Document:

Exhibit
10.2

 

Execution
Version

  

 

 

 

 

 

                                         

                                         CREDIT AGREEMENT

 

Dated
as of August 23, 2018

 

among

 

FALCON
MINERALS OPERATING PARTNERSHIP, LP

as the Borrower,

 

The
Several Lenders

from Time to Time Parties Hereto,

 

and

 

Citibank,
N.A.,

as Administrative Agent, Collateral Agent,

Swingline Lender and an Issuing Bank

 

 

 

 

 

 

 

 

Citigroup
Global Markets Inc.,

as Lead Arranger and Bookrunner

  

     

     

    

 

Table of Contents

  

	 	 	Page
	SECTION 1.	Definitions.	1
	1.1	Defined Terms.	1
	1.2	Other Interpretive Provisions	58
	1.3	Accounting Terms	59
	1.4	Rounding	60
	1.5	References to Agreements, Laws, Etc	60
	1.6	Times of Day	60
	1.7	Timing of Payment or Performance	60
	1.8	Currency Equivalents Generally	60
	1.9	Classification of Loans and Borrowings	61
	1.10	Hedging Requirements Generally	61
	1.11	Certain Determinations	61
	1.12	Pro Forma and Other Calculations	61
	SECTION 2.	Amount and Terms of Credit	63
	2.1	Commitments	63
	2.2	Minimum Amount of Each Borrowing; Maximum Number of Borrowings	64
	2.3	Notice of Borrowing	65
	2.4	Disbursement of Funds	66
	2.5	Repayment of Loans; Evidence of Debt	66
	2.6	Conversions and Continuations	67
	2.7	Pro Rata Borrowings	68
	2.8	Interest	68
	2.9	Interest Periods	69
	2.10	Increased Costs, Illegality, Etc	70
	2.11	Compensation	71
	2.12	Change of Lending Office	72
	2.13	Notice of Certain Costs	72
	2.14	Borrowing Base	72

  

     

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	2.15	Defaulting Lenders	76
	2.16	Increase of Total Commitment	78
	2.17	Extension Offers	79
	SECTION 3.	Letters of Credit	80
	3.1	Letters of Credit	80
	3.2	Letter of Credit Applications	81
	3.3	Letter of Credit Participations	82
	3.4	Agreement to Repay Letter of Credit Drawings	84
	3.5	New or Successor Issuing Bank	85
	3.6	Role of Issuing Bank	86
	3.7	Cash Collateral	86
	3.8	Applicability of ISP and UCP	87
	3.9	Conflict with Issuer Documents	87
	3.10	Letters of Credit Issued for Restricted Subsidiaries	87
	3.11	Increased Costs	87
	3.12	Independence	88
	SECTION 4.	Fees; Commitments.	88
	4.1	Fees	88
	4.2	Voluntary Reduction of Commitments	89
	4.3	Mandatory Termination of Commitments	90
	SECTION 5.	Payments.	90
	5.1	Voluntary Prepayments	90
	5.2	Mandatory Prepayments	91
	5.3	Method and Place of Payment	93
	5.4	Net Payments	93
	5.5	Computations of Interest and Fees	97
	5.6	Limit on Rate of Interest	97
	SECTION 6.	Conditions Precedent to Initial Borrowing.	97
	SECTION 7.	Conditions Precedent to All Subsequent Credit Events.	101
	SECTION 8.	Representations, Warranties and Agreements	102
	8.1	Existence, Qualification and Power	102

  

     

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	8.2	Corporate Power and Authority; Enforceability; Binding Effect	102
	8.3	No Violation	102
	8.4	Litigation	102
	8.5	Margin Regulations	103
	8.6	Governmental Authorization	103
	8.7	Investment Company Act	103
	8.8	True and Complete Disclosure	103
	8.9	Tax Matters	103
	8.10	Compliance with ERISA	104
	8.11	Subsidiaries	104
	8.12	Intellectual Property	104
	8.13	Environmental Laws	104
	8.14	Properties	105
	8.15	Solvency	105
	8.16	Security Documents	105
	8.17	Gas Imbalances, Prepayments	106
	8.18	Marketing of Production	106
	8.19	Financial Statements	106
	8.20	OFAC; USA PATRIOT Act; FCPA	106
	8.21	Hedge Agreements	107
	8.22	[Reserved]	107
	8.23	No Default	107
	8.24	Insurance	107
	SECTION 9.	Affirmative Covenants	107
	9.1	Information Covenants	107
	9.2	Books, Records and Inspections	110
	9.3	Maintenance of Insurance	111
	9.4	Payment of Taxes	111
	9.5	Preservation of Existence, Etc	112
	9.6	Compliance with Requirements of Law	112
	9.7	[Reserved]	112
	9.8	Maintenance of Properties	112
	9.9	Transactions with Affiliates	112

  

     

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	9.10	Compliance with Environmental Laws	116
	9.11	Additional Guarantors, Grantors and Collateral	116
	9.12	Use of Proceeds	117
	9.13	Further Assurances	117
	9.14	Reserve Reports	119
	9.15	Change in Business	120
	9.16	Title Information	120
	9.17	Deposit Account, Securities Account and Commodity Account Control Agreements	121
	9.18	Minimum Hedged Volumes	121
	9.19	Post-Closing Covenants	122
	SECTION 10.	Negative Covenants.	122
	10.1	Limitation on Indebtedness	122
	10.2	Limitation on Liens	127
	10.3	Limitation on Fundamental Changes	131
	10.4	Limitation on Sale of Assets	133
	10.5	Limitation on Investments	135
	10.6	Limitation on Restricted Payments	139
	10.7	Limitations on Debt Payments and Amendments	143
	10.8	Negative Pledge Agreements	144
	10.9	Limitation on Subsidiary Distributions	146
	10.10	Hedge Agreements	148
	10.11	Financial Covenants	149
	10.12	Accounting Changes	149
	10.13	Foreign Operations	149
	SECTION 11.	Events of Default	150
	11.1	Payments	150
	11.2	Representations, Etc	150
	11.3	Covenants	150
	11.4	Default Under Other Agreements	150
	11.5	Bankruptcy, Etc	151
	11.6	ERISA	151
	11.7	Guarantee	151

  

     

     

    

  

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	11.8	Security Documents	151
	11.9	Judgments	152
	11.10	Change of Control	152
	11.11	Intercreditor Agreements	152
	11.12	Application of Proceeds	152
	11.13	Equity Cure	154
	SECTION 12.	The Agents	155
	12.1	Appointment	155
	12.2	Delegation of Duties	156
	12.3	Exculpatory Provisions	156
	12.4	Reliance by Agents	157
	12.5	Notice of Default	157
	12.6	Non-Reliance on Administrative Agent, Collateral Agent and Other Lenders	157
	12.7	Indemnification	158
	12.8	Agents in Its Individual Capacities	159
	12.9	Successor Agents	159
	12.10	Withholding Tax	160
	12.11	Security Documents and Collateral Agent under Security Documents and Guarantee	160
	12.12	Right to Realize on Collateral and Enforce Guarantee	161
	12.13	Administrative Agent May File Proofs of Claim	161
	12.14	Certain ERISA Matters	162
	SECTION 13.	Miscellaneous.	163
	13.1	Amendments, Waivers and Releases	163
	13.2	Notices	165
	13.3	No Waiver; Cumulative Remedies	166
	13.4	Survival of Representations and Warranties	166
	13.5	Payment of Expenses; Indemnification	166
	13.6	Successors and Assigns; Participations and Assignments	168

  

     

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	13.7	Replacements of Lenders under Certain Circumstances	173
	13.8	Adjustments; Set-off	174
	13.9	Counterparts	175
	13.10	Severability	175
	13.11	Integration	175
	13.12	GOVERNING LAW	176
	13.13	Submission to Jurisdiction; Waivers	176
	13.14	Acknowledgments	177
	13.15	WAIVERS OF JURY TRIAL	177
	13.16	Confidentiality	178
	13.17	Release of Collateral and Guarantee Obligations	179
	13.18	USA PATRIOT Act	180
	13.19	Payments Set Aside	180
	13.20	Reinstatement	181
	13.21	Disposition of Proceeds	181
	13.22	Collateral Matters; Hedge Agreements	181
	13.23	Agency of the Borrower for the Other Credit Parties	181
	13.24	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	182

 

	EXHIBITS	 
	 	 
	Exhibit A	Form of Reserve Report Certificate
	Exhibit B	Form of Notice of Borrowing
	Exhibit C	Form of Guarantee
	Exhibit D	Form of Mortgage/Deed of Trust
	Exhibit E	Form of Collateral Agreement
	Exhibit F	Form of Junior Lien Intercreditor Agreement
	Exhibit G	Form of Assignment and Assumption
	Exhibit H-1	Form of Promissory Note (Loan)
	Exhibit H-2	Form of Promissory Note (Swingline Loan)
	Exhibit I	Form of First Lien Intercreditor Agreement
	Exhibit J	Form of Solvency Certificate
	Exhibit K	Form of Non-Bank Tax Certificate
	Exhibit L	Form of Intercompany Note

  

     

     

    

 

TABLE OF CONTENTS

(continued)

 

	SCHEDULES	 	 
	 	 	 
	Schedule 1.1(a)	Commitments	 
	Schedule 1.1(b)	Excluded Equity Interests	 
	Schedule 1.1(e)	Closing Date Subsidiary Guarantors	 
	Schedule 1.1(f)	Unrestricted Subsidiaries	 
	Schedule 8.4	Litigation	 
	Schedule 8.10(a)	Closing Date ERISA Matters	 
	Schedule 8.11	Subsidiaries	 
	Schedule 8.14	Properties	 
	Schedule 8.17	Closing Date Gas Imbalance	 
	Schedule 8.18	Closing Date Marketing Agreements	 
	Schedule 8.21	Closing Date Hedge Agreements	 
	Schedule 9.9	Closing Date Affiliate Transactions	 
	Schedule 9.19	Post-Closing Covenants	 
	Schedule 10.1	Closing Date Indebtedness	 
	Schedule 10.2(d)	Closing Date Liens	 
	Schedule 10.5(d)	Closing Date Investments	 
	Schedule 10.8	Closing Date Negative Pledge Agreements	 
	Schedule 13.2	Notice Addresses	 

  

     

     

    

 

CREDIT
AGREEMENT, dated as of August 23, 2018, among Falcon Minerals Operating Partnership, LP, a Delaware limited partnership (the
“Borrower”), the banks, financial institutions and other lending institutions from time to time parties as
lenders hereto (each a “Lender” and, collectively, the “Lenders”), Citibank, N.A. (“Citibank”),
as administrative agent and collateral agent for the Lenders, as the swing line lender and an issuer of Letters of Credit, and
each other Issuing Bank from time to time party hereto.

 

WHEREAS,
pursuant to the Contribution Agreement, dated as of June 3, 2018 (together with all exhibits and schedules thereto,
and as amended, supplemented or otherwise modified from time to time, the “Contribution Agreement”), among
(i) Osprey Energy Acquisition Corp., a Delaware corporation (“PubCo”), (ii) Royal Resources L.P., a Delaware
limited partnership and Royal Resources GP, L.L.C., a Delaware limited liability company (collectively, “Royal”),
and (iii) Noble Royalties Acquisition Co., LP, a Delaware limited partnership, Hooks Ranch Holdings LP, a Delaware limited partnership
and DGK ORRI Holdings, LP, a Delaware limited partnership (collectively with PubCo and Royal, the “Contributors”),
PubCo will acquire (the “Acquisition”) from the Contributors, and PubCo will contribute to the Borrower,
all of the Contributors’ right, title and interest in the equity interests of entities holding certain oil and gas properties,
rights and related assets (collectively, the “Acquired Assets”);

 

WHEREAS,
in connection with the foregoing, (a) the Borrower has requested that (i) on the Closing Date, the Lenders provide Loans to the
Borrower (the “Closing Date Loans”) in order to fund a portion of the purchase price of the Acquisition, pay
Transaction Expenses, to fund any original issue discount or upfront fees in connection with the “market flex” provisions
previously agreed with the Lead Arranger and Bookrunner and to finance working capital needs and other general corporate purposes
and (ii) at any time and from time to time after the Closing Date and prior to the Maturity Date, the Lenders provide Loans to
the Borrower subject to the Available Commitment, (b) the Borrower has requested that at any time and from time to time after
the Closing Date and prior to the L/C Maturity Date, each Issuing Bank issue Letters of Credit (subject to the Available Commitment)
and (c) the Borrower has requested that the Swingline Lender extend credit in the form of Swingline Loans (subject to the Available
Commitment) at any time and from time to time prior to the Swingline Maturity Date, in each case subject to Section 9.12;

 

WHEREAS,
the Lenders, the Swingline Lender and the Issuing Banks are willing to make available to the Borrower such revolving credit, swingline
and letter of credit facilities upon the terms and subject to the conditions set forth herein; and

 

NOW,
THEREFORE, in consideration of the premises and the covenants and agreements contained herein, the parties hereto hereby agree
as follows:

 

SECTION
1. Definitions.

 

1.1 Defined
Terms.

 

As
used herein, the following terms shall have the meanings specified below:

 

“ABR”
shall mean for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Effective Rate plus
1⁄2 of 1.0%, (b) the Prime Rate in effect on such day and (c) the LIBOR Rate for a one-month Interest Period
on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1.0%, provided that,
for the avoidance of doubt, the LIBOR Rate for any day shall be based on the rate appearing on the Reuters Screen LIBOR01 Page
(or on any successor or substitute page of such page) at approximately 11:00 a.m. London time on such day. Any change in
the ABR due to a change in the Prime Rate, the Federal Funds Effective Rate or such LIBOR Rate shall take effect at the opening
of business on the day specified in the public announcement of such change in the Prime Rate, the Federal Funds Effective
Rate or such LIBOR Rate, respectively; provided further that, that if ABR shall be less than zero, such rate shall be deemed
to be zero for purposes of this Agreement.

 

    	 	1	 

     

    

 

“ABR
Loan” shall mean each Loan bearing interest based on the ABR.

 

“Acquired
Assets” shall have the meaning provided in the recitals to this Agreement.

 

“Acquired
EBITDAX” shall mean, with respect to any Acquired Entity or Business or any Converted Restricted Subsidiary for any
period, the amount for such period of Consolidated EBITDAX of such Acquired Entity or Business or Converted Restricted Subsidiary
(determined as if references to the Borrower and the Restricted Subsidiaries in the definition of Consolidated EBITDAX were references
to such Acquired Entity or Business and its Subsidiaries or to such Converted Restricted Subsidiary and its Subsidiaries), as
applicable, all as determined on a consolidated basis for such Acquired Entity or Business or Converted Restricted Subsidiary,
as applicable.

 

“Acquired
Entity or Business” has the meaning set forth in the definition of the term “Consolidated EBITDAX”.

 

“Acquisition”
shall have the meaning provided in the recitals to this Agreement.

 

“Additional
Lender” shall have the meaning provided in Section 2.16(a).

 

“Adjusted
Total Commitment” shall mean, at any time, the Total Commitment less the aggregate amount of Commitments of all
Defaulting Lenders.

 

“Administrative
Agent” shall mean Citibank, as the administrative agent for the Lenders under this Agreement and the other Credit Documents,
or any successor administrative agent appointed in accordance with the provisions of Section 12.9.

 

“Administrative
Agent’s Office” shall mean the Administrative Agent’s address and, as appropriate, account as set forth
on Schedule 13.2, or such other address or account as the Administrative Agent may from time to time notify in writing
to the Borrower and the Lenders.

 

“Administrative
Questionnaire” shall mean, for each Lender, an administrative questionnaire in a form approved by the Administrative
Agent.

 

“Affiliate”
shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or
indirect common control with such Person. A Person shall be deemed to control another Person if such Person possesses, directly
or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through
the ownership of voting securities, by contract or otherwise. “Controlling” and “controlled” shall have
meanings correlative thereto.

 

“AFTAP”
shall have the meaning provided in Section 8.10(c).

  

    	 	2	 

     

    

 

“Agents”
shall mean the Administrative Agent and the Collateral Agent.

 

“Agent-Related
Party” shall mean, with respect to any Agent, its Affiliates and the officers, directors, employees, agents, attorney-in-fact,
partners, trustees and advisors of such Agent and of such Agent’s Affiliates.

 

“Agreement”
shall mean this Credit Agreement, as amended, restated, amended and restated, replaced, supplemented or otherwise modified from
time to time.

 

“All-In
Yield” shall mean, as to any Indebtedness, the yield thereof, whether in the form of interest rate, margin, original
issue discount, upfront fees, or any LIBOR Rate or ABR floor, in each case, incurred or payable by the Credit Parties generally
to all the lenders of such Indebtedness; provided that (a) original issue discount and upfront fees shall be equated
to interest rate assuming a 4-year life to maturity (or, if less, the stated life to maturity at the time of its incurrence of
the applicable Indebtedness), and (b) “All-In Yield” shall not include amendment fees, arrangement fees, structuring
fees, commitment fees, underwriting fees and similar fees (regardless of whether shared with, or paid to, in whole or in part,
any or all lenders), success fees, consent fees paid to consenting lenders, ticking fees on undrawn commitments or any other fees
not paid ratably to all lenders in the primary syndication of such Indebtedness.

 

“Applicable
Equity Amount” shall mean, at any time (the “Applicable Equity Amount Reference Time”), an amount
equal to, without duplication,

 

(a) the
amount of any capital contributions made in cash to, or any cash proceeds of an equity issuance received by, the Borrower during
the period from and including the Business Day immediately following the Closing Date through and including the Applicable Equity
Amount Reference Time, in each case including cash proceeds from the issuance of Equity Interests of any direct or indirect parent
of the Borrower, but excluding all proceeds from the issuance of Disqualified Stock;

 

minus

 

(b) the
sum, without duplication, of:

 

(i) the
aggregate amount of any Investments made by the Borrower or any Restricted Subsidiary pursuant to Section 10.5(g)(iii)(B)
and Section 10.5(i)(B) after the Closing Date, and prior to the Applicable Equity Amount Reference Time;

 

(ii) the
aggregate amount of any Restricted Payments made by the Borrower pursuant to Section 10.6(m) after the Closing Date,
and prior to the Applicable Equity Amount Reference Time; and

 

(iii) the
aggregate amount of prepayments, repurchases, redemptions and defeasances made by the Borrower or any Restricted Subsidiary pursuant
to Section 10.7(a)(iv) after the Closing Date and prior to the Applicable Equity Amount Reference Time.

 

“Applicable
Equity Amount Reference Time” shall have the meaning assigned to such term in the definition of “Applicable Equity
Amount.”

  

    	 	3	 

     

    

 

“Applicable
Margin” shall mean, for any day, with respect to any ABR Loan or LIBOR Loan, as the case may be, the rate per annum
set forth in the grid below based upon the Borrowing Base Utilization Percentage in effect on such day:

 

	Borrowing
    Base Utilization Grid
	Borrowing
    Base Utilization Percentage	X
    < 25%	25%
    ≤ X<  50%	50%
    ≤ X <  75%	75%
    ≤ X<  90%	X
    ≥ 90%
	LIBOR
    Loans	2.00%	2.25%	2.50%	2.75%	3.00%
	ABR
    Loans	1.00%	1.25%	1.50%	1.75%	2.00%
	Commitment
    Fee Rate	0.375%	0.375%	0.50%	0.50%	0.50%

  

Each
change in the Commitment Fee Rate or Applicable Margin shall apply during the period commencing on the effective date of such
change and ending on the date immediately preceding the effective date of the next such change.

 

“Approved
Bank” shall have the meaning assigned to such term in the definition of “Permitted Investments”.

 

“Approved
Counterparty” shall mean any Person (other than a Hedge Bank) whose long term senior unsecured debt rating is A-/A3
by S&P or Moody’s (or their equivalent) or higher at the time of entering into any Hedge Agreement; provided that such
Person shall have entered into the First Lien Intercreditor Agreement (including by means of a customary joinder to the First
Lien Intercreditor Agreement); and provided further that the Hedging Obligations owed to all Persons constituting Approved Counterparties
in respect of Secured Hedge Agreements shall not exceed $5,000,000 in the aggregate.

 

“Approved
Petroleum Engineers” shall mean (a) Netherland, Sewell & Associates, Inc., (b) Ryder Scott Company,
L.P., (c) W. D. Von Gonten & Co. Petroleum Engineering, (d) DeGolyer and MacNaughton, (e) LaRoche Petroleum Consultants,
Ltd., (f) Cawley Gillespie & Associates and (g) at the Borrower’s option, any other independent petroleum engineers
selected by the Borrower and reasonably acceptable to the Administrative Agent.

 

“Assignment
and Assumption” shall mean an assignment and acceptance substantially in the form of Exhibit G or such other
form as may be approved by the Administrative Agent.

 

“Assignment
Taxes” shall have the meaning assigned to such term in the definition of “Other Taxes”.

 

“Attorney
Costs” shall mean all reasonable and documented fees, expenses and disbursements of any law firm or other external legal
counsel.

 

“Authorized
Officer” shall mean as to any Person, the President, the Chief Executive Officer, the Chief Financial Officer, the Chief
Operating Officer, the Chief Accounting Officer, the Controller, the Treasurer, the Assistant or Vice Treasurer, the Vice President-Finance,
the General Counsel and any manager, managing member or general partner, in each case, of such Person, and any other senior officer
designated as such in writing to the Administrative Agent by such Person. Any document delivered hereunder that is signed by an
Authorized Officer shall be conclusively presumed to have been authorized by all necessary corporate, limited liability company,
partnership and/or other action on the part of the Borrower or any other Credit Party and such Authorized Officer shall be conclusively
presumed to have acted on behalf of such Person.

  

    	 	4	 

     

    

 

“Auto-Extension
Letter of Credit” shall have the meaning provided in Section 3.2(b).

 

“Available
Commitment” shall mean, at any time, (a) the Loan Limit at such time minus (b) the aggregate Total Exposures
of all Lenders at such time.

 

“Bail-In
Action” shall mean the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in
respect of any liability of an EEA Financial Institution.

 

“Bail-In
Legislation” shall mean, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the
European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time
which is described in the EU Bail-In Legislation Schedule.

 

“Bank
Price Deck” shall mean the Administrative Agent’s most recent internal price deck on a forward curve basis for
each of oil, natural gas and other Hydrocarbons, as applicable, furnished to the Borrower by the Administrative Agent from time
to time in accordance with the terms of this Agreement.

 

“Bankruptcy
Code” shall have the meaning provided in Section 11.5.

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership
Regulation.

 

“Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230.

 

“Benefited
Lender” shall have the meaning provided in Section 13.8(a).

 

“Benefit
Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA,
(b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes
of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee
benefit plan” or “plan”.

 

“Board”
shall mean the Board of Governors of the Federal Reserve System of the United States of America (or any successor).

 

“Board
of Directors” shall mean, as to any Person, the board of directors or other governing body of such Person, or if such
Person is owned or managed by a single entity, the board of directors or other governing body of such entity.

 

“Borrower”
shall have the meaning provided in the introductory paragraph hereto.

 

“Borrowing”
shall mean the incurrence of one Type of Loan on a given date (or resulting from conversions on a given date) having, in the case
of LIBOR Loans, the same Interest Period (provided that ABR Loans incurred pursuant to Section 2.10(b) shall
be considered part of any related Borrowing of LIBOR Loans).

  

    	 	5	 

     

    

 

“Borrowing
Base” shall mean, at any time, an amount determined in accordance with Section 2.14, as may be adjusted
from time to time pursuant to the provisions of Section 2.14(e), (f) and (h), as applicable. As of the Closing
Date, the Borrowing Base shall be $115,000,000.

 

“Borrowing
Base Deficiency” occurs if, at any time, the sum of (i) the aggregate Total Exposure of all Lenders and (ii) the aggregate
amount of Pari Debt outstanding at such time (without giving effect to any payments applied to reduce such Pari Debt unless the
Administrative Agent is notified of such reduction in Pari Debt at the time of the next Scheduled Redetermination or Interim Redetermination)
exceeds the Borrowing Base then in effect. The amount of the Borrowing Base Deficiency is the amount by which (x) the sum of (i)
the aggregate Total Exposure of all Lenders and (ii) the aggregate amount of Pari Debt outstanding at such time (without giving
effect to any payments applied to reduce such Pari Debt unless the Administrative Agent is notified of such reduction in Pari
Debt at the time of the next Scheduled Redetermination or Interim Redetermination) exceeds (y) the Borrowing Base then in effect.

 

“Borrowing
Base Properties” shall mean the Oil and Gas Properties of the Credit Parties included in the Initial Reserve Report
and thereafter in the Reserve Report most recently delivered pursuant to Section 2.14 or Section 9.14.

 

“Borrowing
Base Reduction Debt” shall mean (i) Permitted Additional Debt issued or incurred in accordance with Section 10.1(q),
and (ii) any Indebtedness incurred under Section 10.1(k) in compliance with subclause (B)(I) of the proviso
thereto.

 

“Borrowing
Base Utilization Percentage” shall mean, as of any day, the fraction expressed as a percentage, the numerator of which
is the sum of (i) the aggregate Total Exposures of all Lenders on such day and (ii) the aggregate amount of Pari Debt outstanding
at such time (without giving effect to any payments applied to reduce such Pari Debt unless the Administrative Agent is notified
of such reduction in Pari Debt at the time of the next Scheduled Redetermination or Interim Redetermination), and the denominator
of which is the Borrowing Base in effect on such day.

 

“Borrowing
Base Value” shall mean, with respect to any Oil and Gas Property of a Credit Party or any Hedge Agreement in respect
of commodities, the PV-9 value in the case of any Oil and Gas Property or the Swap PV in the case of any Hedge Agreement the Administrative
Agent attributed to such Oil and Gas Property or Hedge Agreement, as applicable.

 

“Budget”
shall have the meaning provided in Section 9.1(g).

 

“Business
Day” shall mean any day excluding Saturday, Sunday and any other day on which banking institutions in New York
City or Houston, Texas are authorized by law or other governmental actions to close, and, if such day relates to (a) any
interest rate settings as to a LIBOR Loan, (b) any fundings, disbursements, settlements and payments in respect of any such
LIBOR Loan, or (c) any other dealings pursuant to this Agreement in respect of any such LIBOR Loan, such day shall be a day
on which dealings in deposits in Dollars are conducted by and between banks in the London interbank eurodollar market.

  

    	 	6	 

     

    

 

“Capitalized
Lease” shall mean, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person
as lessee that, in conformity with GAAP, is, or is required to be, accounted for as a capital lease on the balance sheet of that
Person; provided that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount
thereof accounted for as a liability on the balance sheet of such Person in accordance with GAAP; provided, further,
that for purposes of calculations made pursuant to the terms of this Agreement, GAAP will be deemed to treat leases in a manner
consistent with its current treatment under generally accepted accounting principles as of the Closing Date, notwithstanding any
modifications or interpretative changes thereto that may occur. For the avoidance of doubt, any lease that would be characterized
as an operating lease in accordance with GAAP on the Closing Date (whether or not such operating lease was in effect on such date)
shall continue to be accounted for as an operating lease (and not as a Capitalized Lease) for purposes of this Agreement regardless
of any change in GAAP following the Closing Date that would otherwise require such lease to be re-characterized (on a prospective
or retroactive basis or otherwise) as a Capitalized Lease.

 

“Capitalized
Software Expenditures” shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued
as liabilities) by a Person and its Restricted Subsidiaries during such period in respect of licensed or purchased software or
internally developed software and software enhancements that, in conformity with GAAP, are or are required to be reflected as
capitalized costs on the consolidated balance sheet of such Person and its Restricted Subsidiaries.

 

“Captive
Insurance Subsidiary” shall mean any Subsidiary of the Borrower that is subject to regulation as an insurance company
(or any Subsidiary thereof).

 

“Cash
Collateralize” shall have the meaning provided in Section 3.7(b).

 

“Cash
Management Agreement” shall mean any agreement entered into from time to time by the Borrower or any of the Borrower’s
Restricted Subsidiaries in connection with cash management services for collections, other Cash Management Services and for operating,
payroll and trust accounts of such Person, including automatic clearing house services, controlled disbursement services, electronic
funds transfer services, lockbox services, stop payment services and wire transfer services.

 

“Cash
Management Bank” shall mean any Person that either (i) at the time it provides Cash Management Services, (ii) on
the Closing Date or (iii) at any time after it has provided any Cash Management Services, is a Lender or an Agent or an Affiliate
of a Lender or an Agent.

 

“Cash
Management Obligations” shall mean obligations owed by the Borrower or any Restricted Subsidiary to any Cash Management
Bank in connection with, or in respect of, any Cash Management Services.

 

“Cash
Management Services” shall mean (a) commercial credit cards, merchant card services, purchase or debit cards, including
non-card e-payables services, (b) treasury management services (including controlled disbursement, overdraft, automated clearing
house fund transfer services, return items and interstate depository network services) and (c) any other demand deposit or
operating account relationships or other cash management services, including any Cash Management Agreement.

 

“Casualty
Event” shall mean, with respect to any Collateral, (a) any damage to, destruction of, or other casualty or loss
involving, any property or asset or (b) any seizure, condemnation, confiscation or taking under the power of eminent domain
of, or any requisition of title or use of, or relating to, or any similar event in respect of, any property or asset.

 

“CFC”
shall mean a “controlled foreign corporation” within the meaning of Section 957 of the Code.

  

    	 	7	 

     

    

 

“Change
in Law” shall mean (a) the adoption of any law, treaty, order, policy, rule or regulation after the Closing Date,
(b) any change in any law, treaty, order, policy, rule or regulation or in the interpretation, implementation or application
thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender with any guideline, request,
directive or order enacted or promulgated after the Closing Date by any central bank or other governmental or quasi-governmental
authority (whether or not having the force of law); provided that notwithstanding anything herein to the contrary, the
Dodd-Frank Wall Street Reform and Consumer Protection Act, the Basel Committee on Banking Regulations and Supervisory Practices
(or any successor or similar authority) and all guidelines, requests, directives, orders, rules and regulations adopted, enacted
or promulgated in connection therewith shall be deemed to have gone into effect after the Closing Date regardless of the date
adopted, enacted or promulgated and shall be included as a Change in Law but solely for such costs that would have been included
if they would have otherwise been imposed under clauses (a)(ii) and (c) of Section 2.10 or Section 3.11
and only to the extent a Lender is imposing applicable increased costs or costs in connection with capital adequacy requirements
similar to those described in clauses (a)(ii) and (c) of Section 2.10 or Section 3.11 generally on
other borrowers of comparable loans under United States reserve based credit facilities under credit agreements having similar
reimbursement provisions.

 

“Change
of Control” shall mean and be deemed to have occurred if:

 

(a) any
person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing
Date), other than (i) any combination of the Investors and the Permitted Holders or (ii) any “group” including any
Permitted Holders (provided that Permitted Holders beneficially own more than 50% of all voting interests beneficially owned by
such “group”), shall have acquired beneficial ownership of more than 50%, on a fully diluted basis, of the voting
interest in the Borrower’s Equity Interests; or

 

(b) a
“change of control” (or similar event) shall occur under any Indebtedness for borrowed money permitted under
‎Section 10.1 with an outstanding principal amount in excess of $30,000,000 or any Permitted Refinancing in respect
of any of the foregoing with an outstanding principal amount in excess of $30,000,000.

 

Notwithstanding
the preceding or any provision of Section 13d-3 of the Exchange Act, (i) a Person or group shall not be deemed to beneficially
own Equity Interests subject to a stock or asset purchase agreement, merger agreement, option agreement, warrant agreement or
similar agreement (or voting or option or similar agreement related thereto) until the consummation of the acquisition of the
Equity Interests in connection with the transactions contemplated by such agreement, (ii) if any group includes one or more Permitted
Holders, the issued and outstanding Equity Interests of the Borrower owned, directly or indirectly, by any Permitted Holders that
are part of such group shall not be treated as being beneficially owned by such group or any other member of such group for purposes
of determining whether a Change of Control has occurred and (iii) a Person or group will not be deemed to beneficially own the
Equity Interests of another Person as a result of its ownership of the Equity Interests or other securities of such other Person’s
parent entity (or related contractual rights) unless it owns 50% or more of the total voting power of the Equity Interests entitled
to vote for the election of directors of such parent entity having a majority of the aggregate votes on the board of directors
(or similar body) of such parent entity.

 

“Citibank”
shall have the meaning provided in the introductory paragraph hereto.

  

    	 	8	 

     

    

 

“Class”
shall mean (i) with respect to Commitments or Loans, those of such Commitments or Loans that have the same terms and conditions
(without regard to differences in the Type of Loan, Interest Period, original issue discount, upfront fees or similar fees paid
or payable in connection with such Commitments or Loans, or differences in tax treatment (e.g., “fungibility”)); provided
that such Commitments or Loans may be designated in writing by the Administrative Agent, the Borrower and Lenders holding
such Commitments or Loans as a separate Class from other Commitments or Loans that have the same terms and conditions and (ii)
with respect to Lenders, those of such Lenders that have Commitments or Loans of a particular Class.

 

“Closing
Date” shall mean August 23, 2018.

 

“Closing
Date Financials” shall have the meaning provided in Section 6(i).

 

“Closing
Date Loans” shall have the meaning provided in the recitals to this Agreement.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time.

 

“Collateral”
shall have the meaning provided for such term in each of the Security Documents and shall include any and all assets securing
or intended to secure any or all of the Obligations; provided that with respect to any Mortgages, “Collateral,”
as defined herein, shall include “Deed of Trust Property” as defined therein.

 

“Collateral
Agent” shall mean Citibank, as collateral agent under the Security Documents, or any successor collateral agent appointed
in accordance with the provisions of Section 12.9.

 

“Collateral
Agreement” shall mean the Collateral Agreement of even date herewith by and among the Borrower, the other grantors party
thereto and the Collateral Agent, for the benefit of the Secured Parties, substantially in the form of Exhibit E hereto.

 

“Collateral
Coverage Minimum” shall mean that the Mortgaged Properties shall represent (a) from the date that is thirty (30)
days following the Closing Date up to the date that is sixty (60) days following the Closing Date, at least 50% of the PV-9 of
the Credit Parties’ total Proved Reserves and (b) from the date that is sixty (60) days following the Closing Date
and thereafter, at least 85% of the PV-9 of the Credit Parties’ total Proved Reserves, in each case, included either in
the Initial Reserve Report or in the most recent Reserve Report delivered to the Administrative Agent; provided that such
timelines set forth in clauses (a) and/or (b) above may be extended with the consent of the Administrative Agent
(such consent not to be unreasonably withheld or delayed).

 

“Commitment”
shall mean, (a) with respect to each Lender that is a Lender on the Closing Date, the amount set forth opposite such Lender’s
name on Schedule 1.1(a) as such Lender’s “Commitment” and (b) in the case of any Lender that
becomes a Lender after the Closing Date, the amount specified as such Lender’s “Commitment” in the Assignment
and Assumption pursuant to which such Lender assumed a portion of the Total Commitment, in each case as the same may be changed
from time to time pursuant to the terms of this Agreement. The aggregate amount of the Commitments as of the Closing Date is $500,000,000.

 

“Commitment
Fee” shall have the meaning provided in Section 4.1(a).

 

“Commitment
Fee Rate” shall mean, for any day, with respect to the Available Commitment on such day, the applicable rate per annum
set forth next to the row heading “Commitment Fee Rate” in the definition of “Applicable Margin” and based
upon the Borrowing Base Utilization Percentage in effect on such day.

  

    	 	9	 

     

    

 

“Commitment
Percentage” shall mean, at any time, for each Lender, the percentage obtained by dividing (a) such Lender’s
Commitment at such time by (b) the amount of the Total Commitment at such time; provided that at any time when the
Total Commitment shall have been terminated, each Lender’s Commitment Percentage shall be the percentage obtained by dividing
(i) such Lender’s Total Exposure at such time by (ii) the aggregate Total Exposures of all Lenders at such time
(with such Total Exposure, and the components thereof, calculated using (x) any applicable Lender’s outstanding principal
amount of Loans plus (y) such Lender’s Letter of Credit Exposure and such Lender’s Swingline Exposure based on
the Commitment Percentage of such Lender immediately prior to the termination of the Total Commitment).

 

“Commodity
Account” shall mean any commodity account maintained by the Credit Parties. All funds in such Commodity Accounts (other
than Excluded Accounts) shall be conclusively presumed to be Collateral and proceeds of Collateral and the Agents and the Lenders
shall have no duty to inquire as to the source of the amounts on deposit in the Commodity Accounts.

 

“Commodity
Account Control Agreement” has the meaning specified in Section 9.17.

 

“Commodity
Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time,
and any successor statute.

 

“Confidential
Information” shall have the meaning provided in Section 13.16.

 

“Consolidated
Current Assets” shall mean, as at any date of determination, without duplication, the sum of all amounts that would,
in conformity with GAAP, be set forth opposite the caption “total current assets” (or any like caption) on a consolidated
balance sheet of the Borrower and its Restricted Subsidiaries at such date, plus the Available Commitment, but excluding
any asset representing a valuation account arising from the application of Accounting Standards Codification Topic No. 410 and
Accounting Standards Codification Topic No. 815.

 

“Consolidated
Current Liabilities” shall mean, as at any date of determination, without duplication, the sum of all amounts that would,
in conformity with GAAP, be set forth opposite the caption “total current liabilities” (or any like caption) on a
consolidated balance sheet of the Borrower and its Restricted Subsidiaries on such date, but excluding, without duplication, (a)
any liabilities representing a valuation account arising from the application of Accounting Standards Codification Topic No. 410
and Accounting Standards Codification Topic No. 815, (b) the current portion of current and deferred income taxes or any amounts
payable as tax distributions, (c) the current portion of any Loans and other long-term liabilities (including, without limitation,
Hedging Obligations), (d) the current portion of interest, (e) liabilities in respect of unpaid earnouts and accrued litigation
settlement costs, (f) current liabilities consisting of deferred revenue, (g) any non-cash liabilities recorded in connection
with stock-based or similar incentive-based compensation awards or arrangements, and (h) any non-cash liabilities recorded in
connection with the assumption of gathering or firm transportation contracts under Accounting Standards Codification Topic No.
805.

  

    	 	10	 

     

    

 

“Consolidated
Depreciation, Depletion and Amortization Expense” shall mean, with respect to any Person for any period, the total amount
of depreciation, depletion and amortization expense of such Person and its Restricted Subsidiaries, including the amortization
of intangible assets, deferred financing fees, debt issuance costs, and commissions, fees and expenses and amortization of Capitalized
Software Expenditures and amortization of unrecognized prior service costs and actuarial gains and losses to pensions and other
post-employment benefits of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise
determined in accordance with GAAP.

 

“Consolidated
EBITDAX” shall mean, with respect to any Person for any period, the Consolidated Net Income of such Person and its Restricted
Subsidiaries for such period:

 

(a) increased
(without duplication) by the following, in each case (other than in the case of clauses (a)(vii) and (a)(viii))
to the extent deducted (and not added back) in determining Consolidated Net Income for such period:

 

(i) provision
for taxes based on income or profits or capital gains, including, without limitation, federal, state, franchise, excise, property
and similar taxes (such as the Delaware franchise tax) and foreign withholding taxes (including (i) any future taxes or other
levies which replace or are intended to be in lieu of such taxes and any penalties and interest related to such taxes or arising
from tax examinations and (ii) the amount of distributions actually made to any Parent Entity in respect of such period in accordance
with Sections 10.6(f)(i) and 10.6(f)(ii)) and the net tax expense associated with any adjustments made pursuant
to clauses (a) through (u) of the definition of Consolidated Net Income, plus

 

(ii) Fixed
Charges for such period (in addition to, without duplication, (x) bank fees and other deferred financing fees and (y) costs of
surety bonds in connection with financing activities), plus amounts excluded from Consolidated Interest Expense as set
forth in clauses (i)(s) through (z) in the definition of Consolidated Interest Expense, plus

 

(iii) Consolidated
Depreciation, Depletion and Amortization Expense for such period, plus

 

(iv) any
other non-cash charges, including any write-offs or write-downs reducing Consolidated Net Income for such period (provided
that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, (1) the
Borrower may determine not to add back such non-cash charge in the current period and (2) to the extent the Borrower does decide
to add back such non-cash charge in the current period, the cash payment in respect thereof in such future period shall be subtracted
from Consolidated EBITDAX to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period),
plus

 

(v) the
amount of any reductions in arriving at Net Income resulting from the application of Accounting Standards Codification Topic No.
810, Consolidation, plus

 

(vi) the
amount of management, monitoring, consulting, transaction, advisory and other fees (including termination fees) and indemnities
and expenses paid or accrued in such period to the extent permitted under clause (g) or (j) of Section 9.9,
plus

  

    	 	11	 

     

    

 

(vii) the
amount of “run rate” cost savings, operating expense reductions and savings from synergies (x) related to the Transactions
projected by the Borrower in good faith to result from actions that have been taken, or with respect to which substantial steps
have been taken or are expected to be taken (in the good faith determination of the Borrower), within thirty-six (36) months after
the Closing Date, (y) related to mergers and other business combinations, acquisitions, divestitures, restructurings, cost savings
initiatives and other similar initiatives consummated after the Closing Date and projected by the Borrower in good faith to result
from actions that have been taken or with respect to which substantial steps have been taken, or are expected to be taken (in
the good faith determination of the Borrower) within thirty-six (36) months after consummation of such merger or other business
combination, acquisition, divestiture, restructuring or cost savings initiative or other similar initiative that have been taken
or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the
Borrower), and projected by the Borrower in good faith to result within thirty-six (36) months after such actions are taken, in
each case, calculated on a Pro Forma Basis as though such cost savings, operating expense reductions, and savings from synergies
had been realized on the first day of such period, as if such cost savings, operating expense reductions and savings from synergies
were realized during the entirety of such period, net of the amount of actual benefits realized during such period from such actions;
provided that (A) such “run rate” cost savings, operating expense reductions and savings from synergies are
reasonably identifiable and factually supportable in the good faith judgment of the Borrower and (B) no cost savings, operating
expense reductions and savings from synergies shall be added pursuant to this clause (vii) to the extent duplicative of
any expenses or charges otherwise added to Consolidated EBITDAX, whether through a pro forma adjustment or otherwise, for
such period, plus

 

(viii) cash
receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDAX or Consolidated
Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated
EBITDAX pursuant to paragraph (b) below for any previous period and not added back, plus

 

(ix) any
costs or expenses incurred pursuant to any management equity plan, stock option plan or any other management or employee benefit
plan, agreement or any stock subscription or stockholders agreement, to the extent that such costs or expenses are funded with
cash proceeds contributed to the capital of such Person or net cash proceeds of an issuance of Equity Interests of such Person
(other than Disqualified Stock), plus

 

(x) any
net loss from disposed, abandoned or discontinued operations, plus

 

(xi) (A)
costs and expenses incurred in connection with the Transactions and (B) costs and expenses incurred in connection with any Investments,
acquisitions (or purchases of assets) after the Closing Date, plus

  

    	 	12	 

     

    

 

(xii) the
amount of any restructuring charges or reserves, equity-based or non-cash compensation charges or expenses including any such
charges or expenses arising from grants of stock appreciation or similar rights, stock options, restricted stock or other rights,
retention charges (including charges or expenses in respect of incentive plans), severance costs, costs relating to initiatives
aimed at profitability improvement, costs or reserves associated with improvements to IT and accounting functions and integration
and facilities opening costs or any one-time costs incurred in connection with acquisitions and investments; plus

 

(xiii)
 the amount of any non-cash interest expense of non-wholly owned Subsidiaries attributable
to minority equity interests of third parties; plus

 

(xiv) the
amount of net cost savings and net cash flow effect of revenue enhancements related to New Contracts projected by the Borrower
in good faith to be realized as a result of specified actions taken or to be taken prior to or during such period (which cost
savings or revenue enhancements shall be subject to certification by management of the Borrower and shall be calculated on a Pro
Forma Basis as though such cost savings or revenue enhancements had been realized on the first day of such period), net of the
amount of actual benefits realized during such period from such actions; provided that (A) such cost savings or revenue
enhancements are reasonably identifiable and factually supportable, (B) such actions have been taken or are to be taken within
12 months after the date of determination to take such action and (C) no cost savings or revenue enhancements shall be added
pursuant to this clause (xiv) to the extent duplicative of any expenses or charges relating to such cost savings or
revenue enhancements that are included in clause (xii) above with respect to such period; plus

 

(xv) exploration
expenses or costs (to the extent the Borrower adopts the successful efforts method of accounting); and

 

(b) decreased
(without duplication) by the following, in each case to the extent included in determining Consolidated Net Income for such period:

 

(i) non-cash
gains increasing Consolidated Net Income for such period, excluding any non-cash gains that represent the reversal of an accrual
or reserve for any anticipated cash charges in any prior period (other than any such accrual or reserve that has been added back
to Consolidated Net Income in calculating Consolidated EBITDAX in accordance with this definition), plus

 

(ii) any
net income from disposed, abandoned or discontinued operations, plus

 

(iii) any
non-cash gains with respect to cash actually received in a prior period unless such cash did not increase Consolidated EBITDAX
in such prior period.

  

    	 	13	 

     

    

 

There
shall be included in determining Consolidated EBITDAX for any period, without duplication, (A) the Acquired EBITDAX of any Person,
property, business or asset acquired by the Borrower or any Restricted Subsidiary during such period (but not the Acquired EBITDAX
of any related Person, property, business or assets to the extent not so acquired), to the extent not subsequently sold, transferred
or otherwise disposed by the Borrower or such Restricted Subsidiary during such period (each such Person, property, business or
asset acquired and not subsequently so disposed of, an “Acquired Entity or Business”) and the Acquired EBITDAX
of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary during such period (each, a “Converted
Restricted Subsidiary”), based on the actual Acquired EBITDAX of such Acquired Entity or Business or Converted Restricted
Subsidiary for such period (including the portion thereof occurring prior to such acquisition) and (B) for the purposes of the
definition of the term “Permitted Acquisition”, compliance with the covenant set forth in Section 10.11 and
the calculation of the Consolidated Total Net Leverage Ratio, but without limiting the adjustments included in the definition
of Consolidated EBITDAX, an adjustment in respect of each Acquired Entity or Business equal to the amount of the Pro Forma Adjustment
with respect to such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition)
as specified in a certificate executed by an Authorized Officer and delivered to the Lenders and the Administrative Agent. There
shall be excluded in determining Consolidated EBITDAX for any period the Disposed EBITDAX of any Person, property, business or
asset (other than an Unrestricted Subsidiary) sold, transferred or otherwise disposed of or, closed or classified as discontinued
operations (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to
dispose of such operations, only when and to the extent such operations are actually disposed of) by the Borrower or any Restricted
Subsidiary during such period (each such Person, property, business or asset so sold or disposed of, a “Sold Entity or
Business”) and the Disposed EBITDAX of any Restricted Subsidiary that is converted into an Unrestricted Subsidiary during
such period (each a “Converted Unrestricted Subsidiary”), based on the actual Disposed EBITDAX of such Sold
Entity or Business or Converted Unrestricted Subsidiary for such period (including the portion thereof occurring prior to such
sale, transfer or disposition).

 

Consolidated
EBITDAX shall be calculated for each four-fiscal quarter period using the Consolidated EBITDAX for the four most recently ended
fiscal quarters. Notwithstanding anything to the contrary contained herein, for purposes of determining Consolidated EBITDAX under
this Agreement for any period that includes any of the fiscal quarters ended September 30, 2017, December 31, 2017, March 31,
2018 and June 30, 2018, Consolidated EBITDAX for such fiscal quarters shall be $10,033,276, $13,295,345, $16,454,419 and $24,912,000,
respectively, in each case, as may be subject to add-backs and adjustments (without duplication) pursuant to clause (a)(vii)
above and Section 1.12(c) for the applicable Test Period.

 

For
the avoidance of doubt, Consolidated EBITDAX shall be calculated, including Pro Forma Adjustments, in accordance with Section
1.12.

 

“Consolidated
Interest Expense” shall mean, with respect to any Person for any period, without duplication, the sum of:

 

(i) consolidated
interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted (and
not added back) in computing Consolidated Net Income (including (a) amortization of original issue discount resulting
from the issuance of Indebtedness at less than par, (b) all commissions, discounts and other fees and charges owed with respect
to letters of credit or bankers acceptances, (c) non-cash interest payments (but excluding any non-cash interest expense
attributable to the movement in the mark to market valuation of Hedging Obligations or other derivative instruments pursuant to
GAAP), (d) the interest component of obligations under any Capitalized Lease, and (e) net payments, if any, made (less net
payments, if any, received), pursuant to interest rate Hedge Agreements with respect to Indebtedness, and excluding (s)
costs associated with obtaining Hedge Agreements and breakage costs in respect of Hedge Agreements related to interest rates,
(t) any expense resulting from the discounting of any Indebtedness in connection with the application of recapitalization
accounting or, if applicable, purchase accounting in connection with the Transactions or any acquisition, (u) penalties and
interest relating to taxes, (v)  any “additional interest” or “liquidated damages” with respect to
other securities for failure to timely comply with registration rights obligations, (w) amortization or expensing of deferred
financing fees, amendment and consent fees, debt issuance costs, commissions, fees and expenses and discounted liabilities, (x) any
expensing of bridge, commitment and other financing fees and any other fees related to the Transactions or any acquisitions after
the Closing Date, (y) any accretion of accrued interest on discounted liabilities and any prepayment premium or penalty (other
than Indebtedness except to the extent arising from the application of purchase or recapitalization accounting) and (z) annual
agency fees paid to the administrative agents and collateral agents under any credit facilities or other debt instruments or document);
plus

  

    	 	14	 

     

    

 

(ii) consolidated
capitalized interest of the Borrower and its Restricted Subsidiaries for such period, whether paid or accrued; less

 

(iii) interest
income of such Person and its Restricted Subsidiaries for such period.

 

For
purposes of this definition, interest on obligations in respect of Capitalized Leases shall be deemed to accrue at an interest
rate reasonably determined by such Person to be the rate of interest implicit in such obligations in accordance with GAAP.

 

“Consolidated
Net Income” shall mean, with respect to any Person for any period, the aggregate of the Net Income of such Person and
its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided,
however, that, without duplication:

 

(a) any
net after-tax effect of extraordinary, non-recurring or unusual gains, losses, charges or expenses or losses, charges or expenses
relating to any strategic initiatives (including relating to any multi-year strategic initiatives), Transaction Expenses, restructuring
costs and reserves, duplicative running costs, relocation costs, integration costs, expenses related to any reconstruction, decommissioning,
recommissioning or reconfiguration of fixed assets, Public Company Costs, facility consolidation and closing costs, severance
costs and expenses, one-time compensation charges, costs relating to pre-opening, opening, closing and consolidation costs for
facilities, signing, retention or completion bonuses, executive recruiting and retention costs, costs incurred in connection with
any strategic initiatives, transition costs, costs incurred in connection with non-ordinary course product and intellectual property
development, costs incurred in connection with acquisitions (or purchases of assets) prior to or after the Closing Date (including
integration costs), other business optimization expenses (including costs and expenses relating to business optimization programs,
tax savings and optimization initiatives, and new systems design, retention charges, system establishment costs (including information
technology systems) and implementation costs and project start-up costs), operating expenses attributable to the implementation
of cost-savings initiatives, consulting fees and curtailments and modifications to pension and post-retirement employee benefit
plans shall be excluded;

 

(b) the
cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies
during such period whether effected through a cumulative effect adjustment or a retroactive application, in each case in accordance
with GAAP, shall be excluded;

  

    	 	15	 

     

    

 

(c) any
net after-tax effect of gains or losses on disposal, abandonment (including asset retirement costs) or discontinuance of disposed,
abandoned or discontinued operations, as applicable, shall be excluded provided that any exclusion for the discontinuance
of discontinued operations held for sale shall be at the option of the Borrower pending the consummation of such sale;

 

(d) any
net after-tax effect of gains or losses (less all fees, expenses and charges relating thereto) attributable to asset dispositions
or abandonments or the sale or other disposition of any Equity Interests of any Person other than in the ordinary course of business,
shall be excluded;

 

(e) the
Net Income for such period of any Person that is an Unrestricted Subsidiary shall be excluded; provided that Consolidated
Net Income of any Person shall be increased by the amount of dividends or distributions or other payments that are actually paid
in cash or cash equivalents (or to the extent converted into cash or cash equivalents) to such Person or a Restricted Subsidiary
thereof in respect of such period;

 

(f) [reserved];

 

(g) effects
of adjustments (including the effects of such adjustments pushed down to such Person and its Restricted Subsidiaries) in such
Person’s consolidated financial statements pursuant to GAAP (including any impact of changes to inventory valuation policy
method (including changes in capitalization of variances), property and equipment, software, goodwill, intangible assets, in-process
research and development, deferred revenue and debt line items thereof) resulting from the application of recapitalization accounting
or purchase accounting, as the case may be, in relation to the Transactions or any consummated acquisition, joint venture or similar
investment permitted under this Agreement consummated on, prior to or after the Closing Date or the amortization or write-off
or write-down of any amounts thereof, net of taxes, shall be excluded;

 

(h) any
net after-tax effect of income (loss) from the early extinguishment or conversion of (a) Indebtedness, (b) Hedge Agreements or
(c) other derivative instruments shall be excluded;

 

(i) any
impairment charge or asset write-off or write-down in each case, pursuant to GAAP, and the amortization of intangibles arising
pursuant to GAAP or SEC guidelines, and any impairment charges, asset write-offs or write-down, including ceiling test write-downs,
on Oil and Gas Properties under GAAP or SEC guidelines shall be excluded;

 

(j) any
non-cash equity or phantom equity based or non-cash compensation charge or expense, including any such charge or expense arising
from grants of stock appreciation rights, equity incentive programs or similar rights, stock options, restricted stock, profits
interests or other rights or equity or equity-based incentive programs (“equity incentives”), any cash charges associated
with equity incentives or other long-term incentive compensation plans, roll-over, acceleration, or payout of Equity Interests
by management, other employees or business partners of such Person or of a Restricted Subsidiary or any of its direct or indirect
parent companies, shall be excluded;

  

    	 	16	 

     

    

 

(k) any
fees, expenses or charges incurred during such period, or any amortization thereof for such period, in connection with any acquisition,
recapitalization, Investment, Disposition or other transfer, incurrence or repayment of Indebtedness (including such fees, expenses
or charges related to the syndication and incurrence of any securities or credit facilities), issuance of Equity Interests (including
by any direct or indirect parent of the Borrower), recapitalization, refinancing transaction or amendment or modification of any
debt instrument (including any amendment or other modification of any securities and any credit facilities) and including, in
each case, any such transaction whether consummated on, after or prior to the Closing Date and any such transaction undertaken
but not completed, and any charges or non-recurring merger costs incurred during such period as a result of any such transaction,
in each case whether or not successful or consummated (including, for the avoidance of doubt, the effects of expensing all transaction
related expenses in accordance with Accounting Standards Codification Topic No. 805, Business Combinations), shall be excluded;

 

(l) any
fees, expenses or charges incurred during such period, or any amortization thereof for such period, in connection with the entry
into or termination of any Hedge Agreements shall be excluded;

 

(m) accruals
and reserves that are established or adjusted within twelve (12) months after the Closing Date that are so required to be established
or adjusted as a result of the Transactions (or within twenty-four (24) months after the closing of any acquisition or Investment
that are so required to be established as a result of such acquisition or Investment) in accordance with GAAP or changes as a
result of modifications of accounting policies shall be excluded;

 

(n) any
expenses, charges or losses to the extent covered by insurance or indemnity and actually reimbursed, or, so long as such Person
has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying
party and only to the extent that such amount is in fact reimbursed within 365 days of the date of such determination (net of
any amount so added back in any prior period to the extent not so reimbursed within the applicable 365-day period), shall be excluded;

 

(o) the
net income for such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded to the extent that the declaration
or payment of dividends or similar distributions by that Restricted Subsidiary of its net income is not at the date of determination
permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the 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 (other than restrictions in this Agreement), unless such restriction with respect
to the payment of dividends or similar distributions has been legally waived; provided that the Consolidated Net Income
of the Borrower and its Restricted Subsidiaries will be increased by the amount of dividends or other distributions or other payments
actually paid in cash equivalents (or to the extent converted into cash equivalents) to the Borrower or a Restricted Subsidiary
thereof in respect of such period, to the extent not already included therein;

 

(p) any
non-cash compensation expense resulting from the application of (i) Accounting Standards Codification Topic No. 718, Compensation—Stock
Compensation, (ii) Accounting Standards Codification Topic No. 505-50, Equity-Based Payments to Non-Employees or (iii) Accounting
Standards Codification Topic No. 710, Compensation - General, shall be excluded;

  

    	 	17	 

     

    

 

(q) non-cash
gains, losses, income and expenses resulting from fair value accounting required by the applicable standard under GAAP and related
interpretations shall be excluded;

 

(r) (i)
the non-cash portion of “straight-line” rent expense shall be excluded and (ii) the cash portion of “straight-line”
rent expense which exceeds the amount expensed in respect of such rent expense shall be included;

 

(s) without
duplication, an amount equal to the amount of distributions actually made to any parent or equity holder of such Person in respect
of income taxes for of such period in accordance with Section 10.6(f)(i) and Section 10.6(f)(ii) shall be included
as though such amounts had been paid as income taxes directly by such Person for such period;

 

(t) non-cash
charges for deferred tax asset valuation allowances shall be excluded (except to the extent reversing a previously recognized
increase to net income); and

 

(u) the
following items shall be excluded:

 

(i) any
net unrealized gain or loss (after any offset) resulting in such period from Hedge Agreements and the application of Accounting
Standards Codification Topic No. 815, Derivatives and Hedging;

 

(ii) any
net unrealized gain or loss (after any offset) resulting in such period from currency transaction or translation gains or losses
including those related to currency remeasurements of Indebtedness (including any net loss or gain resulting from (A) Hedge
Agreements for currency exchange risk and (B) resulting from intercompany indebtedness) and any other foreign currency transaction
or translation gains and losses, to the extent such gains or losses are non-cash items;

 

(iii) effects
of adjustments to accruals and reserves during a prior period relating to any change in methodology of calculating reserves, rebates
or other chargebacks;

 

(iv) any
adjustments resulting from the application of Accounting Standards Codification Topic No. 460, Guarantees, or any comparable regulation;
and

 

(v) earn-out
and contingent consideration obligations (including to the extent accounted for as bonuses or otherwise) and adjustments thereof
and purchase price adjustments.

 

In
addition, to the extent not already included in the Consolidated Net Income of such Person and its Restricted Subsidiaries, notwithstanding
anything to the contrary in the foregoing, Consolidated Net Income shall include the amount of proceeds received from business
interruption insurance and reimbursements of any expenses and charges that are covered by indemnification or other reimbursement
provisions in connection with any acquisition, Investment or any sale, conveyance, transfer or other disposition of assets permitted
under this Agreement.

  

    	 	18	 

     

    

 

“Consolidated
Total Assets” shall mean the total assets of the Borrower and its Restricted Subsidiaries, determined on a consolidated
basis in accordance with GAAP, as shown on the most recent consolidated balance sheet of the Borrower delivered pursuant to Section
9.1(a) or (b) (and, in the case of any determination relating to any incurrence of Indebtedness or any Investment
or other acquisition, on a Pro Forma Basis including any property or assets being acquired in connection therewith).

 

“Consolidated
Total Debt” shall mean, as of any date of determination, (a) the sum of (without duplication) the aggregate principal
amount of Indebtedness of the Borrower and its Restricted Subsidiaries outstanding on such date, in an amount that would be reflected
on a consolidated balance sheet (excluding the notes thereto) prepared as of such date on a consolidated basis in accordance with
GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of recapitalization or purchase
accounting in connection with the Transactions, any Permitted Acquisition, Investment or any other acquisition permitted hereunder),
consisting only of Indebtedness for borrowed money, purchase money indebtedness, Indebtedness in respect of any Capitalized Lease,
and debt obligations evidenced by promissory notes, bonds, debentures, loan agreements or similar instruments, minus (b)
the aggregate amount of all Unrestricted Cash and cash equivalents on the balance sheet of the Borrower and its Restricted Subsidiaries
as of such date; provided that (x) clause (a) above shall not include Indebtedness (i) in respect of Hedging Obligations
(but shall include net unpaid termination payments under Hedge Agreements), (ii) in respect of letters of credit, bank guarantees
and performance or similar bonds except to the extent of unreimbursed amounts thereunder and (iii) of Unrestricted Subsidiaries
and (y) at any time that there are any Loans outstanding, the amount of Unrestricted Cash and cash equivalents deducted pursuant
to clause (b) above shall not exceed $62,500,000.

 

“Consolidated
Total Net Leverage Ratio” shall mean, as of any date of determination, the ratio of (a) Consolidated Total Debt
as of the last day of the most recent Test Period to (b) Consolidated EBITDAX for such Test Period.

 

“Contractual
Requirement” shall have the meaning provided in Section 8.3.

 

“Contribution
Agreement” shall have the meaning provided in the recitals to this Agreement.

 

“Contributors”
shall have the meaning provided in the recitals to this Agreement.

 

“Controlled
Account” shall mean a Deposit Account, a Securities Account or a Commodity Account that is subject to a Deposit Account
Control Agreement, a Securities Account Control Agreement or a Commodity Account Control Agreement, as the case may be.

 

“Controlled
Investment Affiliate” shall mean, as to any Person, any other Person, other than any Sponsor, which directly or indirectly
is in control of, is controlled by, or is under common control with such Person and is organized by such Person (or any Person
controlling such Person) primarily for making direct or indirect equity or debt investments in the Borrower and/or other companies.

 

“Converted
Restricted Subsidiary” has the meaning set forth in the definition of “Consolidated EBITDAX.”

 

“Converted
Unrestricted Subsidiary” has the meaning set forth in the definition of “Consolidated EBITDAX.”

  

    	 	19	 

     

    

 

“Credit
Documents” shall mean this Agreement, the Guarantee, the Security Documents, each Letter of Credit, any promissory notes
issued by the Borrower under this Agreement, any Extension Amendment, any Incremental Agreement and any intercreditor agreement
with respect to the Facility entered into on or after the Closing Date to which the Collateral Agent is party.

 

“Credit
Event” shall mean and include the making (but not the conversion or continuation) of a Loan and the issuance of a Letter
of Credit.

 

“Credit
Party” shall mean each of the Borrower and the Guarantors.

 

“Cure
Amount” shall have the meaning provided in Section 11.13(a).

 

“Cure
Deadline” shall have the meaning provided in Section 11.13(a).

 

“Cure
Right” shall have the meaning provided in Section 11.13(a).

 

“Current
Ratio” shall mean, as of any date of determination, the ratio of (a) Consolidated Current Assets to (b) Consolidated
Current Liabilities.

 

“Customary
Intercreditor Agreement” shall mean a First Lien Intercreditor Agreement or a Junior Lien Intercreditor Agreement, as
the context requires.

 

“Debt
Fund Affiliate” shall mean any Affiliate of the Sponsor that is a bona fide diversified debt fund and is not either
(a) a natural person or (b) the Borrower, a Subsidiary of the Borrower.

 

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

 

“Default”
shall mean any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default.

 

“Default
Rate” shall have the meaning provided in Section 2.8(c).

 

“Defaulting
Lender” shall mean any Lender whose acts or failures to act, whether directly or indirectly, cause it to meet any part
of the definition of “Lender Default”.

 

“Deposit
Account” shall mean any checking or other demand deposit account maintained by the Credit Parties, including any “deposit
accounts” under Article 9 of the UCC. All funds in such Deposit Accounts (other than Excluded Accounts) shall be conclusively
presumed to be Collateral and proceeds of Collateral and the Administrative Agents and the Lenders shall have no duty to inquire
as to the source of the amounts on deposit in the Deposit Accounts.

 

“Deposit
Account Control Agreement” has the meaning specified in Section 9.17.

 

“DGK
Credit Agreement” shall mean that certain First Lien Credit Agreement, dated as of October 19, 2012 (as amended, supplemented
or otherwise modified prior to the Closing Date), among DGK ORRI Holdings, LP, as borrower, the lenders party thereto from time
to time, and Wells Fargo Bank, National Association, in its capacity as administrative agent and collateral agent.

  

    	 	20	 

     

    

 

“Dispose”
or “Disposed of” shall have a correlative meaning to the defined term of “Disposition”.

 

“Disposed
EBITDAX” shall mean, with respect to any Sold Entity or Business or any Converted Unrestricted Subsidiary for any period,
the amount for such period of Consolidated EBITDAX of such Sold Entity or Business (determined as if references to the Borrower
and the Restricted Subsidiaries in the definition of Consolidated EBITDAX (and in the component definitions used therein) were
references to such Sold Entity or Business and its Subsidiaries or such Converted Unrestricted Subsidiary and its Subsidiaries)
or such Converted Unrestricted Subsidiary, all as determined on a consolidated basis for such Sold Entity or Business or such
Converted Unrestricted Subsidiary.

 

“Disposition”
shall have the meaning provided in Section 10.4.

 

“Disqualified
Institution” shall mean those Persons that have been specified in writing by the Borrower to the Administrative Agent
prior to June 3, 2018 and any competitor of the Borrower and its Subsidiaries and any Affiliates of such competitor that
are operating companies (or Affiliates of operating companies) subsequently identified in writing by the Borrower, other than
their respective financial investors that are not operating companies and other than any Debt Fund Affiliate. The list of Disqualified
Institutions shall be specified on a schedule that is held with the Administrative Agent, which shall be made available to any
Lender upon request to the Administrative Agent, subject to customary confidentiality requirements.

 

“Disqualified
Stock” shall mean any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests
into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or
is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation, scheduled
redemption or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof
upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and
all other Obligations (other than (i) contingent indemnification obligations as to which no claim has been asserted and (ii) Obligations
under Secured Hedge Agreements and Secured Cash Management Agreements)) and the termination of the Commitments and (to the extent
not cash collateralized or backstopped in a manner reasonably acceptable to the Issuing Bank) outstanding Letters of Credit, (b)
is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests and other than as a result
of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or
asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations (other than (i) contingent
indemnification obligations as to which no claim has been asserted and (ii) Obligations under Secured Hedge Agreements and Secured
Cash Management Agreements) and the termination of the Commitments and (to the extent not cash collateralized or backstopped in
a manner reasonably acceptable to the Issuing Bank) outstanding Letters of Credit), (c) provides for the scheduled payments of
dividends in cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would
constitute Disqualified Stock, in the case of each of clauses (a), (b), (c) and (d), prior to the
date that is ninety-one (91) days after the Latest Maturity Date at the time of issuance of such Equity Interests; provided,
that if such Equity Interests are issued pursuant to any plan for the benefit of future, current or former employees, directors,
officers, members of management or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members)
of the Borrower (or any direct or indirect parent thereof) or its Subsidiaries or by any such plan to such employees, directors,
officers, members of management or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members),
such Equity Interests shall not constitute Disqualified Stock solely because they may be required to be repurchased by the Borrower
or its Restricted Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s,
director’s, officer’s, management member’s or consultant’s termination, death or disability; provided,
further, that any Equity Interests held by any future, current or former employee, director, officer, member of management
or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Borrower, any of its Restricted
Subsidiaries, any of its direct or indirect parent companies or any other entity in which the Borrower or a Restricted Subsidiary
has an Investment and is designated in good faith as an “affiliate” by the Board of Directors (or the compensation
committee thereof), in each case pursuant to any stock subscription or shareholders’ agreement, management equity plan or
stock option plan or any other management or employee benefit plan or agreement shall not constitute Disqualified Stock solely
because it may be required to be repurchased by the Borrower or its Restricted Subsidiaries in order to satisfy applicable statutory
or regulatory obligations or as a result of such employee’s, director’s, officer’s, management member’s
or consultant’s termination, death or disability.

  

    	 	21	 

     

    

 

“Distressed
Person” shall have the meaning provided in the definition of “Lender-Related Distress Event”.

 

“Dollars”
and “$” shall mean dollars in lawful currency of the United States of America.

 

“Domestic
Subsidiary” shall mean each Subsidiary of the Borrower or Falcon GP that is organized under the laws of the United States
or any state thereof, or the District of Columbia.

 

“Drawing”
shall have the meaning provided in Section 3.4(b).

 

“Draw
Limit” shall have the meaning provided in Section 2.14(h).

 

“EEA
Financial Institution” shall mean (a) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which
is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established
in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition
and is subject to consolidated supervision with its parent.

 

“EEA
Member Country” shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA
Resolution Authority” shall mean any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Engineering
Reports” shall have the meaning provided in Section 2.14(c)(i).

  

    	 	22	 

     

    

 

“Environmental
Claims” shall mean any and all written actions, suits, orders, decrees, demands, demand letters, claims, liens, notices
of liability, noncompliance, violation or proceedings arising under or based upon any Environmental Law or any Environmental Permit
(hereinafter, “Claims”), including, without limitation, (i) any and all Claims by any Governmental Authority
for enforcement, cleanup, removal, response, remedial or other actions or damages pursuant to any applicable Environmental Law
and (ii) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation
or injunctive relief regarding the presence, release or threatened release of Hazardous Materials or arising from alleged injury
or threat of injury to health or safety (to the extent relating to human exposure to Hazardous Materials), or the environment
including, without limitation, air, surface water, groundwater, land surface and subsurface strata and natural resources such
as wetlands.

 

“Environmental
Law” shall mean any applicable federal, state, foreign or local statute, law, rule, regulation, ordinance, code and
common law now or hereafter in effect and in each case as amended, and any binding judicial or administrative interpretation thereof,
including any binding judicial or administrative order, consent decree or judgment relating to the pollution or protection of
the environment, including, without limitation, ambient air, surface water, groundwater, land surface and subsurface strata and
natural resources such as wetlands, or human health or safety (to the extent relating to human exposure to hazardous materials
or any Release or recycling of, or exposure to, any pollutants, contaminants or chemicals or any toxic or otherwise hazardous
substances, materials or wastes).

 

“Environmental
Permit” shall mean any permit, approval, identification number, license or other authorization required under any applicable
Environmental Law.

 

“Equity
Interests” of any person shall mean any and all shares, interests, rights to purchase or otherwise acquire, warrants,
options, participations or other equivalents of or interests in (however designated) equity or ownership of such person, including
any preferred stock, any limited or general partnership interest and any limited liability company membership interest, and any
securities or other rights or interests convertible into or exchangeable for any of the foregoing, excluding any debt security
that is convertible or exchangeable into any Equity Interests (provided that any instrument evidencing Indebtedness convertible
or exchangeable into Equity Interests, whether or not such debt securities include any right of participation with Equity Interests,
shall not be deemed to be Equity Interests unless and until such instrument is so converted or exchanged, except, solely for purposes
of a pledge of Equity Interests in connection with this Agreement, to the extent such instrument could be treated as “stock”
of a CFC for purposes of Treasury Regulation Section 1.956-2(c)(2)).

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated
thereunder.

 

“ERISA
Affiliate” shall mean each person (as defined in Section 3(9) of ERISA) that together with any Credit Party would
be deemed to be a “single employer” within the meaning of Section 4001(b)(1) of ERISA or Section 414(b) or (c) of
the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer
under Section 414 of the Code.

  

    	 	23	 

     

    

 

“ERISA
Event” shall mean (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by the Borrower or any ERISA
Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined
in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA;
(c) the failure of a Credit Party or any ERISA Affiliate to make by its due date a required installment under Section 430(j) of
the Code with respect to any Pension Plan; (d) a failure to satisfy the minimum funding standard under Section 412 of the Code
or Section 302 of ERISA, or the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for
a waiver of the minimum funding standard, in each case with respect to a Pension Plan, whether or not waived, or a failure to
make any required contribution to a Multiemployer Plan; (e) a complete or partial withdrawal by a Credit Party or any ERISA Affiliate
from a Multiemployer Plan or notification that a Multiemployer Plan is insolvent within the meaning of Title IV of ERISA or is
in endangered or critical status, within the meaning of Section 305 of ERISA; (f) the filing of a notice of intent to terminate,
the treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA, respectively, or the commencement
of proceedings by the PBGC to terminate a Pension Plan; (g) the appointment of a trustee to administer, any Pension Plan;
(h) the imposition of any liability under Title IV of ERISA, including the imposition of a lien under Section 412 or 430(k) of
the Code or Section 303 or 4068 of ERISA on any property (or rights to property, whether real or personal) of a Credit Party or
any ERISA Affiliate, but excluding PBGC premiums due but not delinquent under Section 4007 of ERISA, upon such Credit Party or
any ERISA Affiliate; (i) a determination that any Pension Plan is, or is expected to be, in “at-risk” status (within
the meaning of Section 303(i)(4)(A) of ERISA or Section 430(i)(4)(A) of the Code) or (j) the occurrence of a non-exempt prohibited
transaction with respect to any Pension Plan maintained or contributed to by any Credit Party (within the meaning of Section 4975
of the Code or Section 406 of ERISA) which could reasonably be excepted to result in material liability to such Credit Party,
except in each of the foregoing clauses (a) through (j) with respect to Foreign Plans.

 

“Euro”
shall mean the lawful single currency unit of the Participating Member States.

 

“EU
Bail-In Legislation Schedule” shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association
(or any successor person), as in effect from time to time.

 

“Event
of Default” shall have the meaning provided in Section 11.

 

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

 

“Exchange
Rate” shall mean on any day with respect to any currency (other than Dollars), the rate at which such currency may be
exchanged into any other currency (including Dollars), as set forth at approximately 12:00 noon (London time) on such day on the
Reuters World Currency Page for such currency. In the event that such rate does not appear on any Reuters World Currency Page,
the Exchange Rate shall be determined by reference to such other publicly available service for displaying exchange rates as may
be agreed by the Administrative Agent and the Borrower, or, in the absence of such agreement, such Exchange Rate shall instead
be the arithmetic average of the spot rates of exchange of the bank acting as Administrative Agent in the market where its foreign
currency exchange operations in respect of such currency are then being conducted, at or about 12:00 noon, local time, on such
date for the purchase of the relevant currency for delivery two (2) Business Days later.

 

“Excluded
Accounts” shall mean (a) each account all or substantially all of the deposits in which consist of amounts utilized
to fund payroll, employee benefit or tax obligations of the Borrower and its Restricted Subsidiaries, (b) fiduciary accounts,
(c) “zero balance” accounts, (d) trust and suspense accounts of the Borrower and any Restricted Subsidiary holding
royalty obligations owed to a person other than the Borrower or a Restricted Subsidiary, (e) accounts of the Borrower and any
Restricted Subsidiary constituting cash collateral accounts permitted under Section 10.2 (provided that any such
account subject to control agreements in favor of the Collateral Agent, for the benefit of the Secured Parties, or otherwise constituting
cash collateral in favor of the Collateral Agent, for the benefit of the Secured Parties shall not be an Excluded Account) and
(f) other accounts selected by the Borrower and its Restricted Subsidiaries so long as the average daily maximum balance in any
such other account over a 30-day period does not at any time exceed $1,000,000; provided that the aggregate daily maximum
balance for all such bank accounts excluded pursuant to this clause (f) on any day shall not exceed $7,500,000.

  

    	 	24	 

     

    

 

“Excluded
Assets” shall have the meaning assigned to such term in the Collateral Agreement.

 

“Excluded
Equity Interests” shall mean (a) any Equity Interests with respect to which, in the reasonable judgment of
the Administrative Agent and the Borrower, the cost or other consequences of pledging such Equity Interests in favor of the Secured
Parties under the Security Documents shall be excessive in view of the benefits to be obtained by the Secured Parties therefrom,
(b) solely in the case of any pledge of Equity Interests of any Subsidiary that is (x) a CFC or (y) a FSHCO, to secure the
Obligations, any Equity Interest that is Voting Stock of such CFC or FSHCO in excess of 65% of the Voting Stock of such Subsidiary,
(c) any Equity Interests to the extent the pledge thereof would be prohibited by any Requirement of Law, (d) in the
case of (i) any Equity Interests of any Subsidiary to the extent the pledge of such Equity Interests is prohibited by Contractual
Requirements existing on the Closing Date or at the time such Subsidiary is acquired (provided that such Contractual Requirements
have not been entered into in contemplation of such Subsidiary being acquired), or (ii) any Equity Interests of any Subsidiary
that is not a Wholly owned Subsidiary at the time such Subsidiary becomes a Subsidiary, any Equity Interests of each such Subsidiary
described in clause (i) or (ii) to the extent (A) that a pledge thereof to secure the Obligations is prohibited
by any applicable Contractual Requirement (other than customary non-assignment provisions which are ineffective under the Uniform
Commercial Code or other applicable Requirements of Law), (B) any Contractual Requirement prohibits such a pledge without
the consent of any other party; provided that this clause (B) shall not apply if (1) such other party
is a Credit Party or a Wholly owned Subsidiary or (2) consent has been obtained to consummate such pledge (it being understood
that the foregoing shall not be deemed to obligate the Borrower or any Subsidiary to obtain any such consent) and only for so
long as such Contractual Requirement or replacement or renewal thereof is in effect, or (C) a pledge thereof to secure the
Obligations would give any other party (other than a Credit Party or a Wholly owned Subsidiary) to any Contractual Requirement
governing such Equity Interests the right to terminate its obligations thereunder (other than customary non-assignment provisions
that are ineffective under the Uniform Commercial Code or other applicable Requirement of Law), (e) the Equity Interests of any
Immaterial Subsidiary (unless a security interest in the Equity Interests of such Subsidiary may be perfected by filing an “all
assets” UCC financing statement) and any Unrestricted Subsidiary, (f) the Equity Interests of any Subsidiary of a CFC
or FSHCO, (g) any Equity Interests of any Subsidiary to the extent that the pledge of such Equity Interests would result in material
adverse tax consequences to the Borrower or any Subsidiary as reasonably determined by the Borrower, (h) any Equity Interests
set forth on Schedule 1.1(b) which have been identified on or prior to the Closing Date in writing to the Administrative
Agent by an Authorized Officer of the Borrower and agreed to by the Administrative Agent and (i) Margin Stock.

  

    	 	25	 

     

    

 

“Excluded
Subsidiary” shall mean (a) each Immaterial Subsidiary, for so long as any such Subsidiary constitutes an Immaterial
Subsidiary pursuant to the terms hereof, (b) each Domestic Subsidiary that is not a Wholly owned Subsidiary (for so long as such
Subsidiary remains a non-wholly owned Restricted Subsidiary), (c) each Domestic Subsidiary that is prohibited by any applicable
Contractual Requirement not entered into in contemplation of such Subsidiary becoming a Subsidiary or a Restricted Subsidiary
or Requirement of Law from guaranteeing or granting Liens to secure the Obligations on the Closing Date or at the time such Subsidiary
becomes a Restricted Subsidiary, and for so long as such restriction or any replacement or renewal thereof is in effect not entered
into in contemplation of such Subsidiary becoming a Subsidiary or a Restricted Subsidiary or that would require consent, approval,
license or authorization of a Governmental Authority to guarantee or grant Liens to secure the Obligations on the Closing Date
or at the time such Subsidiary becomes a Restricted Subsidiary (unless such consent, approval, license or authorization has been
received), (d) any Foreign Subsidiary, (e) any Domestic Subsidiary that is (i) a FSHCO or (ii) owned directly or indirectly by
a CFC or a FSHCO, (f) any other Domestic Subsidiary with respect to which (x) in the reasonable judgment of the Administrative
Agent and the Borrower, the burden or cost or other consequences (including any material adverse tax consequences) of providing
a Guarantee of or granting Liens to secure the Obligations shall be excessive in view of the benefits to be obtained by the Lenders
therefrom or (y) providing such a Guarantee or granting such Liens would result in material adverse tax consequences to the Borrower,
any direct or indirect parent company of the Borrower or any of the Borrower’s subsidiaries as reasonably determined by
the Borrower, (g) each Unrestricted Subsidiary, (h) each Captive Insurance Subsidiary and (i) each not-for-profit Subsidiary.

 

“Excluded
Swap Obligation” shall mean with respect to any Guarantor, any Hedging Obligation if, and to the extent that, and only
for so long as, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest
to secure, as applicable, such Hedging Obligation (or any guarantee thereof) is or becomes illegal or unlawful under the Commodity
Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation
of any thereof) or any other applicable Requirement of Law.

 

“Excluded
Taxes” shall mean, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be
made by or on account of any obligation of any Credit Party hereunder or under any other Credit Document, (i) Taxes imposed
on or measured by its net income (however denominated, and including (for the avoidance of doubt) any backup withholding in respect
thereof under Section 3406 of the Code or any similar provision of state, local or foreign law), branch profits Taxes and
franchise Taxes imposed on it, in each case by a jurisdiction (including any political subdivision thereof) as a result of such
recipient being organized in, having its principal office in, or in the case of any Lender, having its applicable lending office
in, such jurisdiction, or as a result of any other present or former connection with such jurisdiction (other than any such connection
arising from such recipient having executed, delivered, become a party to, performed its obligations under, received payments
under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Credit Document,
or sold or assigned an interest in any Loan or Credit Document), (ii) in the case of a Lender, U.S. federal withholding Taxes
imposed on any payment by or on account of any obligation of any Credit Party hereunder or under any other Credit Document that
is required to be imposed on amounts payable to or for the account of a Lender (including any Issuing Bank and any Swingline Lender),
other than to the extent such Lender is an assignee pursuant to a request by the Borrower under Section 13.7, pursuant
to laws in force at the time such Lender acquires an interest in a Loan, Letter of Credit or Commitment (or designates a new lending
office), except in each case, to the extent that such Lender (or its assignor, if any) was entitled, immediately prior to the
designation of a new lending office (or assignment), to receive additional amounts or indemnification payments from any Credit
Party with respect to such withholding Taxes pursuant to Section 5.4, (iii) any Taxes attributable to the Administrative
Agent’s, any Lender’s or any other recipient’s failure to comply with Sections 5.4(d), (e), (f),
(h) or (i), and (iv) any U.S. federal withholding Taxes imposed under FATCA.

 

“Existing
Class” shall mean a Class of Existing Commitments and related Existing Loans.

  

    	 	26	 

     

    

 

“Existing
Commitment” shall mean, with respect to a Class of Commitments, the Commitments of such Class at the time a Loan Extension
Request is made.

 

“Existing
Loans” shall mean, with respect to a Class of Loans, the Loans of such Class at the time a Loan Extension Request is
made.

 

“Expected
Cure Amount” shall have the meaning provided in Section 11.13(a)(iii).

 

“Extended
Class” shall mean a Class of Extended Commitments and related Extended Loans.

 

“Extended
Commitments” shall mean, with respect to a Class of Commitments, all or the portion of such Class extended pursuant
to Section 2.17, as applicable.

 

“Extended
Loans” shall mean, with respect to a Class of Loans, all or the portion of such Class of Loans extended pursuant to
Section 2.17, as applicable.

 

“Extending
Lender” shall have the meaning provided in Section 2.17(b).

 

“Extension
Amendment” shall have the meaning provided in Section 2.17(c).

 

“Extension
Election” shall have the meaning provided in Section 2.17(b).

 

“Extension
Minimum Condition” shall mean a condition to consummating any extension that a minimum amount (to be determined and
specified in the relevant Loan Extension Request, in the Borrower’s sole discretion) of any or all applicable Classes to
be submitted for extension.

 

“Extension
Series” shall have the meaning provided in Section 2.17(a).

 

“Facility”
shall mean this Agreement and the Commitments and the extensions of credit made hereunder.

 

“Fair
Market Value” shall mean, with respect to any asset or group of assets on any date of determination, the value of the
consideration obtainable in a Disposition of such asset at such date of determination assuming a Disposition by a willing seller
to a willing purchaser dealing at arm’s length and arranged in an orderly manner over a reasonable period of time having
regard to the nature and characteristics of such asset, as determined by the Borrower in good faith.

 

“Falcon
GP” means Falcon Minerals GP, LLC, a Delaware limited liability company and the general partner of the Borrower.

 

“Farm-In
Agreement” shall mean an agreement whereby a Person agrees, among other things, to pay all or a share of the drilling,
completion or other expenses of one or more wells or perform the drilling, completion or other operation on such well or wells
as all or a part of the consideration provided in exchange for an ownership interest in an Oil and Gas Property.

 

“Farm-Out
Agreement” shall mean a Farm-In Agreement, viewed from the standpoint of the party that grants to another party the
right to earn an ownership interest in an Oil and Gas Property.

  

    	 	27	 

     

    

 

“FATCA”
shall mean Sections 1471 through 1474 of the Code (including, for the avoidance of doubt, any agreements entered into pursuant
to Section 1471(b)(1) of the Code), as of the Closing Date (and any amended or successor version thereof that is substantively
comparable and not materially more onerous to comply with), any current or future Treasury Regulations or other official administrative
guidance promulgated thereunder, any intergovernmental agreements entered into in connection with the implementation of any of
the foregoing, and any fiscal or regulatory legislation, rules or practices adopted pursuant to any of the foregoing.

 

“Federal
Funds Effective Rate” shall mean, for any day, the weighted average of the per annum rates on overnight federal funds
transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published on the next
succeeding Business Day by the Federal Reserve Bank of New York or, if such rate is not so published for any date that is
a Business Day, the Federal Funds Effective Rate for such day shall be the average rate (rounded upward, if necessary, to a whole
multiple of 1/100 of 1.0%) of the quotations for such day for such transactions received by the Administrative Agent from three
federal funds brokers of recognized standing selected by it.

 

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

 

“Financial
Performance Covenants” shall mean the covenants of the Borrower set forth in Section 10.11.

 

“First
Lien Intercreditor Agreement” shall mean an intercreditor agreement substantially in the form of Exhibit I (which
agreement in such form or with immaterial changes thereto the Collateral Agent is authorized to enter into) among the Borrower,
the subsidiaries of the Borrower from time to time party thereto, Approved Counterparties from time to time party thereto, the
Collateral Agent and one or more collateral agents or representatives for the holders of Indebtedness that is permitted under
Section 10.1 to be, and intended to be, secured on a pari passu basis with the Obligations.

 

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

 

(a) Consolidated
Interest Expense of such Person for such period;

 

(b) cash
dividends or other cash distributions paid (excluding items eliminated in consolidation) on any series of Preferred Stock during
such period; and

 

(c) cash
dividends or other cash distributions paid (excluding items eliminated in consolidation) on any series of Disqualified Stock during
such period.

 

“Foreign
Plan” shall mean any employee benefit plan, program, policy, arrangement or agreement maintained or contributed to by
the Borrower or any of its Subsidiaries with respect to employees employed outside the United States.

 

“Foreign
Subsidiary” shall mean each Subsidiary of the Borrower that is not a Domestic Subsidiary.

 

“Fronting
Fee” shall have the meaning provided in Section 4.1(c).

 

“FSHCO”
shall mean any Domestic Subsidiary (including a disregarded entity for U.S. federal income tax purposes) substantially all of
whose assets consist of (x) Equity Interests or (y) Equity Interests and Indebtedness, in each case of one or more Foreign Subsidiaries
that are CFCs (held directly or through Subsidiaries).

  

    	 	28	 

     

    

 

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

 

“GAAP”
shall mean generally accepted accounting principles in the United States of America, as in effect from time to time; provided,
however, that (i) if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision
hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation
of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any
provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the
application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before
such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith,
(ii) GAAP shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect
to any election under Accounting Standards Codification Topic No. 825 (or any other Financial Accounting Standard having a similar
result or effect) to value any Indebtedness or other liabilities of the Borrower or any of its Subsidiaries at “fair value,”
as defined therein, and Indebtedness shall be measured at the aggregate principal amount thereof, and (iii) the accounting for
operating leases and capital leases under GAAP as in effect on the date hereof (including, without limitation, Accounting Standards
Codification 840) shall apply for the purposes of determining compliance with the provisions of this Agreement, including the
definition of Capitalized Leases and obligations in respect thereof.

 

“Governmental
Authority” shall mean any nation, sovereign or government, any state, province, territory or other political subdivision
thereof, and any entity or authority exercising executive, legislative, judicial, taxing, regulatory or administrative functions
of or pertaining to government, including a central bank or stock exchange.

 

“Granting
Lender” shall have the meaning provided in Section 13.6(g).

 

“Guarantee”
shall mean the Guarantee made by any Guarantor in favor of the Collateral Agent for the benefit of the Secured Parties, substantially
in the form of Exhibit C.

 

“Guarantee
Obligations” shall mean, as to any Person, any obligation of such Person guaranteeing or intended to guarantee any Indebtedness
of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation
of such Person, whether or not contingent, (a) to purchase any such Indebtedness or any property constituting direct or indirect
security therefor, (b) to advance or supply funds (i) for the purchase or payment of any such Indebtedness or (ii) to maintain
working capital or equity capital of the primary obligor or otherwise to maintain financial condition or liquidity of the primary
obligor so as to enable the primary obligor to pay such Indebtedness, (c) to purchase property, securities or services primarily
for the purpose of assuring the owner of any such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness
or (d) otherwise to assure or hold harmless the owner of such Indebtedness against loss in respect thereof; provided,
however, that the term “Guarantee Obligations” shall not include endorsements of instruments for deposit or
collection in the ordinary course of business or customary and reasonable indemnity obligations in effect on the Closing Date
or entered into in connection with any acquisition or Disposition of assets permitted under this Agreement (other than such obligations
with respect to Indebtedness). The amount of any Guarantee Obligation shall be deemed to be an amount equal to the stated or determinable
amount of the Indebtedness in respect of which such Guarantee Obligation is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof as determined by such Person in good faith.

  

    	 	29	 

     

    

 

“Guarantors”
shall mean each Domestic Subsidiary listed on Schedule 1.1(e) that becomes a party to the Guarantee on the Closing
Date (except to the extent released therefrom in accordance with the terms hereof) and each other Domestic Subsidiary (other than
an Excluded Subsidiary (except to the extent provided below)) that becomes a party to the Guarantee after the Closing Date pursuant
to Section 9.11 or otherwise; provided that, for the avoidance of doubt, the Borrower in its sole discretion
may cause any Restricted Subsidiary that is not required to be a Guarantor hereunder or pursuant to the Security Documents to
provide a Guarantee by causing such Restricted Subsidiary to execute a Guarantee and such Restricted Subsidiary shall be a Guarantor
and Credit Party for all purposes hereunder except to the extent released from such Guarantee in accordance with the terms hereof.

 

“Hazardous
Materials” shall mean (a) any petroleum or petroleum products, natural gas or natural gas liquids, radioactive
materials, friable asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, and radon gas and (b) any chemicals,
materials or substances defined as or included in the definition of or otherwise classified or regulated as “hazardous substances”,
“hazardous waste”, “hazardous materials”, “extremely hazardous waste”, “restricted hazardous
waste”, “toxic substances”, “toxic pollutants”, “contaminants”, or “pollutants”,
or words of similar import, under any applicable Environmental Law or that would otherwise reasonably be expected to result in
liability under any Environmental Law.

 

“Hedge
Agreements” shall mean (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity contracts, future contracts, equity or equity index swaps
or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency
swap transactions, cross-currency rate swap transactions, currency options, total return swap, credit spread transaction, repurchase
transaction, reserve repurchase transaction, securities lending transaction, weather index transaction, spot contracts, fixed-price
physical delivery contracts, whether or not exchange traded, or any other similar transactions or any combination of any of the
foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject
to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to
the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives
Association, Inc., any International Foreign Exchange Master Agreement or any other master agreement (any such master agreement,
together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under
any Master Agreement. Notwithstanding the foregoing, agreements or obligations to physically sell any commodity at any index-based
price shall not be considered Hedge Agreements.

 

“Hedge
Bank” shall mean any Person (x) that either (i) at the time it entered into a Secured Hedge Agreement or a Cash
Management Agreement, as applicable, in its capacity as a party thereto, (ii) on the Closing Date or (iii) at any time
after it has entered into a Secured Hedge Agreement or a Cash Management Agreement, as applicable, in its capacity as a party
thereto, is an Agent, Lender or any Affiliate of an Agent or Lender.

  

    	 	30	 

     

    

 

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

 

“Highest
Lawful Rate” shall mean, with respect to each Lender, the maximum nonusurious interest rate, if any, that at any time
or from time to time may be contracted for, taken, reserved, charged or received on the Loans under laws applicable to such Lender
which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and
which allow a higher maximum nonusurious interest rate than applicable laws allow as of the date hereof.

 

“Hydrocarbon
Interests” shall mean 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”
shall mean oil, gas, casinghead gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons
and all products refined or separated therefrom.

 

“ICC”
shall have the meaning provided in Section 3.8.

 

“ICC
Rule” shall have the meaning provided in Section 3.8.

 

“Immaterial
Subsidiary” shall mean any Subsidiary that is not a Material Subsidiary.

 

“Immediate
Family Members” shall mean with respect to any individual, such individual’s child, stepchild, grandchild or more
remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law,
father-in-law, son-in-law and daughter-in-law (including adoptive relationships) and any trust, partnership or other bona fide
estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund
that is controlled by any of the foregoing individuals or any donor-advised fund of which any such individual is the donor.

 

“Impacted
Interest Period” shall have the meaning assigned to such term in the definition of “LIBOR Rate.”

 

“Increasing
Lender” shall have the meaning provided in Section 2.16(a).

 

“Incremental
Agreement” shall have the meaning provided in Section 2.16(c).

 

“Incremental
Increase” shall have the meaning provided in Section 2.16(a).

  

    	 	31	 

     

    

 

“Indebtedness”
of any Person shall mean the following, if and only to the extent (other than with respect to clause (g) below) the same
would constitute indebtedness or a liability in accordance with GAAP, without duplication, (a) all indebtedness of such Person
for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar
instruments, (c) the deferred purchase price of assets or services that in accordance with GAAP would be required to be shown
as a liability on the balance sheet of such Person (other than (i) any earn-out obligation until such obligation becomes
a liability on the balance sheet of such Person in accordance with GAAP, (ii) accruals for payroll and other liabilities
incurred in the ordinary course of business and (iii) obligations resulting under firm transportation contracts, or take
or pay contracts or other similar agreements), (d) the maximum amount (after giving effect to any prior drawings or reductions
which may have been reimbursed) of all outstanding letters of credit (including standby and commercial), bankers’ acceptances,
bank guaranties, surety bonds, performance bonds and similar instruments issued or created by or for the account of such Person,
(e) the principal component of all obligations in respect of Capitalized Leases of such Person, (f) net Hedging Obligations of
such Person, (g) all indebtedness (excluding prepaid interest thereon) of any other Person secured by any Lien on any property
owned by such Person, whether or not such indebtedness has been assumed by such Person or is limited in recourse, (h) the amount
of all obligations of such Person with respect to the redemption, repayment or other repurchase in respect of Disqualified Stock
(excluding accrued dividends that have not increased the liquidation preference of such Disqualified Stock), (i) the undischarged
balance of any Production Payment and Reserve Sale created by such Person or for the creation of which such Person directly or
indirectly received payment and (j) without duplication, all Guarantee Obligations of such Person in respect of the items described
in clauses (a) through (i) above; provided that Indebtedness shall (A) include the Indebtedness of any partnership
or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is
a general partner or a joint venturer, except to the extent such Person’s liability for such Indebtedness is otherwise expressly
limited and only to the extent such Indebtedness would be included in the calculation of Consolidated Total Debt and (B) not include
(i) trade and other ordinary-course payables and accrued expenses, (ii) deferred or prepaid revenues, (iii) purchase
price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations
of the respective seller, (iv) in the case of the Borrower and its Restricted Subsidiaries, (A) all intercompany Indebtedness
having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and (B) intercompany liabilities in connection
with the cash management, tax and accounting operations of the Borrower and the Restricted Subsidiaries, (v) obligations under
the Contribution Agreement and any other agreements or instruments contemplated thereby, in each case, as amended, restated supplemented
or otherwise modified from time to time, (vi) [reserved], (vii) in-kind obligations relating to net oil, natural gas liquids or
natural gas balancing positions arising in the ordinary course of business, (viii) any obligation in respect of a Farm-In
Agreement or similar arrangement whereby such Person agrees to pay all or a share of the drilling, completion or other expenses
of an exploratory or development well (which agreement may be subject to a maximum payment obligation, after which expenses are
shared in accordance with the working or participation interest therein or in accordance with the agreement of the parties) or
perform the drilling, completion or other operation on such well in exchange for an ownership interest in an oil or gas property,
(ix) operating leases or sale and leaseback transactions (except any resulting obligations under any Capitalized Lease),
(x) commitments or obligations of such Person to make capital contributions in another Person or fund construction costs of equipment,
gathering, transportation, processing, handling, pipelines and other related systems and facilities which constitute Industry
Investments and (xi) any Guarantee Obligations incurred in the ordinary course of business to the extent not guaranteeing Indebtedness.
The amount of any net Hedging Obligations on any date shall be deemed to be the Swap Termination Value thereof as of such date.
The amount of Indebtedness of any Person for purposes of clause (g) above shall be deemed to be equal to the lesser of
(i) the aggregate unpaid amount of such Indebtedness and (ii) the fair market value of the property encumbered thereby as
determined by such Person in good faith. Notwithstanding anything in this definition to the contrary, Indebtedness shall be calculated
without giving effect to the effects of Financial Accounting Standards Board Accounting Standards Codification 815 and related
interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose hereunder
as a result of accounting for any embedded derivatives created by the terms of such Indebtedness.

 

“Indemnified
Liabilities” shall have the meaning provided in Section 13.5(b).

  

    	 	32	 

     

    

 

“Indemnified
Taxes” shall mean all Taxes imposed on or with respect to any payment by or on account of any obligation of any Credit
Party hereunder or under any other Credit Document other than (a) Excluded Taxes and (b) Other Taxes.

 

“Indemnities”
shall have the meaning provided in Section 13.5(b).

 

“Industry
Investment” shall mean Investments and/or expenditures made in the ordinary course of, and of a nature that is or shall
have become customary in, the Oil and Gas Business as a means of actively engaging therein 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 Oil and Gas Business jointly with third parties, including: (1) ownership
interests (directly or through equity) in Oil and Gas Properties or gathering, transportation, processing, or related systems;
and (2) Investments and/or expenditures in the form of or pursuant to operating agreements, processing agreements, Farm-In Agreements,
Farm-Out Agreements, development agreements, area of mutual interest agreements, unitization agreements, pooling arrangements,
joint bidding agreements, service contracts, joint venture agreements, partnership agreements (whether general or limited), and
other similar agreements (including for limited liability companies) with third parties.

 

“Information”
shall have the meaning provided in Section 8.8(a).

 

“Initial
Loans” shall have the meaning provided in Section 2.1(a)(i).

 

“Initial
Maturity Date” shall mean the fifth anniversary of the Closing Date, or, if such anniversary is not a Business Day,
the Business Day immediately following such anniversary.

 

“Initial
Reserve Report” shall mean the reserve engineers’ report of Ryder Scott Company, L.P. as of January 1, 2018 delivered
to the Administrative Agent prior to the date hereof.

 

“Intercompany
Note” shall mean a promissory note substantially in the form of Exhibit L hereto.

 

“Interest
Period” shall mean, with respect to any Loan, the interest period applicable thereto, as determined pursuant to Section 2.9.

 

“Interim
Redetermination” shall have the meaning provided in Section 2.14(b).

 

“Interpolated
Rate” shall have the meaning assigned to such term in the definition of “LIBOR Rate.”

 

“Investment”
shall have the meaning provided in Section 10.5.

 

“Investment
Grade Rating” shall mean a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the
equivalent) by S&P, or an equivalent rating by any other rating agency selected by the Borrower.

 

“Investor
Management Agreement” shall mean an agreement among the Borrower (or any direct or indirect parent entity of the
Borrower) and Affiliates of (or management entities associated with) one or more of the Sponsor, as in effect from time to time
and as the same may be amended, supplemented or otherwise modified in a manner not materially adverse to the Lenders.

  

    	 	33	 

     

    

 

“IRS”
shall have the meaning provided in Section 5.4(e).

 

“ISP”
shall mean, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute
of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance).

 

“ISP
98” shall have the meaning provided in Section 3.8.

 

“Issuer
Documents” shall mean, with respect to any Letter of Credit, the Letter of Credit Application, and any other document,
agreement and instrument entered into by the applicable Issuing Bank and the Borrower (or any Restricted Subsidiary) or in favor
of the applicable Issuing Bank and relating to such Letter of Credit.

 

“Issuing
Bank” shall mean (a) Citibank and any of its Affiliates, (b) those Lenders identified as Issuing Banks on Schedule
1.1(a) hereto and (c) if requested by the Borrower and reasonably acceptable to the Administrative Agent, any other Person
who is a Lender at the time of such request and who accepts such appointment (it being understood that, if any such Person ceases
to be a Lender hereunder, such Person will remain an Issuing Bank with respect to any Letter of Credit issued by such Person that
remained outstanding as of the date such Person ceased to be a Lender). References herein and in the other Credit Documents to
an Issuing Bank shall be deemed to refer to the Issuing Bank in respect of the applicable Letter of Credit or to all Issuing Banks,
as the context requires. Any Lender may, from time to time, become an Issuing Bank under this Agreement with the protections and
rights afforded to Issuing Banks hereunder by executing a joinder, in a form reasonably satisfactory to (and acknowledged and
accepted by) the Administrative Agent and the Borrower, indicating such Lender’s “Letter of Credit Commitment”
and upon the execution and delivery of any such joinder, such Lender shall be an Issuing Bank for all purposes hereof.

 

“Junior
Debt” shall have the meaning provided in Section 10.7(a).

 

“Junior
Lien” shall mean a Lien on the Collateral (other than Liens securing the Obligations) that is subordinated to the Liens
granted under the Credit Documents pursuant to the Junior Lien Intercreditor Agreement (it being understood that Junior Liens
are not required to be pari passu with other Junior Liens, and that Indebtedness secured by Junior Liens may have Liens that are
senior in priority to, or pari passu with, or junior in priority to, other Liens constituting Junior Liens).

 

“Junior
Lien Intercreditor Agreement” shall mean an intercreditor agreement substantially in the form of Exhibit F among the
Administrative Agent, the representative on behalf of any Junior Lien Debt holders, the Borrower, the Guarantors and the other
parties party thereto from time to time.

 

“Latest
Maturity Date” shall mean, at any date of determination, the latest Maturity Date applicable to any Class of Commitments
or Loans that is outstanding hereunder on such date of determination.

 

“L/C
Borrowing” shall mean an extension of credit resulting from a drawing under any Letter of Credit which has not been
reimbursed on the date when made or refinanced as a Borrowing. All L/C Borrowings shall be denominated in Dollars.

 

“L/C
Maturity Date” shall mean the date that is five (5) Business Days prior to the Maturity Date.

  

    	 	34	 

     

    

 

“L/C
Obligations” shall mean, as at any date of determination, the aggregate amount available to be drawn under all outstanding
Letters of Credit plus the aggregate of all Unpaid Drawings, including all L/C Borrowings. For all purposes of this Agreement,
if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason
of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount
so remaining available to be drawn.

 

“L/C
Participant” shall have the meaning provided in Section 3.3(a).

 

“L/C
Participation” shall have the meaning provided in Section 3.3(a).

 

“LCA
Election” has the meaning set forth in Section 1.12(a).

 

“LCA
Test Date” has the meaning set forth in Section 1.12(a).

 

“Lead
Arranger and Bookrunner” shall mean Citigroup Global Markets Inc., in its capacity as the arranger and bookrunner in
respect of the Facility.

 

“Lender”
shall have the meaning provided in the preamble to this Agreement. Unless the context otherwise requires, the term “Lenders”
includes the Swingline Lender. For avoidance of doubt, each Additional Lender shall be deemed a “Lender” for purposes
of this Agreement and each other Credit Document.

 

“Lender
Default” shall mean (i) the refusal (which may be given verbally or in writing and has not been retracted) or failure
of any Lender to make available its portion of any incurrence of Loans or participations in Letters of Credit or Swingline Loans
or reimbursement obligations required to be made by it, which refusal or failure is not cured within one Business Day after the
date of such refusal or failure; (ii) the failure of any Lender to pay over to the Administrative Agent, any Issuing Bank,
any Swingline Lender or any other Lender any other amount required to be paid by it hereunder within two (2) Business Days of
the date when due; (iii) a Lender has notified the Borrower, the Administrative Agent, any Issuing Bank or Swingline Lender
that it does not intend or expect to comply with any of its funding obligations, or has made a public statement to that effect
with respect to its funding obligations under the Facility, (iv) a Lender has failed, within three (3) Business Days after
request by the Administrative Agent, to confirm that it will comply with its funding obligations under the Facility or (v) a Distressed
Person has admitted in writing that it is insolvent or such Distressed Person becomes subject to a Lender-Related Distress Event
or a Bail-In Action. Any determination by the Administrative Agent that a Lender Default has occurred under any one or more of
clauses (i) through (v) above shall be conclusive and binding absent manifest error, and the applicable Lender
shall be deemed to be a Defaulting Lender upon delivery of written notice of such determination to the Borrower, each Issuing
Bank, each Swingline Lender and each Lender.

 

“Lender-Related
Distress Event” shall mean, with respect to any Lender, that such Lender or any Person that directly or indirectly controls
such Lender (each, a “Distressed Person”), as the case may be, is or becomes subject to a voluntary or involuntary
case with respect to such Distressed Person under any Debtor Relief Law, or a custodian, conservator, receiver or similar official
is appointed for such Distressed Person or any substantial part of such Distressed Person’s assets, or such Distressed Person
or any Person that directly or indirectly controls such Distressed Person is subject to a forced liquidation, or such Distressed
Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any Governmental
Authority having regulatory authority over such Distressed Person or its assets to be, insolvent or bankrupt; provided
that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of
any equity interests in any Lender or any Person that directly or indirectly controls such Lender by a Governmental Authority
or an instrumentality thereof, so long as such ownership interest does not result in or provide such Lender with immunity from
the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets
or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements
made with such Lender.

  

    	 	35	 

     

    

 

“Letter
of Credit” shall have the meaning provided in Section 3.1.

 

“Letter
of Credit Application” shall have the meaning provided in Section 3.2(a).

 

“Letter
of Credit Commitment” shall mean the lesser of (x) $15,000,000 (or such greater amount as agreed to by the Issuing Banks),
as the same may be reduced from time to time pursuant to Section 3.1 and (y) the Loan Limit.

 

“Letter
of Credit Exposure” shall mean, with respect to any Lender, at any time, the sum of (a) the principal amount of
any Unpaid Drawings in respect of which such Lender has made (or is required to have made) payments to the applicable Issuing
Bank pursuant to Section 3.4(a) at such time and (b) such Lender’s Commitment Percentage of the Letters
of Credit Outstanding at such time (excluding the portion thereof consisting of Unpaid Drawings in respect of which the Lenders
have made (or are required to have made) payments to the applicable Issuing Bank pursuant to Section 3.4(a)) minus
the amount of cash or deposit account balances held by the Administrative Agent to Cash Collateralize outstanding Letters
of Credit and Unpaid Drawings under Section 3.7.

 

“Letter
of Credit Fee” shall have the meaning provided in Section 4.1(b).

 

“Letters
of Credit Outstanding” shall mean, at any time, the sum of, without duplication, (a) the aggregate Stated Amount
of all outstanding Letters of Credit and (b) the aggregate principal amount of all Unpaid Drawings in respect of all Letters
of Credit.

 

“Leverage
Ratio Covenant” shall mean the covenant of the Borrower set forth in Section 10.11(a).

 

“LIBOR
Loan” shall mean any Loan bearing interest at a rate determined by reference to the LIBOR Rate (other than an ABR Loan
bearing interest by reference to the LIBOR Rate by virtue of clause (c) of the definition of ABR).

 

“LIBOR
Rate” shall mean, for any Interest Period with respect to any Borrowing of a LIBOR Loan, the London interbank offered
rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate)
for Dollars for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters Screen
that displays such rate (or, in the event that such rate does not appear on a Reuters page or screen, on any successor or substitute
page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such
rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case, the “Screen
Rate”) at approximately 12:00 noon London time, two (2) Business Days prior to the commencement of such Interest Period;
provided that if the Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest
Period”) with respect to Dollars, then the LIBOR Rate shall be the Interpolated Rate at such time; provided further
that if the Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. “Interpolated
Rate” shall mean, at any time, the rate per annum determined by the Administrative Agent (which determination shall
be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between:
(a) the Screen Rate for the longest period (for which that Screen Rate is available in Dollars) that is shorter than the Impacted
Interest Period and (b) the Screen Rate for the shortest period (for which that Screen Rate is available in Dollars) that exceeds
the Impacted Interest Period, in each case, at such time; provided that if the Interpolated Rate shall be less than zero,
such rate shall be deemed to be zero for purposes of this Agreement.

  

    	 	36	 

     

    

 

“Lien”
shall mean, with respect to any asset, (a) any mortgage, preferred mortgage, deed of trust, lien, notice of claim of lien, hypothecation,
pledge, charge, security interest or similar encumbrance in or on such asset securing an obligation or (b) the interest of a vendor
or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially
the same economic effect as any of the foregoing) relating to such asset; provided that in no event shall an operating
lease be deemed to be a Lien.

 

“Limited
Condition Transaction” shall mean any acquisition or Investment by one or more of the Borrower and its Restricted Subsidiaries
of or in any assets, business or Person permitted by this Agreement the consummation of which is not conditioned on the availability
of, or on obtaining, third party financing.

 

“Liquidity”
shall mean, as of any date of determination, the sum of (a) the Available Commitment on such date and (b) the aggregate
amount of Unrestricted Cash of the Borrower and the Restricted Subsidiaries at such date.

 

“Loan”
shall mean any Initial Loan, Extended Loan or Swingline Loan made by any Lender hereunder.

 

“Loan
Extension Request” shall have the meaning provided in Section 2.17(a).

 

“Loan
Limit” shall mean, at any time, the least of (a) the Total Commitment at such time, (b) the Borrowing Base
at such time in accordance with Section 2.14, as may be adjusted from time to time pursuant to the provisions
of Section 2.14(e), (f) and (h), as applicable, minus the aggregate amount of Pari Debt then outstanding
(without giving effect to any payments applied to reduce such Pari Debt unless the Administrative Agent is notified of such reduction
in Pari Debt at the time of the next Scheduled Redetermination or Interim Redetermination) and (c) the Draw Limit.

 

“Majority
Lenders” shall mean, at any date, (a) Non-Defaulting Lenders having or holding a majority of the Adjusted Total
Commitment at such date, or (b) if the Total Commitment has been terminated or for the purposes of acceleration pursuant
to Section 11, Non-Defaulting Lenders having or holding a majority of the outstanding principal amount of the Loans,
the Swingline Exposure and Letter of Credit Exposure (excluding the Loans, Swingline Exposure and Letter of Credit Exposure of
Defaulting Lenders) in the aggregate at such date.

 

“Mandatory
Borrowing” shall have the meaning provided in Section 2.1(c).

 

“Margin
Stock” shall have the meaning assigned to such terms in Regulation U.

 

    	 	37	 

     

    

 

“Master
Agreement” shall have the meaning assigned to such term in the definition of “Hedge Agreements.”

 

“Material
Adverse Effect” shall mean a circumstance or condition affecting the business, assets, operations, properties or financial
condition of the Borrower and the Restricted Subsidiaries, taken as a whole, that, individually or in the aggregate, would materially
adversely affect (a) the ability of the Borrower and the other Credit Parties, taken as a whole, to perform their payment obligations
under the Credit Documents or (b) the rights and remedies of the Agents and the Lenders under the Credit Documents.

 

“Material
Indebtedness” shall mean Indebtedness (other than Loans and Letters of Credit) of any one or more of the Borrower or
any Restricted Subsidiary in an aggregate principal amount exceeding $30,000,000.

 

“Material
Subsidiary” shall mean, at any date of determination, each Restricted Subsidiary of the Borrower (a) whose total
assets (when combined with the assets of such Restricted Subsidiary’s Subsidiaries, after eliminating intercompany obligations)
as of such date of determination were equal to or greater than 5.0% of the Consolidated Total Assets of the Borrower and the Restricted
Subsidiaries at such date or (b) whose revenues (when combined with the revenues of such Subsidiary’s Subsidiaries,
after eliminating intercompany obligations) during the most recent Test Period were equal to or greater than 5.0% of the consolidated
revenues of the Borrower and the Restricted Subsidiaries for such period, in each case determined in accordance with GAAP; provided
that if, at any time and from time to time after the Closing Date, Restricted Subsidiaries that are not Material Subsidiaries
have, in the aggregate, (i) total assets (when combined with the assets of such Subsidiary’s Subsidiaries, after eliminating
intercompany obligations) as of such date of determination were equal to or greater than 10.0% of the Consolidated Total Assets
of the Borrower and the Restricted Subsidiaries at such date or (ii) revenues (when combined with the revenues of such Subsidiary’s
Subsidiaries, after eliminating intercompany obligations) during such Test Period equal to or greater than 10.0% of the consolidated
revenues of the Borrower and the Restricted Subsidiaries for such period, in each case determined in accordance with GAAP, then
the Borrower shall, on such date of determination, designate in writing to the Administrative Agent one or more of such Restricted
Subsidiaries as “Material Subsidiaries.”

 

“Maturity
Date” shall mean, as to the applicable Loan, the Initial Maturity Date, any maturity date related to any Extension
Series of Extended Commitments, or the Swingline Maturity Date, as applicable.

 

“Minimum
Borrowing Amount” shall mean, with respect to any Borrowing of Loans, $500,000 (or, if less, the entire remaining Commitments
at the time of such Borrowing).

 

“Minority
Investment” shall mean any Person (other than a Subsidiary) in which the Borrower or any Restricted Subsidiary owns
Equity Interests.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc. or any successor by merger or consolidation to its business.

  

    	 	38	 

     

    

 

“Mortgage”
shall mean a mortgage or a deed of trust, deed to secure debt, trust deed, assignment of as-extracted collateral, fixture filing
or other security document entered into by the owner of a Mortgaged Property and the Collateral Agent for the benefit of the Secured
Parties in respect of that Mortgaged Property, substantially in the form of Exhibit D (with such changes thereto as
may be necessary to account for local law matters) or otherwise in such form as agreed between the Borrower and the Collateral
Agent.

 

“Mortgaged
Property” shall mean, at any time, all Borrowing Base Properties with respect to which a Mortgage has been granted.
However, notwithstanding any provision in this Agreement, any Mortgage, or any other Security Document to the contrary, in no
event shall any Building (as defined in the applicable Flood Insurance Regulation) or Manufactured (Mobile) Home (as defined in
the applicable Flood Insurance Regulation) be included in the definition of “Mortgaged Property” and no Building or
Manufactured (Mobile) Home shall be encumbered by any Mortgage. As used herein, “Flood Insurance Regulations” shall
mean (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood
Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance
Reform Act of 1994 (amending 42 USC 4001, et seq.), as the same may be amended or recodified from time to time, and (iv) the Flood
Insurance Reform Act of 2004 and any regulations promulgated thereunder.

 

“Multiemployer
Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Necessary
Cure Amount” shall have the meaning provided in Section 11.13(a)(iii).

 

“Net
Income” shall mean, with respect to any Person, the net income (loss) of such Person, determined in accordance with
GAAP and before any reduction in respect of preferred stock dividends.

 

“New
Borrowing Base Notice” shall have the meaning provided in Section 2.14(d).

 

“New
Contracts” shall mean binding new agreements or amendments to existing agreements with customers and/or vendors.

 

“Non-Consenting
Lender” shall have the meaning provided in Section 13.7(b).

 

“Non-Defaulting
Lender” shall mean and include each Lender other than a Defaulting Lender.

 

“Non-Extension
Notice Date” shall have the meaning provided in Section 3.2(b).

 

“Non-U.S.
Lender” shall mean any Lender (a) that is not disregarded as separate from its owner for U.S. federal income tax purposes
and that is not a “United States person” as defined by Section 7701(a)(30) of the Code or (b) that is disregarded
as separate from its owner for U.S. federal income tax purposes and whose regarded owner is not a “United States person”
as defined by Section 7701(a)(30) of the Code.

 

“Notice
of Borrowing” shall mean a request of the Borrower in accordance with the terms of Section 2.3(a) and substantially
in the form of Exhibit B or such other form as shall be approved by the Administrative Agent (acting reasonably).

 

“Notice
of Conversion or Continuation” shall have the meaning provided in Section 2.6(a).

  

    	 	39	 

     

    

 

“Obligations”
shall mean all advances to, and debts, liabilities, obligations, covenants and duties of, any Credit Party arising under any Credit
Document or otherwise with respect to any Loan or Letter of Credit or under any Secured Cash Management Agreement or Secured Hedge
Agreement, in each case, entered into with the Borrower or any of its Restricted Subsidiaries, whether direct or indirect (including
those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest
and fees that accrue after the commencement by or against any Credit Party or any Affiliate thereof in any proceeding under any
bankruptcy or insolvency law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees
are allowed claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Credit Parties
under the Credit Documents (and any of their Restricted Subsidiaries to the extent they have obligations under the Credit Documents)
include the obligation (including Guarantee Obligations) to pay principal, interest, charges, expenses, fees, attorney costs,
indemnities and other amounts payable by any Credit Party under any Credit Document. Notwithstanding the foregoing, (a) Excluded
Swap Obligations shall not constitute Obligations, (b) the obligations of the Borrower or any Restricted Subsidiary under
any Secured Hedge Agreement and under any Secured Cash Management Agreement that has been secured at the option of the Borrower
(such option being deemed exercised as reflected in the documents related to any such Secured Hedge Agreement or Secured Cash
Management Agreement among the Borrower and the applicable Hedge Bank, Approved Counterparty or Cash Management Bank) shall be
secured and guaranteed pursuant to the Security Documents and the Guarantee only to the extent that, and for so long as, the other
Obligations are so secured and guaranteed and (c) any release of Collateral or Guarantors effected in the manner permitted
by this Agreement and the other Credit Documents shall not require the consent of the holders of Hedge Obligations under Secured
Hedge Agreements or of the holders of Cash Management Obligations under Secured Cash Management Agreements.

 

“OFAC”
shall mean the Office of Foreign Assets Control of the U.S. Department of the Treasury.

 

“Oil
and Gas Business” shall mean:

 

(a) the
business of acquiring, exploring, exploiting, developing, producing, operating and disposing of interests in oil, natural gas,
natural gas liquids, liquefied natural gas and other Hydrocarbons and mineral properties or products produced in association with
any of the foregoing;

 

(b) the
business of gathering, marketing, distributing, treating, processing, storing, refining, selling and transporting of any production
from interests in oil, natural gas, natural gas liquids, liquefied natural gas and other Hydrocarbons and mineral properties or
products produced in association therewith; and the marketing of oil, natural gas, natural gas liquids, liquefied natural gas
and other Hydrocarbons and minerals obtained from unrelated Persons; and

 

(c) any
business or activity relating to, arising from, or necessary, appropriate, incidental or ancillary to the activities described
in the foregoing clauses (a) and (b) of this definition.

  

    	 	40	 

     

    

 

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

 

“Ongoing
Hedges” shall have the meaning provided in Section 10.10(a).

 

“Organization
Documents” shall mean (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws
(or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited
liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable
agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection
with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization
and, if applicable, any certificate or articles of formation or organization of such entity.

 

“Other
Taxes” shall mean any and all present or future stamp, registration, documentary, intangible, recording, filing or similar
Taxes (including related reasonable out-of-pocket expenses with regard thereto) arising from any payment made hereunder or made
under any other Credit Document or from the execution or delivery of, registration or enforcement of, from the receipt or perfection
of a security interest under, consummation or administration of, or otherwise with respect to, this Agreement or any other Credit
Document; provided that such term shall not include any of the foregoing Taxes (i) that result from an assignment,
grant of a participation pursuant to Section 13.6(c) or transfer or assignment to or designation of a new lending
office or other office for receiving payments under any Credit Document (“Assignment Taxes”) to the extent
such Assignment Taxes are imposed as a result of a present or former connection between the assignor/participating Lender and/or
the assignee/Participant and the taxing jurisdiction (other than a connection arising from such assignee/Participant having executed,
delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest
under, engaged in any other transaction pursuant to or enforced any Credit Document, or sold or assigned an interest in any Loan
or Credit Document) , unless any action described in this proviso is requested or required by the Borrower, or (ii) Excluded
Taxes.

  

    	 	41	 

     

    

 

“Overnight
Rate” shall mean, for any day, the greater of (a) the Federal Funds Effective Rate and (b) an overnight rate determined
by the Administrative Agent or the applicable Issuing Bank, as the case may be, in accordance with banking industry rules on interbank
compensation.

 

“Parent
Entity” shall mean any Person that is a direct or indirect parent company (which may be organized as a partnership)
of the Borrower.

 

“Pari
Debt” shall mean any Indebtedness (other than the Obligations) that is secured by a Lien that is pari passu with the
Liens securing the Obligations.

 

“Participant”
shall have the meaning provided in Section 13.6(c)(i).

 

“Participant
Register” shall have the meaning provided in Section 13.6(c)(ii).

 

“Participating
Member States” shall mean, together, each member state of the European Union that adopts or has adopted the Euro as
its lawful currency in accordance with legislation of the European Union relating to the Economic and Monetary Union (as amended
or re-enacted from time to time).

 

“Patriot
Act” shall have the meaning provided in Section 13.18.

 

“Payment
in Full” shall mean the day the Total Commitment and each Letter of Credit have terminated (unless such Letters of Credit
have been collateralized on terms and conditions reasonably satisfactory to each applicable Issuing Bank following the termination
of the Total Commitment) and the Loans, the Swingline Loans and Unpaid Drawings, together with interest, fees and all other Obligations
incurred hereunder (other than Hedging Obligations under Secured Hedge Agreements, Cash Management Obligations under Secured Cash
Management Agreements or contingent indemnification obligations not then due and payable), are paid in full.

 

“PBGC”
shall mean the Pension Benefit Guaranty Corporation established pursuant to Section 4002 of ERISA, or any successor thereto.

 

“Pension
Plan” shall mean any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA),
other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Credit Party or any
ERISA Affiliate or to which any Credit Party or any ERISA Affiliate contributes or has an obligation to contribute, or in the
case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the
immediately preceding six (6) years.

 

“Permitted
Acquisition” shall mean the acquisition, by merger or otherwise, by the Borrower or any of the Restricted Subsidiaries
of assets (including any assets constituting a business unit, line of business or division) or Equity Interests, so long as (a)
if such acquisition involves the acquisition of Equity Interests of a Person that upon such acquisition would become a Subsidiary,
such acquisition shall result in the issuer of such Equity Interests becoming a Restricted Subsidiary and, to the extent required
by Section 9.11, a Guarantor; (b) such acquisition shall result in the Collateral Agent, for the benefit of the
Secured Parties, being granted a security interest in any Equity Interests or any assets so acquired to the extent required by
Section 9.11; (c) immediately after giving effect to such acquisition, no Event of Default shall have occurred and
be continuing; and (d) immediately after giving effect to such acquisition, the Borrower and its Restricted Subsidiaries shall
be in compliance with Section 9.15.

  

    	 	42	 

     

    

 

“Permitted
Additional Debt” shall mean any unsecured senior, senior subordinated, Junior Lien or subordinated loans or notes issued
by the Borrower or a Guarantor after the Closing Date (a) the terms of which do not provide for any scheduled repayment,
mandatory redemption or sinking fund obligation prior to the 91st day after the Latest Maturity Date as in effect on the date
of determination (other than (i) customary offers to purchase upon a change of control, AHYDO payments, asset sale or casualty
or condemnation event prepayments and customary acceleration rights after an event of default and (ii) unsecured Indebtedness
incurred pursuant to a customary bridge facility if the Indebtedness pursuant to such customary bridge facility converts at maturity
to Indebtedness which does not provide for any scheduled repayment, mandatory redemption or sinking fund obligation (except to
the extent permitted pursuant to clause (i)) prior to the 91st day after the Latest Maturity Date as in effect on
the date of determination) and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity
of the Facility, if applicable, (b) if such Indebtedness is subordinated in right of payment to the Obligations, the terms of
such Indebtedness provide for customary subordination of such Indebtedness to the Obligations, (c) no Restricted Subsidiary of
the Borrower (other than a Guarantor) is a borrower or guarantor with respect to such Indebtedness and (d) if such Indebtedness
constitutes Junior Lien Indebtedness, such Indebtedness is not secured by any assets other than the Collateral.

 

“Permitted
Holders” shall mean any of (i) the Sponsor and (ii) officers, directors, employees and other members of management of
the Borrower (or any of its Parent Entities) or any of its Restricted Subsidiaries who are or become holders of Equity Interests
of the Borrower (or any Parent Entity) (and their Controlled Investment Affiliates and Immediate Family Members); provided
that for purposes of the definition of “Change of Control” the Persons described in clause (ii) above shall
not constitute Permitted Holders at any time they hold voting power equal to or more than 50% of all Equity Interests collectively
and beneficially held by the Persons described in clauses (i) and (ii) above.

 

“Permitted
Intercompany Activities” shall mean any transactions between or among the Borrower and its Subsidiaries (for the avoidance
of doubt, including Unrestricted Subsidiaries) that are entered into in the ordinary course of business of the Borrower and its
Subsidiaries and, in the good faith judgment of the Borrower, are necessary or advisable in connection with the ownership or operation
of the business of the Borrower and its Subsidiaries, including (i) payroll, cash management, purchasing, insurance and hedging
arrangements (other than the hedging arrangements of any Unrestricted Subsidiaries) and (ii) management, technology and licensing
arrangements.

 

“Permitted
Investments” shall mean:

 

(1) United
States dollars;

 

(2) (a)
Euros, Yen, Canadian Dollars, Pound Sterling or any national currency of any Participating Member State of the EMU; or

 

(b) in
the case of any Foreign Subsidiary or any jurisdiction in which the Borrower or its Restricted Subsidiaries conducts business,
such local currencies held by it from time to time in the ordinary course of business and not for speculation;

 

(3) securities
issued or directly and fully and unconditionally guaranteed or insured by the United States government or any agency or instrumentality
thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities
of twenty-four (24) months or less from the date of acquisition;

  

    	 	43	 

     

    

 

(4) certificates
of deposit, time deposits and eurodollar time deposits with maturities of twenty-four (24) months or less from the date of acquisition,
demand deposits, bankers’ acceptances with maturities not exceeding three (3) years and overnight bank deposits, in each
case with any domestic or foreign commercial bank having capital and surplus of not less than $250,000,000 in the case of U.S.
banks and $100,000,000 (or the United States dollar equivalent as of the date of determination) in the case of non-U.S. banks
(any such bank in the forgoing an “Approved Bank”);

 

(5) repurchase
obligations for underlying securities of the types described in clauses (3) and (4) above or clauses (7)
and (8) below entered into with any financial institution or recognized securities dealer meeting the qualifications specified
in clause (4) above;

 

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

 

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

 

(8) readily
marketable direct obligations issued or fully guaranteed by (i) any state, commonwealth or territory of the United States or any
political subdivision or taxing authority thereof or (ii) any foreign government or any political subdivision or public instrumentality
thereof; provided, that each such readily marketable direct obligation shall have an Investment Grade Rating from either
Moody’s or S&P or Moody’s (or the equivalent thereof) (or, if at any time neither Moody’s nor S&P or
Moody’s (or the equivalent thereof) shall be rating such obligations, an equivalent rating from another nationally recognized
statistical rating agency selected by the Borrower) with maturities of thirty-six (36) months or less from the date of acquisition;

 

(9) Investments
with average maturities of thirty-six (36) months or less from the date of acquisition in money market funds rated AAA- (or the
equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s (or, if at any time neither
Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical
rating agency selected by the Borrower);

 

(10) investment
funds investing substantially all of their assets in securities of the types de-scribed in clauses (1) through (9)
above; and

 

(11) solely
with respect to any Captive Insurance Subsidiary, any Investment in connection with its provision of insurance, which Investment
is permitted to be made in accordance with applicable law, rule, regulation or order or that is required or approved by any regulatory
authority having jurisdiction over such Captive Insurance Subsidiary or its business, as applicable.

  

    	 	44	 

     

    

 

In
the case of Investments by any Foreign Subsidiary or Investments made in a country outside the United States of America, Permitted
Investments shall also include (i) investments of the type and maturity described in clauses (1) through (7) and
clauses (8)(i) and (9) above of foreign obligors, which Investments or obligors (or the parents of such obligors)
have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (ii) other short-term
investments utilized by Foreign Subsidiaries in accordance with normal investment practices for cash management in investments
analogous to the foregoing investments in clauses (1) through (11) and in this paragraph.

 

Notwithstanding
the foregoing, Permitted Investments shall include amounts denominated in currencies other than those set forth in clauses
(1) and (2) above; provided that such amounts are converted into any currency listed in clause (1) or
(2) above as promptly as practicable and in any event within ten (10) Business Days following the receipt of such amounts.

 

“Permitted
Liens” shall mean:

 

(a) Liens
for taxes, assessments or governmental charges or claims not yet overdue for a period of more than thirty (30) days or that are
being contested in good faith and by appropriate proceedings for which appropriate reserves have been established to the extent
required by and in accordance with GAAP (or in the case of any Foreign Subsidiary, the comparable accounting principles in the
relevant jurisdiction), or for property taxes on property that the Borrower or one of its Subsidiaries has determined to abandon
if the sole recourse for such tax, assessment, charge or claim is to such property if such abandonment is otherwise permitted
by this Agreement;

 

(b) Liens
in respect of property or assets of the Borrower or any of the Restricted Subsidiaries imposed by law, such as landlords’,
sublandlords’, vendors’, suppliers’, carriers’, warehousemen’s, repairmen’s, construction
contractors’, workers’ and mechanics’ Liens and other similar Liens arising in the ordinary course of business
or incident to the exploration, development, operation or maintenance of Oil and Gas Properties, in each case so long as such
Liens arise in the ordinary course of business and do not individually or in the aggregate have a Material Adverse Effect;

 

(c) Liens
arising from judgments or decrees in circumstances not constituting an Event of Default under Section 11.9;

 

(d) Liens
incurred or pledges or deposits made in connection with workers’ compensation, unemployment insurance and other types of
social security, old age pension, public liability obligations or similar legislation, and deposits securing liabilities to insurance
carriers under insurance or self-insurance arrangements in respect of such obligations, or to secure (or secure the Liens securing)
liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees
for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any Subsidiary;

  

    	 	45	 

     

    

 

(e) deposits
and other Liens securing (or securing the bonds or similar instruments securing) the performance of tenders, statutory obligations,
plugging and abandonment or decommissioning obligations, surety, stay, customs and appeal bonds, bids, leases, government contracts,
trade contracts, performance and return-of-money bonds and other similar obligations (including letters of credit issued in lieu
of such bonds or to support the issuance thereof) incurred in the ordinary course of business or in a manner consistent with past
practice or industry practice including those incurred to secure health, safety and environmental obligations in the ordinary
course of business, or otherwise constituting Investments permitted by Section 10.5;

 

(f) ground
leases, subleases, licenses or sublicenses in respect of real property on which facilities owned or leased by the Borrower or
any of its Restricted Subsidiaries are located;

 

(g) easements,
rights-of-way, restrictive covenants, licenses, restrictions (including zoning restrictions), title defects, exceptions, deficiencies
or irregularities in title, encroachments, protrusions, servitudes, permits, conditions and covenants and other similar charges
or encumbrances (including in any rights-of-way or other property of the Borrower or its Restricted Subsidiaries for the purpose
of roads, pipelines, transmission lines, transportation lines, distribution lines for the removal of gas, oil or other minerals
or timber, and other like purposes, or for joint or common use of real estate, rights of way, facilities and equipment) not interfering
in any material respect with the business of the Borrower and its Restricted Subsidiaries, taken as a whole;

 

(h) (i)
any interest or title of a lessor, sublessor, licensor or sublicensor under any lease, liens reserved in oil, gas or other Hydrocarbons,
minerals, leases for bonus, royalty or rental payments and for compliance with the terms of such lease and (ii) any interest or
title of a lessor, sublessor, licensor or sublicensor or secured by a lessor’s, sublessor’s, licensor’s or sublicensor’s
interest under any lease, sublease, license or sublicense entered into by the Borrower or any Restricted Subsidiary in the ordinary
course of business or otherwise permitted by this Agreement and not securing Indebtedness;

 

(i) Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with
the importation of goods;

 

(j) Liens
on goods or inventory the purchase, shipment or storage price of which is financed by a documentary letter of credit or bankers’
acceptance issued for the account of the Borrower or any of its Restricted Subsidiaries; provided that such Lien secures
only the obligations of the Borrower or such Restricted Subsidiaries in respect of such letter of credit or bankers’ acceptance
to the extent permitted under Section 10.1;

 

(k) leases,
licenses, subleases or sublicenses granted to others not (i) interfering in any material respect with the business of the Borrower
and its Restricted Subsidiaries, taken as a whole or (ii) securing any indebtedness;

 

(l) Liens
arising from precautionary Uniform Commercial Code financing statement or similar filings;

 

(m) Liens
created in the ordinary course of business in favor of banks and other financial institutions over credit balances of any bank
accounts, commodity trading accounts or other brokerage accounts of the Borrower and the Restricted Subsidiaries held at such
banks or financial institutions, as the case may be, in the ordinary course of business;

  

    	 	46	 

     

    

 

(n) Liens
which arise in the ordinary course of business under operating agreements, joint venture agreements, oil and gas partnership agreements,
oil and gas leases, Farm-Out Agreements, Farm-In Agreements, division orders, contracts for the sale, gathering, transportation
or exchange of oil and natural gas, unitization and pooling declarations and agreements, area of mutual interest agreements, overriding
royalty agreements, marketing agreements, processing agreements, net profits agreements, development agreements, gas balancing
or deferred production agreements, injection, repressuring and recycling agreements, salt water or other disposal agreements,
seismic or other geophysical permits or agreements, and other agreements that are usual or customary in the Oil and Gas Business
and are for claims which are not delinquent or that are being contested in good faith and by appropriate proceedings for which
appropriate reserves have been established to the extent required by and in accordance with GAAP; provided that any such
Lien referred to in this clause does not materially impair the use of the property covered by such Lien for the purposes for which
such property is held by the Borrower or any Restricted Subsidiary;

 

(o) Liens
on pipelines, pipeline facilities and other midstream assets or facilities that arise by operation of law or other like Liens
arising by operation of law in the ordinary course of business and incidental to the exploration, development, operation and maintenance
of Oil and Gas Properties;

 

(p) (i)
zoning, building, entitlement and other land use regulations by Governmental Authorities with which the normal operation of the
business complies and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or
regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of the Borrower
and its Restricted Subsidiaries, taken as a whole;

 

(q) Liens
on equipment of the Borrower or any Restricted Subsidiary granted in the ordinary course of business to the Borrower’s or
such Restricted Subsidiary’s client at which such equipment is located;

 

(r) security
given to a public utility or any municipality or governmental authority when required by such utility or authority in connection
with the operations of that Person in the ordinary course of business;

 

(s) [reserved];

 

(t) Liens
on Permitted Investments that are earmarked to be used to satisfy or discharge Indebtedness; provided that (x) such Permitted
Investments are deposited into an account from which payment is to be made, directly or indirectly, to the Person or Persons holding
the Indebtedness that is to be satisfied or discharged, (y) such Liens extend solely to the account in which such Permitted Investments
are deposited and are solely in favor of the Person or Persons holding the Indebtedness (or any agent or trustee for such Person
or Persons) that is to be satisfied or discharged and (z) the satisfaction or discharge of such Indebtedness is expressly permitted
hereunder; and

  

    	 	47	 

     

    

 

(u) deposits
of cash with the owner or lessor of premises leased and operated by the Borrower or any of its Subsidiaries to secure the performance
of the Borrower’s or such Subsidiary’s obligations under the terms of the lease for such premises.

 

“Permitted
Refinancing Indebtedness” shall mean, with respect to any Indebtedness (the “Refinanced Indebtedness”),
any Indebtedness issued or incurred in exchange for, or the net proceeds of which are used to modify, extend, refinance, renew,
replace or refund (collectively to “Refinance” or a “Refinancing” or “Refinanced”),
such Refinanced Indebtedness (or previous refinancing thereof constituting Permitted Refinancing Indebtedness); provided
that (A) the principal amount (or accreted value, if applicable) of any such Permitted Refinancing Indebtedness does not
exceed the principal amount (or accreted value, if applicable) of the Refinanced Indebtedness outstanding immediately prior to
such Refinancing except by an amount equal to the unpaid accrued interest and premium thereon and other amounts paid in connection
with the defeasance or discharge of such Indebtedness plus other amounts paid consisting of fees and expenses incurred
in connection with such Refinancing plus an amount equal to any existing commitment unutilized and letters of credit undrawn
thereunder, (B) if the Indebtedness being Refinanced is Indebtedness incurred pursuant to Sections 10.1(a), (c),
(i), (k), (l) or (q), the direct and contingent obligors with respect to such Permitted Refinancing
Indebtedness immediately prior to such Refinancing are not changed as a result of such Refinancing (except that a Credit Party
may be added as an additional obligor), (C) other than with respect to a Refinancing in respect of Indebtedness incurred
pursuant to Section 10.1(h), such Permitted Refinancing Indebtedness shall have a final maturity date equal to or
later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average
Life to Maturity of, the Refinanced Indebtedness, (D) if the Indebtedness being Refinanced is Indebtedness incurred pursuant to
Sections 10.1(a), (c), (i), (k), (l) or (q), the terms and conditions of any such Permitted
Refinancing Indebtedness, taken as a whole, are not materially less favorable to the Lenders than the terms and conditions of
the Refinanced Indebtedness being Refinanced (including, if applicable, as to collateral priority and subordination, but excluding
as to interest rates, fees, floors, funding discounts and redemption or prepayment premiums) or are customary for similar Indebtedness
in light of current market conditions; provided that a certificate of an Authorized Officer of the Borrower delivered to
the Administrative Agent at least three (3) Business Days prior to the incurrence or issuance of such Indebtedness, together with
a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating
thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement
shall be conclusive evidence that such terms and conditions satisfy the foregoing requirement, (E) if the Refinanced Indebtedness
is subordinated in right of payment or security to the Obligations, such Permitted Refinancing Indebtedness shall be subordinated
to the Obligations on terms no less favorable to the Secured Parties than such Refinanced Indebtedness and (F) if the Refinanced
Indebtedness constitutes Junior Lien Indebtedness, such Permitted Refinancing Indebtedness is not secured by any assets other
than the Collateral. Notwithstanding the foregoing, Permitted Refinancing Indebtedness in respect of Permitted Additional Debt
must constitute Permitted Additional Debt.

 

“Person”
shall mean any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust or other
enterprise or any Governmental Authority.

 

“Petroleum
Industry Standards” shall mean the Definitions for Oil and Gas Reserves promulgated by the Society of Petroleum Engineers
(or any generally recognized successor) as in effect at the time in question.

  

    	 	48	 

     

    

 

“Post-Acquisition
Period” shall mean, with respect to any Permitted Acquisition or the conversion of any Unrestricted Subsidiary into
a Restricted Subsidiary, the period beginning on the date such Permitted Acquisition or conversion is consummated and ending on
the first anniversary of the date on which such Permitted Acquisition or conversion is consummated

 

“Preceding
Test Period” shall have the meaning provided in Section 9.18.

 

“Preferred
Stock” shall mean any Equity Interest with preferential rights of payment of dividends or upon liquidation, dissolution,
or winding up.

 

“Prime
Rate” shall mean the rate of interest per annum publicly announced from time to time by the bank acting as Administrative
Agent as its prime rate in effect at its principal office in New York City (the Prime Rate not being intended to be the lowest
rate of interest charged by such bank in connection with extensions of credit to debtors).

 

“Proceeding”
shall have the meaning provided in Section 13.5(b).

 

“Production
Payments and Reserve Sales” shall mean the grant or transfer by the Borrower or any of its Restricted Subsidiaries to
any Person of 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.

 

“Pro
Forma Adjustment” shall mean, for any Test Period that includes all or any part of a fiscal quarter included in any
Post-Acquisition Period, with respect to the Acquired EBITDAX of the applicable Acquired Entity or Business or Converted Restricted
Subsidiary or the Consolidated EBITDAX of the Borrower, the pro forma increase or decrease in such Acquired EBITDAX or such Consolidated
EBITDAX, as the case may be, projected by the Borrower in good faith as a result of (a) actions taken during such Post-Acquisition
Period for the purposes of realizing reasonably identifiable and factually supportable cost savings, operating expense reductions
and savings from synergies or (b) any additional costs incurred during such Post-Acquisition Period, in each case in connection
with the combination of the operations of such Acquired Entity or Business or Converted Restricted Subsidiary with the operations
of the Borrower and the Restricted Subsidiaries; provided that (i) at the election of the Borrower, such Pro Forma Adjustment
shall not be required to be determined for any Acquired Entity or Business or Converted Restricted Subsidiary to the extent the
aggregate consideration paid in connection with such acquisition was less than $7,500,000, and (ii) so long as such actions are
taken during such Post-Acquisition Period or such costs are incurred during such Post-Acquisition Period, as applicable,
for purposes of projecting such pro forma increase or decrease to such Acquired EBITDAX or such Consolidated EBITDAX, as the case
may be, it may be assumed that such cost savings will be realizable during the entirety of such Test Period, or such additional
costs, as applicable, will be incurred during the entirety of such Test Period; provided, further, that any such pro
forma increase or decrease to such Acquired EBITDAX or such Consolidated EBITDAX, as the case may be, shall be without duplication
for cost savings, operating expense reductions, savings from synergies or additional costs already included in such Acquired EBITDAX
or such Consolidated EBITDAX, as the case may be, for such Test Period.

  

    	 	49	 

     

    

 

“Pro
Forma Basis” and “Pro Forma Effect” shall mean, with respect to compliance with any test or covenant
or calculation of any ratio hereunder, that (A) to the extent applicable, the Pro Forma Adjustment shall have been made and
(B) all Specified Transactions and the following transactions in connection therewith shall be deemed to have occurred as of the
first day of the applicable period of measurement in such test: (a) income statement items (whether positive or negative) attributable
to the property or Person subject to such Specified Transaction, which (i) in the case of a Disposition of all or substantially
all Equity Interests in any Subsidiary of the Borrower or any division, product line, or facility used for operations of the Borrower
or any of its Subsidiaries, shall be excluded, and (ii) in the case of a Permitted Acquisition or Investment described in the
definition of “Specified Transaction”, shall be included, (b) any retirement, redemption, repayment, discharge, defeasance
or extinguishment of Indebtedness, and (c) any Indebtedness incurred or assumed by the Borrower or any of the Restricted Subsidiaries
in connection therewith (and if such Indebtedness has a floating or formula rate, such Indebtedness shall have an implied rate
of interest for the applicable period for purposes of this definition determined by utilizing the rate which is or would be in
effect with respect to such Indebtedness as at the relevant date of determination); provided that, without limiting the
application of the Pro Forma Adjustment pursuant to (A) above, the foregoing pro forma adjustments may be applied to any such
test solely to the extent that such adjustments are consistent with the definition of Consolidated EBITDAX and give effect to
events (including operating expense reductions) that are (as determined by the Borrower in good faith) (i) (x) directly
attributable to such transaction, (y) expected to have a continuing impact on the Borrower and the Restricted Subsidiaries and
(z) factually supportable or (ii) otherwise consistent with the definition of Pro Forma Adjustment; provided, further,
that when calculating the Financial Performance Covenants for purposes of determining actual compliance (and not compliance on
a Pro Forma Basis) with Section 10.11, any events that occurred subsequent to the end of the applicable Test Period shall
not be given pro forma effect.

 

“Projections”
shall mean financial estimates, forecasts and other forward-looking information prepared by or on behalf of the Borrower or any
of its representatives and that have been made available to any Lenders or the Administrative Agent in connection with the Transactions
or the other transactions contemplated hereby.

 

“Proposed
Acquisition” shall have the meaning provided in Section 10.10(a).

 

“Proposed
Borrowing Base” shall have the meaning provided in Section 2.14(c)(i).

 

“Proposed
Borrowing Base Notice” shall have the meaning provided in Section 2.14(c)(ii).

 

“Proved
Developed Producing Reserves” shall mean oil and gas mineral interests that, in accordance with Petroleum Industry Standards,
are classified as both “Proved Reserves” and “Developed Producing Reserves.”

 

“Proved
Developed Reserves” shall mean oil and gas mineral interests that, in accordance with Petroleum Industry Standards,
are classified as both “Proved Reserves” and one of the following: (a) “Developed Producing Reserves”
or (b) “Developed Non-Producing Reserves.”

 

“Proved
Reserves” shall mean oil and gas mineral interests that, in accordance with Petroleum Industry Standards, are classified
as both “Proved Reserves” and one of the following: (a) “Developed Producing Reserves”, (b) “Developed
Non-Producing Reserves” or (c) “Undeveloped Reserves”.

 

“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from
time to time.

 

“PubCo”
shall have the meaning provided in the recitals to this Agreement.

  

    	 	50	 

     

    

 

 

“Public Company
Costs” shall mean costs relating to compliance with the Sarbanes-Oxley Act of 2002, as amended, and other expenses arising
out of or incidental to being a public reporting company, including costs, fees and expenses (including legal, accounting and other
professional fees) relating to compliance with provisions of the Securities Act and the Exchange Act, the rules of national securities
exchange companies with listed equity securities, directors’ compensation, fees and expense reimbursement shareholder meetings
and reports to shareholders, directors’ and officers’ insurance and other executive costs, legal and other professional
fees, and listing fees.

 

“PV-9”
shall mean, with respect to any Proved Reserves expected to be produced from any Borrowing Base Properties, the net present value,
discounted at 9% per annum, of the future net revenues expected to accrue to the Borrower’s and the Credit Parties’
collective interests in such reserves during the remaining expected economic lives of such reserves, calculated in accordance with
the Bank Price Deck.

 

“Qualified
Equity Interests” shall mean any Equity Interests of the Borrower or any Parent Entity other than Disqualified Stock.

 

“Redetermination
Date” shall mean, with respect to any Scheduled Redetermination or any Interim Redetermination, the date that the redetermined
Borrowing Base related thereto becomes effective pursuant to Section 2.14(d).

 

“Refinance”
shall have the meaning provided in the definition of “Permitted Refinancing Indebtedness.”

 

“Refinanced
Indebtedness” shall have the meaning assigned to such term in the definition of “Permitted Refinancing Indebtedness.”

 

“Register”
shall have the meaning provided in Section 13.6(b)(iv).

 

“Regulation
T” shall mean Regulation T of the Board as from time to time in effect and any successor to all or a portion thereof
establishing margin requirements.

 

“Regulation
U” shall mean Regulation U of the Board as from time to time in effect and any successor to all or a portion thereof
establishing margin requirements.

 

“Regulation
X” shall mean Regulation X of the Board as from time to time in effect and any successor to all or a portion thereof
establishing margin requirements.

 

“Reimbursement
Date” shall have the meaning provided in Section 3.4(a).

 

“Related Indemnified
Person” shall mean, with respect to an Indemnitee, (1) any controlling Person or controlled Affiliate of such Indemnitee,
(2) the respective directors, officers, or employees of such Indemnitee or any of its controlling Persons or controlled Affiliates
and (3) the respective agents and representatives of such Indemnitee or any of its controlling Persons or controlled Affiliates,
in the case of this clause (3), acting at the instructions of such Indemnitee, controlling Person or such controlled Affiliate.

 

“Release”
shall mean any release, spill, emission, discharge, disposal, leaking, pumping, pouring, dumping, emptying, injecting or leaching
into the air, surface water, groundwater, land surface and subsurface strata.

 

    	 	51	 

     

    

 

“Replaced
Loans” shall have the meaning provided in Section 13.1(f).

 

“Reportable
Event” shall mean an event described in Section 4043(c) of ERISA and the regulations thereunder, other than any
event as to which the 30-day notice period has been waived.

 

“Representatives”
shall have the meaning provided in Section 13.16.

 

“Required
Cash Collateral Amount” shall have the meaning provided in Section 3.7(c).

 

“Required
Lenders” shall mean, at any date, (a) Non-Defaulting Lenders having or holding at least 66.67% of the Adjusted Total
Commitment at such date or (b) if the Total Commitment has been terminated, Non-Defaulting Lenders having or holding at least
66.67% of the outstanding principal amount of the Loans, the Swingline Exposure and Letter of Credit Exposure (excluding the Loans,
Swingline Exposure and Letter of Credit Exposure of Defaulting Lenders) in the aggregate at such date.

 

“Requirement
of Law” shall mean, as to any Person, any law, treaty, rule, regulation, statute, order, ordinance, decree, judgment,
consent decree, writ, injunction, settlement agreement or governmental requirement enacted, promulgated or imposed or entered into
or agreed by any Governmental Authority, in each case applicable to or binding upon such Person or any of its property or assets
or to which such Person or any of its property or assets is subject.

 

“Reserve Report”
shall mean (a) the Initial Reserve Report, (b) any other subsequent report, in form reasonably satisfactory to the Administrative
Agent, or (c) any other engineering data reasonably acceptable to the Administrative Agent, setting forth, as of each June 30th
or December 31st (or such other date as contemplated by this Agreement with respect to Interim Redeterminations or otherwise
reasonably acceptable to the Administrative Agent) the Proved Reserves and the Proved Developed Reserves of the Borrower and the
Credit Parties (or of Oil and Gas Properties to be acquired, provided that any Oil and Gas Properties not yet acquired shall be
expressly designated as such), together with a projection of the rate of production and future net revenues, operating expenses
(including production taxes and ad valorem expenses) and capital expenditures with respect thereto as of such date, based upon
the PV-9 of the Proved Reserves and Proved Developed Reserves set forth therein; provided that in connection with any Interim
Redeterminations of the Borrowing Base pursuant to the last sentence of Section 2.14(b), the Borrower shall only be
required, for purposes of updating the Reserve Report, to set forth such additional Proved Reserves and related information as
are the subject of such acquisition.

 

“Reserve Report
Certificate” shall mean a certificate of an Authorized Officer in substantially the form of Exhibit A certifying
as to the matters set forth in Section 9.14(c).

 

“Restricted
Payments” shall have the meaning provided in Section 10.6.

 

“Restricted
Subsidiary” shall mean any Subsidiary of the Borrower other than a Unrestricted Subsidiary.

 

“Royal”
shall have the meaning provided in the recitals to this Agreement.

 

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

 

    	 	52	 

     

    

 

“Sanctions
Laws” shall mean the following, in each case, to the extent enacted and in effect: (a) laws, regulations, and rules promulgated
or administered by OFAC to implement U.S. sanctions programs, including any enabling legislation or Executive Order related thereto,
as amended from time to time; (b) the US Comprehensive Iran Sanctions, Accountability, and Divestment Act and the regulations and
rules promulgated thereunder (“CISADA”), as amended from time to time; (c) the U.S. Iran Threat Reduction and Syria
Human Rights Act and the regulations and rules promulgated thereunder (“ITRA”), as amended from time to time; (d) the
US Iran Freedom and Counter-Proliferation Act and the regulations and rules promulgated thereunder (“IFCA”); (e) the
sanctions and other restrictive measures applied by the European Union in pursuit of the Common Foreign and Security Policy objectives
set out in the Treaty on European Union; and (f) any similar sanctions laws as may be enacted from time to time in the future by
the U.S., the European Union (and its member states), or the U.N. Security Council or any other legislative body of the United
Nations; and any corresponding laws of jurisdictions in which the Borrower operates or in which the proceeds of the Loans will
be used or from which repayments of the Obligations will be derived.

 

“S&P”
shall mean Standard & Poor’s Ratings Services or any successor by merger or consolidation to its business.

 

“Scheduled
Redetermination” shall have the meaning provided in Section 2.14(b).

 

“Scheduled
Redetermination Date” shall mean the date on which a Borrowing Base that has been redetermined pursuant to a Scheduled
Redetermination becomes effective as provided in Section 2.14.

 

“Screen Rate”
shall have the meaning assigned to such term in the definition of “LIBOR Rate.”

 

“SEC”
shall mean the Securities and Exchange Commission or any successor thereto.

 

“Secured Cash
Management Agreement” shall mean any agreement related to Cash Management Services by and between the Borrower or any
of its Restricted Subsidiaries and any Cash Management Bank.

 

“Secured Hedge
Agreement” shall mean any Hedge Agreement by and between the Borrower or any of its Restricted Subsidiaries and any Hedge
Bank or Approved Counterparty.

 

“Secured Parties”
shall mean, collectively, the Administrative Agent, the Collateral Agent, each Issuing Bank, each Lender, each Hedge Bank or Approved
Counterparty that is party to any Secured Hedge Agreement, each Cash Management Bank that is a party to any Secured Cash Management
Agreement and each sub-agent appointed pursuant to Section 12.2 by the Administrative Agent with respect to matters
relating to the Credit Documents or by the Collateral Agent with respect to matters relating to any Security Document.

 

“Securities
Account” shall mean any securities account maintained by the Credit Parties, including any “security accounts”
under Article 9 of the UCC. All funds in such Securities Accounts (other than Excluded Accounts) shall be conclusively presumed
to be Collateral and proceeds of Collateral and the Agents and the Lenders shall have no duty to inquire as to the source of the
amounts on deposit in the Securities Accounts.

 

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“Securities
Account Control Agreement” has the meaning specified in Section 9.17.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Security
Documents” shall mean, collectively, (a) the Collateral Agreement, (b)  the Mortgages and (c) each other security
agreement or other instrument or document executed and delivered pursuant to Section 9.11 or 9.13 or pursuant
to any other such Security Documents or otherwise in order to secure or perfect the security interest in any or all of the Obligations.

 

“Sold Entity
or Business” has the meaning set forth in the definition of the term “Consolidated EBITDAX.”

 

“Solvent”
shall mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the assets of such
Person and its Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated,
contingent or otherwise, (b) the present fair saleable value of the property of such Person and its Subsidiaries, on a consolidated
basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts
and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured,
(c) such Person and its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent
or otherwise, as such liabilities become absolute and matured and (d) such Person and its Subsidiaries, on a consolidated basis,
are not engaged in, and are not about to engage in, business for which they have unreasonably small capital. The amount of any
contingent liability at any time shall be computed as the amount that would reasonably be expected to become an actual and matured
liability.

 

“Specified
Contribution Agreement Representations” shall mean the representations and warranties made by the Contributors or with
respect to the Acquired Assets in the Contribution Agreement as are material to the interests of the Lenders, but only to the extent
that the Borrower (or any of its Affiliates) has the right to terminate the obligations of the Borrower and (or its Affiliates)
pursuant to Section 8.1 of the Contribution Agreement, as a result of a breach of such representations and warranties in the Contribution
Agreement.

 

“Specified
Existing Commitment” shall mean any Existing Commitments belonging to a Specified Existing Commitment Class.

 

“Specified
Existing Commitment Class” shall have the meaning provided in Section 2.17(a).

 

“Specified
Representations” shall mean the representations and warranties with respect to the Borrower set forth in Sections 8.1
(to the extent relating to the existence of the Borrower and the Guarantors), 8.2, 8.3(c), 8.5, 8.7,
8.15, 8.16 and 8.20 of this Agreement.

 

“Specified
Transaction” shall mean any acquisition, Investment, Disposition, incurrence or repayment of Indebtedness, Restricted
Payment or Subsidiary designation that by the terms of this Agreement requires a financial ratio or test to be calculated on a
Pro Forma Basis.

 

    	 	54	 

     

    

 

“Sponsor”
shall mean (a) Blackstone Capital Partners VI L.P. and (b) Blackstone Energy Partners I L.P., and each of their respective Affiliates
and funds or partnerships managed or advised by and of them or any of their Affiliates, but not including their respective portfolio
companies.

 

“SPV”
shall have the meaning provided in Section 13.6(g).

 

“Stated Amount”
of any Letter of Credit shall mean the maximum amount from time to time available to be drawn thereunder, determined without regard
to whether any conditions to drawing could then be met.

 

“Subagent”
shall have the meaning provided in Section 12.2.

 

“Subsequent
Test Period” shall have the meaning provided in Section 9.18.

 

“Subsidiary”
shall mean, with respect to any Person: (1) any corporation, association, or other business entity (other than a partnership, joint
venture, limited liability company or similar entity) of which more than 50.0% of the total voting power of shares of Equity Interests
entitled (without regard to the occurrence of any contingency) to vote in the election of directors, members of management or trustees
thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other
Subsidiaries of that Person or a combination thereof; and (2) any partnership, joint venture, limited liability company or similar
entity of which: (a) more than 50.0% of the capital accounts, distribution rights, total equity and voting interests or general
or 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 or otherwise, and (b) such Person or any Restricted Subsidiary of such Person is a controlling general partner or otherwise
controls such entity.

 

“Subsidiary
Guarantor” shall mean each Subsidiary that is a Guarantor.

 

“Subsidiary
Redesignation” shall have the meaning provided in the definition of “Unrestricted Subsidiary” contained in
this Section 1.1(a).

 

“Successor
Borrower” shall have the meaning provided in Section 10.3(a).

 

“Swap PV”
shall mean, with respect to any commodity Hedge Agreement, the present value, discounted at 9% per annum, of the future receipts
expected to be paid to the Borrower or its Restricted Subsidiaries under such Hedge Agreement netted against the Administrative
Agent’s then current Bank Price Deck; provided, that the “Swap PV” shall never be less than $0.00.

 

“Swap Termination
Value” shall mean, in respect of any one or more Hedge Agreements, after taking into account the effect of any legally
enforceable netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements
have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedge
Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer
in such Hedge Agreements (which may include a Lender or any Affiliate of a Lender).

 

    	 	55	 

     

    

 

“Swingline
Commitment” shall mean the obligation of the Swingline Lender to make Swingline Loans pursuant to Section 2.1
in an aggregate principal amount at any one time outstanding not to exceed $5,000,000.

 

“Swingline
Exposure” shall mean at any time the aggregate principal amount at such time of all outstanding Swingline Loans. The
Swingline Exposure of any Lender at any time shall equal its Commitment Percentage of the aggregate Swingline Exposure at such
time.

 

“Swingline
Lender” shall mean (a) Citibank in its capacity as the lender of Swingline Loans hereunder and (b) any other Lender that
is reasonably acceptable to the Borrower and the Administrative Agent that agrees in writing with the Borrower and the Administrative
Agent to provide Swingline Loans on same-day notice.

 

“Swingline
Loan” shall have the meaning provided in Section 2.1(b).

 

“Swingline
Maturity Date” shall mean, with respect to any Swingline Loan, the date that is five (5) Business Days prior to the Maturity
Date.

 

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

 

“Termination
Date” shall mean the earlier to occur of (a) the Maturity Date and (b) the date on which the Total Commitment
shall have terminated.

 

“Test Period”
shall mean, for any date of determination under this Agreement, the latest four (4) consecutive fiscal quarters of the Borrower
for which financial statements have been delivered to the Administrative Agent on or prior to the Closing Date and/or for which
financial statements are required to be delivered pursuant to clause (a) or (b) of Section 9.1.

 

“Total Commitment”
shall mean the sum of the Commitments of the Lenders.

 

“Total Exposure”
shall mean, with respect to any Lender at any time, the sum of (a) the aggregate principal amount of the Loans of such Lender
then outstanding, (b) such Lender’s Letter of Credit Exposure at such time and (c) such Lender’s Swingline
Exposure at such time.

 

“Transaction
Expenses” shall mean any fees or expenses incurred or paid by the Borrower or any of its Subsidiaries (or by the Sponsor
or any direct or indirect Parent Entity and reimbursed by the Borrower or any of its Subsidiaries) in connection with the Transactions
(including expenses in connection with hedging transactions (including termination or amendment thereof), if any, payments to officers,
employees and directors as change of control payments, severance payments or special or retention bonuses and payments or charges
for payments on account of phantom stock units, restricted stock, stock appreciation rights, restricted stock units and options
(including the repurchase or rollover of, or modifications to, the foregoing awards)), this Agreement and the other Credit Documents
and the transactions contemplated hereby and thereby.

 

“Transactions”
shall mean, collectively, the Acquisition and the consummation of the other transactions contemplated by the Contribution Agreement
or related thereto, this Agreement, the payment of Transaction Expenses and the other transactions contemplated by this Agreement
and the Credit Documents (including the Closing Date Loans).

 

    	 	56	 

     

    

 

“Transferee”
shall have the meaning provided in Section 13.6(e).

 

“Type”
shall mean, as to any Loan, its nature as an ABR Loan or a LIBOR Loan.

 

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

 

“UCP”
shall have the meaning provided in Section 3.8.

 

“Uniform Customs”
shall mean, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits as approved by the International
Chamber of Commerce, commencing on July 1, 2007 (or such later version thereof as may be in effect at the time of issuance).

 

“Unpaid Drawing”
shall have the meaning provided in Section 3.4(a).

 

“Unrestricted
Cash” shall mean cash or cash equivalents (including Permitted Investments) of the Borrower or any of its Restricted
Subsidiaries that would not appear as “restricted” on a consolidated balance sheet of the Borrower or any of its Restricted
Subsidiaries; provided that cash or cash equivalents (including Permitted Investments) that would appear as “restricted”
on a consolidated balance sheet of Borrower or any of its Restricted Subsidiaries solely because such cash or cash equivalents
(including Permitted Investments) are subject to a Deposit Account Control Agreement or a Securities Account Control Agreement
in favor of the Collateral Agent shall constitute Unrestricted Cash hereunder.

 

“Unrestricted
Subsidiary” shall mean (a) any Subsidiary set forth on Schedule 1.1(f), (b) any Subsidiary of the Borrower
that is formed or acquired after the Closing Date if, at such time or promptly thereafter, the Borrower designates such Subsidiary
as an “Unrestricted Subsidiary” in a written notice to the Administrative Agent, (c) any Restricted Subsidiary
designated as an Unrestricted Subsidiary by the Borrower in a written notice to the Administrative Agent; provided that
in the case of each of clauses (b) and (c), (i) such designation shall be deemed to be an Investment (or reduction
in an outstanding Investment, in the case of a designation of an Unrestricted Subsidiary as a Restricted Subsidiary) on the date
of such designation in an amount equal to the Fair Market Value of the Borrower’s investment therein on such date and such
designation shall be permitted only to the extent such Investment is permitted under Section 10.5 on the date of such
designation, (ii) in the case of clause (c), such designation shall be deemed to be a Disposition pursuant to which the
provisions of Section 2.14(f) will apply to the extent contemplated thereby, (iii) no Event of Default or Borrowing
Base Deficiency would result from such designation immediately after giving effect thereto and (iv) immediately after giving
Pro Forma Effect to such designation, the Borrower shall be in compliance with the Financial Performance Covenants on a Pro Forma
Basis and (d) each Subsidiary of an Unrestricted Subsidiary. No Subsidiary may be designated as an Unrestricted Subsidiary
if, after such designation, it would be a “Restricted Subsidiary” for the purpose of any Pari Debt, Permitted Additional
Debt, Refinancing Loans, and Credit Agreement or any Permitted Refinancing Indebtedness in respect of any of the foregoing, in
each case, to the extent applicable. The Borrower may, by written notice to the Administrative Agent, re-designate any Unrestricted
Subsidiary as a Restricted Subsidiary (each, a “Subsidiary Redesignation”), and thereafter, such Subsidiary
shall no longer constitute an Unrestricted Subsidiary, but only if (i) no Event of Default would result from such Subsidiary Redesignation,
(ii) Liquidity is not less than 10.0% of the then effective Borrowing Base (on a Pro Forma Basis immediately after giving effect
to such designation) and (iii) the Consolidated Total Net Leverage Ratio, determined on a Pro Forma Basis, is less than or equal
to 3.00 to 1.00.

 

    	 	57	 

     

    

 

“U.S. Lender”
shall mean any Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

“Voting Stock”
shall mean, with respect to any Person, such Person’s Equity Interests having the right to vote for the election of directors
of such Person under ordinary circumstances.

 

“Weighted
Average Life to Maturity” shall mean, when applied to any Indebtedness at any date, the number of years obtained by dividing:
(i) the sum of the products obtained by multiplying (a) the amount of each then remaining scheduled installment, sinking fund,
serial maturity or other required scheduled payments of principal, including payment at final scheduled maturity, in respect thereof,
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 (ii) the then outstanding principal amount of such Indebtedness; provided that the effects of any prepayments made on
such Indebtedness shall be disregarded in making such calculation.

 

“Wholly owned
Domestic Subsidiary” of any person shall mean a Domestic Subsidiary of such person that is a Wholly owned Subsidiary.

 

“Wholly owned
Subsidiary” of any person shall mean a subsidiary of such person, all of the Equity Interests of which (other than directors’
qualifying shares or nominee or other similar shares required pursuant to applicable law) are owned by such person or another Wholly
owned Subsidiary of such person.

 

“Withdrawal
Liability” shall mean the liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

“Write-Down
and Conversion Powers” shall mean, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

 

1.2
Other Interpretive Provisions. With reference to this Agreement and each other Credit
Document, unless otherwise specified herein or in such other Credit Document:

 

(a)
The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b)
The words “herein”, “hereto”, “hereof” and “hereunder” and words of similar
import when used in any Credit Document shall refer to such Credit Document as a whole and not to any particular provision thereof.

 

(c)
Article, Section, Exhibit and Schedule references are to the Credit Document in which such reference appears.

 

(d)
The terms “include,” “includes” and “including” are by way of example and not limitation.

 

    	 	58	 

     

    

 

(e)
The term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports,
financial statements and other writings, however evidenced, whether in physical or electronic form.

 

(f)
In the computation of periods of time from a specified date to a later specified date, the word “from” shall
mean “from and including”; the words “to” and “until” each mean “to but excluding”;
and the word “through” shall mean “to and including”.

 

(g)
Section headings herein and in the other Credit Documents are included for convenience of reference only and shall not affect
the interpretation of this Agreement or any other Credit Document.

 

(h)
Any reference to any Person shall be constructed to include such Person’s successors or assigns (subject to any restrictions
on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have
succeeded to any or all of the functions thereof.

 

(i)
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.

 

(j)
The word “will” shall be construed to have the same meaning as the word “shall”.

 

(k)
The words “asset” and “property” shall be construed to have the same meaning and effect and to refer
to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

(l)
The principal amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any
date shall be the principal amount thereof that would be shown on a balance sheet of the Borrower dated such date prepared in accordance
with GAAP.

 

1.3
Accounting Terms.

 

(a)
Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with,
and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this
Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in
a manner consistent with that used in preparing the first audited financial statements delivered under Section 9.1(a), except
as otherwise specifically prescribed herein. Notwithstanding any other provision contained herein, all terms of an accounting or
financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made (i) without
giving effect to any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification
or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower
or any Subsidiary at “fair value”, as defined therein and (ii) without giving effect to any treatment of Indebtedness
in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification
or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner
as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof.

 

    	 	59	 

     

    

 

(b)
Computation of Certain Financial Covenants. Unless otherwise specified herein, all defined financial terms (and all
other definitions used to determine such terms) shall be determined and computed in respect of the Borrower and its Restricted
Subsidiaries on a consolidated basis.

 

1.4
Rounding. Any financial ratios required to be maintained or complied with by the Borrower
pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall
be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number
of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up
if there is no nearest number).

 

1.5
References to Agreements, Laws, Etc. Unless otherwise expressly provided herein, (a) references
to organizational documents, agreements (including the Credit Documents) and other Contractual Requirements shall be deemed to
include all subsequent amendments, restatements, amendment and restatements, extensions, supplements and other modifications thereto,
but only to the extent that such amendments, restatements, amendment and restatements, extensions, supplements and other modifications
are permitted by any Credit Document and (b) references to any Requirement of Law shall include all statutory and regulatory
provisions consolidating, amending, replacing, supplementing or interpreting such Requirement of Law.

 

1.6
Times of Day. Unless otherwise specified, all references herein to times of day shall
be references to New York City (daylight saving or standard, as applicable).

 

1.7
Timing of Payment or Performance. When the payment of any obligation or the performance
of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date
of such payment (other than as described in Section 2.9) or performance shall extend to the immediately succeeding
Business Day.

 

1.8
Currency Equivalents Generally.

 

(a)
For purposes of any determination under Section 9, Section 10 (other than Section 10.11)
or Section 11 or any determination under any other provision of this Agreement requiring the use of a current exchange
rate, all amounts incurred, outstanding or proposed to be incurred or outstanding in currencies other than Dollars shall be translated
into Dollars at the Exchange Rate then in effect on the date of such determination; provided, however, that (x) for
purposes of determining compliance with Section 10 with respect to the amount of any Indebtedness, Investment, Disposition,
Restricted Payment or payment under Section 10.7 in a currency other than Dollars, no Default or Event of Default shall
be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such Indebtedness or Investment
is incurred or Disposition, Restricted Payment or payment under Section 10.7 is made, (y) for purposes of determining
compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the Dollar-equivalent principal amount
of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on
the date such Indebtedness was incurred, in the case of term debt, or first committed or first incurred (whichever yields the lower
Dollar equivalent), in the case of revolving credit debt, provided that if such Indebtedness is incurred to refinance other
Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable Dollar-denominated restriction
to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such Refinancing, such U.S. dollar-denominated
restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinanced Indebtedness does not
exceed (i) the principal amount of such Indebtedness being Refinanced plus (ii) the aggregate amount of fees, underwriting
discounts, premiums (including tender premiums) and other costs and expenses (including original issue discount, upfront fees or
similar fees) incurred in connection with such refinancing and (z) for the avoidance of doubt, the foregoing provisions of
this Section 1.8 shall otherwise apply to such Sections, including with respect to determining whether any Indebtedness
or Investment may be incurred or Disposition, Restricted Payment or payment under Section 10.7 may be made at any time
under such Sections. For purposes of Section 10.11, amounts in currencies other than Dollars shall be translated into
Dollars at the applicable exchange rates used in preparing the most recently delivered financial statements pursuant to Section 9.1(a)
or (b).

 

    	 	60	 

     

    

 

(b)
Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent
may from time to time specify with the Borrower’s consent (such consent not to be unreasonably withheld) to appropriately
reflect a change in currency of any country and any relevant market conventions or practices relating to such change in currency.

 

1.9
Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be
classified and referred to by Class (e.g., an “Extended Loan”) or by Type (e.g., a “LIBOR Loan”)
or by Class and Type (e.g., a “LIBOR Extended Loan”).

 

1.10
Hedging Requirements Generally. For purposes of any determination with respect to compliance
with Section 10.10 or any other calculation under or requirement of this Agreement in respect of hedging shall be calculated
separately for crude, gas and natural gas liquid.

 

1.11
Certain Determinations. For purposes of determining compliance with any of the covenants
set forth in Section 9 or Section 10 (including in connection with the Incremental Increase), but subject to any limitation expressly
set forth therein, as applicable, at any time (whether at the time of incurrence or thereafter), any Lien, Investment, Indebtedness,
Disposition, Restricted Payment, Affiliate transaction, prepayment, redemption or the consummation of any other transaction meets
the criteria of one, or more than one, of the categories permitted pursuant to Section 9 or Section 10 (including in connection
with any Incremental Increase), as applicable, the Borrower shall, in its sole discretion, determine under which category such
Lien, Investment, Indebtedness, Disposition, Restricted Payment, Affiliate transaction, prepayment, redemption or the consummation
of any other transaction (or, in each case, any portion thereof) is permitted.

 

1.12
Pro Forma and Other Calculations.

 

(a)
Notwithstanding anything to the contrary herein, for purposes of determining compliance with any test or covenant contained
in this Agreement with respect to any period during which any Specified Transaction occurs, the Consolidated Total Net Leverage
Ratio and the Current Ratio shall be calculated with respect to such period and such Specified Transaction on a Pro Forma Basis
and in the manner prescribed by this Section 1.12; provided that, in connection with any Specified Transaction that
is a Limited Condition Transaction, for purposes of determining compliance with any test or covenant for any action advisable (as
determined by the Borrower in good faith) for the consummation of a Limited Condition Transaction contained in this Agreement during
any period which requires the calculation of any of the foregoing ratios or any basket that is determined by reference to Consolidated
EBITDAX or Consolidated Total Assets and, at the option of the Borrower (the Borrower’s election to exercise such option
in connection with any Limited Condition Transaction, an “LCA Election”) the date of determination for calculation
of any such ratios shall be deemed to be the date the definitive agreements for such Specified Transaction that is a Limited Condition
Transaction are entered into (the “LCA Test Date”) and if, after giving Pro Forma Effect to the Limited Condition
Transaction and the other transactions to be entered into in connection therewith (including any incurrence of Indebtedness and
the use of proceeds thereof) as if they had occurred at the beginning of the most recent date of determination ending prior to
the LCA Test Date, the Borrower could have taken such action on the relevant LCA Test Date in compliance with such ratio or basket,
such ratio or basket shall be deemed to have been complied with. For the avoidance of doubt, if the Borrower has made an LCA Election
and any of the ratios or baskets for which compliance was determined or tested as of the LCA Test Date are exceeded as a result
of fluctuations in any such ratio or basket, including due to fluctuations in Consolidated EBITDAX or Consolidated Total Assets
of the Borrower or the Person subject to such Limited Condition Transaction, at or prior to the consummation of the relevant transaction
or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations solely for purposes
of determining whether the relevant transaction or action is permitted to be consummated or taken. If the Borrower has made an
LCA Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio with respect
to any other Specified Transaction on or following the relevant LCA Test Date and prior to the earlier of the date on which such
Limited Condition Transaction is consummated or the date that the definitive agreement for such Limited Condition Transaction is
terminated or expires without consummation of such Limited Condition Transaction, any such ratio shall be calculated on a Pro Forma
Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness
and any associated Lien and the use of proceeds thereof) have been consummated.

 

    	 	61	 

     

    

 

(b)
If since the beginning of any applicable Test Period any Person that subsequently became a Restricted Subsidiary or was
merged, amalgamated or consolidated with or into the Borrower or any of its Restricted Subsidiaries since the beginning of such
Test Period shall have made any Specified Transaction that would have required adjustment pursuant to this Section 1.12,
then such financial ratio or test (or Consolidated Total Assets) shall be calculated to give Pro Forma Effect thereto in accordance
with this Section 1.12.

 

(c)
Whenever Pro Forma Effect is to be given to a Specified Transaction, the pro forma calculations shall be made in good faith
by a responsible financial or accounting officer of the Borrower and may include, for the avoidance of doubt, the amount of “run-rate”
cost savings, operating expense reductions and savings from synergies resulting from or relating to any Specified Transactions
(including the Transaction) which is being given Pro Forma Effect that have been realized or are expected to be realized and for
which the actions necessary to realize such cost savings, operating expense reductions and savings from synergies are taken, committed
to be taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination
of the Borrower) (calculated on a Pro Forma Basis as though such cost savings, operating expense reductions and savings from synergies
had been realized on the first day of such period and as if such cost savings, operating expense reductions and savings from synergies
were realized during the entirety of such period) and “run-rate” shall mean the full recurring benefit for a period
that is associated with any action taken, committed to be taken or with respect to which substantial steps have been taken or are
expected to be taken (including any savings expected to result from the elimination of a public target’s Public Company Costs)
net of the amount of actual benefits realized during such period from such actions; provided that (A) such amounts are reasonably
identifiable and factually supportable in the good faith judgment of the Borrower, (B) such actions are taken, committed to
be taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination
of the Borrower) no later than thirty-six (36) months after the date of such Specified Transaction, (C) no amounts shall be
added pursuant to this clause (c) to the extent duplicative of any amounts that are otherwise added back in computing Consolidated
EBITDAX (or any other components thereof), whether through a pro forma adjustment or otherwise, with respect to such period and
(D) it is understood and agreed that subject to compliance with the other provisions of this clause (c), amounts to be included
in pro forma calculations pursuant to this Section 1.12 may be included in Test Periods in which the Specified Transaction
to which such amounts related is no longer being given Pro Forma Effect pursuant to Section 1.12(a).

 

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(d)
In the event that (x) the Borrower or any Restricted Subsidiary issues, repurchases or redeems Disqualified Stock or
(y) any Restricted Subsidiary issues, repurchases or redeems Preferred Stock, (i) during the applicable Test Period or (ii)
subsequent to the end of the applicable Test Period and prior to or simultaneously with the event for which the calculation of
any such ratio is made, then such financial ratio or test shall be calculated giving Pro Forma Effect to such issuance, refinancing
or redemption of Disqualified Stock or Preferred Stock to the extent required, as if the same had occurred on the last day of the
applicable Test Period.

 

SECTION
2.        Amount and Terms of
Credit

 

2.1
Commitments.

 

(a)
(i)Subject to and upon the terms and conditions herein set forth, each Lender severally, but not jointly, agrees to
make a loan or loans denominated in Dollars (each an “Initial Loan” and, collectively, the “Initial
Loans”) to the Borrower, which Loans (i) shall be made at any time and from time to time on and after the Closing
Date and prior to the Termination Date, (ii) may, at the option of the Borrower, be incurred and maintained as, and/or converted
into, ABR Loans or LIBOR Loans; provided that all Loans made by each of the Lenders pursuant to the same Borrowing shall,
unless otherwise specifically provided herein, consist entirely of Loans of the same Type, (iii) may be repaid and reborrowed
in accordance with the provisions hereof, (iv) shall not, for any Lender at any time, after giving effect thereto and to the
application of the proceeds thereof, result in such Lender’s Total Exposure at such time exceeding such Lender’s Commitment
Percentage at such time of the Loan Limit, (v) shall not, after giving effect thereto and to the application of the proceeds
thereof, result in the aggregate amount of all Lenders’ Total Exposures at such time exceeding the Loan Limit then in effect;
and (vi) in the case of the Initial Loans made on the Closing Date, shall not result in the aggregate amount of all Lenders’
Total Exposures at such time exceeding $92,000,000.

 

(ii)
Each Lender may at its option make any LIBOR Loan by causing any domestic or foreign branch or Affiliate of such Lender
to make such Loan, provided that (i) any exercise of such option shall not affect the obligation of the Borrower to
repay such Loan and (ii) in exercising such option, such Lender shall use its reasonable efforts to minimize any increased
costs to the Borrower resulting therefrom (which obligation of the Lender shall not require it to take, or refrain from taking,
actions that it determines would result in increased costs for which it will not be compensated hereunder or that it determines
would be otherwise disadvantageous to it and in the event of such request for costs for which compensation is provided under this
Agreement, the provisions of Section 2.10 shall apply).

 

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(b)
Subject to and upon the terms and conditions herein set forth, the Swingline Lender in its individual capacity agrees, at
any time and from time to time on and after the Closing Date and prior to the Swingline Maturity Date, to make a loan or loans
(each a “Swingline Loan” and, collectively, the “Swingline Loans”) to the Borrower in Dollars,
which Swingline Loans (i) shall be ABR Loans, (ii) shall have the benefit of the provisions of Section 2.1(c),
(iii) shall not exceed at any time outstanding the Swingline Commitment, (iv) shall not, after giving effect thereto
and to the application of the proceeds thereof, result at any time in the aggregate amount of the Lenders’ Total Exposure
at such time exceeding the Loan Limit then in effect and (v) may be repaid and reborrowed in accordance with the provisions
hereof. Each outstanding Swingline Loan shall be repaid in full on the earlier of (a) seven (7) Business Days after such Swingline
Loan is initially borrowed and (b) the Swingline Maturity Date. The Swingline Lender shall not make any Swingline Loan after receiving
a written notice from the Borrower or the Administrative Agent stating that an Event of Default exists and is continuing until
such time as the Swingline Lender shall have received written notice of (i) rescission of all such notices from the party
or parties originally delivering such notices or (ii) the waiver of such Event of Default in accordance with the provisions
of Section 13.1.

 

(c)
On any Business Day, the Swingline Lender may, in its sole discretion, give notice to each Lender that all then-outstanding
Swingline Loans shall be funded with a Borrowing of Loans, in which case Loans constituting ABR Loans (each such Borrowing, a “Mandatory
Borrowing”) shall be made on the immediately succeeding Business Day by each Lender pro rata based on each Lender’s
Commitment Percentage, and the proceeds thereof shall be applied directly to the Swingline Lender to repay the Swingline Lender
for such outstanding Swingline Loans. Each Lender hereby irrevocably agrees to make such Loans upon one Business Days’ notice
pursuant to each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the date specified
to it in writing by the Swingline Lender notwithstanding (i) that the amount of the Mandatory Borrowing may not comply with
the minimum amount for each Borrowing specified in Section 2.2, (ii) whether any conditions specified in Section 7
are then satisfied, (iii) whether a Default or an Event of Default has occurred and is continuing, (iv) the date of such
Mandatory Borrowing, (v) any reduction in the Total Commitment after any such Swingline Loans were made or (vi) any other
event, circumstance or condition whatsoever, whether or not similar to the foregoing. In the event that, in the sole judgment of
each Swingline Lender, any Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including as
a result of the commencement of a proceeding under the Bankruptcy Code in respect of the Borrower), each Lender hereby agrees that
it shall forthwith purchase from the Swingline Lender (without recourse or warranty) such participation of the outstanding Swingline
Loans as shall be necessary to cause the Lenders to share in such Swingline Loans ratably based upon their respective Commitment
Percentages; provided that all principal and interest payable on such Swingline Loans shall be for the account of the Swingline
Lender until the date the respective participation is purchased and, to the extent attributable to the purchased participation,
shall be payable to such Lender purchasing same from and after such date of purchase.

 

2.2
Minimum Amount of Each Borrowing; Maximum Number of Borrowings. The aggregate
principal amount of each Borrowing shall be in a minimum amount of at least the Minimum Borrowing Amount for such Type of Loans
and in a multiple of $100,000 in excess thereof and Swingline Loans shall be in a minimum amount of $100,000 and in a multiple
of $10,000 in excess thereof (except that Mandatory Borrowings shall be made in the amounts required by Section 2.1(c)
and Loans to reimburse the applicable Issuing Bank with respect to any Unpaid Drawing shall be made in the amounts required by
Section 3.3 or Section 3.4, as applicable). More than one Borrowing may be incurred on any date; provided,
that at no time shall there be outstanding more than ten Borrowings of LIBOR Loans under this Agreement.

 

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2.3
Notice of Borrowing.

 

(a)
Whenever the Borrower desires to incur Loans (other than Swingline Loans, Mandatory Borrowings or borrowings to repay Unpaid
Drawings), the Borrower shall give the Administrative Agent at the Administrative Agent’s Office, (i) (A) in the case
of any LIBOR Loans incurred on the Closing Date, prior to 12:00 p.m. (New York City time) at least two (2) Business Days prior
written notice (or telephonic notice promptly confirmed in writing) of each Borrowing of Loans and (B) in the case of any LIBOR
Loans incurred after the Closing Date, prior to 12:00 noon (New York City time) at least three (3) Business Days’ prior
written notice (or telephonic notice promptly confirmed in writing) of each Borrowing of Loans and (ii) (A) in the case
of any ABR Loans incurred on the Closing Date, prior to 12:00 p.m. (New York City time) at least one Business Day prior written
notice (or telephonic notice promptly confirmed in writing) of each Borrowing of Loans and (B) in the case of any ABR Loans incurred
after the Closing Date, written notice (or telephonic notice promptly confirmed in writing) prior to 12:00 p.m. (New York
City time) on the date of each Borrowing of Loans that are to be ABR Loans. Such notice (together with each notice of a Borrowing
of Swingline Loans pursuant to Section 2.3(b), a “Notice of Borrowing”) shall specify (A) the
aggregate principal amount of the Loans to be made pursuant to such Borrowing, (B) the date of the Borrowing (which shall
be a Business Day) and (C) whether the respective Borrowing shall consist of ABR Loans and/or LIBOR Loans and, if LIBOR
Loans, the Interest Period to be initially applicable thereto (if no Interest Period is selected, the Borrower shall be deemed
to have selected an Interest Period of one month’s duration). The Administrative Agent shall promptly give each Lender written
notice (or telephonic notice promptly confirmed in writing) of each proposed Borrowing of Loans, of such Lender’s Commitment
Percentage thereof and of the other matters covered by the related Notice of Borrowing.

 

(b)
Whenever the Borrower desires to incur Swingline Loans hereunder, it shall give the Administrative Agent written notice
(or telephonic notice promptly confirmed in writing) of each Borrowing of Swingline Loans prior to 3:00 p.m. (New York City
time) on the date of such Borrowing. Each such notice shall specify (i) the aggregate principal amount of the Swingline Loans
to be made pursuant to such Borrowing and (ii) the date of Borrowing (which shall be a Business Day). The Administrative Agent
shall promptly give the Swingline Lender written notice (or telephonic notice promptly confirmed in writing) of each proposed Borrowing
of Swingline Loans and of the other matters covered by the related Notice of Borrowing.

 

(c)
Mandatory Borrowings shall be made upon the notice specified in Section 2.1(c), with the Borrower irrevocably
agreeing, by its incurrence of any Swingline Loan, to the making of Mandatory Borrowings as set forth in such Section.

 

(d)
Borrowings to reimburse Unpaid Drawings shall be made upon the notice specified in Section 3.4(a).

 

(e)
Without in any way limiting the obligation of the Borrower to confirm in writing any notice it may give hereunder by telephone,
the Administrative Agent may act prior to receipt of written confirmation without liability upon the basis of such telephonic notice
believed by the Administrative Agent in good faith to be from an Authorized Officer of the Borrower.

 

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2.4
Disbursement of Funds.

 

(a)
No later than 1:00 p.m. (New York City time) on the date specified in each Notice of Borrowing (including Mandatory
Borrowings), each Lender will make available its pro rata portion of each Borrowing requested to be made on such date in the manner
provided below; provided that on the Closing Date, such funds shall be made available by 10:00 a.m. (New York City
time) or such earlier time as may be agreed among the Lenders, the Borrower and the Administrative Agent for the purpose of consummating
the Transactions; provided, further, that all Swingline Loans shall be made available in the full amount thereof
by the Swingline Lender no later than 3:30 p.m. (New York City time) on the date requested.

 

(b)
Each Lender shall make available all amounts it is to fund to the Borrower under any Borrowing in immediately available
funds to the Administrative Agent at the Administrative Agent’s Office in Dollars, and the Administrative Agent will (except
in the case of Mandatory Borrowings and Borrowings to repay Unpaid Drawings) make available to the Borrower, by depositing or wiring
to an account as designated by the Borrower in the Notice of Borrowing to the Administrative Agent the aggregate of the amounts
so made available in Dollars. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such
Borrowing (or, with respect to an ABR Loan, the date of such Borrowing prior to 1:00 p.m. (New York City time)) that such Lender
does not intend to make available to the Administrative Agent its portion of the Borrowing or Borrowings to be made on such date,
the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of
Borrowing, and the Administrative Agent, in reliance upon such assumption, may (in its sole discretion and without any obligation
to do so) make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to
the Administrative Agent by such Lender and the Administrative Agent has made available such amount to the Borrower, the Administrative
Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount
forthwith upon the Administrative Agent’s demand therefor the Administrative Agent shall promptly notify the Borrower and
the Borrower shall immediately pay such corresponding amount to the Administrative Agent in Dollars. The Administrative Agent shall
also be entitled to recover from such Lender or the Borrower, as the case may be, interest on such corresponding amount in respect
of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date
such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (i) if paid by such Lender,
the Overnight Rate or (ii) if paid by the Borrower, the then-applicable rate of interest or fees, calculated in accordance
with Section 2.8, for the respective Loans.

 

(c)
Nothing in this Section 2.4 shall be deemed to relieve any Lender from its obligation to fulfill its commitments
hereunder or to prejudice any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder
(it being understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill its commitments
hereunder).

 

2.5
Repayment of Loans; Evidence of Debt.

 

(a)
The Borrower agrees to repay to the Administrative Agent, for the benefit of the applicable Lenders, on the earlier of (X)
the Termination Date and (Y) (i) on the Initial Maturity Date, the then outstanding Initial Loans, (ii) on the relevant
maturity date for any Extended Class, all then outstanding Extended Loans in respect of such Extension Series and (iii) on
the Swingline Maturity Date, the then outstanding Swingline Loans.

 

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(b)
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the
Borrower to the appropriate lending office of such Lender resulting from each Loan made by such lending office from time to time,
including the amounts of principal and interest payable and paid to such lending office from time to time under this Agreement.

 

(c)
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain the Register
pursuant to Section 13.6(b)(iv), and a subaccount for each Lender, in which Register and subaccounts (taken together)
shall be recorded (i) the amount of each Loan made hereunder (whether such Loan is an Initial Loan, an Extended Loan or Swingline
Loan, as applicable), the Type of each Loan made and the Interest Period applicable thereto, (ii) the amount of any principal
or interest due and payable or to become due and payable from the Borrower to each Lender or the Swingline Lender hereunder and
(iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share
thereof.

 

(d)
The entries made in the Register and accounts and subaccounts maintained pursuant to clauses (b) and (c) of
this Section 2.5 shall, to the extent permitted by applicable Requirements of Law, be prima facie evidence of the existence
and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of any Lender
or the Administrative Agent to maintain such account, such Register or such subaccount, as applicable, or any error therein, shall
not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such
Lender in accordance with the terms of this Agreement.

 

2.6
Conversions and Continuations.

 

(a)
Subject to the penultimate sentence of this clause (a), (i) the Borrower shall have the option on any Business
Day to convert all or a portion equal to at least the Minimum Borrowing Amount (and in multiples of $100,000 in excess thereof)
of the outstanding principal amount of Loans of one Type into a Borrowing or Borrowings of another Type and (ii) the Borrower
shall have the option on any Business Day to continue the outstanding principal amount of any LIBOR Loans as LIBOR Loans for an
additional Interest Period; provided that (A) no partial conversion of LIBOR Loans shall reduce the outstanding principal
amount of LIBOR Loans made pursuant to a single Borrowing to less than the Minimum Borrowing Amount, (B) ABR Loans may not
be converted into LIBOR Loans if an Event of Default is in existence on the date of the conversion and the Administrative Agent
has or the Majority Lenders have determined in its or their sole discretion not to permit such conversion, (C) LIBOR Loans
may not be continued as LIBOR Loans for an additional Interest Period if an Event of Default is in existence on the date of the
proposed continuation and the Administrative Agent has or the Majority Lenders have determined in its or their sole discretion
not to permit such continuation, and (D) Borrowings resulting from conversions pursuant to this Section 2.6 shall
be limited in number as provided in Section 2.2. Each such conversion or continuation shall be effected by the Borrower
by giving the Administrative Agent at the Administrative Agent’s Office prior to 2:00 p.m. (New York City time) at least
(1) three (3) Business Days’, in the case of a continuation of or conversion to LIBOR Loans or (2) the date of conversion,
in the case of a conversion into ABR Loans, prior written notice (or telephonic notice promptly confirmed in writing) (each, a
“Notice of Conversion or Continuation”) specifying the Loans to be so converted or continued, the Type of Loans
to be converted into or continued and, if such Loans are to be converted into or continued as LIBOR Loans, the Interest Period
to be initially applicable thereto (if no Interest Period is selected, the Borrower shall be deemed to have selected an Interest
Period of one month’s duration). The Administrative Agent shall give each applicable Lender notice as promptly as practicable
of any such proposed conversion or continuation affecting any of its Loans.

 

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(b)
If any Event of Default is in existence at the time of any proposed continuation of any LIBOR Loans and the Administrative
Agent has or the Majority Lenders have determined in its or their sole discretion not to permit such continuation, such LIBOR Loans
shall be automatically converted on the last day of the current Interest Period into ABR Loans. If upon the expiration of any Interest
Period in respect of LIBOR Loans, the Borrower has failed to elect a new Interest Period to be applicable thereto as provided in
clause (a) above, the Borrower shall be deemed to have elected to continue such Borrowing of LIBOR Loans into a Borrowing
of LIBOR Loans having an interest period of one month, effective as of the expiration date of such current Interest Period.

 

(c)
Notwithstanding anything to the contrary herein, the Borrower may deliver a Notice of Conversion or Continuation pursuant
to which the Borrower elects to irrevocably continue the outstanding principal amount of any Loan subject to an interest rate Hedge
Agreement as LIBOR Loans for each Interest Period until the expiration of the term of such applicable Hedge Agreement; provided
that any Notice of Conversion or Continuation delivered pursuant to this Section 2.6(c) shall include a schedule attaching
the relevant interest rate Hedge Agreement or related trade confirmation.

 

2.7
Pro Rata Borrowings. Each Borrowing of Initial Loans under this Agreement shall be
made by the Lenders pro rata on the basis of their then applicable Commitment Percentages with respect to the applicable Class.
Each Borrowing of Extended Loans under this Agreement shall be granted by the Lenders of the relevant Extension Series thereof
pro rata on the basis of their then-applicable Extended Commitments for the applicable Extension Series. It is understood
that (a) no Lender shall be responsible for any default by any other Lender in its obligation to make Loans hereunder and
that each Lender severally but not jointly shall be obligated to make the Loans provided to be made by it hereunder, regardless
of the failure of any other Lender to fulfill its commitments hereunder and (b) failure by a Lender to perform any of its
obligations under any of the Credit Documents shall not release any Person from performance of its obligation under any Credit
Document.

 

2.8
Interest.

 

(a)
The unpaid principal amount of each ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether
by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin plus the ABR, in each
case, in effect from time to time.

 

(b)
The unpaid principal amount of each LIBOR Loan shall bear interest from the date of the Borrowing thereof until maturity
thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin plus
the relevant LIBOR Rate, in each case, in effect from time to time.

 

(c)
If all or a portion of (i) the principal amount of any Loan or (ii) any other amount payable under the Credit
Documents (including, without limitation, interest payable thereon and premium, if any) shall not be paid when due (whether at
stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum that is (the “Default
Rate”) (A) in the case of overdue principal, the rate that would otherwise be applicable thereto plus 2.0%,
(B) in the case of any overdue interest, to the extent permitted by applicable Requirements of Law, the rate described in
Section 2.8(a) plus 2.0% from and including the date of such non-payment to the date on which such amount is paid in
full (after as well as before judgment) and (C) in the case of any overdue amount not specified in subclause (A) or (B) above,
a rate per annum equal to the rate per annum otherwise payable at such time on ABR Loans.

 

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(d)
Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment
thereof and shall be payable in Dollars; provided that any Loan that is repaid on the same date on which it is made shall
bear interest for one day. Except as provided below, interest shall be payable (i) in respect of each ABR Loan, quarterly
in arrears on the last Business Day of each March, June, September and December, (ii) in respect of each LIBOR Loan,
on the last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three (3) months,
on each date occurring at three-month intervals after the first day of such Interest Period, (iii) in respect of each Loan,
(A) on any prepayment (on the amount prepaid), (B) at maturity (whether by acceleration or otherwise) and (C) after
such maturity, on demand.

 

(e)
All computations of interest hereunder shall be made in accordance with Section 5.5.

 

(f)
The Administrative Agent, upon determining the interest rate for any Borrowing of LIBOR Loans, shall promptly notify the
Borrower and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and
conclusive and binding on all parties hereto.

 

2.9
Interest Periods. At the time the Borrower gives a Notice of Borrowing or Notice of
Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans in accordance
with Section 2.6(a), the Borrower shall give the Administrative Agent written notice (or telephonic notice promptly
confirmed in writing) of the Interest Period applicable to such Borrowing, which Interest Period shall, at the option of the Borrower
be (i) a one-, two-, three- or six- or (if available to all the Lenders making such LIBOR Loans as determined by such Lenders in
good faith based on prevailing market conditions) a twelve-month period or (ii) any period shorter than one month (if available
to all the Lenders making such LIBOR Loans as determined by such Lenders in good faith based on prevailing market conditions) as
requested by the Borrower.

 

Notwithstanding anything
to the contrary contained above:

 

(a)
the initial Interest Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including the
date of any conversion from a Borrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such Borrowing
shall commence on the day on which the next preceding Interest Period expires;

 

(b)
if any Interest Period relating to a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or begins
on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest
Period shall end on the last Business Day of the calendar month at the end of such Interest Period;

 

(c)
if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on
the next succeeding Business Day; provided that, if any Interest Period in respect of a LIBOR Loan would otherwise expire
on a day that is not a Business Day, but is a day of the month after which no further Business Day occurs in such month, such Interest
Period shall expire on the next preceding Business Day; and

 

(d)
the Borrower shall not be entitled to elect any Interest Period in respect of any LIBOR Loan if such Interest Period would
extend beyond the Maturity Date.

 

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2.10
Increased Costs, Illegality, Etc.

 

(a)
In the event that (x) in the case of clause (i) below, the Majority Lenders or (y) in the case of
clauses (ii) and (iii) below, any Lender (or the Administrative Agent, as applicable), shall have reasonably
determined (which determination shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties
hereto):

 

(i)
on any date for determining the LIBOR Rate for any Interest Period that (A) deposits in the principal amounts of the
Loans comprising such Borrowing of LIBOR Loans are not generally available in the relevant market or (B) by reason of any
changes arising on or after the Closing Date affecting the interbank LIBOR market, adequate and fair means do not exist for ascertaining
the applicable interest rate on the basis provided for in the definition of LIBOR Rate; or

 

(ii)
that a Change in Law occurring at any time after the Closing Date shall (A) impose, modify or deem applicable any reserve,
special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of,
or credit extended by, any Lender, (B) subject any Lender (including any Issuing Bank and any Swingline Lender) and the Administrative
Agent to any Tax (other than (i) Indemnified Taxes or Other Taxes indemnifiable under Section 5.4, or (ii) Excluded
Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities
or capital attributable thereto, or (C) impose on any Lender or the London interbank market any other condition, cost or expense
(other than Taxes) affecting this Agreement or LIBOR Loans made by such Lender, which results in the cost to such Lender of making,
converting into, continuing or maintaining LIBOR Loans or participating in Letters of Credit (in each case hereunder) increasing
by an amount which such Lender reasonably deems material or the amounts received or receivable by such Lender hereunder with respect
to the foregoing shall be reduced; or

 

(iii)
at any time, that the making or continuance of any LIBOR Loan has become unlawful as a result of compliance by such Lender
in good faith with any Requirement of Law (or would conflict with any such Requirement of Law not having the force of law even
though the failure to comply therewith would not be unlawful);

 

then, and in any such event, such Lenders
(or the Administrative Agent, in the case of clause (i) and (ii)(B) above) shall within a reasonable time
thereafter give notice (if by telephone, confirmed in writing) to the Borrower and to the Administrative Agent of such determination
(which notice the Administrative Agent shall promptly transmit to each of the other Lenders). Thereafter (x) in the case of
clause (i) above, LIBOR Loans shall no longer be available until such time as the Administrative Agent notifies the
Borrower and the Lenders that the circumstances giving rise to such notice by the Administrative Agent no longer exist (which notice
the Administrative Agent agrees to give at such time when such circumstances no longer exist), and any Notice of Borrowing or Notice
of Conversion or Continuation given by the Borrower with respect to LIBOR Loans that have not yet been incurred shall be deemed
rescinded by the Borrower, (y) in the case of clause (ii) above, the Borrower shall pay to such Lender (or the
Administrative Agent, as applicable), promptly (but no later than fifteen (15) days) after receipt of written demand therefor such
additional amounts as shall be required to compensate such Lender (or the Administrative Agent, as applicable) for such increased
costs or reductions in amounts receivable hereunder (it being agreed that a written notice as to the additional amounts owed to
such Lender (or the Administrative Agent, as applicable), showing in reasonable detail the basis for the calculation thereof, submitted
to the Borrower by such Lender (or the Administrative Agent, as applicable) shall, absent clearly demonstrable error, be final
and conclusive and binding upon all parties hereto) and (z) in the case of clause (iii) above, the Borrower shall
take one of the actions specified in Section 2.10(b) as promptly as possible and, in any event, within the time period
required by applicable Requirements of Law.

 

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(b)
At any time that any LIBOR Loan is affected by the circumstances described in Section 2.10(a)(ii) or (iii),
the Borrower may (and in the case of a LIBOR Loan affected pursuant to Section 2.10(a)(iii) shall) either if the
affected LIBOR Loan is then being made pursuant to a Borrowing, cancel such Borrowing by giving the Administrative Agent telephonic
notice (confirmed promptly in writing) thereof on the same date that the Borrower was notified by a Lender pursuant to Section
2.10(a)(ii) or (iii) or if the affected LIBOR Loan is then outstanding, upon at least three (3) Business Days’
notice to the Administrative Agent, require the affected Lender to convert each such LIBOR Loan into an ABR Loan; provided
that if more than one Lender are affected at any time, then all affected Lenders must be treated in the same manner pursuant to
this Section 2.10(b).

 

(c)
If, after the Closing Date, any Change in Law relating to capital adequacy or liquidity requirements of any Lender or compliance
by any Lender or its parent with any Change in Law relating to capital adequacy or liquidity requirements occurring after the Closing
Date, has or would have the effect of reducing the rate of return on such Lender’s or its parent’s capital or assets
as a consequence of such Lender’s commitments or obligations hereunder to a level below that which such Lender or its parent
could have achieved but for such Change in Law (taking into consideration such Lender’s or its parent’s policies with
respect to capital adequacy or liquidity requirements), then from time to time, promptly (but in any event no later than fifteen
(15) days) after written demand by such Lender (with a copy to the Administrative Agent), the Borrower shall pay to such Lender
such additional amount or amounts as will compensate such Lender or its parent for such reduction, it being understood and agreed,
however, that a Lender shall not be entitled to such compensation as a result of such Lender’s compliance with, or pursuant
to any request or directive to comply with, any applicable Requirement of Law as in effect on the Closing Date. Each Lender, upon
determining in good faith that any additional amounts will be payable pursuant to this Section 2.10(c), will give prompt
written notice thereof to the Borrower, which notice shall set forth in reasonable detail the basis of the calculation of such
additional amounts, although the failure to give any such notice shall not, subject to Section 2.13, release or diminish
the Borrower’s obligations to pay additional amounts pursuant to this Section 2.10(c) upon receipt of such notice.

 

2.11
Compensation. If (a) any payment of principal of any LIBOR Loan is made by the
Borrower to or for the account of a Lender other than on the last day of the Interest Period for such LIBOR Loan as a result of
a payment or conversion pursuant to Section 2.5, 2.6, 2.10, 5.1, 5.2 or 13.7, as
a result of acceleration of the maturity of the Loans pursuant to Section 11 or for any other reason, (b) any
Borrowing of LIBOR Loans is not made on the date specified in a Notice of Borrowing, (c) any ABR Loan is not converted into
a LIBOR Loan on the date specified in a Notice of Conversion or Continuation, (d) any LIBOR Loan is not continued as a LIBOR
Loan on the date specified in a Notice of Conversion or Continuation or (e) any prepayment of principal of any LIBOR Loan is not
made as a result of a withdrawn notice of prepayment pursuant to Section 5.1 or 5.2, the Borrower shall after
the Borrower’s receipt of a written request by such Lender (which request shall set forth in reasonable detail the basis
for requesting such amount), pay to the Administrative Agent (within fifteen (15) days after such request) for the account of such
Lender any amounts required to compensate such Lender for any additional losses, costs or expenses that such Lender may reasonably
incur as a result of such payment, failure to convert, failure to continue or failure to prepay, including any loss, cost or expense
(excluding loss of anticipated profits) actually incurred by reason of the liquidation or reemployment of deposits or other funds
acquired by any Lender to fund or maintain such LIBOR Loan.

 

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2.12
Change of Lending Office. Each Lender agrees that, upon the occurrence of any event
giving rise to the operation of Section 2.10(a)(ii), 2.10(a)(iii), 2.10(c), 3.11 or 5.4 with respect
to such Lender, it will, if requested by the Borrower use reasonable efforts (subject to overall policy considerations of such
Lender) to designate another lending office for any Loans affected by such event; provided that such designation does not
cause such Lender or its lending office to suffer any economic, legal or regulatory disadvantage, with the object of avoiding the
consequence of the event giving rise to the operation of any such Section. Nothing in this Section 2.12 shall affect
or postpone any of the obligations of the Borrower or the right of any Lender provided in Section 2.10, 3.11
or 5.4.

 

2.13
Notice of Certain Costs. Notwithstanding anything in this Agreement to the contrary,
to the extent any notice required by Section 2.10, 2.11 or 5.4 is given by any Lender more than 180 days after such Lender
has knowledge (or should have had knowledge) of the occurrence of the event giving rise to the additional cost, reduction in amounts,
loss, Tax or other additional amounts described in such Sections, such Lender shall not be entitled to compensation under Section 2.10,
2.11 or 5.4, as the case may be, for any such amounts incurred or accruing prior to the 181st day prior to the giving
of such notice to the Borrower; provided that if the circumstance giving rise to such claim is retroactive, then such 180-day
period referred to above shall be extended to include the period of retroactive effect thereof.

 

2.14
Borrowing Base.

 

(a)
Initial Borrowing Base. For the period from and including the Closing Date to but excluding the first Redetermination
Date, the Borrowing Base shall be equal to $115,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further
adjustments from time to time pursuant to Section 2.14(e), (f) and (h).

 

(b)
Scheduled and Interim Redeterminations. The Borrowing Base shall be redetermined semi-annually in accordance with
this Section 2.14 (a “Scheduled Redetermination”), and, subject to Section 2.14(d),
such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Banks
and the Lenders (x) on or about November 1, 2018 and (y) thereafter on April 1st and October 1st
of each year (or as promptly as possible thereafter), commencing April 1, 2019. In addition, (i) the Borrower may at
any time (including prior to the first Scheduled Redetermination Date of November 1, 2018), by notifying the Administrative
Agent thereof not more than once during any period between Scheduled Redeterminations and not more than twice during any fiscal
year; and (ii) the Administrative Agent, following the first Scheduled Redetermination Date of November 1, 2018 may,
at the written direction of the Required Lenders, by written notice to the Borrower thereof, not more than once during any period
between Scheduled Redeterminations and not more than twice during any fiscal year (provided that such limitation shall not
apply to any redetermination requested by the Borrower in connection with any Incremental Increase pursuant to Section 2.16),
in each case, elect to cause the Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim Redetermination”)
in accordance with this Section 2.14. In addition to, and not including and/or limited by the annual Interim Redeterminations
allowed above, the Borrower may, by notifying the Administrative Agent thereof, at any time between Scheduled Redeterminations,
request additional Interim Redeterminations of the Borrowing Base in the event that a Credit Party acquires Oil and Gas Properties
which are to be Borrowing Base Properties with Proved Reserves having a PV-9 value (calculated at the time of acquisition) in excess
of five percent (5.0%) of the Borrowing Base in effect immediately prior to such acquisition (and for purposes of the foregoing,
the designation of an Unrestricted Subsidiary owning Oil and Gas Properties with Proved Reserves as a Restricted Subsidiary shall
be deemed to constitute an acquisition by a Credit Party of Oil and Gas Properties with Proved Reserves).

 

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(c)
Scheduled and Interim Redetermination Procedure.

 

(i)
Each Scheduled Redetermination and each Interim Redetermination shall be effectuated as follows: Upon receipt by the Administrative
Agent of the Reserve Report, the Reserve Report Certificate, the information provided pursuant to Section 9.14(c) and
such other related reports, data and supplemental information as the Administrative Agent or the Required Lenders may reasonably
request, including notice of any reduction of Pari Debt (the Reserve Report, such Reserve Report Certificate and such other related
reports, data and information being the “Engineering Reports”), the Administrative Agent shall evaluate the
information contained in the Engineering Reports and shall in good faith propose a new Borrowing Base (the “Proposed Borrowing
Base”) based upon such information and such other related information (including the status of title information with
respect to the Borrowing Base Properties as described in the Engineering Reports and the existence of any Hedge Agreements) in
good faith in accordance with its usual and customary oil and gas lending criteria as they exist at the particular time.

 

(ii)
The Administrative Agent shall notify the Borrower and the Lenders of the Proposed Borrowing Base (the “Proposed
Borrowing Base Notice”):

 

(A)  
in the case of a Scheduled Redetermination, (1) if the Administrative Agent shall have received the Engineering Reports
required to be delivered by the Borrower pursuant to Sections 9.14(a) and (c) in a timely manner, within
ten (10) Business Days following its receipt of such Engineering Reports or (2) if the Administrative Agent shall not have
received the Engineering Reports required to be delivered by the Borrower pursuant to Sections 9.14(a) and (c) in
a timely manner, then promptly after the Administrative Agent has received complete Engineering Reports from the Borrower and has
had a reasonable opportunity to determine the Proposed Borrowing Base in accordance with Section 2.14(c)(i); and

 

(B)  
in the case of an Interim Redetermination, promptly, and in any event, within fifteen (15) days after the Administrative
Agent has received the required Engineering Reports.

 

(iii)
[Reserved].

 

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(iv)
Any Proposed Borrowing Base that would increase the Borrowing Base then in effect must be approved or deemed to have been
approved by each Lender in each such Lender’s sole discretion and consistent with each such Lender’s normal and customary
oil and gas lending criteria as they exist at the particular time as provided in this Section 2.14(c)(iv) and any Proposed
Borrowing Base that would decrease or maintain the Borrowing Base then in effect must be approved or be deemed to have been approved
by Lenders constituting at least the Required Lenders in each such Lender’s sole discretion and consistent with each such
Lender’s normal and customary oil and gas lending criteria as they exist at the particular time as provided in this Section 2.14(c)(iv).
Upon receipt of the Proposed Borrowing Base Notice, each Lender shall have, in the case of any Scheduled Redetermination, fifteen
(15) Business Days, and in the case of any Interim Redetermination, five (5) Business Days, in either case, to agree with the Proposed
Borrowing Base or disagree with the Proposed Borrowing Base by proposing an alternate Borrowing Base. If at the end of such 15-Business
Day period or 5-Business Day period (as applicable), all of the Lenders, in the case of a Proposed Borrowing Base that would increase
the Borrowing Base then in effect, or the Required Lenders, in the case of a Proposed Borrowing Base that would decrease or maintain
the Borrowing Base then in effect, have approved, then the Proposed Borrowing Base shall become the new Borrowing Base, effective
on the date specified in Section 2.14(d). If, however, at the end of such 15-Business Day period or 5-Business Day
period (as applicable), all Lenders or the Required Lenders, as applicable, have not approved, then the Administrative Agent shall
promptly thereafter poll the Lenders to ascertain the highest Borrowing Base then acceptable to (a) in the case of a decrease
or reaffirmation, a number of Lenders sufficient to constitute the Required Lenders or (b) in the case of an increase, all
of the Lenders, and such amount shall become the new Borrowing Base, effective on the date specified in Section 2.14(d).

 

(d)
Effectiveness of a Redetermined Borrowing Base. Subject to Section 2.14(h), after a redetermined Borrowing
Base is approved by each Lender or the Required Lenders, as applicable, pursuant to Section 2.14(c)(iv), the Administrative
Agent shall promptly thereafter notify the Borrower and the Lenders of the amount of the redetermined Borrowing Base (the “New
Borrowing Base Notice”), and such amount shall become the new Borrowing Base, effective and applicable to the Borrower,
the Administrative Agent, the Issuing Banks and the Lenders:

 

(i)
in the case of a Scheduled Redetermination, (A) if the Administrative Agent shall have received the Engineering Reports
required to be delivered by the Borrower pursuant to Sections 9.14(a) and (c) in a timely and complete
manner, on the April 1 or October 1, as applicable, following such notice, or (B) if the Administrative Agent shall
not have received the Engineering Reports required to be delivered by the Borrower pursuant to Sections 9.14(a) and
(c) in a timely and complete manner, then on the Business Day next succeeding delivery of such New Borrowing Base Notice;
and

 

(ii)
in the case of an Interim Redetermination, on the Business Day next succeeding delivery of such New Borrowing Base Notice.

 

Such amount shall then
become the Borrowing Base until the next Scheduled Redetermination Date, the next redetermination or modification thereof hereunder.
Notwithstanding the foregoing, no Scheduled Redetermination or Interim Redetermination shall become effective until the New Borrowing
Base Notice related thereto delivered to the Borrower in accordance with Section 13.2.

 

(e)
Reduction of Borrowing Base Upon Incurrence of Borrowing Base Reduction Debt. The Borrowing Base shall be reduced
upon the issuance or incurrence of any Borrowing Base Reduction Debt after the Closing Date (other than Borrowing Base Reduction
Debt constituting Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness) by an amount equal to the product
of 0.25 multiplied by the stated principal amount of such Borrowing Base Reduction Debt (without regard to any original
issue discount), and the Borrowing Base as so reduced shall become the new Borrowing Base immediately upon the date of such issuance
or incurrence, effective and applicable to the Borrower, the Administrative Agent, the Issuing Banks and the Lenders on such date
until the next redetermination or modification thereof hereunder.

 

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(f)
Reduction of Borrowing Base Upon Termination of Hedge Positions and Asset Dispositions.

 

(i)
If the Borrower or any Restricted Subsidiary shall terminate or create any off-setting positions in respect of any commodity
hedge positions (whether evidenced by a floor, put or Hedge Agreement) upon which the Lenders relied in determining the Borrowing
Base, and/or

 

(ii)
If the Borrower or one of the other Credit Parties Disposes of Borrowing Base Properties or Disposes of any Equity
Interests in any Restricted Subsidiary or Minority Investment owning Borrowing Base Properties, and

 

(iii)
 the sum of (x) the Swap PV of such terminated and/or offsetting positions (after taking into account any other Hedge Agreement
executed (a) contemporaneously with the taking of such actions or (b) subsequent to the last redetermination of the Borrowing Base)
plus (y) the aggregate PV-9 value of all such Borrowing Base Properties Disposed of (after giving effect to any concurrent
acquisitions of and other investments in Oil and Gas Properties by the Borrower and its Restricted Subsidiaries with respect to
which the Borrower has delivered a Reserve Report in accordance with Section 9.14(b)), in each case, since the later of
(A) the most recent Scheduled Redetermination Date and (B) the last adjustment of the Borrowing Base made pursuant to
this Section 2.14(f) exceeds 7.5% of the then-effective Borrowing Base, then the Required Lenders shall have the right
to adjust the Borrowing Base in an amount equal to the sum of (1) the Borrowing Base Value, if any, attributable to such terminated
or off-setting hedge positions in the calculation of the then-effective Borrowing Base (after taking into account any other Hedge
Agreement executed contemporaneously with the taking of such actions) and (2) an amount equal to the Borrowing Base Value, if any,
attributable to such Disposed Borrowing Base Properties in the calculation of the then-effective Borrowing Base (after giving effect
to any concurrent acquisitions of and other investments in Oil and Gas Properties by the Borrower and the Restricted Subsidiaries
with respect to which the Borrower has delivered a Reserve Report in accordance with Section 9.14(b)) and the Administrative
Agent shall promptly notify the Borrower in writing of the Borrowing Base Value, if any, attributable to such terminated or offsetting
hedge positions and Disposed of Borrowing Base Properties in the calculation of the then-effective Borrowing Base and, upon receipt
of such notice, the Borrowing Base shall be simultaneously reduced by such amount.

 

(iv)
For the purposes of this Section 2.14(f), a “Disposition” of Oil and Gas Properties shall include
the designation of a Restricted Subsidiary owning Oil and Gas Properties as an Unrestricted Subsidiary and the Disposition or other
transfer of Oil and Gas Properties or the Equity Interests in any Restricted Subsidiary or Minority Investment owning Oil and Gas
Properties to an Unrestricted Subsidiary.

 

(g)
[Reserved].

 

(h)
Borrower’s Right to Elect Reduced Borrowing Base. Within three (3) Business Days of its receipt of an New Borrowing
Base Notice, the Borrower may provide written notice to the Administrative Agent and the Lenders that specifies for the period
from the effective date of the New Borrowing Base Notice until the next succeeding Scheduled Redetermination Date, the Borrowing
Base will be a lesser amount than the amount set forth in such New Borrowing Base Notice, whereupon such specified lesser amount
(the “Draw Limit”) will become the new Borrowing Base. The Borrower’s notice under this Section 2.14(h)
shall be irrevocable, but without prejudice to its rights to initiate Interim Redeterminations.

 

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(i)
Administrative Agent Data. The Administrative Agent hereby agrees to provide, promptly, and in any event within three
(3) Business Days, following its receipt of a request by the Borrower, an updated Bank Price Deck. In addition, the Administrative
Agent agrees, upon request, to meet with the Borrower to discuss its evaluation of the reservoir engineering of the Oil and Gas
Properties included in the Reserve Report and their respective methodologies for valuing such properties and the other factors
considered in calculating the Borrowing Base.

 

(j)
[Reserved].

 

(k)
[Reserved].

 

(l)
[Reserved].

 

2.15
Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary,
if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting
Lender:

 

(a)
Commitment Fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 4.1(a);

 

(b)
The Commitment and Total Exposure of such Defaulting Lender shall not be included in determining whether all Lenders, the
Majority Lenders or the Required Lenders or each affected Lender have taken or may take any action hereunder (including any consent
to any amendment or waiver pursuant to Section 13.1); provided that (i) any waiver, amendment or modification
requiring the consent of all Lenders pursuant to Section 13.1 (other than Section 13.1(a)(x)) or requiring
the consent of each affected Lender pursuant to Section 13.1(a)(i) or (ix) shall require the consent of such
Defaulting Lender (which for the avoidance of doubt would include any change to the Maturity Date applicable to such Defaulting
Lender, decreasing or forgiving any principal or interest due to such Defaulting Lender, any decrease of any interest rate applicable
to Loans made by such Defaulting Lender (other than the waiving of post-default interest rates) and any increase in or extension
of such Defaulting Lender’s Commitment) and (ii) any redetermination, whether an increase, decrease or affirmation,
of the Borrowing Base shall occur without the participation of a Defaulting Lender, but the Commitment (i.e., the Commitment Percentage
of the Borrowing Base) of a Defaulting Lender may not be increased without the consent of such Defaulting Lender;

 

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(c)
If any Swingline Exposure or Letter of Credit Exposure exists at the time a Lender becomes a Defaulting Lender, then (i) all
or any part of such Swingline Exposure and Letter of Credit Exposure of such Defaulting Lender will, subject to the limitation
in the first proviso below, automatically be reallocated (effective on the day such Lender becomes a Defaulting Lender) among the
Non-Defaulting Lenders pro rata in accordance with their respective Commitment Percentages; provided that (A) each
Non-Defaulting Lender’s Total Exposure may not in any event exceed the Commitment Percentage of the Loan Limit of such Non-Defaulting
Lender as in effect at the time of such reallocation and (B) neither such reallocation nor any payment by a Non-Defaulting
Lender pursuant thereto will constitute a waiver or release of any claim the Borrower, the Administrative Agent, the Issuing Banks
or any other Lender may have against such Defaulting Lender or cause such Defaulting Lender to be a Non-Defaulting Lender, (ii) to
the extent that all or any portion of the Defaulting Lender’s Swingline Exposure or Letter of Credit Exposure cannot,
or can only partially, be so reallocated to Non-Defaulting Lenders, whether by reason of the first proviso in Section 2.15(c)(i)
or otherwise, the Borrower shall within two (2) Business Days following notice by the Administrative Agent (x) first,
prepay such Swingline Exposure and (y) second, Cash Collateralize for the benefit of the applicable Issuing Bank only
the Borrower’s obligations corresponding to such Defaulting Lender’s Letter of Credit Exposure (after giving effect
to any partial reallocation pursuant to clause (i) above), in accordance with the procedures set forth in Section 3.7
for so long as such Letter of Credit Exposure is outstanding, (iii) if the Borrower Cash Collateralizes any portion of such
Defaulting Lender’s Letter of Credit Exposure pursuant to this Section 2.15(c), the Borrower shall not be required
to pay any fees to such Defaulting Lender pursuant to Section 4.1(b) with respect to such Defaulting Lender’s
Letter of Credit Exposure during the period such Defaulting Lender’s Letter of Credit Exposure is Cash Collateralized (and
such fees shall be payable to the Issuing Banks), (iv) if the Letter of Credit Exposure of the Non-Defaulting Lenders is reallocated
pursuant to this Section 2.15(c), then the Letter of Credit Fees payable for the account of the Lenders pursuant to
Section 4.1(b) shall be adjusted in accordance with such Non-Defaulting Lenders’ Commitment Percentages and the
Borrower shall not be required to pay any Swingline Loan fees (if any) or Letter of Credit Fees to the Defaulting Lender pursuant
to Section 4.1(b) with respect to such Defaulting Lender’s Letter of Credit Exposure during the period that such
Defaulting Lender’s Letter of Credit Exposure is reallocated, or (v) if any Defaulting Lender’s Letter of Credit
Exposure is neither Cash Collateralized nor reallocated pursuant to this Section 2.15(c), then, without prejudice to
any rights or remedies of any Issuing Bank or any Lender hereunder, all Letter of Credit Fees payable under Section 4.1(b)
with respect to such Defaulting Lender’s Letter of Credit Exposure shall be payable to such Issuing Bank until such Letter
of Credit Exposure is Cash Collateralized and/or reallocated;

 

(d)
So long as any Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and
no Issuing Bank will be required to issue any new Letter of Credit or amend any outstanding Letter of Credit to increase the Stated
Amount thereof, alter the drawing terms thereunder or extend the expiry date thereof, unless each Issuing Bank is reasonably satisfied
that any exposure that would result from the exposure to such Defaulting Lender is eliminated or fully covered by the Commitments
of the Non-Defaulting Lenders or by Cash Collateralization or a combination thereof in accordance with clause (c) above
or otherwise in a manner reasonably satisfactory to such Issuing Bank, and participating interests in any such newly issued or
increased Letter of Credit or newly made Swingline Loan shall be allocated among Non-Defaulting Lenders in a manner consistent
with Section 2.15(c)(i) (and Defaulting Lenders shall not participate therein);

 

(e)
If the Borrower, the Administrative Agent, the Swingline Lender and each Issuing Bank agree in writing in their discretion
that a Lender that is a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so
notify the parties hereto, whereupon, as of the effective date specified in such notice and subject to any conditions set forth
therein, such Lender will cease to be a Defaulting Lender and will be a Non-Defaulting Lender and any applicable Cash Collateral
shall be promptly returned to the Borrower and any Letter of Credit Exposure of such Lender reallocated pursuant to Section 2.15(c)
shall be reallocated back to such Lender; provided that, except to the extent otherwise expressly agreed by the affected
parties, no change hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of
any party hereunder arising from such Lender’s having been a Defaulting Lender; and

 

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(f)
Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that Defaulting
Lender (whether voluntary or mandatory, at maturity, pursuant to Section 11 or otherwise, and including any amounts
made available to the Administrative Agent by that Defaulting Lender pursuant to Section 13.8), shall be applied at
such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing
by that Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts
owing by that Defaulting Lender to each Issuing Bank and the Swingline Lender hereunder; third, as the Borrower may request
(so long as no Default or Event of Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed
to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fourth, if so determined
by the Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy
obligations of that Defaulting Lender to fund Loans under this Agreement; fifth, to the payment of any amounts owing to
the Lenders, each Issuing Bank or the Swingline Lender as a result of any final judgment of a court of competent jurisdiction obtained
by any Lender, such Issuing Bank or the Swingline Lender against that Defaulting Lender as a result of that Defaulting Lender’s
breach of its obligations under this Agreement; sixth, so long as no Default or Event of Default exists, to the payment
of any amounts owing to the Borrower as a result of any final judgment of a court of competent jurisdiction obtained by the Borrower
against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and
seventh, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if
such payment is a payment of the principal amount of any Loans or Unpaid Drawings, such payment shall be applied solely to pay
the relevant Loans of, and Unpaid Drawings owed to, the relevant non-Defaulting Lenders on a pro rata basis prior to being applied
in the manner set forth in this Section 2.15(f). Any payments, prepayments or other amounts paid or payable to a Defaulting
Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to Section 3.7
shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.

 

2.16
Increase of Total Commitment.

 

(a)
Subject to the conditions set forth in Section 2.16(b), the Borrower may increase the Total Commitment then
in effect (any such increase an “Incremental Increase”) by increasing the Commitment of a Lender (an “Increasing
Lender”) or by causing a Person that at such time is not a Lender to become a Lender (an “Additional Lender”).

 

(b)
Any increase in the Total Commitment shall be subject to the following additional conditions:

 

(i)
such increase shall not be less than $10,000,000 (and increments of $1,000,000 above that minimum) unless the Administrative
Agent otherwise consents;

 

(ii)
no Event of Default shall have occurred and be continuing immediately after giving effect to such increase;

 

(iii)
no Lender’s Commitment may be increased without the consent of such Lender;

 

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(iv)
the Administrative Agent, the Swingline Lender and each Issuing Bank must consent to the increase in Commitments of an Increasing
Lender and the addition of any Additional Lender, in each case, such consent not to be unreasonably withheld or delayed;

 

(v)
the maturity date of such increase shall be the same as the Maturity Date;

 

(vi)
for the avoidance of doubt, such increase shall be subject to the Borrowing Base (which may, subject to and in accordance
with Section 2.14(b) (including the limitations on the number and frequency of Interim Redeterminations), and be redetermined
pursuant to an Interim Redetermination at the Borrower’s option immediately after giving effect to any acquisition of Borrowing
Base Properties);

 

(vii)
the increase shall be on the exact same terms and pursuant to the exact same documentation applicable to this Agreement
(other than with respect to any arrangement, structuring, upfront or other fees or discounts payable in connection with such Incremental
Increase) (provided that the Applicable Margin of the Facility shall be increased to be consistent with that for such Incremental
Increases); and

 

(viii) the
Borrower may seek commitments in respect of an Incremental Increase, in its sole discretion, from either existing
Lenders (each of which shall be entitled to agree or decline to participate in its sole discretion) or from additional banks,
financial institutions or other institutional lenders who will become Lenders hereunder with the consent of the
Administrative Agent, each Swingline Lender and each Issuing Bank (in each case, such consent not to be unreasonably withheld
or delayed).

 

(c)
Any increase in the Total Commitment shall be implemented using customary documentation (any such documentation, an “Incremental
Agreement”). Each of the parties hereto hereby agrees that this Agreement and the other Credit Documents may be amended
pursuant to an Incremental Agreement, without the consent of Lenders other than the Lenders providing such Incremental Increase,
to the extent necessary to (i) reflect the existence and terms of an Incremental Increase and (ii) address technical issues relating
to funding and payments, and the Required Lenders hereby expressly authorize the Administrative Agent to enter into any such Incremental
Agreement.

 

2.17
Extension Offers.

 

(a)
The Borrower may, at any time and from time to time request that all or a portion of the Commitments and related Loans of
a given Class be amended to extend the scheduled Maturity Date thereof and to provide for other terms consistent with this Section
2.17. In order to establish an Extended Class, the Borrower shall provide a notice to the Administrative Agent (who shall provide
a copy of such notice to each of the Lenders under the applicable Existing Class) (each, a “Loan Extension Request”)
setting forth the proposed terms of the Extended Class to be established, which shall (x) be identical as offered to each Lender
under such Existing Class (including as to the proposed interest rates and fees payable, but excluding any arrangement, structuring
or other similar fees payable in connection therewith that are not generally shared with all relevant Lenders) and offered pro
rata to each Lender under such Existing Class and (y) be identical to the Commitments and Loans under the Existing Class from which
such Extended Class is to be amended (the “Specified Existing Commitment Class”), except that: (i) the fees
with respect to the Extended Commitments of any Extended Class may be different than the fees for the Commitments of such Existing
Class, in each case to the extent provided in the applicable Extension Amendment, (ii) the yield with respect to the Extended Loans
of any Extended Class (whether in the form of interest rate margin, upfront fees, original issue discount or otherwise) may be
different than the yield for the Loans of such Existing Class, in each case, to the extent provided in the applicable Extension
Amendment; (iii) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the Latest
Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such
Extended Class); provided that (A) in no event shall the final Maturity Date of any Extended Class of a given Extension
Series at the time of establishment thereof be earlier than the Maturity Date of the Existing Class, (B) all documentation in respect
of such Extension Amendment shall be consistent with the foregoing and (C) any Extended Loans of an Extended Class may participate
on a pro rata basis or less than or greater than pro rata basis in any voluntary repayments or prepayments of principal of the
Loans hereunder and on a pro rata basis or less than a pro rata basis (but not greater than a pro rata basis) in any mandatory
repayments or prepayments of Loans hereunder, in each case as specified in the respective Loan Extension Request. Any Class of
Loans and Commitments amended pursuant to any Loan Extension Request shall be designated a series (each, an “Extension
Series”) of Extended Commitments and Extended Loans for all purposes of this Agreement; provided that any Extended
Commitments and Extended Loans amended from an Existing Class may, to the extent provided in the applicable Extension Amendment,
be designated as an increase in any previously established Extension Series with respect to an Existing Class. Each request for
an Extension Series of Extended Commitments and Extended Loans proposed to be incurred under this Section 2.17 shall be
in an aggregate principal amount that is not less than $5,000,000 (it being understood that the actual principal amount thereof
provided by the applicable Lenders may be lower than such minimum amount) and the Borrower may impose an Extension Minimum Condition
with respect to any Loan Extension Request, which may be waived by the Borrower in its sole discretion.

 

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(b)
The Borrower shall provide the applicable Loan Extension Request at least five (5) Business Days (or such shorter period
as may be agreed by the Administrative Agent) prior to the date on which Lenders under the Existing Class are requested to respond,
and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent and the Borrower,
in each case acting reasonably to accomplish the purposes of this Section 2.17. No Lender shall have any obligation to agree
to have any of its Commitments and Loans of any Existing Class amended into an Extended Class pursuant to any Loan Extension Request.
Any Lender holding a Commitment or Loan under an Existing Class (each, an “Extending Lender”) wishing to have
all or a portion of its Commitments and Loans under the Existing Class subject to such Loan Extension Request amended into Extended
Commitments and Extended Loans shall notify the Administrative Agent (each, an “Extension Election”) on or prior
to the date specified in such Loan Extension Request of the amount of its Commitments and Loans under the Existing Class, which
it has elected to request be amended into an Extended Class (subject to any minimum denomination requirements imposed by the Administrative
Agent). In the event that the aggregate principal amount of Commitments and Loans under the Existing Class in respect of which
applicable Lenders shall have accepted the relevant Loan Extension Request exceeds the amount of Extended Commitments and Extended
Loans requested to be extended pursuant to the Loan Extension Request, Commitments and Loans subject to Extension Elections shall
be amended to Extended Commitments and Extended Loans on a pro rata basis (subject to rounding by the Administrative Agent) based
on the aggregate principal amount of Commitments and Loans included in each such Extension Election. Notwithstanding the conversion
of any Existing Commitment into an Extended Commitment, such Extended Commitment shall be treated identically to all Existing Commitments
of the Specified Existing Commitment Class for purposes of the obligations of a Lender in respect of Swingline Loans under Section 2.1(c)
and Letters of Credit under Section 3, except that the applicable Extension Amendment may provide that the Swingline
Maturity Date and/or the last day for issuing Letters of Credit may be extended and the related obligations to make Swingline Loans
and issue Letters of Credit may be continued (pursuant to mechanics to be specified in the applicable Extension Amendment) so long
as the applicable Swingline Lender and/or the applicable Issuing Bank, as applicable, have consented to such extensions. For the
avoidance of doubt, neither the Swingline Maturity Date and/or the last day for issuing Letters of Credit may be extended (and
the related obligations to make Swingline Loans or issue Letters of Credit may not be continued) without the express consent of
the Swingline Lender or applicable Issuing Bank, as applicable.

 

(c)
Extended Commitments and Extended Loans shall be established pursuant to an amendment (each, a “Extension Amendment”)
to this Agreement among the Borrower, the Administrative Agent and each Extending Lender providing an Extended Commitment and Extended
Loan thereunder (and the Swingline Lender and Issuing Bank, if applicable), which shall be consistent with the provisions set forth
in Sections 2.17(a) and (b) above (but which shall not require the consent of any other Lender). The Administrative
Agent shall promptly notify each Lender as to the effectiveness of each Extension Amendment. Each of the parties hereto hereby
agrees that this Agreement and the other Credit Documents may be amended pursuant to an Extension Amendment, without the consent
of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Extended Commitment
and Extended Loans incurred pursuant thereto, (ii) modify the prepayments set forth in Section 5.2 to reflect the existence
of the Extended Commitments and Extended Loans and the application of prepayments with respect thereto, (iii) address technical
issues relating to funding and payments and (iv) effect such other amendments to this Agreement and the other Credit Documents
as may be necessary or appropriate, in the reasonable opinion of counsel to the Administrative Agent and of the Borrower, to effect
the provisions of this Section 2.17, and the Required Lenders hereby expressly authorize the Administrative Agent to enter
into any such Extension Amendment. Notwithstanding the other provisions of this Agreement, no Extension Amendment shall be effective
unless (i) all Letter of Credit Exposure will be covered on terms reasonably acceptable to the Issuing Bank, (ii) all Swingline
Exposure will be covered on terms reasonably acceptable to the Swingline Lender and (iii) the Available Commitment shall not exceed
the Borrowing Base.

 

(d)
No conversion of Commitments and Loans pursuant to any extension in accordance with this Section 2.17 shall constitute
a voluntary or mandatory payment or prepayment for purposes of this Agreement.

 

SECTION
3. Letters of Credit

 

3.1
Letters of Credit.

 

(a)
Subject to and upon the terms and conditions herein set forth, at any time and from time to time on and after the Closing
Date and prior to the L/C Maturity Date, each Issuing Bank, severally, and not jointly, agrees, in reliance upon the agreements
of the Lenders set forth in this Section 3, to issue upon the request of the Borrower and for the direct or indirect
benefit of the Borrower and the Restricted Subsidiaries, a letter of credit or letters of credit in dollars (the “Letters
of Credit” and each, a “Letter of Credit”) in such form and with such Issuer Documents as may be approved
by the applicable Issuing Bank in its reasonable discretion; provided that the Borrower shall be a co-applicant of, and
jointly and severally liable with respect to, each Letter of Credit issued for the account of a Restricted Subsidiary.

 

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(b)
Notwithstanding the foregoing, (i) no Letter of Credit shall be issued the Stated Amount of which, when added to the
Letters of Credit Outstanding at such time, would exceed the Letter of Credit Commitment then in effect, (ii) no Letter of
Credit shall be issued the Stated Amount of which would cause the aggregate amount of all Lenders’ Total Exposures at such
time to exceed the Loan Limit then in effect, (iii) each Letter of Credit shall have an expiration date occurring no later
than one year after the date of issuance or such longer period of time as may be agreed by the applicable Issuing Bank, unless
otherwise agreed upon by the Administrative Agent and the applicable Issuing Bank or as provided under Section 3.2(b);
provided that any Letter of Credit may provide for automatic renewal thereof for additional periods of up to 12 months or
such longer period of time as may be agreed upon by the applicable Issuing Bank, subject to the provisions of Section 3.2(b);
provided, further, that in no event shall such expiration date occur later than the L/C Maturity Date unless arrangements
which are reasonably satisfactory to the applicable Issuing Bank to Cash Collateralize (or backstop) such Letter of Credit have
been made, (iv) no Letter of Credit shall be issued if it would be illegal under any applicable Requirement of Law for the
beneficiary of the Letter of Credit to have a Letter of Credit issued in its favor, (v) no Letter of Credit shall be issued
by an Issuing Bank after it has received a written notice from the Administrative Agent or the Majority Lenders stating that a
Default or Event of Default has occurred and is continuing until such time as such Issuing Bank shall have received a written notice
(A) of rescission of such notice from the party or parties originally delivering such notice, (B) of the waiver of such
Default or Event of Default in accordance with the provisions of Section 13.1 or (C) that such Default or
Event of Default is no longer continuing and (vi) without the consent of the applicable Issuing Bank, no Letter of Credit
shall be issued in any currency other than Dollars.

 

(c)
Upon at least one Business Day’s prior written notice (or telephonic notice promptly confirmed in writing) to the
Administrative Agent and the applicable Issuing Bank (which notice the Administrative Agent shall promptly transmit to each of
the applicable Lenders), the Borrower shall have the right, on any day, permanently to terminate or reduce the Letter of Credit
Commitment in whole or in part; provided that, after giving effect to such termination or reduction, the Letters of Credit
Outstanding shall not exceed the Letter of Credit Commitment.

 

3.2
Letter of Credit Applications.

 

(a)
Whenever the Borrower desires that a Letter of Credit be issued, amended or renewed for its account on its own behalf, or
on behalf of its Restricted Subsidiaries, the Borrower shall hand deliver or telecopy (or transmit by electronic communication,
if arrangements for doing so have been approved by the applicable Issuing Bank) to the applicable Issuing Bank and the Administrative
Agent a Letter of Credit application, amendment request or any such document in the Issuing Bank’s customary form or, if
the relevant Issuing Bank does not maintain such a form, in such form as may be approved by the applicable Issuing Bank (each,
a “Letter of Credit Application”). Upon receipt of any Letter of Credit Application or amendment request, the
applicable Issuing Bank will issue such Letter of Credit or amendment on the second Business Day after the relevant Letter of Credit
Application is received, so long as such Letter of Credit Application is received no later than 3:00 p.m. (New York City time)
on such Business Day, or if received after such time or on a day that is not a Business Day, the third Business Day next succeeding
receipt of such Letter of Credit Application. No Issuing Bank shall issue any Letters of Credit unless such Issuing Bank shall
have received notice from the Administrative Agent that the conditions to such issuance have been met.

 

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(b)
If the Borrower so requests in any applicable Letter of Credit Application, the applicable Issuing Bank may, in its sole
and absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension
Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit such Issuing Bank to prevent
any such extension at least once in each 12-month period (commencing with the date of issuance of such Letter of Credit) by giving
prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each
such 12-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the applicable
Issuing Bank, the Borrower shall not be required to make a specific request to such Issuing Bank for any such extension. Once
an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the applicable
Issuing Bank to permit the extension of such Letter of Credit at any time to an expiry date not later than the L/C Maturity Date;
provided, however, that such Issuing Bank shall not permit any such extension if (i) such Issuing Bank has determined
that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as
extended) under the terms hereof (by reason of the provisions of clause (b) of Section 3.1 or otherwise),
or (ii) it has received notice (which may be by telephone or in writing) on or before the day that is five (5) Business Days
before the Non-Extension Notice Date from the Administrative Agent that one or more of the applicable conditions specified
in Section 7 are not then satisfied, and in each such case directing such Issuing Bank not to permit such extension.

 

(c)
Each Issuing Bank (other than the Administrative Agent or any of its Affiliates) shall provide the Administrative Agent
with a reasonably detailed notice upon its issuance or amendment of any Letter of Credit, or upon any drawing under any Letter
of Credit issued by it; provided that, upon written request from the Administrative Agent, such Issuing Bank shall promptly
provide the Administrative Agent with a list of all Letters of Credit issued by it that are outstanding at such time.

 

3.3
Letter of Credit Participations.

 

(a)
Immediately upon the issuance by an Issuing Bank of any Letter of Credit, such Issuing Bank shall be deemed to have sold
and transferred to each Lender (each such Lender, in its capacity under this Section 3.3, an “L/C Participant”),
and each such L/C Participant shall be deemed irrevocably and unconditionally to have purchased and received from such Issuing
Bank, without recourse or warranty, an undivided interest and participation (each an “L/C Participation”), to
the extent of such L/C Participant’s Commitment Percentage, in each Letter of Credit, each substitute therefor, each drawing
made thereunder and the obligations of the Borrower under this Agreement with respect thereto, and any security therefor or guaranty
pertaining thereto.

 

(b)
In determining whether to pay under any Letter of Credit, the relevant Issuing Bank shall have no obligation relative to
the L/C Participants other than to confirm that (i) any documents required to be delivered under such Letter of Credit have
been delivered, (ii) such Issuing Bank has examined the documents with reasonable care and (iii) the documents appear
to comply on their face with the requirements of such Letter of Credit. Any action taken or omitted to be taken by the relevant
Issuing Bank under or in connection with any Letter of Credit issued by it, if taken or omitted in the absence of gross negligence
or willful misconduct (as finally determined by a court of competent jurisdiction), shall not create for such Issuing Bank any
resulting liability.

 

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(c)
In the event that an Issuing Bank makes any payment under any Letter of Credit issued by it and the Borrower shall not have
repaid such amount in full to such Issuing Bank pursuant to Section 3.4(a), such Issuing Bank shall promptly notify
the Administrative Agent (which shall promptly notify each L/C Participant) of such failure, and each such L/C Participant shall
promptly and unconditionally pay to the Administrative Agent for the account of such Issuing Bank, the amount of such L/C Participant’s
Commitment Percentage of such unreimbursed payment in Dollars and in immediately available funds. Each L/C Participant shall make
available to the Administrative Agent for the account of the relevant Issuing Bank such L/C Participant’s Commitment Percentage
of the amount of such payment no later than 1:00 p.m. (New York City time) on the first Business Day after the date notified
by such Issuing Bank in immediately available funds. If and to the extent such L/C Participant shall not have so made its Commitment
Percentage of the amount of such payment available to the Administrative Agent for the account of the relevant Issuing Bank, such
L/C Participant agrees to pay to the Administrative Agent for the account of such Issuing Bank, forthwith on demand, such amount,
together with interest thereon for each day from such date until the date such amount is paid to the Administrative Agent for the
account of such Issuing Bank at a rate per annum equal to the Overnight Rate from time to time then in effect, plus any
administrative, processing or similar fees customarily charged by such Issuing Bank in connection with the foregoing. The failure
of any L/C Participant to make available to the Administrative Agent for the account of any Issuing Bank its Commitment Percentage
of any payment under any Letter of Credit shall not relieve any other L/C Participant of its obligation hereunder to make available
to the Administrative Agent for the account of such Issuing Bank its Commitment Percentage of any payment under such Letter of
Credit on the date required, as specified above, but no L/C Participant shall be responsible for the failure of any other L/C Participant
to make available to the Administrative Agent such other L/C Participant’s Commitment Percentage of any such payment.

 

(d)
Whenever an Issuing Bank receives a payment in respect of an unpaid reimbursement obligation as to which the Administrative
Agent has received for the account of such Issuing Bank any payments from the L/C Participants pursuant to clause (c) above,
such Issuing Bank shall pay to the Administrative Agent and the Administrative Agent shall promptly pay to each L/C Participant
that has paid its Commitment Percentage of such reimbursement obligation, in Dollars and in immediately available funds, an amount
equal to such L/C Participant’s share (based upon the proportionate aggregate amount originally funded by such L/C Participant
to the aggregate amount funded by all L/C Participants) of the principal amount so paid in respect of such reimbursement obligation
and interest thereon accruing after the purchase of the respective L/C Participations at the Overnight Rate.

 

(e)
The obligations of the L/C Participants to make payments to the Administrative Agent for the account of an Issuing Bank
with respect to Letters of Credit shall be irrevocable and not subject to counterclaim, set-off or other defense or any other qualification
or exception whatsoever and shall be made in accordance with the terms and conditions of this Agreement under all circumstances,
including under any of the following circumstances:

 

(i)
any lack of validity or enforceability of this Agreement or any of the other Credit Documents;

 

(ii)
the existence of any claim, set-off, defense or other right that the Borrower or any other Person (including an L/C Participant)
may have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any Person for
whom any such transferee may be acting), the Administrative Agent, any Issuing Bank, any Lender or other Person, whether in connection
with this Agreement, any Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying
transaction between the Borrower and the beneficiary named in any such Letter of Credit);

 

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(iii)
any draft, certificate or any other document presented under any Letter of Credit proving to be forged, fraudulent, invalid
or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;

 

(iv)
the surrender or impairment of any security for the performance or observance of any of the terms of any of the Credit Documents;
or

 

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

 

(vi)
any other event, condition of circumstance, whether or not similar to the foregoing.

 

3.4
Agreement to Repay Letter of Credit Drawings.

 

(a)
The Borrower hereby agrees to reimburse the relevant Issuing Bank by making payment in Dollars or to the Administrative
Agent for the account of such Issuing Bank (whether with its own funds or with proceeds of the Loans) in immediately available
funds, for any payment or disbursement made by such Issuing Bank under any Letter of Credit issued by it (each such amount so paid
until reimbursed, an “Unpaid Drawing”) (i) within one Business Day of the date of such payment or disbursement
if such Issuing Bank provides notice to the Borrower of such payment or disbursement prior to 11:00 a.m. (New York City time)
on such next succeeding Business Day (from the date of such payment or disbursement) or (ii) if such notice is received after
such time, on the next Business Day following the date of receipt of such notice (such required date for reimbursement under clause
(i) or (ii), as applicable, on such Business Day (the “Reimbursement Date”)), with interest on the
amount so paid or disbursed by such Issuing Bank, from and including the date of such payment or disbursement to but excluding
the Reimbursement Date, at the per annum rate for each day equal to the rate described in Section 2.8(a); provided
that, notwithstanding anything contained in this Agreement to the contrary, with respect to any Letter of Credit, (i) unless
the Borrower shall have notified the Administrative Agent and such Issuing Bank prior to 11:00 a.m. (New York City time) on
the Reimbursement Date that the Borrower intends to reimburse such Issuing Bank for the amount of such drawing with funds other
than the proceeds of Loans, the Borrower shall be deemed to have given a Notice of Borrowing requesting that the Lenders make Loans
(which shall be ABR Loans) on the Reimbursement Date in an amount equal to the amount at such drawing, and (ii) the Administrative
Agent shall promptly notify each L/C Participant of such drawing and the amount of its Loan to be made in respect thereof, and
each L/C Participant shall be irrevocably obligated to make a Loan to the Borrower in the manner deemed to have been requested
in the amount of its Commitment Percentage of the applicable Unpaid Drawing by 12:00 noon (New York City time) on such Reimbursement
Date by making the amount of such Loan available to the Administrative Agent. Such Loans made in respect of such Unpaid Drawing
on such Reimbursement Date shall be made without regard to the Minimum Borrowing Amount and without regard to the satisfaction
of the conditions set forth in Section 7. The Administrative Agent shall use the proceeds of such Loans solely for
purpose of reimbursing the relevant Issuing Bank for the related Unpaid Drawing. In the event that the Borrower fails to Cash Collateralize
any Letter of Credit that is outstanding on the L/C Maturity Date, the full amount of the Letters of Credit Outstanding in respect
of such Letter of Credit shall be deemed to be an Unpaid Drawing subject to the provisions of this Section 3.4 except
that such Issuing Bank shall hold the proceeds received from the Lenders as contemplated above as cash collateral for such Letter
of Credit to reimburse any Drawing under such Letter of Credit and shall use such proceeds first, to reimburse itself for
any Drawings made in respect of such Letter of Credit following the L/C Maturity Date, second, to the extent such Letter
of Credit expires or is returned undrawn while any such cash collateral remains, to the repayment of obligations in respect of
any Loans that have not paid at such time and third, to the Borrower or as otherwise directed by a court of competent jurisdiction.
Nothing in this Section 3.4(a) shall affect the Borrower’s obligation to repay all outstanding Loans when due
in accordance with the terms of this Agreement.

 

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(b)
The obligations of the Borrower under this Section 3.4 to reimburse the relevant Issuing Bank with respect to
Unpaid Drawings (including, in each case, interest thereon) shall be absolute, unconditional and irrevocable under any and all
circumstances and irrespective of any set-off, counterclaim or defense to payment that the Borrower or any other Person may have
or have had against such Issuing Bank, the Administrative Agent or any Lender (including in its capacity as an L/C Participant),
including any defense based upon (i) the failure of any drawing under a Letter of Credit (each a “Drawing”)
to conform to the terms of the Letter of Credit, (ii) any non-application or misapplication by the beneficiary of the proceeds
of such Drawing, (iii) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision
therein, (iv) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any
respect or any statement therein being untrue or inaccurate in any respect or (v) any other event or circumstance whatsoever, whether
or not similar to any of the foregoing, that might, but for the provisions of this Section 3.4, constitute a legal or equitable
discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder; provided that the foregoing
shall not be construed to excuse the relevant Issuing Bank from liability to the Borrower to the extent of any direct damages (as
opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to
the extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing Bank’s failure to exercise
care pursuant to the applicable ICC Rule or applicable law when determining whether drafts and other documents presented under
a Letter of Credit comply with the terms thereof. The Borrower agrees that any action taken or omitted to be taken by an Issuing
Bank under or in connection with any Letter of Credit or the related drafts or documents, if done in the absence of gross negligence
or willful misconduct (as finally determined by a court of competent jurisdiction), shall be binding on the Borrower and shall
not result in any liability of such Issuing Bank to the Borrower; provided that the foregoing shall not be construed to
excuse such Issuing Bank from liability to the Borrower to the extent of any direct damages suffered by the Borrower that are caused
by such Issuing Bank’s failure to exercise care, when determining whether drafts and other documents presented under a Letter
of Credit comply with the terms thereof as determined by a final and non-appealable judgment of a court of competent jurisdiction.
In furtherance of the foregoing, the parties hereto agree that, with respect to documents presented which appear on their face
to be in compliance with the terms of a Letter of Credit, the Issuing Bank that issued such Letter of Credit may in its sole discretion
either accept or make payment upon such documents without responsibility for further investigation, regardless of any notice or
information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance
with the terms of such Letter of Credit (unless the Borrower shall consent to payment thereon not withstanding such lack of strict
compliance).

 

3.5
New or Successor Issuing Bank.

 

(a)
Any Issuing Bank may resign as an Issuing Bank upon thirty (30) days’ prior written notice to the Administrative Agent,
the Lenders and the Borrower. The Borrower may replace any Issuing Bank for any reason upon written notice to such Issuing Bank
and the Administrative Agent and may add Issuing Banks at any time upon notice to the Administrative Agent. If an Issuing Bank
shall resign or be replaced, or if the Borrower shall decide to add a new Issuing Bank under this Agreement, then the Borrower
may appoint from among the Lenders (who have agreed to act as successor issuer of Letters of Credit or a new Issuing Bank) a successor
issuer of Letters of Credit or a new Issuing Bank, as the case may be, or, with the consent of the Administrative Agent (such consent
not to be unreasonably withheld) and such new Issuing Bank, another successor or new issuer of Letters of Credit, whereupon such
successor issuer shall succeed to the rights, powers and duties of the replaced or resigning Issuing Bank under this Agreement
and the other Credit Documents, or such new issuer of Letters of Credit shall be granted the rights, powers and duties of an Issuing
Bank hereunder, and the term “Issuing Bank” shall mean such successor or such new issuer of Letters of Credit effective
upon such appointment. The acceptance of any appointment as an Issuing Bank hereunder whether as a successor issuer or new issuer
of Letters of Credit in accordance with this Agreement, shall be evidenced by an agreement entered into by such new or successor
issuer of Letters of Credit, in a form reasonably satisfactory to the Borrower and the Administrative Agent and, from and after
the effective date of such agreement, such new or successor issuer of Letters of Credit shall become an “Issuing Bank”
hereunder. After the resignation or replacement of an Issuing Bank hereunder, the resigning or replaced Issuing Bank shall remain
a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement and the other
Credit Documents with respect to Letters of Credit issued by it prior to such resignation or replacement, but shall not be required
to issue additional Letters of Credit. In connection with any resignation or replacement pursuant to this clause (a) (but,
in case of any such resignation, only to the extent that a successor issuer of Letters of Credit shall have been appointed), either
(i) the Borrower, the resigning or replaced Issuing Bank and the successor issuer of Letters of Credit shall arrange to have
any outstanding Letters of Credit issued by the resigning or replaced Issuing Bank replaced with Letters of Credit issued by the
successor issuer of Letters of Credit or (ii) the Borrower shall cause the successor issuer of Letters of Credit, if such
successor issuer is reasonably satisfactory to the replaced or resigning Issuing Bank, to issue “back-stop” Letters
of Credit naming the resigning or replaced Issuing Bank as beneficiary for each outstanding Letter of Credit issued by the resigning
or replaced Issuing Bank, which new Letters of Credit shall have a Stated Amount equal to the Letters of Credit being back-stopped
and the sole requirement for drawing on such new Letters of Credit shall be a drawing on the corresponding back- stopped Letters
of Credit. After any resigning or replaced Issuing Bank’s resignation or replacement as Issuing Bank, the provisions of this
Agreement relating to an Issuing Bank shall inure to its benefit as to any actions taken or omitted to be taken by it (A) while
it was an Issuing Bank under this Agreement or (B) at any time with respect to Letters of Credit issued by such Issuing Bank.

 

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(b)
To the extent that there are, at the time of any resignation or replacement as set forth in clause (a) above,
any outstanding Letters of Credit, nothing herein shall be deemed to impact or impair any rights and obligations of any of the
parties hereto with respect to such outstanding Letters of Credit (including any obligations related to the payment of fees or
the reimbursement or funding of amounts drawn), except that the Borrower, the resigning or replaced Issuing Bank and the successor
issuer of Letters of Credit shall have the obligations regarding outstanding Letters of Credit described in clause (a) above.

 

3.6
Role of Issuing Bank. Each Lender and the Borrower agree that, in paying any drawing
under a Letter of Credit, no Issuing Bank shall have any responsibility to obtain any document (other than any sight draft, certificates
and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such
document or the authority of the Person executing or delivering any such document. None of the Issuing Banks, the Administrative
Agent, any of their respective affiliates nor any correspondent, participant or assignee of any Issuing Bank shall be liable to
any Lender for (a) any action taken or omitted in connection herewith at the request or with the approval of the Majority
Lenders, (b) any action taken or omitted in the absence of gross negligence or willful misconduct or (c) the due execution,
effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The
Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter
of Credit; provided that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such
rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the Issuing
Banks, the Administrative Agent, any of their respective affiliates nor any correspondent, participant or assignee of any Issuing
Bank shall be liable or responsible for any of the matters described in Section 3.3(e); provided that anything
in such Section to the contrary notwithstanding, the Borrower may have a claim against an Issuing Bank, and such Issuing Bank
may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary,
damages suffered by the Borrower which the Borrower proves were caused by such Issuing Bank’s willful misconduct or gross
negligence (as finally determined by a court of competent jurisdiction) or such Issuing Bank’s unlawful failure (as
finally determined by a court of competent jurisdiction) to pay under any Letter of Credit after the presentation to it by the
beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance
and not in limitation of the foregoing, any Issuing Bank may accept documents that appear on their face to be in order, without
responsibility for further investigation, regardless of any notice or information to the contrary, and no Issuing Bank shall be
responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter
of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective
for any reason.

 

3.7
Cash Collateral.

 

(a)
Upon the request of the Majority Lenders if, as of the L/C Maturity Date, there are any Letters of Credit Outstanding, the
Borrower shall immediately Cash Collateralize the Letters of Credit Outstanding.

 

(b)
If any Event of Default shall occur and be continuing and the Loans shall have been accelerated in accordance with Section
11, the Majority Lenders may require that the L/C Obligations be Cash Collateralized; provided that, upon the occurrence
of an Event of Default referred to in Section 11.5 with respect to the Borrower, the Borrower shall immediately Cash
Collateralize the Letters of Credit then outstanding and no notice or request by or consent from the Majority Lenders shall be
required.

 

(c)
For purposes of this Agreement, “Cash Collateralize” shall mean to (i) pledge and deposit with or deliver
to the Administrative Agent, for the benefit of the Issuing Banks and the Lenders, as collateral for the L/C Obligations, cash
or deposit account balances (“Cash Collateral”) in an amount equal to the amount of the Letters of Credit Outstanding
required to be Cash Collateralized (the “Required Cash Collateral Amount”) or (ii) if the relevant Issuing
Bank benefiting from such collateral shall agree in its reasonable discretion, other forms of credit support (including any backstop
letter of credit) in a face amount equal to 103% of the Required Cash Collateral Amount from an issuer reasonably satisfactory
to such Issuing Bank, in each case under clause (i) and (ii) above pursuant to documentation in form and substance
reasonably satisfactory to the Administrative Agent and the relevant Issuing Bank (which documents are hereby consented to by the
Lenders). Derivatives of such term have corresponding meanings. The Borrower hereby grants to the Administrative Agent, for
the benefit of the Issuing Banks and the L/C Participants, a security interest in all such cash, deposit accounts and all balances
therein and all proceeds of the foregoing. Such cash Collateral shall be maintained in blocked, interest bearing deposit accounts
established by and in the name of the Borrower, but under the “control” (as defined in Section 9-104 of the UCC)
of the Administrative Agent.

 

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3.8
Applicability of ISP and UCP. The Borrower agrees that any Issuing Bank may issue Letters
of Credit hereunder subject to the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce (“ICC”)
Publication Nos. 600 (2007 Revision) (“UCP 600”) or, at such Issuing Bank’s option, such later revision
thereof in effect at the time of issuance of the Letter of Credit or the International Standby Practices 1998, ICC Publication
No. 590 or, at such Issuing Bank’s option, such later revision thereof in effect at the time of issuance of any such Letter
of Credit (“ISP 98”, and each of the UCP 600 and the ISP 98, an “ICC Rule”). Each Issuing
Bank’s privileges, rights and remedies under such ICC Rules shall be in addition to, and not in limitation of, its privileges,
rights and remedies expressly provided for herein. The Borrower agrees for matters not addressed by the chosen ICC Rule, each Letter
of Credit shall be subject to and governed by the laws of the State of New York and applicable United States Federal laws; provided
that if at Borrower’s request, a Letter of Credit chooses a state or country law other than New York State law and United
States Federal law or is silent with respect to the choice of an ICC Rule or a governing law, the Issuing Bank shall not be liable
for any payment, cost, expense or loss resulting from any action or inaction taken by the Issuing Bank if such action or inaction
is or would be justified under an ICC Rule, New York law or applicable United States Federal law, and Borrower shall indemnify
Issuing Bank for all such payments, costs, expenses or losses.

 

3.9
Conflict with Issuer Documents. In the event of any conflict between the terms hereof
and the terms of any Issuer Document, the terms hereof shall control.

 

3.10
Letters of Credit Issued for Restricted Subsidiaries. Notwithstanding that a Letter
of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Restricted Subsidiary,
the Borrower shall be obligated to reimburse the relevant Issuing Bank hereunder for any and all drawings under such Letter of
Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Restricted Subsidiaries inures
to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses of such
Restricted Subsidiaries.

 

3.11
Increased Costs. If, after the Closing Date, the adoption of any Change in Law shall
either (a) impose, modify or make applicable any reserve, deposit, capital adequacy or similar requirement against Letters of Credit
issued by any Issuing Bank, or any L/C Participant’s L/C Participation therein, or (b) impose on any Issuing Bank or any
L/C Participant any other conditions, costs or expenses affecting its obligations under this Agreement in respect of Letters of
Credit or L/C Participations therein or any Letter of Credit or such L/C Participant’s L/C Participation therein, and the
result of any of the foregoing is to increase the cost to such Issuing Bank or such L/C Participant of issuing, maintaining or
participating in any Letter of Credit, or to reduce the amount of any sum received or receivable by such Issuing Bank or such L/C
Participant hereunder (other than (i) Taxes indemnifiable under Section 5.4, or (ii) Excluded Taxes) in respect of Letters
of Credit or L/C Participations therein, then, promptly (and in any event no later than fifteen (15) days) after receipt of written
demand to the Borrower by such Issuing Bank or such L/C Participant, as the case may be (a copy of which notice shall be sent by
such Issuing Bank or such L/C Participant to the Administrative Agent), the Borrower shall pay to such Issuing Bank or such L/C
Participant such additional amount or amounts as will compensate such Issuing Bank or such L/C Participant for such increased cost
or reduction, it being understood and agreed, however, that no Issuing Bank or L/C Participant shall be entitled to such compensation
as a result of such Person’s compliance with, or pursuant to any request or directive to comply with, any such Requirement
of Law as in effect on the Closing Date. A certificate submitted to the Borrower by the relevant Issuing Bank or an L/C Participant,
as the case may be (a copy of which certificate shall be sent by such Issuing Bank or such L/C Participant to the Administrative
Agent), setting forth in reasonable detail the basis for the determination of such additional amount or amounts necessary to compensate
such Issuing Bank or such L/C Participant as aforesaid shall be conclusive and binding on the Borrower absent clearly demonstrable
error.

 

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3.12
Independence. The Borrower acknowledges that the rights and obligations of each Issuing
Bank under each Letter of Credit issued by it are independent of the existence, performance or nonperformance of any contract or
arrangement underlying such Letter of Credit, including contracts or arrangements between such Issuing Bank and the Borrower (other
than the Credit Documents and the Issuer Documents) and between the Borrower and the relevant beneficiary.

 

SECTION
4. Fees; Commitments.

 

4.1
Fees.

 

(a)
The Borrower agrees to pay to the Administrative Agent in Dollars, for the account of each Lender (in each case pro rata
according to the respective Commitment Percentages of the Lenders), a commitment fee (the “Commitment Fee”)
for each day from the Closing Date until but excluding the Termination Date. Each Commitment Fee shall be payable by the Borrower
quarterly in arrears on the last Business Day of each March, June, September and December (for the three-month period
(or portion thereof) ended on such day for which no payment has been received) and on the Termination Date (for the period ended
on such date for which no payment has been received pursuant to clause (i) above), and shall be computed for each day during
such period at a rate per annum equal to the Commitment Fee Rate in effect on such day on the Available Commitment (assuming for
this purpose that there is no reference to “Swingline Exposure” in the definition of Total Exposure) in effect on such
day. It is understood and agreed that for purposes of calculating the Commitment Fee payable pursuant to this Section 4.1(a),
Swingline Loans made by or deemed made by such Lender shall not count as utilization for purposes of determining the unutilized
Revolving Commitment of each Lender.

 

(b)
The Borrower agrees to pay to the Administrative Agent in Dollars for the account of the Lenders pro rata on the basis of
their respective Letter of Credit Exposure, a fee in respect of each Letter of Credit (the “Letter of Credit Fee”),
for the period from the date of issuance of such Letter of Credit until the termination or expiration date of such Letter of Credit
computed at the per annum rate for each day equal to the Applicable Margin for LIBOR Loans on the average daily Stated Amount of
such Letter of Credit. Such Letter of Credit Fees shall be due and payable (i) quarterly in arrears on the last Business Day
of each March, June, September and December and (ii) on the Termination Date (for the period for which no payment
has been received pursuant to clause (i) above).

 

(c)
The Borrower agrees to pay to each Issuing Bank a fee in respect of each Letter of Credit issued by it (the “Fronting
Fee”), for the period from the date of issuance of such Letter of Credit to the termination or expiration date of such
Letter of Credit, computed at the rate for each day equal to 0.125% per annum (or such other amount as may be agreed in a separate
writing between the Borrower and the relevant Issuing Bank) on the average daily Stated Amount of such Letter of Credit (or at
such other rate per annum as agreed in writing between the Borrower and the relevant Issuing Bank). Such Fronting Fees shall be
due and payable by the Borrower (i) quarterly in arrears on the last Business Day of each March, June, September and
December and (ii) on the Termination Date (for the period for which no payment has been received pursuant to clause
(i) above).

 

(d)
The Borrower agrees to pay directly to each Issuing Bank upon each issuance of, drawing under, and/or amendment of, a Letter
of Credit issued by it such amount as the relevant Issuing Bank and the Borrower shall have agreed upon for issuances of, drawings
under or amendments of, letters of credit issued by it.

 

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(e)
The Borrower agrees to pay to the Administrative Agent the administrative agent fees in the amounts and on the dates as
set forth in writing from time to time between the Administrative Agent and the Borrower.

 

4.2
Voluntary Reduction of Commitments.

 

(a)
Upon at least two (2) Business Days’ prior written notice (or telephonic notice promptly confirmed in writing) to
the Administrative Agent at the Administrative Agent’s Office (which notice the Administrative Agent shall promptly transmit
to each of the Lenders), the Borrower shall have the right, without premium or penalty, on any day, permanently to terminate or
reduce the Commitments of any Class, as determined by the Borrower, in whole or in part; provided that (a) with respect
to the Commitments, any such termination or reduction shall apply proportionately and permanently to reduce the Commitments of
each of the Lenders of such Class, except that, notwithstanding the foregoing, (1) the Borrower may allocate any termination
or reduction of Commitments among Classes of Commitments either (A) ratably among Classes or (B) first to the Commitments
with respect to any Existing Commitments and second to any Extended Commitments and (2) in connection with the establishment
on any date of any Extended Commitments pursuant to Section 2.17, (i) the Existing Commitments of each Lender providing
any such Extended Commitments on such date shall be reduced in an amount equal to the amount of Specified Existing Commitments
so extended on such date by such Lender and (ii) the Existing Commitments of any Lender not providing such Extended Commitments
shall be reduced, solely to the extent elected to be reduced by the Borrower pursuant to Section 2.17, among the Class
or Classes of Commitments elected by the Borrower (provided that (x) after giving effect to any such reduction and
to the repayment of any Loans made on such date, the Total Exposure of any such Lender does not exceed the Commitment of such Lender
(such Total Exposure and Commitment in the case of an Extending Lender being determined for purposes of this proviso, for the avoidance
of doubt, exclusive of such Extending Lender’s Extended Commitment and any exposure in respect thereof) and (y) for
the avoidance of doubt, any such repayment of Loans contemplated by the preceding clause (x) shall be made in compliance
with the requirements of Section 5.3(a) with respect to the ratable allocation of payments hereunder, with such allocation
being determined after giving effect to any conversion pursuant to Section 2.17 of Existing Commitments and Existing
Loans into Extended Commitments and Extended Loans respectively, and prior to any reduction being made to the Commitment of any
other Lender), (b) any partial reduction pursuant to this Section 4.2 shall be in the amount of at least $1,000,000
and (c) after giving effect to such termination or reduction and to any prepayments of Loans or cancellation or Cash Collateralization
of Letters of Credit made on the date thereof in accordance with this Agreement, the aggregate amount of the Lenders’ Total
Exposures shall not exceed the Loan Limit.

 

(b)
The Borrower may terminate the unused amount of the Commitment of a Defaulting Lender upon not less than two (2) Business
Days’ prior notice to the Administrative Agent (which will promptly notify the Lenders thereof), and in such event the provisions
of Section 2.15(f) will apply to all amounts thereafter paid by the Borrower for the account of such Defaulting Lender
under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts), provided that such termination
will not be deemed to be a waiver or release of any claim the Borrower, the Administrative Agent, any Issuing Bank, the Swingline
Lender or any Lender may have against such Defaulting Lender.

 

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Notwithstanding anything
to the contrary contained in this Agreement, any such notice of commitment termination pursuant to Section 4.2 may state
that it is conditioned upon the occurrence or non-occurrence of any event specified therein (including the effectiveness of other
credit facilities), in which case such notice may be revoked by the Borrower (by written notice to the Administrative Agent on
or prior to the specified effective date) if such condition is not satisfied.

 

4.3
Mandatory Termination of Commitments.

 

(a)
The Total Commitment shall terminate at 5:00 p.m. (New York City time) on the Termination Date.

 

(b)
The Swingline Commitment shall terminate at 5:00 p.m. (New York City time) on the earlier of (x) the Swingline
Maturity Date and (y) the Termination Date.

 

SECTION
5.        Payments.

 

5.1
Voluntary Prepayments. The Borrower shall have the right to prepay Loans and Swingline
Loans, in each case, without premium or penalty, in whole or in part from time to time on the following terms and conditions:

 

(a)
the Borrower shall give the Administrative Agent at the Administrative Agent’s Office written notice (or telephonic
notice promptly confirmed in writing) of its intent to make such prepayment, the amount of such prepayment and (in the case of
LIBOR Loans) the specific Borrowing(s) being prepaid, which notice shall be given by the Borrower no later than 1:00 p.m.
(New York City time) (i) in the case of LIBOR Loans, two (2) Business Days prior to the date of such prepayment and (ii) in
the case of ABR Loans on the date of such prepayment and shall promptly be transmitted by the Administrative Agent to each of the
Lenders;

 

(b)
each partial prepayment of (i) LIBOR Loans shall be in a minimum amount of $500,000 and in multiples of $100,000 in
excess thereof or a lesser amount to the extent such lesser amount represents the entire aggregate outstanding LIBOR Loans at such
time, and (ii) any ABR Loans shall be in a minimum amount of $500,000 and in multiples of $100,000 in excess thereof or a
lesser amount to the extent such lesser amount represents the entire aggregate outstanding ABR Loans at such time; provided
that no partial prepayment of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding LIBOR Loans made pursuant
to such Borrowing to an amount less than the applicable Minimum Borrowing Amount for such LIBOR Loans; and

 

(c)
any prepayment of LIBOR Loans pursuant to this Section 5.1 on any day other than the last day of an Interest
Period applicable thereto shall be subject to compliance by the Borrower with the applicable provisions of, including any breakage
costs as set forth in, Section 2.11.

 

Each such notice shall specify the date
and amount of such prepayment and the Type and Class of Loans to be prepaid. At the Borrower’s election in connection with
any prepayment pursuant to this Section 5.1, such prepayment shall not be applied to any Loans of a Defaulting Lender.

 

Notwithstanding anything
to the contrary contained in this Agreement, any such notice of prepayment pursuant to Section 5.1 may state that it is
conditioned upon the occurrence or non-occurrence of any event specified therein (including the effectiveness of other credit facilities),
in which case such notice may be revoked by the Borrower (by written notice to the Administrative Agent on or prior to the specified
effective date) if such condition is not satisfied.

 

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5.2
Mandatory Prepayments.

 

(a)
Repayment following Optional Reduction of Commitments. If, after giving effect to any termination or reduction of
the Commitments pursuant to Section 4.2(a), the aggregate Total Exposures of all Lenders exceeds the Loan Limit (as
reduced), then the Borrower shall on the same Business Day (i) prepay the Swingline Loans and, after all Swingline Loans have
been paid in full, the remaining Loans on the date of such termination or reduction in an aggregate principal amount equal to such
excess and (ii) if any excess remains after prepaying all of the Loans as a result of any Letter of Credit Exposure, pay to
the Administrative Agent on behalf of the Issuing Banks and the L/C Participants an amount in cash or otherwise Cash Collateralize
an amount equal to such excess as provided in Section 3.7.

 

(b)
Repayment of Loans Following Redetermination or Adjustment of Borrowing Base.

 

(i)
Upon the effectiveness of a redetermination of the Borrowing Base in accordance with Section 2.14(d), if a Borrowing
Base Deficiency exists, then the Borrower shall, within ten (10) Business Days after its receipt of a New Borrowing Base Notice
indicating such Borrowing Base Deficiency, inform the Administrative Agent that it intends to take one or more of the following
actions (provided that, if the Borrower fails to inform the Administrative Agent within ten (10) Business Days after its
receipt of a New Borrowing Base Notice, Borrower shall be deemed to have elected (B) below): (A) within thirty (30) days following
such election prepay the Loans in an aggregate principal amount equal to such excess, (B) prepay the Loans in six equal monthly
installments, commencing on the 30th day following such election with each payment being equal to l/6th of the aggregate principal
amount of such excess, (C) within thirty (30) days following such election, provide additional Oil and Gas Properties (accompanied
by reasonably acceptable Engineering Reports) not evaluated in the most recently delivered Reserve Report (which shall become Mortgaged
Properties within the time period prescribed by Section 9.11(d) regardless of whether the Collateral Coverage Minimum is
then satisfied) or other Collateral reasonably acceptable to the Administrative Agent having a Borrowing Base Value (as proposed
by the Administrative Agent and approved by the Required Lenders) sufficient, after giving effect to any other actions taken pursuant
to this Section 5.2(b)(i) to eliminate any such excess, or (D) undertake a combination of clauses (A),
(B), and (C); provided that if, because of Letter of Credit Exposure, a Borrowing Base Deficiency remains
after prepaying all of the Loans, the Borrower shall Cash Collateralize such remaining Borrowing Base Deficiency as provided in
Section 3.7; provided further, that any Borrowing Base Deficiency must be cured on or prior to the Termination
Date.

 

(ii)
Upon any adjustment to the Borrowing Base pursuant to Section 2.14(e), (f) or (h), if a Borrowing
Base Deficiency exists, as adjusted, then the Borrower shall (A) prepay the Loans in an aggregate principal amount equal to
such excess and (B) if any excess remains after prepaying all of the Loans as a result of any Letter of Credit Exposure, Cash
Collateralize such excess as provided in Section 3.7. Upon any Disposition pursuant to Section 10.4(m) when
(A) an Event of Default has occurred and is continuing or (B) a Borrowing Base Deficiency exists or would result therefrom (unless
the net cash proceeds of such Disposition are sufficient, together with Unrestricted Cash, to eliminate any Borrowing Base Deficiency
that exists or would result therefrom), the Borrower shall prepay the Loans in an aggregate principal amount equal to the aggregate
net cash proceeds of all such Dispositions in excess of $5,000,000 in any fiscal year. The Borrower shall be obligated to make
any prepayment and/or deposit of cash collateral under this clause (ii) no later than three (3) Business Days following
the dates of any applicable adjustment of the Borrowing Base; provided that all payments required to be made pursuant to
this clause (ii) must be made on or prior to the Termination Date.

 

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(iii)
If, after the incurrence of any Pari Debt (other than Permitted Refinancing Indebtedness in respect of Pari Debt), the sum
of (x) the aggregate Total Exposure of all Lenders and (y) the aggregate amount of Pari Debt outstanding at such time (without
giving effect to any payments applied to reduce such Pari Debt unless the Administrative Agent is notified of such reduction in
Pari Debt at the time of the next Scheduled Redetermination or Interim Redetermination) exceeds the Borrowing Base then in effect,
the Borrower shall within three (3) Business Days of the date on which such incurrence occurs (A) prepay the Loans or (B)
Cash Collateralize such excess as provided in Section 3.7, in each case such that after giving effect to such prepayments
and/or such Cash Collateral no Borrowing Base Deficiency exists.

 

(c)
Application to Loans. With respect to each prepayment of Loans elected under Section 5.1 or required
by Section 5.2, the Borrower may designate (i) the Types and Class of Loans that are to be prepaid and the specific
Borrowing(s) being repaid and (ii) the Loans to be prepaid; provided that (A) each prepayment of any Loans made
pursuant to a Borrowing shall be applied pro rata among such Loans, and (B) notwithstanding the provisions of the preceding
clause (A), no prepayment of Loans shall be applied to the Loans of any Defaulting Lender unless otherwise agreed to in
writing by the Borrower. In the absence of a designation by the Borrower as described in the preceding sentence, the Administrative
Agent shall, subject to the above, make such designation in its reasonable discretion with a view, but no obligation, to minimize
breakage costs owing under Section 2.11.

 

(d)
LIBOR Interest Periods. In lieu of making any payment pursuant to this Section 5.2 in respect of any
LIBOR Loan, other than on the last day of the Interest Period thereof so long as no Event of Default shall have occurred and be
continuing, the Borrower at its option may deposit, on behalf of the Borrower, with the Administrative Agent an amount equal to
the amount of the LIBOR Loan to be prepaid and such LIBOR Loan shall be repaid on the last day of the Interest Period therefor
in the required amount. Such deposit shall be held by the Administrative Agent in a corporate time deposit account established
on terms reasonably satisfactory to the Administrative Agent, earning interest at the then customary rate for accounts of such
type. The Borrower hereby grants to the Administrative Agent, for the benefit of the Lenders, a security interest in all such cash,
deposit accounts and all balances therein and all proceeds of the foregoing. Such deposit shall constitute cash collateral for
the LIBOR Loans to be so prepaid; provided that the Borrower may at any time direct that such deposit be applied to make
the applicable payment required pursuant to this Section 5.2.

 

(e)
Application of Proceeds. The application of proceeds pursuant to this Section 5.2 shall not reduce the
aggregate amount of Commitments under the Facility and amounts prepaid may be reborrowed subject to the Available Commitment.

 

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5.3
Method and Place of Payment.

 

(a)
Except as otherwise specifically provided herein, all payments under this Agreement shall be made by the Borrower without
set-off, counterclaim or deduction of any kind, to the Administrative Agent for the ratable account of the Lenders entitled thereto
or the Issuing Banks or the Swingline Lender entitled thereto, as the case may be, not later than 2:00 p.m. (New York
City time), in each case, on the date when due and shall be made in immediately available funds at the Administrative Agent’s
Office or at such other office as the Administrative Agent shall specify for such purpose by notice to the Borrower, it being understood
that written or facsimile notice by the Borrower to the Administrative Agent to make a payment from the funds in the Borrower’s
account at the Administrative Agent’s Office shall constitute the making of such payment to the extent of such funds held
in such account. All repayments or prepayments of any Loans (whether of principal, interest or otherwise) hereunder and all
other payments under each Credit Document shall be made in Dollars. The Administrative Agent will thereafter cause to be distributed
on the same day (if payment was actually received by the Administrative Agent prior to 2:00 p.m. (New York City time) or, otherwise,
on the next Business Day in the sole discretion of the Administrative Agent) like funds relating to the payment of principal
or interest or fees ratably to the Lenders or the Issuing Banks, as applicable, entitled thereto.

 

(b)
For purposes of computing interest or fees, any payments under this Agreement that are made later than 2:00 p.m. (New York
City time) shall be deemed to have been made on the next succeeding Business Day in the sole discretion of the Administrative Agent.
Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the due date thereof shall
be extended to the next succeeding Business Day and, with respect to payments of principal, interest shall be payable during such
extension at the applicable rate in effect immediately prior to such extension.

 

5.4
Net Payments.

 

(a)
Any and all payments made by or on behalf of the Borrower or any Guarantor under this Agreement or any other Credit Document
shall be made free and clear of, and without deduction or withholding for or on account of, any Taxes; provided that if
the Borrower, any Guarantor or the Administrative Agent or any other applicable withholding agent shall be required by applicable
Requirements of Law to deduct or withhold any Taxes from such payments, then (i) the applicable withholding agent shall make
such deductions or withholdings as are reasonably determined by the applicable withholding agent to be required by any applicable
Requirement of Law, (ii) the applicable withholding agent shall timely pay the full amount deducted or withheld to the relevant
Governmental Authority in accordance with applicable Requirements of Law, and (iii) to the extent withholding or deduction
is required to be made on account of Indemnified Taxes or Other Taxes, the sum payable by the Borrower or such Guarantor shall
be increased as necessary so that after all required deductions and withholdings have been made (including deductions or withholdings
of Indemnified Taxes or Other Taxes applicable to additional sums payable under this Section 5.4) the Administrative
Agent, the Collateral Agent, or the applicable Lender, as the case may be, receives an amount equal to the sum it would have
received had no such deductions or withholdings been made. After any payment of Taxes by any Credit Party or the Administrative
Agent to a Governmental Authority as provided in this Section 5.4, the Borrower shall deliver to the Administrative
Agent or the Administrative Agent shall deliver to the Borrower, as the case may be, the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of any return required by law to report such payment or other
evidence of such payment reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be.

 

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(b)
The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable Requirements of Law,
or at the option of the Administrative Agent timely reimburse it for, any Other Taxes (whether or not such Other Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority).

 

(c)
The Borrower shall indemnify and hold harmless the Administrative Agent, the Collateral Agent and each Lender within fifteen
(15) Business Days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes imposed on the Administrative
Agent, the Collateral Agent or such Lender, as the case may be (including Indemnified Taxes or Other Taxes imposed or asserted
on or attributable to amounts payable under this Section 5.4), and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate setting forth in reasonable detail the basis and calculation of the amount of such payment
or liability delivered to the Borrower by a Lender, the Administrative Agent or the Collateral Agent (as applicable) on its own
behalf or on behalf of a Lender shall be conclusive absent manifest error and shall constitute a required notice for purposes of
Section 2.13.

 

(d)
Each Lender shall deliver to the Borrower and the Administrative Agent, at such time or times reasonably requested by the
Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or
the Administrative Agent as will permit the Borrower or the Administrative Agent, as the case may be, to determine (A) whether
or not any payments made hereunder or under any other Credit Document are subject to Taxes, (B) if applicable, the required
rate of withholding or deduction, and (C) such Lender’s entitlement to any available exemption from, or reduction of,
applicable Taxes in respect of any payments to be made to such Lender by any Credit Party pursuant to any Credit Document or otherwise
to establish such Lender’s status for withholding tax purposes in the applicable jurisdiction. In addition, any Lender, if
reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable
law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent
to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other
than such documentation set forth in Section 5.4(e)(i)(A), (B) and (C) and Section 5.4(h) below) shall
not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender
to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

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(e)
Without limiting the generality of Section 5.4(d), each Non-U.S. Lender with respect to any Loan made to the Borrower
shall, to the extent it is legally eligible to do so:

 

(i)
deliver to the Borrower and the Administrative Agent, on or prior to the date on which such Lender becomes a Lender under
this Agreement, two copies of (A) in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under
Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest”, United States Internal
Revenue Service (“IRS”) Form W-8BEN or IRS Form W-8BEN-E, as applicable (or any applicable successor form) (together
with a certificate (substantially in the form of Exhibit K hereto) representing that such Non-U.S. Lender is not a
bank for purposes of Section 881(c)(3)(A) of the Code, is not a “10-percent shareholder” (within the meaning of
Section 881(c)(3)(B) of the Code) of the Borrower, and is not a CFC described in Section 881(c)(3)(C) of the Code), (B) IRS
Form W-8BEN or IRS Form W-8ECI or IRS Form W-8BEN-E, as applicable (or any applicable successor form), in each case properly completed
and duly executed by such Non-U.S. Lender claiming complete exemption from, or reduced rate of, U.S. federal withholding tax on
payments by the Borrower under this Agreement, (C) IRS Form W-8IMY (or any applicable successor form) and all necessary attachments
(including the forms described in clauses (A) and (B) above, provided that if the Non-U.S. Lender is
a partnership and not a participating Lender, and one or more of the partners is claiming portfolio interest treatment, a certificate
substantially in the form of Exhibit K hereto may be provided by such Non-U.S. Lender on behalf of such partners) or (D) any
other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding tax duly
completed together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower to determine
the withholding or deduction required to be made; and

  

(ii)
deliver to the Borrower and the Administrative Agent two further copies of any such form or certification (or any applicable
successor form) promptly after such form or certification expires or becomes obsolete or invalid, after the occurrence of any event
requiring a change in the most recent form previously delivered by it to the Borrower and the Administrative Agent, and from time
to time thereafter if reasonably requested by the Borrower or the Administrative Agent or promptly notify in writing the Borrower
and the Administrative Agent of such Non-U.S. Lender’s inability to do so.

 

(iii)
Each Person that shall become a Participant pursuant to Section 13.6 or a Lender pursuant to Section 13.6
shall, upon the effectiveness of the related transfer, be required to provide all the forms and statements required pursuant to
this Section 5.4(e); provided that in the case of a Participant such Participant shall furnish all such required
forms and statements to the Person from which the related participation shall have been purchased.

 

(f)
In addition, to the extent it is legally eligible to do so, each Agent shall deliver to the Borrower (x)(I) prior to the
date on which the first payment by the Borrower is due hereunder or (II) prior to the first date on or after the date on which
such Agent becomes a successor Agent pursuant to Section 12.9 on which payment by the Borrower is due hereunder, as applicable,
two copies of a properly completed and executed IRS Form W-9 certifying its exemption from U.S. Federal backup withholding or a
properly completed and executed applicable IRS Form W-8 certifying its non-U.S. status and its entitlement to any treaty benefits
and its status as a qualified intermediary or withholding foreign partnership, and (y) on or before the date on which any such
previously delivered documentation expires or becomes obsolete or invalid, after the occurrence of any event requiring a change
in the most recent documentation previously delivered by it to the Borrower, and from time to time if reasonably requested by the
Borrower, two further copies of such documentation.

 

    	 	95	 

     

    

 

(g)
If any Lender, the Administrative Agent or the Collateral Agent, as applicable, determines, in its sole discretion exercised
in good faith, that it has received a refund of an Indemnified Tax or Other Tax for which it has been indemnified pursuant to this
Section 5.4 (including by the payment of additional amounts pursuant to this Section 5.4), then the Lender, the Administrative
Agent or the Collateral Agent, as the case may be, shall reimburse the Borrower or such Guarantor for such amount (net of all reasonable
out-of-pocket expenses of such Lender, the Administrative Agent or the Collateral Agent, as the case may be, and without interest
other than any interest received thereon from the relevant Governmental Authority with respect to such refund) as the Lender, Administrative
Agent or the Collateral Agent, as the case may be, determines in its sole discretion exercised in good faith to be the proportion
of the refund as will leave it, after such reimbursement, not in a less favorable net after-Tax position (taking into account expenses
or any taxes imposed on the refund) than it would have been in if the payment had not been required; provided that the Borrower
or such Guarantor, upon the request of the Lender, the Administrative Agent or the Collateral Agent, agrees to repay the amount
paid over to the Borrower or such Guarantor (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) to the Lender, the Administrative Agent or the Collateral Agent in the event the Lender, the Administrative Agent or
the Collateral Agent is required to repay such refund to such Governmental Authority. In such event, such Lender, the Administrative
Agent or the Collateral Agent, as the case may be, shall, at the Borrower’s request, provide the Borrower with a copy of
any notice of assessment or other evidence of the requirement to repay such refund received from the relevant Governmental Authority
(provided that such Lender, the Administrative Agent or the Collateral Agent may delete any information therein that it
deems confidential). No Lender nor the Administrative Agent nor the Collateral Agent shall be obliged to make available its tax
returns (or any other information relating to its taxes that it deems confidential) to any Credit Party in connection with this
clause (g) or any other provision of this Section 5.4.

 

(h)
Each U.S. Lender shall deliver to the Borrower and the Administrative Agent two IRS Forms W-9 (or substitute or successor
form), properly completed and duly executed, certifying that such U.S. Lender is exempt from United States federal backup withholding
(i) on or prior to the Closing Date (or on or prior to the date it becomes a party to this Agreement), (ii) on or before
the date that such form expires or becomes obsolete or invalid, (iii) after the occurrence of a change in the U.S. Lender’s
circumstances requiring a change in the most recent form previously delivered by it to the Borrower and the Administrative Agent,
and (iv) from time to time thereafter if reasonably requested by the Borrower or the Administrative Agent.

 

(i)
If a payment made to any Lender under this Agreement or any other Credit Document would be subject to U.S. federal withholding
tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those
contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative
Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative
Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code)
and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the
Borrower and the Administrative Agent to comply with their obligations under FATCA, to determine whether such Lender has or has
not complied with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such
payment. Solely for purposes of this Section 5.4(j), “FATCA” shall include any amendments made to FATCA
after the date of this Agreement.

 

(j)
For the avoidance of doubt, for purposes of this Section 5.4, the term “Lender” includes
any Issuing Bank and any Swingline Lender and the term “applicable law” or “Requirement of Law” includes
FATCA.

 

(k)
The agreements in this Section 5.4 shall survive the termination of this Agreement and the payment of the Loans
and all other amounts payable hereunder.

 

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5.5
Computations of Interest and Fees.

 

(a)
Except as provided in the next succeeding sentence, interest on LIBOR Loans and ABR Loans shall be calculated on the basis
of a 360-day year for the actual days elapsed. Interest on ABR Loans in respect of which the rate of interest is calculated on
the basis of the Administrative Agent’s prime rate and interest on overdue interest shall be calculated on the basis of a
365- (or 366-, as the case may be) day year for the actual days elapsed.

 

(b)
Fees and the average daily Stated Amount of Letters of Credit shall be calculated on the basis of a 360-day year for the
actual days elapsed.

 

5.6
Limit on Rate of Interest.

 

(a)
No Payment Shall Exceed Lawful Rate. Notwithstanding any other term of this Agreement, the Borrower shall not be
obligated to pay any interest or other amounts under or in connection with this Agreement or otherwise in respect to any of the
Obligations in excess of the amount or rate permitted under or consistent with any applicable law, rule or regulation.

 

(b)
Payment at Highest Lawful Rate. If the Borrower is not obliged to make a payment that it would otherwise be required
to make, as a result of Section 5.6(a), the Borrower shall make such payment to the maximum extent permitted by or
consistent with applicable laws, rules and regulations.

 

(c)
Adjustment if Any Payment Exceeds Lawful Rate. If any provision of this Agreement or any of the other Credit Documents
would obligate the Borrower or any other Credit Party to make any payment of interest or other amount payable to any Lender in
an amount or calculated at a rate that would be prohibited by any applicable Requirement of Law, then notwithstanding such provision,
such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as
the case may be, as would not be so prohibited by applicable Requirements of Law, such adjustment to be effected, to the extent
necessary, by reducing the amount or rate of interest required to be paid by the Borrower to the affected Lender under Section 2.8.

 

(d)
Rebate of Excess Interest. Notwithstanding the foregoing, and after giving effect to all adjustments contemplated
thereby, if any Lender shall have received from the Borrower an amount in excess of the maximum permitted by any applicable Requirement
of Law, then the Borrower shall be entitled, by notice in writing to the Administrative Agent to obtain reimbursement from that
Lender in an amount equal to such excess, and pending such reimbursement, such amount shall be deemed to be an amount payable by
that Lender to the Borrower.

 

SECTION
6.        Conditions Precedent
to Initial Borrowing.

 

The initial Borrowing
under this Agreement is subject to the satisfaction of the following conditions precedent, except as otherwise agreed or waived
pursuant to Section 13.1.

 

(a)
The Administrative Agent (or its counsel) shall have received from the Borrower (i) a counterpart of this Agreement signed
on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include e-mail transmission
of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.

 

    	 	97	 

     

    

 

(b)
The Administrative Agent (or its counsel) shall have received, on behalf of itself, the Collateral Agent and the Lenders,
written opinions of Kirkland & Ellis LLP, counsel to the Credit Parties (i) dated the Closing Date, (ii) addressed
to the Administrative Agent, the Collateral Agent, the Lenders and each Issuing Bank and (iii) in form and substance customary
for transactions of this type. The Borrower, the other Credit Parties and the Administrative Agent hereby instruct such counsel
to deliver such legal opinions.

 

(c)
The Administrative Agent shall have received, in the case of each Credit Party, a certificate of the Secretary or Assistant
Secretary or similar officer of each Credit Party dated the Closing Date and certifying:

 

(i)
that attached thereto is a true and complete copy of the bylaws (or limited liability company agreement or other equivalent
governing documents) of such Credit Party as in effect on the Closing Date and at all times since a date prior to the date of the
resolutions described in clause (ii) below,

 

(ii)
that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors (or managing member
or equivalent) of such Credit Party authorizing the execution, delivery and performance of the Credit Documents to which such
person is a party and, in the case of the Borrower, the borrowings hereunder, and that such resolutions have not been modified,
rescinded or amended and are in full force and effect on the Closing Date,

 

(iii)
that attached thereto is a true and complete copy of the certificate or articles of incorporation or certificate of formation,
including all amendments thereto, of such Credit Party, certified as of a recent date by the Secretary of State (or other similar
official) of the jurisdiction of its organization, and a certificate as to the good standing (to the extent such concept or a similar
concept exists under the laws of such jurisdiction) of each such Credit Party as of a recent date from such Secretary of State
(or other similar official), which has not been amended,

 

(iv)
as to the incumbency and specimen signature of each officer executing any Credit Document or any other document delivered
in connection herewith on behalf of such Credit Party, and

 

(v)
a certificate of a director or an officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary
or similar officer executing the certificate pursuant to subclause (ii) above.

 

(d)
The Administrative Agent (or its counsel) shall have received executed copies of the Guarantee, executed by each Person
which will be a Guarantor on the Closing Date.

 

(e)
(i) The Administrative Agent (or its counsel) shall have received copies of the Collateral Agreement, the Mortgages
(subject to the final paragraph of this Section) and each other Security Document that is required to be executed on the
Closing Date, duly executed by each Credit Party party thereto, together with evidence that all other actions, recordings and
filings required by the Security Documents as of the Closing Date subject to the last paragraph of this Section 6
or that the Collateral Agent may deem reasonably necessary to (A) create the Liens intended to be created by any Security
Document and perfect such Liens to the extent required by, and with the priority required by, such Security Document shall
have been delivered to the Collateral Agent for filing, registration or recording and (B) comply with Section 9.11,
in each case shall have been taken, completed or otherwise provided for in a manner reasonably satisfactory to the
Administrative Agent.

 

    	 	98	 

     

    
 

(ii) All
Equity Interests of each wholly-owned Material Subsidiary directly owned by the Borrower, Falcon GP or any Subsidiary Guarantor,
in each case as of the Closing Date, shall have been pledged pursuant to Collateral Agreement (except that such Credit Parties
shall not be required to pledge any Excluded Equity Interests) and the Collateral Agent shall have received all certificates, if
any, representing such securities pledged under the Collateral Agreement, accompanied by instruments of transfer and/or undated
powers endorsed in blank.

 

(iii) The
Administrative Agent shall have received customary UCC lien searches with respect to the Borrower and the Guarantors in their applicable
jurisdictions of organization.

 

(f) The
Acquisition shall have been consummated, or shall be consummated substantially concurrently with the initial Borrowing under this
Agreement, in accordance with the terms of the Contribution Agreement. The Contribution Agreement shall not have been amended or
waived in any material respect by PubCo and PubCo shall not have granted any material consent under the Contribution Agreement
in a manner materially adverse to the Lenders (in their capacity as such) without the consent of the Lead Arranger and Bookrunner
(not to be unreasonably withheld or delayed).

 

(g) The
Specified Contribution Agreement Representations and the Specified Representations shall be true and correct in all material respects
on the Closing Date and the Administrative Agent shall have received a certificate of an authorized officer of the borrower certifying
as to the satisfaction of such condition.

 

(h) The
approval of the Stockholder Proposals (other than approval and adoption of the Falcon Minerals 2018 Long Term Incentive Plan) shall
have been duly obtained in accordance with the DGCL, PubCo’s Organizational Documents and the rules and regulations of NASDAQ
(all such terms in this clause (h) that are not defined herein as are defined in the Contribution Agreement).

 

(i) The
Administrative Agent shall have received (a) the audited consolidated balance sheet of Royal Resources L.P. and its Subsidiaries
as of December 31, 2017, and the related consolidated statements of operations, changes in partners’ capital (deficit)
and cash flows for the fiscal year ended December 31, 2017 and (b) the unaudited consolidated balance sheet of Royal
Resources L.P. and its Subsidiaries as of March 31, 2018, and the related consolidated statements of operations, changes in
partners’ capital (deficit) and cash flows for the three-month period then ended (the “Closing Date Financials”).

 

(j) The
Administrative Agent shall have received a pro forma consolidated balance sheet and related pro forma consolidated
statement of income of the Borrower and its Subsidiaries as of and for the three-month period ending March 31, 2018, prepared after
giving effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at
the beginning of such period (in the case of such statement of income).

 

(k) [Reserved].

 

    	 	99	 

     

    

 

(l) On
the Closing Date, the Administrative Agent (or its counsel) shall have received (i) a solvency certificate substantially in the
form of Exhibit J hereto and signed by a Financial Officer of the Borrower and (ii) a Notice of Borrowing (whether
in writing or by telephone) satisfying the requirements of Section 2.3(a).

 

(m) The
Administrative Agent shall have received evidence that the Borrower has (i) obtained and effected all insurance required to be
maintained pursuant to the Credit Documents and (ii) made commercially reasonable efforts to cause the Administrative Agent to
be named as loss payee and/or additional insured under each insurance policy with respect to such insurance, as applicable.

 

(n) All
fees and expenses required to be paid hereunder and invoiced at least three (3) Business Days before the Closing Date (or such
shorter period as may be reasonably agreed by the Borrower) shall have been paid in full in cash or netted from the proceeds of
the initial funding under the Facility, to the extent applicable.

 

(o) (i)
The Administrative Agent (or its counsel) shall have received at least three (3) Business Days prior to the Closing Date all documentation
and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering
rules and regulations, including, the Patriot Act, that has been requested by the Administrative Agent in writing at least ten
(10) Business Days prior to the Closing Date and (ii) to the extent the Borrower qualifies as a “legal entity customer”
under the Beneficial Ownership Regulation, at least three (3) Business Days prior to the Closing Date, any Lender that has requested,
in a written notice to the Borrower at least ten (10) Business Days prior to the Closing Date, a Beneficial Ownership Certification
in relation to the Borrower, shall have received such Beneficial Ownership Certification (provided that, upon the execution and
delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (ii) shall be deemed to
be satisfied).

 

(p) On
the Closing Date, after giving effect to the Transactions, neither the Borrower nor any of its Subsidiaries shall have any Disqualified
Equity or Material Indebtedness for borrowed money other than the Facility, with any existing Indebtedness for borrowed money (including
Indebtedness under the DGK Credit Agreement) having been paid in full and the commitments thereunder having been terminated and
all liens and security interests released.

 

(q) The
Administrative Agent (or its counsel) shall have received satisfactory title information (including customary title opinions, information
or reports or other documents) consistent with usual and customary standards for the geographic regions in which the Borrowing
Base Properties and Oil and Gas Properties acquired on the Closing Date are located with respect to not less than 50% of the PV-9
value of the Borrowing Base Properties on the Closing Date; provided that such timeline may be extended with the consent
of the Administrative Agent (not to be unreasonably withheld or delayed).

 

(r) The
Initial Loans made on the Closing Date shall not result in the aggregate amount of all Lenders’ Total Exposures at such time
exceeding $92,000,000.

 

Without limiting the
generality of the provisions of Section 12.4, for purposes of determining compliance with the conditions specified in this
Section 6, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be
satisfied with, each document or other matters required under this Section 6 to be consented to or approved by or acceptable or
satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the Closing Date
specifying its objection thereto.

 

    	 	100	 

     

    

 

Notwithstanding the
foregoing, to the extent any security interest in any Collateral (other than any a lien on Collateral that may be perfected
solely (A) by the filing of a financing statement under the Uniform Commercial Code or (B) by the delivery of stock certificates
of the Borrower’s Wholly owned Domestic Subsidiaries that are Material Subsidiaries) is not or cannot be provided and/or
perfected on the Closing Date (subject to extensions approved by the Administrative Agent in its reasonable discretion) after the
Borrower’s use of commercially reasonable efforts to do so without undue burden or expense, the provision and/or perfection
of security interests in such Collateral shall not constitute conditions precedent to the initial Borrowing under this Agreement,
but shall be required to be delivered, provided, and/or perfected within (i) in the case of Mortgages required to be delivered
pursuant to the Collateral Coverage Minimum, by the dates provided in the definition of “Collateral Coverage Minimum”
and (ii) in the case of all other Collateral not otherwise described in the preceding clause (i), ninety (90) days following
the Closing Date.

 

SECTION
7.Conditions Precedent to All Subsequent Credit Events.

 

The agreement of each
Lender to make any Loan requested to be made by it on any date after the Closing Date (excluding Mandatory Borrowings and Loans
required to be made by the Lenders in respect of Unpaid Drawings pursuant to Sections 3.3 and 3.4 and subject,
in the case of clause (a) below, to the provisions set forth in Section 1.12(a)), and the obligation of any Issuing
Bank to issue Letters of Credit on any date after the Closing Date, is subject to the satisfaction of the following conditions
precedent:

 

(a) At
the time of each such Credit Event and also after giving effect thereto, (i) no Default or Event of Default shall have occurred
and be continuing, (ii) all representations and warranties made by any Credit Party contained herein or in the other Credit
Documents shall be true and correct in all material respects with the same effect as though such representations and warranties
had been made on and as of the date of such Credit Event (except where such representations and warranties expressly relate to
an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as
of such earlier date and except that any representation and warranty that is qualified as to “materiality,” “Material
Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects
on such respective dates) and (iii) if the Borrower has delivered a compliance certificate pursuant to Section 9.1(c)
notifying the Administrative Agent of a failure to comply with the Leverage Ratio Covenant, the Borrower shall have cured such
failure pursuant to Section 11.13(a).

 

(b) Prior
to the making of each Loan (other than any Loan made pursuant to Section 3.4(a)) and each Swingline Loan, the Administrative
Agent shall have received a Notice of Borrowing (whether in writing or by telephone) meeting the requirements of Section 2.3(a).

 

(c) Prior
to the issuance of each Letter of Credit, the Administrative Agent and the applicable Issuing Bank shall have received a Letter
of Credit Application meeting the requirements of Section 3.2(a).

 

    	 	101	 

     

    

 

The acceptance of the benefits of each
Credit Event after the Closing Date shall constitute a representation and warranty by each Credit Party to each of the Lenders
that all the applicable conditions specified in Section 7 above have been satisfied as of that time.

 

SECTION
8.   Representations, Warranties
and Agreements

 

In order to induce
the Lenders to enter into this Agreement, to make the Loans and issue or participate in Letters of Credit as provided for herein,
the Borrower makes, on the date of each Credit Event (but solely, on the Closing Date, to the extent such representations and warranties
are required to be true and correct as a condition to Borrowing pursuant to Section 6), the following representations
and warranties to, and agreements with, the Lenders, all of which shall survive the execution and delivery of this Agreement and
the making of the Loans and the issuance of the Letters of Credit:

 

8.1
Existence, Qualification and Power. Each of the Borrower and each Restricted Subsidiary
of the Borrower (a) is a duly organized and validly existing under the laws of the jurisdiction of its organization and has
the corporate or other organizational power and authority to own its property and assets and to transact its business as now conducted
and (b) has duly qualified and is authorized to do business and is in good standing (if applicable) in all jurisdictions where
it is required to be so qualified, except where the failure to be so qualified or in good standing would not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.

 

8.2
Corporate Power and Authority; Enforceability; Binding Effect. Each Credit Party has
the corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions of the Credit
Documents to which it is a party and has taken all necessary corporate or other organizational action to authorize the execution,
delivery and performance of the Credit Documents to which it is a party. Each Credit Party has duly executed and delivered each
Credit Document to which it is a party and each such Credit Document constitutes the legal, valid and binding obligation of such
Credit Party enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance,
reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity
(whether considered in a proceeding in equity or law).

 

8.3
No Violation. None of the execution, delivery or performance by any Credit Party of
the Credit Documents to which it is a party will (a) contravene any Requirement of Law, except to the extent such contravention
would not reasonably be expected to result in a Material Adverse Effect, (b) result in any breach of any of the terms, covenants,
conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create
or impose) any Lien upon any of the property or assets of such Credit Party or any of the Restricted Subsidiaries (other than Liens
created under the Credit Documents and Permitted Liens) pursuant to the terms of any indenture, loan agreement, lease agreement,
mortgage, deed of trust, agreement or other instrument to which such Credit Party or any of the Restricted Subsidiaries is a party
or by which it or any of its property or assets is bound (any such term, covenant, condition or provision, a “Contractual
Requirement”) except to the extent such breach, default or Lien that would not reasonably be expected to result in a
Material Adverse Effect or (c) violate any provision of the Organization Documents of such Credit Party or any of the Restricted
Subsidiaries.

 

8.4
Litigation. Except as set forth on Schedule 8.4, there are no actions,
suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower, threatened in writing, at law, in equity,
in arbitration or before any Governmental Authority, by or against the Borrower or any of its Restricted Subsidiaries or against
any of their properties or revenues that either individually or in the aggregate, would reasonably be expected to have a Material
Adverse Effect.

 

    	 	102	 

     

    

 

8.5
Margin Regulations. Neither the making of any Loan hereunder nor the use of the proceeds
thereof will violate the provisions of Regulation T, Regulation U or Regulation X of the Board.

 

8.6
Governmental Authorization. The execution, delivery and performance of each Credit
Document do not require any consent or approval of, registration or filing with, or other action by, any Governmental Authority
or any other Person, except for (a) such as have been obtained or made and are in full force and effect, (b) filings
and recordings in respect of the Liens created pursuant to the Security Documents and (c) such consents, approvals, registrations,
filings or actions the failure of which to obtain or make would not reasonably be expected to have a Material Adverse Effect.

 

8.7
Investment Company Act. No Credit Party is required to be registered as an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.

 

8.8
True and Complete Disclosure.

 

(a)
All written factual information delivered on or prior to the Closing Date (other than the (i) the Projections and (ii) estimates
and information of a general economic nature or general industry nature) (the “Information”) concerning the
Acquired Assets prepared by or on behalf of the foregoing or their representatives and made available to any Lenders or the Administrative
Agent in connection with the Transactions or the other transactions contemplated hereby (as modified or supplemented by other information
so furnished), when taken as a whole, was true and correct in all material respects, as of the Closing Date and did not, taken
as a whole, contain any untrue statement of a material fact as of the Closing Date or omit to state a material fact necessary in
order to make the statements contained therein, taken as a whole, not materially misleading in light of the circumstances under
which such statements were made.

 

(b)
The Projections (i) have been prepared in good faith based upon assumptions believed by the Borrower to be reasonable as
of the date thereof (it being understood that actual results may vary materially from the Projections), as of the date such Projections
were furnished to the Lenders (with respect to any such Projections provided prior to the Closing Date) and as of the Closing Date
and (ii) as of the Closing Date, have not been modified in any material respect by the Borrower.

 

(c)
As of the Closing Date, to the knowledge of the Borrower, the information included in the Beneficial Ownership Certification
delivered, on or prior to the Closing Date, to any Lender in connection with this Agreement is true and correct in all material
respects.

 

8.9
Tax Matters. Except as would not, either individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect, each of the Credit Parties and the Restricted Subsidiaries have filed all tax
returns required to be filed, and have paid all Taxes payable by it (including in their capacity as a withholding agent), except
those that are being contested in good faith by appropriate proceedings.

 

    	 	103	 

     

    

 

8.10
Compliance with ERISA.

 

(a)
Except as set forth on Schedule 8.10(a) or as would not, either individually or in the aggregate, reasonably be expected
to result in a Material Adverse Effect, each Pension Plan maintained by a Credit Party or ERISA Affiliate is in compliance with
the applicable provisions of ERISA and the Code and the regulations and published interpretations thereunder and other federal
or state laws.

 

(b)
(i) No ERISA Event has occurred during the six (6) year period prior to the date on which this representation is made or
deemed made or is reasonably expected to occur; (ii) neither any Credit Party nor any ERISA Affiliate has incurred, or reasonably
expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent
under Section 4007 of ERISA); (iii) neither any Credit Party nor any ERISA Affiliate has incurred, or reasonably expects to incur,
any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability)
under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (iv) neither any Credit Party nor any ERISA Affiliate
has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA, except, with respect to each of the foregoing
clauses of this Section 8.10(b), as would not reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect.

 

(c)
With respect to each Pension Plan, the adjusted funding target attainment percentage as determined by the applicable Pension
Plan’s Enrolled Actuary under Sections 436(j) and 430(d)(2) of the Code and all applicable regulatory guidance promulgated
thereunder (“AFTAP”), would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse
Effect. Neither any Credit Party nor any ERISA Affiliate maintains or contributes to a Pension Plan that is, or is expected to
be, in at-risk status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code) in each case, except as would
not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

8.11
Subsidiaries. Schedule 8.11 lists each Subsidiary of the Borrower (and
the direct and indirect ownership interest of the Borrower therein), in each case existing on the Closing Date (after giving effect
to the Transactions). Each Guarantor, Material Subsidiary and Unrestricted Subsidiary as of the Closing Date (after giving effect
to the Transactions) has been so designated on Schedule 8.11.

 

8.12
Intellectual Property. The Borrower and each of the Restricted Subsidiaries own or
have obtained valid rights to use all intellectual property, free from any burdensome restrictions, that to the knowledge of the
Borrower is reasonably necessary for the operation of their respective businesses as currently conducted and as proposed to be
conducted, except where the failure to obtain any such rights would not reasonably be expected to have a Material Adverse Effect.

 

8.13
Environmental Laws. Except as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect, (i) the Credit Parties and each of their respective Subsidiaries are in compliance
with all applicable Environmental Laws; (ii) neither the Credit Parties nor any of their respective Subsidiaries have received
written notice of any Environmental Claim; (iii) neither the Credit Parties nor any of their respective Subsidiaries are conducting
or have been ordered by a Governmental Authority to conduct any investigation, removal, remedial or other corrective action pursuant
to any Environmental Law related to Hazardous Materials contamination at any location; and (iv) neither the Credit Parties nor
any of their respective Subsidiaries, to their knowledge, have treated, stored, transported, released or disposed or arranged for
disposal or transport for disposal of Hazardous Materials at, on, under or from any currently or formerly owned, leased or operated
facility in a manner that would reasonably be expected to give rise to liability of the Credit Parties or any of their respective
Subsidiaries under Environmental Law.

 

    	 	104	 

     

    

 

8.14
Properties.

 

(a)
Assuming that all applicable Governmental Authorities have granted approvals, made recordations and taken such other actions
as are necessary in connection with the Transactions and any assignments made in connection therewith, except as set forth on Schedule 8.14
hereto or in an exhibit to any Reserve Report Certificate delivered hereunder, each Credit Party has good and defensible title
to the Borrowing Base Properties evaluated in the most recently delivered Reserve Report (other than those (i) Disposed of
since delivery of such Reserve Report, (ii) leases that have expired in accordance with their terms and (iii) with title
defects disclosed in writing to the Administrative Agent), and valid title to all its material personal properties, in each case,
free and clear of all Liens other than Liens permitted by Section 10.2, except in each case where the failure to have
such title would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. After giving
effect to the Liens permitted by Section 10.2, the Borrower or the Restricted Subsidiary specified as the owner owns
the working interests and net revenue interests attributable to the Hydrocarbon Interests as such working interests and net revenue
interests are reflected in the most recently delivered Reserve Report, and the ownership of such properties shall not in any material
respect obligate the Borrower or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development
and operations of each such property in an amount in excess of the working interest of each property set forth in the most recently
delivered Reserve Report that is not offset by a corresponding proportionate increase in the Borrower’s or such Restricted
Subsidiary’s net revenue interest in such property.

 

(b)
All material leases and agreements necessary for the conduct of the business of the Borrower and the Restricted Subsidiaries
are valid and subsisting, in full force and effect, except to the extent that any such failure to be valid or subsisting would
not reasonably be expected to have a Material Adverse Effect.

 

(c)
The rights and properties presently owned, leased or licensed by the Credit Parties including all easements and rights of
way, include all rights and properties necessary to permit the Credit Parties to conduct their respective businesses as currently
conducted, except to the extent any failure to have any such rights or properties would not reasonably be expected to have a Material
Adverse Effect.

 

(d)
All of the properties of the Borrower and the Restricted Subsidiaries that are reasonably necessary for the operation of
their businesses are in good working condition and are maintained in accordance with prudent business standards, except to the
extent any failure to satisfy the foregoing would reasonably be expected to have a Material Adverse Effect.

 

8.15
Solvency. On the Closing Date, after giving effect to the Transactions, the Borrower
and its Restricted Subsidiaries, on a consolidated basis, are Solvent.

 

8.16
Security Documents. The Security Documents create in favor of the Collateral Agent,
for the benefit of the Secured Parties, a legal, valid and enforceable Lien or security interest in the respective Collateral described
therein as security for the Obligations to the extent that a legal, valid, binding and enforceable Lien or security interest in
such Collateral may be created under any applicable Requirement of Law, which Lien or security interest, upon the filing of financing
statements, recordation of the Mortgages or the obtaining of possession or “control,” in each case, as applicable,
with respect to the relevant Collateral as required under the applicable UCC or applicable local law, will constitute a fully perfected
Lien on, and security interest in, all right, title and interest of the Borrower and each other Credit Party thereunder in such
Collateral, in each case prior and superior (except as otherwise provided for in the relevant Security Document) in right to any
other Person (other than Permitted Liens), in each case to the extent that a security interest may be perfected by the filing of
a financing statement under the applicable UCC, recordation of the Mortgages under applicable local law or by obtaining possession
or “control.”

 

    	 	105	 

     

    

 

8.17
Gas Imbalances, Prepayments. On the Closing Date, except as set forth on Schedule
8.17, on a net basis, there are no gas imbalances, take or pay or other prepayments exceeding 2.5 Bcfe of Hydrocarbon volumes
(stated on a gas equivalent basis) in the aggregate, with respect to the Credit Parties’ Oil and Gas Properties that would
require any Credit Party to deliver Hydrocarbons either generally or produced from their Borrowing Base Properties at some future
time without then or thereafter receiving full payment therefor.

 

8.18
Marketing of Production. On the Closing Date, except as set forth on Schedule 8.18,
no material agreements exist (which are not cancelable on sixty (60) days’ notice or less without penalty or detriment) for
the sale of production of the Credit Parties’ Hydrocarbons at a fixed non-index price (including calls on, or other rights
to purchase, production, whether or not the same are currently being exercised) that (i) represent in respect of such agreements
2.5% or more of the Borrower’s average monthly production of Hydrocarbon volumes and (ii) have a maturity or expiry
date of longer than six (6) months from the Closing Date.

 

8.19
Financial Statements.

 

(a)
The annual financial statements delivered as part of the Closing Date Financials and, on and after the first date of delivery
of financial statements pursuant to Section 9.1(a), the most recent financial statements delivered pursuant to Section
9.1(a) fairly present in all material respects the financial condition of (x) Royal Resources L.P. and its Subsidiaries or,
as applicable, (y) the Borrower and its Subsidiaries, in each case as of the date thereof and their results of operations for the
period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except for customary
year-end adjustments and the absence of complete footnotes and as otherwise expressly noted therein.

 

(b)
The interim financial statements delivered as part of the Closing Date Financials and, on and after the first date of delivery
of financial statements pursuant to Section 9.1(b), the most recent financial statements delivered pursuant to Section
9.1(b) fairly present in all material respects the financial condition of (x) Royal Resources L.P. and its Subsidiaries or,
as applicable, (y) the Borrower and its Subsidiaries, in each case as of the date thereof and their results of operations for the
period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein.

 

(c)
Since the Closing Date, there has been no event or circumstance, either individually or in the aggregate, that has had or
would reasonably be expected to have a Material Adverse Effect.

 

8.20
OFAC; USA PATRIOT Act; FCPA.

 

(a)
To the extent applicable, each of the Borrower and its Subsidiaries is in compliance, in all material respects, with (i)
the Trading with the Enemy Act, as amended, the International Emergency Economic Powers Act, as amended, Sanctions Laws, the United
States Foreign Corrupt Practices Act of 1977, as amended and other anti-corruption laws, and (ii) the USA PATRIOT Act. Neither
the Borrower nor any of its Subsidiaries nor, to the knowledge of the Borrower and the other Credit Parties, any director, officer,
employee, agent or controlled affiliate of the Borrower or any Subsidiary is currently the subject of any Sanctions, nor is the
Borrower or any of its Subsidiaries located, organized or resident in any country or territory that is the subject of comprehensive
Sanctions.

 

    	 	106	 

     

    

 

(b)
No part of the proceeds of the Loans will be used, directly or, to the knowledge of the Borrower, indirectly, by the Borrower
(i) in violation of the United States Foreign Corrupt Practices Act of 1977, as amended or (ii) for the purpose of financing any
activities or business (x) of or with any Person that, at the time of such financing, is the subject of any Sanctions or (y) in
any country or territory that is the subject of comprehensive Sanctions.

 

8.21
Hedge Agreements. Schedule 8.21 sets forth, as of the Closing Date, a true
and complete list of all material commodity Hedge Agreements of each Credit Party, the terms thereof relating to the type, term,
effective date, termination date and notional amounts or volumes, the net mark to market value thereof, all credit support agreements
relating thereto (including any margin required or supplied) and the counterparty to each such agreement.

 

8.22
[Reserved]. 

 

8.23
No Default. No Default, Event of Default or Borrowing Base Deficiency has occurred
and is continuing.

 

8.24
Insurance. The properties of the Borrower and the Restricted Subsidiaries are insured
in the manner contemplated by Section 9.3.

 

SECTION
9.   Affirmative Covenants

 

The Borrower hereby
covenants and agrees that on the Closing Date and thereafter, until Payment in Full has occurred:

 

9.1
Information Covenants. The Borrower will furnish to the Administrative Agent (which
shall promptly make such information available to the Lenders in accordance with its customary practice):

 

(a)
Annual Financial Statements. Within ninety (90) days after the end of each such fiscal year (or 120 days in the case
of the fiscal year ending December 31, 2018), the audited consolidated balance sheets of the Borrower and its Subsidiaries
and, if different, the Borrower and the Restricted Subsidiaries, in each case as at the end of such fiscal year, and the related
consolidated statements of operations, shareholders’ equity and cash flows (or, in lieu of such audited financial statements
of the Borrower and the Restricted Subsidiaries, a reconciliation, reflecting such financial information for the Borrower
and the Restricted Subsidiaries, on the one hand, and the Borrower and the Subsidiaries, on the other hand, reflecting adjustments
necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements) prepared
in accordance with GAAP, and, except with respect to such reconciliation, certified by independent certified public accountants
whose opinion shall not be materially qualified with a scope of audit or “going concern” explanatory paragraph or like
qualification or exception (other than an emphasis of matter paragraph) (other than with respect to, or resulting from, (x) the
occurrence of an upcoming maturity date of any Indebtedness or (y) any prospective or actual default in the Financial Performance
Covenants). Notwithstanding the foregoing, the obligations in this Section 9.1(a) may be satisfied with respect to
financial information of the Borrower and its consolidated Subsidiaries by furnishing (A) the applicable financial statements
of any direct or indirect parent of the Borrower or (B) the Borrower’s (or any direct or indirect parent thereof), as
applicable, filing of a Form 10-K with the SEC; provided that, with respect to each of clauses (A) and (B),
(i) to the extent such information relates to a Parent Entity, such information is accompanied by consolidating information
that explains in reasonable detail the differences between the information relating to such Parent Entity and its consolidated
Subsidiaries, on the one hand, and the information relating to the Borrower and its consolidated Subsidiaries and the Borrower
and its consolidated Restricted Subsidiaries on a standalone basis, on the other hand and (ii) to the extent such information
is in lieu of information required to be provided under the first sentence of this Section 9.1(a), such materials are
accompanied by an opinion of independent certified public accountants whose opinion shall not be materially qualified with a scope
of audit or “going concern” explanatory paragraph or like qualification or exception (other than an emphasis of matter
paragraph) (other than with respect to, or resulting from, (x) the occurrence of an upcoming maturity date of any Indebtedness
or (y) any prospective or actual default in the Financial Performance Covenants).

 

    	 	107	 

     

    

 

(b)
Quarterly Financial Statements. With respect to each of the first three quarterly accounting periods in each fiscal
year of the Borrower, on or before the date that is sixty (60) days after the end of each such quarterly accounting period (or,
in the case of the fiscal quarters ending on September 30, 2018, March 31, 2019 and June 30, 2019, ninety (90) days),
the consolidated balance sheets of the Borrower and the Subsidiaries and, if different, the Borrower and the Restricted Subsidiaries,
in each case as at the end of such quarterly period and the related consolidated statements of operations, shareholders’
equity and cash flows, and, beginning with the financial statements for the quarterly period ending September 30, 2019, setting
forth comparative consolidated figures for the related periods in the prior fiscal year or, in the case of such consolidated balance
sheet, for the last day of such periods in the prior fiscal year (or, in lieu of such unaudited financial statements of the Borrower
and the Restricted Subsidiaries, a reconciliation reflecting such financial information for the Borrower and the Restricted Subsidiaries,
on the one hand, and the Borrower and the Subsidiaries, on the other hand, reflecting adjustments necessary to eliminate the accounts
of Unrestricted Subsidiaries (if any) from such consolidated financial statements), all of which shall be certified by a Financial
Officer of the Borrower as fairly presenting in all material respects the financial condition, results of operations, shareholders’
equity and cash flows, of the Borrower and its consolidated Subsidiaries in accordance with GAAP, subject to changes resulting
from audit and normal year-end audit adjustments and the absence of footnotes. Notwithstanding the foregoing, the obligations in
this Section 9.1(b) may be satisfied with respect to financial information of the Borrower and its consolidated Subsidiaries
by furnishing (A) the applicable financial statements of any direct or indirect parent of the Borrower or (B) the Borrower’s
(or any direct or indirect parent thereof), as applicable, Form 10-Q filed with the SEC; provided that, with respect to
each of clauses (A) and (B), to the extent such information relates to a parent of the Borrower, such information
is accompanied by consolidating information that explains in reasonable detail the differences between the information relating
to such parent and its consolidated Subsidiaries, on the one hand, and the information relating to the Borrower and its consolidated
Subsidiaries and the Borrower and its consolidated Restricted Subsidiaries on a standalone basis, on the other.

 

(c)
Officer’s Certificates. Not later than five (5) days after the delivery of the financial statements provided
for in Section 9.1(a) and Section 9.1(b), a certificate of a Financial Officer of the Borrower to the effect
that no Default or Event of Default exists or, if any Default or Event of Default does exist, specifying the nature and extent
thereof, which certificate shall set forth (i) beginning with the fiscal quarter ending December 31, 2018, the calculations
required to establish whether the Borrower and its Restricted Subsidiaries were in compliance with the Financial Performance Covenants
as at the end of such fiscal year or period, as the case may be, and (ii) set forth any change in the identity of the Restricted
Subsidiaries, Guarantors and Unrestricted Subsidiaries as at the end of such fiscal year or period, as the case may be, from the
Restricted Subsidiaries, Guarantors and Unrestricted Subsidiaries, respectively, provided to the Lenders on the Closing Date or
the most recent fiscal year or period, as the case may be.

 

    	 	108	 

     

    

 

(d)
Notices. Promptly after an Authorized Officer of the Borrower or any of the Restricted Subsidiaries obtains actual
knowledge thereof, notice of (i) the occurrence of any Default or Event of Default, which notice shall specify the nature
thereof and what action the Borrower proposes to take with respect thereto, (ii) any litigation or governmental proceeding
pending against the Borrower or any of the Subsidiaries that would reasonably be expected to be determined adversely and, if so
determined, to result in a Material Adverse Effect, (iii) the occurrence of any ERISA Event or similar event with respect
to a Foreign Plan, in each case, that would reasonably be expected to have a Material Adverse Effect and (iv) the issuance of,
or the making of any payment (other than scheduled amortization or scheduled interest payments) in respect of, any Pari Debt.

 

(e)
Environmental Matters. Promptly after obtaining actual knowledge of any one or more of the following environmental
matters, unless such environmental matters would not, individually, or when aggregated with all other such matters, be reasonably
expected to result in a Material Adverse Effect, notice of:

 

(i)
any Environmental Claim brought, filed or threatened in writing against any Credit Party; and

 

(ii)
the actual release or threatened release of any Hazardous Material on, at, under or from any facility owned or leased by
a Credit Party in violation of Environmental Laws or as would reasonably be expected to result in liability under Environmental
Laws or the conduct of any investigation, or any removal, remedial or other corrective action under Environmental Laws in response
to the actual or alleged presence, release or threatened release of any Hazardous Material on, at, under or from any facility owned
or leased by a Credit Party.

 

All such notices shall describe
in reasonable detail the nature of the claim, investigation, removal or remedial action.

 

(f)
Other Information. With reasonable promptness, but subject to the limitations set forth in the last sentences of
Section 9.2(a) and Section 13.6, such other information regarding the operations, business affairs and
the financial condition of the Borrower or the Restricted Subsidiaries as the Administrative Agent on its own behalf or on behalf
of any Lender (acting through the Administrative Agent) may reasonably request in writing from time to time.

 

(g)
Budget. Within 105 days after the end of each fiscal year (beginning with (and 120 days in the case of) the
fiscal year ending December 31, 2018) of the Borrower, a reasonably detailed consolidated budget for the following fiscal
year as customarily prepared by management of the Borrower (including a projected consolidated balance sheet of the Borrower and
its Subsidiaries as of the end of the following fiscal year, the related consolidated statements of projected cash flow and projected
income and a summary of the material underlying assumptions applicable thereto) (collectively, the “Budget”),
which Budget shall in each case be accompanied by a certificate of an Authorized Officer stating that such Budget has been prepared
in good faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable at the time of preparation
of such Budget, it being understood that actual results may vary from such Budget and that such variations may be material.

 

    	 	109	 

     

    

 

(h)
Title. Within thirty (30) days following the Closing Date (provided that such timeline may be extended with
the consent of the Administrative Agent (not to be unreasonably withheld or delayed)), satisfactory title information (including
customary title opinions, information or reports or other documents) consistent with usual and customary standards for the geographic
regions in which the Borrowing Base Properties acquired on the Closing Date are located with respect to not less than 85% of the
PV-9 value of the Borrowing Base Properties. Notwithstanding the foregoing, the Borrower will use commercially reasonable efforts
to deliver such satisfactory title information with respect to at least 85% of the PV-9 value of the Borrowing Base Properties
on the Closing Date.

 

It is understood that
documents required to be delivered pursuant to Sections 9.1(a) through (h) may be delivered electronically and
if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides
a link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 13.2, (ii)
on which such documents are posted on the Borrower’s behalf on IntraLinks, DebtDomain or another relevant website, if any,
to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by
the Administrative Agent) or (iii) on which such documents are transmitted by electronic mail to the Administrative Agent;
provided that: (i) upon written request by the Administrative Agent, the Borrower shall deliver paper copies of such documents
delivered pursuant to Sections 9.1(a), 9.1(b), 9.1(c) and 9.1(f) to the Administrative Agent for
further distribution to each Lender until a written request to cease delivering paper copies is given by the Administrative Agent
and (ii) the Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting of any
such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.
Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents
from the Administrative Agent and maintaining its copies of such documents.

 

9.2
Books, Records and Inspections.

 

(a)
The Borrower will, and will cause each Restricted Subsidiary to, maintain books of record and account that permit the preparation
of financial statements in accordance with GAAP.

 

(b)
The Borrower will, and will cause each of the Restricted Subsidiaries to, permit designated representatives of the Administrative
Agent and designated representatives of the Majority Lenders (as accompanied by the Administrative Agent) to visit and inspect
any of its properties, to examine its financial and operating records, and to discuss its affairs, finances and accounts with its
officers, and independent public accountants (subject to such accountants’ customary policies and procedures), all at the
reasonable expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably
desired, upon reasonable advance notice to the Borrower; provided that, excluding any such visits and inspections during
the continuation of an Event of Default, only the Administrative Agent on behalf of the Lenders may exercise rights of the Administrative
Agent and the Lenders under this Section 9.2(b) and the Administrative Agent shall not exercise such rights more often than
two times during any calendar year and only one (1) such time shall be at the Borrower’s expense; provided, further,
that when an Event of Default exists, the Administrative Agent or any representative of the Majority Lenders (or any of their respective
representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal
business hours and upon reasonable advance notice. The Administrative Agent and the Majority Lenders shall give the Borrower the
opportunity to participate in any discussions with the Borrower’s independent public accountants. Notwithstanding anything
to the contrary in this Section 9.2(b), none of the Borrower nor any Restricted Subsidiary shall be required to disclose,
permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter
that (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure
to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by any Requirement
of Law or (iii) is subject to attorney-client or similar privilege or constitutes attorney work-product.

 

    	 	110	 

     

    

 

9.3
Maintenance of Insurance.

 

(a)
The Borrower will, and will cause each Restricted Subsidiary to, at all times maintain in full force and effect, pursuant
to self-insurance arrangements or with insurance companies that the Borrower believes (in the good faith judgment of the management
of the Borrower) are financially sound and reputable at the time the relevant coverage is placed or renewed, insurance in at least
such amounts (after giving effect to any self-insurance which the Borrower believes (in the good faith judgment of management of
the Borrower) is reasonable and prudent in light of the size and nature of its business) and against at least such risks (and with
such risk retentions) as the Borrower believes (in the good faith judgment of management of the Borrower) is reasonable and prudent
in light of the size and nature of its business; and will furnish to the Administrative Agent, upon written request from the Administrative
Agent, information presented in reasonable detail as to the insurance so carried. The Secured Parties shall be the additional insureds
on any such liability insurance as their interests may appear and, if property insurance is obtained, the Collateral Agent shall
be the loss payee under any such property insurance; provided that, so long as no Event of Default has occurred and is then
continuing, the Secured Parties will provide any proceeds of such property insurance to the Borrower.

 

(b)
With respect to each Mortgaged Property, obtain flood insurance in such total amount as the Administrative Agent or the
Required Lenders may from time to time reasonably require, if at any time the area in which any material improvements included
as Collateral and located on any land subject to a Mortgage is designated a “flood hazard area” in any Flood Insurance
Rate Map published by the Federal Emergency Management Agency (or any successor agency), and otherwise comply with the National
Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as amended from time to time. Following the
Closing Date, the Borrower shall deliver to the Administrative Agent annual renewals of each flood insurance policy or annual renewals
of each force-placed flood insurance policy, as applicable. In connection with any amendment to this Agreement pursuant to which
any increase, extension, or renewal of Loans is contemplated, the Borrower shall cause to be delivered to the Administrative Agent
for any Mortgaged Property with respect to which buildings or mobile homes are included as Collateral, a completed “life
of the loan” Federal Emergency Management Agency Standard Flood Hazard Determination, duly executed and acknowledged by the
appropriate Credit Parties, and evidence of flood insurance, as applicable.

 

9.4 Payment of Taxes.
The Borrower shall, and shall cause each Restricted Subsidiary to, pay, discharge or otherwise satisfy its obligations in respect
of all Tax liabilities, assessments and governmental charges, before the same shall become delinquent or in default, except where
(i) the amount or validity thereof is being contested in good faith by appropriate proceedings and the Borrower or a Subsidiary
thereof has set aside on its books adequate reserves therefor in accordance with GAAP (or in the case of a Foreign Subsidiary,
the comparable accounting principles in the relevant jurisdiction) or (ii) the failure to make payment could not reasonably
be expected, individually or in the aggregate, to result in a Material Adverse Effect. 

 

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9.5
Preservation of Existence, Etc. The Borrower will do, and will cause each Restricted
Subsidiary to do, or cause to be done, all things necessary to preserve and keep in full force and effect its legal existence,
corporate rights and authority, except to the extent that the failure to do so would not reasonably be expected to have a Material
Adverse Effect; provided, however, that the Borrower and its Restricted Subsidiaries may consummate any transaction
permitted under Section 10.3, 10.4 or 10.5.

 

9.6
Compliance with Requirements of Law. The Borrower will, and will cause each Restricted
Subsidiary to, comply with all Requirements of Law applicable to it or its property, except if the failure to comply therewith
could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

9.7
[Reserved].

 

9.8
Maintenance of Properties. The Borrower will, and will cause each of the Restricted
Subsidiaries to, except in each case, where the failure to so comply would not reasonably be expected to result in a Material Adverse
Effect (it being understood that this Section 9.8 shall not restrict any transaction otherwise permitted by Section 10.3,
10.4 or 10.5):

 

(a)
operate its Oil and Gas Properties and other material properties or cause such Oil and Gas Properties and other material
properties to be operated in accordance with the practices of the industry and in compliance with all applicable Contractual Requirements
and all applicable Requirements of Law, including applicable proration requirements and Environmental Laws;

 

(b)
keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear
and tear excepted, and preserve, maintain and keep in good repair, working order and efficiency (ordinary wear and tear excepted)
all of its material Oil and Gas Properties consisting of equipment, machinery and facilities; and

 

(c)
to the extent a Credit Party is not the operator of any property, the Borrower shall use commercially reasonable efforts
to cause the operator to operate such property in accordance with customary industry practices.

 

9.9
Transactions with Affiliates. The Borrower will conduct, and cause each of the Restricted
Subsidiaries to conduct, all transactions involving aggregate payments or consideration in excess of $10,000,000 with any of its
Affiliates (other than the Borrower and the Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary as a result
of such transaction) on terms that are substantially as favorable to the Borrower or such Restricted Subsidiary as it would obtain
at the time in a comparable arm’s-length transaction with a Person that is not an Affiliate, as determined by the board of
directors or managers of the Borrower or such Restricted Subsidiary in good faith; provided that the foregoing restrictions
shall not apply to:

 

(a)
the consummation of the Transactions, including the payment of Transaction Expenses;

 

    	 	112	 

     

    

 

(b)
the issuance of Equity Interests of the Borrower (or any Parent Entity thereof) to any officer, director, employee or consultant
of any of the Borrower or any of its Subsidiaries or the Sponsor (or any Parent Entity thereof) or any of its Subsidiaries;

 

(c)
equity issuances, repurchases, retirements, redemptions or other acquisitions or retirements of Equity Interests by the
Borrower (or any direct or indirect Parent Entity thereof) permitted under Section 10.6;

 

(d)
[reserved];

 

(e)
loans, advances and other transactions between or among the Borrower, any Subsidiary or any joint venture (regardless of
the form of legal entity) in which the Borrower or any Subsidiary has invested (and which Subsidiary or joint venture would not
be an Affiliate of the Borrower or such Subsidiary, but for the Borrower’s or such Subsidiary’s ownership of Equity
Interests in such joint venture or such Subsidiary) to the extent permitted under Section 10;

 

(f)
employment and severance arrangements and health, disability and similar insurance or benefit plans between the Borrower
(or any direct or indirect parent thereof) and the Subsidiaries and their respective future, current or former directors, officers,
employees or consultants (including management and employee benefit plans or agreements, subscription agreements or similar agreements
pertaining to the repurchase of Equity Interests pursuant to put/call rights or similar rights with future, current or former employees,
officers, directors or consultants and equity option or incentive plans and other compensation arrangements) in the ordinary course
of business or as otherwise approved by the board of directors or managers of the Borrower (or any direct or indirect parent thereof);

 

(g)
any one or more agreements in respect of payments of monitoring, consulting, management, transaction, advisory or similar
fees to the Sponsor that are approved by the majority of the members of the board of directors or managers of the Borrower (or
any direct or indirect parent thereof), in good faith, and payments pursuant thereto which shall consist of (i) so long as no Event
of Default under Sections 11.1, 11.3 (but only as a result of the default in the due performance of any covenant
contained in Section 9.6) or 11.5 has occurred and is continuing, the payment of management, monitoring, consulting,
transaction, termination and advisory fees pursuant to the Investor Management Agreement and related indemnities and reasonable
expenses; (ii) any deferred management fees (to the extent such fees were within such amount described in the foregoing subclause
(i) originally); and (iii) transaction fees in an amount not to exceed 1.0% of the total enterprise value (as determined in
good faith by the Borrower) of any Permitted Acquisition or Investment; provided that, if any such payment pursuant
to subclauses (i) and (ii) is not permitted to be paid as a result of an Event of Default under Section 11.1,
such payment shall accrue and may be payable when no Event of Default under Section 11.1 is continuing;

 

(h)
transactions pursuant to agreements in existence on the Closing Date and to the extent involving aggregate consideration
in excess of $1,000,000 individually, set forth on Schedule 9.9 or any amendment thereto or arrangement similar thereto
to the extent such amendment or arrangement is not adverse, taken as a whole, to the Lenders in any material respect (as determined
by the Borrower in good faith);

 

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(i)
Restricted Payments, redemptions, repurchases and other actions permitted under Section 10.6;

 

(j)
without duplicating any payments made pursuant to Section 9.9(g) above, payments (including reimbursement of fees
and expenses) by the Borrower and any of its Restricted Subsidiaries to the Sponsor made for any financial advisory, financing,
underwriting or placement services or in respect of other investment banking activities (including in connection with acquisitions
or divestitures, whether or not consummated), which payments are approved by the majority of the members of the board of directors
or managers or a majority of the disinterested members of the board of directors or managers of the Borrower (or any direct or
indirect parent thereof), in good faith;

 

(k)
any issuance of Equity Interests or other payments, awards or grants in cash, securities, Equity Interests or otherwise
pursuant to, or the funding of, employment arrangements, equity options and equity ownership plans approved by the board of directors
or board of managers of the Borrower (or any direct or indirect parent thereof);

 

(l)
transactions with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary
course of business and in a manner consistent with prudent business practice followed by companies in the Oil and Gas Business;

 

(m)
sales or conveyances of net profits interests or other royalty interests for cash at Fair Market Value allowed under Section 10.4;

 

(n)
the issuance, sale or transfer of Equity Interests of the Borrower to any Parent Entity in connection with capital contributions
by such Parent Entity to the Borrower;

 

(o)
any transaction in respect of which the Borrower delivers to the Administrative Agent a letter addressed to the board of
directors or managers of the Borrower from an accounting, appraisal or investment banking firm, in each case of nationally-recognized
standing that is in the good faith determination of the Borrower qualified to render such letter, which letter states that such
transaction is (i) fair, from a financial point of view, to the Borrower or such Restricted Subsidiary or (ii) on terms, taken
as a whole, that are no less favorable to the Borrower or such Restricted Subsidiary, as applicable, than would be obtained in
a comparable arm’s length transaction with a person that is not an Affiliate;

 

(p)
[reserved];

 

(q)
customary agreements and arrangements with oil and gas royalty trusts and master limited partnership agreements that comply
with the affiliate transaction provisions of such royalty trust or master limited partnership agreement;

 

(r)
payments and distributions by any Parent Entity (and any direct or indirect parent thereof) and the Subsidiaries to the
extent such payments are permitted under Sections 10.6(f)(i) and (v);

 

(s)
[reserved];

 

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(t)
the payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, future, current
or former directors, officers, employees and consultants of the Borrower and its Restricted Subsidiaries or any Parent Entity;

 

(u)
Investments permitted under Section 10.5 (other than Sections 10.5(h), (k), (m), (q),
(w) and (y) thereof);

 

(v)
[reserved];

 

(w)  
[reserved];

 

(x)
transactions with customers, clients, joint venture partners, suppliers or purchasers or sellers of goods or services, in
each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement that are fair to the
Borrower and the Restricted Subsidiaries, in the reasonable determination of the Board of Directors or the senior management of
the Borrower, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party;

 

(y)
[reserved];

 

(z)
transactions between the Borrower or any of its Restricted Subsidiaries and any Person that is an Affiliate solely because
a director of such Person is also a director of the Borrower or any direct or indirect parent of the Borrower; provided,
however, that such director abstains from voting as a director of the Borrower or such direct or indirect parent, as the
case may be, on any matter involving such other Person;

 

(aa)  
[reserved];

 

(bb)
payments or loans (or cancellation of loans) to officers, directors, employees or consultants which are approved by a majority
of the Board of Directors of the Borrower in good faith;

 

(cc)  
[reserved];

 

(dd)
any lease entered into between the Borrower or any Restricted Subsidiary, as lessee and any Affiliate of the Borrower, as
lessor, which is approved by a majority of the disinterested members of the Board of Directors in good faith or, any lease entered
into between the Borrower or any Restricted Subsidiary, as lessee, and any Affiliate of the Borrower, as lessor, in the ordinary
course of business;

 

(ee)  
[reserved];

 

(ff)  
[reserved];

 

(gg)
Permitted Intercompany Activities;

 

(hh)
the formation and maintenance of any consolidated group or subgroup for tax, accounting or cash pooling or management purposes
in the ordinary course of business; and

 

    	 	115	 

     

    

 

(ii)
a joint venture which would constitute a transaction with an Affiliate solely as a result of the Borrower or any Restricted
Subsidiary owning an equity interest or otherwise controlling such joint venture or similar entity.

 

9.10
Compliance with Environmental Laws. The Borrower will, and will cause each of the Restricted
Subsidiaries to, except, in each case, to the extent that the failure to do so could not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect, comply, and take all commercially reasonable actions to cause all lessees and other
Persons operating or occupying its properties to comply, with all applicable Environmental Laws and Environmental Permits; obtain,
maintain and renew all Environmental Permits necessary for its operations and properties; and, in each case to the extent the Credit
Parties or Subsidiaries are required by Environmental Laws, conduct any investigation, remedial or other corrective action necessary
to address Hazardous Materials at any property or facility in accordance with applicable Environmental Laws.

 

9.11
Additional Guarantors, Grantors and Collateral.

 

(a)
Subject to any applicable limitations set forth in the Guarantee or the Security Documents, the Borrower and Falcon GP,
as applicable, will cause (i) any direct or indirect Domestic Subsidiary (other than any Excluded Subsidiary) formed or otherwise
purchased or acquired after the Closing Date (including pursuant to a Permitted Acquisition) and (ii) any Domestic Subsidiary
of the Borrower or Falcon GP, as applicable, that ceases to be an Excluded Subsidiary, in each case within forty-five (45) days
from the date of such formation, acquisition or cessation, as applicable (or such longer period as the Administrative Agent may
agree in its reasonable discretion) to (A) execute (x) a supplement to the Guarantee, substantially in the form of Exhibit
I thereto, in order to become a Guarantor, (y) a supplement to the Collateral Agreement, substantially in the form of Exhibit
I thereto, in order to become a grantor and a pledgor thereunder and (z) a counterpart to the Intercompany Note, (B) if reasonably
requested by the Administrative Agent or the Collateral Agent, within forty-five (45) days after such request (or such longer period
as the Administrative Agent may agree in writing in its discretion), deliver to the Administrative Agent a signed copy of an opinion,
addressed to the Administrative Agent, the Collateral Agent and the Lenders, of counsel for the Credit Parties reasonably acceptable
to the Administrative Agent as to such matters set forth in this Section 9.11 as the Administrative Agent or the Collateral
Agent may reasonably request, and (C) as promptly as practicable after the request therefor by the Administrative Agent or Collateral
Agent, deliver to the Collateral Agent with respect to each Mortgaged Property, (i) any existing title reports, (ii) abstracts
or (iii)environmental assessment reports, to the extent available and in the possession or control of the Credit Parties or their
respective Subsidiaries; provided, however, that there shall be no obligation to deliver to the Administrative Agent any
existing environmental assessment report whose disclosure to the Administrative Agent would require the consent of a Person other
than the Credit Parties or one of their respective Subsidiaries, where, despite the commercially reasonable efforts of the Credit
Parties or their respective Subsidiaries to obtain such consent, such consent cannot be obtained.

 

(b)
Subject to any applicable limitations set forth in the Collateral Agreement, the Borrower and Falcon GP will pledge, and,
if applicable, will cause each Subsidiary Guarantor (or Person required to become a Subsidiary Guarantor pursuant to Section 9.11(a))
to pledge, to the Collateral Agent, for the benefit of the Secured Parties, (i) all of the Equity Interests (other than any
Excluded Equity Interests) of the Borrower and each Restricted Subsidiary directly owned by the Borrower, Falcon GP or any Credit
Party (or Person required to become a Guarantor pursuant to Section 9.11(a)), in each case, formed or otherwise purchased
or acquired after the Closing Date, pursuant to supplements to the Collateral Agreement substantially in the form of Exhibit
I, thereto and (ii) except with respect to intercompany Indebtedness, all evidences of Indebtedness for borrowed money
in a principal amount in excess of $7,500,000 (individually) that is owing to the Borrower or any Guarantor (or Person required
to become a Guarantor pursuant to Section 9.11(a)), in each case pursuant to supplements to the Collateral Agreement
substantially in the form of Exhibit I thereto.

 

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(c)
[Reserved].

 

(d)
In connection with each redetermination (but not any adjustment) of the Borrowing Base, the Borrower shall review the applicable
Reserve Report, if any, and the list of current Mortgaged Properties (as described in Section 9.14(c)), to ascertain
whether the PV-9 of the Mortgaged Properties (calculated at the time of redetermination) meets the Collateral Coverage Minimum
after giving effect to exploration and production activities, acquisitions, Dispositions and production. In the event that the
PV-9 of the Mortgaged Properties (calculated at the time of redetermination) does not meet the Collateral Coverage Minimum, then
the Borrower shall, and shall cause the Credit Parties to, grant, within seventy-five (75) days of delivery of the certificate
required under Section 9.14(c) (or such longer period as the Administrative Agent may agree in its reasonable discretion),
to the Collateral Agent as security for the Obligations a Lien (subject to Liens permitted by Section 10.2) on additional
Oil and Gas Properties not already subject to a Lien of the Security Documents such that, after giving effect thereto, the PV-9
of the Mortgaged Properties (calculated at the time of redetermination) meets the Collateral Coverage Minimum. All such Liens will
be created and perfected by and in accordance with the provisions of the Security Documents, including, if applicable, any additional
Mortgages. In order to comply with the foregoing, if any Restricted Subsidiary places a Lien on its property and such Restricted
Subsidiary is not a Guarantor, then it shall become a Guarantor and comply with the provisions of Sections 9.11(a)
and (b).

 

(e)
Without limitation of clause (a), (b) or (d) above, substantially simultaneously with the delivery
of any mortgage or deed of trust on any Oil and Gas Property for the benefit of any other secured party and securing Indebtedness
that is subject to any Customary Intercreditor Agreement, the Borrower shall, or shall cause the relevant Credit Party to, grant
to the Collateral Agent as security for the Obligations a Lien on such Oil and Gas Property. All such Liens will be created and
perfected by and in accordance with the provisions of the Security Documents, including, if applicable, any additional Mortgages.
In order to comply with the foregoing, if any Restricted Subsidiary places a Lien on its property and such Subsidiary is not a
Guarantor, then it shall become a Guarantor and comply with the provisions of Sections 9.11(a) and (b).

 

9.12
Use of Proceeds. The Borrower will use the proceeds of the Loans made (i) on the Closing
Date and any Letters of Credit in accordance with the second recital of this Agreement and (ii) after the Closing Date (a) for
the acquisition, development and exploration of oil and gas properties, (b) to provide for the working capital needs of the Borrower
and its subsidiaries and (c) for other general corporate purposes (in each case, as permitted by the Credit Documents).

 

9.13
Further Assurances.

 

(a)
Subject to the applicable limitations set forth in the Security Documents, unless otherwise provided hereunder, the Borrower
and Falcon GP will, and will cause each other Credit Party to, execute any and all further documents, financing statements, agreements
and instruments, and take all such further actions (including the filing and recording of financing statements, fixture filings,
assignments of as-extracted collateral arising from the Borrowing Base Properties, mortgages, deeds of trust and other documents)
that the Collateral Agent or the Required Lenders may reasonably request, in order to grant, preserve, protect and perfect the
validity and priority of the security interests created or intended to be created by the applicable Security Documents, all at
the expense of the Borrower and the Restricted Subsidiaries.

 

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(b)
[Reserved].

 

(c)
Notwithstanding anything herein to the contrary, if the Collateral Agent and the Borrower reasonably determine in writing
that the cost of creating or perfecting any Lien on any property is excessive in relation to the benefits afforded to the Lenders
thereby, then such property may be excluded from the Collateral for all purposes of the Credit Documents. In addition, notwithstanding
anything to the contrary in this Agreement, the Collateral Agreement, or any other Credit Document, (i) the Administrative Agent
may grant extensions of time for or waivers of the requirements of the creation or perfection of security interests in or the obtaining
of title opinions or other title information, legal opinions, appraisals, flood insurance and surveys with respect to particular
assets (including extensions beyond the Closing Date for the perfection of security interests in the assets of the Credit Parties
on such date) where it reasonably determines, in consultation with the Borrower, that perfection or obtaining of such items is
not required by law or cannot be accomplished without undue effort or expense by the time or times at which it would otherwise
be required by this Agreement or the other Credit Documents, (ii) Liens required to be granted from time to time pursuant
to this Agreement and the Security Documents shall be subject to exceptions and limitations set forth in the Security Documents
and, to the extent appropriate in any applicable jurisdiction, as otherwise agreed between the Administrative Agent and the Borrower
and (iii) the Administrative Agent and the Borrower may make such modifications to the Security Documents, and execute and/or consent
to such easements, covenants, rights of way or similar instruments (and Administrative Agent may agree to subordinate the lien
of any mortgage to any such easement, covenant, right of way or similar instrument or record or may agree to recognize any tenant
pursuant to an agreement in a form and substance reasonably acceptable to the Administrative Agent), as are reasonable or necessary
and otherwise permitted by this Agreement and the other Credit Documents.

 

(d)
Notwithstanding the foregoing provisions of this Section 9.13 or anything in this Agreement or any other Credit Document
to the contrary: (A) Liens required to be granted from time to time shall be subject to exceptions and limitations set forth in
the Collateral Agreement and the other Credit Documents and, to the extent appropriate in any applicable jurisdictions, as agreed
between the Administrative Agent and the Borrower; (B) the Collateral shall not include any Excluded Assets; (C) except as provided
in Section 9.17 hereof, no deposit account control agreement, securities account control agreement, commodity account control
agreement or other control agreements or control arrangements shall be required with respect to any deposit account, securities
account, commodity account or other asset specifically requiring perfection through control agreements; and (D) no actions in any
jurisdiction outside of the United States or that are necessary to comply with any Requirement of Law of any jurisdiction outside
of the United States shall be required in order to create any security interest in assets located, titled, registered or filed
outside of the United States or to perfect such security interests (it being understood that there shall be no collateral agreements,
security agreements, pledge agreements, or share charge (or mortgage) agreements governed under the laws of any jurisdiction outside
of the United States; provided that nothing in this Section 9.13 or any other provision of the Credit Documents shall
affect or impair the Borrower’s obligation to meet the Collateral Coverage Minimum).

 

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9.14
Reserve Reports.

 

(a)
On or before October 1, 2018 and each March 1 and September 1 of each year thereafter, the Borrower shall
furnish to the Administrative Agent a Reserve Report evaluating, as of the immediately preceding December 31 and June 30,
the Proved Reserves of the Borrower and the Credit Parties located within the geographic boundaries of the United States of America
and other applicable Oil and Gas Properties of the Credit Parties that the Borrower desires to have included in any calculation
of the Borrowing Base. Each Reserve Report as of (i) December 31 shall be prepared by one or more Approved Petroleum Engineers
and (ii) June 30 shall, at the sole election of the Borrower, (x) be audited by one or more Approved Petroleum Engineers
or (y) be prepared by or under the supervision of the chief engineer of the Borrower or a Restricted Subsidiary.

 

(b)
In the event of an Interim Redetermination, the Borrower shall furnish to the Administrative Agent a Reserve Report prepared
by one or more Approved Petroleum Engineers or prepared under the supervision of the chief engineer of the Borrower or a Restricted
Subsidiary. For any Interim Redetermination pursuant to Section 2.14(b), the Borrower shall provide such Reserve Report
with an “as of” date as required by the Administrative Agent, as soon as possible, but in any event no later than forty-five
(45) days, in the case of any Interim Redetermination requested by the Borrower, or sixty (60) days, in the case of any Interim
Redetermination requested by the Administrative Agent or the Lenders, following the receipt of such request.

 

(c)
With the delivery of each Reserve Report, the Borrower shall provide to the Administrative Agent a Reserve Report Certificate
from an Authorized Officer of the Borrower certifying that in all material respects:

 

(i)
in the case of Reserve Reports prepared by or under the supervision of the chief engineer of the Borrower or a Restricted
Subsidiary (other than December 31 Reserve Reports), such Reserve Report has been prepared, except as otherwise specified
therein, in accordance with the procedures used in the immediately preceding December 31 Reserve Report or the Initial Reserve
Report, if no December 31 Reserve Report has been delivered;

 

(ii)
as of the last Business Day of the most recently ended fiscal year or period, as applicable, a true and complete list of
all material commodity Hedge Agreements of the Borrower and each Credit Party, the material terms thereof (in respect of the type,
term, effective date, termination date and notional amounts or volumes), the net mark-to-market value thereof (as of the last
Business Day of such fiscal year or period, as applicable and for which a mark-to-market value is reasonably available);

 

(iii)
for each calendar month during the then current fiscal year to date, the volume of production of Hydrocarbons and sales
attributable to production of Hydrocarbons (and the prices at which such sales were made and the revenues derived from such sales)
for each such calendar month from the Borrowing Base Properties, and setting forth the related ad valorem, severance and production
taxes and lease operating expenses attributable thereto for each such calendar month;

 

(iv)
the information contained in the Reserve Report and any other information delivered in connection therewith is true and
correct in all material respects;

 

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(v)
assuming that all applicable Governmental Authorities have granted approvals, made recordations and taken such other actions
as are necessary in connection with the Transactions and any assignments made in connection therewith, except as set forth in an
exhibit to such certificate, the Borrower or another Credit Party has good and defensible title to the Borrowing Base Properties
evaluated in such Reserve Report (other than those (w) to be acquired in connection with an acquisition, (x) Disposed of since
delivery of such Reserve Report as permitted in accordance with the terms hereof, (y) leases that have expired in accordance
with their terms and (z) with title defects disclosed in writing to the Administrative Agent) and such Borrowing Base Properties
are free (or will be at the time of the acquisition thereof) of all Liens except for Liens permitted by Section 10.2;

 

(vi)
except as set forth on an exhibit to such certificate, on a net basis there are no gas imbalances, take or pay or other
prepayments in excess of the volume specified in Section 8.17 with respect to the Credit Parties’ Oil and Gas
Property evaluated in such Reserve Report that would require the Borrower or any other Credit Party to deliver Hydrocarbons either
generally or produced from such Oil and Gas Properties at some future time without then or thereafter receiving full payment therefor;

 

(vii)
none of the Borrowing Base Properties have been Disposed of since the date of the last Borrowing Base determination except
those Borrowing Base Properties listed on such certificate as having been Disposed of; and

 

(viii)   
the certificate shall also attach, as schedules thereto, a list of (1) all material marketing agreements (which are
not cancellable on sixty (60) days’ notice or less without penalty or detriment) entered into subsequent to the later of
the Closing Date and the most recently delivered Reserve Report for the sale of production of the Credit Parties’ Hydrocarbons
at a fixed non-index price (including calls on, or other parties rights to purchase, production, whether or not the same are currently
being exercised) that represent in respect of such agreements 2.5% or more of the Credit Parties’ average monthly production
of Hydrocarbon volumes and that have a maturity date or expiry date of longer than six (6) months from the last day of such fiscal
year or period, as applicable and (2) all Borrowing Base Properties evaluated by such Reserve Report that are Collateral and
demonstrating compliance with (calculated at the time of delivery of such Reserve Report) the Collateral Coverage Minimum.

 

9.15
Change in Business. The Borrower and its Restricted Subsidiaries, taken as a whole,
will not fundamentally and substantively alter the character of their business, taken as a whole, from (i) the business conducted
by them on the Closing Date or (ii) any other business reasonably related, complementary, incidental, synergistic or ancillary
thereto (including Industry Investments) or reasonable extensions thereof.

 

9.16
Title Information. On or before the date of delivery to the Administrative Agent of
each Reserve Report required by Section 9.14(a) following the Closing Date, the Borrower will deliver title information
(in form and substance reasonably satisfactory to the Administrative Agent) with respect to the Borrowing Base Properties consistent
with usual and customary standards for the geographic regions in which the Borrowing Base Properties are located, taking into account
the size, scope and number of leases and wells of the Borrower and its Restricted Subsidiaries as is required to demonstrate satisfactory
title on 85% of the PV-9 value of the Borrowing Base Properties included in the most recent Reserve Report.

 

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9.17
Deposit Account, Securities Account and Commodity Account Control Agreements. The Borrower
will, and will cause each Guarantor to, in connection with any Deposit Account, Securities Account or Commodity Account, in each
case, other than (x) any Excluded Account for so long as it is an Excluded Account (a) held or maintained on the Closing Date by
the Borrower or any such Guarantor, promptly but in any event within sixty (60) days of the Closing Date (or such later date as
the Collateral Agent may agree in its sole discretion), enter into and deliver to the Collateral Agent a deposit account control
agreement (a “Deposit Account Control Agreement”), securities account control agreement (a “Securities
Account Control Agreement”) or commodity account control agreement (a “Commodity Account Control Agreement”),
as applicable, in form and substance reasonably satisfactory to the Collateral Agent and the account bank, securities intermediary
or commodity intermediary, as applicable, for any such Deposit Account, Securities Account or Commodity Account and (b) established
on or after the Closing Date by the Borrower or any such Guarantor, promptly but in any event within sixty (60) days of the establishment
of such Deposit Account, Securities Account or Commodity Account (or such later date as the Collateral Agent may agree in its sole
discretion) enter into and deliver to the Collateral Agent a Deposit Account Control Agreement, Securities Account Control Agreement
or Commodity Account Control Agreement, as applicable, in form and substance reasonably satisfactory to the Collateral Agent and
the account bank, securities intermediary or commodity intermediary, as applicable, for any such Deposit Account, Securities Account
or Commodity Account; provided that the aggregate daily maximum balance for all such bank accounts excluded pursuant to
this clause (b) on any day shall not exceed $10,000,000. After the occurrence and during the continuance of an Event of
Default, the Collateral Agent may give instructions directing the disposition of funds credited to any Controlled Account and/or
withhold any withdrawal rights from the Borrower or any Guarantor with respect to funds credited to any Controlled Account.

 

9.18
Minimum Hedged Volumes. At any time that the Consolidated Total Net Leverage Ratio
as of the last day of any Test Period is greater than 2.50 to 1.00, the Borrower and/or other Credit Parties shall, within 45 days
subsequent to the date the compliance certificate for calculating the Leverage Ratio Covenant is required to be delivered pursuant
to Section 9.1(c)), enter into (and thereafter maintain for so long as the Consolidated Total Net Leverage Ratio set
forth in the most recently delivered compliance certificate calculating such Consolidated Total Net Leverage Ratio is greater than
2.50 to 1.00) Hedge Agreements in respect of Hydrocarbons entered into not for speculative purposes the notional volumes for which
(when aggregated with other commodity Hedge Agreements then in effect, other than puts, floors and basis differential swaps on
volumes already hedged pursuant to other Hedge Agreements) are no less than, as of the date the compliance certificate for calculating
the Leverage Ratio Covenant is required to be delivered pursuant to Section 9.1(c), for each of the 4 consecutive six-month
periods that follow such date of delivery, 50% of the reasonably anticipated Hydrocarbon production in respect of crude oil and
natural gas from the Credit Parties’ total Proved Developed Producing Reserves (as forecast based upon the Initial Reserve
Report or the most recent Reserve Report delivered pursuant to Section 9.14(a), as applicable); provided that
with respect to any Test Period (the “Subsequent Test Period”), if the Borrower and/or the other Credit Parties
have entered into Hedge Agreements pursuant to this Section 9.18 for the immediately preceding Test Period (the “Preceding
Test Period”) and the most recently delivered Reserve Report available for the Subsequent Test Period is the same one
upon which the Preceding Test Period’s volumes were based, then the Borrower and/or the other Credit Parties shall not be
obligated to enter into additional Hedge Agreements with respect to such Subsequent Test Period pursuant to this Section 9.18.

 

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9.19
Post-Closing Covenants. Except as otherwise agreed by the Administrative Agent in its
sole discretion, the Borrower shall, and shall cause each of the other Credit Parties to, deliver each of the documents, instruments
and agreements and take each of the actions set forth on Schedule 9.19 within the time periods set forth therein (or such
longer time periods as determined by the Administrative Agent in its sole discretion).

 

SECTION
10.    Negative Covenants.

 

The Borrower hereby
covenants and agrees that on the Closing Date and thereafter, until Payment in Full has occurred:

 

10.1
Limitation on Indebtedness. The Borrower will not, and will not permit any of the Restricted
Subsidiaries to, create, incur, assume or suffer to exist any Indebtedness other than the following:

 

(a)
Indebtedness arising under the Credit Documents (including pursuant to Sections 2.16 and 2.17);

 

(b)
[reserved];

 

(c)
[reserved];

 

(d)
Indebtedness of (i) the Borrower or any Guarantor owing to the Borrower or any Restricted Subsidiary; provided
that any such Indebtedness owing by a Credit Party to a Subsidiary that is not a Guarantor, to the extent permitted by Requirements
of Law and not giving rise to material adverse tax consequences shall be subordinated to the Obligations pursuant to the Intercompany
Note, (ii) any Subsidiary that is not a Guarantor owing to any other Subsidiary that is not a Guarantor and (iii) to
the extent permitted by Section 10.5, any Subsidiary that is not a Guarantor owing to the Borrower or any Guarantor;

 

(e)
Indebtedness in respect of any bankers’ acceptances, bank guarantees, letters of credit, warehouse receipts or similar
instruments entered into in the ordinary course of business or consistent with past practice or industry practice (including in
respect of workers compensation claims, health, disability or other employee benefits or property, casualty or liability insurance
or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims);
provided that any reimbursement obligations in respect thereof are reimbursed within thirty (30) days following the incurrence
thereof;

 

(f)
subject to compliance with Section 10.5, Guarantee Obligations incurred by (i) Restricted Subsidiaries
in respect of Indebtedness or other obligations of the Borrower or other Restricted Subsidiaries that is permitted to be incurred
under this Agreement (except that a Restricted Subsidiary that is not a Credit Party may not, by virtue of this Section 10.1(f),
guarantee Indebtedness that such Restricted Subsidiary could not otherwise itself incur under this Section 10.1) and
(ii) the Borrower in respect of Indebtedness of Restricted Subsidiaries that is permitted to be incurred under this Agreement;
provided that (A) if the Indebtedness being guaranteed under this Section 10.1(f) is subordinated to the
Obligations, such Guarantee Obligations shall be subordinated to the Guarantee of the Obligations on terms at least as favorable
to the Lenders as those contained in the subordination of such Indebtedness and (B) no guarantee by any Restricted Subsidiary
of any Indebtedness under clauses (a), (c), (i), (k), (l) or (q) of this Section 10.1
or other Junior Debt shall be permitted unless such Restricted Subsidiary shall have also provided a guarantee of the Obligations
substantially on the terms set forth in the Guarantee;

 

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(g)
Guarantee Obligations (i) incurred in the ordinary course of business in respect of obligations of (or to) suppliers,
customers, franchisees, lessors, licensees or sublicensees or (ii) otherwise constituting Investments permitted by Sections 10.5(d),
(g), (h), (i), (j), (q), (r), (s) and (t);

 

(h)
(i) Indebtedness (including Indebtedness arising under Capitalized Leases) incurred prior to or within 365 days following
the acquisition, construction, lease, repair, replacement, expansion or improvement of assets (real or personal, and whether through
the direct purchase of property or the Equity Interests of a Person owning such property) to finance the acquisition, construction,
lease, repair, replacement, expansion, or improvement of such assets (for the avoidance of doubt, the purchase date for any asset
shall be the later of the date of completion of installation and the beginning of the full productive use of such asset); (ii) Indebtedness
arising under Capitalized Leases, other than (A) Capitalized Leases in effect on the Closing Date and (B) Capitalized
Leases entered into pursuant to subclause (i) above; and (iii) any Permitted Refinancing Indebtedness issued or
incurred to Refinance any such Indebtedness; provided, that the aggregate principal amount of Indebtedness permitted by
subclauses (i), (ii) and (iii) of this Section 10.1(h) shall not exceed at any time outstanding the
greater of $20,000,000 and 3.5% of Consolidated Total Assets;

 

(i)
Indebtedness outstanding on the date hereof and set forth on Schedule 10.1 and any Permitted Refinancing Indebtedness
issued or incurred to Refinance such Indebtedness;

 

(j)
Indebtedness in respect of Hedge Agreements, subject to the limitations set forth in Section 10.10;

 

(k)
Indebtedness of the Borrower (including, for the avoidance of doubt, with respect to any Permitted Refinancing Indebtedness
issued or incurred to Refinance such Indebtedness) (x) incurred in connection with any Permitted Acquisition or similar Investment
permitted under Section 10.5 or (y) assumed in connection with any Permitted Acquisition or similar Investment permitted
under Section 10.5 so long as, in the case of Indebtedness assumed pursuant to clause (y) hereof, such Indebtedness
is not incurred in contemplation of such Permitted Acquisition or similar Investment; provided that (A) immediately after
giving Pro Forma Effect to such Permitted Acquisition or similar Investment and the incurrence or assumption of such Indebtedness,
the Borrower shall be in compliance with the Financial Performance Covenants on a Pro Forma Basis and (B) (I) in the case of any
such Indebtedness secured by a Lien that is junior to the Lien securing the Obligations, the Borrowing Base shall be adjusted to
the extent required by Section 2.14(e), (II) in the case of any such Indebtedness that is Pari Debt, the Borrower shall
make any mandatory prepayment required in connection therewith pursuant to Section 5.2(b)(iii) and (III) in the case of
any such secured Indebtedness assumed pursuant to clause (y) hereof, the holders of such Indebtedness have no recourse to
property other than the property so acquired and the property so acquired shall not constitute Borrowing Base Properties; provided,
further that in the case of Indebtedness incurred or assumed pursuant to clauses (x) and (y) hereof or any
applicable Permitted Refinancing Indebtedness, any such Indebtedness shall have a maturity date that is after the Latest Maturity
Date at the time such Indebtedness is incurred or assumed and have a Weighted Average Life to Maturity not shorter than the longest
remaining Weighted Average Life to Maturity of the Facility; provided still further, that the requirements of this Section
10.1(k) shall not apply to any Indebtedness of the type that could have been incurred under Section 10.1(h);

 

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(l)
(i) Pari Debt (including, for the avoidance of doubt, with respect to any Permitted Refinancing Indebtedness issued or incurred
to Refinance such Indebtedness); provided that any such Indebtedness incurred pursuant to this Section 10.1(l) (x)
shall have a maturity date that is after the Latest Maturity Date at the time such Indebtedness is secured and have a Weighted
Average Life to Maturity not shorter than the longest remaining Weighted Average Life to Maturity of the Facility and (y) shall
not include remedies or defaults which are based on the Borrowing Base and (ii) Permitted Refinancing Indebtedness with respect
thereto;

 

(m)
Indebtedness arising from Permitted Intercompany Activities to the extent constituting an Investment permitted by Section
10.5;

 

(n)
Indebtedness of a Foreign Subsidiary or of a Domestic Subsidiary that is not a Subsidiary Guarantor; provided that
the aggregate principal amount of Indebtedness outstanding at any time pursuant to this Section 10.1(n) shall not at the
time of incurrence thereof and immediately after giving effect thereto and the use of proceeds thereof on a Pro Forma Basis exceed
the greater of (i) $15,000,000 and (ii) 3.0% of Consolidated Total Assets (measured as of the date of incurrence of such Indebtedness
based upon internally available financial statements); provided, further, that no Credit Party’s assets are
used to secure any such Indebtedness and no Credit Party guarantees such Indebtedness;

 

(o)
Indebtedness in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar
obligations, and obligations in respect of letters of credit, bank guaranties or instruments related thereto, in each case provided
in the ordinary course of business or consistent with past practice or industry practice, including those incurred to secure health,
safety and environmental obligations in the ordinary course of business or consistent with past practice or industry practice;

 

(p)
(i) other additional Indebtedness, provided that the aggregate principal amount of Indebtedness outstanding
at any time pursuant to this Section 10.1(p) shall not at the time of incurrence thereof and immediately after giving effect
thereto and the use of proceeds thereof on a Pro Forma Basis exceed the greater of $20,000,000 and 3.5% of Consolidated Total Assets
(measured as of the date of incurrence of such Indebtedness based upon the financial statements most recently available prior to
such date) and (ii) any Permitted Refinancing Indebtedness issued or incurred to Refinance such Indebtedness;

 

(q)
Indebtedness in respect of (i) Permitted Additional Debt; provided that (x) immediately after giving effect to the
incurrence or issuance thereof and the use of proceeds therefrom, (A) the Borrower shall be in compliance with the Financial Performance
Covenants on a Pro Forma Basis, (B) no Event of Default shall have occurred and be continuing and (C) no Borrowing Base Deficiency
shall result therefrom and (y) the Borrowing Base shall be adjusted to the extent required by Section 2.14(e), and
(ii) any Permitted Refinancing Indebtedness issued or incurred to Refinance such Indebtedness;

 

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(r)
Cash Management Obligations, Cash Management Services and other Indebtedness in respect of netting services, automatic clearing
house arrangements, employees’ credit or purchase cards, overdraft protections and similar arrangements;

 

(s)
Indebtedness incurred in the ordinary course of business in respect of obligations of the Borrower or any Restricted Subsidiary
to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services;

 

(t)
Indebtedness arising from agreements of the Borrower or any Restricted Subsidiary providing for indemnification, adjustment
of purchase price or similar obligations (including earn-outs), in each case assumed or entered into in connection with the
Transactions, any Permitted Acquisitions, other Investments permitted by Section 10.5 and the Disposition of any business,
assets or Equity Interests not prohibited hereunder;

 

(u)
Indebtedness of the Borrower or any Restricted Subsidiary consisting of obligations to pay insurance premiums;

 

(v)
Indebtedness representing deferred compensation to employees, consultants or independent contractors of the Borrower or,
to the extent attributable to the ownership or operation of the Borrower and its Subsidiaries any direct or indirect parent thereof
and the Restricted Subsidiaries incurred in the ordinary course of business or consistent with past practice or industry practice;

 

(w)  
Indebtedness consisting of promissory notes issued by the Borrower or any Guarantor to current or former officers, managers,
consultants, directors and employees (or their respective spouses, former spouses, successors, executors, administrators, heirs,
legatees or distributees) to finance the purchase or redemption of Equity Interests of the Borrower (or any direct or indirect
parent thereof) permitted by Section 10.6;

 

(x)
Indebtedness consisting of obligations of the Borrower and the Restricted Subsidiaries under deferred compensation or other
similar arrangements incurred by such Person in connection with the Transactions, Permitted Acquisitions or any other Investment
permitted hereunder;

 

(y)
Indebtedness associated with bonds or surety obligations required by Requirements of Law or by Governmental Authorities
in connection with the operation of Oil and Gas Properties in the ordinary course of business;

 

(z)
[reserved];

 

(aa)  
Indebtedness of the Borrower or any Restricted Subsidiary to any joint venture (regardless of the form of legal entity)
that is not a Subsidiary arising in the ordinary course of business in connection with the Cash Management Services (including
with respect to intercompany self-insurance arrangements) of the Borrower and its Restricted Subsidiaries;

 

(bb)
Indebtedness incurred on behalf of, or Guarantee Obligations in respect of the Indebtedness of, joint ventures (regardless
of the form of legal entity) that are not Subsidiaries in principal amount, when aggregated with the outstanding principal amount
of Indebtedness incurred pursuant to clause (aa), not to exceed, at the time of incurrence thereof, the greater of $10,000,000
and 2.5% of Consolidated Total Assets (measured as of the date of incurrence of such Indebtedness based on the financial statements
most recently available prior to such date);

 

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(cc)  
(i) Indebtedness in an aggregate principal amount not to exceed 100% of the net cash proceeds received by the Borrower on
or after the Closing Date from the issuance and sale of its Equity Interests or in connection with the contribution of cash to
the capital of the Borrower (other than Disqualified Stock, Cure Amounts and amounts that serve to increase the Applicable Equity
Amount); provided that such Indebtedness is incurred within 180 days after such contribution to the Borrower is made; provided
further that such net cash proceeds shall not increase the Applicable Equity Amount and (ii) any Permitted Refinancing Indebtedness
in respect of any such Indebtedness;

 

(dd)
Indebtedness supported by a Letter of Credit, in a principal amount not to exceed the face amount of such Letter of Credit;
and

 

(ee)  
all premiums (if any), interest (including post-petition interest), fees, expenses, charges, and additional or contingent
interest on obligations described in clauses (a) through (dd) above.

 

For purposes of determining
compliance with Section 10.1, in the event that an item of Indebtedness (or any portion thereof) at any time, whether at
the time of incurrence or issuance or upon the application of all or a portion of the proceeds thereof or subsequently, meets the
criteria of more than one of the categories of permitted Indebtedness described in Section 10.1(a) through (ee)
above, the Borrower, in its sole discretion, will classify and may subsequently reclassify such item of Indebtedness (or any portion
thereof) in any one or more of the types of Indebtedness described in Section 10.1(a) through (ee) and will only
be required to include the amount and type of such Indebtedness in such of the above clauses as determined by the Borrower at such
time. The Borrower will be entitled to divide and classify an item of Indebtedness in more than one of the types of Indebtedness
described in clauses (a) through (ee) of Section 10.1 above.

 

The accrual of interest
or dividends, the accretion of accreted value, the accretion or amortization of original issue discount, and the payment of interest
or dividends in the form of additional Indebtedness of the same class, accretion or amortization of original issue discount or
liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange
rate of currencies, will, in each case, not be deemed to be an incurrence of Indebtedness for purposes of this Section 10.1.
The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the
Indebtedness or Disqualified Stock, as applicable, being refinanced, shall be calculated based on the currency exchange rate applicable
to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing. The principal
amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall be the principal
amount thereof that would be shown on a balance sheet of the Borrower dated such date prepared in accordance with GAAP.

 

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10.2
Limitation on Liens. The Borrower will not, and will not permit any of the Restricted
Subsidiaries to, create, incur, assume or suffer to exist any Lien upon any property or assets of any kind (real or personal, tangible
or intangible) of the Borrower or any Restricted Subsidiary, whether now owned or hereafter acquired, except:

 

(a)
Liens arising under the Credit Documents to secure the Obligations (including Liens in respect of any Letter of Credit or
Letter of Credit Application or Liens contemplated by Section 3.7) or permitted in respect of any Mortgaged Property
by the terms of the applicable Mortgage;

 

(b)
Permitted Liens;

 

(c)
(x) Liens (including liens arising under Capitalized Leases to secure obligations under any Capitalized Lease) securing
Indebtedness permitted pursuant to Section 10.1(h); provided that (i) such Liens attach concurrently with or
within 365 days after the acquisition, lease, repair, replacement, construction, expansion or improvement (as applicable)
financed thereby, (ii) other than the property financed by such Indebtedness, such Liens do not at any time encumber any property,
except for replacements thereof and accessions and additions to such property and the proceeds and the products thereof and customary
security deposits and (iii) with respect to Capitalized Leases, such Liens do not at any time extend to or cover any assets
(except for accessions and additions to such assets, replacements and products thereof and customary security deposits) other than
the assets subject to, or acquired, constructed, repaired, replaced or improved with the proceeds of, such Indebtedness; provided
that in each case individual financings provided by one lender may be cross collateralized to other financings provided by such
lender (and its Affiliates) and (y) Liens on the assets of a Restricted Subsidiary that is not a Credit Party and which assets
do not constitute Collateral securing Indebtedness of a Restricted Subsidiary that is permitted pursuant to Section 10.1;

 

(d)
Liens existing on the date hereof; provided that any Lien securing Indebtedness in excess of $1,000,000 individually
or in the aggregate (when taken together with all other Liens securing obligations outstanding in reliance on this clause
(d) that are not listed on Schedule 10.2(d)) shall only be permitted to the extent such Lien is listed on
Schedule 10.2(d) or would otherwise be permitted under this Section 10.2;

 

(e)
Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings, extensions,
renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien permitted by this Section 10.2;
provided, however, that (x) such new Lien shall be limited to all or part of the same type of property that secured the
original Indebtedness (plus improvements on and accessions to such property) (or upon or in after-acquired property (i)
that is affixed or incorporated into the property covered by such Lien or (ii) if the terms of such Indebtedness require or
include a pledge of after-acquired property (it being understood that such requirement shall not be permitted to apply to
any property to which such requirement would not have applied but for such acquisition)), (y) the Indebtedness secured by such
Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed
amount of the applicable Indebtedness at the time the original Lien became a Lien permitted hereunder, and (B) an amount necessary
to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement and
(z) on the date of the incurrence of the Indebtedness secured by such Liens, the grantors of any such Liens shall comprise only
the same Persons or a subset of such Persons that were the grantors of the Liens securing the debt being refinanced, refunded,
extended, renewed or replaced;

 

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(f)
Liens existing on the assets of any Person that becomes a Subsidiary, or existing on assets acquired (other than Liens
on the Equity Interests of any Person that becomes a Restricted Subsidiary), pursuant to a Permitted Acquisition or other Investment
permitted by Section 10.5; provided that (1) if the Liens on such assets secure Indebtedness, such Indebtedness is
permitted under Section 10.1(k), (2) such Liens attach at all times only to the same assets (or upon or in after-acquired
property that is (i) affixed or incorporated into the property covered by such Lien, (ii) after-acquired property subject
to a Lien securing Indebtedness permitted under Section 10.1(k), the terms of which Indebtedness require or include
a pledge of after-acquired property (it being understood that such requirement shall not be permitted to apply to any property
to which such requirement would not have applied but for such acquisition) and (iii) the proceeds and products thereof) that
such Liens attached to, and to the extent such Liens secure Indebtedness, secure only the same Indebtedness (or any Permitted Refinancing
Indebtedness incurred to Refinance such Indebtedness) that such Liens secured, immediately prior to such Permitted Acquisition
or other Investment and (3) if the Liens on such assets secure Indebtedness and attach to any Collateral, such Liens are Junior
Liens and the representative of the holders of such Indebtedness becomes party to the Junior Lien Intercreditor Agreement as a
“Junior Representative” (as defined in the Junior Lien Intercreditor Agreement);

 

(g)
Liens on the Equity Interests of any Person and the assets of such Person, in each case, that becomes a Restricted Subsidiary
pursuant to a Permitted Acquisition or other Investment permitted by Section 10.5, or the assets of such a Restricted Subsidiary,
in each case, to secure Indebtedness incurred pursuant to Section 10.1(k); provided that such Liens attach at
all times only to the Equity Interests or assets of such Restricted Subsidiary and its Subsidiaries;

 

(h)
Liens securing Indebtedness or other obligations (i) of the Borrower or a Restricted Subsidiary in favor of a Credit
Party and (ii) of any Restricted Subsidiary that is not a Credit Party in favor of any Restricted Subsidiary that is not a
Credit Party;

 

(i)
Liens (i) of a collecting bank arising under Section 4-210 of the Uniform Commercial Code on items in the course
of collection, (ii) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary
course of business and (iii) in favor of a banking institution arising as a matter of law encumbering deposits (including
the right of set-off) or other funds maintained with a financial institution (including the right of setoff) and that are within
the general parameters customary in the banking industry or arising pursuant to such banking institution’s general terms
and conditions;

 

(j)
Liens (i) on cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant
to Section 10.5 to be applied against the purchase price for such Investment and (ii) consisting of an agreement
to Dispose of any property in a transaction permitted under Section 10.4, in each case, solely to the extent such Investment
or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien;

 

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(k)
Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale or purchase of goods
entered into by the Borrower or any of the Restricted Subsidiaries in the ordinary course of business permitted by this Agreement;

 

(l)
Liens deemed to exist in connection with Investments in repurchase agreements permitted under Section 10.5;

 

(m)
Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts
incurred in the ordinary course of business and not for speculative purposes;

 

(n)
Liens that are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given
in connection with the issuance or incurrence of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower
or any Restricted Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business
of the Borrower and the Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with
customers of the Borrower or any Restricted Subsidiary in the ordinary course of business;

 

(o)
Liens solely on any cash earnest money deposits made by the Borrower or any of the Restricted Subsidiaries in connection
with any letter of intent or purchase agreement;

 

(p)
Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

 

(q)
Liens in respect of Production Payments and Reserve Sales; provided that such Liens attach at all times only to Oil and
Gas Properties from which the Production Payments and Reserve Sales have been conveyed;

 

(r)
the prior right of consignees and their lenders under consignment arrangements entered into in the ordinary course of business;

 

(s)
agreements to subordinate any interest of the Borrower or any Restricted Subsidiary in any accounts receivable or other
proceeds arising from inventory consigned by the Borrower or any Restricted Subsidiary pursuant to an agreement entered into in
the ordinary course of business;

 

(t)
[reserved];

 

(u)
Liens securing any Indebtedness permitted by Sections 10.1(f) (solely and to the same extent that the Indebtedness
guaranteed by such Guarantee Obligations is permitted to be subject to a Lien hereunder), (n) (as long as such Liens attach
only to assets of Foreign Subsidiaries and Domestic Subsidiaries that are not Subsidiary Guarantors), (o), (q) (provided
that such Liens are Junior Liens on the Collateral and subject to the Junior Lien Intercreditor Agreement), (r) (as long
as such Liens attach only to cash and securities and securities held by the relevant Cash Management Bank) and (y);

 

(v)
Liens arising pursuant to Section 107(l) of the Comprehensive Environmental Response, Compensation and Liability Act,
42 U.S.C. § 9607(l), or other Environmental Law, unless such Lien (i) by action of the lienholder, or by operation
of law, takes priority over any Liens arising under the Credit Documents on the property upon which it is a Lien, or (ii) materially
impairs the use of the property covered by such Lien for the purposes for which such property is held;

 

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(w)  
Liens of not more than $15,000,000 on deposits securing Hedging Obligations in respect of Hedge Agreements with any Persons
other than Hedge Banks that were entered into in compliance with Section 10.10;

 

(x)
Liens on Equity Interests in a joint venture securing obligations of such joint venture so long as the assets of such joint
venture do not constitute Collateral;

 

(y)
Liens on cash or Permitted Investments held by a trustee under any indenture or other debt agreement issued in escrow pursuant
to customary escrow arrangements pending the release thereof, or under any indenture or other debt agreement pursuant to customary
discharge, redemption or defeasance provisions, in each case solely to the extent the relevant release, discharge, redemption or
defeasance would be permitted hereunder;

 

(z)
additional Liens on property not constituting Borrowing Base Properties securing obligations not in excess of $15,000,000
outstanding at any time;

 

(aa)  
Junior Liens on Collateral so long as the outstanding principal amount of the obligations secured thereby, when aggregated
with the outstanding principal amount of other obligations secured by Liens permitted under this clause (aa), at the
time of the incurrence thereof and immediately after giving effect thereto and the use of proceeds thereof on a Pro Forma Basis,
does not exceed the greater of $20,000,000 and 1.5% of Consolidated Total Assets (measured as of the date on which such Lien or
the Indebtedness secured is incurred based upon the financial statements most recently available prior to such date); and

 

(bb)
Liens to secure Indebtedness permitted under Section 10.1(l) or, to the extent constituting Pari Debt, Section
10.1(k); provided that the representative of the holders of each such Indebtedness becomes party to the First Lien Intercreditor
Agreement and, if any Indebtedness is outstanding that is secured by a Lien that is not pari passu with the Liens securing the
Obligations (including on a second priority (or other junior priority) basis), the Junior Lien Intercreditor Agreement as a “Senior
Representative” (as defined in the Junior Lien Intercreditor Agreement).

 

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10.3
Limitation on Fundamental Changes. Except as permitted by Section 10.4 or 10.5,
the Borrower will not, and will not permit any of the Restricted Subsidiaries to, consummate any merger, consolidation or amalgamation,
or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of, all or substantially all its
business units, assets or other properties, except that:

 

(a)
any Subsidiary of the Borrower or any other Person may be merged, amalgamated or consolidated with or into the Borrower;
provided that (i) the Borrower shall be the continuing or surviving Person (and the Borrower shall remain an entity organized
or existing under the laws of the United States, any state thereof or the District of Columbia) or, in the case of a merger, amalgamation
or consolidation with or into the Borrower, the Person formed by or surviving any such merger, amalgamation or consolidation shall
be an entity organized or existing under the laws of the United States, any state thereof or the District of Columbia (the Borrower
or such Person, as the case may be, being herein referred to as the “Successor Borrower”), (ii) the Successor
Borrower (if other than the Borrower) shall expressly assume all the obligations of the Borrower under this Agreement and
the other Credit Documents pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Administrative Agent,
(iii) no Event of Default has occurred and is continuing at the date of such merger, amalgamation or consolidation or would result
from such consummation of such merger, amalgamation or consolidation, (iv) such merger, amalgamation or consolidation does
not adversely affect the Collateral in any material respect, (v) if such merger, amalgamation or consolidation involves the
Borrower and a Person that, prior to the consummation of such merger, amalgamation or consolidation, is not a Subsidiary of
the Borrower (A) each Guarantor, unless it is the other party to such merger, amalgamation or consolidation or unless the
Successor Borrower is the Borrower, shall have by a supplement to the Guarantee confirmed that its Guarantee shall apply to the
Successor Borrower’s obligations under this Agreement, (B) each Subsidiary grantor and each Subsidiary pledgor, unless
it is the other party to such merger, amalgamation or consolidation or unless the Successor Borrower is the Borrower, shall have
by a supplement to the Credit Documents confirmed that its obligations thereunder shall apply to the Successor Borrower’s
obligations under this Agreement, (C) if requested by the Administrative Agent, each mortgagor of a Mortgaged Property, unless
it is the other party to such merger, amalgamation or consolidation or unless the Successor Borrower is the Borrower, shall have
by an amendment to or restatement of the applicable Mortgage confirmed that its obligations thereunder shall apply to the Successor
Borrower’s obligations under this Agreement, (D) the Borrower shall have delivered to the Administrative Agent an officer’s
certificate stating that such merger, amalgamation or consolidation and any supplements to the Credit Documents preserve the enforceability
of the Guarantee and the perfection and priority of the Liens under the Security Documents and as to the matters of the nature
referred to in Section 6(c), (E) if reasonably requested by the Administrative Agent, an opinion of counsel shall be
required to be provided to the effect that such merger, amalgamation or consolidation does not violate this Agreement or any other
Credit Document and as to such other matters regarding the Successor Borrower and the Credit Documents as the Administrative Agent
or its counsel may reasonably request; provided, further, that if the foregoing are satisfied, the Successor Borrower
(if other than the Borrower) will succeed to, and be substituted for, the Borrower under this Agreement and (F) such merger, amalgamation
or consolidation shall comply with all the conditions set forth in the definition of the term “Permitted Acquisition”
or is otherwise permitted under Section 10.5; (vi) the Administrative Agent shall have received at least five (5) days
prior to the date of such merger, amalgamation or consolidation all documentation and other information about such Subsidiary or
other Person required under applicable “know your customer” and anti-money laundering rules and regulations, including
the Patriot Act that has been requested by the Administrative Agent; and (vii) such Subsidiary or other Person shall have executed
a customary joinder to any then-existing Customary Intercreditor Agreement;

 

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(b)
any Subsidiary of the Borrower or any other Person may be merged, amalgamated or consolidated with or into any one or more
Subsidiaries of the Borrower; provided that (i) in the case of any merger, amalgamation or consolidation involving
one or more Restricted Subsidiaries, (A) a Restricted Subsidiary shall be the continuing or surviving Person or (B) the
Borrower shall take all steps necessary to cause the Person formed by or surviving any such merger, amalgamation or consolidation
(if other than a Restricted Subsidiary) to become a Restricted Subsidiary, (ii) in the case of any merger, amalgamation or
consolidation involving one or more Guarantors, unless otherwise permitted by Section 10.5, a Guarantor shall be the continuing
or surviving Person or the Person formed by or surviving any such merger, amalgamation or consolidation (if other than a Guarantor)
shall execute a supplement to the Guarantee, the Collateral Agreement and any applicable Mortgage, and a joinder to the Intercompany
Note and any then-existing Customary Intercreditor Agreement, in form and substance reasonably satisfactory to the Collateral Agent
in order for the surviving Person to become a Guarantor, and pledgor, mortgagor and grantor of Collateral for the benefit of the
Secured Parties and to acknowledge and agree to the terms of the Intercompany Note and any then-existing Customary Intercreditor
Agreement, (iii) no Default or Event of Default has occurred and is continuing on the date of such merger, amalgamation or
consolidation or would result from the consummation of such merger, amalgamation or consolidation, (iv) if such merger, amalgamation
or consolidation involves a Subsidiary and a Person that, prior to the consummation of such merger, amalgamation or consolidation,
is not a Restricted Subsidiary of the Borrower, (A) the Borrower shall be in compliance with the Leverage Ratio Covenant on
a Pro Forma Basis immediately after giving effect to such merger, amalgamation or consolidation, (B) the Borrower shall have
delivered to the Administrative Agent an officer’s certificate stating that such merger, amalgamation or consolidation and
such supplements to any Credit Document preserve the enforceability of the Guarantee and the perfection and priority of the Liens
under the Collateral Agreement and (C) such merger, amalgamation or consolidation shall comply with all the conditions set
forth in the definition of the term “Permitted Acquisition” or is otherwise permitted under Section 10.5;
and (v) the Administrative Agent shall have received at least five (5) days prior to the date of such merger, amalgamation or consolidation
all documentation and other information about such Subsidiary or other Person required under applicable “know your customer”
and anti-money laundering rules and regulations, including the Patriot Act that has been requested by the Administrative Agent
or any Lender;

 

(c)
any Restricted Subsidiary that is not a Guarantor may (i) merge, amalgamate or consolidate with or into any other Restricted
Subsidiary and (ii) Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Borrower, a Guarantor
or any other Restricted Subsidiary of the Borrower;

 

(d)
any Subsidiary Guarantor may (i) merge, amalgamate or consolidate with or into any other Subsidiary Guarantor, (ii) merge,
amalgamate or consolidate with or into any other Subsidiary which is not a Guarantor or Dispose of any or all of its assets (upon
voluntary liquidation or otherwise) to any other Subsidiary that is not a Guarantor so long as after giving effect to such transaction
the Collateral Coverage Minimum would be satisfied and the Borrower shall be in compliance with Section 9.11 on a Pro Forma
Basis; provided that if such Subsidiary Guarantor is not the surviving entity, such merger, amalgamation or consolidation
shall be deemed to be, and any such Disposition shall be, an “Investment” and subject to the limitations set forth
in Section 10.5 and (iii) Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the
Borrower or any other Guarantor;

 

(e)
any Restricted Subsidiary may liquidate or dissolve if (i) the Borrower determines in good faith that such liquidation
or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders and (ii) to the
extent such Restricted Subsidiary is a Credit Party, any assets or business of such Restricted Subsidiary not otherwise Disposed
of or transferred in accordance with Section 10.4 or 10.5, in the case of any such business, discontinued,
shall be transferred to, or otherwise owned or conducted by, a Credit Party after giving effect to such liquidation or dissolution;

 

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(f)
the Borrower and its Restricted Subsidiaries may consummate the Transactions;

 

(g)
the Borrower and the Restricted Subsidiaries may consummate a merger, dissolution, liquidation, amalgamation, consolidation
or Disposition, the purpose of which is to effect a Disposition permitted pursuant to Section 10.4 or an Investment
permitted by Section 10.5; and

 

(h)
any merger the sole purpose of which is to reincorporate or reorganize a Credit Party in another jurisdiction in the United
States shall be permitted as long as such merger does not adversely affect the value of the Collateral in any material respect
and the surviving entity assumes all Obligations of the applicable Credit Parties under the Credit Documents and delivers any applicable
information requested by the Administrative Agent or any Lender under applicable “know your customer” and anti-money
laundering rules and regulations, including the Patriot Act.

 

10.4
Limitation on Sale of Assets. The Borrower will not, and will not permit any of the
Restricted Subsidiaries to, (x) convey, sell, lease, sell and leaseback, assign, transfer (including any Production Payments
and Reserve Sales) or otherwise dispose (each of the foregoing a “Disposition”) of any of its property, business
or assets (including receivables and leasehold interests), whether now owned or hereafter acquired or (y) sell to any Person
(other than the Borrower or a Guarantor) any shares owned by it of any Restricted Subsidiary’s Equity Interests, except that:

 

(a)
the Borrower and the Restricted Subsidiaries may Dispose of (i) inventory and other goods held for sale, including
Hydrocarbons, obsolete, worn out, used or surplus equipment, vehicles and other assets (other than accounts receivable) in the
ordinary course of business and (ii) Permitted Investments;

 

(b)
the Borrower and the Restricted Subsidiaries may Dispose of any Borrowing Base Properties (or of any Subsidiary owning Borrowing
Base Properties) for Fair Market Value so long as no Borrowing Base Deficiency would result therefrom (unless the net cash proceeds
of such Disposition are sufficient, together with Unrestricted Cash, to eliminate any Borrowing Base Deficiency that would result
therefrom); provided, that if the sum of (x) the Swap PV of terminated and/or off-setting positions in respect of commodity
hedge positions (whether evidenced by a floor, put or Hedge Agreement) upon which the Lenders relied in determining the Borrowing
Base (after taking into account any other Hedge Agreement executed (a) contemporaneously with the taking of such actions or (b)
subsequent to the last redetermination of the Borrowing Base) plus (y) the aggregate PV-9 value of all such Borrowing Base
Properties Disposed of (after giving effect to any concurrent acquisitions of and other investments in Oil and Gas Properties by
the Borrower and its Restricted Subsidiaries with respect to which the Borrower has delivered a Reserve Report in accordance with
Section 9.14(b)), in each case, since the later of (A) the most recent Scheduled Redetermination Date and (B) the last adjustment
of the Borrowing Base made pursuant to Section 2.14(f) exceeds 7.5%) of the then-effective Borrowing Base, then no later
than two (2) Business Days after the date of consummation of any such Disposition, the Borrower shall provide notice to the Administrative
Agent of such Disposition and the Borrowing Base Properties so Disposed and the Borrowing Base may be adjusted in accordance with
the provisions of Section 2.14(f);

 

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(c)
the Borrower and the Restricted Subsidiaries may Dispose of property or assets to the Borrower or to a Restricted Subsidiary;
provided that if the transferor of such property is a Credit Party (i) the transferee thereof is a Credit Party or
(ii) such transaction is permitted under Section 10.5;

 

(d)
the Borrower and any Restricted Subsidiary may effect any transaction permitted by Section 10.2, 10.3
(other than Section 10.3(g)), 10.5 (other than Section 10.5(w)) or 10.6;

 

(e)
the Borrower and the Restricted Subsidiaries may lease, sublease, license or sublicense real, personal or intellectual property
in the ordinary course of business; provided that, with respect to intellectual property, the Borrower or any of its Restricted
Subsidiaries receives (or retains) a license or other ownership rights to use such intellectual property;

 

(f)
Dispositions (including like-kind exchanges) of property (other than Borrowing Base Properties) to the extent that (i) such
property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition
are applied to the purchase price of such replacement property;

 

(g)
Farm-Out Agreements with respect to undeveloped acreage to which no Proved Reserves are attributable and assignments in
connection with such Farm-Out Agreements;

 

(h)
Dispositions of Investments in joint ventures (regardless of the form of legal entity) to the extent required by, or made
pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar
binding arrangements;

 

(i)
[reserved];

 

(j)
transfers of property subject to a Casualty Event or in connection with any condemnation proceeding with respect to Collateral;

 

(k)
Dispositions or discounts without recourse of accounts receivable in true sale transactions (i) in connection with the collection
or compromise thereof or (ii) to the extent the proceeds thereof are used to prepay any Loans then outstanding;

 

(l)
the unwinding or termination of any Hedge Agreement (subject to the terms of Section 2.14(f));

 

(m)
Dispositions of Oil and Gas Properties or any interest therein, or the Equity Interests of any Restricted Subsidiary or
of any Minority Investment owning Oil and Gas Properties, that are not Borrowing Base Properties and other assets not included
in the Borrowing Base, in each case, subject to the mandatory prepayment of the Loans pursuant to Section 5.2(b)(ii);

 

(n)
any issuance or sale of Equity Interests in, or sale of Indebtedness or other securities of, an Unrestricted Subsidiary
(or a Restricted Subsidiary which owns an Unrestricted Subsidiary so long as such Restricted Subsidiary owns no assets other than
the Equity Interests of such Unrestricted Subsidiary);

 

    	 	134	 

     

    

 

(o)
any swap of assets in exchange for services or assets of the same type in the ordinary course of business of comparable
or greater value or usefulness to the business of the Borrower and its Subsidiaries as a whole, as determined in good faith by
the management of the Borrower;

 

(p)
[reserved];

 

(q)
Disposition of any asset between or among the Borrower and/or its Restricted Subsidiaries as a substantially concurrent
interim Disposition in connection with a transaction permitted by Section 10.3, or in connection with an Investment otherwise
permitted pursuant to Section 10.5 or a Disposition otherwise permitted pursuant to clauses (a) through (p)
above; and

 

(r)
the lapse or abandonment in the ordinary course of business of any registrations or applications for registration of any
immaterial intellectual property rights.

 

To the extent any Collateral
is Disposed of as expressly permitted by this Section 10.4 to any Person other than a Credit Party, such Collateral
shall be sold free and clear of the Liens created by the Credit Documents, and, if requested by the Administrative Agent, upon
the certification by the Borrower that such Disposition is permitted by this Agreement, the Administrative Agent shall be authorized
to take any actions deemed appropriate in order to effect the foregoing at Borrower’s sole cost and expense.

 

10.5
Limitation on Investments. The Borrower will not, and will not permit any of the Restricted
Subsidiaries, to (i) purchase or acquire (including pursuant to any merger, consolidation or amalgamation with a person that is
not a Wholly owned Subsidiary immediately prior to such merger, consolidation or amalgamation) any Equity Interests, evidences
of Indebtedness or other securities of any other Person, (ii) make any loans or advances to or guarantees of the Indebtedness of
any other Person, or (iii) purchase or otherwise acquire (in one transaction or a series of related transactions) (x) all or substantially
all of the property and assets or business of another Person or (y) assets constituting a business unit, line of business or division
of such Person (each, an “Investment”), except:

 

(a)
extensions of trade credit and purchases of assets and services (including purchases of inventory, supplies and materials)
in the ordinary course of business;

 

(b)
Investments in assets that constituted Permitted Investments at the time such Investments were made;

 

(c)
loans and advances to officers, directors, employees and consultants of the Borrower (or any direct or indirect parent thereof)
or any of its Restricted Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation
and analogous ordinary business purposes (including employee payroll advances), (ii) in connection with such Person’s
purchase of Equity Interests of the Borrower (or any direct or indirect parent thereof; provided that, to the extent such
loans and advances are made in cash, the amount of such loans and advances used to acquire such Equity Interests shall be contributed
to the Borrower in cash) and (iii) for purposes not described in the foregoing subclauses (i) and (ii); provided
that the aggregate principal amount outstanding pursuant to subclause (iii) shall not exceed $5,000,000;

 

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(d)
(i) Investments existing on, or made pursuant to commitments in existence on, the Closing Date as set forth on Schedule 10.5(d),
(ii) Investments existing on the Closing Date of the Borrower or any Subsidiary in any other Subsidiary and (iii) any
extensions, modifications, replacements, renewals or reinvestments thereof, so long as the amount of any Investment made pursuant
to this clause (d) is not increased at any time above the amount of such Investment as of the Closing Date (other than (a)
pursuant to an increase as required by the terms of any such Investment as in existence on the Closing Date or (b) as otherwise
permitted under this Section 10.5);

 

(e)
any Investment acquired by the Borrower or any of its Restricted Subsidiaries: (i) in exchange for any other Investment,
accounts receivable or endorsements for collection or deposit held by the Borrower or any such Restricted Subsidiary in each case
in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of, or settlement of delinquent
accounts and disputes with or judgments against, the issuer of such other Investment or accounts receivable (including any trade
creditor or customer), (ii) in satisfaction of judgments against other Persons, (iii) as a result of a foreclosure by the Borrower
or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured
Investment in default or (iv) as a result of the settlement, compromise or resolution of litigation, arbitration or other disputes
with Persons who are not Affiliates;

 

(f)
Investments to the extent that payment for such Investments is made with Qualified Equity Interests of the Borrower or a
Parent Entity;

 

(g)
Investments (i) by the Borrower in any Guarantor or by any Guarantor in the Borrower, (ii) by any Restricted Subsidiary
that is not a Guarantor in the Borrower or any other Restricted Subsidiary; provided, that Investments by any Restricted Subsidiary
that is not a Guarantor in the Borrower or any Guarantor shall be subordinated in right of payment to the Loans, and (iii) by the
Borrower or any Guarantor in any Restricted Subsidiary that is not a Guarantor; provided, that the aggregate amount outstanding
pursuant to this Section 10.5(g)(iii) at the time such Investment is made, would not exceed the sum of (A) the greater
of $10,000,000 and 2.5% of Consolidated Total Assets (measured as of the date such Investment is made based upon the financial
statements most recently available prior to such date), (B) the Applicable Equity Amount at such time and (C) to the extent not
otherwise included in the determination of the Applicable Equity Amount, an amount equal to any repayments, interest, returns,
profits, distributions, income and similar amounts actually received in cash in respect of any such Investment described in this
Section 10.5(g)(iii) (it being understood that to the extent any Investment made pursuant to this Section 10.5(g)(iii)
was made by using the Applicable Equity Amount, then the amounts referred to in clause (C) shall, to the extent of the original
usage of the Applicable Equity Amount, be deemed to reconstitute such amounts);

 

(h)
Investments constituting Permitted Acquisitions;

 

(i)
Investments, valued at the Fair Market Value (determined by the Borrower acting in good faith) of such Investment at the
time each such Investment is made, in an aggregate amount outstanding pursuant to this Section 10.5(i) not to exceed the
sum of (A) the greater of (1) $20,000,000 and (2) 3.5% of Consolidated Total Assets (measured as of the date such
Investment is made based upon the financial statements most recently available prior to such date) plus (B) the Applicable
Equity Amount at such time plus (C) to the extent not otherwise included in the determination of the Applicable Equity
Amount, an amount equal to any repayments, interest, returns, profits, distributions, income and similar amounts actually received
in cash in respect of any such Investment (which amount shall not exceed the amount of such Investment valued at the Fair Market
Value of such Investment at the time such Investment was made) (it being understood that to the extent any Investment made pursuant
to this Section 10.5(i) was made by using the Applicable Equity Amount, then the amounts referred to in the clause (C)
shall, to the extent of the original usage of the Applicable Equity Amount, as applicable, be deemed to reconstitute such amounts);

 

    	 	136	 

     

    

 

(j)
Investments made at any such time during which, immediately after giving effect to the making of any such Investment on
a Pro Forma Basis, (i) no Event of Default shall have occurred and be continuing, (ii) Liquidity is not less than 10.0%
of the then effective Borrowing Base, (iii) no Borrowing Base Deficiency exists and (iv) the Consolidated Total Net Leverage Ratio
is less than or equal to 3.00 to 1.00;

 

(k)
Investments constituting promissory notes and other non-cash proceeds of Dispositions of assets to the extent permitted
by Section 10.4 or any other disposition of assets not constituting a Disposition;

 

(l)
Investments made to repurchase or retire Equity Interests of the Borrower or any direct or indirect parent thereof owned
by the Sponsor or its Affiliates or any employee or any stock ownership plan or key employee stock ownership plan of the Borrower
(or any direct or indirect parent thereof);

 

(m)
Investments consisting of Restricted Payments permitted under Section 10.6 (other than Section 10.6(c)
and Section 10.6(f)(viii));

 

(n)
loans and advances to any direct or indirect parent of the Borrower in lieu of, and not in excess of the amount of, Restricted
Payments to the extent permitted to be made to such parent in accordance with Section 10.6(b), (f) or (i);

 

(o)
Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the
grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof
from financially troubled account debtors and other credits to suppliers in the ordinary course of business;

 

(p)
Investments in the ordinary course of business consisting of endorsements for collection or deposit and customary trade
arrangements with customers consistent with past practices or industry practice;

 

(q)
advances of payroll payments to employees, consultants or independent contractors or other advances of salaries or compensation
to employees, consultants or independent contractors, in each case in the ordinary course of business;

 

(r)
guarantee obligations of the Borrower or any Restricted Subsidiary of leases (other than Capitalized Leases) or of other
obligations that do not constitute Indebtedness, in each case entered into in the ordinary course of business;

 

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(s)
Investments held by a Person acquired (including by way of merger, amalgamation or consolidation) after the Closing Date
otherwise in accordance with this Section 10.5 to the extent that such Investments were not made in contemplation of
or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition,
merger, amalgamation or consolidation;

 

(t)
Investments in Industry Investments and in interests in additional Oil and Gas Properties and field gathering systems, gas
processing plants and pipeline systems and any related infrastructure to any thereof related thereto or Investments related to
Farm-Out Agreements, Farm-In Agreements, joint operating, joint venture, joint development or other area of mutual interest agreements,
other similar industry investments, gathering systems, pipelines or other similar oil and gas exploration and production business
arrangements whether through direct ownership or ownership through a joint venture or similar arrangement;

 

(u)
to the extent constituting Investments, the Transactions;

 

(v)
Investments in Hedge Agreements permitted by each of Section 10.1 and Section 10.10;

 

(w) Investments
(excluding loans and advances made in lieu of Restricted Payments pursuant to and limited by Section 10.5(n)
above) consisting of Indebtedness, fundamental changes, Dispositions and payments permitted under Sections 10.1
(other than Sections 10.1(d)(iii) and (g)(ii)), 10.3 (other than Sections 10.3(a), (c) and (g)), 10.4
(other than Section 10.4(d)) and 10.7;

 

(x)
in the case of the Borrower and its Restricted Subsidiaries, Investments consisting of intercompany Indebtedness having
a term not exceeding 364 days (inclusive of any roll over or extension of terms) and made in the ordinary course of business; provided
that, in the case of any such Indebtedness owing by the Borrower or a Guarantor to a Restricted Subsidiary that is not a Guarantor,
such Indebtedness shall, to the extent permitted by Requirements of Law and not giving rise to material adverse tax consequences,
be subordinated to the Obligations pursuant to the Intercompany Note; provided further that in the case of any such Indebtedness
owing by a Restricted Subsidiary that is not a Guarantor to the Borrower or a Guarantor, such Indebtedness shall be evidenced by
the Intercompany Note pledged in favor of the Collateral Agent for the benefit of the Secured Parties pursuant to the Collateral
Agreement;

 

(y)
Investments resulting from pledges and deposits under clauses (d) and (e) of the definition of “Permitted
Liens” and clauses (j), (o), (w) and (y) of Section 10.2;

 

(z)
advances in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade
terms of the Borrower or the relevant Restricted Subsidiary;

 

(aa)  
Investments consisting of licensing of intellectual property pursuant to joint marketing arrangements with other Persons
in the ordinary course of business;

 

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(bb)
Investments made in the ordinary course of business in connection with obtaining, maintaining or renewing client contacts
and loans or advances made to distributors in the ordinary course of business;

 

(cc)  
Investments made by any Restricted Subsidiary that is not a Credit Party to the extent that such Investments are financed
with the proceeds received by such Restricted Subsidiary from an Investment in such Restricted Subsidiary permitted by this Agreement;

 

(dd)
Investments consisting of the contribution of Equity Interests of any Foreign Subsidiary or FSHCO to any other Foreign Subsidiary
or FSHCO;

 

(ee)  
Investments in Unrestricted Subsidiaries having an aggregate fair market value, taken together with all other Investments
made pursuant to this Section 10.2(ee) that are at the time outstanding, without giving effect to the sale of an Unrestricted
Subsidiary to the extent the proceeds of such sale do not consist of marketable securities (until such proceeds are converted to
cash equivalents) not to exceed the greater of (1) $10,000,000 and (2) 2.0% of Consolidated Total Assets at the time
of such Investment (with the fair market value of each Investment being measured at the time made and without giving effect
to subsequent changes in value); and

 

(ff)  
any Investment constituting a Disposition or transfer of any asset between or among the Borrower and/or its Restricted Subsidiaries
as a substantially concurrent interim Disposition or transfer in connection with an Investment otherwise permitted pursuant to
clauses (a) through (ee) above or in connection with a transaction permitted by Section 10.3 or in connection
with a Disposition permitted pursuant to Section 10.4.

 

10.6
Limitation on Restricted Payments. The Borrower will not directly or indirectly pay
any dividend or make any other distribution (by reduction of capital or otherwise), whether in cash, property, securities or a
combination thereof, with respect to any of its Equity Interests (other than dividends and distributions on Equity Interests payable
solely by the issuance of additional Qualified Equity Interests) or redeem, purchase, retire or otherwise acquire for value any
of its Equity Interests or the Equity Interests of any Parent Entity (other than through the issuance of additional Qualified Equity
Interests), or permit any Restricted Subsidiary to purchase or otherwise acquire for consideration (except in connection with an
Investment permitted under Section 10.5) any Equity Interests of the Borrower or any Parent Entity, now or hereafter outstanding
(all of the foregoing, “Restricted Payments”); except that:

 

(a)
the Borrower may (or may pay Restricted Payments to permit any Parent Entity thereof to) redeem in whole or in part any
of its or a Parent Entity’s Equity Interests in exchange for another class of its (or such parent’s) Equity Interests
or with proceeds from substantially concurrent equity contributions or issuances of new Equity Interests; provided that
such new Equity Interests contain terms and provisions at least as advantageous to the Lenders in all material respects to their
interests as those contained in the Equity Interests redeemed thereby, and the Borrower may pay Restricted Payments to any Parent
Entity payable solely in the Equity Interests (other than Disqualified Stock not otherwise permitted by Section 10.1)
of the Borrower;

 

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(b)
the Borrower may (or may make Restricted Payments to permit any Parent Entity thereof to) redeem, acquire, retire or repurchase
shares of its (or such Parent Entity’s) Equity Interests held by any future, present or former officer, manager, consultant,
director or employee (or their respective Affiliates, estates, spouses, former spouses, successors, executors, administrators,
heirs, legatees, distributees or immediate family members) of the Borrower and its Subsidiaries or any Parent Entity thereof, in
connection with the death, disability, retirement or termination of employment of any such Person or otherwise in accordance with
any equity option or equity appreciation rights plan, any management, director and/or employee equity ownership, benefit or incentive
plan or agreement, equity subscription plan, employment termination agreement or any other employment agreements or equity holders’
agreement; provided that the aggregate amount of Restricted Payments made under this clause (b) shall not exceed
(A) $10,000,000 in any calendar year (with unused amounts in any calendar year being carried over to succeeding calendar years
subject to a maximum of $20,000,000 in any calendar year), plus (B) all net cash proceeds obtained by or contributed to the
Borrower during such calendar year from the sales of Equity Interests to other future, present or former officers, consultants,
employees, directors and managers in connection with any permitted compensation and incentive arrangements plus (C) all net
cash proceeds obtained from any key-man life insurance policies received during such calendar year plus (D) the amount of
any cash bonuses otherwise payable to members of management, directors or consultants of any Parent Entity, the Borrower or its
Subsidiaries in connection with the Transactions that are foregone in return for the receipt of Equity Interests; notwithstanding
the foregoing, the Borrower may elect to apply all or any portion of the aggregate increase contemplated by clauses (B),
(C) and (D) above in any calendar year and provided, further, that cancellation of Indebtedness owing to the
Borrower or any of its Restricted Subsidiaries from any future, present or former employees, directors, officers, members of management
or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members), of the Borrower, any Restricted
Subsidiary, any direct or indirect parent company of the Borrower or any of the Borrower’s Restricted Subsidiaries in connection
with a repurchase of Equity Interests of the Borrower or any of its direct or indirect parent companies will not be deemed to constitute
a Restricted Payment for purposes of this covenant or any other provision of this Agreement;

 

(c)
to the extent constituting Restricted Payments, the Borrower may make Investments permitted by Section 10.5
(other than Sections 10.5(l), 10.5(m), (n) and (w));

 

(d)
to the extent constituting Restricted Payments, the Borrower may consummate transactions expressly permitted by Section 10.3;

 

(e)
the Borrower may repurchase Equity Interests of the Borrower (or any Parent Entity thereof) upon exercise of stock options
or warrants if such Equity Interests represents all or a portion of the exercise price of such options or warrants;

 

(f)
the Borrower may:

 

(i)
with respect to any taxable period (x) for which the Borrower and/or any of its Subsidiaries are members of a consolidated,
combined, affiliated, unitary or similar income tax group for U.S. federal and/or applicable state or local income Tax purposes
of which any Parent Entity is the common parent, or (y) for which the Borrower is a partnership or disregarded entity for U.S.
federal income tax purposes that is wholly owned (directly or indirectly) by a Parent Entity that is classified as a C corporation
for U.S. federal and/or applicable state or local income Tax purposes, make and pay Restricted Payments the proceeds of which will
be used to pay (or to make Restricted Payments to allow any Parent Entity to pay) any U.S. federal, state and/or local income Taxes
in an amount not to exceed the amount of such Taxes that the Borrower and/or its Subsidiaries, as applicable, would have paid for
such taxable period had the Borrower and/or its Subsidiaries, as applicable, been a stand-alone corporate taxpayer or a stand-alone
corporate group; provided that distributions pursuant to this clause (i) in respect of an Unrestricted Subsidiary
shall be permitted only to the extent that cash distributions were made by such Unrestricted Subsidiary to the Borrower or any
of its Restricted Subsidiaries for such purpose;

 

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(ii)
without duplication of any amounts distributed under clause (i) above and with respect to any taxable period ending
after the Closing Date for which the Borrower is a partnership or disregarded entity for U.S. federal income Tax purposes (other
than a partnership or disregarded entity described in clause (i)(y) above), make and pay Restricted Payments to any
direct or indirect owners in amounts necessary to permit each such owner to pay its U.S. federal, state and/or local income Taxes
(including any estimated Taxes payable) (as applicable) attributable to its direct or indirect ownership of the Borrower and its
subsidiaries with respect to such taxable period in an aggregate amount not to exceed the total U.S. federal net taxable income
allocated to the direct or indirect owners for such taxable period (ignoring (A) any special basis adjustment under Section 743
of the Code with respect to any such owner and (B) any income, gain, loss or deduction under Section 704(c) of the Code with respect
to any such owner), multiplied by 50 percent;

 

(iii)
the proceeds of which shall be used to allow any Parent Entity to pay its operating costs and expenses incurred in the ordinary
course of business and other corporate overhead costs and expenses (including administrative, legal, accounting and other professional
costs and expenses) to the extent attributable to the ownership or operation of the Borrower and its Subsidiaries;

 

(iv)
the proceeds of which shall be used by such Parent Entities to pay Restricted Payments contemplated by Section 10.6(b);

 

(v)
the proceeds of which shall be used to make Restricted Payments to allow any Parent Entity to pay fees and expenses related
to any equity issuance or offering or debt issuance, incurrence or offering, Disposition or acquisition or investment transaction
not relating to any other portfolio company of any Parent Entity permitted by this Agreement, whether or not consummated;

 

(vi)
the proceeds of which shall be used to pay fees and expenses (including real and personal property Taxes, and franchise,
excise or similar taxes) required to maintain its corporate existence or good standing under applicable law, customary salary,
bonus and other benefits payable to, and indemnities provided on behalf of, officers, employees and consultants of any Parent Entity,
and any payroll, social security or similar taxes thereof, to the extent such fees, expenses, salaries, bonuses, other benefits
and indemnities are attributable to the ownership or operation of the Borrower and the Restricted Subsidiaries;

 

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(vii)
in the form of Equity Interests of the Borrower (other than Disqualified Stock not otherwise permitted by Section 10.1);
and

 

(viii)   
to finance Permitted Acquisitions and other Investments or other acquisitions in each case otherwise permitted to be made
under Section 10.5 if made by the Borrower; provided, that (A) such Restricted Payment shall be made substantially
concurrently with the closing of such Investment or other acquisition, (B) such direct or indirect parent company shall, promptly
following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the capital
of the Borrower or one or more of its Restricted Subsidiaries or (2) the merger, amalgamation, consolidation, or sale of the Person
formed or acquired into the Borrower or one of its Restricted Subsidiaries (to the extent not prohibited by Section 10.3)
in order to consummate such Investment or other acquisition, (C) such direct or indirect parent company and its Affiliates (other
than the Borrower or a Restricted Subsidiary) receives no consideration or other payment in connection with such transaction except
to the extent the Borrower or a Restricted Subsidiary could have given such consideration or made such payment in compliance herewith,
(D) any property received by the Borrower shall not increase the Applicable Equity Amount and (E) to the extent constituting an
Investment, such Investment shall be deemed to be made by Borrower or such Restricted Subsidiary pursuant to Section 10.5
for the purposes of calculating compliance with the baskets thereunder;

 

(g)
the Borrower or any of the Restricted Subsidiaries may (i) pay cash in lieu of fractional shares in connection with
any dividend, split or combination thereof or any Permitted Acquisition or other Investment permitted under Section 10.5
and (ii) so long as, immediately after giving effect thereto on a Pro Forma Basis, (A) no Default or Event of Default
shall have occurred and be continuing and (B) no Borrowing Base Deficiency exists, honor any conversion request by a
holder of convertible Indebtedness and make cash payments in lieu of fractional shares in connection with any such conversion and
may make payments on convertible Indebtedness in accordance with its terms;

 

(h)
the Borrower may pay any dividends or distributions within sixty (60) days after the date of declaration thereof, if at
the date of declaration such payment would have complied with the other clauses of this Section 10.6;

 

(i)
so long as, immediately after giving effect thereto on a Pro Forma Basis, (i) no Event of Default shall have occurred
and be continuing, (ii) Liquidity is not less than ten percent (10.0%) of the then effective Borrowing Base, (iii) no Borrowing
Base Deficiency exists and (iv) the Consolidated Total Net Leverage Ratio is less than or equal to 3.00 to 1.00, the Borrower may
declare and pay additional Restricted Payments without limit in cash or otherwise to the holders of its or any Parent Entity’s
Equity Interests; provided, that, in the case of any Restricted Payment in the form of assets other than cash, no such Restricted
Payment shall be made if a Borrowing Base Deficiency would result from an adjustment to the Borrowing Base resulting from such
Restricted Payment (unless the Borrower shall have cash on hand sufficient to eliminate any such potential Borrowing Base Deficiency
and shall, in accordance with the terms hereof, promptly cure such Borrowing Base Deficiency);

 

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(j)
the Borrower may consummate the Transactions (and pay fees and expenses in connection therewith on or following the Closing
Date), and make payments described in Section 9.9(a), (f), (g), (h), (j) and (l)
(subject to the conditions set out therein);

 

(k)
payments made or expected to be made by the Borrower or any of the Restricted Subsidiaries in respect of required withholding
or similar non-U.S. Taxes with respect to any future, present or former employee, director, manager or consultant and any repurchases
of Equity Interests in consideration of such payments including deemed repurchases in connection with the exercise of stock options;

 

(l)
payments and distributions to dissenting stockholders pursuant to applicable law, pursuant to or in connection with a consolidation,
merger, amalgamation or transfer of all or substantially all of the assets of the Borrower and its Restricted Subsidiaries taken
as a whole that complies with the terms of this Agreement;

 

(m)
so long as no Event of Default shall have occurred and be continuing or would result therefrom, the Borrower may declare
and pay Restricted Payments in an aggregate amount not to exceed the Applicable Equity Amount at the time such Restricted Payment
is paid;

 

(n)
the distribution, by dividend or otherwise, of Equity Interests of, or Indebtedness owed to the Borrower or a Restricted
Subsidiary by, an Unrestricted Subsidiary (or a Restricted Subsidiary that owns an Unrestricted Subsidiary); provided that
such Restricted Subsidiary owns no assets other than Equity Interests of an Unrestricted Subsidiary (other than Unrestricted Subsidiaries
the primary assets of which are cash and/or Permitted Investments); and

 

(o)
[reserved]; and

 

(p)
to pay interest and/or principal (including AHYDO “catch-up payments”) on Indebtedness the proceeds of which
have been contributed to the Borrower or any Restricted Subsidiary in cash as common equity (or other equity reasonably acceptable
to the Administrative Agent); provided that (i) the principal amount of such Indebtedness shall increase Consolidated Total
Debt on a dollar-for-dollar basis, (ii) all interest expense relating to such Indebtedness shall (x) reduce Consolidated Net Income
and (y) increase Consolidated Interest Expense, in each case on a dollar-for-dollar basis, and (iii) such contribution of equity
shall be disregarded for all purposes hereunder.

 

10.7
Limitations on Debt Payments and Amendments.

 

(a)
The Borrower will not, and will not permit any Restricted Subsidiary to, prepay, repurchase or redeem or otherwise defease
prior to its scheduled maturity any Indebtedness for borrowed money that is expressly subordinated in right of payment to or payment
priority or is secured by a Lien that is junior to the Liens securing the Obligations (or any Permitted Refinancing Indebtedness
in respect thereof to the extent constituting Junior Debt) (such other Indebtedness or any Permitted Refinancing Indebtedness in
respect thereof, “Junior Debt”) (for the avoidance of doubt, it being understood that payments of regularly-scheduled
cash interest in respect of Junior Debt and any AHYDO payments shall be permitted unless expressly prohibited by the terms of the
documents governing such subordination); provided, however, that the Borrower or any Restricted Subsidiary may prepay,
repurchase, redeem or defease prior to its scheduled maturity any Junior Debt (i) in exchange for or with the proceeds of
any Permitted Refinancing Indebtedness, (ii) by converting or exchanging any Junior Debt to Qualified Equity Interests of
any Parent Entity, (iii) so long as, immediately after giving effect thereto on a Pro Forma Basis, (A) no Event of Default
has occurred and is continuing, (B) Liquidity is not less than 10.0% of the then effective Borrowing Base, (C) no Borrowing
Base Deficiency exists and (D) the Consolidated Total Net Leverage Ratio is less than or equal to 3.00 to 1.00, (iv) so long as
no Event of Default shall have occurred and be continuing or would result therefrom, in an aggregate amount not to exceed the Applicable
Equity Amount or (v) owed to the Borrower or any Restricted Subsidiary to the extent not prohibited by the subordination provisions
contained in the Intercompany Note; provided, further, that, after giving effect to any adjustment of the Borrowing
Base made pursuant to Section 2.14(f) and any repayment of the Loans required in connection therewith, the Borrower
or any Restricted Subsidiary may make mandatory prepayments in respect of any Junior Debt with the proceeds of the disposition
of any assets that have been pledged to secure such Junior Debt;

 

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(b)
The Borrower will not, without the consent of the Administrative Agent (which consent shall not be unreasonably withheld,
conditioned or delayed), amend or modify the terms of any Junior Debt, other than amendments or modifications that (A) would not
be materially adverse to the Lenders, taken as a whole (as determined in good faith by the Borrower), (B) otherwise comply
with the definition of “Permitted Refinancing Indebtedness” that may be incurred to Refinance any such Indebtedness,
(C) would have the effect of converting any Junior Debt to Qualified Equity Interests of a Parent Entity or (D) to the
extent such amendment or modification would not have been prohibited under this Agreement at the time such Permitted Refinancing
Indebtedness, Junior Debt or documentation was first issued, incurred or entered into, as applicable; and

 

(c)
Notwithstanding the foregoing and for the avoidance of doubt, nothing in this Section 10.7 shall prohibit (i) the
repayment or prepayment of intercompany subordinated Indebtedness owed among the Borrower and/or the Restricted Subsidiaries, in
either case, unless an Event of Default pursuant to Section 11.1 or 11.5 has occurred and is continuing and the Borrower
has received a notice from the Collateral Agent instructing it not to make or permit the Borrower and/or the Restricted Subsidiaries
to make any such repayment or prepayment, or (ii) substantially concurrent transfers of credit positions in connection with
intercompany debt restructurings so long as such Indebtedness is permitted by Section 10.1 after giving effect to such
transfer.

 

(d)
The Borrower will not, and will not permit any Restricted Subsidiary to, prepay, repurchase or redeem or otherwise defease
prior to its scheduled maturity any Pari Debt (for the avoidance of doubt, it being understood that payments of regularly-scheduled
cash interest and amortization of principal in respect of Pari Debt shall be permitted hereunder unless prohibited by the First
Lien Intercreditor Agreement) other than in connection with any Permitted Refinancing Indebtedness incurred in respect thereof;
provided, however, that the Borrower or any Restricted Subsidiary may prepay, repurchase, redeem or defease prior
to its scheduled maturity any Pari Debt so long as, immediately after giving effect thereto on a Pro Forma Basis, (A) no Event
of Default has occurred and is continuing and (B) no Borrowing Base Deficiency exists.

 

10.8
Negative Pledge Agreements. The Borrower will not, and will not permit any of the Guarantors
to, enter into or permit to exist any Contractual Requirement (other than this Agreement or any other Credit Document) that limits
the ability of the Borrower or any Guarantor to create, incur, assume or suffer to exist Liens on property of such Person for the
benefit of the Secured Parties with respect to the Obligations or under the Credit Documents; provided that the foregoing
shall not apply to each of the following Contractual Requirements that:

 

(a)
(i) exist on the Closing Date and (to the extent not otherwise permitted by this Section 10.8) are listed on
Schedule 10.8 and (ii) to the extent Contractual Requirements permitted by subclause (i) are set forth
in an agreement evidencing Indebtedness or other obligations, are set forth in any agreement evidencing any Permitted Refinancing
Indebtedness incurred to Refinance such Indebtedness or obligation so long as such Permitted Refinancing Indebtedness does not
expand the scope of such Contractual Requirement;

 

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(b)
are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes a Restricted Subsidiary of the
Borrower, so long as such Contractual Requirements were not entered into solely in contemplation of such Person becoming a Restricted
Subsidiary of the Borrower;

 

(c)
represent Indebtedness permitted under Section 10.1 of a Restricted Subsidiary of the Borrower that is not a
Guarantor so long as such Contractual Requirement applies only to such Subsidiary and its Subsidiaries;

 

(d)
arise pursuant to agreements entered into with respect to any sale, transfer, lease or other Disposition permitted by Section 10.4
and applicable solely to assets under such sale, transfer, lease or other Disposition;

 

(e)
are customary provisions in joint venture agreements and other similar agreements permitted by Section 10.5 and applicable
to joint ventures or otherwise arise in agreements which restrict the Disposition or distribution of assets or property subject
to oil and gas leases, joint operating agreements, joint exploration and/or development agreements, participation agreements and
other similar agreements entered into in the ordinary course of the oil and gas exploration and development business and customary
provisions in any Agreement of the type described in the definition of “Industry Investments” entered into in the ordinary
course of business;

 

(f)
are customary restrictions on leases, subleases, licenses or asset sale agreements otherwise permitted hereby so long as
such restrictions relate to the assets subject thereto;

 

(g)
are customary provisions restricting subletting or assignment of any lease governing a leasehold interest of the Borrower
or any Restricted Subsidiary;

 

(h)
are customary provisions restricting assignment of any agreement entered into in the ordinary course of business;

 

(i)
restrict the use of cash or other deposits imposed by customers under contracts entered into in the ordinary course of business;

 

(j)
[reserved];

 

(k)
exist under any documentation governing any Permitted Refinancing Indebtedness incurred to Refinance any Indebtedness but
only to the extent such Contractual Requirement is not materially more restrictive, taken as a whole, than the Contractual Requirement
in the Indebtedness being refinanced;

 

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(l)
customary net worth provisions contained in real property leases entered into by any Restricted Subsidiary of the Borrower,
so long as the Borrower has determined in good faith that such net worth provisions would not reasonably be expected to impair
the ability of the Borrower and the Restricted Subsidiaries to meet their ongoing obligation;

 

(m)
are included in any agreement relating to any Lien, so long as (i) such Lien is permitted under Section 10.2(b),
(c), (f) or, so long as such Lien does not attach to Collateral, (g) and such restrictions or conditions relate
only to the specific asset subject to such Lien and (ii) such restrictions and conditions are not created for the purpose of avoiding
the restrictions imposed by this Section 10.8;

 

(n)
are restrictions imposed by any agreement relating to Indebtedness incurred pursuant to Section 10.1 or Permitted
Refinancing Indebtedness in respect thereof, to the extent such restrictions are not materially more restrictive, taken as a whole,
than the restrictions contained in the Credit Documents as determined by the Borrower in good faith;

 

(o)
are restrictions regarding licenses or sublicenses by the Borrower and the Restricted Subsidiaries of intellectual property
in the ordinary course of business (in which case such restriction shall relate only to such intellectual property);

 

(p)
[reserved];

 

(q)
arise in connection with cash or other deposits permitted under Sections 10.2 and 10.5 and limited to
such cash or deposit; and

 

(r)
are encumbrances or restrictions imposed by any amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (a) through
(q) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings are, in the good faith judgment of the Borrower’s board of directors, no more restrictive in
any material respect with respect to such encumbrance and other restrictions taken as a whole than those prior to such amendment,
modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.

 

10.9
Limitation on Subsidiary Distributions. The Borrower will not, and will not permit
any of its Restricted Subsidiaries that are not Guarantors to, directly or indirectly, create or otherwise cause or suffer to exist
or become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted Subsidiary to pay
dividends or make any other distributions to the Borrower or any Restricted Subsidiary on its Equity Interests or with respect
to any other interest or participation in, or measured by, its profits or transfer any property to the Borrower or any Restricted
Subsidiary except (in each case) for such encumbrances or restrictions existing under or by reason of:

 

(a)
contractual encumbrances or restrictions in effect on the Closing Date, including pursuant to the Credit Documents and any
Hedging Obligations in effect on the Closing Date;

 

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(b)
[reserved];

 

(c)
purchase money obligations for property acquired in the ordinary course of business and obligations under any Capitalized
Lease that impose restrictions on transferring the property so acquired;

 

(d)
[reserved];

 

(e)
any agreement or other instrument of a Person acquired by or merged or consolidated with or into the Borrower or any Restricted
Subsidiary, or of an Unrestricted Subsidiary that is designated a Restricted Subsidiary, or that is assumed in connection with
the acquisition of assets from such Person, in each case that is in existence at the time of such transaction (but not created
in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any
Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so acquired or
designated;

 

(f)
[reserved];

 

(g)
secured Indebtedness otherwise permitted to be incurred pursuant to Section 10.1(p) and (q) as it relates
to the right of the debtor to dispose of the assets securing such Indebtedness;

 

(h)
restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course
of business;

 

(i)
other Indebtedness of Borrower and its Restricted Subsidiaries permitted to be incurred subsequent to the Closing Date pursuant
to Sections 10.1(k), (l), (p) and (q) so long as either (A) the provisions relating to such encumbrance
or restriction contained in such Indebtedness are no less favorable to the Borrower, taken as a whole, as determined by the board
of directors of the Borrower in good faith, than the provisions contained in this Agreement as in effect on the Closing Date or
(B) any such encumbrance or restriction contained in such Indebtedness does not prohibit (except upon a default or an event
of default thereunder) the payment of dividends in an amount sufficient, as determined by the board of directors of the Borrower
in good faith, to impair the ability of the Borrower to make scheduled payments of cash interest on the Loans when due;

 

(j)
customary provisions in joint venture agreements or agreements governing property held with a common owner and other similar
agreements or arrangements relating solely to such joint venture or property or are otherwise customary encumbrances or restrictions
imposed pursuant to any agreement of the type described in the definition of “Industry Investments” entered into in
the ordinary course of business;

 

(k)
customary provisions contained in leases, sub-leases, licenses, sub-licenses or similar agreements, in each case, entered
into in the ordinary course of business;

 

(l)
any agreements entered into with respect to any sale, transfer, lease or other Disposition permitted by Section 10.4
and applicable solely to assets under such sale, transfer, lease or other Disposition; and

 

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(m)
any encumbrances or restrictions imposed by any amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (a) through
(l) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings are, in the good faith judgment of the Borrower’s board of directors, no more restrictive in
any material respect with respect to such encumbrance and other restrictions taken as a whole than those prior to such amendment,
modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.

 

10.10 
Hedge Agreements. The Borrower will not, and will not permit any Restricted Subsidiary
to, enter into any Hedge Agreements with any Person other than:

 

(a)
Hedge Agreements in respect of Hydrocarbons entered into not for speculative purposes the net notional volumes for which
(when aggregated with other commodity Hedge Agreements then in effect, other than puts, floors and basis differential swaps on
volumes already hedged pursuant to other Hedge Agreements) do not exceed, as of the date the latest hedging transaction is entered
into under a Hedge Agreement, 85% of the reasonably anticipated Hydrocarbon production from the Credit Parties’ total Proved
Reserves (as forecast based upon the Initial Reserve Report or the most recent Reserve Report delivered pursuant to Section 9.14(a),
as applicable) for the sixty (60) month period from the date of creation of such hedging arrangement (the “Ongoing Hedges”).
In addition to the Ongoing Hedges, in connection with a proposed or pending acquisition of Oil and Gas Properties (a “Proposed
Acquisition”), the Credit Parties may also enter into incremental hedging contracts with respect to the Credit Parties’
reasonably anticipated projected production from the total Proved Reserves of the Borrower and its Restricted Subsidiaries as forecast
based upon the most recent Reserve Report having notional volumes not in excess of 15% of the Credit Parties’ existing projected
production prior to the consummation of such Proposed Acquisition (such that the aggregate shall not be more than 100% of the reasonably
anticipated projected production prior to the consummation of such Proposed Acquisition) for a period not exceeding thirty-six
(36) months from the date such hedging arrangement is created during the period between (i) the date on which such Credit
Party signs a definitive acquisition agreement in connection with a Proposed Acquisition and (ii) the earliest of (A) the
date of consummation of such Proposed Acquisition, (B) the date of termination of such Proposed Acquisition and (C) ninety
(90) days after the date of execution of such definitive acquisition agreement (or such longer period as the Administrative Agent
may agree in its reasonable discretion). However, all such incremental hedging contracts entered into with respect to a Proposed
Acquisition must be terminated or unwound within ninety (90) days following the date of termination of such Proposed Acquisition.
It is understood that commodity Hedge Agreements which may, from time to time, “hedge” the same volumes of commodity
risk but different elements of commodity risk thereof, including where one or more such Hedge Agreements partially offset one or
more other such Hedge Agreements, shall not be aggregated together when calculating the foregoing limitations on notional volumes.

 

(b)
Other Hedge Agreements (other than any Hedge Agreements in respect of equity or equity index swaps or options, bond or bond
price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions) entered into not
for speculative purposes.

 

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(c)
It is understood that for purposes of this Section 10.10, the following Hedge Agreements shall be deemed not
to be speculative or entered into for speculative purposes: (i) any commodity Hedge Agreement intended, at inception of execution,
to hedge or manage any of the risks related to existing and or forecasted Hydrocarbon production of the Borrower or its Restricted
Subsidiaries (whether or not contracted) and (ii) any Hedge Agreement intended, at inception of execution, (A) to hedge
or manage the interest rate exposure associated with any debt securities, debt facilities or leases (existing or forecasted) of
the Borrower or its Restricted Subsidiaries, (B) for foreign exchange or currency exchange management, (C) to manage
commodity portfolio exposure associated with changes in interest rates or (D) to hedge any exposure that the Borrower or its
Restricted Subsidiaries may have to counterparties under other Hedge Agreements such that the combination of such Hedge Agreements
is not speculative taken as a whole.

 

(d)
For purposes of entering into or maintaining Ongoing Hedges under Section 10.10(a), forecasts of reasonably
projected Hydrocarbon production volumes and reasonably anticipated Hydrocarbon production from the Credit Parties’ total
Proved Reserves based upon the Initial Reserve Report or the most recent Reserve Report delivered pursuant to Section 9.14(a),
as applicable, shall be revised to account for any increase or decrease therein anticipated because of information obtained by
Borrower or any other Credit Party subsequent to the publication of such Reserve Report including the Borrower’s or any other
Credit Party’s internal forecasts of production decline rates for existing wells and additions to or deletions from anticipated
future production from new wells and acquisitions coming on stream or failing to come on stream.

 

10.11 
Financial Covenants.

 

(a)
Consolidated Total Net Leverage Ratio. The Borrower will not permit the Consolidated Total Net Leverage Ratio as
of the last day of the Test Period ending on December 31, 2018 and as of the last day of any Test Period ending thereafter
to be greater than 4.00 to 1.00.

 

(b)
Current Ratio. The Borrower will not permit the Current Ratio as of the last day of the fiscal quarter ending on
or after December 31, 2018 to be less than 1.00 to 1.00.

 

10.12 
Accounting Changes. The Borrower shall not make any change in its fiscal year; provided,
however, that the Borrower may, upon written notice to the Administrative Agent, change its fiscal year to any other fiscal
year reasonably acceptable to the Administrative Agent, in which case, the Borrower and the Administrative Agent will, and are
hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal
year.

 

10.13 
Foreign Operations. From and after the date hereof, the Borrower shall not, and shall
not permit any Restricted Subsidiary to, acquire or make any other expenditures (whether such expenditure is capital, operating
or otherwise) in or related to any Oil and Gas Properties not located within the geographical boundaries of the United States or
form or acquire any Foreign Subsidiary.

 

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SECTION
11.    Events of Default

 

Upon the occurrence
and during the continuation of any of the following specified events (each an “Event of Default”):

 

11.1
Payments. The Borrower shall (a) default in the payment when due of any principal
of the Loans or (b) default, and such default shall continue for five or more days, in the payment when due of any interest
on the Loans or any Unpaid Drawings, fees or of any other amounts owing hereunder or under any other Credit Document (other than
any amount referred to in clause (a) above).

 

11.2
Representations, Etc. Any representation, warranty
or statement made or deemed made by any Credit Party herein or in any other Credit Document or any certificate delivered or required
to be delivered pursuant hereto or thereto shall prove to be untrue in any material respect on the date as of which made or deemed
made.

 

11.3
Covenants. Any Credit Party shall:

 

(a)
default in the due performance or observance by it of any term, covenant or agreement contained in Section 9.1(d)(i),
9.5 (solely with respect to the Borrower), 9.9, 9.15 or Section 10; or

 

(b)
default in the due performance or observance by it of any term, covenant or agreement (other than those referred to in Section
11.1 or 11.2 or clause (a) of this Section 11.3) contained in this Agreement or any Security Document
and such default shall continue unremedied for a period of at least thirty (30) days after receipt of written notice thereof by
the Borrower from the Administrative Agent.

 

11.4
Default Under Other Agreements.

 

(a)
The Borrower or any of the Restricted Subsidiaries shall (i) default in any payment with respect to any Material Indebtedness
(other than the Indebtedness described in Section 11.1) beyond the period of grace, if any, provided in the instrument of
agreement under which such Indebtedness was created or (ii) default in the observance or performance of any agreement or condition
relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any
other event shall occur or condition exist (other than (1) with respect to indebtedness in respect of any Hedge Agreements,
termination events or equivalent events pursuant to the terms of such Hedge Agreements, (2) any event requiring prepayment pursuant
to customary asset sale or change of control provisions and (3) secured Indebtedness that becomes due as a result of a Disposition
(including as a result of Casualty Event) of the property or assets securing such indebtedness permitted under this Agreement),
the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness (or
a trustee or agent on behalf of such holder or holders) to cause, any such Indebtedness to become due or to be repurchased, prepaid,
defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be
made, prior to its stated maturity, unless, in the case of each of the foregoing, such holder or holders shall have (or through
its or their trustee or agent on its or their behalf) waived such default in a writing to the Borrower, or

 

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(b)
Without limiting the provisions of clause (a) above, any such default under any such Material Indebtedness shall
cause such Material Indebtedness to be declared to be due and payable, or required to be prepaid other than by a regularly scheduled
required prepayment or as a mandatory prepayment (and (i) with respect to Indebtedness consisting of any Hedge Agreements, other
than due to a termination event or equivalent event pursuant to the terms of such Hedge Agreements, (ii) other than pursuant to
customary asset sale or change of control provisions and (iii) other than secured Indebtedness that becomes due as a result of
a Disposition (including as a result of Casualty Event) of the property or assets securing such Indebtedness permitted under this
Agreement) prior to the stated maturity thereof.

 

11.5
Bankruptcy, Etc. The Borrower or any Restricted
Subsidiary shall commence a voluntary case, proceeding or action concerning itself under (a) Title 11 of the United States
Code entitled “Bankruptcy” or any other applicable insolvency, debtor relief, or debt adjustment law; or (b) in
the case of any Foreign Subsidiary that is a Restricted Subsidiary, any domestic or foreign law relating to bankruptcy, judicial
management, insolvency, reorganization, administration or relief of debtors in effect in its jurisdiction of incorporation, in
each case as now or hereafter in effect, or any successor thereto (collectively, the “Bankruptcy Code”); or
an involuntary case, proceeding or action is commenced against the Borrower or any Restricted Subsidiary and the petition is not
dismissed or stayed within sixty (60) days after commencement of the case, proceeding or action, the Borrower or the applicable
Restricted Subsidiary consents to the institution of such case, proceeding or action prior to such 60-day period, or any order
of relief or other order approving any such case, proceeding or action is entered; or a custodian (as defined in the Bankruptcy
Code), receiver, receiver manager, trustee, conservator, liquidator, examiner, rehabilitator, administrator, or similar person
is appointed for, or takes charge of, the Borrower or any Restricted Subsidiary or all or any substantial portion of the property
or business thereof; or the Borrower or any Restricted Subsidiary suffers any appointment of any custodian, receiver, receiver
manager, trustee, conservator, liquidator, examiner, rehabilitator, administrator, or the like for it or any substantial part of
its property or business to continue undischarged or unstayed for a period of sixty (60) days; or the Borrower or any Restricted
Subsidiary makes a general assignment for the benefit of creditors.

 

11.6
ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan
which, when taken together with all other ERISA Events, has resulted or could reasonably be expected to result in liability of
any Credit Party under Title IV of ERISA in an aggregate amount which could reasonably be expected to result in a Material Adverse
Effect, (ii) any Credit Party or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period,
any installment payment with respect to its Withdrawal Liability under Section 4201 of ERISA under a Multiemployer Plan and a Material
Adverse Effect could reasonably be expected to result, or (iii) a termination, withdrawal or noncompliance with applicable law
or plan terms or termination, withdrawal or other event similar to an ERISA Event occurs with respect to a Foreign Plan that, when
taken together with other such events, could reasonably be expected to result in a Material Adverse Effect.

 

11.7
Guarantee. The Guarantee or any material provision thereof shall cease to be in full
force or effect (other than pursuant to the terms hereof and thereof) or any Guarantor or any other Credit Party shall assert in
writing that any such Guarantor’s obligations under the Guarantee are not to be in effect or are not to be legal, valid and
binding obligations (other than pursuant to the terms hereof or thereof).

 

11.8
Security Documents. The Mortgage or any other Security Document or any material provision
thereof shall cease to be in full force or effect (other than pursuant to the terms hereof or thereof), or any grantor under any
other Security Document or any other Credit Party shall assert in writing that any grantor’s obligations under the Collateral
Agreement, the Mortgage or any other Security Document are not in effect or not legal, valid and binding obligations (other than
pursuant to the terms hereof or thereof).

 

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11.9
Judgments. One or more monetary judgments or decrees shall be entered against the Borrower
or any of the Restricted Subsidiaries involving a liability of $30,000,000 or more in the aggregate for all such judgments and
decrees for the Borrower and the Restricted Subsidiaries (to the extent not paid or covered by insurance provided by a carrier
not disputing coverage), which judgments or decrees are not discharged or effectively waived or stayed for a period of sixty (60)
consecutive days.

 

11.10 
Change of Control. A Change of Control shall have occurred.

 

11.11 
Intercreditor Agreements. (i) Any of the Obligations of the Credit Parties under the
Credit Documents for any reason shall cease to be (x) “Senior Debt,” “Senior Indebtedness,” “Guarantor
Senior Debt” or “Senior Secured Financing” (or any comparable term) under, and as defined in, any document governing
Junior Debt, (y) “Controlling Senior Obligations,” “Initial Credit Agreement Obligations” or “Senior
Obligations” (or any comparable term) under, and as defined in, any First Lien Intercreditor Agreement or (z) “First
Lien Credit Agreement Obligations” or “Senior Obligations” (or any comparable term) under, and as defined in,
any Junior Lien Intercreditor Agreement or (ii) the subordination provisions set forth in any Junior Lien Intercreditor Agreement
or other document governing Junior Debt, or the pari passu provisions of any First Lien Intercreditor Agreement in favor of the
Secured Parties shall, in whole or in part, cease to be effective or cease to be legally valid, binding and enforceable against
the holders of such Junior Debt or parties to (or purported to be bound by) the First Lien Intercreditor Agreement, in each case,
if applicable.

 

Then, and in any such
event, and at any time thereafter, if any Event of Default shall then be continuing, the Administrative Agent may with the consent
of and, upon the written request of the Majority Lenders, shall, by written notice to the Borrower, take any or all of the following
actions, without prejudice to the rights of the Administrative Agent or any Lender to enforce its claims against the Borrower or
any other Credit Party, except as otherwise specifically provided for in this Agreement (provided that, if an Event of Default
specified in Section 11.5 shall occur with respect to the Borrower, the result that would occur upon the giving of
written notice by the Administrative Agent as specified in clauses (a), (b) and (c) below shall occur automatically
without the giving of any such notice): (a) declare the Total Commitment and Swingline Commitment terminated, whereupon the
Commitment of each Lender and the Swingline Lender, as the case may be, shall forthwith terminate immediately and any fees theretofore
accrued shall forthwith become due and payable without any other notice of any kind, (b) declare the principal of and any
accrued interest and fees in respect of any or all Loans and any or all Obligations owing hereunder and thereunder to be, whereupon
the same shall become, forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by the Borrower, and/or (c) demand cash collateral in respect of any outstanding Letter of Credit pursuant
to Section 3.7(b) in an amount equal to the aggregate Stated Amount of all Letters of Credit issued and then outstanding.
In addition, after the occurrence and during the continuance of an Event of Default, the Administrative Agent and the Lenders will
have all other rights and remedies available at law and equity.

 

11.12 
Application of Proceeds. Any amount received by the Administrative Agent or the Collateral
Agent from any Credit Party (or from proceeds of any Collateral) following any acceleration of the Obligations under this Agreement
or any Event of Default with respect to the Borrower under Section 11.5 shall, subject to the terms of any applicable
Customary Intercreditor Agreement, be applied:

 

First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, disbursements
and other charges of counsel payable under Section 12.7 and amounts payable under Article II) payable to the Administrative
Agent and/or Collateral Agent in such Person’s capacity as such;

 

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Second,
to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest
and Letter of Credit Fees) payable to the Lenders and the Issuing Banks (including fees, disbursements and other charges of counsel
payable under Section 12.7) arising under the Credit Documents and amounts payable under Article II, ratably among
them in proportion to the respective amounts described in this clause Second payable to them;

 

Third,
to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans and
Unpaid Drawings, ratably among the Lenders and the Issuing Banks in proportion to the respective amounts described in this clause
Third payable to them;

 

Fourth,
(i) to payment of that portion of the Obligations constituting unpaid principal of the Loans, the Unpaid Drawings and Obligations
then owing under Secured Hedge Agreements and the Secured Cash Management Agreements and (ii) to Cash Collateralize that portion
of Letters of Credit Outstanding comprising the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash
Collateralized by the Borrower pursuant to Section 3.7, ratably among the Lenders, the Issuing Banks, the Hedge Banks, the
Approved Counterparties and the Cash Management Banks in proportion to the respective amounts described in this clause Fourth
held by them; provided that (x) any such amounts applied pursuant to the foregoing clause (ii) shall be paid to the
Administrative Agent for the ratable account of the applicable Issuing Bank to Cash Collateralize such Letters of Credit Outstanding,
(y) subject to Section 3.7, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant
to this clause Fourth shall be applied to satisfy drawings under such Letters of Credit as they occur and (z) upon the expiration
of any Letter of Credit, the pro rata share of Cash Collateral attributable to such expired Letter of Credit shall be distributed
in accordance with this clause Fourth;

 

Fifth,
to the payment of all other Obligations of the Credit Parties owing under or in respect of the Credit Documents that are due and
payable to the Administrative Agent and the other Secured Parties on such date, ratably based upon the respective aggregate amounts
of all such Obligations owing to the Administrative Agent and the other Secured Parties on such date; and

 

Last,
the balance, if any, after Payment in Full, to the Borrower or as otherwise required by Requirements of Law.

 

Subject to
Section 3.7, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause
Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit
as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied
to the other Obligations, if any, in the order set forth above. Notwithstanding the foregoing, no amounts received from any Guarantor
shall be applied to any Excluded Swap Obligations of such Guarantor.

 

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11.13  Equity Cure.

 

(a)
Notwithstanding anything to the contrary contained in this Section 11 or in any Credit Document, in the event that
the Borrower fails to comply with the Leverage Ratio Covenant, then (A) until the expiration of the tenth Business Day subsequent
to the date the compliance certificate for calculating the Leverage Ratio Covenant is required to be delivered pursuant to Section 9.1(c)
(the “Cure Deadline”), the Borrower shall have the right to cure such failure (the “Cure Right”)
by receiving cash proceeds (which cash proceeds shall be received no earlier than the first day of the applicable fiscal quarter
for which there is a failure to comply with the Leverage Ratio Covenant) from an issuance of Qualified Equity Interests (other
than Disqualified Stock) for cash as a cash capital contribution (or from any other contribution of cash to capital or issuance
or sale of any other Equity Interests on terms reasonably acceptable to the Administrative Agent), and upon receipt by the Borrower
of such cash proceeds (such cash amount being referred to as the “Cure Amount”) pursuant to the exercise of
such Cure Right, the Leverage Ratio Covenant shall be recalculated giving effect to the following pro forma adjustments:

 

(i)
Consolidated EBITDAX shall be increased, solely for the purpose of determining the existence of an Event of Default resulting
from a breach of the Leverage Ratio Covenant with respect to any Test Period that includes the fiscal quarter for which the Cure
Right was exercised and not for any other purpose under this Agreement, by an amount equal to the Cure Amount;

 

(ii)
Consolidated Total Debt for such Test Period shall be decreased solely to the extent proceeds of the Cure Amount, if any,
are actually applied to prepay any Indebtedness (provided that any such Indebtedness so prepaid shall be a permanent repayment
of such Indebtedness and termination of commitments thereunder) included in the calculation of Consolidated Total Debt and any
cash proceeds shall not be “netted” for purposes of ratio calculations with respect to any four fiscal quarter period
in which the fiscal quarter period in which such equity cure has been made is included; and

 

(iii)
if, after giving effect to the foregoing recalculations, the Borrower shall then be in compliance with the requirements
of the Leverage Ratio Covenant, the Borrower shall be deemed to have satisfied the requirements of the Leverage Ratio Covenant
as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date,
and the applicable breach or default of the Leverage Ratio Covenant that had occurred shall be deemed cured for the purposes of
this Agreement; provided that (A) in each period of four (4) consecutive fiscal quarters there shall be at least two
(2) fiscal quarters in which no Cure Right is exercised, (B) Cure Rights shall not be exercised more than five times during
the term of this Agreement, (C) each Cure Amount shall be no greater than the amount required to cause the Borrower to be
in compliance with the Leverage Ratio Covenant above (such amount, the “Necessary Cure Amount”); provided
that if the Cure Right is exercised prior to the date financial statements are required to be delivered for such fiscal quarter,
then the Cure Amount shall be equal to the amount reasonably determined by the Borrower in good faith that is required for purposes
of complying with the Leverage Ratio Covenant for such fiscal quarter (such amount, the “Expected Cure Amount”),
(D) in respect of the fiscal quarter in which such Cure Right was exercised and for each Test Period that includes such fiscal
quarter, all Cure Amounts shall be disregarded for the purposes of any financial ratio determination under the Credit Documents
other than for determining compliance with the Leverage Ratio Covenant and (E) no Lender or Issuing Bank shall be required
to make any extension of credit hereunder during the ten (10) Business Day period referred to above, unless the Borrower shall
have received the Cure Amount; and

 

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(iv)
upon receipt by the Administrative Agent of written notice, on or prior to the Cure Deadline, that the Borrower intends
to exercise the Cure Right in respect of a fiscal quarter, the Lenders shall not be permitted to accelerate Loans held by them
or to exercise remedies against the Collateral on the basis of a failure to comply with the requirements of the Leverage Ratio
Covenant, unless such failure is not cured pursuant to the exercise of the Cure Right on or prior to the Cure Deadline.

 

(b)
Expected Cure Amount. Notwithstanding anything herein to the contrary, to the extent that the Expected Cure Amount
is (i) greater than the Necessary Cure Amount, then such difference may be used for the purposes of determining the Applicable
Equity Amount and (ii) less than the Necessary Cure Amount, then not later than the applicable Cure Deadline, the Borrower
must receive cash proceeds from issuance of Equity Interests (other than Disqualified Stock) or a cash capital contribution, which
cash proceeds received by Borrower shall be equal to the shortfall between such Expected Cure Amount and such Necessary Cure Amount.

 

SECTION
12.    The Agents

 

12.1
Appointment.

 

(a)
Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement
and the other Credit Documents and irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its
behalf under the provisions of this Agreement and the other Credit Documents and to exercise such powers and perform such duties
as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Credit Documents, together
with such other powers as are reasonably incidental thereto. The provisions of this Section 12 (other than Section 12.1(c)
with respect to the Lead Arranger and Bookrunner, and Sections 12.9, 12.11, 12.12 and the last sentence of
Section 12.4 with respect to the Borrower) are solely for the benefit of the Agents and the Lenders, and the Borrower shall
not have rights as third party beneficiary of any such provision. Notwithstanding any provision to the contrary elsewhere in this
Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or
any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Agreement or any other Credit Document or otherwise exist against the Administrative Agent.

 

(b)
The Administrative Agent, the Swingline Lender, each Lender and each Issuing Bank hereby irrevocably designate and appoint
the Collateral Agent as the agent with respect to the Collateral, and each of the Administrative Agent, each Swingline Lender,
each Lender and each Issuing Bank irrevocably authorizes the Collateral Agent, in such capacity, to take such action on its behalf
under the provisions of this Agreement and the other Credit Documents and to exercise such powers and perform such duties as are
expressly delegated to the Collateral Agent by the terms of this Agreement and the other Credit Documents, together with such other
powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Collateral
Agent shall not have any duties or responsibilities except those expressly set forth herein, or any fiduciary relationship with
any of the Administrative Agent, the Swingline Lender, the Lenders or the Issuing Banks, and no implied covenants, functions, responsibilities,
duties, obligations or liabilities shall be read into this Agreement or any other Credit Document or otherwise exist against the
Collateral Agent.

 

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(c)
The Lead Arranger and Bookrunner, in its capacity as such, shall not have any obligations, duties or responsibilities under
this Agreement but shall be entitled to all benefits of this Section 12.

 

12.2
Delegation of Duties. The Administrative Agent and the Collateral Agent may each execute
any of its duties under this Agreement and the other Credit Documents by or through agents, sub-agents, employees or attorneys-in-fact
(each, a “Subagent”) and shall be entitled to advice of counsel concerning all matters pertaining to such duties;
provided, however, that no such Subagent shall be authorized to take any action with respect to any Collateral unless and
except to the extent expressly authorized in writing by the Administrative Agent. If any Subagent, or successor thereto, shall
die, become incapable of acting, resign or be removed, all rights, powers, privileges and duties of such Subagent, to the
extent permitted by law, shall automatically vest in and be exercised by the Administrative Agent until the appointment of a new
Subagent. Neither the Administrative Agent nor the Collateral Agent shall be responsible for the negligence or misconduct of any
Subagents selected by it.

 

12.3
Exculpatory Provisions. No Agent nor any of its officers, directors, employees, agents,
attorneys-in-fact or Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by any of them under
or in connection with this Agreement or any other Credit Document (except for its or such Person’s own gross negligence or
willful misconduct, as determined in the final judgment of a court of competent jurisdiction, in connection with its duties expressly
set forth herein) or (b) responsible in any manner to any of the Lenders or any participant for any recitals, statements,
representations or warranties made by any of the Borrower, any other Credit Party or any officer thereof contained in this Agreement
or any other Credit Document or in any certificate, report, statement or other document referred to or provided for in, or received
by such Agent under or in connection with, this Agreement or any other Credit Document or for the value, validity, effectiveness,
genuineness, enforceability or sufficiency of this Agreement or any other Credit Document, or the perfection or priority of any
Lien or security interest created or purported to be created under the Security Documents or for any failure of the Borrower or
any other Credit Party to perform its obligations hereunder or thereunder. No Agent shall be under any obligation to any Lender
to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement
or any other Credit Document, or to inspect the properties, books or records of any Credit Party or any Affiliate thereof. The
Collateral Agent shall not be under any obligation to the Administrative Agent, any Lender, the Swingline Lender or any Issuing
Bank to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this
Agreement or any other Credit Document, or to inspect the properties, books or records of any Credit Party.

 

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12.4
Reliance by Agents. The Administrative Agent and the Collateral Agent shall be entitled
to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter,
telecopy, telex or teletype message, statement, order or other document or instruction believed by it to be genuine and correct
and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including
counsel to the Borrower), independent accountants and other experts selected by the Administrative Agent or the Collateral Agent.
The Administrative Agent may deem and treat the Lender specified in the Register with respect to any amount owing hereunder as
the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed
with the Administrative Agent. The Administrative Agent and the Collateral Agent shall be fully justified in failing or refusing
to take any action under this Agreement or any other Credit Document unless it shall first receive such advice or concurrence of
the Majority Lenders as it deems appropriate and/or it shall first be indemnified to its satisfaction by the Lenders against any
and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. Notwithstanding
any provision in this Agreement to the contrary, the Administrative Agent and the Collateral Agent shall in all cases be fully
protected in acting, or in refraining from acting, under this Agreement and the other Credit Documents in accordance with a request
of the Majority Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the
Lenders and all future holders of the Loans; provided that the Administrative Agent and Collateral Agent shall not be required
to take any action or refuse to take any action where, in its opinion or in the opinion of its counsel, the taking or refusal to
take such action may expose it to liability or that is contrary to any Credit Document or applicable Requirements of Law. For purposes
of determining compliance with the conditions specified in Section 6 and Section 7 on the Closing Date, each
Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each
document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless
the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection
thereto.

 

12.5
Notice of Default. Neither the Administrative Agent nor the Collateral Agent shall
be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative
Agent or Collateral Agent, as applicable, has received notice from a Lender or the Borrower referring to this Agreement, describing
such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative
Agent receives such a notice, it shall give notice thereof to the Lenders and the Collateral Agent. The Administrative Agent shall
take such action with respect to such Default or Event of Default as shall be reasonably directed by the Majority Lenders; provided
that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not
be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall
deem advisable in the best interests of the Lenders except to the extent that this Agreement requires that such action be taken
only with the approval or consent of the Majority Lenders, the Required Lenders, each individual lender or adversely affected Lender,
as applicable.

 

12.6
Non-Reliance on Administrative Agent, Collateral Agent and Other Lenders. Each Lender
expressly acknowledges that neither the Administrative Agent nor the Collateral Agent nor any of their respective officers, directors,
employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrative
Agent or Collateral Agent hereinafter taken, including any review of the affairs of the Borrower or any other Credit Party, shall
be deemed to constitute any representation or warranty by the Administrative Agent or Collateral Agent to any Lender, any Swingline
Lender or any Issuing Bank. Each Lender, each Swingline Lender and each Issuing Bank represents to the Administrative Agent and
the Collateral Agent that it has, independently and without reliance upon the Administrative Agent, Collateral Agent or any other
Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into
the business, operations, property, financial and other condition and creditworthiness of the Borrower and each other Credit Party
and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will,
independently and without reliance upon the Administrative Agent, Collateral Agent or any other Lender, and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in
taking or not taking action under this Agreement and the other Credit Documents, and to make such investigation as it deems necessary
to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Borrower and
any other Credit Party. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the
Administrative Agent hereunder, neither the Administrative Agent nor the Collateral Agent shall have any duty or responsibility
to provide any Lender with any credit or other information concerning the business, assets, operations, properties, financial condition,
prospects or creditworthiness of the Borrower or any other Credit Party that may come into the possession of the Administrative
Agent or Collateral Agent any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates.

 

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12.7
Indemnification. The Lenders severally agree to indemnify the Administrative Agent
and the Collateral Agent, each in its capacity as such (to the extent not reimbursed by the Credit Parties and without limiting
the obligation of the Credit Parties to do so), ratably according to their respective portions of the Commitments or Loans, as
applicable, outstanding in effect on the date on which indemnification is sought (or, if indemnification is sought after Payment
in Full, ratably in accordance with their respective portions of the Total Exposure in effect immediately prior to such date on
which Payment in Full occurred), from and against any and all Indemnified Liabilities; provided that no Lender shall be
liable to the Administrative Agent or the Collateral Agent for the payment of any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Administrative Agent’s
or the Collateral Agent’s, as applicable, gross negligence, bad faith or willful misconduct as determined by a final judgment
of a court of competent jurisdiction; provided, further, that no action taken in accordance with the directions of
the Majority Lenders (or such other number or percentage of the Lenders as shall be required by the Credit Documents) shall be
deemed to constitute gross negligence, bad faith or willful misconduct for purposes of this Section 12.7. In the case
of any investigation, litigation or proceeding giving rise to any liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time occur (including at any time following
the payment of the Loans), this Section 12.7 applies whether any such investigation, litigation or proceeding is brought
by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent and
the Collateral Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including Attorney Costs) incurred
by such Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether
through negotiations, legal proceedings or otherwise) of, or legal advice rendered in respect of rights or responsibilities under,
this Agreement, any other Credit Document, or any document contemplated by or referred to herein, to the extent that such Agent
is not reimbursed for such expenses by or on behalf of the Borrower; provided that such reimbursement by the Lenders shall
not affect the Borrower’s continuing reimbursement obligations with respect thereto. If any indemnity furnished to any Agent
for any purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity
and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished; provided, in
no event shall this sentence require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty,
action, judgment, suit, cost, expense or disbursement in excess of such Lender’s pro rata portion thereof; and provided
further, this sentence shall not be deemed to require any Lender to indemnify any Agent against any liability, obligation,
loss, damage, penalty, action, judgment, suit, cost, expense or disbursement resulting from such Agent’s gross negligence,
bad faith or willful misconduct. The agreements in this Section 12.7 shall survive the payment of the Loans and all
other amounts payable hereunder.

 

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12.8
Agents in Its Individual Capacities. Each Agent and its Affiliates may make loans to,
accept deposits from and generally engage in any kind of business with the Borrower and any other Credit Party as though such Agent
were not an Agent hereunder and under the other Credit Documents. With respect to the Loans made by it, each Agent shall have the
same rights and powers under this Agreement and the other Credit Documents as any Lender and may exercise the same as though it
were not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual capacity.

 

12.9
Successor Agents. Each of the Administrative Agent and Collateral Agent may at any
time give notice of its resignation to the Lenders, the Swingline Lender, the Issuing Banks and the Borrower. If the Administrative
Agent, any Swingline Lender and/or Collateral Agent becomes a Defaulting Lender, then such Administrative Agent, Swingline Lender
or Collateral Agent, may be removed as Administrative Agent, Swingline Lender or Collateral Agent, as the case may be, at the reasonable
request of the Borrower upon ten (10) days’ notice to the Lenders. Upon receipt of any such notice of resignation or removal,
as the case may be, the Majority Lenders shall have the right, subject to the consent of the Borrower (not to be unreasonably withheld
or delayed) so long as no Default under Section 11.1 or 11.5 is continuing, to appoint a successor, which shall
be a bank with an office in New York. If, in the case of a resignation of a retiring Agent, no such successor shall have been so
appointed by the Majority Lenders and shall have accepted such appointment within thirty (30) days after the retiring Agent gives
notice of its resignation, then the retiring Agent may on behalf of the Lenders, the Swingline Lender and the Issuing Banks, appoint
a successor Agent meeting the qualifications set forth above (provided that if the Administrative Agent shall notify the
Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become
effective in accordance with such notice and (a) the retiring Agent shall be discharged from its duties and obligations hereunder
and under the other Credit Documents (except that in the case of any collateral security held by such Agent on behalf of the Lenders
or Issuing Banks under and Credit Documents, the retiring Agent shall continue to hold such collateral security until such time
as a successor Agent is appointed) and (b) all payments, communications and determinations provided to be made by, to or through
the retiring Agent shall instead be made by or to each Lender and Issuing Bank directly, until such time as the Majority Lenders
appoint a successor Agent as provided for above in this Section 12.9). Upon the acceptance of a successor’s appointment
as the Administrative Agent or Collateral Agent, as the case may be, hereunder, and upon the execution and filing or recording
of such financing statements, or amendments thereto, and such other instruments or notices, as may be necessary or desirable, or
as the Majority Lenders may request, in order to continue the perfection of the Liens granted or purported to be granted by the
Security Documents, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of
the retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations hereunder or
under the other Credit Documents (if not already discharged therefrom as provided above in this Section 12.9). After the
retiring Agent’s resignation hereunder and under the other Credit Documents, the provisions of this Section 12
(including Section 12.7) and Section 13.5 shall continue in effect for the benefit of such retiring Agent,
its Subagents and their respective Agent-Related Parties in respect of any actions taken or omitted to be taken by any of them
while the retiring Agent was acting as an Agent.

 

Any resignation of
any Person as Administrative Agent pursuant to this Section 12.9 shall also constitute its resignation as Issuing Bank
and Swingline Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder (a) such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing Bank, (b) the
retiring Issuing Bank shall be discharged from all of its duties and obligations hereunder and under the other Credit Documents,
and (c) the successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding
at the time of such succession or make other arrangements satisfactory to the retiring Issuing Bank to effectively assume the obligations
of the retiring Issuing Bank with respect to such Letters of Credit.

 

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12.10 Withholding Tax. To the extent required by any applicable Requirement of Law, the Administrative
Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding tax. If the IRS or any authority
of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold tax from amounts
paid to or for the account of any Lender for any reason (including because the appropriate form was not delivered, was not properly
executed, or because such Lender failed to notify the Administrative Agent of a change in circumstances that rendered the exemption
from, or reduction of, withholding tax ineffective), such Lender shall indemnify the Administrative Agent (to the extent that the
Administrative Agent has not already been reimbursed by any applicable Credit Party and without limiting the obligation of any
applicable Credit Party to do so) fully for all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise,
including penalties, additions to Tax and interest, together with all expenses incurred, including legal expenses, allocated staff
costs and any out of pocket expenses. In addition, each Lender shall severally indemnify the Administrative Agent for (i) any Indemnified
Taxes or Other Taxes attributable to such Lender (but only to the extent that any applicable Credit Party has not already indemnified
the Administrative Agent for such Indemnified Taxes or Other Taxes and without limiting the obligation of any applicable Credit
Party to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions relating to the maintenance
of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the
Administrative Agent in connection with any Credit Document, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as
to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
Lender under this Agreement or any other Credit Document against any amount due to the Administrative Agent under this Section 12.10.
For the avoidance of doubt, for purposes of this Section 12.10, the term “Lender” includes any Issuing
Bank and any Swingline Lender.

 

12.11 Security Documents and Collateral Agent under Security Documents and Guarantee. Each
Secured Party hereby further authorizes the Administrative Agent or Collateral Agent, as applicable, on behalf of and for the benefit
of Secured Parties, to be the agent for and representative of the Secured Parties with respect to the Collateral and the Security
Documents. Subject to Section 13.1, without further written consent or authorization from any Secured Party, the Administrative
Agent or Collateral Agent, as applicable, may take such action and execute and deliver any such instruments, documents and agreements
necessary or desirable to evidence and confirm the release of any Guarantor or Collateral pursuant to Section 13.17.
The Lenders and the Issuing Banks (including in their capacities as potential Cash Management Banks and potential Hedge Banks)
irrevocably agree that (x) the Collateral Agent is authorized and the Collateral Agent agrees it shall (for the benefit of Borrower),
without any further consent of any Lender, enter into or amend any Customary Intercreditor Agreement with the collateral agent
or other representatives of the holders of Indebtedness that is permitted to be secured by a Lien on the Collateral that is permitted
under this Agreement, in each case for the purpose of adding the holders of such Indebtedness (or their representative) as a party
thereto and otherwise causing such Indebtedness to be subject thereto (it being understood that any such amendment, amendment and
restatement or supplement may make such other changes to the applicable intercreditor agreement as, in the good faith determination
of the Administrative Agent, are required to effectuate the foregoing and with any material modifications to be reasonably satisfactory
to the Administrative Agent), (y) the Collateral Agent may rely exclusively on a certificate of an Authorized Officer of the Borrower
as to whether any such other Liens are permitted and (z) any Customary Intercreditor Agreement referred to in clause (x)
above, entered into by the Collateral Agent, shall be binding on the Secured Parties. Furthermore, the Lenders and the Issuing
Banks (including in their capacities as potential Cash Management Bank and potential Hedge Banks) hereby authorize the Administrative
Agent and the Collateral Agent to subordinate any Lien on any property granted to or held by the Administrative Agent or Collateral
Agent under any Credit Document to the holder of any Lien on such property that is permitted by clause (j) of the definition
of “Permitted Liens” and clauses (c), (g), (j)(i), (o), (p), (w) and (y) of Section
10.2 or otherwise permitted to be senior to the Liens of Administrative Agent or Collateral Agent on such property; provided
that prior to any such request, the Borrower shall have in each case delivered to the Administrative Agent a certificate of an
Authorized Officer of the Borrower certifying that such subordination is permitted under this Agreement.

 

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12.12 
Right to Realize on Collateral and Enforce Guarantee. Anything contained in any of
the Credit Documents to the contrary notwithstanding, the Borrower, the Agents and each Secured Party hereby agree that (a) no
Secured Party shall have any right individually to realize upon any of the Collateral or to enforce the Guarantee, it being understood
and agreed that all powers, rights and remedies hereunder may be exercised solely by the Administrative Agent, on behalf of
the Secured Parties in accordance with the terms hereof and all powers, rights and remedies under the Security Documents may be
exercised solely by the Collateral Agent, and (b) in the event of a foreclosure by the Collateral Agent on any of the Collateral
pursuant to a public or private sale or other disposition, the Collateral Agent or any Lender may be the purchaser or licensor
of any or all of such Collateral at any such sale or other disposition and the Collateral Agent, as agent for and representative
of the Secured Parties (but not any Lender or Lenders in its or their respective individual capacities unless the Majority Lenders
shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase
price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Obligations as a credit
on account of the purchase price for any collateral payable by the Collateral Agent at such sale or other disposition.

 

12.13 
Administrative Agent May File Proofs of Claim. In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding, constituting
an Event of Default under Section 11.5, the Administrative Agent (irrespective of whether the principal of any Loan
shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)
to file and prove a claim for the whole amount of the principal and interest owing and unpaid hereunder or under any other
Credit Document in respect of the Loans and all other Indebtedness that are owing and unpaid and to file such other documents as
may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for
the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective
agents and counsel, to the extent due under Section 13.5) allowed in such judicial proceeding; and

 

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(b)
to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, to the extent due under Section 13.5.

 

Nothing contained herein shall be deemed to authorize the Administrative
Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment
or composition affecting the Indebtedness or the rights of any Lender or to authorize the Administrative Agent to vote in respect
of the claim of any Lender in any such proceeding.

 

12.14 
Certain ERISA Matters. 

 

(a)
Each Lender (for purposes of this Section 12.14, all references to “Lender” or “Lenders”
shall be deemed to include any Issuing Bank) (x) represents and warrants, as of the date such Person became a Lender party hereto,
to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party
hereto, for the benefit of, the Administrative Agent, the Collateral Agent and the Lead Arranger and Bookrunner and their respective
Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that at least
one of the following is and will be true:

 

(i)
such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or
more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,

 

(ii)
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable and the conditions are satisfied with respect to
such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the
Commitments and this Agreement,

 

(iii)
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to
enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this
Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such
Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

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(iv)
such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender.

 

(b)
In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or
(2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding
clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y)
covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for
the benefit of, the Administrative Agent, the Collateral Agent and the Lead Arranger and Bookrunner and their respective Affiliates,
and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that none of the Administrative
Agent, the Collateral Agent and the Lead Arranger and Bookrunner and their respective Affiliates, and not, for the avoidance of
doubt, to or for the benefit of the Borrower or any of their respective Affiliates is a fiduciary with respect to the assets of
such Lender involved in the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the
reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related
to hereto or thereto).

 

SECTION
13.    Miscellaneous.

 

13.1
Amendments, Waivers and Releases.

 

(a)
Except as expressly set forth in this Agreement, neither this Agreement nor any other Credit Document, nor any terms hereof
or thereof, may be amended, supplemented or modified except in accordance with the provisions of this Section 13.1.
The Majority Lenders may, or, with the written consent of the Majority Lenders, the Administrative Agent and/or the Collateral
Agent shall, from time to time, (a) enter into with the relevant Credit Party or Credit Parties written amendments, supplements
or modifications hereto and to the other Credit Documents for the purpose of adding any provisions to this Agreement or the other
Credit Documents or changing in any manner the rights of the Lenders or of the Credit Parties hereunder or thereunder or (b) waive
in writing, on such terms and conditions as the Majority Lenders or the Administrative Agent and/or Collateral Agent, as the case
may be, may specify in such instrument, any of the requirements of this Agreement or the other Credit Documents or any Default
or Event of Default and its consequences; provided, however, that each such waiver and each such amendment, supplement
or modification shall be effective only in the specific instance and for the specific purpose for which given; provided,
further, that no such waiver and no such amendment, supplement or modification shall (i) forgive or reduce any portion
of any Loan or reduce the stated rate (it being understood that only the consent of the Majority Lenders shall be necessary to
waive any obligation of the Borrower to pay interest at the Default Rate or amend Section 2.8(c)), or forgive or reduce
any portion, or extend the date for the payment (including the Maturity Date), of any principal, interest or fee payable hereunder
(other than as a result of waiving the applicability of any post-default increase in interest rates and any change due to a change
in the Borrowing Base or Available Commitment), or extend the final expiration date of any Lender’s Commitment (provided
that (1) any Lender, upon the request of the Borrower, may extend the final expiration date of its Commitment without the consent
of any other Lender, including the Majority Lenders, and (2) it is being understood that waivers or modifications of conditions
precedent, covenants, Defaults or Events of Default shall not constitute an increase of the Commitments of any Lender) or extend
the final expiration date of any Letter of Credit beyond the L/C Maturity Date, or increase the amount of the Commitment of any
Lender (provided that, any Lender, upon the request of the Borrower, may increase the amount of its Commitment without the
consent of any other Lender, including the Majority Lenders), or make any Loan, interest, fee or other amount payable in any currency
other than Dollars, in each case without the written consent of each Lender directly and adversely affected thereby, or (ii) amend,
modify or waive any provision of this Section 13.1 in a manner that would reduce the voting rights of any Lender, or
reduce the percentages specified in the definitions of the terms “Majority Lenders” or “Required Lenders”
(it being understood that, with the consent of the Majority Lenders, additional extensions of credit pursuant to this Agreement
may be included in the determination of the Majority Lenders and Required Lenders on substantially the same basis as the Loans
and Commitments are included on the Closing Date), consent to the assignment or transfer by the Borrower of its rights and obligations
under any Credit Document to which it is a party (except as permitted pursuant to Section 10.3), in each case without
the written consent of each Lender directly and adversely affected thereby, or (iii) amend the provisions of Section 11.12
or any analogous provision of any Security Document, in a manner that would by its terms alter the pro rata sharing of payments
required thereby, without the prior written consent of each Lender directly and adversely affected thereby, or (iv) amend, modify
or waive any provision of Section 12 without the written consent of the then-current Administrative Agent and Collateral
Agent, as applicable, or any other former or current Agent to whom Section 12 then applies in a manner that directly
and adversely affects such Person, or (v) amend, modify or waive any provision of Section 3 with respect to any
Letter of Credit without the written consent of each Issuing Bank to whom Section 3 then applies in a manner that directly
and adversely affects such Person, or (vi) amend, modify or waive any provisions hereof relating to Swingline Loans without
the written consent of the Swingline Lender, or (vii) release all or substantially all of the aggregate value of the Guarantees
(except as expressly permitted by the Guarantee or this Agreement) without the prior written consent of each Lender, or (viii) release
all or substantially all of the Collateral under the Security Documents (except as expressly permitted by the Security Documents
or this Agreement) without the prior written consent of each Lender, or (ix) amend Section 2.9 so as to permit Interest
Period intervals greater than six (6) months without regard to availability to Lenders, without the written consent of each Lender
directly and adversely affected thereby, or (x) increase the Borrowing Base or waive a condition in or modify in any manner adverse
to a Lender in Section 6.2 without the written consent of each Lender (subject to Section 13.1(b) in the case of
a Defaulting Lender) or decrease or maintain the Borrowing Base without the written consent of the Required Lenders or otherwise
modify Section 2.14(b), (c), (d), (e), (f), or (l) if such modification would have
the effect of increasing the Borrowing Base without the written consent of each Lender (other than Defaulting Lenders); provided
that a Scheduled Redetermination may be postponed by, and an automatic reduction in the Borrowing Base may be waived by, the Required
Lenders; provided, further, that this clause (x) shall not apply (or be deemed to apply) to any waiver, consent,
amendment or other modification that directly or indirectly reduces the amount of, or waives the implementation of, any provision
that would otherwise reduce the Borrowing Base, or (xi) affect the rights or duties of, or any fees or other amounts payable
to, any Agent under this Agreement or any other Credit Document without the prior written consent of such Agent. Any such waiver
and any such amendment, supplement or modification shall apply equally to each of the affected Lenders and shall be binding upon
the Borrower, such Lenders, the Administrative Agent and all future holders of the affected Loans. In the case of any waiver, the
Borrower, the Lenders and the Administrative Agent shall be restored to their former positions and rights hereunder and under the
other Credit Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; it being understood
that no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.
In connection with the foregoing provisions, the Administrative Agent may, but shall have no obligations to, with the concurrence
of any Lender, execute amendments, modifications, waivers or consents on behalf of such Lender whose consent is required hereunder.

 

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(b)
Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders
or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that
the Commitment of such Defaulting Lender may not be increased or extended without the consent of such Defaulting Lender and no
such amendment, waiver or consent shall disproportionately adversely affect such Defaulting Lender without its consent as compared
to other Lenders (it being understood that any Commitments or Loans held or deemed held by any Defaulting Lender shall be excluded
for a vote of the Lenders hereunder requiring any consent of the Lenders).

 

(c)
Without the consent of any Lender or Issuing Bank, the Credit Parties and the Administrative Agent or Collateral Agent may
(in their respective sole discretion, or shall, to the extent required by any Credit Document) enter into any amendment, modification
or waiver of any Credit Document, or enter into any new agreement or instrument, to effect the granting, perfection, protection,
expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit
of the Secured Parties, or as required by local law to give effect to, or protect any security interest for the benefit of the
Secured Parties, in any property or so that the security interests therein comply with applicable law or this Agreement or in each
case to otherwise enhance the rights or benefits of any Lender under any Credit Document.

 

(d)
Notwithstanding anything to the contrary herein, no Lender consent is required to effect any amendment, modification or
supplement to any Customary Intercreditor Agreement, any subordination agreement or other intercreditor agreement or arrangement
permitted under this Agreement or in any document pertaining to any Indebtedness permitted hereby that is permitted to be secured
by the Collateral (i) that is for the purpose of adding the holders of such secured or subordinated Indebtedness permitted to be
incurred under this Agreement (or, in each case, a representative with respect thereto), as parties thereto, as expressly contemplated
by the terms of such Customary Intercreditor Agreement, such subordination agreement or such other intercreditor agreement or arrangement
permitted under this Agreement, as applicable (it being understood that any such amendment or supplement may make such other changes
to the applicable intercreditor agreement as, in the good faith determination of the Administrative Agent, are required to effectuate
the foregoing and provided that such other changes are not adverse, in any material respect (taken as a whole), to the interests
of the Lenders) or (ii) that is expressly contemplated by any Customary Intercreditor Agreement, any subordination agreement or
other intercreditor agreement or arrangement permitted under this Agreement or in any document pertaining to any Indebtedness permitted
hereby that is permitted to be secured by the Collateral or (iii) otherwise, with respect to any material amendments, modifications
or supplements, to the extent such amendment, modification or supplement is reasonably satisfactory to the Administrative Agent;
provided, further, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative
Agent or Collateral Agent hereunder or under any other Credit Document without the prior written consent of the Administrative
Agent or Collateral Agent, as applicable.

 

(e)
Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Majority
Lenders, the Administrative Agent and the Borrower (a) to add one or more additional credit or debt facilities to this Agreement
and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof
to share ratably in the benefits of this Agreement and the other Credit Documents with the Loans and the Commitments and the accrued
interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit or debt facilities in any
determination of the Majority Lenders and the Required Lenders on substantially the same basis as the Lenders prior to such inclusion.

 

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(f)
In addition, notwithstanding the foregoing, subject to Section 2.14 hereof, this Agreement may be amended with the
written consent of the Administrative Agent, the Borrower and the Lenders providing the Replacement Loans (as defined below) to
permit the refinancing of all outstanding Loans of any Class (“Replaced Loans”) with replacement loans (“Replacement
Loans”) hereunder; provided that (i) the aggregate principal amount of such Replacement Loans shall not exceed
the aggregate principal amount of such Replaced Loans, plus accrued interest, fees, premiums (if any) and penalties thereon
and reasonable fees, expenses, original issue discount and upfront fees associated with such Replacement Loans, (ii) the All-In
Yield with respect to such Replacement Loans shall not be higher than the All-In Yield for such Replaced Loans immediately prior
to such refinancing unless the maturity of the Replacement Loans is at least one year later than the maturity of the Replaced Loans
and (iii) all other terms applicable to such Replacement Loans shall be substantially identical to, or less favorable to the Lenders
providing such Replacement Loans than, those applicable to such Replaced Loans, except to the extent necessary to provide for covenants
and other terms applicable to any period after the Latest Maturity Date of the Loans in effect immediately prior to such refinancing.
Each amendment to this Agreement providing for Replacement Loans may, without the consent of any other Lenders, effect such amendments
to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent
and the Borrower to effect the provisions of this paragraph, and for the avoidance of doubt, this paragraph shall supersede any
other provisions in this Section 13.1 to the contrary.

 

(g)
Notwithstanding the foregoing, technical and conforming modifications to the Credit Documents (including any exhibit, schedule
or other attachment) may be made with the consent of the Borrower and the Administrative Agent (i) if such modifications are not
adverse in any material respect to the Lenders, the Swingline Lender or the Issuing Banks (in which case, the consent of the Swingline
Lender and Issuing Banks shall be required) or (ii) to the extent necessary (A) to integrate any Incremental Increase or Extended
Commitment contemplated by Sections 2.16 and 2.17 or (B) to cure any ambiguity, omission, mistake, defect or inconsistency
so long as, in each case with respect to this clause (B), the Lenders, the Swingline Lender and the Issuing Banks shall
have received at least five (5) Business Days’ prior written notice thereof and the Administrative Agent shall not have received,
within five (5) Business Days of the date of such notice to the Lenders, a written notice from the Majority Lenders stating that
the Majority Lenders object to such amendment.

 

13.2
Notices. Unless otherwise expressly provided herein, all notices and other communications
provided for hereunder or under any other Credit Document shall be in writing (including by facsimile transmission). All such written
notices shall be mailed, faxed or delivered to the applicable address, facsimile number or electronic mail address, and all notices
and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number,
as follows:

 

(a)
if to the Borrower, the Administrative Agent, the Collateral Agent, any Swingline Lender or any Issuing Bank, to the address,
facsimile number, electronic mail address or telephone number specified for such Person on Schedule 13.2 or to such
other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to
the other parties; and

 

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(b)
if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative
Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by
such party in a notice to the Borrower, the Administrative Agent, the Collateral Agent, the Swingline Lender and the Issuing Banks.

 

All such notices and other communications
shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii)(A)
if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail,
three (3) Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt
has been confirmed by telephone; and (D) if delivered by electronic mail, when delivered; provided that notices and
other communications to the Administrative Agent or the Lenders pursuant to Sections 2.3, 2.6, 2.9, 4.2
and 5.1 shall not be effective until received.

 

13.3
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising,
on the part of the Administrative Agent, the Collateral Agent or any Lender, any right, remedy, power or privilege hereunder or
under the other Credit Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by Requirements of Law.

 

13.4
Survival of Representations and Warranties. All representations and warranties made
hereunder, in the other Credit Documents and in any document, certificate or statement delivered pursuant hereto or in connection
herewith shall survive the execution and delivery of this Agreement and the making of the Loans hereunder. Such representations
and warranties shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid
or unsatisfied (other than Obligations under Secured Hedge Agreements, Secured Cash Management Agreements or contingent indemnification
obligations, in any such case, not then due and payable).

 

13.5
Payment of Expenses; Indemnification.

 

(a)
The Borrower agrees (i) if the Closing Date occurs, to pay or reimburse the Administrative Agent and the other Agents and
the Lead Arranger and Bookrunner for all reasonable and documented out-of-pocket costs and expenses incurred in connection with
the preparation, negotiation, syndication and execution of this Agreement and the other Credit Documents, and any amendment, waiver,
consent or other modification of the provisions hereof and thereof (whether or not the transactions contemplated thereby are consummated),
and the consummation and administration of the transactions contemplated hereby and thereby, including all Attorney Costs, which
shall be limited to Vinson & Elkins L.L.P. and one local counsel as reasonably necessary in any relevant jurisdiction
material to the interests of the Lenders taken as a whole (and solely in the case of an actual conflict of interest, one additional
counsel and (if reasonably necessary) one local counsel in each relevant jurisdiction to the affected Indemnitees similarly situated)
and (ii) after the Closing Date, to pay or reimburse the Administrative Agent for all reasonable and documented out-of-pocket costs
and expenses incurred in connection with the enforcement of any rights or remedies under this Agreement or the other Credit Documents
(including all such costs and expenses incurred during any legal proceeding, including any bankruptcy or insolvency proceeding,
and including all respective Attorney Costs, which shall be limited to Attorney Costs of one counsel to the Administrative Agent
and the Lenders taken as a whole and one local counsel as reasonably necessary in any relevant jurisdiction material to the interests
of the Lenders taken as a whole and solely in the case of an actual conflict of interest, one additional counsel and (if reasonably
necessary) one local counsel in each relevant jurisdiction to the affected Indemnitees similarly situated). The agreements in this
Section 13.5 shall survive the repayment of all other Obligations. All amounts due under this Section 13.5 shall
be paid within thirty (30) days after written demand therefor (together with backup documentation supporting such reimbursement
request); provided that, with respect to the Closing Date, all amounts due under this Section 13.5 shall be paid
on the Closing Date solely to the extent invoiced to the Borrower within two (2) Business Days prior to the Closing Date. If any
Credit Party fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Credit Document, such
amount may be paid on behalf of such Credit Party by the Administrative Agent in its discretion.

 

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(b)
The Borrower shall indemnify and hold harmless each Agent, Lender, Issuing Bank, Lead Arranger and Bookrunner, Agent-Related
Party and their Affiliates, and their respective officers, directors, employees, partners, agents, advisors and other representatives
of the foregoing (collectively the “Indemnitees”) from and against any and all liabilities, losses, damages,
claims, or out-of-pocket expenses (including Attorney Costs but limited in the case of legal fees and expenses to the reasonable
and documented out-of-pocket fees, disbursements and other charges of one counsel to all Indemnitees taken as a whole (and solely
in the case of an actual conflict of interest, one additional counsel to the affected Indemnitees, taken as a whole) and (if reasonably
necessary) one local counsel, in any relevant material jurisdiction) of any kind or nature whatsoever which may at any time be
imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with
(i) the execution, delivery, enforcement, performance or administration of any Credit Document or any other agreement, letter or
instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated
thereby, (ii) any Commitment, Letter of Credit, or Loan or the use or proposed use of the proceeds therefrom (including any refusal
by an Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand
do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged Environmental Claim regarding, or
liability or obligation (whether accrued, contingent, absolute, determined, determinable or otherwise) of the Credit Parties or
any Subsidiary under or relating to any Environmental Law or (iv) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of,
preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) (a “Proceeding”)
and regardless of whether any Indemnitee is a party thereto or whether or not such Proceeding is brought by the Borrower or any
other Person and, in each case, whether or not caused by or arising, in whole or in part, out of the negligence of the Indemnitee
(all of the foregoing, collectively, the “Indemnified Liabilities”); provided that such indemnity shall
not, as to any Indemnitee, be available to the extent that such liabilities, losses, damages, claims or out-of-pocket expenses
resulted from (x) the gross negligence, bad faith or willful misconduct of such Indemnitee or of any of its Related Indemnified
Persons, as determined by a final non-appealable judgment of a court of competent jurisdiction, (y) a material breach of any obligations
under any Credit Document by such Indemnitee or of any of its Related Indemnified Persons, as determined by a final non-appealable
judgment of a court of competent jurisdiction or (z) any dispute solely among Indemnitees other than any claims against an Indemnitee
in its capacity or in fulfilling its role as an administrative agent or collateral agent or arranger or any similar role under
this Agreement and other than any claims arising out of any act or omission of the Borrower, the Sponsor or any of their Affiliates
(as determined in a final and non-appealable judgment of a court of competent jurisdiction). No Indemnitee shall be liable for
any damages arising from the use by others of any information or other materials obtained through IntraLinks or other similar information
transmission systems in connection with this Agreement (except for direct (as opposed to indirect, special, punitive or consequential)
damages resulting from the gross negligence, bad faith or willful misconduct, as determined by a court of competent jurisdiction
in a final and non-appealable judgment, of such Indemnitee), nor shall any Indemnitee, Agent-Related Parties, Credit Party
or any Subsidiary have any liability for any special, punitive, indirect or consequential damages relating to this Agreement or
any other Credit Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing
Date) (other than, in the case of any Credit Party, in respect of any such damages incurred or paid by an Indemnitee to a third
party, or which are included in a third-party claim, and for any out-of-pocket expenses related thereto). In the case of an investigation,
litigation or other proceeding to which the indemnity in this Section 13.5 applies, such indemnity shall be effective whether
or not such investigation, litigation or proceeding is brought by any Credit Party, any Subsidiary of any Credit Party, its directors,
stockholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and
whether or not any of the transactions contemplated hereunder or under any of the other Credit Documents are consummated. All amounts
due under this Section 13.5 shall be paid within thirty (30) days after written demand therefor (together with backup documentation
supporting such reimbursement request); provided, however, that such Indemnitee shall promptly refund such amount
to the extent that there is a final judicial determination that such Indemnitee was not entitled to indemnification rights with
respect to such payment pursuant to the express terms of this Section 13.5. The agreements in this Section 13.5 shall
survive the resignation of the Administrative Agent, the replacement of any Lender and the repayment, satisfaction or discharge
of all the other Obligations. For the avoidance of doubt, this Section 13.5(b) shall not apply to Taxes, except any
Taxes that represent liabilities, obligations, losses, damages, penalties, claims, demands, actions, prepayments, suits, costs,
expenses and disbursements arising from any non-Tax claims.

 

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13.6
Successors and Assigns; Participations and Assignments.

 

(a)
The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby (including any Affiliate of each Issuing Bank that issues any Letter of Credit), except
that (i) except as expressly permitted by Section 10.3, the Borrower may not assign or otherwise transfer any
of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and any attempted
assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise
transfer any of its rights or obligations hereunder except in accordance with this Section 13.6. Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors
and assigns permitted hereby (including any Affiliate of each Issuing Bank that issues any Letter of Credit), Participants (to
the extent provided in clause (c) of this Section 13.6) and, to the extent expressly contemplated hereby,
the Agent-Related Parties and each other Person entitled to indemnification under Section 13.5) any legal or equitable
right, remedy or claim under or by reason of this Agreement.

 

(b)
(i)Subject to the conditions set forth in Section 13.6(b)(ii) below, any Lender may at any time assign to one
or more assignees (other than the Borrower, its Subsidiaries and their respective Affiliates, any natural person, any Disqualified
Institution, or any Defaulting Lender) all or a portion of its rights and obligations under this Agreement (including all or a
portion of its Commitments and the Loans (including participations in L/C Obligations or Swingline Loans) at the time owing
to it) with the prior written consent of:

 

(A)  
the Borrower (not to be unreasonably withheld or delayed); provided that no consent of the Borrower shall be required
(x) for an assignment to an existing Lender and their Affiliates of similar credit worthiness and (y) for an assignment if an Event
of Default under Section 11.1 or Section 11.5 with respect to the Borrower or any Subsidiary Guarantor has occurred
and is continuing; and

 

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(B)  
the Administrative Agent, each Swingline Lender and each Issuing Bank (in each case, not to be unreasonably withheld or
delayed).

 

(ii)
Assignments shall be subject to the following additional conditions:

 

(A)  
except in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans,
the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment
and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 or an
integral multiple of $5,000,000, unless each of the Borrower, each Issuing Bank and the Administrative Agent otherwise consents
(which consents shall not be unreasonably withheld or delayed); provided that no such consent of the Borrower shall be required
if an Event of Default under Section 11.1 or Section 11.5 with respect to the Borrower or any Material
Subsidiary has occurred and is continuing;

 

(B)  
each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement;

 

(C)  
the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together
with a processing and recordation fee in the amount of $3,500; provided that the Administrative Agent may, in its sole discretion,
elect to waive such processing and recordation fee in the case of any assignment and the Administrative Agent shall enter the relevant
information in the Register pursuant to clause (b)(iv) of this Section 13.6; and

 

(D)  
the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire and
applicable Tax forms (including those described in Sections 5.4(d), (e), (h) and (i), as applicable).

 

(iii)
Subject to acceptance and recording thereof pursuant to clause (b)(iv) of this Section 13.6, from
and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party hereto and,
to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption,
be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to
be entitled to the benefits of Sections 2.10, 2.11, 3.11, 5.4 and 13.5). Any assignment
or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 13.6 shall
be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with clause (c) of this Section 13.6.

 

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(iv)
The Administrative Agent, acting solely for this purpose as a nonfiduciary agent of the Borrower, shall maintain at the
Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation
of the names and addresses of the Lenders (including any SPVs that provide all or any part of a Loan pursuant to Section 13.6(g)
hereof), and the Commitments of, and principal amount (and stated interest amounts) of the Loans and L/C Obligations and any payment
made by each Issuing Bank under any applicable Letter of Credit owing to, each Lender pursuant to the terms hereof from time to
time (the “Register”). Further, the Register shall contain the name and address of the Administrative Agent
and the lending office through which each such Person acts under this Agreement. The entries in the Register shall be conclusive
absent manifest error, and the Borrower, the Administrative Agent, the Collateral Agent, each Issuing Bank and the Lenders shall
treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of
this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, the Collateral
Agent, each Issuing Bank, each Swingline Lender and, solely with respect to itself, each other Lender, at any reasonable time and
from time to time upon reasonable prior notice.

 

(v)
Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s
completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in clause (b) of this Section 13.6 (unless waived) and any written consent to such assignment
required by clause (b) of this Section 13.6, the Administrative Agent shall accept such Assignment and
Assumption and record the information contained therein in the Register.

 

(c)
(i)Any Lender may, with the prior written consent of the Borrower (such consent not to be unreasonably withheld or delayed),
sell participations to one or more banks or other entities other than any Defaulting Lender, any Disqualified Institution (to the
extent that the list of Disqualified Institutions has been made available to all Lenders, it being agreed that as of the date hereof,
the Administrative Agent has made the list of Disqualified Institutions available to all Lenders), the Borrower or any Subsidiary
of the Borrower or their respective Affiliates or natural persons (each, a “Participant”) in all or a portion
of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans
owing to it); provided that no consent of the Borrower shall be required (x) for any sale to an existing Lender and their
Affiliates of similar credit worthiness and (y) for a sale if an Event of Default under Section 11.1 or Section 11.5
with respect to the Borrower or any Subsidiary Guarantor has occurred and is continuing; provided further that (A) such
Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to
the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent, each
Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s
rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification
or waiver of any provision of this Agreement or any other Credit Document; provided that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described
in clause (i) or (ii) of the second proviso of the second sentence of Section 13.1(a) that affects
such Participant, provided that the Participant shall have no right to consent to any modification to the percentages specified
in the definitions of the terms “Majority Lenders” or “Required Lenders”. Subject to clause (c)(ii) of
this Section 13.6, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.10,
2.11, 3.11 and 5.4 to the same extent as if it were a Lender (subject to the limitations and requirements
of those Sections and Sections 2.12 and 13.7) and had acquired its interest by assignment pursuant to clause
(b) of this Section 13.6). To the extent permitted by Requirements of Law, each Participant also shall be entitled
to the benefits of Section 13.8(b) as though it were a Lender; provided such Participant agrees to be subject
to Section 13.8(a) as though it were a Lender.

 

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(ii)
A Participant shall not be entitled to receive any greater payment under Section 2.10, 2.11, 3.11
or 5.4 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrower’s prior written consent or except to the
extent the entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the
applicable participation; provided that the Participant shall be subject to the provisions in Section 2.12 as
if it were an assignee under clauses (a) and (b) of this Section 13.6. Each Lender that sells a
participation shall, acting solely for this purpose as a nonfiduciary agent of the Borrower, maintain a register on which it enters
the name and address of each participant and the principal amounts (and stated interest amounts) of each Participant’s interest
in the Loans or other obligations under this Agreement (the “Participant Register”). The entries in the Participant
Register shall be conclusive, absent manifest error, and each party hereto shall treat each Person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.
No Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity
of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or
its other obligations under any Credit Document) except to the extent that such disclosure is necessary to establish that such
commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations.

 

(d)
Any Lender may, without the consent of the Borrower, any Swingline Lender, any Issuing Bank or the Administrative Agent,
at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations
of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any central bank having jurisdiction
over such Lender, and this Section 13.6 shall not apply to any such pledge or assignment of a security interest; provided
that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute
any such pledgee or assignee for such Lender as a party hereto. In order to facilitate such pledge or assignment or for any other
reason, the Borrower hereby agrees that, upon request of any Lender at any time and from time to time after the Borrower has made
its initial borrowing hereunder, the Borrower shall provide to such Lender, at the Borrower’s own expense, a promissory note,
substantially in the form of Exhibit H-1 or H-2, as the case may be, evidencing the Loans and Swingline Loans,
respectively, owing to such Lender.

 

(e)
Subject to Section 13.16, the Borrower authorizes each Lender to disclose to any Participant, secured creditor
of such Lender or assignee (each, a “Transferee”) and any prospective Transferee any and all financial information
in such Lender’s possession concerning the Borrower and its Affiliates that has been delivered to such Lender by or on behalf
of the Borrower and its Affiliates pursuant to this Agreement or that has been delivered to such Lender by or on behalf of the
Borrower and its Affiliates in connection with such Lender’s credit evaluation of the Borrower and its Affiliates prior to
becoming a party to this Agreement.

 

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(f)
The words “execution,” “signed,” “signature,” and words of like import in any Assignment
and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state
laws based on the Uniform Electronic Transactions Act.

 

(g)
Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may
grant to a special purpose funding vehicle (a “SPV”), identified as such in writing from time to time by the
Granting Lender to the Administrative Agent and the Borrower, the option to provide to the Borrower all or any part of any Loan
that such Granting Lender would otherwise be obligated to make the Borrower pursuant to this Agreement; provided that (i) nothing
herein shall constitute a commitment by any SPV to make any Loan and (ii) if an SPV elects not to exercise such option or
otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the
terms hereof. The making of a Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent,
and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPV shall be liable for any indemnity
or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance
of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior
to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness
of any SPV, it shall not institute against, or join any other person in instituting against, such SPV any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under the laws of the United States or any state thereof. In addition, notwithstanding
anything to the contrary contained in this Section 13.6, any SPV may (A) with notice to, but without the prior
written consent of, the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion
of its interests in any Loans to the Granting Lender or to any financial institutions (consented to by the Borrower and Administrative
Agent) providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Loans
and (B) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial
paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPV. This Section 13.6(g)
may not be amended without the written consent of the SPV. Notwithstanding anything to the contrary in this Agreement, subject
to the following sentence, each SPV shall be entitled to the benefits of Sections 2.10, 2.11, 3.11 and
5.4 to the same extent as if it were a Lender (subject to the limitations and requirements of Sections 2.10,
2.11, 3.11 and 5.4 as though it were a Lender, and Sections 2.12 and 13.7), and had acquired
its interest by assignment pursuant to clause (b) of this Section 13.6). Notwithstanding the prior sentence,
an SPV shall not be entitled to receive any greater payment under Section 2.10, 2.11, 3.11 or 5.4
than its Granting Lender would have been entitled to receive absent the grant to such SPV, unless such grant to such SPV is made
with the Borrowers’ prior written consent.

 

(h)
Any request for consent of the Borrower pursuant to Section 13.6(b)(i)(A) or 13.6(c) and related communications
shall be delivered by the Administrative Agent simultaneously to the following Persons:

 

(i)
with respect to any request for consent in respect of any assignment or participation relating
to Commitments or Loans, to (A) any recipient that is an employee of the Borrower, as designated in writing to the Administrative
Agent by the Borrower from time to time (if any) and (B) the chief financial officer of the Borrower or any other Responsible Officer
designated by the Borrower in writing to the Administrative Agent from time to time; and

 

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(ii)  
in addition to the Persons set forth in clause (i) above and prior to the occurrence
of a Change of Control, with respect to any request for consent in respect of any assignment or participation relating to Commitments
or Loans, to an employee of the Sponsor designated in writing to the Administrative Agent by the Sponsor from time to time.

 

(i)
The Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into,
monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality
of the foregoing, the Administrative Agent shall not (a) be obligated to ascertain, monitor or inquire as to whether any Lender
or participant or prospective Lender or participant is a Disqualified Institution or (b) have any liability with respect to or
arising out of any assignment or participation of Loans, or disclosure of confidential information, to any Disqualified Institution.

 

(j)
If any Loans or Commitments are assigned or participated (x) to a Disqualified Institution or (y) without complying with
the notice requirement under Section 13.6(h), then: (a) the Borrower may (i) terminate any commitment of such person and
prepay any applicable outstanding Loans at a price equal to the lesser of par and the amount such Person paid to acquire such Loans
or Commitments, without premium, penalty, prepayment fee or breakage, and/or (ii) require such person to assign its rights and
obligations to one or more eligible Lenders at the price indicated above (which assignment shall not be subject to any processing
and recordation fee), (b) no such Person shall receive any information or reporting provided by the Borrower, the Administrative
Agent or any Lender, (c) for purposes of voting, any Loans and Commitments held by such Person shall be deemed not to be outstanding,
and such Person shall have no voting or consent rights with respect to “Required Lender” or class votes or consents,
(d) for purposes of any matter requiring the vote or consent of each Lender affected by any amendment or waiver, such person shall
be deemed to have voted or consented to approve such amendment or waiver if a majority of the affected class so approves, and (e)
such person shall not be entitled to any expense reimbursement or indemnification rights and shall be treated in all other respects
as a Defaulting Lender; it being understood and agreed that the foregoing provisions shall only apply to a Disqualified Institution
and not to any assignee of such Disqualified Institution that becomes a Lender so long as such assignee is not a Disqualified Institution
or an affiliate thereof.

 

13.7
Replacements of Lenders under Certain Circumstances.

 

(a)
In the event that any Lender (i) requests reimbursement for amounts owing pursuant to Section 2.10, 3.11 or
5.4 (other than Section 5.4(b)), (ii) is affected in the manner described in Section 2.10(a)(iii) and as a
result thereof any of the actions described in such Section is required to be taken or (iii) becomes a Defaulting Lender, the Borrower
shall be entitled to replace such Lender or terminate the Commitment of such Lender; provided that, (x) in the case of a
replacement, (A) such replacement does not conflict with any Requirement of Law, (B) the replacement bank or institution shall
purchase, at par, all Loans and the Borrower shall pay all other amounts (other than any disputed amounts), pursuant to Section
2.10, 3.11 or 5.4, as the case may be owing to such replaced Lender prior to the date of replacement, (C)
the replacement bank or institution, if not already a Lender, and the terms and conditions of such replacement, shall be reasonably
satisfactory to the Administrative Agent, the Swingline Lender and each Issuing Bank (except to the extent such Swingline Lender
or Issuing Banks is, or is an Affiliate of, the Lender being replaced) and (D) the replaced Lender shall be obligated to make such
replacement in accordance with the provisions of Section 13.6(b) (provided that the Borrower shall be obligated to
pay the registration and processing fee referred to therein as long as the replacement Lender pays such fee) and (y) in the case
of a termination, repay all Obligations (including amounts (other than any disputed amounts), owing pursuant to Section 2.10, 3.11
or 5.4, as the case may be) owing to such Lender as of such termination date (and, in the case of an Issuing Bank, cancel or backstop
on terms reasonably satisfactory to such Issuing Bank any Letters of Credit issued by it).

 

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(b)
If any Lender (such Lender, a “Non-Consenting Lender”) (i) failed to consent to a proposed amendment,
waiver, discharge or termination that pursuant to the terms of Section 13.1 requires the consent of all of the Lenders
affected or the Required Lenders and with respect to which the Majority Lenders shall have granted their consent or (ii) is
a Non-Consenting Lender that is an Extending Lender, then the Borrower shall have the right (unless such Non-Consenting Lender
grants such consent or approves such Proposed Borrowing Base and provided that no Event of Default pursuant to Section 11.1
or 11.5 shall have occurred and be continuing) (x) to replace such Non-Consenting Lender by requiring such Non-Consenting
Lender to assign its Loans and its Commitments hereunder to one or more assignees reasonably acceptable to the Administrative Agent,
the Swingline Lender and each Issuing Bank (except to the extent such Swingline Lender or Issuing Banks is, or is an Affiliate
of, the Lender being replaced) or (y) terminate the Commitment of such Lender; provided that, (x) in the case of a replacement,
(i) all Obligations of the Borrower owing to such Non-Consenting Lender being replaced (other than principal and interest) shall
be paid in full to such Non-Consenting Lender concurrently with such assignment, (ii) the replacement Lender shall purchase the
foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid
interest thereon and (iii) the Borrower, the Administrative Agent and such Non-Consenting Lender shall otherwise comply with Section 13.6
(provided that the Borrower shall not be obligated to pay the registration and processing fee referred to therein as long
as the replacement Lender pays such fee) and (y) in the case of a termination, all Obligations owing to such Non-Consenting Lender
shall be paid in full concurrently with such termination.

 

(c)
Notwithstanding anything herein to the contrary, (i) each party hereto agrees that any assignment pursuant to the terms
of this Section 13.7 may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative
Agent, the Swingline Lender, each Issuing Bank and the assignee and that the Lender making such assignment need not be a party
thereto and (ii) no termination of Commitments may be made pursuant to this Section 13.7 unless the Letter of Credit Exposure and
Swingline Exposure of the terminated Lender is cash collateralized on terms reasonably satisfactory to the Issuing Bank and Swingline
Lender.

 

(d)
Any such Lender replacement or Commitment termination pursuant to this Section 13.7 shall not be deemed to be a waiver
of any rights that the Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender.

 

13.8
Adjustments; Set-off.

 

(a)
If any Lender (a “Benefited Lender”) shall at any time receive any payment in respect of any principal
of or interest on all or part of the Loans made by it, or the participations in Letter of Credit Obligations held by it, or receive
any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature
referred to in Section 11.5, or otherwise), in a greater proportion than any such payment to or collateral received
by any other Lender entitled thereto, if any, in respect of such other Lender’s Loans, or interest thereon, such Benefited
Lender shall (i) notify the Administrative Agent of such fact, and (ii) purchase for cash at face value from the other
Lenders a participating interest in such portion of each such other Lender’s Loans, or shall provide such other Lenders with
the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the
excess payment or benefits of such collateral or proceeds ratably in accordance with the aggregate principal of and accrued interest
on their respective Loans and other amounts owing them; provided, however, that (A) if all or any portion of
such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase
price and benefits returned, to the extent of such recovery, but without interest and (B) the provisions of this paragraph
shall not be construed to apply to (1) any payment made by the Borrower or any other Credit Party pursuant to and in accordance
with the terms of this Agreement and the other Credit Documents, (2) any payment obtained by a Lender as consideration for
the assignment of or sale of a participation in any of its Loans, Commitments or participations in Drawings to any assignee or
participant or (3) any disproportionate payment obtained by a Lender as a result of the extension by Lenders of the maturity
date or expiration date of some but not all Loans or Commitments or any increase in the Applicable Margin in respect of Loans or
Commitments of Lenders that have consented to any such extension. Each Credit Party consents to the foregoing and agrees, to the
extent it may effectively do so under Requirements of Law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against such Credit Party rights of set-off and counterclaim with respect to such participation as fully
as if such Lender were a direct creditor of such Credit Party in the amount of such participation.

 

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(b)
After the occurrence and during the continuance of an Event of Default, in addition to any rights and remedies of the Lenders
provided by Requirements of Law, each Lender shall have the right, without prior notice to the Borrower, any such notice being
expressly waived by the Borrower to the extent permitted by applicable Requirements of Law, upon any amount becoming due and payable
by the Borrower hereunder or under any Credit Document (whether at the stated maturity, by acceleration or otherwise) to set-off
and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final),
in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute
or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit
or the account of the Borrower. Each Lender agrees promptly to notify the Borrower (and the Credit Parties, if applicable) and
the Administrative Agent after any such set-off and application made by such Lender; provided that the failure to give such
notice shall not affect the validity of such set-off and application.

 

13.9
Counterparts. This Agreement may be executed by one or more of the parties to this
Agreement on any number of separate counterparts (including by facsimile or other electronic transmission, i.e. a “pdf”
or a “tif”), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent.

 

13.10 
Severability. Any provision of this Agreement that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating
the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

 

13.11 
Integration. This Agreement and the other Credit Documents represent the agreement
of the Borrower, the Guarantors, the Collateral Agent, the Administrative Agent and the Lenders with respect to the subject matter
hereof and thereof, and there are no promises, undertakings, representations or warranties by the Borrower, the Guarantors, any
Agent nor any Lender relative to subject matter hereof not expressly set forth or referred to herein or in the other Credit Documents.

 

    	 	175	 

     

    

 

13.12 
GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK; provided, however,
that (a) whether the Acquisition has been consummated as contemplated by the Contribution Agreement and (b) whether the Specified
Purchase Agreement Representations are accurate and whether as a result of any inaccuracy thereof the Borrower has the right to
terminate its obligations under the Contribution Agreement shall be determined in accordance with the laws of the State of Texas
without regard to conflict of laws principles that would result in the application of laws of another jurisdiction.

 

13.13 
Submission to Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:

 

(a)
submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Credit Documents
to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction
of the courts of the State of New York and the courts of the United States of America for the Southern District of New York,
in each case located in New York County, and appellate courts from any thereof; provided that nothing contained herein or
in any other Credit Document will prevent any Lender, the Collateral Agent or the Administrative Agent from bringing any action
to enforce any award or judgment or exercise any right under the Credit Documents or against any Collateral or any other property
of any Credit Party in any other forum in which jurisdiction can be established;

 

(b)
consents that any such action or proceeding shall be brought in such courts and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in
an inconvenient court and agrees not to plead or claim the same;

 

(c)
agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered
or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address set forth on Schedule 13.2
at such other address of which the Administrative Agent shall have been notified pursuant to Section 13.2;

 

(d)
agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by Requirements
of Law or shall limit the right to sue in any other jurisdiction;

 

(e)
without limitation of Sections 12.7 and 13.5, waives, to the maximum extent not prohibited by law, any right
it may have to claim or recover in any legal action or proceeding referred to in this Section 13.13 any special, exemplary,
punitive or consequential damages (other than, in the case of any Credit Party, in respect of any such damages incurred or paid
by an Indemnitee to a third party, or which are included in a third-party claim, and for any out-of-pocket expenses related thereto);
and

 

(f)
agrees that a final judgment in any action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law.

 

    	 	176	 

     

    

 

13.14 
Acknowledgments. The Borrower hereby acknowledges that:

 

(a)
it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Credit Documents;

 

(b)
(i) the credit facility provided for hereunder and any related arranging or other services in connection therewith
(including in connection with any amendment, waiver or other modification hereof or of any other Credit Document) are an arm’s-length
commercial transaction between the Borrower and the other Credit Parties, on the one hand, and the Administrative Agent, the Lenders
and the other Agents on the other hand, and the Borrower and the other Credit Parties are capable of evaluating and understanding
and understand and accept the terms, risks and conditions of the transactions contemplated hereby and by the other Credit Documents
(including any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process leading to
such transaction, each of the Administrative Agent, other Agents and the Lenders, is and has been acting solely as a principal
and is not the financial advisor, agent or fiduciary for any of the Borrower, any other Credit Parties or any of their respective
Affiliates, equity holders, creditors or employees or any other Person; (iii) neither the Administrative Agent, any other
Agent, the Lead Arranger and Bookrunner, nor any Lender has assumed or will assume an advisory, agency or fiduciary responsibility
in favor of the Borrower or any other Credit Party with respect to any of the transactions contemplated hereby or the process leading
thereto, including with respect to any amendment, waiver or other modification hereof or of any other Credit Document (irrespective
of whether the Administrative Agent or any other Agent, any Lead Arranger, or any Lender has advised or is currently advising any
of the Borrower, the other Credit Parties or their respective Affiliates on other matters) and none of the Administrative
Agent, any Agent, the Lead Arranger and Bookrunner or any Lender has any obligation to any of the Borrower, the other Credit Parties
or their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth
herein and in the other Credit Documents; (iv) the Administrative Agent and its Affiliates, each other Agent and each of its
Affiliates and each Lender and its Affiliates may be engaged in a broad range of transactions that involve interests that differ
from those of the Borrower and its respective Affiliates, and none of the Administrative Agent, any other Agent or any Lender has
any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) none
of the Administrative Agent, any Agent or any Lender has provided and none will provide any legal, accounting, regulatory
or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification
hereof or of any other Credit Document) and the Borrower has consulted its own legal, accounting, regulatory and tax advisors to
the extent it has deemed appropriate. The Borrower hereby waives and releases, to the fullest extent permitted by law, any claims
that it may have against the Administrative Agent and each Agent with respect to any breach or alleged breach of agency or fiduciary
duty; and

 

(c)
no joint venture is created hereby or by the other Credit Documents or otherwise exists by virtue of the transactions contemplated
hereby among the Lenders or among the Borrower, on the one hand, and any Lender, on the other hand.

 

13.15 
WAIVERS OF JURY TRIAL. THE BORROWER, EACH AGENT, EACH ISSUING BANK AND EACH LENDER
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY
OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

    	 	177	 

     

    

 

13.16 
Confidentiality. The Administrative Agent, each other Agent, any Issuing Bank, any
Swingline Lender and each other Lender shall hold all information not marked as “public information” and furnished
by or on behalf of the Borrower or any of its Subsidiaries in connection with such Lender’s evaluation of whether to become
a Lender hereunder or obtained by such Lender, any Swingline Lender, the Administrative Agent, any Issuing Bank or such other Agent
pursuant to the requirements of this Agreement (“Confidential Information”), confidential in accordance with
its customary procedure for handling confidential information of this nature and in any event may make disclosure to any other
Lender hereto and (a) to its Affiliates and its Affiliates’ employees, legal counsel, independent auditors and other experts
or agents (collectively, the “Representatives”) who need to know such information in connection with the Transactions
and are informed of the confidential nature of such information (it being understood that the Persons to whom such disclosure is
made will be informed of the confidential nature of such information and instructed to keep such information confidential); (b)
to the extent requested by any Governmental Authority or self-regulatory authority having jurisdiction over such Person; provided
that the Administrative Agent or such Lender, as applicable, agrees that it will notify the Borrower as soon as practicable in
the event of any such disclosure by such Person (other than at the request of a regulatory authority or examiner) unless such notification
is prohibited by law, rule or regulation; (c) to the extent required by applicable Requirements of Law or regulations or by any
subpoena or similar legal process; provided, that the Administrative Agent or such Lender, as applicable, agrees that it
will notify the Borrower as soon as practicable in the event of any such disclosure by such Person (other than at the request of
a regulatory authority or examiner) unless such notification is prohibited by law, rule or regulation; (d) subject to an agreement
containing provisions at least as restrictive as those set forth in this Section 13.16 (or as may otherwise be
reasonably acceptable to the Borrower), to any pledgee referred to in Section 13.6(d), counterparty to a Hedge Agreement,
credit insurer, eligible assignee of or participant in, or any prospective eligible assignee of or participant in any of its rights
or obligations under this Agreement pursuant to Section 13.6, provided that the disclosure of any such Confidential
Information to any Lenders or eligible assignees or participants shall be made subject to the acknowledgement and acceptance by
such Lender, eligible assignee or participant that such Confidential Information is being disseminated on a confidential basis
(on substantially the terms set forth in this Section 13.16 or as otherwise reasonably acceptable to the Borrower) in accordance
with the standard processes of the Administrative Agent or customary market standards for dissemination of such type of Confidential
Information; (e) with the prior written consent of the Borrower; (f) to the extent such Confidential Information becomes public
other than by reason of disclosure by such Person in breach of this Agreement; provided that unless prohibited by applicable
Requirements of Law, each Lender, the Administrative Agent, any Swingline Lender, any Issuing Bank and each other Agent shall endeavor
to notify the Borrower (without any liability for a failure to so notify the Borrower) of any request made to such Lender, the
Administrative Agent, any Issuing Bank or such other Agent, as applicable, by any governmental agency or representative thereof
(other than any such request in connection with an examination of the financial condition of such Lender by such governmental agency)
for disclosure of any such non-public information prior to disclosure of such information; provided further that in
no event shall any Lender, the Administrative Agent, any Issuing Bank or any other Agent be obligated or required to return any
materials furnished by the Borrower or any Subsidiary; (g) to any rating agency when required by it (it being understood that,
prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any information relating to
Credit Parties and their Subsidiaries received by it from such Lender) or to the CUSIP Service Bureau or any similar organization;
or (h) to the extent such Confidential Information is independently developed by or was in the prior possession of the Administrative
Agent, the Lead Arranger and Bookrunner, such Lender or any of their respective Affiliates so long as not based on information
obtained in a manner that would violate this Section 13.16; provided that no disclosure shall be made to any Disqualified
Institution. In addition, each Lender, the Administrative Agent and each other Agent may provide Confidential Information to prospective
Transferees or to any pledgee referred to in Section 13.6 or to prospective direct or indirect contractual counterparties
in Hedge Agreements to be entered into in connection with Loans made hereunder as long as such Person is advised of and agrees
to be bound by the provisions of this Section 13.16 or confidentiality provisions at least as restrictive as those
set forth in the Section 13.16. “Information” means all information received from the Borrower relating
to the Borrower or its business, other than any such information that is available to the Administrative Agent, any Issuing Bank
or any Lender on a non-confidential basis prior to disclosure by the Borrower and other than information pertaining to this Agreement
routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry.

 

    	 	178	 

     

    

 

Each Lender acknowledges
that information furnished to it pursuant to this Agreement or the other Credit Documents may include material non-public information
concerning the Borrower and its Affiliates and their related parties or their respective securities, and confirms that it has developed
compliance procedures regarding the use of material non-public information and that it will handle such material non-public information
in accordance with those procedures and applicable law, including federal and state securities laws.

 

All information, including
requests for waivers and amendments, furnished by the Borrower or the Administrative Agent pursuant to, or in the course of administering,
this Agreement or the other Credit Documents will be syndicate-level information, which may contain material non-public information
about the Borrower and its Affiliates and their related parties or their respective securities. Accordingly, each Lender represents
to the Borrower and the Administrative Agent that it has identified in its Administrative Questionnaire a credit contact who may
receive information that may contain material non-public information in accordance with its compliance procedures and applicable
law, including federal and state securities laws.

 

13.17 
Release of Collateral and Guarantee Obligations.

 

(a)
The Lenders hereby irrevocably agree that the Liens granted to the Collateral Agent by the Credit Parties on any Collateral
shall be automatically released (i) in full, as set forth in clause (b) below, (ii) upon the Disposition
of such Collateral (including as part of or in connection with any other Disposition permitted hereunder) to any Person other than
another Credit Party, to the extent such Disposition is made in compliance with the terms of this Agreement and the Liens encumbering
such Collateral and held by each other creditor party to any Customary Intercreditor Agreement are required to be released pursuant
to the relevant intercreditor agreement (and the Collateral Agent may rely conclusively on a certificate to that effect provided
to it by any Credit Party upon its reasonable request without further inquiry), (iii) upon any Collateral becoming an Excluded
Equity Interest, an Excluded Asset or becoming owned by an Excluded Subsidiary or (in the case of Collateral constituting cash)
becoming subject to Liens pursuant to clauses (d) and (e) of the definition of “Permitted Liens”
or becoming subject to any Lien permitted pursuant to Sections 10.2(g), (j), (i), (o), (p),
(w) and (y), in each case, except in connection with a transaction prohibited hereunder, (iv) to the extent
such Collateral is comprised of property leased to a Credit Party, upon termination or expiration of such lease, (v) if the
release of such Lien is approved, authorized or ratified in writing by the Majority Lenders (or such other percentage of the Lenders
whose consent may be required in accordance with Section 13.1), (vi) to the extent the property constituting such
Collateral is owned by any Guarantor, upon the release of such Guarantor from its obligations under the Guarantee in accordance
with the second succeeding sentence or Section 5(g) of the Guarantee and (vii) as required by the Collateral Agent to
effect any Disposition of Collateral in connection with any exercise of remedies of the Collateral Agent pursuant to the Security
Documents. Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those
being released) upon (or obligations (other than those being released) of the Credit Parties in respect of) all interests retained
by the Credit Parties, including the proceeds of any Disposition, all of which shall continue to constitute part of the Collateral
except to the extent otherwise released in accordance with the provisions of the Credit Documents. Additionally, the Lenders hereby
irrevocably agree that the Guarantors shall be released from the Guarantees upon consummation of any transaction permitted hereunder
resulting in such Subsidiary ceasing to constitute a Restricted Subsidiary or otherwise becoming an Excluded Subsidiary. Any representation,
warranty or covenant contained in any Credit Document relating to any such Collateral or Guarantor shall no longer be deemed to
be repeated. In connection with any release hereunder, the Administrative Agent and Collateral Agent shall promptly take such action
and execute any such documents as may be reasonably requested by the Borrower and at the Borrower’s expense in connection
with the release of any Liens created by any Credit Document in respect of such Subsidiary, property or asset.

 

    	 	179	 

     

    

 

(b)
Notwithstanding anything to the contrary contained herein or any other Credit Document, when Payment in Full has occurred
(subject to any (i) Hedging Obligations in respect of any Secured Hedge Agreements, (ii) Cash Management Obligations
in respect of any Secured Cash Management Agreements and (iii) any contingent or indemnification obligations not then due
and payable), upon request of the Borrower, the Administrative Agent and/or Collateral Agent, as applicable, shall (without notice
to, or vote or consent of, any Secured Party) take such actions as shall be required to release its security interest in all Collateral,
and to release all obligations under any Credit Document, whether or not on the date of such release there may be any (i) Hedging
Obligations in respect of any Secured Hedge Agreements, (ii) Cash Management Obligations in respect of any Secured Cash Management
Agreements and (iii) any contingent or indemnification obligations not then due and payable. Any such release of Obligations
shall be deemed subject to the provision that such Obligations shall be reinstated if after such release any portion of any payment
in respect of the Obligations guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the insolvency,
bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment
of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial
part of its property, or otherwise, all as though such payment had not been made.

 

13.18 
USA PATRIOT Act. The Agents and each Lender hereby notify the Borrower that pursuant
to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Patriot Act”), it is required to obtain, verify and record information that identifies each Credit Party, which
information includes the name and address of each Credit Party and other information that will allow such Agent and such Lender
to identify each Credit Party in accordance with the Patriot Act.

 

13.19 
Payments Set Aside. To the extent that any payment by or on behalf of the Borrower
is made to any Agent or any Lender, or any Agent or any Lender exercises its right of setoff, and such payment or the proceeds
of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by such Agent or such Lender in its discretion) to be repaid to a trustee, receiver
or any other party, in connection with any proceeding or otherwise, then (a) to the extent of such recovery, the obligation
or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment
had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent
upon demand its applicable share of any amount so recovered from or repaid by any Agent, plus interest thereon from the
date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time
in effect.

 

    	 	180	 

     

    

 

13.20 
Reinstatement. This Agreement shall continue to be effective, or be reinstated, as
the case may be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored
or returned by the Administrative Agent or any other Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or
reorganization of the Borrower, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee
or similar officer for, the Borrower or any substantial part of its property, or otherwise, all as though such payments had
not been made.

 

13.21 
Disposition of Proceeds. The Security Documents contain an assignment by the Borrower
and/or the Guarantors unto and in favor of the Collateral Agent for the benefit of the Lenders of all of the Borrower’s or
each Guarantor’s interest in and to their as-extracted collateral in the form of production and all proceeds attributable
thereto which may be produced from or allocated to the Mortgaged Property. The Security Documents further provide in general for
the application of such proceeds to the satisfaction of the Obligations described therein and secured thereby. Notwithstanding
the assignment contained in such Security Documents, until the occurrence of an Event of Default, (a) the Administrative Agent
and the Lenders agree that they will neither notify the purchaser or purchasers of such production nor take any other action to
cause such proceeds to be remitted to the Administrative Agent or the Lenders, but the Lenders will instead permit such proceeds
to be paid to the Borrower and its Subsidiaries and (b) the Lenders hereby authorize the Administrative Agent to take such
actions as may be necessary to cause such proceeds to be paid to the Borrower and/or such Subsidiaries.

 

13.22 
Collateral Matters; Hedge Agreements. The benefit of the Security Documents and of
the provisions of this Agreement relating to any Collateral securing the Obligations shall also extend to and be available on a
pro rata basis pursuant to terms agreed upon in the Credit Documents to any Person (a) under any Secured Hedge Agreement,
in each case, after giving effect to all netting arrangements relating to such Hedge Agreements or (b) under any Secured Cash
Management Agreement. No Person shall have any voting rights under any Credit Document solely as a result of the existence of obligations
owed to it under any such Secured Hedge Agreement or Secured Cash Management Agreement.

 

13.23 
Agency of the Borrower for the Other Credit Parties. Each of the other Credit Parties
hereby appoints the Borrower as its agent for all purposes relevant to this Agreement and the other Credit Documents, including
the giving and receipt of notices and the execution and delivery of all documents, instruments and certificates contemplated herein
and therein and all modifications hereto and thereto.

 

    	 	181	 

     

    

 

13.24 
Acknowledgement and Consent to Bail-In of EEA Financial Institutions.

 

Notwithstanding anything
to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under any Credit Document, to
the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by:

 

(a) the application of
any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable
to it by any party hereto to any Lender that is an EEA Financial Institution; and

 

(b)
the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)
a reduction in full or in part or cancellation of any such liability;

 

(ii)
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such
shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under
this Agreement or any other Credit Document; or

 

(iii)
the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of
any EEA Resolution Authority.

 

[Signature Pages Follow.]

 

    	 	182	 

     

    

 

IN WITNESS WHEREOF, each of the parties
hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

 

	 	FALCON MINERALS OPERATING PARTNERSHIP, LP, as the Borrower
	 	 
	 	By:	Falcon Minerals GP, LLC, its general partner

 

	 	By: 	/s/Jeffrey F. Brotman
	 	 	Name:  Jeffrey F. Brotman
	 	 	Title:  Chief Financial Officer, Chief Legal
	 	 	            Officer and Secretary

 

[Signature page to RBL Credit Agreement]

 

     

     

    

 

	 	CITIBANK, N.A., as the Administrative Agent and the Collateral Agent
	 	 	 
	 	By: 	/s/ Jeff Ard
	 	 	Name:  Jeff Ard
	 	 	Title:  Vice President
	 	 	 
	 	CITIBANK, N.A., as a Swing Line Lender, an Issuing Bank and a Lender
	 	 	 
	 	By: 	Jeff Ard
	 	 	Name:  Jeff Ard
	 	 	Title:  Vice President

 

[Signature page to RBL Credit Agreement]

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A.,
	 	as a Lender
	 	 	 
	 	By: 	/s/ Theresa M. Benson
	 	 	Name:  Theresa M. Benson
	 	 	Title:  Authorized Officer

 

[Signature page to RBL Credit Agreement]

 

     

     

    

 

	 	ROYAL BANK OF CANADA,
	 	as a Lender
	 	 	 
	 	By: 	/s/ Kristan Spivey
	 	 	Name:  Kristan Spivey
	 	 	Title:  Authorized Signatory

 

[Signature page to RBL Credit Agreement]

 

     

     

    

 

	 	ING CAPITAL LLC,
	 	 as a Lender
	 	 	 
	 	By: 	/s/ Juli Bieser
	 	 	Name:  Juli Bieser
	 	 	Title:  Managing Director
	 	 	 
	 	By: 	/s/ Josh Strong
	 	 	Name:  Josh Strong
	 	 	Title:  Director

 

[Signature page to RBL Credit Agreement]

 

     

     

    

 

	 	NATIXIS, NEW YORK BRANCH, 
	 	as a Lender
	 	 	 
	 	By:	/s/ Leila Zomorrodian
	 	 	Name:  Leila Zomorrodian
	 	 	Title:  Director
	 	 	 
	 	By:	/s/ Vikram Nath
	 	 	Name:  Vikram Nath
	 	 	Title:  Director

 

[Signature page to RBL Credit Agreement]Exhibit 10.3

 

INDEMNITY AGREEMENT

 

THIS INDEMNITY AGREEMENT(this
“Agreement”) is made as of            , 20            , by and between Osprey Energy Acquisition Corp., a Delaware
corporation (the “Company”), and (“Indemnitee”).

 

RECITALS

 

WHEREAS, highly competent persons
have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities unless they are provided
with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them
arising out of their service to and activities on behalf of such corporations;

 

WHEREAS, the Board of Directors of
the Company (the “Board”) has determined that, in order to attract and retain qualified individuals,
the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the
Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread
practice among corporations and other business enterprises, the Company believes that, given current market conditions and trends,
such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors,
officers and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and
time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the
Company or business enterprise itself. The Amended and Restated Certificate of Incorporation (the “Charter”)
and the Bylaws (the “Bylaws”) of the Company require indemnification of the officers and directors of
the Company. Indemnitee may also be entitled to indemnification pursuant to applicable provisions of the Delaware General Corporation
Law (“DGCL”). The Charter, Bylaws and the DGCL expressly provide that the indemnification provisions
set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members
of the Board, officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement
rights;

 

WHEREAS, the uncertainties relating
to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board has determined
that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s
stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in
the future;

 

WHEREAS, it is reasonable, prudent
and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to advance expenses on
behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company
free from undue concern that they will not be so protected against liabilities;

 

WHEREAS, this Agreement is a supplement
to and in furtherance of the Charter and Bylaws and any resolutions adopted pursuant thereto, and shall not be deemed a substitute
therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee may not
be willing to serve as an officer or director, advisor or in another capacity without adequate protection, and the Company desires
Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or
on behalf of the Company on the condition that Indemnitee be so indemnified.

 

     

     

    

 

NOW, THEREFORE, in consideration
of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

TERMS AND CONDITIONS

 

1.
SERVICES TO THE COMPANY. In consideration of the Company’s covenants and obligations hereunder, Indemnitee will
serve or continue to serve as an officer, director, advisor, key employee or any other capacity of the Company, as applicable,
for so long as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders Indemnitee’s resignation or
until Indemnitee is removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee
has ceased to serve as a director, officer, advisor, key employee or in any other capacity of the Company, as provided in Section 17.
This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to
the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

 

2.
DEFINITIONS. As used in this Agreement:

 

(a)
References to “agent” shall mean any person who is or was a director, officer or employee of the Company
or a subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving
in such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability
company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the
Company or a subsidiary of the Company.

 

(b)
The terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings
set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

 

(c)
A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement
of any of the following events:

 

(i)
Acquisition of Stock by Third Party. Other than Osprey Sponsor, LLC, or an affiliate of Osprey Sponsor, LLC, any Person
(as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifteen
percent (15%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally
in the election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities
by any Person (as defined below) results solely from a reduction in the aggregate number of outstanding shares of securities entitled
to vote generally in the election of directors, or (2) such acquisition was approved in advance by the Continuing Directors
(as defined below) and such acquisition would not constitute a Change in Control under part (iii) of this definition;

 

(ii)
Change in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election
by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two thirds of the
directors then still in office who were directors on the date hereof or whose election for nomination for election was previously
so approved (collectively, the “Continuing Directors”), cease for any reason to constitute at least a
majority of the members of the Board;

 

(iii)
Corporate Transactions. The effective date of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination, involving the Company and one or more businesses (a “Business Combination”),
in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who
were the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 51% of the combined voting power of the then outstanding securities
of the Company entitled to vote generally in the election of directors resulting from such Business Combination (including, without
limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s
assets either directly or through one or more Subsidiaries (as defined below)) in substantially the same proportions as their ownership
immediately prior to such Business Combination, of the securities entitled to vote generally in the election of directors; (2) other
than an affiliate of Osprey Sponsor, LLC, no Person (excluding any corporation resulting from such Business Combination) is the
Beneficial Owner, directly or indirectly, of 15% or more of the combined voting power of the then outstanding securities entitled
to vote generally in the election of directors of the surviving corporation except to the extent that such ownership existed prior
to the Business Combination; and (3) at least a majority of the Board of Directors of the corporation resulting from such
Business Combination were Continuing Directors at the time of the execution of the initial agreement, or of the action of the Board
of Directors, providing for such Business Combination;

 

    2

     

    

 

(iv)
Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement or
series of agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets, other
than factoring the Company’s current receivables or escrows due (or, if such stockholder approval is not required, the decision
by the Board to proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions);
or

 

(v)
Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A (or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated
under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.

 

(d)
“Corporate Status” describes the status of a person who is or was a director, officer, trustee, general
partner, manager, managing member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which
such person is or was serving at the request of the Company.

 

(e)
“Delaware Court” shall mean the Court of Chancery of the State of Delaware.

 

(f)
“Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding
(as defined below) in respect of which indemnification is sought by Indemnitee.

 

(g)
“Enterprise” shall mean the Company and any other corporation, constituent corporation (including any
constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries)
is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee
is or was serving at the request of the Company as a director, officer, trustee, general partner, manager, managing member, fiduciary,
employee or agent.

 

(h)
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(i)
“Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever,
including, without limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of
experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and
binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other
disbursements, obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
being or preparing to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below),
including reasonable compensation for time spent by Indemnitee for which he or she is not otherwise compensated by the Company
or any third party. “Expenses” also shall include expenses incurred in connection with any appeal resulting from any
Proceeding (as defined below), including without limitation the principal, premium, security for, and other costs relating to any
cost bond, supersedeas bond, or other appeal bond or its equivalent. “Expenses,” however, shall not include amounts
paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(j)
References to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee
benefit plan; references to “serving at the request of the Company” shall include any service as a director,
officer, employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer,
employee, agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted
in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries
of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests
of the Company” as referred to in this Agreement.

 

(k)
“Independent Counsel” shall mean a law firm or a member of a law firm with significant experience in
matters of corporation law and that neither presently is, nor in the past five years has been, retained to represent: (i) the
Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under
this Agreement, or of other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding
(as defined below) giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights
under this Agreement.

 

    3

     

    

 

(l)
The term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange
Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any
Subsidiaries (as defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined
below) of the Company or of any corporation owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportions as their ownership of stock of the Company; and (iv) any trustee or other fiduciary holding securities
under an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly
or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

(m)
The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed
proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional
tort claims), criminal, administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved
as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any
action (or failure to act) taken by Indemnitee or of any action (or failure to act) on Indemnitee’s part while acting as
a director or officer of the Company, or by reason of the fact that Indemnitee is or was serving at the request of the Company
as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of any other Enterprise, in each
case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement,
or advancement of expenses can be provided under this Agreement.

 

(n)
The term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company,
partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity
interest is owned, directly or indirectly, by that Person.

 

3.
INDEMNITY IN THIRD-PARTY PROCEEDINGS. To the fullest extent permitted by applicable law, the Company shall indemnify, hold
harmless and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened
to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or
in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this
Section 3, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities,
fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection
with or in respect of such Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement) actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein,
if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that Indemnitee’s conduct was
unlawful.

 

4.
INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, the Company
shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee
was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or
in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this
Section 4, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein,
if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company. No indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4 in respect
of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless
and only to the extent that any court in which the Proceeding was brought or the Delaware Court shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably
entitled to indemnification, to be held harmless or to exoneration.

 

    4

     

    

 

5.
INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this
Agreement except for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status,
a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue
or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless
and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection therewith. If Indemnitee
is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all
claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify,
hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding,
the Company also shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against
all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee
was successful. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such
a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

6.
INDEMNIFICATION FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement except for Section 27,
to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness or deponent in any Proceeding to
which Indemnitee was or is not a party or threatened to be made a party, Indemnitee shall, to the fullest extent permitted
by applicable law, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection therewith.

 

7. ADDITIONAL INDEMNIFICATION, HOLD
HARMLESS AND EXONERATION RIGHTS.

 

(a)
Notwithstanding any limitation in Sections 3, 4, or 5, except for Section 27, the Company shall, to the fullest extent permitted
by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party
to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses,
judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges
paid or payable in connection with or in respect of such Expenses, judgments, liabilities, fines, penalties and amounts paid in
settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification, hold harmless
or exoneration rights shall be available under this Section 7(a) on account of Indemnitee’s conduct which constitutes
a breach of Indemnitee’s duty of loyalty to the Company or its stockholders or is an act or omission not in good faith or
which involves intentional misconduct or a knowing violation of the law.

 

(b)
Notwithstanding any limitation in Sections 3, 4, 5 or 7(a), except for Section 27, the Company shall, to the fullest extent
permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be
made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against
all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments and
other charges paid or payable in connection with or in respect of such Expenses, judgments, liabilities, fines, penalties and amounts
paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding.

 

8.
CONTRIBUTION IN THE EVENT OF JOINT LIABILITY.

 

(a)
To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided
for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying,
holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether
for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with
any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right
of contribution it may have at any time against Indemnitee. 

 

    5

     

    

 

(b)
The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would
be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

(c)
The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may
be brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.

 

9.
EXCLUSIONS. Notwithstanding any provision in this Agreement, except for Section 27, the Company shall not be obligated
under this Agreement to make any indemnification, advance of expenses, hold harmless or exoneration payment in connection with
any claim made against Indemnitee:

 

(a)
for which payment has actually been received by or on behalf of Indemnitee under any insurance policy, contract, agreement or other
indemnity or advancement provision or otherwise, except with respect to any excess beyond the amount actually received under any
insurance policy, contract, agreement, other indemnity or advancement provision or otherwise;

 

(b)
for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory
law or common law; or

 

(c)
except as otherwise provided in Sections 14(f)-(g) hereof, prior to a Change in Control, in connection with any Proceeding
(or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by
Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized
the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, advance
of expenses, hold harmless or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable
law. Indemnitee shall seek payments or advances from the Company only to the extent that such payments or advances are unavailable
from any insurance policy of the Company covering Indemnitee.

 

10.
ADVANCES OF EXPENSES; DEFENSE OF CLAIM.

 

(a)
Notwithstanding any provision of this Agreement to the contrary, except for Section 27, and to the fullest extent not prohibited
by applicable law, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred
by Indemnitee within three months) in connection with any Proceeding within ten (10) days after the receipt by the Company
of a statement or statements requesting such advances from time to time, prior to the final disposition of any Proceeding. Advances
shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall, to the fullest extent permitted
by law, be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate
entitlement to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall include
any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred
preparing and forwarding statements to the Company to support the advances claimed. To the fullest extent required by applicable
law, such payments of Expenses in advance of the final disposition of the Proceeding shall be made only upon the Company’s
receipt of an undertaking, by or on behalf of Indemnitee, to repay the advanced amounts to the extent that it is ultimately determined
that Indemnitee is not entitled to be indemnified, held harmless or exonerated by the Company under the provisions of this Agreement,
the Charter, the Bylaws, applicable law or otherwise. This Section 10(a) shall not apply to any claim made by Indemnitee
for which an indemnification, advance of expenses, hold harmless or exoneration payment is excluded pursuant to Section 9.

 

(b)
The Company will be entitled to participate in the Proceeding at its own expense.

 

(c)
The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, liability,
fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent.

 

    6

     

    

 

11.
PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.

 

(a)
Indemnitee agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification,
hold harmless or exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company
shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.

 

(b)
Indemnitee may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with
this Agreement. Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate
in his sole discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement
to indemnification shall be determined according to Section 12(a) of this Agreement.

 

12.
PROCEDURE UPON APPLICATION FOR INDEMNIFICATION.

 

(a)
A determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made
in the specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority vote
of the Disinterested Directors, even though less than a quorum of the Board, (ii) by a committee of such directors designated
by majority vote of such directors, (iii) if there are no Disinterested Directors or if such directors so direct, by Independent
Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (iv) by vote of the stockholders.
The Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled
to indemnification, including a description of any reason or basis for which indemnification has been denied. If it is so determined
that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination.
Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s
entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation
or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and
reasonably necessary to such determination. Any costs or Expenses (including reasonable attorneys’ fees and disbursements)
incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company
(irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to indemnify
and to hold Indemnitee harmless therefrom.

 

(b)
In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof,
the Independent Counsel shall be selected as provided in this Section 12(b). The Independent Counsel shall be selected by
Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written notice
to the Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so
selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. If the Independent
Counsel is selected by the Board, the Company shall give written notice to Indemnitee advising Indemnitee of the identity of the
Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent
Counsel” as defined in Section 2 of this Agreement. In either event, Indemnitee or the Company, as the case may
be, may, within ten (10) days after such written notice of selection shall have been received, deliver to the Company or to
Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only
on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined
in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion.
Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so
made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection
is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within twenty (20) days
after submission by Indemnitee of a written request for indemnification pursuant to Section 11(b) hereof, no Independent
Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Delaware Court for resolution
of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel
and/or for the appointment as Independent Counsel of a person selected by the Delaware Court, and the person with respect to whom
all objections are so resolved or the person so appointed shall act as

Independent Counsel under Section 12(a) hereof. Upon
the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent
Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of
professional conduct then prevailing).

 

    7

     

    

 

(c)
The Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such
Independent Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement
or its engagement pursuant hereto.

 

13.
PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS.

 

(a)
In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 11(b) of this Agreement, and the Company shall have the burden of proof to overcome that presumption
in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure
of the Company (including by the Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement
of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by the Company (including by the Disinterested Directors or Independent Counsel)
that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that
Indemnitee has not met the applicable standard of conduct.

 

(b)
If the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee
is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the
request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law,
be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee
of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification, or (ii) a final judicial determination that any or all such indemnification
is expressly prohibited under applicable law; provided, however, that such 30-day period may be extended for a reasonable time,
not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination with respect to entitlement
to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information
relating thereto.

 

(c)
The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

(d)
For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s
action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied
to Indemnitee by the directors, manager, or officers of the Enterprise in the course of their duties, or on the advice of legal
counsel for the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing
member, or on information or records given or reports made to the Enterprise, its Board, any committee of the Board or any director,
trustee, general partner, manager or managing member, by an independent certified public accountant or by an appraiser or other
expert selected by the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or
managing member. The provisions of this Section 13(d) shall not be deemed to be exclusive or to limit in any way the
other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this
Agreement.

 

(e)
The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary,
agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement.

 

    8

     

    

 

14.
REMEDIES OF INDEMNITEE.

 

(a)
In the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law,
is not timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification
shall have been made pursuant to Section 12(a) of this Agreement within thirty (30) days after receipt by the Company
of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5, 6, 7 or the last
sentence of Section 12(a) of this Agreement within ten (10) days after receipt by the Company of a written request
therefor, (v) a contribution payment is not made in a timely manner pursuant to Section 8 of this Agreement, (vi) payment
of indemnification pursuant to Section 3 or 4 of this Agreement is not made within ten (10) days after a determination
has been made that Indemnitee is entitled to indemnification, or (vii) payment to Indemnitee pursuant to any hold harmless
or exoneration rights under this Agreement or otherwise is not made in accordance with this Agreement, Indemnitee shall be
entitled to an adjudication by the Delaware Court to such indemnification, hold harmless, exoneration, contribution or advancement
rights. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single
arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except as set forth herein,
the provisions of Delaware law (without regard to its conflict of laws rules) shall apply to any such arbitration. The Company
shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(b)
In the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is
not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted
in all respects as a de novo trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of that adverse
determination.

 

(c)
In any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to be entitled
to be indemnified, held harmless, exonerated and to receive advancement of Expenses under this Agreement and the Company shall
have the burden of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to receive advancement of
Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12(a) of
this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to
this Section 14, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 10
until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of
appeal have been exhausted or lapsed).

 

(d)
If a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

(e)
The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14
that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court
or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

(f)
The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested
by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee, to
the fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial
proceeding or arbitration brought by Indemnitee: (i) to enforce his rights under, or to recover damages for breach of, this
Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement or provision of the Charter
or the Bylaws now or hereafter in effect; or (ii) for recovery or advances under any insurance policy maintained by any person
for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such
indemnification, hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless
such judicial proceeding or arbitration was not brought by Indemnitee in good faith).

 

    9

     

    

 

(g)
Interest shall be paid by the Company to Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies,
holds harmless or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate or advance for the period commencing
with the date on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement
of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company.

 

15.
SECURITY. Notwithstanding anything herein to the contrary, except for Section 27, to the extent requested by Indemnitee
and approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s
obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided
to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.

 

16.
NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.

 

(a)
The rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may
at any time be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders or a resolution of
directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict
any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened,
commenced or completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by such Indemnitee
in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in applicable
law, whether by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement
of Expenses than would be afforded currently under the Charter, the Bylaws or this Agreement, it is the intent of the parties hereto
that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred
is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition
to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
right or remedy.

 

(b)
The DGCL and the Bylaws permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements
including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”)
on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf of Indemnitee or in such
capacity as a director, officer, employee or agent of the Company, or arising out of Indemnitee’s status as such, whether
or not the Company would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement or
under the DGCL, as it may then be in effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement
shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as
expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way
limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification
Arrangement.

 

(c)
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers,
trustees, partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which
such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with
its or their terms to the maximum extent of the coverage available for any such director, officer, trustee, partner, managers,
managing member, fiduciary, employee or agent under such policy or policies. If, at the time the Company receives notice from any
source of a Proceeding as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has
director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in
accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable
action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance
with the terms of such policies.

 

    10

     

    

 

(d)
In the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action
necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to
enforce such rights.

 

(e)
The Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was
serving at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or
agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless
or exoneration payments or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement
to the contrary except for Section 27, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or
apportion any indemnification, hold harmless, exoneration, advancement, contribution or insurance coverage among multiple parties
possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this
Agreement, and (ii) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee
holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage
rights against any person or entity other than the Company.

 

17.
DURATION OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee
serves as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary,
employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which
Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible
Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this
Agreement) by reason of Indemnitee’s Corporate Status, whether or not Indemnitee is acting in any such capacity at the time
any liability or expense is incurred for which indemnification or advancement can be provided under this Agreement.

 

18.
SEVERABILITY. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for
any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including,
without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to
be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or
impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall
be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties
hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion
of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

19.
ENFORCEMENT AND BINDING EFFECT.

 

(a)
The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that
Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.

 

(b)
Without limiting any of the rights of Indemnitee under the Charter or Bylaws as they may be amended from time to time, this Agreement
constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

    11

     

    

 

(c)
The indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement
shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct
or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets
of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company
or a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise
at the Company’s request, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees,
executors and administrators and other legal representatives.

 

(d)
The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise)
to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and
substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform if no such succession had taken place.

 

(e)
The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the
parties hereto agree that Indemnitee may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other
things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm
and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining
any other relief to which Indemnitee may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest
extent permitted by law, be entitled to such specific performance and injunctive relief, including temporary restraining orders,
preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith.
The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent
jurisdiction. The Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by law.

 

20.
MODIFICATION AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by the Company and Indemnitee. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

 

21.
NOTICES. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed
to have been duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication
shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business
day after the date on which it is so mailed:

 

(a)
If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall
provide in writing to the Company.

 

(b)
If to the Company, to:

 

Osprey Energy Acquisition Corp.

1845 Walnut Street, 10th Floor

Philadelphia, PA 19103

Attention: Jeffrey Brotman

 

With a copy, which shall not constitute notice, to

 

Ledgewood PC

2001 Market Street, Suite 3400

Philadelphia, PA 19103

Attn: Mark Rosenstein, Esq.

 

or to any other address as may have been furnished to Indemnitee
in writing by the Company.

 

    12

     

    

 

22. APPLICABLE LAW AND CONSENT TO JURISDICTION.
This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with,
the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced
by Indemnitee pursuant to Section 14(a) of this Agreement, to the fullest extent permitted by law, the Company and Indemnitee
hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this
Agreement shall be brought only in the Delaware Court and not in any other state or federal court in the United States of America
or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes
of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying of
venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree not to plead or to make, any claim
that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum, or is
subject (in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby agree that the mailing
of process and other papers in connection with any such action or proceeding in the manner provided by Section 21 or in such
other manner as may be permitted by law, shall be valid and sufficient service thereof.

 

23.
IDENTICAL COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall for all purposes
be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed
by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

24.
MISCELLANEOUS. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof.

 

25.
PERIOD OF LIMITATIONS. No legal action shall be brought and no cause of action shall be asserted by or in the right of the
Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration
of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished
and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that
if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern.

 

26.
ADDITIONAL ACTS. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other
procedure is required to the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval or
other procedure to be affected or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.

 

27.
WAIVER OF CLAIMS TO TRUST ACCOUNT. Indemnitee hereby agrees that it does not have any right, title, interest or claim of
any kind (each, a “Claim”) in or to any monies in the trust account established in connection with the
Company’s initial public offering for the benefit of the Company and holders of shares issued in such offering, and hereby
waives any Claim it may have in the future as a result of, or arising out of, any services provided to the Company and will not
seek recourse against such trust account for any reason whatsoever.

 

[Signature Page Follows]

 

    13

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Indemnity Agreement to be signed as of the day and year first above written.

 

	 	OSPREY ENERGY ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:	Jeffrey F. Brotman
	 	 	Title:	Chief Financial Officer,

Chief Legal Officer and Secretary
	 	 	 
	 	INDEMNITEE
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:    
	 	 	Address:

 

[Signature Page to Indemnity Agreement]

 

    14

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