose resolution with respect thereto will be delivered to the Trustee.

 

(d)               
For purposes of this Section 4.07 and the definition of “Permitted Investments,” a contribution, sale or incurrence
will be deemed to be “substantially concurrent” if the related Restricted Payment or purchase, repurchase, redemption,
defeasance, satisfaction and discharge, retirement or other acquisition for value or payment of principal or acquisition of assets
or Capital Stock occurs within 120 days before or after such contribution, sale or incurrence.

 

Section 4.08           
Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)               
The Company will not, and will not permit any of its Restricted Subsidiaries to create or permit to exist or become effective
any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:

 

(1)               
pay dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries,
or pay any Indebtedness owed to the Company or any of its Restricted Subsidiaries; provided that (i) the priority that any series
of Preferred Stock of a Restricted Subsidiary has in receiving dividends, distributions or liquidating distributions before dividends,
distributions or liquidating distributions are paid in respect of common stock of such Restricted Subsidiary shall not constitute
a restriction on the ability to make dividends or distributions on Capital Stock for purposes of this covenant and (ii) the subordination
of loans or advances made to the Company or any Restricted Subsidiary to other Indebtedness incurred by the Company or any Restricted
Subsidiary shall be deemed not to be a restriction on the ability to make payments with respect to such loans or advances;

 

(2)               
make loans or advances to the Company or any of its Restricted Subsidiaries (it being understood that the subordination
of loans or advances made to the Company or any Restricted Subsidiary to other Indebtedness incurred by the Company or any Restricted
Subsidiary shall be deemed not to be a restriction on the ability to make loans or advances); or

 

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(3)               
sell, lease or transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries.

 

(b)               
The restrictions in Section 4.08(a) hereof will not apply to encumbrances or restrictions existing under or by reason
of:

 

(1)               
the Credit Agreement and other agreements as in effect on the date hereof and any amendments, restatements, modifications,
renewals, increases, supplements, refundings, replacements or refinancings of those agreements; provided that the encumbrances
and restrictions contained in such amendments, restatements, modifications, renewals, increases, supplements, refundings, replacements
or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend, distribution and other payment
restrictions than those contained in those agreements on the date hereof, as determined in good faith by the Company;

 

(2)               
this Indenture, the Notes and the Note Guarantees;

 

(3)               
agreements governing other Indebtedness permitted to be incurred under the provisions of Section 4.09 hereof and any
amendments, restatements, modifications, renewals, increases, supplements, refundings, replacements or refinancings of those agreements;
provided that the encumbrances and restrictions therein are not materially more restrictive, taken as a whole, than those contained
in this Indenture, the Notes and the Note Guarantees or the Credit Agreement as in effect on the date hereof, whichever is more
restrictive, as determined in good faith by the Company;

 

(4)               
directly or indirectly applicable law, statute, rule, regulation, order, approval, governmental license, permit, requirement
or similar restriction or any guideline, interpretation, directive, request (whether or not having the force of law) from or of,
or any plan, memorandum or agreement with, any regulatory authority;

 

(5)               
any instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries
as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection
with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties
or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in the case
of Indebtedness, such Indebtedness was not prohibited by the terms hereof to be incurred;

 

(6)               
customary non-assignment provisions in purchase and sale or exchange agreements for Hydrocarbons, agreements of the types
described in Permitted Business Investments or similar operational agreements, or in licenses, easements, leases or other contracts;

 

(7)               
agreements governing purchase money obligations for property acquired in the ordinary course of business and Capital Lease
Obligations that impose restrictions on the property purchased or leased of the nature described in Section 4.08 (a)(3) hereof;

 

(8)               
any agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by that Restricted
Subsidiary pending its sale or other disposition;

 

(9)               
agreements governing Permitted Refinancing Indebtedness; provided that the restrictions contained in the agreements governing
such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements
governing the Indebtedness being refinanced, as determined in good faith by the Company;

 

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(10)           
Liens permitted to be incurred under the provisions of Section 4.12 hereof that limit the right of the debtor to dispose
of the assets subject to such Liens;

 

(11)           
provisions limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements,
sale-leaseback agreements, stock sale agreements, shareholders’ agreements, partnership agreements and other similar agreements
(including agreements entered into in connection with a Restricted Investment) entered into in the ordinary course of business,
which limitation is applicable only to the assets or properties that are the subject of such agreements;

 

(12)           
encumbrances or restrictions applicable only to a Restricted Subsidiary that is not a Domestic Subsidiary;

 

(13)           
any agreement with respect to any property or asset acquired after the date hereof (including by merger or consolidation)
as in effect at the time of such acquisition (except to the extent such agreement was incurred in connection with or in contemplation
of such acquisition), which encumbrance or restriction is not applicable to any property or assets other than the property or assets
so acquired;

 

(14)           
Hedging Obligations;

 

(15)           
encumbrances or restrictions on cash, cash equivalents or other deposits or net worth requirements imposed by customers
or lessors under leases or other contracts entered into in the ordinary course of business;

 

(16)           
customary restrictions set forth in “lock up” agreements entered into in connection with securities offerings;
or

 

(17)           
any encumbrance or restriction contained in agreements governing or relating to reserves that are the subject of any Production
Payment or Reserve Sale.

 

In each case set forth
above, notwithstanding any stated limitation on the assets or property that may be subject to such encumbrance or restriction,
an encumbrance or restriction on a specified asset or property or group or type of assets or property may also apply to all improvements,
additions, repairs, attachments and accessions thereto, construction thereon, assets and property affixed or appurtenant thereto,
parts, replacements and substitutions therefor and all products and proceeds thereof, including dividends, distributions, interest
and increases in respect thereof.

 

Section 4.09           
Incurrence of Indebtedness and Issuance of Preferred Stock.

 

(a)               
The Company will not, and will not permit any of its Restricted Subsidiaries to create, incur, issue, assume, Guarantee
or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”)
any Indebtedness (including Acquired Debt), and the Company will not issue any Disqualified Stock and will not permit any of its
Restricted Subsidiaries to issue any Preferred Stock; provided, however, that the Company may incur Indebtedness (including Acquired
Debt) or issue Disqualified Stock, and the Guarantors may incur Indebtedness (including Acquired Debt) or issue Preferred Stock,
if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified
Stock or such Preferred Stock is issued, as the case may be, would have been at least 2.00 to 1.00, determined on a pro forma basis
(including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified
Stock or the Preferred Stock had been issued, as the case may be, at the beginning of such four-quarter period.

 

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(b)               
The provisions of Section 4.09(a) hereof will not prohibit the incurrence of any of the following items of Indebtedness
or issuances of Disqualified Stock or Preferred Stock, as applicable (collectively, “Permitted Debt”):

 

(1)               
the incurrence by the Company and any Guarantor of Indebtedness and letters of credit under Credit Facilities in an aggregate
principal amount at any one time outstanding under this clause (1) (with letters of credit being deemed to have a principal amount
equal to the maximum potential liability of the Company and its Guarantors thereunder) not to exceed the greatest of (a) $725.0
million, (b) 35.0% of Adjusted Consolidated Net Tangible Assets determined as of the date of such incurrence and (c) the Borrowing
Base in effect under the Credit Agreement at the time of incurrence;

 

(2)               
the incurrence by the Company and its Restricted Subsidiaries of (a) the Existing Indebtedness and (b) any Permitted Acquisition
Indebtedness;

 

(3)               
the incurrence by the Company and the Guarantors of Indebtedness represented by the Notes and the related Note Guarantees
to be issued on the date hereof;

 

(4)               
the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations,
mortgage financings or purchase money obligations or other Indebtedness, in each case, incurred for the purpose of financing all
or any part of the purchase price, other acquisition cost or cost of design, construction, installation, development, repair or
improvement of property, plant or equipment used in the business of the Company or any of its Restricted Subsidiaries (together
with improvements, additions, accessions and contractual rights relating primarily thereto), in an aggregate principal amount,
including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease, discharge or otherwise
retire for value, in whole or in part, any Indebtedness incurred pursuant to this clause (4), not to exceed at any time outstanding
the greater of (a) $50.0 million and (b) 4.0% of Adjusted Consolidated Net Tangible Assets determined as of the date of such incurrence;

 

(5)               
the incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for,
or the net proceeds of which are used to renew, refund, refinance, replace, defease, discharge or otherwise retire for value, in
whole or in part, any Indebtedness (other than intercompany Indebtedness) that was permitted hereby to be incurred under Section 4.09(a)
or clauses (2), (3), (4), (5), (8), (13), (15) or (16) of this Section 4.09(b);

 

(6)               
the incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Company
and any of its Restricted Subsidiaries; provided, however, that:

 

(i)                
if the Company or any Guarantor is the obligor on such Indebtedness and the payee is not the Company or a Guarantor, if
such Indebtedness is not unsecured and expressly subordinated in right of payment to the prior payment in full in cash of all Obligations
then due with respect to the Notes, in the case of the Company, or the Note Guarantee, in the case of a Guarantor, then the incurrence
of such Indebtedness; and

 

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(ii)              
(A) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person
other than the Company or a Restricted Subsidiary of the Company and (B) any sale or other transfer of any such Indebtedness to
a Person that is not either the Company or a Restricted Subsidiary of the Company,

 

in each case
of clause (i) or clause (ii), will be deemed to constitute an incurrence of such Indebtedness by the Company or such Restricted
Subsidiary, as the case may be, that was not permitted by this clause (6);

 

(7)               
the issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries
of any Preferred Stock; provided, however, that:

 

(a)               
any subsequent issuance or transfer of Equity Interests that results in any such Preferred Stock being held by a Person
other than the Company or a Restricted Subsidiary of the Company; and

 

(b)               
any sale or other transfer of any such Preferred Stock to a Person that is not either the Company or a Restricted Subsidiary
of the Company,

 

in each case,
will be deemed to constitute an issuance of such Preferred Stock by such Restricted Subsidiary that was not permitted by this clause
(7);

 

(8)               
the incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations;

 

(9)               
the Guarantee by the Company or any of the Guarantors of Indebtedness of the Company or a Restricted Subsidiary of the Company
to the extent that the guaranteed Indebtedness was permitted to be incurred by another provision of this covenant; provided that
if the Indebtedness being guaranteed is subordinated to the Notes, then the Guarantee must be subordinated to the same extent as
the Indebtedness guaranteed (or, at the Company’s election, to a greater extent);

 

(10)           
the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness in respect of self- insurance obligations
and other social security or similar legislation, old age pension or public liability obligations, statutory obligations, government
contracts, trade contracts, regulatory obligations, leases, utility contracts and similar obligations, bid, plugging and abandonment,
appeal, reimbursement, performance, tender, surety and similar bonds and completion guarantees provided by, or for the account
of, the Company or a Restricted Subsidiary in the ordinary course of business and any Guarantees, contingent reimbursement obligations,
bank guarantees or letters of credit functioning as, supporting any or issued to assure payment or performance of the foregoing
bonds or obligations and workers’ compensation, health, disability or other benefits, unemployment or other insurance claims
in the ordinary course of business;

 

(11)           
the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank
or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds;

 

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(12)           
the incurrence by the Company or any of its Restricted Subsidiaries of in-kind obligations relating to net oil or natural
gas balancing positions arising in the ordinary course of business;

 

(13)           
any obligation arising from agreements of the Company or any Restricted Subsidiary of the Company providing for indemnification,
contribution, adjustment of purchase price, earn-outs, holdbacks, deferred compensation or similar obligations, in each case, incurred
or assumed in connection with the disposition or acquisition of any business, assets or Capital Stock of a Restricted Subsidiary
in a transaction permitted hereby;

 

(14)           
the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness in respect of the financing of insurance
premiums with the providers of such insurance or their Affiliates in the ordinary course of business;

 

(15)           
the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness representing deferred compensation to
employees of the Company or any Subsidiary of the Company incurred in the ordinary course of business (including those incurred
in connection with any acquisition);

 

(16)           
the incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness or the issuance by the Company
of any Disqualified Stock in an aggregate principal amount (or accreted value, as applicable) at any time outstanding, including
all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred
or Disqualified Stock issued pursuant to this clause (16), not to exceed the greater of (i) $75.0 million and (ii) 6.0% of Adjusted
Consolidated Net Tangible Assets determined as of the date of such incurrence or issuance;

 

(17)           
the incurrence by the Company or any of its Restricted Subsidiaries of obligations relating to net Hydrocarbon balancing
positions arising in the ordinary course of business; and

 

(18)           
the incurrence by the Company or any of its Restricted Subsidiaries of liability in respect of Indebtedness of any Unrestricted
Subsidiary or any Joint Venture but only if such liability is the result of (a) the Company’s or any such Restricted Subsidiary’s
being a general partner or member of, or owner of an Equity Interest in, such Unrestricted Subsidiary or Joint Venture and not
as guarantor of such Indebtedness if, after giving effect to any such incurrence, the aggregate principal amount of all Indebtedness
incurred under this clause (18)(a) and then outstanding does not exceed $25.0 million, or (b)(i) Customary Recourse Exceptions
and (ii) the pledge of (or a Guarantee limited in recourse solely to) Equity Interests in such Unrestricted Subsidiary or Joint
Venture held by the Company or such Restricted Subsidiary to secure Non-Recourse Debt.

 

The Company will not
incur, and will not permit any Guarantor to incur, any Indebtedness (including Permitted Debt) that is contractually subordinated
in right of payment to any other Indebtedness of the Company or such Guarantor unless such Indebtedness is also contractually subordinated
in right of payment to the Notes and the applicable Note Guarantee on substantially identical terms (or, at the Company’s
election, to a greater extent); provided, however, that no Indebtedness will be considered contractually subordinated in right
of payment to any other Indebtedness solely by virtue of being unsecured, secured with different collateral or to a greater or
lesser extent or priority or by virtue of structural subordination, maturity date or being guaranteed by less than all guarantors
of such other Indebtedness.

 

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For purposes of determining
compliance with this Section 4.09, in the event that an item of Indebtedness meets the criteria of more than one of the categories
of Permitted Debt described in Section 4.09(b)(1) through (18) above, or is entitled to be incurred pursuant to Section 4.09(a),
the Company will be permitted to divide, classify and reclassify such item of Indebtedness on the date of its incurrence, or later
redivide or reclassify all or a portion of such item of Indebtedness, in any manner that complies with this covenant. Indebtedness
under Credit Facilities outstanding on the date on which Notes are first issued and authenticated hereunder will initially be deemed
to have been incurred on such date in reliance on the exception provided by clause (1) of the definition of Permitted Debt. The
accrual of interest or dividends, the accretion of principal, accreted value or liquidation preference, the amortization of original
issue discount or debt discount, the payment of interest on Indebtedness in the form of additional Indebtedness, the payment of
dividends on Preferred Stock or Disqualified Stock in the form of additional securities of the same class of Preferred Stock or
Disqualified Stock, the obligation to pay a premium in respect of Indebtedness or Preferred Stock or Disqualified Stock arising
in connection with the issuance of a notice of redemption or the making of a mandatory change of control offer or asset sale offer
for such Indebtedness or Preferred Stock or Disqualified Stock, increases in the amount of Indebtedness outstanding solely as a
result of fluctuations in exchange rates or currency values, unrealized losses or charges in respect of Hedging Obligations, and
the reclassification of Preferred Stock as Indebtedness due to a change in accounting principles, in each case will be deemed not
to be an incurrence of Indebtedness or an issuance of Preferred Stock or Disqualified Stock for purposes of this covenant; provided
that the amount thereof is included in Fixed Charges of the Company as accrued to the extent required by the definition of such
term.

 

Section 4.10           
Asset Sales.

 

(a)               
The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

 

(1)               
the Company (or a Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least
equal to the Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Sale) of the assets
or Equity Interests issued or sold or otherwise disposed of; and

 

(2)               
at least 75% of the aggregate consideration received in the Asset Sale by the Company or a Restricted Subsidiary is in the
form of cash or Cash Equivalents. For purposes of this clause (2) only, each of the following will be deemed to be cash:

 

(a)               
any liabilities, as shown on the Company’s most recent consolidated balance sheet, of the Company or any Restricted
Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Note Guarantee)
that are assumed or otherwise forgiven or released by the transferee of any such assets (or an Affiliate thereof);

 

(b)               
any securities, notes or other obligations received by the Company or any Restricted Subsidiary from such transferee that
are, within 180 days after the Asset Sale, converted by the Company or such Restricted Subsidiary into cash, to the extent of the
cash received in that conversion;

 

(c)               
any Capital Stock or assets of the kind referred to in clause (2) or (4) of Section 4.10(b);

 

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(d)               
any Designated Non-cash Consideration received by the Company or such Restricted Subsidiary in such Asset Sale having an
aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (d)
that is at that time outstanding, no greater than 5.0% of the Adjusted Consolidated Net Tangible Assets at the time of the receipt
of such Designated Non-cash Consideration, with the Fair Market Value of each item of Designated Non-cash Consideration being measured
at the time received and without giving effect to subsequent changes in value; and

 

(e)               
with respect to any Asset Sale of Oil and Gas Properties sold, leased, conveyed, transferred or otherwise disposed of by
the Company or a Restricted Subsidiary where the Company or such Restricted Subsidiary retains an interest in such property, the
costs and expenses of the Company or such Restricted Subsidiary related to the exploration, development, completion or production
of such property and activities related thereto that the transferee of such property (or an Affiliate thereof) agrees to pay.

 

(b)               
Within 360 days after the receipt of any Net Proceeds from an Asset Sale, the Company (or any Restricted Subsidiary) may
apply such Net Proceeds at its option to any combination of the following:

 

(1)               
to repay, purchase, repurchase, redeem, defease or otherwise acquire, retire or terminate (a) Indebtedness and all other
Obligations related thereto that are secured by a Lien or (b) Obligations under Indebtedness of a Restricted Subsidiary that is
not a Guarantor (other than Indebtedness owed to the Company or another Restricted Subsidiary);

 

(2)               
to acquire all or substantially all of the assets of, or any Capital Stock of, one or more other Persons primarily engaged
in the Oil and Gas Business, if, after giving effect to any such acquisition of Capital Stock, such Person is a Restricted Subsidiary
of the Company;

 

(3)               
to make capital expenditures in respect of the Company’s or any Restricted Subsidiary’s Oil and Gas Business;
or

 

(4)               
to acquire assets (other than Capital Stock) that are not classified as current assets under GAAP and that are used or useful
in the Oil and Gas Business.

 

(c)               
The requirement of clauses (2) through (4) of Section 4.10(b) shall be deemed to be satisfied if a bona fide binding
contract committing to make the investment, acquisition or expenditure referred to therein is entered into by the Company or any
Restricted Subsidiary, as the case may be, with a Person other than an Affiliate of the Company within the time period specified
in the preceding paragraph and such Net Proceeds are subsequently applied in accordance with such contract within six months following
the date such agreement is entered into.

 

(d)               
The Company (or any Restricted Subsidiary) may expend or invest the Net Proceeds in any manner that is not prohibited hereby,
including temporarily reducing revolving credit borrowings.

 

(e)               
Any Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.10(b) will constitute “Excess
Proceeds.” When the aggregate amount of Excess Proceeds exceeds $20.0 million, within 30 days thereafter, the Company
will make an offer (an “Asset Sale Offer”) to all Holders of Notes, and all holders of other Indebtedness that
is pari passu with the Notes containing provisions similar to those set forth herein with respect to offers to purchase,
prepay or redeem with the proceeds of sales of assets to purchase, prepay or redeem, on a pro rata basis, the maximum principal
amount of Notes and such other pari passu Indebtedness (plus all accrued interest on the Indebtedness and the amount of
all fees and expenses, including premiums, incurred in connection therewith) that may be purchased, prepaid or redeemed out of
the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of the principal amount, plus accrued and unpaid
interest, if any, to the date of purchase, prepayment or redemption, subject to the rights of Holders of Notes on the relevant
record date to receive interest due on the relevant interest payment date, and will be payable in cash. If any Excess Proceeds
remain after consummation of an Asset Sale Offer, the Company or any Restricted Subsidiary may use those Excess Proceeds for any
purpose not otherwise prohibited hereby. If the aggregate principal amount of Notes and other pari passu Indebtedness tendered
in (or required to be prepaid or redeemed in connection with) such Asset Sale Offer exceeds the amount of Excess Proceeds, the
Trustee will select the Notes and such other pari passu Indebtedness to be purchased, prepaid or redeemed on a pro rata
basis (except that any Notes represented by a Note in global form will be selected by such method as the Depositary or its nominee
or successor may require or, where such nominee or successor is the Trustee, a method that most nearly approximates pro rata
selection as the Trustee deems fair and appropriate unless otherwise required by law or applicable stock exchange or depositary
requirements), based on the amounts tendered or required to be prepaid or redeemed (with such adjustments as may be deemed appropriate
by the Company so that only Notes in denominations of $2,000, or an integral multiple of $1,000 in excess thereof, will be purchased).
Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. The Company may satisfy the foregoing
obligation with respect to any Excess Proceeds by making an Asset Sale Offer prior to the expiration of the relevant 360-day period
or with respect to Excess Proceeds of $20.0 million or less.

 

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(f)                
The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset
Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with this Section 4.10, the Company
will comply with the applicable securities laws and regulations and will be deemed not to have breached its obligations under this
Section 4.10 by virtue of such compliance.

 

(g)               
The provisions hereof relative to the Company’s obligation to make an offer to repurchase the notes as a result of
an Asset Sale may be amended, waived, modified or terminated with the consent of the Holders of a majority in principal amount
of the outstanding Notes (including Additional Notes, if any).

 

(h)               
All references herein to “Net Proceeds” and “Excess Proceeds” shall be deemed to mean
cash in an amount equal to the amount of Net Proceeds or Excess Proceeds but not necessarily the actual cash received from the
relevant Asset Sale. The Company and its Subsidiaries shall have no obligation to segregate, trace or otherwise identify Net Proceeds
or Excess Proceeds (other than the amount thereof), it being agreed that cash is fungible and that the Company’s obligations
under this Section 4.10 may be satisfied by the application of funds from other sources.

 

Section 4.11           
Transactions with Affiliates.

 

(a)               
The Company will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer
or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend
any transaction, contract, agreement, understanding, loan, advance or guarantee with (which term, for purposes of this covenant,
shall include “for the benefit of” where appropriate in the context) any Affiliate of the Company involving aggregate
consideration in excess of $10.0 million (each, an “Affiliate Transaction”), unless:

 

(1)               
the Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than
those that could have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated
Person or, if in the good faith judgment of the Company, no comparable transaction is available with which to compare such Affiliate
Transaction, such Affiliate Transaction is otherwise fair to the Company or the relevant Restricted Subsidiary from a financial
point of view; and

 

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(2)               
the Company delivers to the Trustee:

 

(A)             
with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration
in excess of $50.0 million, an Officers’ Certificate certifying that such Affiliate Transaction or series of related Affiliate
Transactions complies with this covenant as determined in good faith by an Officer of the Company disinterested with respect to
such Affiliate Transaction; and

 

(B)             
with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration
in excess of $100.0 million, an Officers’ Certificate certifying that such Affiliate Transaction or series of related Affiliate
Transactions complies with this Section 4.11 and that such Affiliate Transaction or series of related Affiliate Transactions
has been approved by a majority of the disinterested members of the Board of Directors of the Company, if any.

 

(b)               
The following items will be deemed not to be Affiliate Transactions and, therefore, will not be subject to the provisions
of Section 4.11(a) hereof:

 

(1)               
any employment or consulting agreement or arrangement, equity award, equity option or equity appreciation agreement or plan,
employee benefit plan, officer or director indemnification, compensation or severance agreement or any similar arrangement entered
into by the Company or any of its Restricted Subsidiaries in the ordinary course of business and payments, awards, grants or issuances
of securities pursuant thereto;

 

(2)               
transactions between or among the Company and/or its Restricted Subsidiaries;

 

(3)               
transactions with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely
because the Company owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person;

 

(4)               
payment of reasonable and customary fees and other benefits and reimbursements of expenses (pursuant to indemnity arrangements
or otherwise) of officers, directors, employees or consultants of the Company or any of its Restricted Subsidiaries;

 

(5)               
any issuance of Equity Interests of the Company to or receipt of capital contributions from Affiliates of the Company and
the granting of registration and other customary rights in connection therewith;

 

(6)               
Permitted Investments or Restricted Payments (and any other payments excluded from such definitions or their component definitions)
that do not violate the provisions of Section 4.07 hereof;

 

(7)               
entry into, and transactions effected in accordance with the terms of, the agreements described in the Offering Circular
or that are described in filings with the SEC that are incorporated by reference in the Offering Circular, in each case as such
agreements are in effect on the date hereof, and any amendment, renewal, extension or replacement of any of such agreements if
any such amendment, renewal, extension or replacement agreement is not materially less advantageous to the Company, taken as a
whole, than the agreement so amended, renewed, extended or replaced;

 

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(8)               
loans or advances to or reimbursements of expenses incurred by employees for moving, entertainment and travel expenses and
similar expenditures in the ordinary course of business permitted under clause (8) of the definition of Permitted Investments;

 

(9)               
any transaction in which the Company or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee
a letter from an accounting, appraisal, advisory or investment banking firm of national standing stating that such transaction
is fair to the Company or such Restricted Subsidiary from a financial point of view or stating that the terms are not materially
less favorable to the Company or such Restricted Subsidiary than those that could have been obtained in a comparable transaction
by the Company or such Restricted Subsidiary with an unaffiliated Person;

 

(10)           
in the case of agreements of the types described in the defined term “Permitted Business Investments,”
contracts for exploiting, exploring for, drilling, acquiring, developing, producing, operating, processing, gathering, marketing,
distributing, transporting, treating, selling, storing or otherwise handling Hydrocarbons, or activities or services reasonably
related or ancillary thereto, or other operational contracts, any such contracts entered into in the ordinary course of business
and otherwise in compliance with the terms hereof (i) that are fair to the Company and its Restricted Subsidiaries, in the good
faith judgment of the Board of Directors of the Company or the senior management thereof, or are on terms at least as favorable
as might reasonably have been obtained at such time from an unaffiliated Person and (ii) with respect to which the Company has
complied with Section 4.11(a)(2)(A);

 

(11)           
transactions with customers, clients, suppliers, or purchasers or sellers of goods or services, in each case in the ordinary
course of business that, in the good faith judgment of the Board of Directors or senior management of the Company, are fair to
the Company and its Restricted Subsidiaries, or are on terms at least as favorable as might reasonably have been obtained at such
time from an unaffiliated Person;

 

(12)           
transactions with Diamondback Energy, Inc. and its Affiliates that are approved by the Board of Directors (or any conflicts
committee thereof) of the Company’s general partner in accordance with the Company’s partnership agreement;

 

(13)           
transactions between the Company or any of its Restricted Subsidiaries and any Person that would not otherwise constitute
an Affiliate Transaction except for the fact that a director or manager of such Person is also a director or manager of the Company
or a Restricted Subsidiary if such director or manager abstains from voting as a director or manager of the Company or such Restricted
Subsidiary, as applicable, on such transaction;

 

(14)           
pledges by the Company or any Restricted Subsidiary of (and Guarantees by the Company or any Restricted Subsidiary limited
in recourse solely to) Equity Interests in Unrestricted Subsidiaries and Joint Ventures to secure Non-Recourse Debt, and incurrences
of liabilities with respect to Customary Recourse Exceptions; and

 

(15)           
any Affiliate Transaction with a Person in its capacity as a Holder of Indebtedness or Equity Interests of the Company or
any Restricted Subsidiary if such Person is treated no more favorably than the other similarly situated Holders of Indebtedness
or Equity Interests of the Company or such Restricted Subsidiary.

 

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Section 4.12           
Liens.

 

The Company will not,
and will not permit any of its Restricted Subsidiaries to, create, incur, assume or otherwise cause or suffer to exist or become
effective any Lien of any kind (other than Permitted Liens) securing Indebtedness upon any of their property or assets, now owned
or hereafter acquired, unless all payments due to the Holders under this Indenture and the Notes are secured on an equal and ratable
basis with (or at the Company’s election, prior to) the Indebtedness so secured until such time as such Indebtedness is no
longer secured by a Lien.

 

Section 4.13           
Corporate Existence.

 

Except as otherwise permitted
under Article 5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect:

 

(1)               
its limited partnership existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance
with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary;
and

 

(2)               
the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that
the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence
of any of its Subsidiaries, if the Board of Directors or senior management of the Company, or of a general partner of the Company
if the Company is a partnership, shall determine that the preservation thereof is no longer desirable in the conduct of the business
of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the
Holders of the Notes.

 

Section 4.14           
Offer to Repurchase Upon Change of Control.

 

(a)               
If a Change of Control occurs, each Holder of Notes will have the right to require the Company to repurchase all or any
part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes pursuant to an offer (a
 “Change of Control Offer”) on the terms set forth herein. In the Change of Control Offer, the Company will offer
a payment in cash (a “Change of Control Payment”) equal to 101% of the aggregate principal amount of Notes repurchased,
plus accrued and unpaid interest, if any, on the Notes repurchased to the date of purchase (the “Change of Control Purchase
Date”), subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant
interest payment date. Within 30 days following any Change of Control, the Company will send a notice to each Holder describing
the transaction or transactions that constitute the Change of Control and offering to repurchase Notes properly tendered prior
to the expiration date specified in the notice, which date will be no earlier than 15 days and no later than 60 days from the date
such notice is sent, pursuant to the procedures required hereby and setting forth the following:

 

(1)               
that the Change of Control Offer is being made pursuant to this Section 4.14 and that all Notes tendered will be accepted
for payment;

 

(2)               
the amount of the Change of Control Payment and the Change of Control Purchase Date, which shall be no earlier than 15 days
and no later than 60 days from the date such notice is sent;

 

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(3)               
that any Note not tendered will continue to accrue interest;

 

(4)               
that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant
to the Change of Control Offer will cease to accrue interest after the Change of Control Purchase Date;

 

(5)               
that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the
Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer
by book-entry transfer, to the Paying Agent at the address specified in the notice prior to the close of business on the third
Business Day preceding the Change of Control Purchase Date;

 

(6)               
that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business
on the second Business Day preceding the Change of Control Purchase Date, a telegram, telex, facsimile transmission or letter setting
forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing
his election to have the Notes purchased; and

 

(7)               
that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple
of $1,000 in excess thereof.

 

The Company will comply
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent
those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To
the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.14, the
Company will comply with the applicable securities laws and regulations and will be deemed not to have breached its obligations
under this Section 4.14 by virtue of such compliance.

 

(b)               
Promptly following the expiration of the Change of Control Offer, the Company will, to the extent lawful, accept for payment
all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer. Promptly after such acceptance, the Company
will, on the Change of Control Purchase Date:

 

(1)               
deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes
properly tendered; and

 

(2)               
deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate
stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company.

 

The paying agent will
promptly mail or wire transfer to each Holder of Notes properly tendered the Change of Control Payment for such Notes (or, if all
the Notes are then in global form, make such payment through the facilities of the Depositary), and the Trustee will promptly authenticate
and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion
of the Notes surrendered, if any. The Company will publicly announce the results of the Change of Control Offer on or as soon as
practicable after the Change of Control Purchase Date.

 

(c)               
The Company will not be required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the
Change of Control Offer in the manner, at the time and otherwise in compliance with the requirements set forth herein applicable
to a Change of Control Offer made by the Company and purchases all Notes properly tendered and not withdrawn under the Change of
Control Offer, (2) notice of redemption has been given pursuant to Section 3.03 hereof, unless and until there is a default
in payment of the applicable redemption price, or (3) in connection with or in contemplation of any Change of Control, the Company
has made an offer to purchase (an “Alternate Offer”) any and all Notes validly tendered at a cash price equal
to or higher than the Change of Control Payment and, on and after the relevant purchase date, has purchased all Notes properly
tendered in accordance with the terms of such Alternate Offer.

 

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(d)               
Notwithstanding anything to the contrary contained herein, a Change of Control Offer may be made in advance of a Change
of Control, conditioned upon the consummation of such Change of Control, if a definitive agreement is in place for the Change of
Control at the time the Change of Control Offer is made.

 

(e)               
In the event that Holders of not less than 90% in aggregate principal amount of the outstanding Notes accept a Change of
Control Offer and the Company (or any third party making such Change of Control Offer in lieu of the Company as described above)
purchases all of the Notes held by such holders, the Company will have the right, upon not less than 15 nor more than 60 days prior
notice, given not more than 30 days following the purchase pursuant to the Change of Control Offer, to redeem all of the Notes
that remain outstanding following such purchase at a redemption price equal to the Change of Control Payment plus, to the extent
not included in the Change of Control Payment, accrued and unpaid interest, if any, on the Notes that remain outstanding, to the
date of redemption (subject to the right of holders of record on the relevant record date to receive interest due on an interest
payment date that is on or prior to the redemption date).

 

(f)                
The provisions hereunder relative to the Company’s obligation to make an offer to repurchase the Notes as a result
of a Change of Control may be amended, waived, modified or terminated with the consent of the Holders of a majority in principal
amount of the Notes (including Additional Notes, if any) then outstanding (including consents obtained in connection with a tender
offer or exchange offer for the Notes) prior to the occurrence of such Change of Control.

 

Section 4.15           
Additional Note Guarantees.

 

If, after the date
hereof, any Restricted Subsidiary of the Company (including any Subsidiary acquired or created after the date hereof) that is not
already a Guarantor (1) guarantees any Indebtedness of the Company or any Guarantor or (2) is a Domestic Subsidiary and is an obligor
with respect to any Indebtedness under any Credit Facility, then, in either case, that Restricted Subsidiary will become a Guarantor
by executing a supplemental indenture in substantially the form of Exhibit F hereto and delivering an Officers’ Certificate
and an Opinion of Counsel satisfactory to the Trustee, in each case within 30 Business Days after the date that Subsidiary guaranteed
or became obligated with respect to such Indebtedness.

 

Section 4.16           
Designation of Restricted and Unrestricted Subsidiaries.

 

Except during any period
that certain covenants have been suspended pursuant to Section 4.17 hereof, the Board of Directors of the Company may designate
any Restricted Subsidiary to be an Unrestricted Subsidiary if (a) no Default or Event of Default shall have occurred and be continuing
immediately prior to such designation or would occur as a result thereof and (b) such Subsidiary (i) does not own any Equity Interests
or Indebtedness of the Company or any Restricted Subsidiary (other than Indebtedness to be repaid or Guarantees to be released
concurrently with such designation) and (ii) is not liable (as a guarantor or otherwise) with respect to any Indebtedness in connection
with which the holder of such Indebtedness has recourse to any of the assets of the Company or any Restricted Subsidiary, other
than (A) Indebtedness to be repaid or Guarantees to be released concurrently with such designation, (B) liability arising
out of pledges of Equity Interests in such Unrestricted Subsidiary and (C) Customary Recourse Exceptions. If a Restricted Subsidiary
is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Company
and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made
as of the time of the designation that must either reduce the amount available for Restricted Payments under Section 4.07
hereof or represent an Investment permitted under one or more clauses of such covenant or the definition of Permitted Investments,
as determined by the Company. That designation will only be permitted if the Investment would be permitted at that time and if
the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.

 

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Any designation of
a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified
copy of a resolution of the Board of Directors authorizing such designation and an Officers’ Certificate certifying that
such designation complies with the preceding conditions and is permitted by Section 4.07 hereof. If, at any time, any Unrestricted
Subsidiary would fail to meet the requirements set forth in clause (b) of the preceding paragraph or in clauses (1)-(3) of the
definition of the term “Unrestricted Subsidiary,” it will thereafter cease to be an Unrestricted Subsidiary
for purposes hereof and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company
as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.09 hereof, the Company
will be in default of such covenant.

 

The Board of Directors
of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company; provided that
such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding
Indebtedness of such Unrestricted Subsidiary, and such designation will only be permitted if: (a) such Indebtedness is permitted
under Section 4.09 hereof, calculated on a pro forma basis as if such designation had occurred at the beginning of the applicable
reference period and (b) no Default or Event of Default would be in existence following such designation.

 

Section
4.17           
Covenant Suspension

 

(a)               
If on any date following the date of this Indenture (i) the Notes are rated Baa3 or better by Moody’s and BBB- or
better by S&P (or, if either such entity ceases to rate the Notes for reasons outside of the control of the Company, the equivalent
investment grade credit rating from any other “nationally recognized statistical rating organization” within the meaning
of Section 3(a) (62) of the Exchange Act selected by the Company as a replacement agency); and (ii) no Default or Event of
Default shall have occurred and be continuing, then, upon the Company’s delivery of notice of such events to the Trustee,
Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.16 and 5.01(a)(4) of this Indenture will be suspended and no Default or Event of
Default shall result from any failure to comply with any of the provisions of such Sections.

 

(b)               
During any period that the Sections listed in Section 4.17(a) have been suspended, the Company’s Board of
Directors may not designate any of its Subsidiaries as Unrestricted Subsidiaries pursuant to Section 4.16 hereof.

 

(c)               
Notwithstanding the foregoing, if the rating assigned by either such rating agency should subsequently decline to below
Baa3 or BBB-, respectively, the foregoing covenants will be reinstituted as of and from the date of such rating decline. Calculations
under the reinstated Section 4.07 hereof will be made as if Section 4.07 had been in effect since the date of this Indenture
except that no Default will be deemed to have occurred solely by reason of a Restricted Payment made while that covenant was suspended.

 

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(d)               
The Trustee will have no obligation to (i) independently determine or verify if the conditions for the suspension or reinstitution
of the covenants pursuant to this Section 4.17 have occurred or (ii) notify the Holders of Notes of the occurrence of such
suspension or reinstitution.

 

ARTICLE
5

SUCCESSORS

 

Section 5.01           
Merger, Consolidation or Sale of Assets.

 

(a)               
The Company will not, directly or indirectly: (i) consolidate or merge with or into another Person (whether or not the Company
is the surviving corporation); or (ii) sell, assign, transfer, convey, lease or otherwise dispose of all or substantially all of
its properties or assets, in one or more related transactions, to another Person, unless:

 

(1)               
either: (A) the Company is the surviving Person; or (B) the Person formed by or surviving any such consolidation or merger
(if other than the Company) or to which such sale, assignment, transfer, lease, conveyance or other disposition has been made is
an entity organized or existing under the laws of the United States, any state of the United States or the District of Columbia;

 

(2)               
the Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such
sale, assignment, transfer, lease, conveyance or other disposition has been made assumes all the obligations of the Company under
the Notes and this Indenture pursuant to a supplemental indenture or other agreements;

 

(3)               
immediately after such transaction, no Default or Event of Default exists;

 

(4)               
immediately after giving effect to such transaction and any related financing transaction on a pro forma basis as if the
same had occurred at the beginning of the applicable four-quarter period, either (A) the Company or the Person formed by or surviving
any such consolidation or merger (if other than the Company), or to which such sale, assignment, transfer, conveyance, lease or
other disposition has been made, would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
Coverage Ratio test set forth in Section 4.09(a) hereof or (B) the Fixed Charge Coverage Ratio of the Company or the Person
formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale, assignment, transfer,
conveyance, lease or other disposition has been made, would be equal to or greater than the Fixed Charge Coverage Ratio of the
Company immediately prior to such transaction; and

 

(5)               
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or disposition and such supplemental indenture, if any, comply with this Indenture.

 

(b)               
This Section 5.01 will not apply to any sale, assignment, transfer, conveyance, lease or other disposition of assets
between or among the Company and its Restricted Subsidiaries. Section 5.01(a)(3) and (a)(4) will not apply to any merger or
consolidation of the Company with or into, or any sale, assignment, transfer, conveyance, lease or other disposition of all or
substantially all of the Company’s properties or assets to, an Affiliate solely for the purpose of reorganizing the Company
in another jurisdiction.

 

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Section 5.02           
Successor Company Substituted.

 

Upon any consolidation
or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties
or assets of the Company and its Restricted Subsidiaries taken as a whole in a transaction that is subject to, and that complies
with the provisions of, Section 5.01 hereof, the successor Person formed by such consolidation or into or with which the Company
is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be
substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or
other disposition, the provisions hereof referring to the “Company” shall refer instead to the successor Person and
not to the Company), and may exercise every right and power of the Company hereunder with the same effect as if such successor
Person had been named as the Company herein; provided, however, that the predecessor Company shall not be relieved from
the obligation to pay the principal of, premium on, if any, and interest, if any, on, the Notes except in the case of a sale of
all of the Company’s assets in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof.

 

ARTICLE
6

DEFAULTS AND REMEDIES

 

Section 6.01           
Events of Default.

 

Each of the following
is an “Event of Default”:

 

(1)               
default for 30 days in the payment when due of interest on the Notes;

 

(2)               
default in the payment when due (at Stated Maturity, upon redemption or otherwise) of the principal of, or premium, if any,
on, the Notes;

 

(3)               
failure by the Company or any of its Restricted Subsidiaries to comply with Section 4.14 or Section 5.01 hereof;

 

(4)               
failure by the Company for 180 days after notice from the Trustee or Holders of at least 25% in aggregate principal amount
of the Notes then outstanding to comply with Section 4.03 hereof;

 

(5)               
failure by the Company for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in aggregate
principal amount of the Notes then outstanding to comply with any of the other agreements herein;

 

(6)               
default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is
guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created
after the date hereof, if that default:

 

(A)             
is caused by a failure to pay principal of, premium, if any, on, or interest, if any, on, such Indebtedness prior to the
expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”);
or

 

(B)             
results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount
of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment
Default or the maturity of which has been so accelerated, aggregates $50.0 million or more; provided, however, if, prior to any
acceleration of the Notes, (i) any such Payment Default is cured or waived, (ii) any such acceleration is rescinded, or (iii) such
Indebtedness is repaid in full, any Default or Event of Default (but not any acceleration of the Notes) caused by such Payment
Default or acceleration shall be automatically rescinded, so long as such rescission does not conflict with any judgment, decree
or applicable law;

 

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(7)               
failure by the Company or any of its Restricted Subsidiaries to pay final judgments entered by a court or courts of competent
jurisdiction aggregating in excess of $50.0 million (to the extent not covered by insurance by a reputable and creditworthy insurer
as to which the insurer has not disclaimed coverage), which judgments are not paid, discharged or stayed, for a period of 60 consecutive
days;

 

(8)               
the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries
of the Company that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy
Law:

 

(A)             
commences a voluntary case;

 

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

 

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

 

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

 

(E)              
generally is not paying its debts as they become due;

 

(9)               
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A)             
is for relief against the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary in an involuntary case;

 

(B)             
appoints a custodian of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group
of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary or for all or substantially
all of the property of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; or

 

(C)             
orders the liquidation of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group
of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; and the order or decree
remains unstayed and in effect for 60 consecutive days; or

 

(10)           
except as permitted hereby, any Note Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases
for any reason to be in full force and effect, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms
its obligations under its Note Guarantee.

 

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Section 6.02           
Acceleration.

 

In the case of an Event
of Default specified in clause (8) or (9) of Section 6.01 hereof, all outstanding Notes will become due and payable immediately
without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least
25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately.

 

Upon any such declaration,
the Notes shall become due and payable immediately.

 

The Holders of a majority
in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all of the Holders
of all the Notes, rescind an acceleration (other than an acceleration under the first sentence of this Section 6.02) and its
consequences hereunder, if the rescission would not conflict with any judgment or decree and if all existing Events of Default
(except nonpayment of principal of, premium on, if any, or interest, if any, on the Notes that has become due solely because of
the acceleration) have been cured or waived.

 

Section 6.03           
Other Remedies.

 

If an Event of Default
occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, premium on, if any,
or interest, if any, on, the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain
a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the
right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted
by law.

 

Section 6.04           
Waiver of Past Defaults.

 

The Holders of a majority
in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of the Holders of all
of the Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences under this Indenture,
if the rescission would not conflict with any judgment or decree, except a continuing Default or Event of Default in the payment
of principal of, premium on, if any, or interest, if any, on, the Notes (including in connection with an offer to purchase); provided,
however, that, subject to Section 6.02, the Holders of a majority in aggregate principal amount of the then outstanding Notes
may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration. Upon
any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured
for every purpose hereof; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

Section 6.05           
Control by Majority.

 

Holders of a majority
in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding
for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse
to follow any direction that conflicts with law or this Indenture or that the Trustee determines may be unduly prejudicial to the
rights of other Holders of Notes or that may involve the Trustee in personal liability.

 

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Section 6.06           
Limitation on Suits.

 

No Holder of a Note
may pursue any remedy with respect to this Indenture or the Notes unless:

 

(1)               
such Holder has previously given to the Trustee written notice that an Event of Default is continuing;

 

(2)               
Holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee
to pursue the remedy;

 

(3)               
such Holder or Holders offer and, if requested, provide to the Trustee security or indemnity reasonably satisfactory to
the Trustee against any loss, liability or expense;

 

(4)               
the Trustee does not comply with such request within 60 days after receipt of the request and the offer of security or indemnity;
and

 

(5)               
during such 60-day period, Holders of a majority in aggregate principal amount of the then outstanding Notes do not give
the Trustee a direction inconsistent with such request.

 

A Holder of a Note
may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another
Holder of a Note.

 

Section 6.07           
Rights of Holders of Notes to Receive Payment.

 

Notwithstanding any
other provision hereof, the right of any Holder of a Note to receive payment of the principal and interest on such Note, on or
after the respective due dates expressed in the Note, or to institute suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of such Holder.

 

Section 6.08           
Collection Suit by Trustee.

 

If an Event of Default
specified in Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name
and as trustee of an express trust against the Company for the whole amount of principal of, premium on, if any, and interest,
if any, remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount
as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel.

 

Section 6.09           
Trustee May File Proofs of Claim.

 

The Trustee is authorized
to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the
Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06 hereof. To the extent that the
payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts
due the Trustee under Section 7.06 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of
the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other
properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization
or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept
or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the
rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

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Section 6.10           
Priorities.

 

If the Trustee collects
any money pursuant to this Article 6, it shall pay out the money in the following order:

 

First:          to
the Trustee, its agents and attorneys for amounts due under Section 7.06 hereof, including payment of all compensation, expenses
and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

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

 

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

 

The Trustee may fix
a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10.

 

Section 6.11           
Undertaking for Costs.

 

In any suit for the
enforcement of any right or remedy hereunder or in any suit against the Trustee for any action taken or omitted by it as a Trustee,
a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant
in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section
6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders
of more than 10% in aggregate principal amount of the then outstanding Notes.

 

ARTICLE
7

TRUSTEE

 

Section 7.01           
Duties of Trustee.

 

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

 

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

 

(1)               
the duties of the Trustee will be determined solely by the express provisions hereof and the Trustee need perform only those
duties that are specifically set forth herein and no others, and no implied covenants or obligations shall be read into this Indenture
against the Trustee; and

 

(2)               
the Trustee may in good faith conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements hereof. However, the Trustee
will examine the certificates and opinions to determine whether or not they conform to the requirements hereof.

 

(c)               
The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its
own willful misconduct, except that:

 

(1)               
this paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 

(2)               
the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts; and

 

(3)               
the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 6.05 hereof.

 

(d)               
Whether or not therein expressly so provided, every provision hereof that in any way relates to the Trustee is subject to
paragraphs (a), (b), and (c) of this Section 7.01.

 

(e)               
No provision hereof will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be
under no obligation to exercise any of its rights or powers hereunder at the request or direction of any Holders unless such Holders
have offered to the Trustee security or indemnity reasonably satisfactory to it against any loss, liability or expense.

 

(f)                
The Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

Section 7.02           
Rights of Trustee.

 

(a)               
The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by
the proper Person. The Trustee need not investigate any fact or matter stated in the document.

 

(b)               
Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel
or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’
Certificate or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of
Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted
by it hereunder in good faith and in reliance thereon.

 

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

 

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(d)               
The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized
or within the rights or powers conferred upon it hereby.

 

(e)               
Unless otherwise specifically provided herein, any demand, request, direction or notice from the Company will be sufficient
if signed by an Officer of the Company.

 

(f)                
The Trustee will be under no obligation to exercise any of its rights or powers hereunder at the request of any Holder of
Notes, unless such Holder has offered to the Trustee indemnity or security reasonably satisfactory to it against any loss, liability
or expense.

 

(g)               
The Trustee shall not be required to take notice or be deemed to have notice of any Event of Default, except failure by
the Company to pay or cause to be made any of the payments required to be made to the Trustee, unless a Responsible Officer shall
be specifically notified by a writing of such Default by the Company or by the Holders of at least 25% in aggregate principal amount
of the Notes then outstanding delivered to the Corporate Trust Office of the Trustee and in the absence of such notice so delivered
the Trustee may conclusively assume no Default exists.

 

(h)               
Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to the documents upon the request or authority
or consent of any Person who, at the time of making such request or giving such authority or consent, is the Holder of any Note
shall be conclusive and binding upon all future Holders of Notes and upon Notes executed and delivered in exchange therefor or
in place thereof.

 

(i)                
In no event shall the Trustee be responsible or liable for special, indirect, punitive, or consequential loss or damage
of any kind whatsoever (including loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action.

 

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

 

Section 7.03           
Individual Rights of Trustee.

 

The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate
of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting
interest (as defined in the Trust Indenture Act) after a Default has occurred and is continuing, it must eliminate such conflict
within 90 days or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Section 7.09 hereof.

 

Section 7.04           
Trustee’s Disclaimer.

 

The Trustee will not
be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable
for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction
under any provision hereof, it will not be responsible for the use or application of any money received by any Paying Agent other
than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other
document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.

 

Section 7.05           
Notice of Defaults.

 

If a Default or Event
of Default occurs and is continuing and if it is known to the Trustee, the Trustee will mail (or when the Notes are represented
by Global Notes, send electronically pursuant to the applicable procedures of the Depositary) to Holders of Notes a notice of the
Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal
of, premium on, if any, or interest, if any, on, any Note, the Trustee may withhold the notice if and so long as a committee of
its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes.

 

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Section 7.06           
Compensation and Indemnity.

 

(a)               
The Company will pay to the Trustee from time to time reasonable compensation for its acceptance hereof and services hereunder.
The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will
reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition
to the compensation for its services. Such expenses will include the reasonable compensation, disbursements and expenses of the
Trustee’s agents and counsel.

 

(b)               
The Company and the Guarantors will indemnify the Trustee against any and all losses, liabilities or expenses (including
reasonable attorney’s fees and expenses and court costs) incurred by it arising out of or in connection with the acceptance
or administration of its duties hereunder, including the costs and expenses of enforcing this Indenture against the Company and
the Guarantors (including this Section 7.06) and defending itself against any claim (whether asserted by the Company, the
Guarantors, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or
duties hereunder, except to the extent any such loss, liability or expense may have been caused by its own negligence or willful
misconduct as found by a court of competent jurisdiction. The Trustee will notify the Company promptly of any claim for which it
may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company or any of the Guarantors of their
obligations hereunder. The Company or such Guarantor will defend the claim and the Trustee will cooperate in the defense. The Trustee
may have separate counsel and the Company will pay the reasonable fees and expenses of such counsel. Neither the Company nor any
Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld.

 

(c)               
The obligations of the Company and the Guarantors under this Section 7.06 will survive the satisfaction and discharge
hereof and the resignation or removal of the Trustee.

 

(d)               
To secure the Company’s and the Guarantors’ payment obligations in this Section 7.06, the Trustee will
have a Lien

 

prior to the Notes
on all money or property held or collected by the Trustee, except that held in trust to pay principal of, premium on, if any, or
interest, if any, on, particular Notes. Such Lien will survive the satisfaction and discharge hereof.

 

(e)               
When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(8) or (9)
hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are
intended to constitute expenses of administration under any Bankruptcy Law.

 

Section 7.07           
Replacement of Trustee.

 

(a)               
A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.07.

 

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(b)               
The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company.
The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the
Trustee and the Company in writing. The Company may remove the Trustee if:

 

(1)               
the Trustee fails to comply with Section 7.09 hereof;

 

(2)               
the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law;

 

(3)               
a custodian or public officer takes charge of the Trustee or its property; or

 

(4)               
the Trustee becomes incapable of acting.

 

(c)               
If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly
appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal
amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

(d)               
If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any
court of competent jurisdiction for the appointment of a successor Trustee.

 

(e)               
If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with
Section 7.09 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment
of a successor Trustee.

 

(f)                
A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon,
the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers
and duties of the Trustee hereunder. The successor Trustee will mail a notice of its succession to Holders. The retiring Trustee
will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee
hereunder have been paid and subject to the Lien provided for in Section 7.06 hereof. Notwithstanding replacement of the Trustee
pursuant to this Section 7.07, the Company’s obligations under Section 7.06 hereof will continue for the benefit of the retiring
Trustee.

 

Section 7.08           
Successor Trustee by Merger, etc.

 

If the Trustee consolidates,
merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor
corporation without any further act will be the successor Trustee.

 

Section 7.09           
Eligibility; Disqualification.

 

There will at all times
be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of
any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most
recent published annual report of condition.

 

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ARTICLE
8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01           
Option to Effect Legal Defeasance or Covenant Defeasance.

 

The Company may at
any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, elect
to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below
in this Article 8.

 

Section 8.02           
Legal Defeasance and Discharge.

 

Upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company and each of the Guarantors will,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations
with respect to all outstanding Notes (including the Note Guarantees) on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors
will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Note Guarantees),
which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections
hereof referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under the Notes, the Note Guarantees
and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging
the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder:

 

(1)               
the rights of Holders of outstanding Notes to receive payments in respect of the principal of, premium, if any, on, or interest,
if any, on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof;

 

(2)               
the Company’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof;

 

(3)               
the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s and the Guarantors’
obligations in connection therewith; and

 

(4)               
this Article 8.

 

Subject to compliance
with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option
under Section 8.03 hereof.

 

Section 8.03           
Covenant Defeasance.

 

Upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each of the Guarantors will,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under
the covenants contained in Sections 4.03, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15 and 4.16 hereof and clause (a)(4)
of Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof
are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection
with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood
that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with
respect to the outstanding Notes and Note Guarantees, the Company and the Guarantors may omit to comply with and will have no liability
in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein
or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof,
but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby.
In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3), (4), (5), (6), (7) and (10) hereof will
not constitute Events of Default.

 

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Section 8.04           
Conditions to Legal or Covenant Defeasance.

 

In order to exercise
either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof:

 

(1)               
the Company must irrevocably deposit or cause to be deposited with the Trustee, in trust, solely for the benefit of the
Holders, (i) cash in U.S. dollars, (ii) non-callable Government Securities, or (iii) a combination thereof, in amounts as will
be sufficient, in the case of the foregoing clauses (ii) or (iii) in the opinion of a nationally recognized investment bank, appraisal
firm or firm of independent public accountants (or, if a nationally recognized investment bank, appraisal firm or firm of independent
public accountants declines to issue such opinion after the Company has made reasonable efforts to obtain such an opinion, in the
opinion of the Company’s chief financial officer), to pay the principal of, premium on, if any, and interest, if any, on,
the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the
Company must specify whether the Notes are being defeased to such stated date for payment or to a particular redemption date;

 

(2)               
in the case of an election under Section 8.02 hereof, the Company must deliver to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee confirming that:

 

(A)             
the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or

 

(B)             
since the date hereof, there has been a change in the applicable federal income tax law,

 

in either case to the effect
that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income,
gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on
the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(3)               
in the case of an election under Section 8.03 hereof, the Company must deliver to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss
for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

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(4)               
no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event
of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to
other Indebtedness), and the granting of Liens to secure such borrowings);

 

(5)               
such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under,
any material agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased,
discharged or replaced) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries
is bound;

 

(6)               
the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders of Notes over the other creditors of the Company with the intent of defeating, hindering,
delaying or defrauding any creditors of the Company or others; and

 

(7)               
the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

Section 8.05           
Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.

 

Subject to Section
8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04
hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions
of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as
Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of
principal, premium, if any, and interest, if any, but such money need not be segregated from other funds except to the extent required
by law.

 

The Company will pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

 

Notwithstanding anything
in this Article 8 to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company
any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants or other Person that rendered the opinion delivered under Section 8.04(1) hereof
expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1)
hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance
or Covenant Defeasance.

 

Section 8.06           
Repayment to Company.

 

Any money deposited
with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium on, if
any, or interest, if any, on, any Note and remaining unclaimed for two years after such principal, premium, if any, or interest,
if any, has become due and payable shall be paid to the Company on its request or (if then held by the Company) will be discharged
from such trust; and the Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and
all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as Trustee
thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any
such repayment, may at the expense of the Company cause to be published once, in The New York Times and The Wall Street Journal
(national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than
30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to
the Company.

 

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Section 8.07           
Reinstatement.

 

If the Trustee or Paying
Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof,
as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Company’s and the Guarantors’ obligations hereunder and under the Notes and
the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until
such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as
the case may be; provided, however, that, if the Company makes any payment of principal of, premium on, if any, or interest,
if any, on, any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders
of such Notes to receive such payment from the money held by the Trustee or Paying Agent.

 

ARTICLE
9

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.01           
Without Consent of Holders of Notes.

 

(a)               
Notwithstanding Section 9.02 hereof, without the consent of any Holder of Notes, the Company, the Guarantors and the
Trustee may amend or supplement this Indenture, the Notes or the Note Guarantees:

 

(1)               
to cure any ambiguity, omission, mistake, defect or inconsistency;

 

(2)               
to provide for uncertificated Notes in addition to or in place of certificated Notes;

 

(3)               
to provide for the assumption of the Company’s or a Guarantor’s obligations to holders of Notes and Note Guarantees
in the case of a merger or consolidation or sale of all or substantially all of the Company’s or such Guarantor’s assets,
as applicable;

 

(4)               
to make any change that would provide any additional rights or benefits to the holders of Notes or that does not adversely
affect the legal rights hereunder of any Holder;

 

(5)               
to conform the text of this Indenture, the Notes or the Note Guarantees to any provision of the “Description of
Notes” in the Offering Circular to the extent that such provision in the “Description of Notes” was
intended to set forth, verbatim or in substance, a provision of this Indenture, the Notes or the Note Guarantees (which intent
will be certified to the Trustee in an Officers’ Certificate);

 

(6)               
to provide for the issuance of Additional Notes in accordance with the limitations set forth herein;

 

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(7)               
to secure the Notes or the Note Guarantees pursuant to the requirements of Section 4.12;

 

(8)               
to add any additional Guarantor or to evidence the release of any Guarantor from its Note Guarantee, in each case as provided
herein;

 

(9)               
to evidence or provide for the acceptance of appointment hereunder of a successor Trustee; or

 

(10)           
to provide for the consummation of any conversion, transfer or redomestication of the Company in accordance with Section 5.01(b)
hereof.

 

Upon the request of
the Company authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents
described in Section 7.02 hereof, subject to Section 9.05, the Trustee will join with the Company and the Guarantors
in the execution of any amended or supplemental indenture authorized or permitted by the terms hereof and to make any further appropriate
agreements and stipulations that may be therein contained.

 

Section 9.02           
With Consent of Holders of Notes.

 

Except as provided
below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture (including Section 3.09,
4.10 and 4.14 hereof) and the Notes and the Note Guarantees may be amended or supplemented with the consent of the Holders of at
least a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a single
class (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject
to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the
payment of the principal of, premium, if any, on, or interest, if any, on, the Notes, except a payment default resulting from an
acceleration that has been rescinded) or compliance with any provision of this Indenture, the Notes or the Note Guarantees may
be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including
Additional Notes, if any) voting as a single class (including consents obtained in connection with a purchase of, or tender offer
or exchange offer for, the Notes). Sections 2.08 and 2.09 hereof shall determine which Notes are considered to be “outstanding”
for purposes of this Section 9.02.

 

Upon the request of
the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes
as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, subject to Section 9.05,
the Trustee will join with the Company and the Guarantors in the execution of such amended or supplemental indenture.

 

It is not necessary
for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it is sufficient if such consent approves the substance thereof.

 

After an amendment,
supplement or waiver under this Section 9.02 becomes effective, the Company will mail (or when the Notes are represented by
Global Notes, send electronically pursuant to the applicable procedures of the Depositary) to the Holders of Notes affected thereby
a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to give such notice, or any defect
therein, will not, however, in any way impair or affect the validity of any such amendment, supplement or waiver. Subject to Sections 6.04
and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class
may waive compliance in a particular instance by the Company with any provision of this Indenture, the Notes or the Note Guarantees.
However, without the consent of each Holder affected, an amendment, supplement or waiver under this Section 9.02 may not (with
respect to any Notes held by a non-consenting Holder):

 

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(1)               
reduce the principal amount of Notes whose holders must consent to an amendment, supplement or waiver;

 

(2)               
reduce the principal of or change the fixed maturity of any Note or alter or waive any of the provisions with respect to
the redemption or repurchase of the Notes (except those provisions relating to Section 3.09, Section 4.10 or Section 4.14,
or the minimum notice provisions under Section 3.03);

 

(3)               
reduce the rate of or change the time for payment of interest, including default interest, on any Note;

 

(4)               
waive a Default or Event of Default in the payment of principal of, premium on, if any, or interest, if any, on, the Notes
(except a rescission of acceleration of the Notes by the Holders of a majority in aggregate principal amount of the then outstanding
Notes and a waiver of the payment default that resulted from such acceleration);

 

(5)               
make any Note payable in money other than that stated in the Notes;

 

(6)               
make any change in the provisions hereof relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of, premium, if any, on, or interest, if any, on, the Notes (other than as permitted by clause (2) above
or clause (7) below);

 

(7)               
waive a redemption or repurchase payment with respect to any Note (other than a payment required by Section 4.10 or
Section 4.14);

 

(8)               
release any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with
the terms hereof; or

 

(9)               
make any change in the preceding amendment, supplement and waiver provisions.

 

Section 9.03           
Revocation and Effect of Consents.

 

Until an amendment,
supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even
if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke
the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver
becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every
Holder.

 

Section 9.04           
Notation on or Exchange of Notes.

 

The Trustee may place
an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange
for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the
amendment, supplement or waiver.

 

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Failure to make the
appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 

Section 9.05           
Trustee to Sign Amendments, etc.

 

The Trustee will sign
any amended or supplemental indenture authorized pursuant to this Article 9, but the Trustee will not be obligated to enter
into any such amendment or supplement that affects the rights, duties, liabilities or immunities of the Trustee hereunder or otherwise.
The Company may not sign an amended or supplemental indenture under Section 9.02 hereof until the Board of Directors of the
Company approves it. In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to
Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents required by Section 12.04
hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture
is authorized or permitted hereby.

 

ARTICLE
10

NOTE GUARANTEES

 

Section 10.01          Guarantee.

 

(a)               
Subject to this Article 10, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each
Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of
the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that:

 

(1)               
the principal of, premium on, if any, and interest, if any, on, the Notes will be promptly paid in full when due, whether
at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium on, if any, and interest,
if any, on, the Notes, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder
will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and

 

(2)               
in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will
be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity,
by acceleration or otherwise.

 

Failing payment when
due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will jointly and severally
be obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

(b)               
The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity
or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder
of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to
enforce the same or any other circumstance that might otherwise constitute a legal or equitable discharge or defense of a guarantor.
Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency
or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice, notice of acceleration,
notice of intent to accelerate and all demands whatsoever and covenant that this Note Guarantee will not be discharged except by
complete performance of the obligations contained in the Notes and this Indenture.

 

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(c)               
If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian,
trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either
to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, will be reinstated in full force and
effect.

 

(d)               
Each Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of
any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that,
as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations
guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding
any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2)
in the event of any acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due
and payable) will forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Notes, the Guarantors
will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the
rights of the Holders under the Note Guarantee.

 

(e)       As
of the date hereof, Viper Energy Partners LLC is the only Guarantor.

 

Section 10.02        Limitation on Guarantor
Liability.

 

Each Guarantor, and,
by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. To
effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of
such Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent
and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights
to receive contribution from or payments made by or on behalf of any other Guarantor (if applicable) in respect of the obligations
of such other Guarantor under this Article 10, result in the obligations of such Guarantor under its Note Guarantee not constituting
a fraudulent transfer or conveyance.

 

Section 10.03        Execution and Delivery
of Note Guarantee.

 

To evidence its Note
Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees that a notation of such Note Guarantee substantially
in the form attached as Exhibit E hereto will be endorsed by an Officer of such Guarantor on each Note authenticated and delivered
by the Trustee and that this Indenture or a supplemental indenture will be executed on behalf of such Guarantor by one of its Officers.

 

Each Guarantor hereby
agrees that its Note Guarantee set forth in Section 10.01 hereof will remain in full force and effect notwithstanding any
failure to endorse on each Note a notation of such Note Guarantee.

 

If an Officer whose
signature is on this Indenture or on a notation of Note Guarantee no longer holds that office at the time the Trustee or authenticating
agent authenticates the Note on which a notation of Note Guarantee is endorsed, the Note Guarantee will be valid nevertheless.

 

The delivery of any
Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Note Guarantee set forth herein
on behalf of the Guarantors.

 

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In the event that the
Company or any of its Restricted Subsidiaries creates or acquires any Subsidiary after the date hereof, if required by Section 4.15
hereof, the Company will cause such Subsidiary to comply with the provisions of Section 4.15 hereof and this Article 10,
to the extent applicable.

 

Section 10.04.       Guarantors May
Consolidate, etc., on Certain Terms.

 

Except as otherwise
provided in Section 10.05 hereof, a Guarantor may not sell or otherwise dispose of, in one or more related transactions, all
or substantially all of its properties or assets to, or consolidate with or merge with or into (whether or not such Guarantor is
the surviving Person) another Person, other than the Company, or another Guarantor, unless:

 

(1)               
immediately after giving effect to such transaction or series of transactions, no Default or Event of Default exists; and

 

(2)               
either:

 

(a)               
subject to Section 10.05 hereof, the Person acquiring the properties or assets in any such sale or other disposition
or the Person formed by or surviving any such consolidation or merger (if other than the Guarantor) unconditionally assumes all
the obligations of that Guarantor under its Note Guarantee and this Indenture pursuant to a supplemental indenture substantially
in the form of Exhibit F hereto; or

 

(b)               
if subject to Section 4.10 hereof, such transaction or series of transactions does not violate the terms thereof.

 

In case of any such
consolidation, merger, sale or other disposition and upon the assumption by the successor Person, by supplemental indenture, executed
and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee and the due and punctual performance
of all of the covenants and conditions hereof to be performed by the Guarantor, such successor Person will succeed to and be substituted
for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause
to be signed any or all of the notations of Note Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore
shall not have been signed by the Company and delivered to the Trustee. All the Note Guarantees so issued will in all respects
have the same legal rank and benefit hereunder as the Note Guarantees theretofore and thereafter issued in accordance with the
terms hereof as though all of such Note Guarantees had been issued at the date of the execution hereof.

 

Except as set forth
in Articles 4 and 5 hereof, and notwithstanding clauses (2)(a) and (b) above, nothing contained herein or in any of the Notes will
prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or will prevent any sale or conveyance
of the property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor.

 

Section 10.05.       Releases.

 

(a)               
The Note Guarantee of a Guarantor will be automatically released:

 

(1)               
in connection with any sale or other disposition of all or substantially all of the properties or assets of that Guarantor,
including by way of merger, consolidation or otherwise, to a Person that is not (either before or after giving effect to such transaction)
the Company or a Restricted Subsidiary of the Company, if the sale or other disposition does not violate Section 4.10 hereof;

 

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(2)               
in connection with any sale or other disposition of the Capital Stock of that Guarantor or of a parent entity of that Guarantor
(if such parent entity is a Restricted Subsidiary of the Company) to a Person that is not (either before or after giving effect
to such transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other disposition does not violate Section 4.10
hereof and the Guarantor ceases to be a Restricted Subsidiary of the Company as a result of the sale or other disposition;

 

(3)               
if the Company designates any Restricted Subsidiary that is a Guarantor to be an Unrestricted Subsidiary in accordance with
the applicable provisions hereof;

 

(4)               
upon Legal Defeasance, Covenant Defeasance or satisfaction and discharge hereof as provided in Article 8 and Article 11
hereof;

 

(5)               
at such time as such Guarantor ceases both (a) to Guarantee any other Indebtedness of the Company or any other Guarantor
(except as a result of payment under any such other Guarantee) and (b) to be a Domestic Subsidiary that is an obligor with respect
to any Indebtedness under any Credit Facility;

 

(6)               
upon the liquidation or dissolution of such Guarantor, if no Default or Event of Default has occurred that is continuing;
or

 

(7)               
upon such Guarantor consolidating with, merging into or transferring all of its properties or assets to the Company or another
Guarantor, and as a result of, or in connection with, such transaction such Guarantor dissolving or otherwise ceasing to exist.

 

(b)               
Any Guarantor not released from its obligations under its Note Guarantee as provided in this Section 10.05 will remain
liable for the full amount of principal of, premium on, if any, and interest, if any, on, the Notes and for the other obligations
of any Guarantor hereunder as provided in this Article 10.

 

(c)               
Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that
any of the conditions in Section 10.05(a) hereof has occurred, the Trustee shall execute any supplemental indenture or other
documents reasonably requested by the Company in order to evidence the release of any Guarantor from its obligations under its
Note Guarantee and this Indenture.

 

ARTICLE
11

Satisfaction
and Discharge.

 

Section 11.01       
Satisfaction and Discharge.

 

This Indenture will
be discharged and will cease to be of further effect as to all Notes issued hereunder (except as to surviving rights of registration
of transfer or exchange of the Notes and as otherwise specified herein), when:

 

(1)               
either:

 

(a)               
all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes
for whose payment money has been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for
cancellation; or

 

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(b)               
all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the sending
of a notice of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the holders, cash in U.S.
dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient (in the case of Government
Securities, (x) in the opinion of a nationally recognized firm of independent public accountants or a nationally recognized investment
banking firm or (y) if no such opinion in the immediately preceding clause (x) can be reasonably obtained, in the opinion of the
chief financial officer of the Company), without consideration of any reinvestment of interest, to pay and discharge the entire
Indebtedness on the Notes not delivered to the Trustee for cancellation for principal of, premium, if any, on, or interest, if
any, on, the Notes to the date of Stated Maturity or redemption;

 

(2)               
in respect of clause (1)(b), no Default or Event of Default has occurred and is continuing on the date of the deposit (other
than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and any similar deposit
relating to other Indebtedness and, in each case, the granting of Liens to secure such borrowings) and the deposit will not result
in a breach or violation of, or constitute a default under, any material agreement or instrument to which the Company or any Guarantor
is a party or by which the Company or any Guarantor is bound (other than with respect to the borrowing of funds to be applied concurrently
to make the deposit required to effect such satisfaction and discharge and any similar concurrent deposit relating to other Indebtedness,
and in each case the granting of Liens to secure such borrowings);

 

(3)               
the Company has paid or caused to be paid all other sums payable by it hereunder; and

 

(4)               
the Company has delivered irrevocable instructions to the Trustee hereunder to apply the deposited money toward the payment
of the Notes at Stated Maturity or on the redemption date, as the case may be.

 

In addition, the Company must deliver an
Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and
discharge have been satisfied.

 

Notwithstanding the
satisfaction and discharge hereof, if money has been deposited with the Trustee pursuant to subclause (b) of clause (1) of this
Section 11.01, the provisions of Sections 11.02 and 8.06 hereof will survive. In addition, nothing in this Section 11.01
will be deemed to discharge those provisions of Section 7.06 hereof, that, by their terms, survive the satisfaction and discharge
hereof.

 

Section 11.02       
 Application of Trust Money.

 

Subject to the provisions
of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof shall be held in trust and applied
by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of
the principal, premium, if any, and interest, if any, for whose payment such money has been deposited with the Trustee; but such
money need not be segregated from other funds except to the extent required by law.

 

If the Trustee or Paying
Agent is unable to apply any money or Government Securities in accordance with Section 11.01 hereof by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company’s and any Guarantor’s obligations hereunder and under the Notes shall be revived and reinstated
as though no deposit had occurred pursuant to Section 11.01 hereof; provided that if the Company has made any payment of
principal of, premium on, if any, or interest, if any, on, any Notes because of the reinstatement of its obligations, the Company
shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities
held by the Trustee or Paying Agent.

 

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ARTICLE
12

MISCELLANEOUS

 

Section 12.01       
Notices.

 

Any notice or communication
by the Company, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or by first class
mail (registered or certified, return receipt requested), electronic image scan, facsimile transmission or overnight air courier
guaranteeing next day delivery, to the others’ address:

 

If to the Company and/or any Guarantor:

Viper Energy Partners LP

500 West Texas, Suite 1200

Midland, TX 79701

Attention: Investor Relations

 

If to the Trustee:

Wells Fargo Bank, National Association

150 East 42nd Street, 40th Floor

New York, NY 10017

Facsimile No: (917) 260-1593

Attention: Corporate Trust Services—Viper Energy Administrator

 

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

 

All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered;
five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by
electronic image scan or facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery.

 

Any notice or communication
to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier
guaranteeing next day delivery to its address shown on the register kept by the Registrar. In the case of Notes issued in global
form pursuant to Article 2 hereof, any notice or communication to a Holder will be sent pursuant to the applicable procedures
of the Depositary. Failure to mail or otherwise send a notice or communication to a Holder or any defect in it will not affect
its sufficiency with respect to other Holders.

 

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

 

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If the Company mails
or otherwise sends a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time.

 

Section 12.02       
Certificate and Opinion as to Conditions Precedent.

 

Upon any request or
application by the Company to the Trustee to take any action hereunder, the Company shall furnish to the Trustee:

 

(1)               
an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements
set forth in Section 12.03 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any,
provided for herein relating to the proposed action have been satisfied; and

 

(2)               
an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set
forth in Section 12.03 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been
satisfied.

 

Section 12.03       
 Statements Required in Certificate or Opinion.

 

Each certificate or
opinion with respect to compliance with a condition or covenant provided for herein (other than a certificate provided pursuant
to TIA §314(a)(4)) must comply with the provisions of TIA §314(e) and must include:

 

(1)               
a statement that the Person making such certificate or opinion has read such covenant or condition;

 

(2)               
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(3)               
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

 

(4)               
a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.

 

Section 12.04       
Rules by Trustee and Agents.

 

The Trustee may make
reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable
requirements for its functions.

 

 Section 12.05        No Personal Liability of Directors, Officers, Employees and Unitholders.

 

No director, officer,
employee, incorporator or unitholder or other owner of any Capital Stock of the Company or any Guarantor, as such, will have any
liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Note Guarantees or for any
claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives
and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

 

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 Section 12.06        Governing Law.

 

THE INTERNAL LAW OF
THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY.

 

 Section 12.07        No Adverse Interpretation of Other Agreements.

 

This Indenture may
not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person.
Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

 Section 12.08        Successors.

 

All agreements of the
Company herein and the Notes will bind its successors. All agreements of the Trustee herein will bind its successors. All agreements
of each Guarantor herein will bind its successors, except as otherwise provided in Section 10.05 hereof.

 

 Section 12.09        Severability.

 

In case any provision
herein or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
will not in any way be affected or impaired thereby.

 

 Section 12.10        Counterpart Originals.

 

The parties may sign
any number of copies hereof. Each signed copy will be an original, but all of them together represent the same agreement. The exchange
of copies of this Indenture and of signature pages hereof by facsimile or PDF transmission shall constitute effective execution
and delivery of this Indenture as to the parties hereto and may be used in lieu of the original instrument for all purposes. Signatures
of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

 Section 12.11        Table of Contents, Headings, etc.

 

The Table of Contents,
Cross-Reference Table and Headings of the Articles and Sections hereof have been inserted for convenience of reference only,
are not to be considered a part hereof and will in no way modify or restrict any of the terms or provisions hereof.

 

 Section 12.12        Payment Date Other Than a Business Day.

 

If any payment with
respect to any principal of, premium on, if any, or interest, if any, on any Note (including any payment to be made on any date
fixed for redemption or purchase of any Note) is due on a day which is not a Business Day, then the payment need not be made on
such date, but may be made on the next Business Day with the same force and effect as if made on such date, and no interest will
accrue for the intervening period.

 

 Section 12.13        Evidence of Action by Holders.

 

Whenever in this Indenture
it is provided that the Holders of a specified percentage in aggregate principal amount of the Notes may take action (including
the making of any demand or request, the giving of any direction, notice, consent or waiver or the taking of any other action)
the fact that at the time of taking any such action the Holders of such specified percentage have joined therein may be evidenced
(a) by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed
in writing, (b) by the record of the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance
with procedures approved by the Trustee, (c) by a combination of such instrument or instruments and any such record of such a meeting
of Holders or (d) in the case of Notes evidenced by a Global Note, by any electronic transmission or other message, whether or
not in written format, that complies with the Depositary’s applicable procedures.

 

[Signatures on following pages]

 

    93

     

    

  

SIGNATURES

 

	Dated as of October 16, 2019.	 	 
	 	COMPANY
	 	 	 
	 	VIPER ENERGY PARTNERS LP
	 	By: 	Viper Energy Partners GP LLC,
	 	 	its general partner
	 	 	 
	 	 	 
	 	By:	/s/ Teresa L. Dick
	 	 	Name: Teresa L. Dick
	 	 	Title:  Chief Financial Officer, Executive Vice President and Assistant Secretary
	 	 	 
	 	GUARANTOR
	 	 
	 	VIPER ENERGY PARTNERS LLC
	 	 
	 	By:	/s/ Teresa L. Dick
	 	 	Name: Teresa L. Dick
	 	 	Title:  Chief Financial Officer, Executive Vice President and Assistant Secretary
	 	 	 
	 	TRUSTEE
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	By: 	/s/ Stefan Victory
	 	 	Name: Stefan Victory
	 	 	Title:  Vice President

 

     

     

    

 

 

Exhibit A

 

[Face of Note]

 

CUSIP ____________

 

ISIN ____________

 

5.375% Senior Notes due 2027

 

No. ___                                            $___________
[or such greater or lesser amount as may be indicated on the attached Schedule of Exchanges of Interests in the Global Note]

 

VIPER ENERGY PARTNERS LP

 

promises to pay to or registered assigns,

 

the principal sum of __________________________________________________________
DOLLARS [or such greater or lesser amount as may be indicated on the attached Schedule of Exchanges of Interests in the Global
Note] on November 1, 2027.

 

Interest Payment Dates: May 1 and
November 1

 

Record Dates: April 15 and October 15

 

Dated: _______________

 

	 	VIPER ENERGY PARTNERS LP

 

By: Viper Energy Partners GP LLC, its general partner

  
		By:   	 
	 	 	Name:

Title:

 

This is one of the Notes referred to in the
within-mentioned Indenture:

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

 

	By:   	 	 
	 	Authorized Signatory	 

 

    A-1

     

    

 

[Back of Note]

5.375% Senior Notes due 2027

 

[Insert the Global Note Legend, if applicable
pursuant to the provisions of the Indenture] 

 

[Insert the Private Placement Legend,
if applicable pursuant to the provisions of the Indenture]

 

Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

 

(1)               
INTEREST. Viper Energy Partners LP, a Delaware limited partnership (the “Company”), promises to
pay or cause to be paid interest on the principal amount of this Note at 5.375% per annum. The Company will pay interest, if any,
semi-annually in arrears on May 1 and November 1 of each year, or if any such day is not a Business Day, on the next
succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most
recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that, if this
Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest
shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be May
1, 2020. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal at a rate that is equal to the then applicable interest rate on the Notes to the extent lawful; and it will pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest, if any (without
regard to any applicable grace period), at the same rate to the extent lawful.

 

Interest will be computed on the
basis of a 360-day year comprised of twelve 30-day months.

 

(2)               
METHOD OF PAYMENT. The Company will pay interest on the Notes (except defaulted interest), if any, to the Persons
who are registered Holders of Notes at the close of business on the April 15 or October 15 next preceding the Interest
Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided
in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if
any, and interest, if any, at the office or agency of the Paying Agent and Registrar within the City and State of New York, or,
at the option of the Company, payment of interest, if any, may be made by check mailed to the Holders at their addresses set forth
in the register of Holders; provided that payment by wire transfer of immediately available funds will be required with respect
to principal of, premium on, if any, and interest, if any, on all Global Notes and all other Notes the Holders of which will have
provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts.

 

(3)               
PAYING AGENT AND REGISTRAR. Initially, Wells Fargo Bank, National Association, the Trustee under the Indenture, will
act as Paying Agent and Registrar. The Company may change the Paying Agent or Registrar without prior notice to the Holders of
the Notes. The Company or any of its Subsidiaries may act as Paying Agent or Registrar.

 

(4)               
INDENTURE. The Company issued the Notes under an Indenture dated as of October 16, 2019 (as such may be amended or
supplemented from time to time, the “Indenture”) among the Company, the Guarantor and the Trustee. The Notes
are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision
of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.
The Notes are unsecured obligations of the Company. The Indenture does not limit the aggregate principal amount of Notes that may
be issued thereunder.

 

    A-2

     

    

 

(5)               
OPTIONAL REDEMPTION.

 

(a)               
Except pursuant to the following paragraphs and as set forth in Section 4.14(e) of the Indenture, the Notes will not be
redeemable at the Company’s option.

 

(b)               
At any time prior to November 1, 2022, the Company may on any one or more occasions redeem up to 40% of the aggregate principal
amount of Notes issued under the Indenture at a redemption price equal to 105.375% of the principal amount of the Notes redeemed,
plus accrued and unpaid interest, if any, to, but not including, the date of redemption (subject to the rights of Holders of Notes
on the relevant record date to receive interest on the relevant Interest Payment Date), with an amount of cash not greater than
the net cash proceeds of one or more Equity Offerings; provided that:

 

(i)                
at least 60% of the aggregate principal amount of the Notes (including Additional Notes, if any) originally issued under
the Indenture (excluding Notes held by the Company and its Subsidiaries) remains outstanding immediately after the occurrence of
such redemption; and

 

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

 

(c)               
At any time prior to November 1, 2022, the Company may on any one or more occasions redeem all or a part of the Notes at
a redemption price equal to 100% of the principal amount of the Notes redeemed, plus the Applicable Premium as of, and accrued
and unpaid interest, if any, to, but not including, the date of redemption, subject to the rights of Holders of Notes on the relevant
record date to receive interest due on the relevant Interest Payment Date.

 

(d)               
On or after November 1, 2022 the Company may on any one or more occasions redeem all or a part of the Notes at the redemption
prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, on the Notes to
be redeemed, to, but not including, the applicable date of redemption, if redeemed during the twelve-month period beginning on
November 1 of the years indicated below, subject to the rights of Holders of Notes on the relevant record date to receive interest
on the relevant Interest Payment Date:

 

	Year	 	Percentage	 
	2022	 	 	102.688	%
	2023	 	 	101.792	%
	2024	 	 	100.896	%
	2025 and thereafter	 	 	100.000	%

 

    A-3

     

    

 

Unless the Company defaults in the payment
of the redemption price, or the redemption is subject to satisfaction of one or more conditions precedent and such conditions precedent
are not satisfied, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption
date.

 

(6)               
MANDATORY REDEMPTION. The Company will not be required to make any mandatory redemption or sinking fund payments
with respect to the Notes. The Company may at any time and from time to time purchase notes in the open market or otherwise, in
each case without any restriction hereunder.

 

(7)               
REPURCHASE AT THE OPTION OF HOLDER.

 

(a)               
If a Change of Control occurs, each Holder of Notes will have the right to require the Company to repurchase all or any
part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes pursuant to a Change of
Control Offer on the terms set forth in the Indenture. In the Change of Control Offer, the Company will offer a payment in cash
equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased
to the date of purchase, subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant
interest payment date. Within 30 days following any Change of Control, the Company will send a notice to each Holder describing
the transaction or transactions that constitute the Change of Control and offering to repurchase Notes properly tendered prior
to the expiration date specified in the notice, which date will be no earlier than 15 days and no later than 60 days from the date
such notice is sent, pursuant to the procedures required by the Indenture and described in such notice. The Company will not be
required to make a Change of Control Offer if notice of redemption has been given pursuant to Section 3.03 of the Indenture.

 

(b)               
If the Company fails to apply the Net Proceeds from Asset Sales in the manner specified in the Indenture within 360 days
after the receipt of such Net Proceeds, any Net Proceeds not so applied will constitute Excess Proceeds. Within 30 days of the
aggregate amount of Excess Proceeds exceeding $20.0 million, the Company will make an Asset Sale Offer to all Holders of Notes
and all Holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth
in the Indenture with respect to offers to purchase, prepay or redeem with the proceeds of sales of assets, to purchase, prepay
or redeem, on a pro rata basis, the maximum principal amount of Notes and such other pari passu Indebtedness (plus
all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith)
that may be purchased, prepaid or redeemed out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to
100% of the principal amount, plus accrued and unpaid interest, if any, to the date of purchase, prepayment or redemption, subject
to the rights of holders of Notes on the relevant record date to receive interest due on the relevant interest payment date, and
will be payable in cash. If the aggregate principal amount of Notes and other pari passu Indebtedness tendered in (or required
to be prepaid or redeemed in connection with) such Asset Sale exceeds the amount of Excess Proceeds, the Trustee will select the
Notes and such other pari passu Indebtedness to be purchased, prepaid or redeemed on a pro rata basis (except that
any Notes represented by a Global Note shall be selected by such method as the Depositary or its nominee or successor may require
or, where such nominee or successor is the Trustee, a method that most nearly approximates pro rata selection as the Trustee
deems fair and appropriate unless otherwise required by law or applicable stock exchange or depositary requirements), based on
the principal amount of Notes and such other pari passu Indebtedness amounts tendered or required to be prepaid or redeemed
(with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $2,000, or an integral
multiple of $1,000 in excess thereof, will be purchased). Upon completion of each Asset Sale Offer, the amount of Excess Proceeds
will be reset at zero. The Company may satisfy the foregoing obligation with respect to any Excess Proceeds by making an Asset
Sale Offer prior to the expiration of the relevant 360-day period or with respect to Excess Proceeds of $20.0 million or less.
Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Company prior to any related
purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase”
attached to the Notes.

 

    A-4

     

    

 

(8)               
NOTICE OF REDEMPTION. At least 15 days but not more than 60 days before a redemption date, the Company will mail
or cause to be mailed, by first class mail (or when the Notes are represented by Global Notes, sent electronically pursuant to
the applicable procedures of the Depositary), a notice of redemption to each Holder whose Notes are to be redeemed, except that
redemption notices may be sent more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance
of the Notes or a satisfaction and discharge of the Indenture pursuant to Articles 8 or 11 thereof. Notes and portions of Notes
selected will be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder
are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased.

 

(9)               
DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form in denominations of $2,000 and integral multiples
of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The
Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents
and the Company may require a Holder to pay any transfer taxes or similar governmental charge payable in connection therewith.
The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the
unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes
for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the next succeeding
Interest Payment Date.

 

(10)           
PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as the owner of it for all purposes. Only
registered Holders have rights under the Indenture.

 

(11)           
AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture, the Notes or the Note Guarantees
may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then
outstanding Notes including Additional Notes, if any, voting as a single class, and certain existing Defaults or Events of Default
or compliance with any provision of the Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders
of a majority in aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting as a single
class. Without the consent of any Holder of Notes, the Indenture, the Notes or the Note Guarantees may be amended or supplemented
to cure any ambiguity, omission, mistake, defect or inconsistency, to provide for uncertificated Notes in addition to or in place
of certificated Notes, to provide for the assumption of the Company’s or a Guarantor’s obligations to Holders of the
Notes and Note Guarantees by a successor to the Company or such Guarantor pursuant to the Indenture, to make any change that would
provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under
the Indenture of any Holder, to conform the text of the Indenture, the Notes or the Note Guarantees to any provision of the “Description
of Notes” section of the Offering Circular to the extent that such provision of the “Description of Notes”
was intended to set forth, verbatim or in substance, a provision of the Indenture, the Notes or the Note Guarantees (which intent
will be certified to the Trustee in an Officers’ Certificate), to provide for the issuance of Additional Notes in accordance
with the limitations set forth in the Indenture, to secure the Notes or the Note Guarantees pursuant to the requirements of Section 4.12
of the Indenture, to add any additional Guarantor or to evidence the release of any Guarantor from its Note Guarantee, in each
case as provided in the Indenture, to evidence or provide for the acceptance of appointment under the Indenture of a successor
Trustee, or to provide for the conversion, transfer or redomestication of the Company in accordance with Section 5.01(b) of
the Indenture.

 

    A-5

     

    

 

(12)           
DEFAULTS AND REMEDIES. Events of Default include: (i) default for 30 days in the payment when due of interest,
if any, on the Notes; (ii) default in the payment when due (at Stated Maturity, upon redemption or otherwise) of the principal
of, or premium, if any, on the Notes; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with the provisions
of Sections 4.14 or 5.01 of the Indenture; (iv) failure by the Company for 180 days after notice from the Trustee or Holders
of at least 25% in aggregate principal amount of the Notes then outstanding to comply with Section 4.03 of the Indenture;
(v) failure by the Company for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal
amount of the Notes then outstanding to comply with any of the other agreements in the Indenture; (vi) default under certain other
agreements relating to Indebtedness of the Company which default is a Payment Default or results in the acceleration of such Indebtedness
prior to its express maturity; (vii) failure by the Company or any of its Restricted Subsidiaries to pay certain final judgments,
which judgments are not paid, discharged or stayed, for a period of 60 consecutive days; (viii) certain events of bankruptcy or
insolvency with respect to the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary and (ix) except as permitted by the Indenture, any
Note Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and
effect, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations under its Note
Guarantee. In the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will
become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the
Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to
be due and payable immediately. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject
to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time,
method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power
conferred on it. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except
a Default or Event of Default relating to the payment of principal, premium, if any, or interest, if any) if it determines that
withholding notice is in their interest. Subject to certain limitations, the Holders of a majority in aggregate principal amount
of the then outstanding Notes by notice to the Trustee may, on behalf of all the Holders, rescind an acceleration or waive an existing
Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment
of principal of, premium on, if any, or interest, if any, on, the Notes. The Company is required to deliver to the Trustee annually
a statement regarding compliance with the Indenture, and the Company is required, upon becoming aware of any Default or Event of
Default, to deliver to the Trustee a statement specifying such Default or Event of Default unless such Default or Event of Default
has been cured before the end of the 30-day period specified in the Indenture.

 

    A-6

     

    

 

(13)           
TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits
from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if
it were not the Trustee.

 

(14)           
NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or unitholder or other owner of any
Capital Stock of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors
under the Notes, the Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Notes.

 

(15)           
AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent.

 

(16)           
ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM
(= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants
in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

(17)           
CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of
redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes
or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.

 

(18)           
GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS
NOTE AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

The Company will furnish to any Holder upon
written request and without charge a copy of the Indenture. Requests may be made to:

 

Viper Energy Partners LP

500 West Texas, Suite 1200

Midland, Texas 79701

Attention: Investor Relations

 

    A-7

     

    

 

Assignment
Form

 

To assign this Note,
fill in the form below:

 

	(I) or (we) assign and transfer this Note to: 	 
	 	(Insert assignee’s legal name)

 

 

(Insert assignee’s soc. sec. or tax
I.D. no.)

 

 

 

 

 

(Print or type assignee’s name, address
and zip code)

 

	and irrevocably appoint	 

to transfer this
Note on the books of the Company. The agent may substitute another to act for him.

 

Date: _______________

 

	 	Your Signature: 	 

(Sign exactly as your name appears
on the face of this Note)

 

Signature Guarantee*: _________________________

 

*       Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    A-8

     

    

 

Option of Holder to Elect Purchase

 

If you want to elect
to have this Note purchased by the Company pursuant to Section 4.10 or 4.14 of the Indenture, check the appropriate box below:

 

 ̈ Section
4.10                               ̈ Section
4.14

 

If you want to elect
to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount
you elect to have purchased:

 

$_______________

 

Date: _______________

 

	 	Your Signature: 	 

(Sign exactly as your name appears
on the face of this Note)

 

	 	Tax Identification No.:	 

 

Signature Guarantee*: _________________________

 

*       Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    A-9

     

    

 

Schedule
of Exchanges of Interests in the Global Note *

 

The following exchanges
of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made:

 

 

	Date of Exchange	 	Amount of

    decrease in

    Principal Amount

    of 

    this Global Note	 	Amount of

    increase in

    Principal Amount 

    of 

    this Global Note	 	Principal Amount 

    of this Global Note

    following such

    decrease 

    (or increase)	 	Signature of

    authorized officer

    of Trustee or

    Custodian
		 	 	 	 	 	 	 	 
		 	 	 	 	 	 	 	 
		 	 	 	 	 	 	 	 

 

 

 

	*	This schedule should be included only if the Note is issued in global form.

 

    A-10

     

    

 

 

Exhibit
B

 

FORM OF CERTIFICATE OF TRANSFER

 

Viper Energy Partners LP

500 West Texas, Suite 1200

Midland, Texas 79701

Attention: Investor Relations

 

Wells Fargo Bank, National Association

Attn: DAPS – Reorg

600 South 4th Street – 7th Floor

Minneapolis, MN 55415

Facsimile No.: (866) 969-1290

Phone: (800)344-5128

Email: DAPSReorg@wellsfargo.com

 

Re: 5.375%
Senior Notes due 2027

 

Reference is hereby
made to the Indenture, dated as of October 16, 2019 (as amended and supplemented to the date hereof, the “Indenture”),
among Viper Energy Partners LP, as issuer (the “Company”), the Guarantors party thereto and Wells Fargo Bank,
National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

___________________,
(the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex
A hereto, in the principal amount of $___________ in such Note[s] or interests (the “Transfer”), to ___________________________
(the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.  ̈
Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Definitive Note pursuant to
Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act, and, accordingly,
the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the
Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more
accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified
institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer
is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject
to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive
Note and in the Indenture and the Securities Act.

 

2.  ̈
Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Definitive Note pursuant
to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities
Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United
States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any
Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person
acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts
have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii)
the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed
transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for
the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on
Transfer enumerated in the Private Placement Legend and Regulation S Legend printed on the Regulation S Global Note and/or the
Definitive Note and in the Indenture and the Securities Act.

 

    B-1

     

    

 

3.  ̈
Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Definitive Note
pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in
compliance with the transfer restrictions applicable to beneficial interests in Global Notes and Definitive Notes and pursuant
to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and
accordingly the Transferor hereby further certifies that (check one):

 

(a)  ̈
such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 

or

 

(b)  ̈
such Transfer is being effected to the Company or a subsidiary thereof;

 

or

 

(c)  ̈
such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with
the prospectus delivery requirements of the Securities Act;

 

or

 

(d)  ̈
such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements
of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it
has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies
with the transfer restrictions applicable to beneficial interests in a Global Note or Definitive Notes and the requirements of
the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit
D to the Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the time of transfer of less than $250,000,
an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification),
to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or the Definitive Notes and in the Indenture
and the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Company.

 

    B-2

     

    

 

	 	 	 
	 	 	[Insert
    Name of Transferor]
	 	 	 
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 	

 

    B-3

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.       The
Transferor owns and proposes to transfer the following:

 

[CHECK ONE OF (a) OR (b)]

 

(a)   
 ̈ a beneficial interest in the:

 

(i)        ̈
144A Global Note (CUSIP _________), or

 

(ii)       ̈
Regulation S Global Note (CUSIP _________), or

 

(iii)      ̈
IAI Global Note (CUSIP _________); or

 

(b)  ̈
a Definitive Note.

 

2.       After
the Transfer the Transferee will hold:

 

[CHECK ONE]

 

(a)     ̈
a beneficial interest in the:

 

(i)        ̈
144A Global Note (CUSIP _________), or

 

(ii)       ̈
Regulation S Global Note (CUSIP _________), or

 

(iii)      ̈
IAI Global Note (CUSIP _________); or

 

(b)    ̈
a Definitive Note,

 

in accordance with
the terms of the Indenture.

 

    B-4

     

    

 

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

Viper Energy Partners LP

500 West Texas, Suite 1200

Midland, Texas 79701

Attention: Investor Relations

 

Wells Fargo Bank, National Association

Attn: DAPS – Reorg

600 South 4th Street – 7th Floor

Minneapolis, MN 55415

Facsimile No.: (866) 969-1290

Phone: (800) 344-5128

Email: DAPSReorg@wellsfargo.com

 

Re: 5.375% Senior Notes due 2027

 

(CUSIP ____________)

 

Reference is hereby made to the Indenture,
dated as of October 16, 2019 (as amended and supplemented to the date hereof, the “Indenture”), among Viper
Energy Partners LP, as issuer (the “Company”), the Guarantors party thereto and Wells Fargo Bank, National Association,
as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

__________________________, (the “Owner”)
owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $ in such Note[s]
or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

 

1.         Exchange
of Definitive Notes or Beneficial Interests in Global Notes for Definitive Notes or Beneficial Interests in Global Notes

 

(a)        ̈
Check if Exchange is from beneficial interest in a Global Note to Definitive Note. In connection with the Exchange of the
Owner’s beneficial interest in a Global Note for a Definitive Note with an equal principal amount, the Owner hereby certifies
that the Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed
Exchange in accordance with the terms of the Indenture, the Definitive Note issued will continue to be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the Definitive Note and in the Indenture and the Securities Act.

 

(b)        ̈
Check if Exchange is from Definitive Note to beneficial interest in a Global Note. In connection with the Exchange of the
Owner’s Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A
Global Note,  ̈ Regulation S Global Note,  ̈
IAI Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable
blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms
of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the relevant Global Note and in the Indenture and the Securities Act.

 

    C-1

     

    

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Company.

 

 

	 	[Insert Name of Transferor]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______________________

 

    C-2

     

    

 

EXHIBIT D

 

FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

 

Viper Energy Partners LP

500 West Texas, Suite 1200

Midland, Texas 79701

Attention: Investor Relations

 

Wells Fargo Bank, National Association

Attn: DAPS – Reorg

600 South 4th Street – 7th Floor

Minneapolis, MN 55415

Facsimile No.: (866) 969-1290

Phone: (800)344-5128

Email: DAPSReorg@wellsfargo.com

 

Re: 5.375%
Senior Notes due 2027

 

Reference is hereby
made to the Indenture, dated as of October 16, 2019 (as amended and supplemented to the date hereof, the “Indenture”),
among Viper Energy Partners LP, as issuer (the “Company”), the Guarantors party thereto and Wells Fargo Bank,
National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

In connection with
our proposed purchase of $____________ aggregate principal amount of:

 

(a)      ̈
a beneficial interest in a Global Note, or

 

(b)      ̈
a Definitive Note,

 

we confirm that:

 

1.           We
understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions
set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes
or any interest therein except in compliance with, such restrictions and conditions and the Securities Act.

 

2.           We
understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest
therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of
any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do
so only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified
institutional buyer” (as defined therein), (C) to an institutional “accredited investor” (as defined below) that,
prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter
substantially in the form of this letter and, if such transfer is in respect of a principal amount of Notes, at the time of transfer
of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in
compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities
Act, (E) pursuant to the provisions of Rule 144 under the Securities Act or (F) pursuant to an effective registration statement
under the Securities Act, and we further agree to provide to any Person purchasing the Definitive Note or beneficial interest in
a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising
such purchaser that resales thereof are restricted as stated herein.

 

    D-1

     

    

 

 

3.          We
understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and
the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm
that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear
a legend to the foregoing effect.

 

4.          We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the
Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits
and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk
of our or its investment.

 

5.         We
are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of
which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion.

 

You and the Company
are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.

 

 

	 	[Insert Name of Transferor]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______________________

 

    D-2

     

    

 

EXHIBIT E

 

[FORM OF NOTATION OF GUARANTEE]

 

For value received,
each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed,
to the extent set forth in, and subject to the provisions of, the Indenture dated as of October 16, 2019 (as such may be amended
or supplemented from time to time, the “Indenture”) among Viper Energy Partners LP, as issuer (the “Company”),
the Guarantors party thereto and Wells Fargo Bank, National Association, as trustee (the “Trustee”), (a) the
prompt payment in full when due of the principal of, premium on, if any, and interest, if any, on, the Notes, whether at maturity,
by acceleration, redemption or otherwise, the prompt payment in full of interest on overdue principal of, premium on, if any, and
interest, if any, on, the Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee under
the Indenture or the Notes, all in accordance with the terms of the Indenture and the Notes, and (b) in case of any extension of
time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due
or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.
The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Note Guarantee and the Indenture are
expressly set forth in Article 10 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Note
Guarantee.

 

Capitalized terms used
but not defined herein have the meanings given to them in the Indenture.

 

	 	[Name of Guarantor(s)]
	 	 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    E-1

     

    

 

EXHIBIT F

 

[FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

 

Supplemental
Indenture (this “Supplemental Indenture”), dated as of ________________, among __________________ (the
 “Guaranteeing Subsidiary”), a subsidiary of Viper Energy Partners LP (or its permitted successor), a Delaware
limited partnership (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred
to herein) and Wells Fargo Bank, National Association, as trustee under the Indenture referred to below (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Company
has heretofore executed and delivered to the Trustee an indenture (as amended and supplemented to the date hereof, the “Indenture”),
dated as of October 16, 2019 providing for the issuance of 5.375% Senior Notes due 2027 (the “Notes”);

 

WHEREAS, the Indenture
provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture
pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the
Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and

 

WHEREAS, pursuant to
Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
Guaranteeing Subsidiary, the Trustee and the other parties hereto mutually covenant and agree for the equal and ratable benefit
of the Holders of the Notes as follows:

 

1.         Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.         Agreement
to Guarantee. Subject to Article 10 of the Indenture, the Guaranteeing Subsidiary, jointly and severally with the other
Guarantors, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and
its successors and assigns, that: (1) the principal of, premium on, if any, and interest, if any, on, the Notes will be promptly
paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of,
premium on, if any, and interest, if any, on, the Notes, if lawful, and all other obligations of the Company to the Holders or
the Trustee under the Indenture or the Notes will be promptly paid in full or performed, all in accordance with the terms of the
Indenture and the Notes; and (2) in case of any extension of time of payment or renewal of any Notes or any of such other obligations,
that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether
at stated maturity, by acceleration or otherwise.

 

4.         No
Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as
such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Note Guarantees
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting
a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

 

    F-1

     

    

 

EXHIBIT F

 

5.         NEW
YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

6.         Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile
or Portable Document Format (“PDF”) transmission shall constitute effective execution and delivery of this instrument
as to the parties hereto and may be used in lieu of the original instrument for all purposes. Signatures of the parties hereto
transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

7.         Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

8.         The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency
of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by
the Guaranteeing Subsidiary and the Company.

 

    F-2

     

    

 

EXHIBIT F

 

IN WITNESS WHEREOF,
the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

 

	 	[Guaranteeing Subsidiary]
	 	 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	[Company]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	[Existing Guarantors]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	[Trustee],

	 	 as Trustee

 

	 	By:	 

 

    F-3

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