Document:

Exhibit 4.1

  

Gran
Tierra Energy Inc.

 

$300,000,000

 

7.750% SENIOR NOTES DUE 2027

 

 

  

INDENTURE

 

Dated as of May 23, 2019

 

 

  

     

     

    

 

 

Gran
Tierra Energy Inc.,

 

as Issuer

 

GRAN TIERRA ENERGY
INTERNATIONAL HOLDINGS LTD.,

 Gran
Tierra Resources Limited,

PETROLIFERA PETROLEUM
(COLOMBIA) LIMITED,

 GRAN TIERRA
ENERGY CAYMAN ISLANDS INC.,

Gran
Tierra Energy Colombia, LLC,

 GRAN TIERRA
COLOMBIA INC.

AND GRAN TIERRA ENERGY
CANADA ULC

 

as Note Guarantors

 

and

 

U.S. Bank National Association

 

as Trustee, Security Registrar and
Paying Agent

 

 

  

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	Article I
	DEFINITIONS
	 
	Section 1.1	Definitions	1
	Section 1.2	Rules of Construction	29
	 	 	 
	Article II
	ISSUE, EXECUTION AND AUTHENTICATION OF NOTES; RESTRICTIONS ON TRANSFER
	 
	Section 2.1	Creation and Designation	30
	Section 2.2	Execution and Authentication of Notes	31
	Section 2.3	Initial Form of Notes	31
	Section 2.4	Execution of Notes	32
	Section 2.5	Certificate of Authentication	33
	Section 2.6	Restrictions on Transfer of Global Notes	33
	Section 2.7	Restrictive Legends	35
	Section 2.8	Issuance of Definitive Notes	35
	Section 2.9	Persons Deemed Owners	36
	Section 2.10	Payment of Notes	36
	Section 2.11	Additional Notes	37
	Section 2.12	Additional Amounts	38
	Section 2.13	Mutilated, Destroyed, Lost or Stolen Notes	40
	Section 2.14	Cancellation	41
	Section 2.15	Registration of Transfer and Exchange of Notes	41
	 	 	 
	Article III
	REDEMPTION OF NOTES
	 
	Section 3.1	Applicability of Article	42
	Section 3.2	Election to Redeem	42
	Section 3.3	Optional Redemption	42
	Section 3.4	Optional Tax Redemption	43
	Section 3.5	Optional Redemption Procedures	44
	Section 3.6	Notice of Redemption	45
	Section 3.7	Deposit of Redemption Price	45
	Section 3.8	Notes Payable on Redemption Date	46
	Section 3.9	Open Market Purchases	46
	 	 	 
	Article IV
	COVENANTS
	 
	Section 4.1	Covenants of the Issuer and the Note Guarantors	46

  

    		i	 

     

    

 

	Section 4.2	Covenant Suspension	68
	Section 4.3	Consolidation, Amalgamation, Merger, Conveyance, Sale or Lease	69
	Section 4.4	Repurchases at the Option of the Holders Upon a Change of Control	74
	 	 	 
	Article V
	DEFAULTS AND REMEDIES
	 
	Section 5.1	Events of Default and Remedies	75
	 	 	 
	Article VI
	DISCHARGE OF THE INDENTURE; DEFEASANCE
	 
	Section 6.1	Satisfaction and Discharge of Indenture	81
	Section 6.2	Repayment of Monies	82
	Section 6.3	Return of Monies Held by the Trustee	82
	Section 6.4	Defeasance	82
	Section 6.5	Conditions to Defeasance	83
	Section 6.6	Reinstatement	84
	 	 	 
	Article VII
	GUARANTY
	Section 7.1	Guaranty	85
	Section 7.2	Guaranty Unconditional	85
	Section 7.3	Discharge Reinstatement	86
	Section 7.4	Waiver by the Note Guarantors	86
	Section 7.5	Subrogation and Contribution	87
	Section 7.6	Stay of Acceleration	87
	Section 7.7	Execution and Delivery of Guaranty	87
	Section 7.8	Purpose of Guaranty	87
	Section 7.9	Future Note Guarantors	87
	Section 7.10	Information	88
	 	 	 
	Article VIII
	THE TRUSTEE
	 
	Section 8.1	Duties of the Trustee; Certain Rights of the Trustee	89
	Section 8.2	Performance of Trustee’s Duties	91
	Section 8.3	Resignation and Removal; Appointment of Successor Trustee; Eligibility	93
	Section 8.4	Acceptance of Appointment by Successor Trustee	94
	Section 8.5	Trustee Fees and Expenses; Indemnity	95
	Section 8.6	Documents Furnished to the Holders	96
	Section 8.7	Merger, Conversion, Consolidation and Succession	96
	Section 8.8	Money Held in Trust	96
	Section 8.9	No Action Except under Specified Documents or Instructions	96
	Section 8.10	Not Acting in its Individual Capacity	97
	Section 8.11	Maintenance of Agencies	97
	Section 8.12	Withholding Taxes; Information Reporting	98

 

    		ii	 

     

    

  

	Section 8.13	Co-Trustees and Separate Trustees	98
	 	 	 
	Article IX
	AMENDMENTS, SUPPLEMENTS AND WAIVERS
	 
	Section 9.1	Without Consent of the Holders	100
	Section 9.2	With Consent of the Holders	101
	Section 9.3	Effect of Indenture Supplements	101
	Section 9.4	Documents to Be Given to the Trustee	102
	Section 9.5	Notation on or Exchange of Notes	102
	Section 9.6	Meetings of Holders	102
	Section 9.7	Voting by the Issuer and Any Affiliates Thereof	102
	 	 	 
	Article X
	MISCELLANEOUS
	 
	Section 10.1	Payments; Currency Indemnity	103
	Section 10.2	[Reserved]	104
	Section 10.3	Governing Law	104
	Section 10.4	No Waiver; Cumulative Remedies	104
	Section 10.5	Severability	104
	Section 10.6	Notices	104
	Section 10.7	Counterparts	105
	Section 10.8	Entire Agreement	105
	Section 10.9	Waiver of Jury Trial	105
	Section 10.10	Submission to Jurisdiction; Waivers; Prescription	105
	Section 10.11	Certificate and Opinion as to Conditions Precedent	106
	Section 10.12	Statements Required in Certificate or Opinion	107
	Section 10.13	Headings and Table of Contents	107
	Section 10.14	Use of English Language	107
	Section 10.15	No Recourse Against Others	107
	Section 10.16	Patriot Act	107

 

List of Schedules:

 

	Schedule 1	List of Note Guarantors

 

List of Exhibits:

 

	Exhibit A	Form of Note
	Exhibit B	Form of Certificate for Exchange or Transfer of Rule 144A Note
	Exhibit C	Form of Certificate for Exchange or Transfer of Regulation S Note

  

    		iii	 

     

    

  

INDENTURE, dated
as of May 23, 2019, among GRAN TIERRA ENERGY INC., a Delaware corporation (the “Issuer”), the NOTE
GUARANTORS listed in Schedule 1 (each individually, together with its successors, a “Note Guarantor”,
and collectively together with the Issuer, the “Note Guarantors”) and U.S. BANK NATIONAL ASSOCIATION,
as trustee (together with its successors hereunder, in such capacity, the “Trustee”), security registrar (in
such capacity, the “Security Registrar”) and paying agent (in such capacity, the “Paying Agent”,
and together with any other paying agents under this Indenture in their respective capacities as such, the “Paying Agents”).

 

In consideration of
the premises and the purchase of the Notes by the Holders, the parties listed above covenant and agree as follows for the benefit
of each other and for the equal and ratable benefit of the Holders.

 

Article
I

DEFINITIONS

 

Section 1.1           
Definitions. The following terms, as used herein, shall have the following meanings:

 

“Actual Knowledge”
shall mean, with respect to any Person, actual knowledge of any officer (or similar agent, and with respect to the Trustee, the
Responsible Officer) of such Person responsible for the administration of the transactions effected by this Indenture and the Notes.

 

“Additional
Amounts” shall have the meaning specified in ‎Section
2.12.

 

“Additional
Assets” shall mean (1) any property or assets (other than Indebtedness and Capital Stock) used or useful in a Related
Business, (2) the Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of such Capital
Stock by the Issuer or another Restricted Subsidiary or (3) Capital Stock constituting a minority interest in any Person that at
such time is a Restricted Subsidiary.

 

“Additional
Notes” shall have the meaning given to it under ‎Section
2.11.

 

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

 

“Applicable
Law” shall mean, as to any Person, any law (statutory or common), treaty, rule or regulation or determination of an arbitrator
or of a Governmental Authority, in each case applicable to or binding upon such Person or any of its Property or to which such
Person or any of its Property is subject.

 

“Applicable
Premium” means, with respect to any Note on any Redemption Date, as determined by the Issuer, the greater of:

 

    	 

     

    

  

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

 

		(2)	the excess of:

 

(a)         the
present value at such Redemption Date of (i) the redemption price of such Note, on May 23, 2023 (such redemption price being set
forth in the applicable table appearing above under “Optional Redemption”) plus (ii) all required interest payments
due on the Note through May 23, 2023 (excluding accrued but unpaid interest to the Redemption Date), computed using a discount
rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over

 

(b)         the
then outstanding principal amount of such Note.

 

“Applicable
Procedures” shall have the meaning specified in ‎Section
2.6(b).

 

“Asset Disposition”
shall mean any sale, lease, transfer or other disposition (or series of related sales, leases, transfers or dispositions) by the
Issuer or any Restricted Subsidiary, including any disposition by means of a merger, consolidation or similar transaction (each
referred to for the purposes of this definition as a “disposition”) of:

 

(1)          any shares of Capital Stock of a Restricted Subsidiary (other than directors’ qualifying shares or shares required by
Applicable Law to be held by a Person other than the Issuer or a Restricted Subsidiary); or

 

(2)          any
other assets of the Issuer or any Restricted Subsidiary outside of the ordinary course of business of the Issuer or such Restricted
Subsidiary;

 

provided, however, that the
following shall not constitute Asset Dispositions:

 

		(a)	a sale, lease, transfer or other disposition to the Issuer or a Restricted Subsidiary;

 

		(b)	a Permitted Investment or Restricted Payment not prohibited by the covenant described under ‎Section
4.1(h);

 

		(c)	a sale, lease, transfer or other disposition of assets with a Fair Market Value of less than $10
million;

 

		(d)	a sale, lease, transfer or other disposition of Temporary Cash Investments or goods held for sale
in the ordinary course of business or sales of Hydrocarbons in the ordinary course of business;

 

		(e)	transactions permitted under the covenant described under ‎Section
4.3;

 

		(f)	the lease, assignment or sublease of any real or personal property in the ordinary course of business;

 

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		(g)	the sale, lease, transfer or other disposition of assets in a Sale and Lease-Back Transaction,
if otherwise permitted pursuant to the covenant described under ‎Section
4.1(j);

 

		(h)	the Incurrence of any Lien permitted by the covenant described under ‎Section
4.1(g) and the sale, lease, transfer or other disposition of the asset or property subject to such Lien;

 

		(i)	the sale or other disposition of Oil and Gas Properties to which no proved reserves are attributable
(and Capital Stock in Subsidiaries owning Oil and Gas Properties to which no proved reserves are attributable), including farmouts
of undeveloped acreage to which no proved reserves are attributable and assignments in connection with such farmouts;

 

		(j)	the disposition of shares in PetroTal Corp;

 

		(k)	the sale, lease or other disposition of equipment, inventory, products, services, accounts receivable
or other assets in the ordinary course of business, including in connection with any compromise, settlement or collection of accounts
receivable;

 

		(l)	the licensing or sublicensing of intellectual property, including, without limitation, licenses
for seismic data, in the ordinary course of business and which do not materially interfere with the business of the Issuer and
any of its Restricted Subsidiaries;

 

		(m)	surrender or waiver of contract rights or the settlement, release or surrender of contract, tort
or other claims of any kind;

 

		(n)	any disposition of Capital Stock, Indebtedness or other securities of an Unrestricted Subsidiary;

 

		(o)	dispositions of Oil and Gas Properties in exchange for Oil and Gas Properties held by another Person;
or

 

		(p)	a sale, lease, transfer or other disposition of obsolete, surplus or worn-out equipment or other
obsolete assets or other property which is uneconomical and no longer useful for the Issuer or any Restricted Subsidiary in the
ordinary course of business.

 

“Authorized
Agent” shall mean the collective reference to the Paying Agent(s), Security Registrar, any other co-security registrar
appointed hereunder, and any Transfer Agent(s).

 

“Authorized
Officer” shall mean, in the case of any Person, the chairman of the board, chief executive officer, chief financial officer,
accounting officer, treasurer or controller, any vice president, any director, any appointed attorney-in-fact or any corporate
officer of such Person responsible for the administration of the transactions effected by this Indenture and the Notes and, in
the case of the Issuer, shall additionally include any other individual(s) (who may include directors of the Issuer) whose signatures
and incumbency shall have been certified by the Issuer in an Officers’ Certificate delivered to the Trustee which are legally
entitled to represent the Issuer.

 

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 “Average
Life” shall mean, as of the date of determination, with respect to any Indebtedness or Preferred Stock, the quotient
obtained by dividing (1) the sum of the products of the numbers of years from the date of determination to the dates of each successive
scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Preferred Stock multiplied
by the amount of such payment by (2) the sum of all such payments.

 

“Bankruptcy
Law” shall mean Title 11, United States Code, Bankruptcy and Insolvency Act (Canada), the Companies’
Creditors Arrangement Act (Canada), the Companies Law (2016 Revision) of the Cayman Islands, the Companies Winding Up Rules
2018 of the Cayman Islands, the Insolvency Practitioner’s Regulations 2018 of the Cayman Islands and the Foreign Bankruptcy
Proceedings (International Cooperation) Rules 2018 of the Cayman Islands, as each may be amended from time to time, or other U.S.
federal or state law, any Canadian federal or provincial law, Cayman Islands law or the law of any other jurisdiction relating
to bankruptcy, insolvency, receivership, winding-up, liquidation, administrative take-over, reorganization, relating to relief
of debtors.

 

“Board of
Directors” shall mean, with respect to any Person, the Board of Directors of such Person or any committee thereof duly
authorized to act on behalf of the Board of Directors of such Person or similar governing body in the case of a non-incorporated
Person.

 

“Business
Day” shall mean any day other than a Saturday, Sunday or other day on which banking institutions in New York City, New
York or the Place of Payment, are permitted or required by Applicable Law, regulation or executive order, to remain closed.

 

“Capital Stock”
of any Person shall mean any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents
of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities
convertible into such equity.

 

“Capitalized
Lease Obligations” shall mean an obligation that is required to be classified and accounted for as a capitalized lease
for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be
the capitalized amount of such obligation determined in accordance with GAAP; and the stated maturity thereof shall be the date
of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid
by the lessee without payment of a penalty.

 

“Change of
Control” shall mean the occurrence of any of the following events:

 

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

 

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(2)       the
consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act) becomes the “beneficial owner” (as defined in
Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the
Issuer, measured by voting power rather than number of shares;

 

(3)       the
Issuer consolidates or amalgamates with, or merges with or into, any Person, or any Person consolidates or amalgamates with, or
merges with or into, the Issuer, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the
Issuer or such other Person, as applicable, is converted into or exchanged for cash, securities or other property, other than any
such transaction where the shares of the Voting Stock of the Issuer outstanding immediately prior to such transaction constitute,
or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person immediately after giving effect
to such transaction; or

 

(4)       the
adoption of a plan relating to the liquidation or dissolution of the Issuer.

 

Notwithstanding
the preceding, neither a Reincorporation Transaction nor a conversion of the Issuer or any of its Restricted Subsidiaries from
a limited partnership, corporation, limited liability company or other form of entity to a limited liability company, corporation,
limited partnership or other form of entity or an exchange of all of the outstanding Equity Interests in one form of entity for
Equity Interests in another form of entity shall constitute a Change of Control, so long as following such conversion or exchange
the “persons” (as that term is used in Section 13(d)(3) of the Exchange Act) who Beneficially Owned the Capital Stock
of the Issuer immediately prior to such transactions continue to Beneficially Own in the aggregate more than 50% of the Voting
Stock of such entity, or continue to Beneficially Own sufficient Equity Interests in such entity to elect a majority of its directors,
managers, trustees or other persons serving in a similar capacity for such entity or its general partner, as applicable.

 

“Change of
Control Offer” shall have the meaning given to it under ‎Section
4.4.

 

“Change of
Control Payment” shall have the meaning given to it under ‎Section
4.4.

 

“Change of
Control Payment Date” shall have the meaning given to it under ‎Section
4.4.

 

“Closing Date”
shall mean May 23, 2019.

 

“Code”
shall mean the United States Internal Revenue Code of 1986, as amended.

 

“Consolidated
Income Tax Expense” means, with respect to any period, the provision for federal, state, local and foreign income taxes
(including state franchise taxes accounted for as income taxes in accordance with GAAP) of the Issuer and its Restricted Subsidiaries
for such period as determined in accordance with GAAP.

   

“Consolidated
Interest Coverage Ratio” shall mean at any date, (i) the Consolidated Adjusted EBITDA for the most recently ended period
of four consecutive fiscal quarters for which financial statements of the Issuer have been provided to the Trustee pursuant to
Section 4.1(m) (the “trailing four quarters”), divided by (ii) the Consolidated Interest Expense, Net for such period;
provided that:

 

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(1)       if
the Issuer or any Restricted Subsidiary has

 

(a)          Incurred
any Indebtedness since the beginning of the trailing four quarters that remains outstanding on the date of the transaction giving
rise to the need to calculate the Consolidated Interest Coverage Ratio or if the transaction giving rise to the need to calculate
the Consolidated Interest Coverage Ratio is an Incurrence of Indebtedness, Consolidated Adjusted EBITDA and Consolidated Interest
Expense, Net for such trailing four quarters shall be calculated on a pro forma basis as if such Indebtedness had been Incurred
on the first day of such trailing four quarters (except that in making such computation, the amount of Indebtedness under any revolving
credit facility outstanding on the day of such calculation will be deemed to be

 

(i)       the
average daily balance of such Indebtedness during such four fiscal quarters or such shorter period for which such facility was
outstanding, or

 

(ii)       if
such facility was created after the end of such four fiscal quarters, the average daily balance of such Indebtedness during the
period from the date of creation of such facility to the date of such calculation); or

 

(b)           repaid,
repurchased, defeased or otherwise discharged any Indebtedness since the beginning of such period or if any Indebtedness is to
be repaid, repurchased, defeased or otherwise discharged (in each case, other than Indebtedness Incurred under any revolving credit
facility unless such Indebtedness has been permanently repaid and has not been replaced) on the date of the transaction giving
rise to the need to calculate the Consolidated Interest Coverage Ratio, Consolidated Adjusted EBITDA and Consolidated Interest
Expense, Net for such period shall be calculated on a pro forma basis as if such discharge had occurred on the first day of such
period and as if the Issuer or such Restricted Subsidiary has not earned the interest income, if any, actually earned during such
period in respect of cash or Temporary Cash Investments used to repay, repurchase, defease or otherwise discharge such Indebtedness;

 

(2)       if
since the beginning of such period the Issuer or any Restricted Subsidiary shall have made any Asset Disposition, then giving pro
forma effect to such disposition during such period on Consolidated Adjusted EBITDA and Consolidated Interest Expenses for
such period;

 

(3)       if
since the beginning of such period, the Issuer or any Restricted Subsidiary (by merger or otherwise) shall have made an Investment
in any Person that is merged with or into the Issuer or any Restricted Subsidiary (or any Person that becomes a Restricted Subsidiary)
or an acquisition of assets, including any acquisition of assets occurring in connection with a transaction causing a calculation
to be made hereunder, which constitutes all or substantially all of an operating unit of a business, then giving pro forma effect
to such Investment or acquisition on the Consolidated Adjusted EBITDA and Consolidated Interest Expense, Net for such period, any
such pro forma calculation may include adjustments appropriate to reflect, without duplication,

 

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(a)           any
such acquisition to the extent such adjustments may be reflected in the preparation of pro forma financial information in
accordance with the requirements of Article 11 of Regulation S-X under the Exchange Act, as amended,

 

(b)          the
annualized amount of operating expense reductions reasonably expected to be realized in the six months following any such acquisition
made during any of the four fiscal quarters constituting the four-quarter reference period prior to the date of determination,

 

provided, that in each case such adjustments
are set forth in an Officers’ Certificate that states

 

(i)       the
amount of such adjustment or adjustments,

 

(ii)      that
such adjustment or adjustments are based on the reasonable good faith beliefs of the officers executing such Officers’ Certificate
at the time of such execution, and

 

(iii)     that
any related Incurrence of Indebtedness is permitted pursuant to the Indenture; and

 

(4)       if
since the beginning of such period, any Person (that subsequently became a Restricted Subsidiary or was merged with or into the
Issuer or any Restricted Subsidiary since the beginning of such period) shall have made any Asset Disposition or any Investment
or acquisition of assets that would have required an adjustment pursuant to clause (2) or (3) above if made by the Issuer or a
Restricted Subsidiary during such period, Consolidated Adjusted EBITDA and Consolidated Interest Expense, Net for such period shall
be calculated after giving pro forma effect thereto as if such Asset Disposition, Investment or acquisition of assets occurred
on the first day of such period.

 

For purposes of this
definition, whenever pro forma effect is to be given to an acquisition of assets and the amount of income or earnings relating
thereto, the pro forma calculations shall be determined in good faith by a responsible financial or accounting officer of
the Issuer. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest expense
on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for
the entire period (taking into account any Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement
has a remaining term as at the date of determination in excess of twelve months).

 

“Consolidated
Interest Expense, Net” shall mean, for any period and with respect to the Issuer and its Restricted Subsidiaries, the
aggregate amount of consolidated interest expense in respect of Indebtedness, net of consolidated interest income, accrued (including,
but not limited to, any amount thereof capitalized) of the Issuer and its Restricted Subsidiaries during such period, as determined
in accordance with GAAP.

 

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 “Consolidated
Net Debt to Consolidated Adjusted EBITDA Ratio” shall mean at any date (1)(i) Consolidated Total Indebtedness as of
such date minus (ii) the cash and cash equivalents of the Issuer
and its Restricted Subsidiaries as of such date; divided by (2)
Consolidated Adjusted EBITDA for the most recently ended period of four consecutive fiscal quarters for which financial statements
of the Issuer have been provided to the Trustee pursuant to Section 4.1(m) (the “trailing four quarters”), provided
that:

 

(1)           if
the Issuer or any Restricted Subsidiary has

 

(a)       Incurred
any Indebtedness since the beginning of the trailing four quarters that remains outstanding on the date of the transaction giving
rise to the need to calculate the Consolidated Net Debt to Consolidated Adjusted EBITDA Ratio or if the transaction giving rise
to the need to calculate the Consolidated Net Debt to Consolidated Adjusted EBITDA Ratio is an Incurrence of Indebtedness, Indebtedness
at the end of such period, Consolidated Adjusted EBITDA and Consolidated Total Indebtedness for such trailing four quarters shall
be calculated on a pro forma basis as if such Indebtedness had been Incurred on the first day of such trailing four quarters (except
that in making such computation, the amount of Indebtedness under any revolving credit facility outstanding on the day of such
calculation will be deemed to be

 

(i)       the
average daily balance of such Indebtedness during such four fiscal quarters or such shorter period for which such facility was
outstanding or

 

(ii)       if
such facility was created after the end of such four fiscal quarters, the average daily balance of such Indebtedness during the
period from the date of creation of such facility to the date of such calculation)

 

(b)       repaid,
repurchased, defeased or otherwise discharged any Indebtedness since the beginning of such period or if any Indebtedness is to
be repaid, repurchased, defeased or otherwise discharged (in each case, other than Indebtedness Incurred under any revolving credit
facility unless such Indebtedness has been permanently repaid and has not been replaced) on the date of the transaction giving
rise to the need to calculate the Consolidated Net Debt to Consolidated Adjusted EBITDA Ratio, Consolidated Adjusted EBITDA for
such period shall be calculated on a pro forma basis as if such discharge had occurred on the first day of such period and
as if the Issuer or such Restricted Subsidiary had not earned the interest income actually earned during such period in respect
of cash or Temporary Cash Investments used to repay, repurchase, defease or otherwise discharge such Indebtedness;

 

(2)       if
since the beginning of such period the Issuer or any Restricted Subsidiary shall have made any Asset Disposition, then giving pro
forma effect to such disposition during such period on the Consolidated Adjusted EBITDA;

 

(3)       if
since the beginning of such period, the Issuer or any Restricted Subsidiary (by merger or otherwise) shall have made an Investment
in any Person that is merged with or into the Issuer or any Restricted Subsidiary (or any Person that becomes a Restricted Subsidiary)
or an acquisition of assets, including any acquisition of assets occurring in connection with a transaction causing a calculation
to be made hereunder, which constitutes all or substantially all of an operating unit of a business, then giving pro forma effect
to such Investment or acquisition on the Consolidated Adjusted EBITDA for such period, any such pro forma calculation may include
adjustments appropriate to reflect, without duplication,

 

    	 	8	 

     

    

 

(a)       any
such acquisition to the extent such adjustments may be reflected in the preparation of pro forma financial information in
accordance with the requirements of Article 11 of Regulation S-X under the Exchange Act, as amended, and

 

(b)       the
annualized amount of operating expense reductions reasonably expected to be realized in the six months following any such acquisition
made during any of the four fiscal quarters constituting the four-quarter reference period prior to the date of determination;

 

provided, however, that in each case such adjustments
are set forth in an Officers’ Certificate that states (i) the amount of such adjustment or adjustments, (ii) that such adjustment
or adjustments are based on the reasonable good faith beliefs of the officers executing such Officers’ Certificate at the
time of such execution and (iii) that any related Incurrence of Indebtedness is permitted pursuant to this Indenture; and

 

(4)       if
since the beginning of such period, any Person (that subsequently became a Restricted Subsidiary or was merged with or into the
Issuer or any Restricted Subsidiary since the beginning of such period) shall have made any Asset Disposition or any Investment
or acquisition of assets that would have required an adjustment pursuant to clauses (2) or (3) above if made by the Issuer or a
Restricted Subsidiary during such period, Consolidated Adjusted EBITDA for such period shall be calculated after giving pro
forma effect thereto as if such Asset Disposition, Investment or acquisition of assets occurred on the first day of such period.

 

For purposes of this
definition, whenever pro forma effect is to be given to an acquisition of assets and the amount of income or earnings relating
thereto, the pro forma calculations shall be determined in good faith by a responsible financial or accounting officer of
the Issuer. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest expense
on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for
the entire period (taking into account any Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement
has a remaining term as at the date of determination in excess of twelve months).

 

“Consolidated
Net Income” shall mean, for any period and with respect to the Issuer, the consolidated net income of the Issuer and
its Restricted Subsidiaries for such period as determined in accordance with GAAP as in effect on the date of any Restricted Payment.

 

“Consolidated
Net Tangible Assets” shall mean, of any Person, the aggregate amount of assets of such Person and its Subsidiaries after
deducting therefrom (to the extent otherwise included therein) all goodwill, trade names, trademarks, patents, unamortized debt
discount and expense and other like intangibles, all as set forth on the most recent quarterly or annual (as the case may be) consolidated
balance sheet (prior to the relevant date of determination for which internal financial statements are available) of such Person
and its Subsidiaries in accordance with GAAP.

 

    	 	9	 

     

    

  

“Consolidated
Total Indebtedness” shall mean, as of any date and with respect to the Issuer, the Consolidated Indebtedness as of such
date of the Issuer and its Restricted Subsidiaries, other than Subordinated Obligations.

 

“Consolidation”
shall mean the consolidation of the accounts of the Issuer with those of its Restricted Subsidiaries in accordance with GAAP consistently
applied; provided, however, that Consolidation will not include consolidation of the accounts of any Unrestricted
Subsidiary, but the interest of the Issuer or any Restricted Subsidiary in an Unrestricted Subsidiary will be accounted for as
an investment. The term “Consolidated” has a correlative meaning.

 

“Convertible
Notes” means the Issuer’s 5.00% convertible senior notes issued on April 6, 2016 and April 22, 2016 and maturing
on April 1, 2021.

 

“Corporate
Trust Office” shall mean the office of the Trustee on the Closing Date located at 13737 Noel Road, Suite 800, Dallas,
TX 75240, or such other office as the Trustee may from time to time designate in writing to the Issuer.

 

“Covenant
Defeasance” shall have the meaning given to it under ‎Section
6.4.

 

“Covenant
Suspension Event” shall have the meaning specified in ‎Section
4.2.

 

“Credit Agreement”
means the credit agreement, comprising a revolving credit facility, in effect on the Closing Date among Gran Tierra Energy International
Holdings Ltd., as borrower, the Issuer, the guarantors from time to time party thereto, the lenders from time to time party thereto,
and The Bank of Nova Scotia, as agent and including, without limitation, any related notes, debentures, pledges, guarantees, security
documents, instruments and agreements executed from time to time in connection therewith, and in each case as amended, supplemented,
restated, modified, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified, in whole or in part, from
time to time, including any agreement extending the maturity of, refinancing, replacing or otherwise restructuring or adding the
Issuer or any of its Subsidiaries as replacement or additional borrowers or guarantors thereunder, and all or any portion of the
Indebtedness and other obligations under such agreement or agreements or any successor or replacement agreement or any agreements,
and whether by the same or any other agent, lender or group of lenders. For greater certainty, it is acknowledged that any Interest
Rate Protection Agreements and Commodity Hedging Agreements (each as defined in the Credit Agreement) entered into with a Person
that at that time is a lender (or an Affiliate thereof) under the Credit Agreement are separate from, are not included within and
do not form part of any above inclusions of, the Credit Agreement.

 

“Credit Facilities”
means one or more credit or debt facilities (including, without limitation, under the Credit Agreement), commercial paper facilities
or Debt Issuances, in each case with banks, investment banks, insurance companies, mutual funds, other institutional lenders or
institutional investors providing for, among other things, revolving credit loans, term loans, term debt, debt securities, receivables
financing (including through the sale of receivables to such lenders, other financiers or to special purpose entities formed to
borrow from such lenders or other financiers against such receivables), letters of credit or letter of credit guarantees, bankers’
acceptances, other borrowings or Debt Issuances, in each case, as amended, supplemented, restated, modified, renewed, refunded,
replaced, restructured, repaid, refinanced or otherwise modified, in whole or in part, from time to time, and any agreements and
related documents governing Indebtedness or obligations incurred to refinance amounts then outstanding or permitted to be outstanding,
whether or not with the original administrative agent, lenders, investment banks, insurance companies, mutual funds, other institutional
lenders or institutional investors and whether provided under the original agreement, indenture or other documentation relating
thereto.

 

    	 	10	 

     

    

  

“CRS”
means the OECD Standard for Automatic Exchange of Financial Account Information Common Reporting Standards.

 

“Currency
Agreement” shall mean, with respect to any Person, any foreign exchange contract, currency swap agreement or other similar
agreement or arrangement to which such Person is a party or of which it is a beneficiary.

 

“Debt Issuances”
means, with respect to the Issuer or any Restricted Subsidiary of the Issuer, one or more issuances after the Closing Date of Indebtedness
evidenced by notes, debentures, bonds or other similar securities or instruments.

 

“Default”
shall mean any event that is, or after notice or passage of time or both would be, an Event of Default.

 

“Definitive
Notes” shall have the meaning specified in ‎Section
2.3(a).

 

“Designated
Non-cash Consideration” means the Fair Market Value (as determined in good faith by the Issuer) of non-cash consideration
received by the Issuer or a Restricted Subsidiary in connection with an Asset Disposition that is so designated as Designated Non-cash
Consideration pursuant to an Officers’ Certificate, setting forth such valuation.

 

“Disqualified
Stock” shall mean, with respect to any Person, any Capital Stock that by its terms (or by the terms of any security into
which it is convertible or for which it is exchangeable or exercisable) or upon the happening of any event: (1) matures or is mandatorily
redeemable pursuant to a sinking fund obligation or otherwise; (2) is convertible or exchangeable for Indebtedness or Disqualified
Stock; or (3) is redeemable at the option of the Holder thereof, in whole or in part; in each case on or prior to the 91st day
after the final Maturity Date of the Notes; provided, however that any Capital Stock that would not constitute Disqualified
Stock but for provisions thereof giving Holders thereof the right to require such Person to repurchase or redeem such Capital Stock
upon the occurrence of an “asset sale” or “change of control” occurring prior to the 91st day after the
final Maturity Date of the Notes shall not constitute Disqualified Stock if the “asset sale” or “change of control”
provisions applicable to such Capital Stock are not more favorable to the holders of such Capital Stock than the provisions of
the covenants described under ‎Section 4.1(i)
or under ‎Section 4.4, as the case may be.

 

    	 	11	 

     

    

  

“Dollars”
or “$” shall mean the lawful currency for the time being in the United States of America.

 

“DTC”
shall mean The Depository Trust Company, a New York corporation.

 

“DTC Participants”
shall have the meaning specified in ‎Section 2.3(b).

 

“Equity Offering”
shall mean any issuance or sale of Capital Stock (other than Disqualified Stock) of the Issuer (or any direct or indirect parent
of the Issuer to the extent the net proceeds therefrom are contributed to the common equity capital of the Issuer or used to purchase
equity interests (other than Disqualified Stock) of the Issuer) or warrants, options or other rights to acquire Capital Stock (other
than Disqualified Stock) of the Issuer after the Closing Date, other than any issuance pursuant to employee benefit plans or otherwise
in compensation to officers, directors or employees.

 

“Event of
Default” shall have the meaning specified in ‎Section
5.1(a).

 

“Exchange
Act” shall mean the United States Securities Exchange Act of 1934, as amended.

 

“Fair Market
Value” shall mean, with respect to any asset, the price which could be negotiated in an arm’s-length free market
transaction, for cash, between a willing seller and a willing buyer, neither of which is under compulsion to complete the transaction,
and, unless otherwise specified herein (except for assets consisting of publicly traded securities),

 

(1)       if
such asset has a price in excess of $30 million, as such price is determined in good faith by the Board of Directors of the Issuer
or a Restricted Subsidiary, as applicable, as evidenced by a resolution of such Board of Directors and certified by an Officers’
Certificate as delivered to the Trustee; or

 

(2)       if
such asset has a price of $30 million or under, as such price is determined in good faith by an officer of the Issuer or Restricted
Subsidiary, as applicable.

 

“Farm-In Agreement”
means an agreement whereby a 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 interests 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.

 

“Farm-Out
Agreement” means a Farm-In Agreement, viewed from the standpoint of the party that transfers an ownership interest to
another.

 

“FATCA”
shall mean Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”), as of the date
of the final offering memorandum related to the Notes(or any amended or successor version that is substantively comparable and
not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement
entered into pursuant to Section 1471(b)(1) of the Code, any applicable intergovernmental agreements with respect thereto, any
fiscal or regulatory legislation, rules or practices adopted pursuant to any such intergovernmental agreement entered into in connection
with the implementation of such Sections of the Code.

 

    	 	12	 

     

    

  

“Fitch”
shall mean Fitch, Inc. or any successor thereto.

 

“GAAP”
means (1) any accounting principles that are recognized as being generally accepted in the United States which are in effect from
time to time; provided, however, that if any such accounting principle with respect to the accounting for leases
(including Capitalized Lease Obligations) changes after the Closing Date, the Issuer may, at its option, elect to employ such accounting
principle as in effect on the Closing Date, in each case as in effect on the first date of the period for which the Issuer is making
such an election and thereafter as in effect from time to time.

 

“Global Notes”
shall mean each of the Rule 144A Note and the Regulation S Note, in global form, ownership and transfers of beneficial interests
in which shall be made through book entries by DTC.

 

“Governmental
Authority” shall mean any nation or government, any state, province or other political subdivision thereof, any central
bank (or similar monetary or regulatory authority) thereof, any entity exercising executive, legislative, judicial, regulatory
or administrative functions of or pertaining to a government and any corporation or other entity owned or controlled, through stock
or capital ownership or otherwise, by any of the foregoing.

 

“Guarantee”
shall mean any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other
Person and any obligation, direct or indirect, contingent or otherwise, of any Person (1) to purchase or pay (or advance or supply
funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements,
or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement
conditions or otherwise) or (2) entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the
payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided, however,
that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business.
The term “Guarantee” used as a verb has a correlative meaning.

 

“Guaranty”
shall mean the Guarantee pursuant to the provisions of ‎Article
VII hereto, granted by each of the Note Guarantors, jointly and severally, in favor of the Trustee and the Holders.

 

“Hedging Agreement”
means (a) any and all Interest Rate Agreement, Currency Agreement, basis swaps, credit derivative transactions, forward rate transactions,
commodity swaps, commodity options, forward commodity contracts, bond or bond price or bond index swaps or options or forward bond
or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions,
floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot
contracts or any other similar transactions or any combination or the foregoing (including any option to enter into any of the
foregoing), whether or not any such transaction is governed by or subject to any master agreement, traded at the over-the-counter
or standardized markets and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms
and conditions of, or are governed by any form of master agreement published by the International Swaps and Derivative Association,
Inc., any International Foreign Exchange Master Agreement or any other master agreement (including such master agreement, together
with any related schedules, a “Master Agreement”) including any such obligations or liabilities under any Master
Agreement.

 

    	 	13	 

     

    

 

 

“Hedging Obligations”
of any Person shall mean the obligations of such Person pursuant to any Hedging Agreement.

 

“Holder”
shall mean the Person in whose name a Note is registered on the Register.

 

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

 

“Immaterial
Subsidiary” means each Restricted Subsidiary of the Issuer (a) whose proportionate share of Consolidated Net Total Assets
(after intercompany eliminations) is less than 1.0% as of the end of the most recently completed fiscal quarter for which annual
or quarterly financial statements are available, or (b) which contributed less than 1.0% of Consolidated Adjusted EBITDA for the
most recently completed four fiscal quarters for which annual or quarterly financial statements are available; provided that Immaterial
Subsidiaries when aggregated may not at any time (i) have a proportionate share of Consolidated Net Total Assets (after intercompany
eliminations) in excess of 2.5% as of the end of the most recently completed fiscal quarter for which annual or quarterly financial
statements are available, or (ii) contribute in excess of 2.5% of Consolidated Adjusted EBITDA for the most recently completed
four fiscal quarters for which annual or quarterly financial statements are available.

 

“Incur”
shall mean issue, assume, Guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness
of a Person existing at the time such Person is merged or consolidated with the Issuer or becomes a Subsidiary of the Issuer (whether
by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the effective time of such
merger or consolidation or at the time it becomes a Subsidiary of the Issuer. The term “Incurrence” when used
as a noun shall have a correlative meaning. Neither the accretion of principal of a non-interest bearing or other discount security
nor the capitalization accruing of interest on Indebtedness shall be deemed the Incurrence of Indebtedness.

 

“Indebtedness”
shall mean, with respect to any Person on any date of determination (without duplication):

 

(1)         the
principal in respect of indebtedness of such Person for borrowed money;

 

(2)         the
principal in respect of obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;

 

    	 	14	 

     

    

 

(3)         all
reimbursement obligations of such Person in respect of the face amount of letters of credit or other similar instruments (except
to the extent such reimbursement obligations relate to a trade payable and such obligations are satisfied within 30 days of Incurrence);

 

(4)         all
obligations of such Person to pay the deferred and unpaid purchase price of property or services (except trade payables and contingent
obligations to pay earn-outs), which purchase price is due more than six months after the date of placing such property in service
or taking delivery and title thereto or the completion of such services;

 

(5)         all
Capitalized Lease Obligations of such Person;

 

(6)         the
amount of all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified Stock
or, with respect to any Subsidiary of such Person, any Preferred Stock (but excluding, in each case, any accrued dividends or obligations
payable to the Issuer or any Restricted Subsidiary);

 

(7)         all
Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such
Person; provided, however, that the amount of Indebtedness of such Person shall be the lesser of: (a) the Fair Market
Value of such asset at such date of determination and (b) the amount of such Indebtedness of such other Persons;

 

(8)         to
the extent not otherwise included in this definition, the aggregate net termination value of all Hedging Obligations of such Person;
and

 

(9)         all
obligations of the type referred to in clauses (1) through (8) above of other Persons Guaranteed by such Person or for which
such Person is otherwise liable as obligor, guarantor or otherwise.

 

The amount of Indebtedness
of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above and
the maximum liability, upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at such
date.

 

The following obligations
shall not be deemed to be Indebtedness for any purpose:

 

		(a)	Obligations arising from the honoring by a bank or other financial institution of a check, draft
or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that
such Indebtedness is extinguished within five Business Days of its Incurrence;

 

		(b)	Customer deposits and advance payments received from customers in the ordinary course of business;

 

    	 	15	 

     

    

  

		(c)	accrued expenses, royalties and trade accounts payable arising in the ordinary course of business
(provided, however, that any Guarantee of production or payment (but not any other contractual obligation) in respect
to a royalty will constitute Indebtedness);

 

		(d)	any indebtedness which has been defeased in accordance with GAAP or defeased pursuant to the deposit
of cash or Temporary Cash Investments (in an amount sufficient to satisfy all such indebtedness obligations at maturity or redemption,
as applicable, and all payments of interest and premium, if any) in a trust or account created or pledged for the sole benefit
of the holders of such indebtedness, and subject to no other Liens, and the other applicable terms of the instrument governing
such indebtedness;

 

		(e)	oil or natural gas balancing liabilities incurred in the ordinary course of business and consistent
with past practice; or

 

		(f)	any obligation arising from any agreement providing for indemnities, guarantees, purchase price
adjustments, holdbacks, contingency payment obligations based on the performance of the acquired or disposed assets or similar
obligations (other than Guarantees of Indebtedness) incurred by any Person in connection with the acquisition or disposition of
assets.

 

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

 

“Indenture
Supplement” shall mean a supplement, if any, to this Indenture that is executed and delivered pursuant to ‎Article
IX.

 

“Interest
Rate Agreement” shall mean, with respect to any Person, any interest rate protection agreement, interest rate future
agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement,
interest rate hedge agreement or other similar agreement or arrangement to which such Person is a party or a beneficiary.

 

“Investment”
in any Person shall mean any direct or indirect advance, loan (other than advances to customers or suppliers in the ordinary course
of business that are recorded as accounts receivable, pre-paid expenses or deposits on the balance sheet) or other extension of
credit (including by way of Guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other
property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of
Capital Stock, Indebtedness or other similar instruments issued by such Person. For purposes of the definition of “Unrestricted
Subsidiary” and the covenant described in ‎Section
4.1(h) hereof, Investment shall include the portion (proportionate to the Issuer’s equity interest in such Subsidiary)
of the Fair Market Value of the net assets of any Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted
Subsidiary; provided, however, that, upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Issuer
shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive)
equal to: (1) the Issuer’s Investment in such Subsidiary at the time of such redesignation less (2) the portion (proportionate
to the Issuer’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the
time of such redesignation. Any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value
at the time of such transfer, in each case, as determined in good faith by the Board of Directors of the Issuer. Except as otherwise
provided herein, the amount of an Investment will be determined at the time the Investment is made and without giving effect to
subsequent changes in value. For the avoidance of doubt, Investments shall not include deposits of money in the bank accounts of
the Issuer or the Restricted Subsidiaries in the ordinary course of business and not for the benefit of persons other than the
Issuer and the Restricted Subsidiaries in jurisdictions where they do business.

 

    	 	16	 

     

    

 

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

 

“Issuer”
shall mean Gran Tierra Energy Inc. or any of its permitted successors hereunder.

 

“Legal Defeasance”
shall have the meaning given to it under ‎Section
6.4.

 

“Lien”
shall mean any mortgage, deed of trust, lien, security interest, pledge, hypothecation, assignment, deposit arrangement (other
than deposits of money in the bank accounts of the Issuer or the Restricted Subsidiaries in the ordinary course of business) or
other charge or encumbrance of any kind, including, without limitation, the lien or retained security title of a conditional vendor
and any easement, right of way or other encumbrance on title to real property, any right of set off or any similar arrangement
under or with respect to any insurance policy or anything analogous to any of the foregoing under the laws of any jurisdiction.
For the avoidance of doubt any preference of one creditor in the ordinary course over another arising by operation of law shall
not be considered as a Lien.

 

“Material
Adverse Effect” shall mean, (a) a material adverse effect on the business, properties, management, financial position
or results of operations of the Issuer, the Note Guarantors, and any Subsidiaries taken as a whole or on the performance by the
Issuer and the Note Guarantors of their obligations under the Notes.

 

“Maturity
Date” shall mean May 23, 2027.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc. or any successor thereto.

 

“Net Available
Cash” from an Asset Disposition shall mean cash payments received (including any cash payments received by way of deferred
payment of principal pursuant to a note or installment receivable or otherwise and proceeds from the sale or other disposition
of any securities received as consideration, but only as and when received, but excluding any other consideration received in the
form of assumption by the acquiring Person of Indebtedness or other obligations relating to the properties or assets that are the
subject of such Asset Disposition or received in any other non-cash form) therefrom, in each case net of:

 

    	 	17	 

     

    

  

(1)       all
legal fees and expenses, title and recording tax expenses, commissions and other fees and expenses Incurred, and all federal, state,
provincial, foreign and local taxes required to be paid or accrued as a liability under GAAP, as a consequence of such Asset Disposition;

 

(2)       all
payments, including any prepayment premiums or penalties, made on any Indebtedness that is secured by any assets subject to such
Asset Disposition, in accordance with the terms of any Lien upon or other security agreement of any kind with respect to such assets,
or that must by its terms, or in order to obtain a necessary consent to such Asset Disposition, or by Applicable Law be repaid
out of the proceeds from such Asset Disposition;

 

(3)       all
distributions and other payments required to be made to minority interest holders in Subsidiaries or joint ventures as a result
of such Asset Disposition; and

 

(4)       appropriate
amounts to be provided by the seller as a reserve, in accordance with GAAP, against any liabilities associated with the property
or other assets disposed of in such Asset Disposition and retained by the Issuer or any Restricted Subsidiary after such Asset
Disposition.

 

“Net Cash
Proceeds” with respect to any Equity Offering shall mean the cash proceeds of such issuance or sale net of attorneys’
fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant
and other fees and expenses actually Incurred in connection with such issuance or sale and net of taxes paid or payable as a result
thereof.

 

“Note Guarantors”
shall mean, collectively, each of Gran Tierra Energy International Holdings Ltd., an exempted company incorporated with limited
liability under the laws of the Cayman Islands, Gran Tierra Resources Limited, a corporation organized under the laws of the Province
of Alberta, Petrolifera Petroleum (Colombia) Limited, an exempted company incorporated with limited liability under the laws of
the Cayman Islands, Gran Tierra Energy Cayman Islands Inc., an exempted company incorporated with limited liability under the laws
of the Cayman Islands, Gran Tierra Colombia Inc., an exempted company incorporated with limited liability under the laws of the
Cayman Islands, Gran Tierra Energy Colombia, LLC, a limited liability company formed and registered under the laws of the Cayman
Islands, Gran Tierra Energy Canada ULC, a corporation organized under the laws of the Province of Alberta, and any existing or
future Restricted Subsidiary of the Issuer that becomes a Note Guarantor after the Closing Date pursuant to the terms of the Indenture,
in each case, until the Note Guarantee of such Person has been released in accordance with the provisions of this Indenture.

 

“Notes”
means the Issuer’s 7.750% Senior Notes due 2027 and shall also include any Additional
Notes issued in accordance with ‎Section 2.11.

 

“Officers’
Certificate” shall mean a certificate signed by two directors or officers or by the Chief Financial Officer of the
Issuer, any of the Note Guarantors or any Restricted Subsidiary, as the case may be, and delivered to the Trustee. As used herein,
 “officers” means the Chief Executive Officer, the President, the Chief Financial Officer, the principal accounting
officer, any Treasurer or Controller, any Vice President, any Secretary, any director or any appointed attorney-in-fact of the
Issuer, any Note Guarantor or any other Restricted Subsidiary, as the case may be.

 

    	 	18	 

     

    

  

“Oil and Gas
Business” shall mean:

 

(1)       the
business of acquiring, exploring, exploiting, developing, producing, operating, marketing, transporting and disposing of interests
in oil, natural gas, liquefied natural gas and other Hydrocarbon properties or products produced in association with any of the
foregoing;

 

(2)       any
business relating to oil and gas field sales and service; and

 

(3)       any
business or activity relating to, arising from, or necessary, appropriate or incidental to the activities described in the foregoing
clauses (1) through (3) of this definition.

 

“Oil and Gas
Properties” shall mean all properties, including without limitation, equity or other ownership interests directly or
indirectly therein, and any interests in any concession or license to explore or produce oil and natural gas.

 

“Opinion of
Counsel” shall mean an opinion in writing signed by legal counsel, which counsel may be an employee of the Issuer or
any Subsidiary of the Issuer, who is reasonably acceptable to the Trustee.

 

“Other Taxes”
shall mean any and all stamp, documentary or similar taxes, or any other excise or similar levies that arise on account of the
execution, delivery, registration, recording or enforcement of the Notes or the Indenture (other than any Taxes paid in accordance
with the first paragraph of ‎Section 2.12).

 

“Outstanding”
when used with respect to the Notes, shall mean, as of the date of determination, all Notes theretofore authenticated and delivered
under this Indenture, except:

 

(1)       Notes
theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

 

(2)       Notes,
or portions thereof, for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee
or any Paying Agent (other than the Issuer) in trust or set aside and segregated in trust by the Issuer (if the Issuer shall act
as its own Paying Agent) for the Holders of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption
has been duly given pursuant to the Indenture or provision therefor satisfactory to the Trustee has been made;

 

(3)       Notes
which have been defeased or as to which the Issuer has effected covenant defeasance pursuant to ‎Section
6.4 hereof; and

 

(4)       Notes
which have been paid pursuant to the provisions of ‎Section
2.13 hereof or in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to the provisions
of this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof satisfactory
to it that such Notes are held by a bona fide purchaser in whose hands such Notes are valid obligations of the Issuer;

 

    	 	19	 

     

    

  

provided, however,
that in determining whether the Holders of the requisite principal amount of the Outstanding Notes have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Notes owned by the Issuer or its Subsidiaries shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Notes which a Responsible Officer of the Trustee actually knows
to be so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the reasonable satisfaction of the Trustee the pledgee’s right so to act with respect to such
Notes and that the pledgee is not any of the Issuer or its Subsidiaries.

 

“Paying Agent”
shall have the meaning set forth in the preamble.

 

“Payment Date”
shall mean May 23 and November 23 of each year.

 

“Permitted
Business” shall mean the Oil and Gas Business and any Related Business.

 

“Permitted
Business Investment” shall mean any Investment and expenditure 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 exploiting, exploring for, acquiring, developing,
processing, gathering, marketing or transporting oil, natural gas, other Hydrocarbons and minerals (including with respect to plugging
and abandonment) through agreements, transactions, interests or arrangements that permit one to share risks or costs of such activities
or comply with regulatory requirements regarding local ownership, including without limitation, (a) ownership interests in oil,
natural gas, other Hydrocarbons and minerals properties, liquefied natural gas facilities, processing facilities, gathering systems,
pipelines, storage facilities or related systems or ancillary real property interests; (b) Investments in the form of or pursuant
to operating agreements, concession agreements, working interests, royalty interests, mineral leases, processing agreements, Farm-In
Agreements, Farm-Out Agreements, contracts for the sale, transportation or exchange of oil, natural gas, other Hydrocarbons and
minerals, production sharing agreements, participation agreements, development agreements, area of mutual interest agreements,
unitization agreements, pooling agreements, joint bidding agreements, service contracts, joint venture agreements, partnership
agreements (whether general or limited), subscription agreements, stock purchase agreements, stockholder agreements and other similar
agreements (including for limited liability companies) with third parties; and (c) direct or indirect ownership interests in drilling
rigs and related equipment, including, without limitation, transportation equipment.

 

“Permitted
Investment” shall mean:

 

(1)       an
Investment by the Issuer or any Restricted Subsidiary in the Issuer, a Restricted Subsidiary or a Person that will, upon the making
of such Investment, become a Restricted Subsidiary; provided, however, that the primary business of such Person is
a Related Business;

 

(2)       an
Investment by the Issuer or any Restricted Subsidiary in another Person if as a result of such Investment such other Person is
merged or consolidated with or into, or transfers or conveys all or substantially all its assets to, the Issuer or a Restricted
Subsidiary; provided, however, that such Person’s primary business is a Related Business;

 

    	 	20	 

     

    

 

(3)       Temporary
Cash Investments;

 

(4)       Receivables
owing to the Issuer or any Restricted Subsidiary if created or acquired in the ordinary course of business;

 

(5)       payroll,
travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses
for accounting purposes and that are made in the ordinary course of business;

 

(6)       stock,
obligations or securities received in settlement or resolution of (or foreclosure with respect to) debts created in the ordinary
course of business and owing to the Issuer or any Restricted Subsidiary or in satisfaction of judgments including as a result of
the bankruptcy or reorganization of any Person;

 

(7)       an
Investment by the Issuer or any Restricted Subsidiary in any Person to the extent such Investment represents the non-cash or deemed
cash portion of the consideration received for an Asset Disposition that was made pursuant to and in compliance with the covenant
described under ‎Section 4.1(i) hereof;

 

(8)       any
Investment existing on the Closing Date and any extension, modification or renewal of any such Investments (but not any such extension,
modification or renewal to the extent it involves additional advances, contributions or other investments of cash or property,
other than reasonable expenses incidental to the structuring, negotiation and consummation of such extension, modification or renewal);

 

(9)       Hedging
Obligations permitted under clause (2)(h) of the covenant described under ‎Section
4.1(f) hereof;

 

(10)       Guarantees
of Indebtedness permitted under the covenant described under ‎Section
4.1(f) hereof;

 

(11)       Permitted
Business Investments;

 

(12)       the
portion of any Investment that is made with Capital Stock of the Issuer (other than Disqualified Stock);

 

(13)       Investments
in the Notes;

 

(14)       Guarantees
of performance or other obligations (other than Indebtedness) arising in the ordinary course in the Permitted Business, including
obligations under oil and natural gas exploration, development, joint operating, and related agreements and licenses, concession
or operating leases related to the Permitted Business;

 

(15)       Investments
in respect of the ownership of Capital Stock in PetroTal Corp.; and

 

    	 	21	 

     

    

  

(16)       additional
Investments having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (16)
that are at the time outstanding, not to exceed the greater of (x) $75.0 million and (y) 5.0% of the Consolidated Net Tangible
Assets of the Issuer and its Restricted Subsidiaries 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).

 

“Person”
shall mean an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated
association, joint venture, other entity or governmental authority.

 

“Place of
Payment” shall have the meaning specified in ‎Section
3.6(e).

 

“Preferred
Stock” shall mean, with respect to the Capital Stock of any Person, any class or classes (however designated) that is
preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or
dissolution of such Person, over shares of common Capital Stock of such Person.

 

“Property”
of any Person shall mean any property, rights or revenues, or interest therein, of such Person.

 

“Public Debt”
shall mean any Indebtedness consisting of bonds, debentures, notes or other similar debt securities issued in (a) a public offering
registered under the Securities Act or (b) a private placement to institutional investors that is underwritten for resale in accordance
with Rule 144A or Regulation S under the Securities Act, whether or not it includes registration rights entitling the holders of
such debt securities to registration thereof with the SEC. For avoidance of doubt, the term “Public Debt” includes
the Senior Notes due 2025 and the Convertible Notes. The term “Public Debt” (i) shall not include the Notes (or any
Additional Notes) and (ii) for the avoidance of doubt, shall not be construed to include any Indebtedness issued to institutional
investors in a direct placement of such Indebtedness that is not underwritten by an intermediary (it being understood that, without
limiting the foregoing, a financing that is distributed to not more than ten Persons (provided, that multiple managed accounts
and affiliates of any such Persons shall be treated as one Person for the purposes of this definition) shall be deemed not to be
underwritten), or any Indebtedness under the Credit Agreement, commercial bank or similar Indebtedness, Capitalized Lease Obligation
or recourse transfer of any financial asset or any other type of Indebtedness Incurred in a manner not customarily viewed as a
 “securities offering.”

 

“Purchase
Money Obligation” shall mean:

 

(1)       mortgage
financings, purchase money obligations or other Indebtedness (including Guarantees provided by the Issuer or any Restricted Subsidiary
to Colombian regulatory authorities) incurred or assumed for the purpose of financing or refinancing all or any part of the purchase
price, lease, expense or cost of any property or asset (including capital assets), tangible or intangible used in any Related Business
(including the documented cost of exploration, design, development, acquisition, construction (including capitalized interests),
installation, improvement, transportation, integration and prepaid maintenance and all reasonable and documented related fees or
expenses) or

 

    	 	22	 

     

    

  

(2)       Indebtedness
Incurred in connection with any lease financing transaction (whether such lease will be treated as an operating lease or a Capitalized
Lease Obligation in accordance with GAAP).

 

“QIB”
shall mean a “qualified institutional buyer” as such term is defined from time to time for purposes of Rule 144A.

 

“Rating Agencies”
shall mean Fitch, Inc. (“Fitch”), Moody’s Investors Service, Inc. (“Moody’s”)
and Standard & Poor’s (“S&P”) or, if any of Fitch, Moody’s or S&P shall not make a rating
on the Notes publicly available, such other “nationally recognized statistical rating organization” (within the meaning
of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act) as the Issuer may select (as certified by a resolution of the Board of Directors
of the Issuer) as a replacement agency for Fitch, Moody’s or S&P or each of them, as the case may be.

 

“Record Date”
shall mean, with respect to any payment of principal or interest on any Note, the fifteenth day prior to the due date for such
payment (whether or not a Business Day).

 

“Redemption
Date” means, when used with respect to any Note to be redeemed, the date fixed for such redemption pursuant to ‎Section
3.3 or ‎Section 3.4 or otherwise pursuant
to this Indenture.

 

“Refinance”
shall mean, in respect of any Indebtedness, to refinance, extend, renew, refund, repay, replace, prepay, redeem, defease or retire,
in whole or in part, or to issue other Indebtedness in exchange or replacement for, in whole or in part, such Indebtedness. “Refinanced”
and “Refinancing” shall have correlative meanings.

 

“Refinancing
Indebtedness” shall mean Indebtedness that is Incurred to Refinance any Indebtedness of the Issuer or any Restricted
Subsidiary existing on the Closing Date or Incurred in compliance with this Indenture (including Indebtedness that Refinances Refinancing
Indebtedness); provided, however, that:

 

(1)       the
Refinancing Indebtedness has a Stated Maturity no earlier than the Stated Maturity of the Indebtedness being Refinanced;

 

(2)       the
Refinancing Indebtedness has an Average Life at the time such Refinancing Indebtedness is Incurred that is equal to or greater
than the then Average Life of the Indebtedness being refinanced;

 

(3)       such
Refinancing Indebtedness is Incurred in an aggregate principal amount (or if issued with original issue discount, an aggregate
issue price) that is equal to or less than the aggregate principal amount (or if issued with original issue discount, the aggregate
accreted value) then outstanding of the Indebtedness being Refinanced plus the amount of accrued and unpaid interest thereon, any
premium paid to the holders of the Indebtedness being refinanced and reasonable fees and expenses Incurred in connection therewith;
and

 

    	 	23	 

     

    

  

(4)       if
the Indebtedness being Refinanced is subordinated in right of payment to the Notes, such Refinancing Indebtedness is contractually
subordinated in right of payment to the Notes at least to the same extent as the Indebtedness being Refinanced; provided further
that Refinancing Indebtedness shall not include Indebtedness of the Issuer or a Restricted Subsidiary that Refinances Indebtedness
of an Unrestricted Subsidiary.

 

“Register”
shall have the meaning specified in ‎Section 2.15(a).

 

“Regulation
S” shall mean Regulation S under the Securities Act.

 

“Regulation
S Note” shall have the meaning specified in ‎Section
2.3(c).

 

“Related Business”
shall mean the Oil and Gas Business and any business related, ancillary or complementary to the businesses of the Issuer and its
Restricted Subsidiaries on the Closing Date as described in the offering memorandum related to the Notes and shall include any
expansion of any such Related Business into other jurisdictions in addition to jurisdictions in which the Issuer and its Restricted
Subsidiaries operate on the Closing Date.

 

“Relevant
Taxing Jurisdiction” shall mean the United States, the Cayman Islands, Canada or any jurisdiction in which a Note Guarantor
or the Issuer (including a Successor or Substituted Issuer) is organized or resident for Tax purposes or through which payment
on the Notes is made or treated as made under the laws of such jurisdiction, including any political subdivision thereof.

 

“Required
Holders” shall mean holders of not less than 50% in aggregate principal amount of Outstanding Notes.

 

“Responsible
Officer” shall mean, with respect to the Trustee, any officer assigned to the Global Trust Services – Global Finance
Americas unit (or any successor division or unit) of the Trustee located at the Corporate Trust Office of the Trustee who shall
have direct responsibility for the administration of this Indenture and, for purposes of ‎Section
8.1(b)(iii), the last sentence of ‎Section 8.1(c)(v)
and ‎Section 8.2(b) of this Indenture, also means,
with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge
of and familiarity with the particular subject.

 

“Restricted
Payments” shall have the meaning specified in ‎Section
4.1(h).

 

“Restricted
Subsidiary” shall mean any Subsidiary of the Company (including the Issuer) that is not an Unrestricted Subsidiary.

 

“Reversion
Date” shall have the meaning specified in ‎Section
4.2.

 

“Rule 144A”
shall mean Rule 144A under the Securities Act.

 

“Rule 144A
Note” shall have the meaning specified in ‎Section
2.3(d).

 

    	 	24	 

     

    

  

“Sale and
Lease-Back Transaction” shall mean any arrangement with any Person (other than the Issuer or a Restricted Subsidiary),
or to which any such Person is a party, providing for the leasing to the Issuer or a Restricted Subsidiary for a period of more
than three years of any Property or assets that have been or are to be sold or transferred by the Issuer or such Restricted Subsidiary
to such Person or to any other Person (other than the Issuer or a Restricted Subsidiary) to which funds have been or are to be
advanced by such Person on the security of the leased Property or assets.

 

“SEC”
shall mean the United States Securities and Exchange Commission.

 

“Securities
Act” shall mean the United States Securities Act of 1933, as amended.

 

“Security
Registrar” shall mean U.S. Bank National Association, together with any successors thereto.

 

“Senior Indebtedness”
shall mean all unsubordinated Indebtedness of the Issuer, the Note Guarantors or of any Restricted Subsidiary, whether outstanding
on the Closing Date or Incurred thereafter.

 

“Senior Notes due 2025” means
Gran Tierra Energy International Holdings Ltd.’s 6.25% senior
notes issued on February 15, 2018 and maturing on February 15, 2025.

 

“SGX-ST”
means the Singapore Exchange Securities Trading Limited.

 

“Starter Amount”
shall mean $20.0 million.

 

“Stated Maturity”
shall mean, with respect to any Indebtedness, the date specified in such Indebtedness as the fixed date on which the final payment
of principal of such Indebtedness is due and payable, including, with respect to any principal amount that is then due and payable
pursuant to any mandatory redemption or prepayment provision, the date specified for the payment thereof (but excluding any provision
providing for the repurchase or prepayment of such Indebtedness at the option of the Holder thereof upon the happening of any contingency
beyond the control of the obligor thereunder unless such contingency has occurred).

 

“Subordinated
Obligation” shall mean Indebtedness of the Issuer or any Restricted Subsidiary (whether outstanding on the Closing Date
or thereafter Incurred) (i) the terms of which provide that, (a) no principal amount in respect of such obligation will become
due and payable until after all principal, interest, Additional Amounts and any other amounts owing with respect to the Notes have
been paid in full, and (b) in the event that (A) an installment of interest with respect to such obligation is not paid on the
applicable interest payment date or (B) the principal of (or premium, if any, on) any such obligations is not paid on the Stated
Maturity or other date set for redemption, then the failure to make such payment on such interest payment date, maturity date or
other Redemption Date shall not be a default under such obligation until after all principal, interest, Additional Amounts and
any other amounts owing with respect to the Notes have been paid in full and (ii) which U.S. or Canadian law recognizes (whether
in any reorganization or administrative takeover proceeding or otherwise) as being subordinated or junior in right of payment to
the Notes.

 

    	 	25	 

     

    

  

“Subsidiary”
shall mean, with respect to any Person (the “parent”) at any date, any corporation, exempted company, limited
liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent
in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of
such date, as well as any other Person (1) of which Capital Stock representing more than 50% of the ordinary voting power or, in
the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held;
or (2) that is, as of such date, otherwise controlled by the parent or one or more Subsidiaries of the parent.

 

“Suspended
Covenants” shall have the meaning specified in ‎Section
4.2.

 

“Suspension
Date” shall have the meaning specified in ‎Section
4.2.

 

“Suspension
Period” shall have the meaning specified in ‎Section
4.2.

 

“S&P”
shall mean Standard & Poor’s or any successor thereto.

 

“Taxes”
shall mean any and all income, stamp or other taxes, duties, levies, imposts, charges, fees, deductions or withholdings, and including
all interest and penalties imposed with respect thereto, now or hereafter imposed, levied, collected, withheld or assessed by any
Governmental Authority of a Relevant Taxing Jurisdiction.

 

“Temporary
Cash Investments” shall mean any of the following:

 

(1)       Investments
in direct obligations of the United States of America, Canada or any agency thereof or obligations Guaranteed by the United States
of America, Canada or any agency thereof, or obligations of or Guaranteed by any foreign country (other than Colombia) recognized
by the United States or Canada whose long-term debt rating is rated “A-” (or such similar equivalent rating) or higher
by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act);

 

(2)       Investments
in time deposit accounts, certificates of deposit and money market deposits maturing within 365 days of the date of acquisition
thereof issued by a bank or trust company that is organized under the laws of the United States or Canada, any state or province
thereof or any foreign country recognized by the United States or Canada having capital, surplus and undivided profits aggregating
in excess of $50 million (or the foreign currency equivalent thereof) and a long-term debt is rated “A” (or such similar
equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under
the Securities Act);

 

(3)       Investments
in repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clause (1)
above entered into with a bank meeting the qualifications described in clause (2) above;

 

(4)       Investments
in commercial paper, maturing not more than 365 days after the date of acquisition, issued by a corporation (other than an Affiliate
of the Issuer) organized and in existence under the laws of the United States, Canada or any foreign country recognized by the
United States or Canada, in all events not excluding Colombia, with a rating at the time as of which any Investment therein is
made of “P2” (or higher) according to Moody’s; “A2” (or higher) according to S&P; F1 (or higher)
according to Fitch or, in the case of investments made in Canada, “A2” or “P2” (or higher) according to
Dominion Bond Rating Service Limited or Canada Bond Rating Service; or, in the case of Investments made in Colombia, rated at least
 “A” by Duff and Phelps de Colombia.

 

    	 	26	 

     

    

  

(5)       Investments
in securities with maturities of six months or less from the date of acquisition issued or fully Guaranteed by any state, commonwealth
or territory of the United States of America or Canada, or by any political subdivision or taxing authority thereof, and rated
at least “A” by S&P or “A” by Moody’s, or F3 (or higher) according to Fitch, in the case of Investments
made in Colombia, rated at least “A” by Duff and Phelps de Colombia and “A” by BRC Investor Services; and

 

(6)       (a)
Investments in marketable direct obligations issued or unconditionally Guaranteed by Colombia, any agency or political subdivision
thereof, and rated “BB+” or higher by a Colombian rating organization licensed by the SFC,

 

		(b)	Investments in time deposits or certificates of deposit of a Colombian bank or financial institution,
the commercial paper or other short-term unsecured debt obligations of which (or in the case of a bank or financial institution
that is the principal subsidiary of a holding company, the holding company) are rated “A” or higher by a Colombian
rating organization licensed by SFC, and maturing within one year from the date of acquisition thereof by the Issuer or a Restricted
Subsidiary,

 

		(c)	Investments in repurchase obligations with a term of not more than 60 days for underlying securities
of the types described in subclause (a) above entered into with a bank meeting the qualifications described in subclause
(b) above,

 

		(d)	Investments in securities issued by (or representing shares of) Colombian companies rated “A”
or higher by a Colombian rating organization licensed by the SFC,

 

		(e)	Investments in certificates of deposit, time deposit accounts and money market accounts maturing
not more than one year after the deposit of cash or acquisition thereof issued by (i) any of the largest ten banks (based on assets
of the last December 31) organized under the laws of Colombia or (ii) any other bank organized under the laws of Colombia, so long
as the outstanding amount of such Investments in any such bank does not exceed at any one time $5 million (or the foreign currency
equivalent thereof).

 

    	 	27	 

     

    

  

“Transfer
Agent” shall have the meaning specified in ‎Section
2.15(a).

 

“Transaction
Documents” means the preliminary offering memorandum dated May 9, 2019, the final offering memorandum dated May 20, 2019,
this Indenture and the Notes.

 

“Treasury
Rate” means, as of the applicable Redemption Date, as determined by the Issuer, the yield to maturity as of such Redemption
Date of U.S. Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical
Release H.15 (519) that has become publicly available at least two Business Days prior to such redemption date (or, if such Statistical
Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such
Redemption Date to May 23, 2023; provided, however, that if the period from such Redemption Date to May 23, 2023,
as applicable, is less than one year, the weekly average yield on actually traded U.S. Treasury securities adjusted to a constant
maturity of one year will be used.

 

“Trustee”
shall have the meaning specified in the preamble hereto.

 

“United States”
or “U.S.” shall mean the United States of America, its fifty states and the District of Columbia.

 

“Unrestricted
Subsidiary” shall mean (1) Gran Tierra Energy Resources Inc., Gran Tierra Mexico Holdings 1 LLC, Gran Tierra Mexico Holdings
2 LLC, Gran Tierra Mexico Energy, S.A. de C.V., Suroco Energy Venezuela, Southeast Investment Corporation, Vetra Petroamerica P&G
Corp., Vetra Southeast SLU, Gran Tierra Energy N.V. ULC, Petrolatina Energy Limited, Petrolatina (CA) Limited, and Taghmen Argentina
Limited  and (2) any Subsidiary of the Issuer that at the time of determination shall be designated an Unrestricted Subsidiary
by the Board of Directors of the Issuer, and (3) any Subsidiary of an Unrestricted Subsidiary.

 

Notwithstanding the
foregoing, the Board of Directors of the Issuer may designate any Subsidiary of the Issuer (including any newly acquired or newly
formed Subsidiary) as an “Unrestricted Subsidiary” under the Indenture (a “Designation”)
only if:

 

(a)       no
creditor of any such Subsidiary shall have recourse to the Issuer or any Restricted Subsidiary thereof other than to the extent
of any Permitted Investment or Restricted Payment that is permitted and any pledge of Capital Stock of such Subsidiary;

 

(b)       no
Default or Event of Default shall have occurred and be continuing at the time of or immediately after giving effect to such Designation;

 

(c)       such
Subsidiary and its Subsidiaries own no Capital Stock or Indebtedness of, and hold no Lien on any property of, the Issuer or any
other Restricted Subsidiary of the Issuer; and

 

(d)       at
the time of Designation, the Subsidiary to be so Designated (i) has total consolidated assets of $1,000 or less or (ii) the Issuer
would be permitted under the Indenture to make an Investment under all applicable provisions described in ‎Section
4.1(h) hereof at the time of Designation (assuming the effectiveness of such Designation) in an amount equal to the Fair Market
Value of such Subsidiary on such date.

  

    	 	28	 

     

    

 

In addition, the Issuer
may revoke any Designation of a Subsidiary as an Unrestricted Subsidiary (a “Revocation”) if:

 

(a)       no
Default or Event of Default shall have occurred and be continuing at the time of and after giving effect to such Revocation; and

 

(b)       all
Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately following such Revocation would, if Incurred at
such time, have been permitted to be Incurred for all purposes of the Indenture.

 

Any such Designation
or Revocation shall be evidenced by prompt delivery to the Trustee of a copy of the resolution of the Board of Directors of the
Issuer giving effect thereto accompanied by an Officers’ Certificate as to compliance with the foregoing provisions.

 

“U.S. Government
Obligations” shall mean direct obligations (or certificates representing an ownership interest in such obligations) of
the United States (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United
States is pledged and that are not callable or redeemable at the issuer’s option.

 

“Value”
shall mean, with respect to a Sale and Lease-Back Transaction, as of any particular time, the amount equal to the greater of (1)
the net proceeds from the sale or transfer of the property leased pursuant to such Sale and Lease-Back Transaction and (2) the
fair value in the opinion of the Board of Directors of the Issuer or the relevant Restricted Subsidiary of such property at the
time of entering into such Sale and Lease-Back Transaction, in either case divided first by the number of full years of the original
term of the lease and then multiplied by the number of full years of such term remaining at the time of determination, without
regard to any renewal or extension options contained in the lease.

 

“Voting Stock”
of a Person shall mean all classes of Capital Stock or other interests (including partnership interests) of such Person then outstanding
and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof.

 

“Wholly Owned”
means any Restricted Subsidiary of the Issuer of which at least 95% of the outstanding Capital Stock or other ownership interests
(other than directors’ qualifying shares) of such entity shall at the time be owned, directly or indirectly, by the Issuer.

 

Section 1.2           
Rules of Construction. (a) The meanings of defined terms are equally applicable to the singular and plural
forms of the defined terms.

 

(b)        
The words “hereof,” “herein,” “hereunder” and similar words refer to this Indenture
as a whole and not to any particular provisions of this Indenture and any subsection, Section, Article and Exhibit references are
to this Indenture unless otherwise specified.

 

(c)        
The term “documents” includes any and all documents, instruments, agreements, certificates, indentures, notices
and other writings, however evidenced (including electronically).

 

    	 	29	 

     

    

 

 (d)        
The term “including” is not limiting and (except to the extent specifically provided otherwise) shall mean
 “including (without limitation).”

 

(e)        
Unless otherwise specified, 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 shall mean
 “to but excluding,” and the word “through” shall mean “to and including.”

 

(f)        
The words “may” and “might” and similar terms used with respect to the taking of an action by any
Person shall reflect that such action is optional and not required to be taken by such Person.

 

(g)        
Unless otherwise expressly provided herein: (i) references to agreements (including this Indenture) and other documents
shall be deemed to include all subsequent amendments and other modifications thereto, but only to the extent that such amendments
and other modifications are not prohibited by this Indenture, the Notes or any other Transaction Document and (ii) references to
any Applicable Law are to be construed as including all statutory and regulatory provisions or rules consolidating, amending, replacing,
supplementing, interpreting or implementing such Applicable Law.

 

(h)        
With respect to any monetary amount in a currency other than Dollars, such amount shall be deemed the Dollar equivalent
thereof determined by the amount of Dollars obtained at the time of determination by converting the foreign currency involved in
such computation into Dollars at the spot rate for the purchase of Dollars with the applicable foreign currency as quoted on the
Reuters 3000 Xtra system (or its successor) at approximately 11:00 a.m. (New York time) on the date not more than two Business
Days prior to such determination. For purposes of determining whether any Indebtedness can be incurred or any transaction with
Affiliates or any Investment can be made or undertaken, the Dollar equivalent of such Indebtedness, transaction or Investment shall
be determined on the date incurred, made or undertaken and no subsequent change in the computation of the Dollar equivalent thereof
shall cause such transaction which may otherwise be incurred, made or undertaken to have been incurred, made or undertaken in violation
of this Indenture.

 

(i)        
The term “will” shall be construed to have the same meaning and effect as the word “shall.”

 

(j)        
The term “or” is not exclusive.

 

Article
II

ISSUE, EXECUTION AND AUTHENTICATION OF NOTES;

RESTRICTIONS ON TRANSFER

 

Section 2.1           
Creation and Designation. (a) There is hereby created a series of Notes to be issued pursuant to this Indenture
and to be known as the “7.750% Senior Notes due 2027”. The Notes shall be issued in fully registered form, without
interest coupons, with such applicable legends as are set forth in ‎Section
2.7 and with such omissions, variations and insertions as are permitted by this Indenture. Each Note shall be substantially
in the form attached hereto as Exhibit A. The Notes may have such letters, numbers or other marks of identification and
such legends or endorsements printed or typewritten thereon as may be required to comply with any Applicable Law or to conform
to general usage.

 

    	 	30	 

     

    

  

(b)         
The aggregate principal amount of the Notes that may be authenticated and delivered under this Indenture is $300,000,000.
All Notes shall be issued to the applicable Holders on the Closing Date, except Notes issued in connection with the transfer, exchange
or replacement of existing Notes as provided in this ‎Article II.

 

(c)         
If any term or provision contained in the Notes shall conflict with or be inconsistent with any term or provision contained
in this Indenture, then the terms and provisions of this Indenture shall govern with respect to the Notes.

 

(d)        
Any Notes sold outside the United States to non-U.S. Persons in reliance on Regulation S will be issued in fully registered
form without interest coupons attached and only in denominations of $200,000 and in integral multiples of $1,000 in excess thereof.
Any Notes sold pursuant to Rule 144A will be issued in fully registered form without interest coupons attached and only in denominations
of $200,000 and integral multiples of $1,000 in excess thereof.

 

Section 2.2           
Execution and Authentication of Notes. Upon the written order of the Issuer directing the Trustee to authenticate
and deliver the Notes and delivery by the Issuer of sufficient executed Notes, the Trustee shall duly authenticate and deliver
the Notes in authorized denominations.

 

Section 2.3           
Initial Form of Notes. (a) The Notes, upon original issuance, shall be issued in the form of typewritten or
printed Global Notes registered in the name of DTC or its nominee, and (other than DTC or its nominee) no Holder investing in the
Notes shall receive a definitive note representing such Holder’s interest in the Notes except to the extent that definitive,
fully registered, non-global Notes (“Definitive Notes”) have been issued in accordance with ‎Section
2.8. Unless and until Definitive Notes are so issued in exchange for such Global Notes, DTC will make book entry transfers
among the DTC Participants and receive and transmit distributions of principal and interest on such Global Notes to the DTC Participants.

 

(b)        
Neither any members of, nor participants in, DTC (the “DTC Participants”) nor any other Persons on whose
behalf DTC Participants may act, shall have any rights under this Indenture with respect to any Global Note, and DTC or its nominee,
as the case may be, may be treated by the Issuer, the Trustee and any agent thereof (including any Authorized Agent) as the absolute
owner and Holder of such Global Note for all purposes whatsoever. Unless and until Definitive Notes are issued in exchange for
such Global Notes pursuant to ‎Section 2.8: (i) the Issuer, the Trustee
and any agent thereof (including any Authorized Agent) may deal with DTC and its nominee for all purposes (including the making
of distributions on the Global Notes) as the authorized representatives of the Persons holding beneficial interests in such Global
Notes and (ii) the rights of such beneficial owners shall be exercised only through DTC and its nominee and shall be limited to
those established by Applicable Law and agreements among such DTC Participants, DTC and such nominee. Notwithstanding the foregoing,
nothing herein shall prevent the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization
furnished by DTC or such nominee or impair, as between DTC, the DTC Participants and any other Persons on whose behalf a DTC Participant
may act, the operation of the customary practices of such Persons governing the exercise of the rights of a Holder.

 

    	 	31	 

     

    

  

(c)        
The Notes offered and sold in reliance upon Regulation S shall be issued in the form of a single, permanent Global Note
in fully registered form, without interest coupons, registered in the name of DTC or its nominee and deposited with the Trustee,
as custodian of DTC (the “Regulation S Note”). The aggregate principal balance of the Regulation S Note may
from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC, in connection
with a corresponding decrease or increase in the aggregate principal balance of the Rule 144A Note, as provided in ‎Section
2.6.

 

(d)        
The Notes offered and sold in their initial distribution in reliance upon Rule 144A shall be issued in the form of a single,
permanent Global Note in fully registered form, without interest coupons, registered in the name of DTC or its nominee and deposited
with the Trustee, as custodian of DTC (the “Rule 144A Note”). The aggregate principal balance of the Rule 144A
Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC, in
connection with a corresponding decrease or increase in the aggregate principal balance of the Regulation S Note, as provided in
‎Section 2.6.

 

(e)        
Neither the Trustee nor any agent of the Issuer or the Trustee (including any Authorized Agent) shall have any responsibility
or obligation to any DTC Participant or any other Person with respect to the accuracy of the records of DTC (or its nominee) or
of any DTC Participant or any other Person, with respect to any ownership interest in the Notes or with respect to the delivery
of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or
Property) under or with respect to the Notes. The Trustee and any agent of the Issuer or the Trustee (including any Authorized
Agent) may rely (and shall be fully protected in relying) upon information furnished by DTC with respect to the DTC Participants
and any beneficial owners of the Notes.

 

Section 2.4           
Execution of Notes. Each Note shall be executed on behalf of the Issuer by one of its Authorized Officer(s).
Such signature may be the manual or facsimile signature of such Authorized Officer(s). With the delivery of this Indenture, the
Issuer is furnishing, and from time to time hereafter may (and, at the request of the Trustee, shall) furnish, an officers’
certificate identifying and certifying the incumbency and specimen signatures of its Authorized Officers. Until the Trustee receives
a subsequent Officers’ Certificate updating such list, the Trustee shall be entitled to rely conclusively upon the last such
Officers’ Certificate delivered to it for purposes of determining the Issuer’s Authorized Officers. Typographical and
other minor errors or defects in any signature shall not affect the validity or enforceability of any Note that has been duly executed
by the Issuer and authenticated and delivered by the Trustee.

 

In case any Authorized
Officer of the Issuer who shall have signed any Note shall cease to be an Authorized Officer of the Issuer before the Note so signed
shall be authenticated and delivered by the Trustee or disposed of by or on behalf of the Issuer, such Note nevertheless may be
authenticated and delivered or disposed of as if the Person who signed such Note on behalf of the Issuer had not ceased to be such
Authorized Officer. Any Note signed on behalf of the Issuer by a Person who, as at the actual date of his/her execution of such
Note, is an Authorized Officer of the Issuer, shall be a valid and binding obligation of the Issuer notwithstanding that at the
date hereof any such Person is not an Authorized Officer of the Issuer.

 

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Section 2.5           
Certificate of Authentication. The form of the Trustee’s certificate of authentication to be borne by
the Notes shall be substantially as follows:

 

FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

Dated: [·],
_____

 

This is one of the
Notes referred to in the within-mentioned Indenture

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Authorized Signatory	 

 

 

Only such Notes as shall bear the Trustee’s
certificate of authentication and are executed by the Trustee by manual signature of one or more of its authorized signatories
shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certification by the Trustee
upon any Note executed by or on behalf of the Issuer shall be conclusive evidence that such Note has been duly authenticated and
delivered hereunder. Each Note shall be dated the date of its authentication.

 

Section 2.6           
Restrictions on Transfer of Global Notes. Notwithstanding any other provisions hereof to the contrary:

 

(a)        
Except as provided in ‎Section 2.8, a Global Note may not
be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, and no such transfer to any such other
Person may be registered (any such transfer being null and void ab initio); provided that this ‎Section
2.6(a) shall not prohibit any transfer of a beneficial interest in a Global Note effected in accordance with the other provisions
of this Section. Any transfer of a Global Note (or beneficial interests therein) shall be in the authorized denominations set forth
in ‎Section 2.1(d).

 

(b)        
If the owner of a beneficial interest in the Rule 144A Note wishes at any time to exchange its beneficial interest therein
for a beneficial interest in the Regulation S Note, or to transfer such beneficial interest to a Person who wishes to take delivery
thereof in the form of a beneficial interest in the Regulation S Note, then such exchange or transfer may be effected, subject
to the applicable rules and procedures of DTC (the “Applicable Procedures”) and minimum denomination requirements,
only in accordance with this ‎Section 2.6(b). Upon receipt by the
Trustee at its Corporate Trust Office of: (i) written instructions given in accordance with the Applicable Procedures from a DTC
Participant directing the Trustee to credit or cause to be credited to a specified DTC Participant’s account a beneficial
interest in the Regulation S Note in a principal balance equal to that of the beneficial interest in the Rule 144A Note to be so
exchanged or transferred, (ii) a written order given in accordance with the Applicable Procedures containing information regarding
the account of the DTC Participant to be credited with, and the account of the DTC Participant to be debited for, such beneficial
interest and (iii) a certificate in substantially the form of Exhibit B given by the holder of such beneficial interest
in the Rule 144A Note, the Trustee shall instruct DTC to reduce the balance of the Rule 144A Note, and to increase the balance
of the Regulation S Note, by the amount of the beneficial interest in the Rule 144A Note to be so exchanged or transferred, and
to credit or cause to be credited to the account of the DTC Participant for the benefit of such Person specified in such instructions
a beneficial interest in the Regulation S Note having a principal balance equal to the amount by which the balance of the Rule
144A Note was reduced upon such exchange or transfer.

 

    	 	33	 

     

    

 

 (c)         If the owner
of a beneficial interest in the Regulation S Note wishes at any time to exchange its beneficial interest therein for a beneficial
interest in the Rule 144A Note, or to transfer such beneficial interest to a Person who wishes to take delivery thereof in the
form of a beneficial interest in the Rule 144A Note, then such exchange or transfer may be effected, subject to the Applicable
Procedures and minimum denomination requirement, only in accordance with this ‎Section
2.6(c). Upon receipt by the Trustee at its Corporate Trust Office of: (i) written instructions given in accordance with the
Applicable Procedures from a DTC Participant directing the Trustee to credit or cause to be credited to a specified DTC Participant’s
account a beneficial interest in the Rule 144A Note in a principal balance equal to that of the beneficial interest in the Regulation
S Note to be so exchanged or transferred, (ii) a written order given in accordance with the Applicable Procedures containing information
regarding the account of the DTC Participant to be debited with, and the account of the DTC Participant to be credited for, such
beneficial interest and (iii) a certificate in substantially the form set forth in Exhibit C given by the holder of such
beneficial interest in the Regulation S Note, the Trustee shall instruct DTC to reduce the balance of the Regulation S Note and
to increase the balance of the Rule 144A Note, by the principal balance of the beneficial interest in the Regulation S Note to
be so exchanged or transferred, and to credit or cause to be credited to the account of the DTC Participant for the benefit of
such Person specified in such instructions a beneficial interest in the Rule 144A Note having a principal balance equal to the
amount by which the balance of the Regulation S Note was reduced upon such exchange or transfer.

 

(d)         If a Global
Note or any portion thereof (or beneficial interest therein) is exchanged for a Definitive Note pursuant to ‎Section
2.8, then such Definitive Note may in turn be exchanged (upon transfer or otherwise) for other Definitive Notes only in accordance
with such procedures (and, in each case of an exchange pursuant to this Section 2.6 or ‎Section
2.8, subject to receipt by the Issuer of any information requested by the Issuer for the purposes of verifying the identity
and source of funds of the proposed holder of such Definitive Note (including, for example, in relation to FATCA and pursuant
to any applicable anti-money laundering legislation or any certification requirement intended to ensure that transfers and exchanges
of Definitive Notes comply with Rule 144A or Regulation S, as the case may be) and any Applicable Laws, as may be adopted from
time to time by the Issuer.

 

(e)         Neither the Trustee
nor the Registrar shall have any responsibility or liability for any actions taken or not taken by DTC.

 

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Section 2.7           
Restrictive Legends. (a) Global Notes shall bear restrictive legends in substantially the form set forth in
Exhibit A hereof. Definitive Notes shall be in substantially the form set forth in Exhibit A hereof excluding the Global
Notes Legend set forth thereon.

 

(b)         
The required legends set forth on Exhibit A may be removed from a Global Note if there is delivered to the Issuer
and the Trustee such evidence satisfactory to the Issuer, which shall include an Opinion of Counsel, as may reasonably be required
by the Issuer that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers
of such Note (or beneficial interests therein) will not violate the registration requirements of the Securities Act or Canadian
securities laws, as the case may be. Upon provision of such evidence satisfactory to the Issuer, the Trustee, at the written direction
of the Issuer, shall authenticate and deliver in exchange for such Note a Note (or Notes) having an equal aggregate principal balance
that does not bear such legend. If such a legend required for a Note has been removed as provided above, then no other Note issued
in exchange for all or any part of such Note shall bear such legend unless the Issuer has reasonable cause to believe that such
other Note is a “restricted security” within the meaning of Rule 144 under the Securities Act and instructs
the Trustee to cause a legend to appear thereon.

 

(c)         
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or Applicable Law with respect to any transfer of any interest in any Note (including any
transfers between or among DTC Participants or owners of beneficial interests in any Note) other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by,
this Indenture, and to examine the same to determine material compliance as to form with the express requirements hereof.

 

Section 2.8           
Issuance of Definitive Notes. If (a) DTC notifies the Trustee in writing that it is unwilling or unable to
continue as the depository for a Global Note, or that it ceases to be a “clearing agency” registered under the
Exchange Act and (b) the Issuer is unable to locate a qualified successor depository within 90 days of such notice, then the Trustee
shall notify all applicable Holders, through DTC, of the occurrence of any such event and of the availability of Definitive Notes
to beneficial owners. Upon the giving of such notice and the surrender of the Global Notes by DTC, accompanied by registration
instructions, the Trustee shall deliver Definitive Notes (which shall be in definitive, fully registered, non-global form without
interest coupons) for the Global Notes. If Definitive Notes are to be issued in accordance with this ‎Section
2.8, then the Issuer shall promptly make available to the Trustee a reasonable supply of Definitive Notes. Unless counsel to
the Issuer determines otherwise in accordance with Applicable Law and the procedures set forth in ‎Section
2.7(b), any such Definitive Notes shall bear the appropriate transfer-restriction legends. In addition, in the event that the
Global Note(s) is exchanged for definitive Notes, an announcement of such exchange will be made by or on behalf of the Issuer through
the SGX-ST. Such announcement will include all material information with respect to the delivery of the definitive Notes including
details of the paying agent and listing agent in Singapore.

 

Until Definitive Notes
are ready for delivery, the Issuer may prepare and, upon receipt of written instructions by the Issuer, the Trustee shall authenticate
temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Issuer
considers appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and, upon receipt of written instructions
by the Issuer, the Trustee shall authenticate Definitive Notes and deliver them in exchange for temporary Notes. Until so exchanged,
the Holders of temporary Notes shall have all of the rights and obligations under this Indenture as Holders of Definitive Notes.

 

    	 	35	 

     

    

  

Section 2.9           
Persons Deemed Owners. Before due presentation of a Note for registration of transfer, the Trustee and any
Authorized Agent or other agent of the Issuer or the Trustee shall treat the Person in whose name any Note is registered as the
owner of such Note for the purpose of receiving distributions and for all other purposes whatsoever, and neither the Trustee nor
any Authorized Agent or other such agent of the Issuer or the Trustee shall be affected by any notice to the contrary.

 

Section 2.10       
Payment of Notes. (a) On or prior to 11:00 a.m., New York City time, on the Business Day prior to any Payment
Date and/or Maturity Date the Issuer will deposit or cause to be deposited with the Paying Agent in the Borough of Manhattan, the
City of New York, in immediately available funds, a sum in Dollars sufficient to pay the principal of, and interest (and premium
and Additional Amounts, if any) due on each Note on such Payment Date and/or Maturity Date.

 

(b)       
Principal of, and interest (and premium and Additional Amounts, if any) on, the Notes will be considered paid on the date
due if the Paying Agent holds, as of 11:00 a.m., New York City time on the due date, money deposited by or on behalf of the Issuer
in immediately available funds in Dollars and designated for and sufficient to pay all principal of, and interest (and premium
and Additional Amounts, if any) on the Notes then due. The Paying Agent will return to the Issuer upon written request therefore
from the Issuer, no later than two Business Days following the date of receipt of such written request, the amount of any payment
in excess of the total amount required to be paid on all of the Outstanding Notes.

 

(c)        
Each Note shall bear interest at a rate of 7.750% per annum from the issue date of such Note or from the most recent Payment
Date to which interest has been paid, as the case may be, payable semi-annually in arrears on each Payment Date commencing on November
23, 2019 until the principal thereof is paid or duly provided for. All interest shall be computed on the basis of a 360-day year
of twelve 30-day months and will be payable to the Holders of record on the close of business on the Record Date immediately preceding
the corresponding Payment Date. Payments due on a date other than a Business Day shall be made on the next succeeding Business
Day and such extension of time shall not be included in computing interest and fees in connection with that payment.

 

(d)        
The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law to the extent
that such interest is an allowed claim enforceable against the debtor under any Bankruptcy Law) on overdue principal and premium,
if any, at a rate equal to 1.00% per annum in excess of the interest rate on the Notes, and to the extent lawful, it will pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law to the extent that such interest is an allowed claim
against the debtor under such Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period)
from time to time on demand at the same rate. The Issuer will pay to the Holders such defaulted interest in any lawful manner on
a special record date. The Issuer will notify the Trustee in writing of the amount of defaulted interest proposed to be paid on
each Note and the date of the proposed payment. The Trustee will fix or cause to be fixed each such special record date and payment
date, provided, however, that no such special record date will be less than 10 days prior to the related payment
date for such defaulted interest. At least 10 days before the special record date, the Issuer will mail or cause to be mailed to
Holders a notice that states the special record date, the related payment date and the amount of such defaulted interest to be
paid.

  

    	 	36	 

     

    

 

(e)        
Except as specified in ‎Section 2.10(f), payments of all amounts
that become due and payable in respect of any Note shall be made by the Paying Agent without surrender or presentation of such
Note to the Paying Agent. The Paying Agent shall have no responsibility regarding notations of payment on a Note and shall be responsible
only for maintaining its records in accordance with this Indenture. Absent manifest error, the records of the Paying Agent shall
be controlling as to payments in respect of the Notes.

 

(f)        
Notwithstanding ‎Section 2.10(b), payment of principal of
any Note shall be made only against surrender of such Note at the Corporate Trust Office of the Trustee (or such other location
as the Trustee shall notify the applicable Holder).

 

(g)       
Payments to Holders shall be by electronic funds transfer in immediately available funds to an account maintained by such
Holder with a bank having electronic funds transfer capability upon written application to the Trustee (received by the Trustee
not later than the relevant Record Date) by a Holder holding Notes or, if not, by check sent by first class mail to the address
of such Holder appearing on the Register as of the relevant Record Date; provided, however, that the final payment
in respect of any Note shall be made only as provided in ‎Section 2.10(f).
Unless such designation for payment by electronic funds transfer is revoked in writing, any such designation made by such Holder
shall remain in effect with respect to any future payments to such Holder.

 

Section 2.11       
Additional Notes. Subject to the limitations set forth under ‎Section
4.1(f), the Issuer may, without the consent of any Holder, incur additional Indebtedness. At the Issuer’s option, this
additional Indebtedness may consist of additional Notes (“Additional Notes”) issued pursuant to this Indenture
in one or more transactions, which have identical terms (other than issue price, issue date and date from which interest thereon
will accrue) as the Notes issued on the Closing Date. Any Additional Notes will be consolidated and form a single class with the
Notes issued on the Closing Date, so that, among other things, Holders of any Additional Notes will have the right to vote together
with Holders of Notes issued on the Closing Date as one class; provided, however, that if such Additional Notes are
not fungible with the Notes for U.S. federal income tax purposes, the additional notes will have a separate CUSIP number. In authenticating
such Additional Notes, the Trustee shall receive, and shall be fully protected in relying upon, an Opinion of Counsel which shall
state:

 

(a)       
that the form and terms of such Additional Notes have been established in conformity with the provisions of this Indenture;
and

 

(b)       
 that such Additional Notes, when authenticated and delivered by the Trustee and issued by the Issuer in the manner and
subject to any conditions specified in such Opinion of Counsel, will constitute legal, valid and binding obligations of the Issuer,
enforceable against the Issuer in accordance with their terms, subject to bankruptcy, insolvency, reorganization, moratorium, arrangement
or similar laws relating to or affecting the rights and remedies of creditors generally and to general principles or equity.

 

    	 	37	 

     

    

 

Section 2.12       
Additional Amounts. All payments to be made in respect of the Notes shall be made free and clear of, and without
deduction or withholding for or on account of, any taxes, duties, levies, imposts, charges, fees, deductions or withholdings, except
to the extent such amounts are imposed by Applicable Law. In the event that any Taxes are required by Applicable Law to be deducted
or withheld from any payment required to be made in respect of the Notes, then the amount of such payment shall be increased by
an amount (“Additional Amounts”) as may be necessary such that the amount actually received by the applicable
recipients or beneficial owner of such payment in respect of such payment, after withholding or deduction for or on account of
such Taxes, is an amount equal to the amount that would have been received by the applicable recipient(s) or beneficial owner of
such payment in respect of such payment had no such Taxes (including any Taxes payable in respect of such Additional Amounts) been
required to be so deducted or withheld. Furthermore, the amount of any Taxes required to be withheld or deducted from any payment
made in respect of the Notes shall be withheld or deducted from such payment (as increased by any Additional Amounts) and paid
to the taxing authority imposing such Taxes in accordance with Applicable Law. Together with every payment made under this Indenture
requiring the withholding of any Taxes, the Issuer shall furnish to the Trustee a statement of the withholding being made, if any,
in the form of a debit notice on account of tax withholding or other similar document which evidences that the withholding was
duly made. As promptly as practicable thereafter, the Issuer shall provide the Trustee documentation satisfactory to the Trustee
evidencing payment of Taxes in respect of which the Issuer has paid any Additional Amounts. Copies of such documentation shall
be made available to the Holders or any Paying Agent upon request therefor to the trustee.

 

Notwithstanding the
preceding sentences, no such Additional Amounts will (including Taxes payable in respect of such Additional Amounts) be payable
in respect of:

 

(1)       any
Tax assessed or imposed by reason of the applicable recipient or beneficial owner of such payment having any actual or deemed present
or former connection between the recipient or beneficial owner of such payment and a Relevant Taxing Jurisdiction (including, without
limitation, being a citizen of, carrying on business or having a permanent establishment in a Relevant Taxing Jurisdiction, being
organized under the laws of a Relevant Taxing Jurisdiction, being an actual or deemed resident of a Relevant Taxing Jurisdiction
or, in the case of Canada, dealing at non-arm’s length (for the purposes of the Income Tax Act (Canada)) with the
payer of such payment;

 

(2)       any
Taxes imposed on or measured by the applicable recipient or beneficial owner’s net income, capital franchise taxes and branch
profits or similar taxes;

 

(3)       any
estate, inheritance, gift, personal property, sales, use, excise, transfer or other similar Tax imposed with respect to such payment;

 

    	 	38	 

     

    

  

(4)       any
such Taxes that would not have been imposed but for the failure of the applicable recipient or beneficial owner of such payment
to comply with any certification, identification, information, documentation or other reporting requirement to the extent (a) such
compliance is required by applicable law or an applicable treaty as a precondition to exemption from, or reduction in the rate
of deduction or withholding of, such Taxes and (b) reasonably in advance of the first Payment Date with respect to which the obligor
with respect to a payment shall apply this clause (4), such obligor shall have notified each Holder in writing that taxes will
be imposed unless an applicable compliance certification, identification, information, documentation or other reporting requirement
is satisfied;

 

(5)       any
such Taxes required to be withheld by any paying agent from any payment, if such payment can be made in a commercially reasonable
manner without such withholding by any other paying agent with respect to the Notes;

 

(6)       any
Note presented for payment (where presentation is required) more than 30 days after the relevant payment is first made available
for payment to the applicable recipient (except to the extent that such recipient would have been entitled to Additional Amounts
had the Note been presented during such 30-day period);

 

(7)       any
Tax payable other than by withholding or deduction;

 

(8)       any
United States federal withholding tax;

 

(9)       any
tax, assessment, withholding or deduction required by FATCA, any current or future Treasury regulations or rulings promulgated
thereunder, any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA, any intergovernmental
agreement between the United States and any other jurisdiction pursuant to the implementation of FATCA, or any agreement with the
United States Internal Revenue Service pursuant to the implementation of FATCA; or

 

(10)       any
combination of the circumstances described in clauses (1) through (9),

 

nor will any Additional Amounts
be paid with respect to any payment to a recipient who is a fiduciary, partnership, limited liability company or any person other
than the sole beneficial owner of such payment to the extent that a beneficiary or settlor with respect to such fiduciary or a
member of such partnership or limited liability company or a beneficial owner would not have been entitled to the Additional Amounts
had such beneficiary, settlor, member or beneficial owner been in the place of such recipient.

 

In addition, the Issuer
shall pay any and all Other Taxes imposed by a Relevant Taxing Jurisdiction imposing such Other Taxes in accordance with Applicable
Law.

 

The obligation of the
Issuer to pay Additional Amounts will survive the repayment of the Notes and the sale or transfer of the Notes (or beneficial interests
therein) by any investor.

  

    	 	39	 

     

    

 

For purposes of the
provisions described in this ‎Section 2.12, the
term “applicable recipient” means the direct nominee of any beneficial owner of the relevant Note, which holds
such beneficial owner’s interest in such Note.

 

In the event there
after the Closing Date there has been any change with respect to any Taxes required by Applicable Law to be deducted or withheld
from any payment required to be made in respect of the Notes causing a change in the Additional Amounts payable, at least thirty
(30) days prior to the first date of payment of interest on the Notes and at least thirty (30) days prior to each date, if any,
of payment of principal or interest thereafter (but only if there has been any change with respect to the matters set forth in
any previously delivered Officers’ Certificate) the Issuer shall furnish the Trustee and each Paying Agent with an Officers’
Certificate instructing the Trustee and such Paying Agent as to whether such payment of principal of or any interest on such Notes
shall be made without deduction or withholding for or on account of any tax, duty, assessment or other governmental charge. If
any such deduction or withholding shall be required then such certificate shall specify the amount, if any, required to be deducted
or withheld on such payment to the relevant recipient, and the Issuer shall pay or cause to be paid to the Trustee or such Paying
Agent Additional Amounts, if any, required by this ‎Section
2.12. The Issuer agrees to indemnify the Trustee and each Paying Agent for, and to hold them harmless against, any loss, liability
or expense (including attorneys’ fees) reasonably incurred without gross negligence or willful misconduct on their part arising
out of or in connection with actions taken or omitted by it in reliance on any Officers’ Certificate furnished pursuant to
this ‎Section 2.12 and neither the Trustee nor
the Paying Agent shall be responsible or liable for determining any withholding amount, for the accuracy of any determination or
calculation or for determining if any withholding is required under Applicable Law.

 

Whenever in this Indenture
there is mentioned, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with
respect to any Note, such mention shall be deemed to include mention of the payment of Additional Amounts provided for in this
‎Section 2.12, to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of this ‎Section
2.12 and express mention of the payment of Additional Amounts in any provisions hereof shall not be construed as excluding
Additional Amounts in those provisions hereof where such express mention is not made.

 

Section 2.13       
Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated, defaced, destroyed, lost
or stolen, the Issuer will execute and the Trustee will, upon written direction by the Issuer, authenticate, register and deliver
a new Note of like tenor (including the same date of issuance) and equal principal amount registered in the same manner, dated
the date of its authentication and bearing interest from the date to which interest has been paid on such Note (or if no interest
has been paid, from the issue date), in exchange and substitution for such Note (upon surrender and cancellation thereof in the
case of mutilated or defaced notes) or in lieu of and in substitution for such Note. In case a Note is destroyed, lost or stolen,
the applicant for a substitute Note shall furnish the Issuer and the Trustee (a) such security or indemnity as may be required
by them to save each of them harmless and (b) satisfactory evidence of the destruction, loss or theft of such Note and of the ownership
thereof. Upon the issuance of any substituted Note, the Trustee may require the payment by the registered Holder thereof of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any fees and expenses (including
those of the Trustee) connected therewith. With respect to mutilated, defaced, destroyed, lost or stolen Definitive Notes, a Holder
thereof may obtain new definitive registered Notes from the office of the Transfer Agent.

 

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Notwithstanding any
statement herein, the Issuer and the Trustee reserve the right to impose such transfer, certificate, exchange or other requirements,
and to require such restrictive legends on Notes, as they may determine are necessary to ensure compliance with the securities
laws of the United States and the states therein and any other applicable laws.

 

Section 2.14       
Cancellation. (a) All Notes surrendered for payment, exchange or redemption, or deemed lost or stolen, shall,
if surrendered to any Person other than the Trustee, be delivered to the Trustee by such Person and shall be promptly canceled
by the Trustee (or, if lost or stolen and not yet replaced pursuant to ‎Section
2.13, delivered to the applicable Holder). No Note shall be authenticated in lieu of or in exchange for any Note canceled as
provided in this Section except as expressly permitted by this Indenture. All canceled Notes held by the Trustee shall be disposed
of or held by it in accordance with its standard retention policy.

 

(b)       Any
Note(s) (or beneficial interests therein) that are acquired by the Issuer may be canceled upon the election of the Issuer to do
so, provided, however, that no cancellation may be made between a Record Date and the next Payment Date. In order
to effect such cancellation, the Issuer shall send to the Trustee a written notice that it owns such Note(s) (or beneficial interest(s))
and wishes to have the indicated principal amount thereof cancelled (which ownership the Issuer shall evidence to the satisfaction
of the Trustee). Upon receipt of any such notice and satisfactory evidence, the Issuer hereby instructs the Trustee promptly to
cause such principal amount to be cancelled (including, if applicable, to notify any applicable securities depository). Upon any
such cancellation, the remaining unpaid principal amount of the Notes shall be reduced to take into effect such cancellation and
the calculation of interest (and other calculations under this Indenture) shall take into effect such cancellation.

 

Section 2.15       
Registration of Transfer and Exchange of Notes. (a) The Issuer hereby initially appoints the Security Registrar
as transfer agent for the Notes. The Security Registrar shall register Notes and transfers and exchanges thereof as provided herein.
The Security Registrar and each transfer agent and co-security registrar (if any) appointed with respect to the Notes shall be
referred to collectively as the “Transfer Agent.” The Security Registrar shall cause to be kept at the office
or agency to be maintained by it in accordance with ‎Section 8.11
a register (the “Register”) in which, subject to restrictions on transfer set forth herein, and such other reasonable
regulations as it may prescribe, the Security Registrar shall provide for: (i) the registration of the Notes and (ii) the registration
of transfers and exchanges of the Notes as provided herein. The Trustee shall preserve, in as current a form as is reasonably practicable,
the names and addresses of Holders received by the Trustee.

 

(b)        
Upon surrender for registration of transfer of any Note at the Corporate Trust Office or such other office or agency maintained
by the Trustee in accordance with ‎Section 8.11, the Trustee shall
authenticate and deliver, in the name of the designated transferee (and, if the transfer is for less than all of the applicable
Note, the transferor), one or more new Note(s) executed by the Issuer in authorized denominations of a like aggregate principal
balance and deliver such new Note(s) to the applicable Holder(s).

 

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(c)       
Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a
written instrument of transfer in form reasonably satisfactory to the Trustee (or the applicable Transfer Agent) duly executed
by the applicable Holder or its attorney duly authorized in writing.

 

(d)       
No service charge shall be charged to a Holder for any registration of transfer or exchange of Notes, but the Trustee may
require payment of a sum sufficient to cover any Tax or other governmental charge payable in connection therewith.

 

(e)        
All Notes surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed or retained
by the Trustee in accordance with its standard retention policy.

 

In addition to the
other provisions herein, the Issuer reserves the right to impose such transfer, certificate, exchange or other requirements, and
to require such restrictive legends on a Note, as it may determine are necessary to ensure compliance with the securities laws
of the United States and the states thereof and any other Applicable Laws.

 

Article
III

REDEMPTION OF NOTES

 

Section 3.1           
Applicability of Article. Notes that are redeemable before the Maturity Date shall be redeemable in accordance
with their terms and in accordance with this ‎Article III.

 

Section 3.2           
Election to Redeem. The election of the Issuer to redeem any Notes shall be authorized by a Board of Directors’
resolution of the Issuer and evidenced by an Officers’ Certificate. In the case of any redemption of Notes prior to the expiration
of any restriction on such redemption provided in the terms of such Notes or elsewhere in this Indenture, or pursuant to an election
by the Issuer which is subject to a condition specified in the terms of such Notes or elsewhere in this Indenture, the Issuer shall
furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction or condition.

 

Section 3.3           
Optional Redemption. At any time prior to May 23, 2022, the Issuer may on any one or more occasions redeem
up to an aggregate of 35% of the aggregate principal amount of Notes (including, for greater certainty, any Additional Notes) then
outstanding under this Indenture, upon not less than 15 nor more than 60 days’ notice, at a redemption price of 107.7500%
of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to the Redemption Date, with an
amount not greater than the aggregate Net Cash Proceeds of one or more Equity Offerings; provided that:

 

(1)        
at least 65% of the aggregate principal amount of the Notes originally issued under this Indenture on the Closing Date remain
outstanding immediately after the occurrence of such redemption (excluding Notes held by the Issuer and its Subsidiaries); and

 

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

 

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At any time prior to
May 23, 2023, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon not less than 15 nor more than
60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus the Applicable Premium
as of, and accrued and unpaid interest, if any, to, the Redemption Date.

 

On or after May 23,
2023, the Issuer may, on any one or more occasions, redeem all or a part of the Notes upon not less than 15 nor more than 60 days’
notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest,
if any, on the Notes redeemed, to the Redemption Date, if redeemed during the twelve month period beginning on May 23 of the years
indicated below:

  

	Year	 	Percentage	 
	2023	 	 	103.8750	%
	2024	 	 	101.9375	%
	2025 and thereafter	 	 	100	%

  

Unless the Issuer defaults
in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on
the Redemption Date.

 

In the event that Holders
of not less than 90% of the aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in
a Change of Control Offer (as defined below), Asset Disposition Offer or other tender offer and the Issuer (or a third party making
the offer) purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer or third party offeror, as
applicable, will have the right, upon not less than 15 nor more than 60 days’ prior notice, given not more than 30 days following
the purchase pursuant to such offer described above, to redeem (in the case of the Issuer) or purchase (in the case of a third
party offeror) all of the Notes that remain outstanding following such purchase at a redemption price or purchase price, as the
case may be, equal to the price paid to each other Holder in such offer (which may be less than par) plus, to the extent not included
in such price, accrued and unpaid interest on the Notes that remain outstanding, to the Redemption Date(subject to the right of
Holders of record on the relevant Record Date to receive interest due on an interest Payment Date that is on or prior to the Redemption
Date).

 

Section 3.4           
Optional Tax Redemption. The Notes may be redeemed at the Issuer’s election, in whole but not in part,
on any date prior to the Maturity Date, by the giving of notice as provided herein under ‎Section
3.6 at a price equal to the outstanding principal amount thereof, together with any Additional Amounts and accrued and unpaid
interest to the Redemption Date, if, as a result of:

 

(a)         
any change in, or amendment to, laws or treaties (or any regulation or rulings promulgated thereunder) of a Relevant Taxing
Jurisdiction; or

 

(b)         
any change in the official application, administration or interpretation of such laws, treaties, regulations or rulings
(including by virtue of a holding, judgment, or order by a court of competent jurisdiction or a change in published administrative
practice) in a Relevant Taxing Jurisdiction, which amendment, change, application, administration or interpretation is enacted
or promulgated (or in the case of changes described in clause (b), publicly announced) on or after the date of the final offering
memorandum related to the Notes (or, in the case of a jurisdiction that becomes a Relevant Taxing Jurisdiction on a date after
the date of the final offering memorandum related to the Notes, such later date) as a result of which the Issuer, a Note Guarantor
or Successor, as the case may be, has become or would become obligated to pay any Additional Amounts on the next date on which
any amount would be payable with respect of such Notes and the Issuer, the Note Guarantor or the Successor, as the case may be,
determines in good faith that such obligation cannot be avoided by taking commercially reasonable measures available to it; provided,
however, that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the
relevant entity would be obligated to pay such Additional Amounts.

 

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Prior to the giving
of notice of redemption of such Notes pursuant to this ‎Section
3.4, the Issuer will deliver to the Trustee an Officers’ Certificate and a written opinion of such Relevant Taxing Jurisdiction
counsel independent of the Issuer and its Affiliates to the effect that the Issuer, Note Guarantor, or Successor, as the case may
be, has or will become obligated to pay such Additional Amounts as a result of such change, amendment, application, administration
or interpretation. On the Redemption Date, interest will cease to accrue on the Notes that have been redeemed.

 

Section 3.5           
Optional Redemption Procedures. Except when and as provided in ‎Section
3.3 above:

 

(a)         
In the event that less than all of the Notes are to be redeemed at any time, selection of notes for redemption will be made
by the Trustee in compliance with the requirements governing redemptions of the principal securities exchange, if any, on which
notes are listed or if such securities exchange has no requirement governing redemption or the Notes are not then listed on a securities
exchange, on a pro rata basis or by lot (or, in the case of notes issued in global form, based on a method in accordance with the
Applicable Procedures). If notes are redeemed in part, the remaining outstanding amount must be at least equal to $200,000 and
be an integral multiple of $1,000.

 

(b)         
Notes shall be excluded from eligibility for selection for redemption if they are identified by registration and certificate
number in a written statement signed by an Authorized Officer of the Issuer and delivered to the Trustee at least 60 days prior
to the Redemption Date as being owned of record and beneficially by, and not pledged or hypothecated by either (i) the Issuer,
or (ii) a Person specifically identified in such written statement which is an Affiliate of the Issuer.

 

(c)         
The Trustee shall promptly notify the Issuer in writing of the Notes selected for redemption and, in the case of any Notes
selected for partial redemption, the principal amount thereof to be redeemed.

 

(d)         
For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of
Notes shall relate, in the case of any Notes redeemed or to be redeemed only in part, to the portion of the principal amount of
such Notes which has been or is to be redeemed.

 

    	 	44	 

     

    

  

Section 3.6           
Notice of Redemption. At least 30 days but not more than 60 days before a Redemption Date, the Issuer will
give written notice of redemption to each Holder whose Notes are to be redeemed in the manner provided for in Section 10.6.
Notice will be provided to the Trustee, Registrar and any Paying Agent no later than 5 Business Days prior to the date that the
notice of redemption is sent to Holders (or such shorter period as the Trustee may accept). All notices of redemption shall identify
the Notes to be redeemed and shall state:

 

(a)         
the Redemption Date;

 

(b)         
the redemption price;

 

(c)         
that on the Redemption Date the redemption price will become due and payable upon each such Note to be redeemed and, if
applicable, that interest thereon will cease to accrue on and after said date;

 

(d)         
if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
Redemption Date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued
upon cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a Global Note will
be made, as appropriate);

 

(e)         
the place or places where such Notes are to be surrendered for payment of the redemption price (the “Place of Payment”);
and

 

(f)         
CUSIP(s), and, if applicable, ISIN(s), and that no representation is made as to the correctness or accuracy of the CUSIP
and/or ISIN numbers, if any, listed in such notice or printed on the Notes.

 

Notwithstanding the
foregoing, notice of any redemption of the Notes in connection with a corporate transaction (including an Equity Offering, an Incurrence
of Indebtedness or a Change of Control) may, at the Issuer’s discretion, be given prior to the completion thereof and any
such redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent, including, but
not limited to, completion of the related transaction. If such redemption or purchase is so subject to satisfaction of one or more
conditions precedent, such notice shall describe each such condition, and if applicable, shall state that, in the Issuer’s
discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption
or purchase may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied
by the Redemption Date, or by the Redemption Date as so delayed. In addition, the Issuer may provide in such notice that payment
of the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another
Person.

 

Section 3.7           
Deposit of Redemption Price. By 11:00 a.m., New York City time, at least one Business Day prior to any Redemption
Date, the Issuer shall (i) deposit with the Trustee or with a Paying Agent an amount of money in immediately available funds in
U.S. Dollars sufficient to pay the redemption price of the Notes and (ii) deliver to the Trustee, if such redemption is subject
to a restriction or condition, an Officers’ Certificate evidencing compliance with such restriction or condition.

 

    	 	45	 

     

    

  

Section 3.8           
Notes Payable on Redemption Date. Notice of redemption having been given as set forth in ‎Section
3.6, the Notes shall, on the Redemption Date, become due and payable at the redemption price therein specified, and from and
after such date (unless the Issuer shall default in the payment of the redemption price) the Notes shall cease to bear interest.
Upon redemption of any Notes by the Issuer, such redeemed Notes will be cancelled or, to the extent so requested by the Issuer,
remain outstanding. The Issuer may designate at its option a third party to call the Notes for mandatory purchase in lieu of exercising
its right to optional redemption under the Indenture; provided that any call by a third party shall be treated as if such call
was made by the Issuer.

 

If any Note called
for redemption shall not be so paid upon surrender thereof for redemption, the principal thereof (and premium, if any) and accrued
and unpaid interest thereon, as applicable, shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor
in the Note.

 

Section 3.9           
Open Market Purchases. The Issuer or any of its Restricted Subsidiaries may at any time purchase any Note
in the open market or otherwise at any price. Any Note so purchased by the Issuer or any of its Restricted Subsidiaries may be
surrendered to the Trustee for cancellation.

 

Article
IV

COVENANTS

 

Section 4.1           
Covenants of the Issuer and the Note Guarantors. The Issuer and the other Note Guarantors agree that they
shall, and shall cause their Restricted Subsidiaries, as applicable, to comply with the following covenants:

 

(a)           
Rule 144A Information. For so long as any of the Notes remain Outstanding and are “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, the Issuer shall furnish, upon the request of any Holder, such information
as is specified in Rule 144A(d)(4) under the Securities Act: (i) to such Holder, (ii) to a prospective purchaser of such Note (or
beneficial interests therein) who is a QIB designated by such Holder and (iii) to the Trustee for delivery to any applicable Holders
or such prospective purchaser so designated, in each case in order to permit compliance by such Holder with Rule 144A in connection
with the resale of such Note (or beneficial interest therein) in reliance upon Rule 144A. All such information shall be in the
English language.

 

(b)           
Notice of Default; Compliance Certificate.

 

(i)                
The Issuer will furnish to the Trustee, not later than ten Business Days after the Issuer obtains Actual Knowledge thereof,
written notice of any Default, signed by an Authorized Officer of the Issuer, describing such Default and the steps that the Issuer
proposes to take in connection therewith.

 

    	 	46	 

     

    

  

(ii)             
Within 120 days after the end of each fiscal year of the Issuer ending after the date hereof, the Issuer shall deliver to
the Trustee a certificate which need not comply with ‎Section
10.12, executed by the principal executive officer, the principal financial officer or the principal accounting officer of
the Issuer and one other Authorized Officer of the Issuer, as to such officers’ knowledge of the Issuer’s compliance
with all conditions and covenants under this Indenture, such compliance to be determined (solely for the purpose of this ‎Section
4.1(b)(ii)) without regard to any period of grace or requirement of notice under this Indenture.

 

(c)           
Maintenance of Books and Records. The Issuer will, and will cause each of its Restricted Subsidiaries to, maintain
books, accounts and other records in accordance, in all material respects, with GAAP and the Issuer will cause its Restricted Subsidiaries
organized under laws of any other jurisdiction to maintain their books and records in accordance, in all material respects, with
the generally accepted accounting principles of the applicable jurisdiction.

 

(d)           
Further Assurances. The Issuer will, and will cause its Restricted Subsidiaries (including the Issuer) to, at its
own cost and expense, execute and deliver to the Trustee all such other documents, instruments and agreements and do all such other
acts and things as may be reasonably necessary in order to give effect to this Indenture or the Notes.

 

(e)           
Singapore Listing. Approval in principle has been received from the SGX-ST to list the Notes on the SGX-ST and the
Issuer will use its reasonable best efforts to obtain and maintain listing of the Notes on the SGX-ST.

 

(f)           
Limitation on Indebtedness. (1) The Issuer will not, and will not permit any Restricted Subsidiary to, Incur, directly
or indirectly, any Indebtedness; provided, however, that the Issuer or any Restricted Subsidiary may Incur Indebtedness
if (i) on the date of such Incurrence and after giving effect thereto and the application of proceeds therefrom, the Consolidated
Interest Coverage Ratio would be no less than 2.50:1.0 and the Consolidated Net Debt to Consolidated Adjusted EBITDA Ratio would
be no greater than (x) if such Incurrence is on or prior to February 15, 2021, 3.50:1.0, (y) if such Incurrence is after February
15, 2021 and on or prior to February 15, 2022, 3.00:1.00 and (z) if such Incurrence is after February 15, 2022, 2.75:1.00 and,
(ii) no Default or Event of Default shall have occurred and be continuing; and

 

(2)           Notwithstanding
the foregoing clause (1), the Issuer and its Restricted Subsidiaries may Incur the following Indebtedness:

 

		(a)	Indebtedness incurred under Credit Facilities in an aggregate principal amount at any one time
not to exceed the greater of (a) $250 million and (b) 100% of Consolidated Adjusted EBITDA of the Issuer for the most recently
completed four fiscal quarters for which annual or quarterly financial statements are available;

 

		(b)	Indebtedness:

 

    	 	47	 

     

    

 

 

		(i)	of the Issuer and any Restricted Subsidiary outstanding on the Closing Date, including, without
limitation, the Senior Notes due 2025 and the Convertible Notes; and

 

		(ii)	consisting of Guarantees of any Indebtedness otherwise permitted by and made in accordance with
the provisions of this ‎Section 4.1(f);

 

		(c)	Indebtedness of a Restricted Subsidiary Incurred and outstanding on or prior to the date on which
such Restricted Subsidiary was acquired by the Issuer or a Restricted Subsidiary or otherwise became a Restricted Subsidiary (other
than Indebtedness Incurred as consideration of, or to provide all or any portion of the funds or credit support utilized to consummate,
or otherwise in contemplation of, the transaction or series of related transactions pursuant to which such Restricted Subsidiary
became a Subsidiary of, or was otherwise acquired by, the Issuer or a Restricted Subsidiary); provided, however,
that on the date that such Restricted Subsidiary is acquired by the Issuer or a Restricted Subsidiary, either (x) the Issuer and
the Restricted Subsidiaries would have been able to Incur $1.00 of additional Indebtedness pursuant to the foregoing clause (1),
after giving pro forma effect to the Incurrence of such Indebtedness pursuant to this subclause (c) and the repayment of
any Indebtedness in connection with such transaction, and the acquisition of such Restricted Subsidiary, or (y) the Consolidated
Interest Coverage Ratio would be no less than the Consolidated Interest Coverage Ratio immediately prior to such transactions,
and the Consolidated Net Debt to Consolidated Adjusted EBITDA Ratio would be no greater than the Consolidated Net Debt to Consolidated
Adjusted EBITDA Ratio immediately prior to the transactions, in each case after giving effect to the repayment of any Indebtedness
in connection with such transactions;

 

		(d)	Indebtedness of another Person Incurred and outstanding on or prior to the date on which such Person
consolidates with or merges with or into the Issuer or a Restricted Subsidiary (other than Indebtedness Incurred as consideration
of, or to provide all or any portion of the funds or credit support utilized to consummate, or otherwise in contemplation of, the
transaction or series of related transactions pursuant to which such Person consolidates with or merges with or into the Issuer
or a Restricted Subsidiary); provided, however, that on the date that such transaction is consummated, either (x)
the Issuer and the Restricted Subsidiaries would have been able to Incur $1.00 of additional Indebtedness pursuant to the foregoing
clause (1) after giving pro forma effect to the Incurrence of such Indebtedness pursuant to this subclause (d) and the repayment
of any Indebtedness in connection with such transaction, and such consolidation or merger, or (y) the Consolidated Interest Coverage
Ratio would be no less than the Consolidated Interest Coverage Ratio immediately prior to such transactions, and the Consolidated
Net Debt to Consolidated Adjusted EBITDA Ratio would be no greater than the Consolidated Net Debt to Consolidated Adjusted EBITDA
Ratio immediately prior to the transactions, in each case after giving effect to the repayment of any Indebtedness in connection
with such transactions;

 

    	 	48	 

     

    

  

		(e)	Indebtedness in respect of bankers’ acceptances, bank guarantees, warehouse receipts, deposits,
promissory notes, workers’ compensation claims, self-insurance obligations or similar bids or bonds and Guarantees provided
by the Issuer or any Restricted Subsidiary in the ordinary course of business (other than such obligations of the type referred
to in subclause (l));

 

		(f)	Indebtedness arising under agreements providing for indemnification, adjustment of purchase price
or similar obligations, in each case Incurred or assumed in connection with the acquisition or disposition of a business, assets
or Capital Stock; provided, however, that, in the case of a disposition, the maximum aggregate liability in respect
of such Indebtedness will at no time exceed the gross proceeds actually received by the Issuer or such Restricted Subsidiary in
connection with such disposition;

 

		(g)	Purchase Money Obligations and Capitalized Lease Obligations in an aggregate principal amount at
any one time not in excess of the greater of (i) $25 million and (ii) 2.0% of Consolidated Net Tangible Assets;

 

		(h)	Hedging Obligations of the Issuer or any Restricted Subsidiary Incurred for the purpose of fixing
or hedging interest rate risk or currency and commodity prices fluctuations in the ordinary course of business or with respect
to Indebtedness permitted to be Incurred by the Issuer or any Restricted Subsidiary pursuant to the Indenture, and in each case
not for speculative purposes; provided, however, that increases in Hedging Obligations as a result of fluctuations
in foreign currency, commodity prices, exchange rates or interest rates shall not be deemed an Incurrence of Indebtedness;

 

		(i)	Refinancing Indebtedness, including Refinancing Indebtedness Incurred to defease the Notes as provided
in ‎Section 6.4 hereof to the extent the proceeds therefrom
are applied concurrently to defease the Notes;

 

    	 	49	 

     

    

  

		(j)	Indebtedness of the Issuer or any of its Restricted Subsidiaries evidenced by the Notes or the
Note Guarantee;

 

		(k)	Indebtedness arising from the honoring by a bank or other financial institution of a check, draft
or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that
such Indebtedness is extinguished within five Business Days of its incurrence;

 

		(l)	Indebtedness consisting of letters of credit, bonds or surety obligations required by governmental
requirements in connection with the operation of the Issuer’s and Restricted Subsidiaries’ Oil and Gas Properties,
which Indebtedness, measured at the time of incurrence thereof, shall in no event exceed 12% of Consolidated Net Tangible Assets
in the aggregate;

 

		(m)	Indebtedness of the Issuer or any of its Restricted Subsidiaries (including, but not limited to,
Indebtedness consisting of working capital lines of credit) in an aggregate principal amount which, when taken together with all
other Indebtedness of the Issuer and its Restricted Subsidiaries outstanding on the date of such Incurrence (other than Indebtedness
permitted by subclauses (a) through (l) above or subclauses (n) through (p) below) does not exceed the greater of $20 million and
1.5% of Consolidated Net Tangible Assets;

 

		(n)	Indebtedness of the Issuer owed to and held by any Restricted Subsidiary of the Issuer or Indebtedness
of a Restricted Subsidiary owed to and held by the Issuer or any other Restricted Subsidiary; provided, however,
that

 

		(i)	any subsequent issuance or transfer of any Capital Stock or any other event that results in any
such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of any such Indebtedness (except to
the Issuer or a Restricted Subsidiary) shall be deemed, in each case, to constitute the Incurrence of such Indebtedness by the
issuer thereof; and

 

		(ii)	if the Issuer is the obligor on such Indebtedness, such Indebtedness is expressly subordinated
to the prior payment in full in cash of all obligations with respect to the Notes, unless the Restricted Subsidiary is a Note Guarantor;

 

		(o)	Indebtedness arising under 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 in each case incurred in the ordinary course of business; and

 

    	 	50	 

     

    

 

		(p)	accounts payable to trade creditors created or assumed in the ordinary course of business or which
is customary in the Oil and Gas Business in connection with the obtaining of goods or services and Indebtedness representing deferred
compensation to employees, consultants or independent contractors of the Issuer or any Restricted Subsidiary incurred in the ordinary
course of business.

 

For purposes
of determining the compliance with this covenant:

 

		(x)	Indebtedness permitted by this covenant (including clause (1) above), need not be permitted solely
by reference to one provision permitting such Indebtedness but may be permitted in part by one such provision and in part by one
or more other provisions of this covenant permitting such Indebtedness, as determined by the Issuer in its sole discretion; and

 

		(y)	In the event that Indebtedness meets the criteria of more than one of the types of Indebtedness
described in this covenant including clause (1) above, the Issuer, in its sole discretion, shall classify (and from time to time
may reclassify) such item of Indebtedness, in any manner that complies with this covenant, except that Indebtedness under the Credit
Agreement that is outstanding on the Closing Date after giving effect to this offering and the use of proceeds described herein
will be deemed to have been incurred on such date under clause (a) above; and

 

(3)       Notwithstanding
the foregoing, the Issuer may not Incur any Indebtedness pursuant to clause (2) above if the proceeds thereof are used,
directly or indirectly, to Refinance any Subordinated Obligations, unless such Indebtedness will be subordinated to any obligations
owed under the Notes and the Indenture to at least the same extent as such Subordinated Obligations.

 

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; provided, however, 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 Dollar-denominated
restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not
exceed the principal amount of such Indebtedness being refinanced. Notwithstanding any other provision of this covenant, the maximum
amount of Indebtedness that the Issuer or any Restricted Subsidiary may Incur pursuant to this covenant shall not be deemed to
be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness, if
Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on currency exchange rate applicable
to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the date of such refinancing.

 

    	 	51	 

     

    

 

Accrual of interest,
accrual of dividends, payment of interest in the form of additional Indebtedness, payment of dividends in the form of shares of
Preferred Stock, accretion or amortization of original issue discount will not be deemed to be an Incurrence of Indebtedness for
purposes of this covenant.

 

(g)       
Limitation on Liens. The Issuer will not, and will not permit any Restricted Subsidiary to, directly or indirectly,
create, Incur or suffer to exist any Lien on any property, assets, income or profits of the Issuer or any Restricted Subsidiary
without effectively providing that the Notes (together with, if the Issuer so determines, any other Indebtedness or obligation
then existing or thereafter created ranking equally with the Notes) shall be secured equally and ratably with (or prior to) the
Indebtedness secured by such Lien so long as such Indebtedness shall be so secured, except that the foregoing provisions shall
not apply to:

 

(1)       Liens
in existence on the Closing Date;

 

(2)       Liens
that secure Indebtedness owing by a Restricted Subsidiary to the Issuer and/or one or more other Restricted Subsidiaries or by
the Issuer to one or more Restricted Subsidiaries;

 

(3)       Liens
on any property or assets acquired from a Person that is merged with or into the Issuer or any Restricted Subsidiary, or any Liens
on the property, Capital Stock, assets, income or profits of any Person, existing at the time such Person becomes a Restricted
Subsidiary and, in either such case, is not created as a result of or in connection with or in anticipation of any such transaction
(unless such Lien was created to secure or provide for the payment of any part of the purchase price of such Person); provided,
however, that such Liens may not extend to any other property, assets, income or profits of the Issuer or any Restricted
Subsidiary (other than improvements, accessions, upgrades, accessories and products and proceeds in respect of the property subject
to such Liens at the time of such acquisition);

 

(4)       any
Lien on any property or assets existing at the time of acquisition thereof, including any acquisition by means of a merger or consolidation,
and that is not created as a result of or in connection with or in anticipation of such acquisition (unless such Lien was created
to secure or provide for the payment of any part of the purchase price of such property or assets); provided, however,
that such Liens may not extend to any other property, assets, income or profits of the Issuer or any Restricted Subsidiary (other
than improvements, accessions, upgrades, accessories and products and proceeds in respect of the property subject to such Liens
at the time of such acquisition);

 

(5)       any
Lien on the Capital Stock of an Unrestricted Subsidiary;

 

    	 	52	 

     

    

  

(6)       Liens
(including extensions and renewals) with respect to Purchase Money Obligations and Capitalized Lease Obligations incurred pursuant
to clause (2)(g) under ‎Section 4.1(f) hereof;

 

(7)       Liens
imposed by contract or law, including landlords’, operators’, vendors’, carriers’, warehousemen’s
and mechanics’ Liens and other similar Liens, on the property or assets of the Issuer or any Restricted Subsidiary arising
in the ordinary course of business and securing payment of obligations that are not more than 60 days past-due or are being contested
in good faith by appropriate proceedings;

 

(8)       [Reserved];

 

(9)       Liens
on the property or assets of the Issuer or any Restricted Subsidiary Incurred in the ordinary course of business to secure the
performance of tenders, bids, statutory obligations, appeal bonds and deposits (including, without limitation, as security for
contested taxes or import or customs duties), government contracts, workers compensation, unemployment insurance and social security
claims, return-of-money bonds, or other obligation of a like nature and Incurred in a manner consistent with industry practice,
in each case which are (i) not Incurred in connection with the borrowing of money, the obtaining of advances or credit or the payment
of the deferred purchase price of property or assets in the operation of the business of the Issuer and the Restricted Subsidiaries,
and (ii) not obligations of the type referred to in clause (2)(l) under ‎Section
4.1(f) hereof;

 

(10)       easements,
rights of way, restrictions, or defects or irregularities in title and other similar charges or encumbrances which do not interfere
in any material respect with the business of the Issuer or any Restricted Subsidiary;

 

(11)       Liens
on Indebtedness Incurred to defease all of the Outstanding Notes as permitted under ‎Section
6.4 hereof to the extent the proceeds therefrom are applied concurrently to defease the Notes;

 

(12)       Liens
arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar
rights or remedies as to deposit accounts or other funds maintained with a creditor depository institution; provided, however,
that (A) such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the
Issuer or any Subsidiary of the Issuer in excess of those set forth by regulations promulgated by the Board of Governors of the
Federal Reserve System of the United States or analogous Canadian and Cayman Islands governmental authorities and (B) such deposit
account is not intended by the Issuer or any Subsidiary of the Issuer to provide collateral to such depository institution;

 

(13)       Liens
arising out of judgments or awards against the Issuer or a Restricted Subsidiary which do not give rise to an Event of Default;

 

(14)       Liens
imposed by law for taxes, assessments or governmental charges;

 

    	 	53	 

     

    

  

(15)       Liens
arising out of governmental concessions or licenses (including under contracts with governmental entities or agencies for technical
evaluation or exploration and development rights of oil and natural gas fields) held by the Issuer or a Restricted Subsidiary;

 

(16)       Liens
to secure the Notes or the Note Guarantees;

 

(17)       Liens
securing Hedging Obligations incurred pursuant to clause (2)(h) under ‎Section
4.1(f) hereof, so long as the related Indebtedness is, and is permitted to be, secured by a Lien substantially on the same
property securing such Hedging Obligations;

 

(18)       Leases
and subleases of real property by the Issuer or any Restricted Subsidiary as lessor which do not materially interfere with the
ordinary conduct of the business of the Issuer or any of its Restricted Subsidiaries;

 

(19)       Liens
securing Indebtedness incurred pursuant to clause (2)(a) under ‎Section
4.1(f) hereof;

 

(20)       any
extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any Lien referred
to in the foregoing clauses (1) through (19) or of any Indebtedness secured thereby; provided that the principal amount of Indebtedness
so secured thereby shall not exceed the principal amount of Indebtedness so secured at the time of such extension, renewal or replacement
(plus accrued and unpaid interest and reasonable fees and expenses Incurred in connection therewith), and that such extension,
renewal or replacement Lien shall be limited to all or part of the property that secured the Lien extended, renewed or replaced
(plus improvements on or additions to such property);

 

(21)       Liens
on the property or assets of the Issuer or any Restricted Subsidiary in an aggregate principal amount which, when taken together
with all other Liens on the property or assets of the Issuer or any Restricted Subsidiary incurred pursuant to this clause (21)
and outstanding on the date of such Incurrence, does not exceed the greater of (x) $20 million and (y) 1.5% of Consolidated Net
Tangible Assets;

 

(22)       Liens
arising under joint venture agreements, partnership agreements, operating agreements, oil and gas leases or subleases, assignments,
purchase and sale agreements, division orders, contracts for the sale, purchasing, processing, transportation or exchange of oil
or natural gas, unitization and pooling declarations and agreements, development agreements, technical evaluation agreements, area
of mutual interest agreements, overriding royalty agreements, marketing agreements, rights of first refusal, rights of first offer,
licenses, sublicenses, net profits interests, participations agreements, Farm-Out Agreements, Farm-In 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, carried working interest, joint operating, unitization, royalty, sales and similar
agreements or arrangements relating to the exploration or development of, or production from, Oil and Gas Properties entered into
in the ordinary course of business in a Permitted Business;

 

    	 	54	 

     

    

 

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

 

(24)       Liens
reserved in oil and gas mineral leases for bonus or rental payments and for compliance with the terms of such leases;

 

(25)       Liens
(other than Liens securing Indebtedness) on, or related to, assets to secure all or part of the costs incurred in the ordinary
course of the Oil and Gas Business for the exploration, drilling, development, production, processing, transportation, marketing,
storage or operation thereof; and

 

(26)       Liens
securing obligations arising under 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
in each case incurred in the ordinary course of business.

 

Liens or deposits required by any contract
or statute or other regulatory requirements in order to permit the Issuer or a Restricted Subsidiary to perform any contract or
subcontract made by it with or at the request of a governmental entity or any department, agency or instrumentality thereof, or
to secure partial progress, advance or any other payments to the Issuer or any Restricted Subsidiary by a governmental entity or
any department, agency or instrumentality thereof pursuant to the provisions of any contract or statute shall not be deemed to
create Indebtedness secured by Liens.

 

(h)         
Limitation on Restricted Payments. (1) The Issuer will not, and will not permit any Restricted Subsidiary to, directly
or indirectly, (the actions described in subclauses (a) through (d) below being herein referred to as “Restricted Payments”):

 

		(a)	declare or pay any dividend or make any distribution on or in respect of their Capital Stock (including
any such payment in connection with any merger or consolidation involving the Issuer or any Restricted Subsidiary) or similar payment
to the direct or indirect holders of their Capital Stock, except for dividends or distributions payable solely in the form of issuance
of additional Capital Stock (other than Disqualified Stock of the Issuer or a Restricted Subsidiary or Preferred Stock of a Restricted
Subsidiary) and except dividends or distributions payable to the Issuer or another Restricted Subsidiary (and, if such Restricted
Subsidiary has shareholders other than the Issuer or other Restricted Subsidiaries, to its other shareholders on a pro rata basis
or basis more favorable to the Issuer or other Restricted Subsidiary, based on their respective holdings of the applicable classes
of Capital Stock);

 

		(b)	purchase, redeem, retire or otherwise acquire for value any Capital Stock of the Issuer held by
Persons other than the Issuer or a Restricted Subsidiary (other than a purchase, redemption, retirement or other acquisition for
value that would constitute a Permitted Investment);

 

    	 	55	 

     

    

  

		(c)	purchase, repurchase, redeem, defease or otherwise acquire or retire for value, prior to scheduled
maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated Obligations (other than the purchase, repurchase,
redemption, defeasance or other acquisition of Subordinated Obligations (x) purchased, repurchased, redeemed, defeased or otherwise
acquired in anticipation of satisfying a sinking fund obligation, principal installment or a final maturity, in each case, due
within one year of the date of such purchase, repurchase, redemption, defeasance or other acquisition or (y) owing to or held by
the Issuer or a Restricted Subsidiary); or

 

		(d)	make any Investment (other than a Permitted Investment) in any other Person.

 

The restrictions
above will apply if at the time the Issuer or such Restricted Subsidiary makes such Restricted Payment:

 

(i)            
a Default (other than a Default arising under or breach in the performance of the covenant described in Section 4.1(m)
hereof) or an Event of Default has occurred and is continuing or would occur as a result thereof;

 

(ii)           
the Issuer could not Incur at least $1.00 of additional Indebtedness under clause (1) of the covenant described under ‎Section
4.1(f) hereof after giving effect to the Restricted Payment; or

 

(iii)        
the aggregate amount of such Restricted Payment and all other Restricted Payments (excluding Restricted Payments permitted
by subclauses (a), (b), (d), (e), (f), (g) and (h) of clause (2), below) declared or
made subsequent to the Closing Date would exceed the sum of, without duplication:

 

		(A)	50% of Consolidated Net Income accrued during the period (treated as one accounting period) from
January 1, 2018 to the end of the most recent fiscal quarter for which financial statements have been delivered to the Trustee
under the Indenture prior to the date of such Restricted Payment (or, in case such Consolidated Net Income will be a deficit, minus
100% of such deficit); plus

 

		(B)	the aggregate Net Cash Proceeds and Fair Market Value of any property received by the Issuer from
the issue or sale of its Capital Stock (other than Disqualified Stock) or other capital contributions subsequent to the Closing
Date (other than Net Cash Proceeds received from an issuance or sale of such Capital Stock to a Restricted Subsidiary of the Issuer);
plus

 

    	 	56	 

     

    

 

 

		(C)	(1) the amount of a Guarantee of the Issuer or any Restricted Subsidiary upon the unconditional
release in full of the Issuer or such Restricted Subsidiary from such Guarantee if such Guarantee was previously treated as a Restricted
Payment; and

 

		(2)	in the event that the Issuer or any Restricted Subsidiary makes an Investment in a Person that,
as a result of or in connection with such Investment, becomes a Restricted Subsidiary, an amount equal to the Issuer’s or
such Restricted Subsidiary’s existing Investment in such Person;

 

provided
that any amount added pursuant to clauses (1) and (2) of this clause (C) shall not exceed the amount of such Guarantee or Investment
previously made and treated as a Restricted Payment and not previously added pursuant to this clause (iii); provided, however,
that no amount will be included under this clause (C) to the extent it is already included under clause (A) above; plus

 

		(D)	the amount by which Indebtedness of the Issuer or any Restricted Subsidiary is reduced on the balance
sheet of the Issuer or any Restricted Subsidiary upon the conversion or exchange subsequent to the Closing Date of any such Indebtedness
for Capital Stock (other than Disqualified Stock) of the Issuer (less the amount of any cash or the Fair Market Value of other
property (other than such Capital Stock) distributed by the Issuer or any Restricted Subsidiary upon such conversion or exchange);
plus

 

		(E)	the amount equal to the net reduction of Investments (other than Permitted Investments) made by
the Issuer or any Restricted Subsidiary in any Person resulting from repurchases or redemptions of such Investment by such Person,
proceeds realized upon the sale of such Investment, repayments of loans or advances or other transfers of assets (including by
way of dividend or distribution) by such Person to the Issuer or any Restricted Subsidiary or the redesignation of an Unrestricted
Subsidiary as a Restricted Subsidiary or the merger or consolidation of an Unrestricted Subsidiary into any of the Issuer or a
Restricted Subsidiary; provided that any amount added pursuant to this clause (E) shall not exceed the amount of such Investment
previously made and treated as a Restricted Payment; provided, however, that no amount will be included under this
clause (E) to the extent it is already included under clause (A) above; plus

 

    	 	57	 

     

    

  

		(F)	the Starter Amount.

 

		(2)	The provisions of the foregoing clause (1) shall not prohibit:

 

		(a)	any purchase, repurchase, retirement, defeasance or other acquisition or retirement for value of
Capital Stock of the Issuer or Subordinated Obligations made by exchange for, or out of the proceeds of the substantially concurrent
sale of, Capital Stock of the Issuer (other than Disqualified Stock or other than Capital Stock issued or sold to a Subsidiary
of the Issuer);

 

		(b)	(1) any purchase, repurchase, redemption, defeasance or other acquisition or retirement for value
of Subordinated Obligations made by exchange for, or out of the proceeds of the substantially concurrent sale of, Indebtedness
that is permitted to be Incurred pursuant to clause (2) of the covenant described under ‎Section
4.1(f); and (2) any purchase, repurchase, redemption or other acquisition or retirement for value of Disqualified Stock made
by exchange for, or out of the proceeds of the substantially concurrent sale of Disqualified Stock;

 

		(c)	dividends paid in accordance with applicable law after the date of declaration thereof if at such
date of declaration such dividend would have complied with this covenant; provided, however, that the payment or
declaration, but not both the payment and the declaration, of such dividend will be included in the calculation of the amount of
Restricted Payments pursuant to clause (1)(iii) above;

 

		(d)	dividends of Capital Stock of PetroTal Corp.;

 

		(e)	repurchases of Capital Stock deemed to occur upon the exercise of stock options, warrants or other
convertible or exchangeable securities to the extent such Capital Stock represents a portion of the exercise price thereof;

 

    	 	58	 

     

    

  

		(f)	any cash discount with respect to the contractual exercise price made to holders of the Issuer’s
warrants in connection with the exercise of such warrants by the holders thereof;

 

		(g)	the repurchase, redemption or other acquisition of any Capital Stock of the Issuer or any direct
or indirect parent of the Issuer or any of its Restricted Subsidiaries held by any current or former officer, director, employee
or consultant (or their transferees, estates or beneficiaries) of the Issuer or any of its Restricted Subsidiaries pursuant to
any equity subscription agreement, shareholder agreement, employment agreement, stock option plan, equity incentive or other plan
or similar agreement, in each case in effect as of the Closing Date, in an aggregate amount not to exceed $5.0 million in each
calendar year of the Issuer (with unused amounts in any calendar year being carried over to succeeding calendar years, subject
to a maximum roll over amount of $5.0 million in any calendar year); provided, that such amount in any calendar year may
be increased by an amount not to exceed:

 

(i)                
the cash proceeds received by the Issuer from the sale of Capital Stock (other than Disqualified Stock) of the Issuer to
employees, directors, officers or consultants of the Issuer or any of its Restricted Subsidiaries that occurs after the Closing
Date, plus

 

(ii)             
the cash proceeds of key man life insurance policies received by the Issuer or any of its Restricted Subsidiaries after
the Closing Date;

 

		(h)	Capital Stock repurchased in the open market to equity-settle stock-based compensation awarded
to employees or directors of the Issuer or its Subsidiaries in the ordinary course of business;

 

		(i)	Restricted Payments in an amount which, when taken together with all Restricted Payments made pursuant
to this clause (i) shall not exceed $7.5 million in each calendar year of the Issuer (with unused amounts in any calendar year
being carried over to succeeding calendar years); provided, however, that no Default (other than a Default arising
under or breach in the performance of the covenant described in Section 4.1(m)) or Event of Default shall have occurred
and be continuing or would occur as a result thereof; and

 

		(j)	Restricted Payments in an amount which, when taken together with all Restricted Payments made pursuant
to this clause (j) shall not exceed $10.0 million; provided, however, that no Default (other than a Default arising
under or breach in the performance of the covenant described in Section 4.1(m)) or Event of Default shall have occurred
and be continuing or would occur as a result thereof.

 

    	 	59	 

     

    

 

The amount of all Restricted
Payments (other than cash) shall be the Fair Market Value on the date of such Restricted Payment of the asset(s) or securities
proposed to be paid, transferred, issued, purchased, repurchased, redeemed, retired, defeased or otherwise acquired by the Issuer
or such Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment. The Fair Market Value of any cash Restricted
Payment shall be its face amount. The Fair Market Value of any non-cash Restricted Payment or non-cash properties received in respect
of the sale or issuance of Capital Stock, shall be determined by the management of the Issuer acting in good faith.

 

(i)     
Limitation on Sale of Assets.

 

(1)   
The Issuer will not, and will not permit any Restricted Subsidiary to, make any Asset Disposition unless:

 

		(A)	the Issuer or such Restricted Subsidiary receives consideration at the time of such Asset Disposition
at least equal to the Fair Market Value of the shares and/or assets subject to such Asset Disposition;

 

		(B)	at least 75% of the consideration thereof received by the Issuer or such Restricted Subsidiary
is in the form of cash or Temporary Cash Investments; provided, however, that the following shall be deemed to be
cash for the purposes of this subclause (B): (i) the amount (without duplication) of any consolidated liabilities (as shown
on the Issuer’s, or such Restricted Subsidiary’s, most recent consolidated balance sheet or in the notes thereto) of
the Issuer or such Restricted Subsidiary (other than Subordinated Obligations) that is expressly assumed by a party other than
the Issuer or a Restricted Subsidiary in connection with such Asset Disposition; (ii) the amount of any securities received by
the Issuer or such Restricted Subsidiary from such transferee that is converted by the Issuer or such Restricted Subsidiary into
cash (to the extent of the cash received) within 180 days following the closing of such Asset Disposition; (iii) any Designated
Non-cash Consideration received by the Issuer or any Restricted Subsidiary in such Asset Disposition having an aggregate Fair Market
Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (iii) that is at that time
outstanding, not to exceed the greater of (x) $65 million and (y) 5.0% of Consolidated Net Tangible Assets and (iv) assets of comparable
Fair Market Value received in exchange for any disposed asset; provided, however, that any such assets are normally
used or useful in a Related Business; and

 

    	 	60	 

     

    

  

		(C)	Within 360 days of the later of the date of such Asset Disposition and the receipt of such Net
Available Cash, the Issuer or a Restricted Subsidiary shall apply an amount equal to 100% of the Net Available Cash from such Asset
Disposition:

 

		(i)	to repay and permanently reduce any Indebtedness which is secured by a Lien or any Senior Indebtedness;

 

		(ii)	to make capital expenditures or to reinvest in Permitted Investments (including, without limitation,
in Additional Assets); or

 

		(iii)	to make an Asset Disposition Offer to purchase Notes pursuant to and subject to the conditions
set forth in clause (2) below.

 

(2)        
Following the application of such Net Available Cash pursuant to clauses (1)(C)(i), (ii) or (iii) above,
the amount of Net Available Cash shall be reset at zero and the Issuer or the Restricted Subsidiary shall be entitled to use any
remaining proceeds for any corporate purposes to the extent permitted under the Indenture.

 

(3)        Notwithstanding
the foregoing, in the event the Issuer or any of its Restricted Subsidiaries enters into a binding agreement committing to make
capital expenditures or any Permitted Investment in compliance with clause (ii) above within 360 days after the receipt of any
Net Available Cash from an Asset Disposition (an “Acceptable Commitment”), such commitment will be treated
as a permitted application of the Net Available Cash from the date of the execution of such agreement until the earlier of (i)
the date on which such capital expenditure, acquisition or investment is consummated or such expenditure made or such agreement
is terminated, and (ii) the 180th day after the expiration of the aforementioned 360-day period; provided that if any Acceptable
Commitment is later canceled or terminated for any reason before such Net Available Cash is applied, then such Net Available Cash
shall be required to be applied in accordance with this covenant from and after the date of such cancelation or termination.

 

(4)        Notwithstanding
the foregoing provisions of this covenant, the Issuer and the Restricted Subsidiaries will not be required to apply any Net Available
Cash in accordance with this covenant unless the aggregate Net Available Cash from all Asset Dispositions that is not applied
in accordance with this covenant exceeds $25 million (in which case the Issuer and/or the Restricted Subsidiary shall be required
to apply in accordance with this covenant all Net Available Cash that has not previously been applied in accordance with this
covenant).

 

(5)        
In the event of an Asset Disposition that requires an Asset Disposition Offer to purchase the Notes pursuant to clause 1(c)(iii)
above, the Issuer will be required to offer to purchase Notes tendered pursuant to an offer by the Issuer for the Notes (an
 “Asset Disposition Offer”) at a purchase price of 100% of their principal amount plus accrued and unpaid interest
(including premium and Additional Amounts, if any) thereon, to the date of purchase.

 

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(6)         The
Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent those laws and regulations are applicable in connection with each repurchase of notes pursuant to an Asset Disposition
Offer. To the extent that the provisions of any securities laws or regulations conflict with the “Asset Dispositions”
provisions of this Indenture, the Issuer will comply with the applicable securities laws and regulations and will not be deemed
to have breached its obligations under any provisions of this Indenture by virtue of such conflict.

 

(j)        
Limitation on Sale and Lease-Back Transactions. The Issuer will not, and will not permit any Restricted Subsidiary
to, enter into any Sale and Lease-Back Transaction unless:

 

		(1)	the Issuer and the Restricted Subsidiaries would be entitled pursuant to the provisions of the
covenant described in ‎Section 4.1(f) to Incur
Indebtedness in a principal amount equal to or exceeding the Value of such Capitalized Lease Obligation;

 

		(2)	the net proceeds received by the Issuer or any Restricted Subsidiary in connection with such Sale
and Lease-Back Transaction are at least equal to the Fair Market Value of such property; and

 

		(3)	the Sale and Lease-Back Transaction is treated as an Asset Disposition and all the conditions of
the Indenture described in ‎Section 4.1(i) (including
the provisions concerning the application of Net Available Cash) are satisfied with respect to such Sale and Lease-Back Transaction,
treating all of the consideration received in such Sale and Lease-Back Transaction as Net Available Cash for purposes of such covenant.

 

(k)      Limitation on Transactions with Affiliates. The Issuer will not, and will not permit any Restricted Subsidiary to,
make any payment to, or sell, lease, transfer or otherwise dispose of any of their properties or assets to, or purchase any property
or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee,
with, or for the benefit of, any Affiliate (each, an “Affiliate Transaction”) involving aggregate consideration
in excess of $5.0 million for any Affiliate Transaction or series of related Affiliate Transactions, unless

 

		(1)	the Affiliate Transaction is on terms that are no less favorable to the Issuer or the relevant
Restricted Subsidiary than those that would have been obtained in a comparable arm’s-length transaction by the Issuer or
such Restricted Subsidiary with a Person that is not an Affiliate;

 

		(2)	the Issuer delivers to the Trustee with respect to any Affiliate Transaction or series of related
Affiliate Transactions involving an aggregate consideration in excess of $10,000,000, a resolution of the Board of Directors of
the Issuer, set forth in an Officers’ Certificate, stating that such Affiliate Transaction complies with this covenant and
that such Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors, and

 

    	 	62	 

     

    

  

		(3)	the Issuer delivers to the Trustee with respect to any Affiliate Transaction or series or related
Affiliate Transactions involving an aggregate consideration in excess of $20 million, an opinion as to the fairness to the Issuer
or relevant Restricted Subsidiary of such Affiliate Transaction from a financial point of view issued by an accounting, appraisal
or investment banking firm of international standing.

 

The foregoing provisions
will not apply to the following:

 

		(1)	transactions between or among the Issuer and/or any of its Restricted Subsidiaries or between or
among two or more Restricted Subsidiaries;

 

		(2)	Permitted Investments and Restricted Payments not prohibited by the provisions of the Indenture
described above under ‎Section 4.1(h) hereof;

 

		(3)	the payment of compensation (including severance arrangements and amounts paid pursuant to employee
benefit plans), indemnification, reimbursement or advancement of out-of-pocket expenses and provisions of liability insurance to
officers, directors, employees and consultants of the Issuer or any Restricted Subsidiary of the Issuer, so long as the Board of
Directors of the Issuer or such Restricted Subsidiary, as the case may be, in good faith shall have approved the terms thereof;

 

		(4)	payments or other actions taken under any agreement or guarantee in effect as of the Closing Date
or any amendment, supplement, restatement, replacement, renewal, extension, refinancing thereof or thereto (so long as the renewed
or replaced agreement, when taken as a whole, is not more disadvantageous to the Issuer or such Restricted Subsidiary than the
original agreement in effect on the Closing Date) or any transaction contemplated thereby;

 

		(5)	the issuance or sale of Capital Stock (other than Disqualified Stock) of the Issuer;

 

		(6)	any transaction of the Issuer or any Restricted Subsidiary with a Person that is not an Affiliate
and that is merged with or into the Issuer, any Restricted Subsidiary or any Affiliate of the Issuer or any Restricted Subsidiary,
and, in any such case, such transaction is not entered into as a result of or in connection with or in anticipation of such merger
or such Person becoming a Subsidiary of the Issuer, any Restricted Subsidiary or any Affiliate of the Issuer or any Restricted
Subsidiary;

 

    	 	63	 

     

    

 

		(7)	any employment, consulting, service or termination agreement, or reasonable and customary indemnification
arrangements, entered into by the Issuer or any of its Restricted Subsidiaries with officers and employees of the Issuer or any
of its Restricted Subsidiaries and the payment of compensation to officers and employees of the Issuer or any of its Restricted
Subsidiaries including amounts paid pursuant to employee benefit plans, employee stock option or similar plans, in each case in
the ordinary course of business;

 

		(8)	transactions with customers, clients, suppliers, distributors, generators, transporters or purchasers
or sellers of goods or services, in each case in the ordinary course of business, on an arm’s-length basis and consistent
with past practice; and

 

		(9)	payments by or to the Issuer and the Restricted Subsidiaries pursuant to tax payment arrangements
among the Issuer and the Restricted Subsidiaries on customary terms; provided, that payments by the Issuer and the Restricted
Subsidiaries under any such tax payment arrangements shall not exceed the excess (if any) of the amount they would have paid on
a standalone basis over the amount they actually pay directly to governmental authorities.

 

(l)       
Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. The Issuer will not, and
will not permit any Restricted Subsidiary to, create or otherwise cause or permit to exist or become effective any consensual encumbrance
or restriction of any kind on the ability of any Restricted Subsidiary to:

 

		(1)	pay dividends or make any other distributions permitted by applicable law on any Capital Stock
of such Restricted Subsidiary owned by the Issuer or any other Restricted Subsidiary;

 

		(2)	pay any Indebtedness owed to the Issuer or any other Restricted Subsidiary;

 

		(3)	make loans or advances to the Issuer or any other Restricted Subsidiary; or

 

		(4)	transfer any of its property or assets to the Issuer or any other Restricted Subsidiary, provided,
however, that this prohibition shall not apply to any encumbrances or restrictions:

 

		(a)	imposed by the Indenture and the Notes;

 

		(b)	existing under or by reason of applicable law or governmental rule, regulation or order applicable
other than solely on account of the action or inaction of the Issuer or a Restricted Subsidiary;

 

		(c)	with respect to any property or assets acquired from a Person which is merged with or into the
Issuer or any Restricted Subsidiary, or by reason of any Liens on any property or assets, or relating to or arising under the Indebtedness,
of any Person or other entity existing at the time such Person or other entity becomes a Restricted Subsidiary, or any restriction
or encumbrance relating to Indebtedness of any such Person and, in any such case, that is not created as a result of or in connection
with or in anticipation of any such transaction, and any extension, renewal or replacement (or successive extensions, renewals
or replacements), in whole or in part, of any such encumbrance or restriction, so long as the terms are substantially identical
to such encumbrance or restriction (other than with respect to the duration thereof); provided, however, that any
such Lien created to secure or provide for the payment of any part of the purchase price of such Person shall not be permitted
by this covenant; provided further, that such Liens may not extend to any other property owned by the Issuer or any Restricted
Subsidiary (other than improvements, accessions, upgrades, accessories and products and proceeds in respect of the property subject
to such Liens at the time of such acquisition);

 

 

    	 	64	 

     

    

 

		(d)	with respect to any property or assets existing at the time of acquisition thereof and which are
not created as a result of or in connection with or in anticipation of such acquisition and any extension, renewal or replacement
(or successive extensions, renewals or replacements), in whole or in part, of any such encumbrance or restriction, so long as the
terms are substantially identical to such encumbrance or restriction (other than with respect to the duration thereof); provided,
however, that any such encumbrance or restriction created to secure or provide for the payment of any part of the purchase
price of such Person shall not be permitted by this covenant; provided further, that such encumbrance or restriction may
not extend to any other property owned by the Issuer or any Restricted Subsidiary;

 

		(e)	in the case of encumbrances or restrictions addressed under clauses (3) or (4) above:

 

		(i)	that exist by virtue of any transfer of, agreement to transfer, option or right with respect to,
or Lien on, any property or assets of the Issuer or any Restricted Subsidiary not otherwise prohibited by the Indenture;

 

		(ii)	that restricts in a customary manner the subletting, assignment or transfer of any property or
asset that is subject to a lease, license or similar contract, or the assignment or transfer of any such lease, license or other
contract or contractual right;

 

    	 	65	 

     

    

 

 

		(iii)	contained in mortgages, pledges or other security agreements permitted under the Indenture securing
Indebtedness of the Issuer or a Restricted Subsidiary to the extent such encumbrances or restrictions restrict the transfer of
the property subject to such mortgages, pledges or other security agreements;

 

		(f)	arising or agreed to in the ordinary course of business, not relating to Indebtedness, and that
do not, individually or in the aggregate, detract from the value of the property or assets of the Issuer or any Restricted Subsidiary
in any manner material to the Issuer and its Restricted Subsidiaries;

 

		(g)	imposed by Purchase Money Obligations for property acquired in the ordinary course of business
or by Capitalized Lease Obligations permitted under the Indenture on the property so acquired, but only to the extent that such
encumbrances or restrictions restrict the transfer of the property;

 

		(h)	by reason of Liens that secure Indebtedness otherwise permitted to be Incurred under the provisions
of the covenant described under ‎Section 4.1(g)
above and that limit the right of the debtor to dispose of the assets subject to such Liens;

 

		(i)	existing on the Closing Date (including agreements governing Credit Facilities) and any extension,
renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any such encumbrance or restriction,
so long as the terms are substantially identical to such encumbrance or restriction (other than with respect to the duration thereof);

 

		(j)	imposed pursuant to an agreement entered into for the sale or disposition of all or substantially
all the Capital Stock or assets of the Issuer or such Restricted Subsidiary pending the closing of such sale or disposition; provided,
that the sale or disposition is permitted under the Indenture; or

 

		(k)	resulting from restrictions on cash or other deposits or other customary requirements imposed by
customers or suppliers under contracts entered into in the ordinary course of business.

 

(m)             
Financial Reporting. Whether or not required by the SEC, so long as any notes are outstanding, the Issuer will file
with the SEC for public availability within the time periods specified in the SEC’s rules and regulations taking into account
any extension of time, deemed filing date or safe harbor contemplated or provided for by Rule 12b-25, Rule 13a-11(c), and Rule
15d-11(c) under the Exchange Act, or General Instruction I.A.3(b) of Form S-3 under the Securities Act, and successor provisions
(unless the SEC will not accept such a filing, in which case the Issuer will furnish to the Trustee and, upon its prior request,
to any Holder of notes, within five days of the time period otherwise required for submission as specified in the SEC’s rules
and regulations):

  

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(1)           
all quarterly and annual financial and hydrocarbon proved reserve information with respect to the Issuer and its Subsidiaries
that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Issuer were required to file such
Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
and, with respect to the annual information only, a report on the annual financial statements by the Issuer’s certified independent
accountants; and

 

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

 

The availability of
the foregoing reports on the SEC’s EDGAR filing system will be deemed to satisfy the foregoing delivery requirements.

 

Notwithstanding the
foregoing requirement, if the Issuer (which, for this purpose, includes its successor by merger, amalgamation, combination or acquisition)
is no longer required to file reports with the SEC under Section 13 or Section 15(d) of the Exchange Act and it is required to
file reports or documents with any securities regulatory authority in Canada (by virtue of being a “reporting issuer”)
or with the UK Listing Authority or another foreign governmental agency or self-regulatory organization in the United Kingdom,
then the Issuer will not be required to file with the SEC as described above but required to file corresponding information under
regulations then applicable to the Issuer with the appropriate governmental authority in Canada or the United Kingdom, as applicable.

 

In addition, the Issuer
and the Restricted Subsidiaries agree that, for so long as any notes remain outstanding and are “restricted securities”
within the meaning of Rule 144(a)(3), if at any time they are not required to file the reports required by the preceding paragraphs
with the SEC, they will furnish to the holders of the Notes and to securities analysts and prospective investors in the Notes,
upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. The Issuer and
the Restricted Subsidiaries will be deemed to have provided such information to the holders of the Notes, securities analysts and
prospective holders of the Notes if the Issuer (which for this purpose, includes its successor by merger, amalgamation, combination
or acquisition) has (i) if required to file reports with the SEC, publicly filed reports containing such information via the EDGAR
filing system (or successor system) and makes such reports publicly available on the Issuer’s website, (ii) if required to
file reports or documents with any securities regulatory authority in Canada (by virtue of being a “reporting issuer”),
publicly files reports containing such information via the SEDAR filing system (or successor system), or (iii) if required to file
reports with the UK Listing Authority or another foreign governmental agency or self-regulatory organization in the United Kingdom,
publicly files reports containing such information with the appropriate governmental agency and makes such reports publicly available
on the Issuer’s website.

 

    	 	67	 

     

    

  

Delivery of such reports,
information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such reports, information
or documents shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Issuer’s compliance with any of their covenants under this Indenture (as to which the Trustee is entitled
to rely exclusively on an Officers’ Certificate).

 

The Trustee shall not
be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s compliance with the covenants in this
Indenture with respect to the furnishing or posting of such reports, information and documents filed with the SEC or EDGAR or on
a website or any online data system under the Indenture.

 

(n)           
Maintenance of Existence and Properties. The Issuer will, and will cause each of its Restricted Subsidiaries to (i)
maintain in effect its corporate or limited liability company or partnership or other organizational existence and all registrations
necessary therefor; (ii) take all reasonable actions to maintain all rights, privileges, titles to Property, franchises and the
like necessary or desirable in the normal conduct of its business, activities or operations; and (iii) keep all its material Property
used or useful for the operation of its business in good working order or condition (subject to ordinary wear and tear); provided,
that the foregoing paragraphs ‎(i), ‎(ii)
and ‎(iii) shall not require the Issuer to preserve the existence
of any Restricted Subsidiary or maintain any such right, privilege, title to Property, license or franchise or Property if the
senior management of the Issuer shall determine in good faith that (i) the maintenance or preservation thereof is no longer necessary
or desirable in the conduct of the business of the Issuer and (ii) the non-maintenance or non-preservation thereof would not be
reasonably expected to have a Material Adverse Effect.

 

(o)           
[Reserved]

 

(p)           
Payment of Taxes and Claims. Except to the extent failure to do so would not be reasonably expected to have a Material
Adverse Effect, the Issuer will, and will cause each of its Subsidiaries to, pay all material taxes, assessments and other governmental
charges imposed upon it or any of its Property in respect of any of its franchises, businesses, income or profits before any penalty
or interest accrues thereon, and pay all claims (including claims for labor, services, materials and supplies) for amounts which
have become due and payable and which by law have or might become a Lien upon its Property, except if such charge or claim is being
contested in good faith by appropriate provision promptly initiated and diligently conducted and if such reserves or other appropriate
provision, if any, as shall be required by GAAP shall have been made therefore.

 

(q)           
[Reserved.]

 

(r)           
[Reserved].

 

(s)           
Limitation on Line of Business. The Issuer will not, and will not permit any Restricted Subsidiary, to engage in
any business other than a Related Business.

 

Section 4.2           
Covenant Suspension. During any period of time that: (a) the Notes have an Investment Grade Rating from at
least two Rating Agencies and (b) no Default or Event of Default has occurred and is continuing under this Indenture (the occurrence
of the events described in the foregoing clauses ‎(a) and ‎(b) being collectively referred to as a “Covenant
Suspension Event”), the Issuer and its Restricted Subsidiaries will not be subject to the provisions of ‎Section
4.1(f), ‎Section 4.1(h), ‎Section
4.1(i) (except in respect of Asset Sales in connection with Sale and Lease-Back Transactions), ‎Section
4.1(k), ‎Section 4.1(l) and clause (4) of ‎Section
4.3 (collectively, the “Suspended Covenants”).

 

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Upon the occurrence
of a Covenant Suspension Event, the amount of Net Available Cash Proceeds that has not been invested or applied as provided under
‎Section 4.1(i) hereof shall be set at zero as
of such date (the “Suspension Date”). In the event that, on any date subsequent to any Suspension Date (the
 “Reversion Date”), the Rating Agencies withdraw their Investment Grade Rating or downgrade such rating to below
an Investment Grade Rating, or a Default or Event of Default occurs and is continuing, then the Issuer and its Restricted Subsidiaries
shall thereafter again be subject to the Suspended Covenants with respect to future events. The period of time between the Suspension
Date and the Reversion Date is referred to in this description as the “Suspension Period.” Notwithstanding the
reinstatement of the Suspended Covenants, no Default or Event of Default will be deemed to have occurred as a result of a failure
to comply with the Suspended Covenants during the Suspension Period (or upon termination of the Suspension Period or after that
time based solely on events that occurred and were completed during the Suspension Period).

 

On the Reversion Date
all Indebtedness incurred during the Suspension Period and outstanding on the Reversion Date will be classified as having been
incurred or issued pursuant to ‎Section 4.1(f)
hereof (to the extent such Indebtedness would be permitted to be incurred or issued thereunder as of the Reversion Date and after
giving effect to Indebtedness incurred or issued prior to the Suspension Period and outstanding on the Reversion Date). To the
extent such Indebtedness would not be so permitted to be incurred or issued pursuant to ‎Section
4.1(f) hereof such Indebtedness will be deemed to have been outstanding on the Closing Date, so that it is classified as permitted
under clause (2)(b) of ‎Section 4.1(f)
hereof. Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under ‎Section
4.1(h) will be made as though the covenant described under ‎Section
4.1(h) hereof had been in effect since the Closing Date and throughout the Suspension Period. Accordingly, Restricted Payments
made during the Suspension Period will reduce the amount available to be made as Restricted Payments under the first paragraph
of ‎Section 4.1(h) hereof.

 

The Issuer shall give
the Trustee written notice of any Covenant Suspension Event and in any event not later than five (5) Business Days after such Covenant
Suspension Event has occurred. In the absence of such notice, the Trustee shall assume the Suspended Covenants apply and are in
full force and effect. The Issuer shall give the Trustee written notice of any occurrence of a Reversion Date not later than five
(5) Business Days after such Reversion Date. After any such notice of the occurrence of a Reversion Date, the Trustee shall assume
the Suspended Covenants apply and are in full force and effect.

 

Section 4.3           
Consolidation, Merger, Conveyance, Sale or Lease. The Issuer will not consolidate with or merge with or into
or wind up into (whether or not the Issuer is the surviving corporation), or sell, assign, convey, transfer, lease or otherwise
dispose of all or substantially all of its properties and assets, in one or more related transactions, to any Person unless:

 

    	 	69	 

     

    

 

		(1)	the resulting, surviving or transferee Person (if not the Issuer) shall be a Person organized or
incorporated and existing under the laws of the Cayman Islands, Canada, the U.S., any state of the U.S. or the District of Columbia;

 

		(2)	if not the Issuer, the Issuer shall be obligated under the Indenture to cause the Person formed
by such consolidation or into which the Issuer is merged or the Person which acquires by conveyance or transfer, or which leases,
the Issuer’s properties and assets substantially as an entirety (determined on a consolidated basis, with its Restricted
Subsidiaries) (the “Successor”), to expressly assume, by an indenture supplemental to the Indenture, executed
and delivered to the Trustee, in form reasonably satisfactory to the Trustee, the performance of every covenant of the Issuer in
the Indenture;

 

		(3)	immediately after giving effect to such transaction on a pro forma basis (and treating any
Indebtedness which becomes an obligation of the resulting, surviving or transferee Person as a result of such transaction as having
been issued by such Person at the time of such transaction) no Default or Event of Default would occur;

 

		(4)	immediately after giving effect to such transaction, either (x) the Successor would be able to
Incur at least an additional $1.00 of Indebtedness pursuant to clause (1) of the covenant described under ‎Section
4.1(f), or (y) the Consolidated Interest Coverage Ratio would be no less than the Consolidated Interest Coverage Ratio immediately
prior to such transactions, and the Consolidated Net Debt to Consolidated Adjusted EBITDA Ratio would be no greater than the Consolidated
Net Debt to Consolidated Adjusted EBITDA Ratio immediately prior to the transactions;

 

		(5)	all requisite governmental approvals therefor shall have been obtained;

 

		(6)	the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that such consolidation, merger, conveyance, transfer or lease complies with the Indenture and, if a supplemental
indenture is required in connection with such transaction, such supplemental indenture complies with the Indenture and that all
conditions precedent provided for in the Indenture relating to such transaction have been complied with; and

 

		(7)	each Note Guarantor (unless it is the other party to the transactions above, in which case clause
(1) shall apply) shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations
in respect of the Indenture and the Notes.

  

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In addition, the Issuer
will not permit any Note Guarantor to consolidate with or merge with or into or wind up into (other than any merger with or into
or winding up into the Issuer or another Note Guarantor or to the extent the Note Guarantor is the surviving Person), or sell,
assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets, in one or more related
transactions, to any Person (other than to the Issuer or another Note Guarantor) unless:

 

		(1)	(a) if such Person remains a Note Guarantor, the resulting, surviving or transferee Person (the
 “Successor Guarantor”) is a Person organized or incorporated and validly existing under the laws of the Cayman
Islands, Canada, Colombia, the U.S., any state of the U.S. or the District of Columbia, or any other jurisdiction whose sovereign
debt is rated BBB or higher by Standard & Poor’s Ratings Group, Inc. and Baa2 or higher by Moody’s Investors Service,
Inc.;

 

		(b)	the Successor Guarantor, if other than such Note Guarantor and unless such Successor Guarantor
is not required to be a Note Guarantor hereunder, expressly assumes, by an indenture supplemental to the Indenture, executed and
delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the obligations of such Note Guarantor under the
Indenture and its Note Guarantee;

 

		(c)	except to the extent that the Successor Guarantor is not required to be a Note Guarantor hereunder,
the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, conveyance, transfer or lease complies with the Indenture and, if a supplemental indenture is required in connection with
such transaction, such supplemental indenture complies with the Indenture and that all conditions precedent provided for in the
Indenture relating to such transaction have been complied with; and

 

		(2)	the transaction, to the extent constituting an Asset Disposition, is made in compliance with the
covenant described under ‎Section 4.1(i) (it being understood
that only such portion of the Net Available Cash as is required to be applied on the date of such transaction in accordance with
the terms of the Indenture needs to be applied in accordance therewith at such time).

 

Subject to certain
limitations described in the Indenture, the Successor Guarantor will succeed to, and be substituted for, such Note Guarantor under
the Indenture and the Note Guarantee of such Note Guarantor.

 

Notwithstanding the
foregoing, any Note Guarantor may merge with or into or transfer all or part of its properties and assets to a Note Guarantor or
the Issuer or merge with a Restricted Subsidiary of the Issuer solely for the purpose of reincorporating the Note Guarantor in
the jurisdiction of such Note Guarantor, the Cayman Islands, Canada, Colombia, the U.S., any state of the U.S. or the District
of Columbia, or any other jurisdiction whose sovereign debt is rated BBB or higher by Standard & Poor’s Ratings Group,
Inc. and Baa2 or higher by Moody’s Investors Service, Inc., so long as the amount of Indebtedness of such Note Guarantor
and its Restricted Subsidiaries is not increased thereby, and the resulting entity remains or becomes a Note Guarantor to the extent
otherwise required under the Indenture (a “Reincorporation Transaction”).

 

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For purposes of this
section, the sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties or
assets of one or more Subsidiaries of the Issuer, which properties or assets, if held by the Issuer instead of such Subsidiaries,
would constitute all or substantially all of the properties or assets of the Issuer on a consolidated basis, shall not be deemed
to be the transfer of all or substantially all of the properties or assets of the Issuer so long as such transfer is to one or
more Subsidiaries of the Issuer that are Restricted Subsidiaries. Any Subsidiary of the Issuer that is a Restricted Subsidiary
may consolidate with, merge into or dispose of all or part of its properties or assets to the Issuer or to another Restricted Subsidiary
that is a Subsidiary of the Issuer.

 

Upon any consolidation,
combination or merger or any transfer of all or substantially all of the properties and assets of the Issuer’s or Guarantor’s,
as the case may be, properties and assets substantially as an entirety (determined on a consolidated basis with its Restricted
Subsidiaries) in accordance with this covenant, in which the Issuer or Guarantor, as the case may be, is not the continuing corporation,
the Successor formed by such consolidation or into which the Issuer or Guarantor as the case may be, is merged or to which such
conveyance, lease or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the
Issuer or Guarantor, as the case may be, under the Indenture and the Notes with the same effect as if such Successor had been named
as such, except in the case of a lease, and the Issuer or Guarantor, as the case may be, shall be discharged from all covenants
and obligations under the Indenture and the Notes.

 

Furthermore, the Issuer
may, without the consent of any Holder, be substituted by any Wholly Owned Subsidiary of the Issuer as principal debtor in respect
of the Notes (in that capacity, the “Substituted Issuer”); provided that the following conditions are satisfied:

 

		(1)	the Substituted Issuer is a Person organized or incorporated and validly existing under the laws
of the Cayman Islands, any province or territory in Canada or the federal laws of Canada, Colombia, the U.S., any state of the
U.S. or the District of Columbia, or any other jurisdiction whose sovereign debt is rated BBB or higher by Standard & Poor’s
Ratings Group, Inc. and Baa2 or higher by Moody’s Investors Service, Inc.;

 

		(2)	the Substituted Issuer, the Issuer and the Trustee as shall sign a supplemental indenture in form
reasonably satisfactory to the Trustee under which the Substituted Issuer assumes all of the Issuer’s obligations under the
Indenture and the Notes and, unless the Note Guarantors’ then existing guarantees remain in full force and effect, substitute
guarantees issued by the Guarantors in respect of the Notes (collectively, the “Issuer Substitution Documents”);

 

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		(3)	The Issuer Substitution Documents will contain covenants to indemnify the Trustee, any Paying Agent
and each Holder and beneficial owner of the Notes against all taxes and duties that (a) arise by reason of a law or regulation
in effect on the effective date of the substitution or proposed in published form on the effective date of the substitution and,
in the case of a published proposal, is reasonably likely to go into effect, that are incurred or levied against the Trustee, any
paying agent or such Holder or beneficial owner of the Notes as a result of the substitution and that would not have been so incurred
or levied had the substitution not been made, and (b) are imposed on the Trustee, any Paying Agent or such holder or beneficial
owner of the Notes by any political subdivision or taxing authority of any country in which the Trustee, any Paying Agent or such
Holder or beneficial owner of the Notes resides or is subject to any such tax or duty and that would not have been so imposed had
the substitution not been made; provided that any Holder or beneficial owner of such Note making a claim with respect to such tax
indemnity shall provide the Issuer with notice of such claim, along with supporting documentation, within two years of the announcement
of the substitution of the Issuer; provided further, that none of the Issuer, any Paying Agent or any other person shall be required
to indemnify any Holder or beneficial owner of the Notes for any taxes imposed pursuant to FATCA, the laws of any other jurisdiction
implementing FATCA, or any agreement between the Issuer or any other person, and the United States or any authority thereof implementing
FATCA;

 

		(4)	the Issuer has delivered to the Trustee an Opinion of Counsel in the jurisdiction of organization
or incorporation of the Substituted Issuer as to the enforceability of the Issuer Substitution Documents against the Substituted
Issuer and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture complies with
the Indenture and that all conditions precedent provided for in the Indenture relating to such transaction have been complied with,
as well as an Officers’ Certificate as to compliance with the provisions described under this section;

 

		(5)	no Event of Default has occurred or is continuing, and immediately after giving effect to such
transaction no Default or Event of Default would occur;

 

		(6)	the substitution will comply with all applicable requirements under the laws of the jurisdiction
of organization or incorporation of the Substituted Issuer, the Cayman Islands and the U.S.; and

 

		(7)	the Issuer will become a Note Guarantor by executing a supplemental indenture guaranteeing the
performance of all obligations of the Substituted Issuer under the Indenture and the Notes on a senior basis as of the date of
the Issuer Substitution Documents.

 

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Upon the execution
of the Issuer Substitution Documents, any substitute guarantees and compliance with the other conditions set forth above, the Substituted
Issuer will be deemed to be named in the Notes as the principal debtor in place of the Issuer and the Issuer will be released from
all of its obligations under the Notes and the Indenture as principal obligor (however will become a Notes Guarantor).

 

Not later than 10 Business
Days after the execution of the Issuer Substitution Documents, the Substituted Issuer will give notice thereof to the Holders.

 

Notwithstanding any
other provision of the Indenture, the Issuer will do or cause to be done all acts and things and promptly execute and deliver any
documents or instruments, including any substitute guarantees and an Opinion of Counsel of internationally recognized U.S. counsel,
that may be required to ensure that the Guarantors’ guarantees are in full force and effect for the benefit of the Holders
and beneficial owners of the Notes following the substitution described above.

 

Section 4.4           
Repurchases at the Option of the Holders Upon a Change of Control. If a Change of Control occurs, each Holder
will have the right to require the Issuer to repurchase all or any part (equal to at least $200,000 or an integral multiple of
$1,000 in excess thereof) of that Holder’s Notes pursuant to a Change of Control Offer (as defined below) on the terms set
forth in the Indenture. No such purchase in part shall reduce the Outstanding principal amount at maturity of the Notes held by
any Holder to below $200,000. In the Change of Control Offer, the Issuer will offer a “Change of Control Payment”
in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest and Additional Amounts,
if any, on the Notes repurchased, to the date of purchase (subject to the right of the Holders of record on the relevant Record
Date to receive interest and Additional Amounts, if any, on the relevant interest Payment Date).

 

Within 30 days following
any Change of Control, the Issuer will make a “Change of Control Offer” by giving notice to the Trustee and
each Holder of Notes by mailing and publishing such notice in accordance with ‎Section
10.6 below, describing the transaction or transactions that constitute the Change of Control, the Change of Control and offering
to repurchase Notes on the date specified in the notice (the “Change of Control Payment Date”), which date will
be no earlier than 30 days and no later than 60 days from the date such notice is mailed, pursuant to the procedure required by
the Indenture and described in such notice.

 

The Issuer will comply,
to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other applicable securities laws or
regulations in connection with the repurchase of Notes pursuant to this covenant. To the extent that the provisions of any applicable
securities laws or regulations conflict with provisions of this covenant, the Issuer will comply with the applicable securities
laws and regulations and will not be deemed to have breached its obligations under this covenant by virtue of its compliance with
such securities laws or regulations.

 

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On the Change of Control
Payment Date, the Issuer will, to the extent lawful:

 

		(1)	accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control
Offer;

 

		(2)	deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all
Notes or portions of Notes properly tendered; and

 

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

 

The Paying Agent under
the Indenture will promptly mail each Holder of Notes properly tendered the Change of Control Payment for such Notes, and, upon
receipt of a written order, the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each
Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided, however,
that each new Note will be in a principal amount of $200,000 or an integral multiple of $1,000 in excess thereof. The Issuer will
publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date.

 

The provisions described
above that require the Issuer to make a Change of Control Offer following a Change of Control shall apply whether or not any other
provisions of the Indenture are applicable. Except as described above with respect to a Change of Control, the Indenture does not
contain provisions that permit the Holders of the Notes to require that the Issuer repurchase or redeem the Notes in the event
of a takeover, recapitalization or similar transaction.

 

The Issuer will not
be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the
manner, at the times and otherwise in compliance with the requirements, set forth in the Indenture, that are applicable to a Change
of Control Offer made by the Issuer and such third party purchases all Notes properly tendered and not withdrawn under the Change
of Control Offer.

 

Article
V

DEFAULTS AND REMEDIES

 

Section 5.1           
Events of Default and Remedies. (a) Events of Default. “Event of Default”, wherever
used herein with respect to the Notes, means any one of the following events (which will constitute Events of Default whatever
the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(i)            default in the payment of any interest (or Additional Amounts, if any) on any Note when it becomes due and payable and such
default shall continue unremedied for a period of 30 days;

 

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(ii)           default in the payment of any principal (or premium, if any) on any Note when it becomes due and payable, whether on the
Maturity Date, upon optional redemption, required repurchase or otherwise;

 

(iii)          default in the performance, or breach, of any covenant, agreement or obligation of the Issuer, any Note Guarantor or any
Restricted Subsidiary contained in the Indenture (including any default under or breach in the performance of the covenant described
in ‎Section 4.1(h), irrespective of whether the Issuer, any
Note Guarantor or any Restricted Subsidiary has the power (corporate or otherwise) to cause compliance with such covenant), the
Notes, the Guarantee or any of the other Transaction Documents, and continuance of such default or breach for a period of 30 consecutive
days after there has been given, by registered or certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee
by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

(iv)          with respect to any of the Issuer, any Note Guarantor or any Restricted Subsidiary, any final and non-appealable judgment
or order for the payment of money in excess of $25 million or its equivalent in other currencies (to the extent not covered by
insurance as acknowledged in writing by the insurer) is rendered against the Issuer, any Note Guarantor or any Restricted Subsidiary
and such judgment or order remains undischarged or unstayed for a period of 60 days after such judgment becomes final and non-appealable;
or

 

(v)           either:

 

		(A)	the Issuer, any Note Guarantor or any Restricted Subsidiary shall default (as principal or guarantor
or other surety) in the payment of principal of any Indebtedness in the principal amount of at least $25 million in the aggregate
(or its equivalent in any other currency) and such default shall have continued for more than any applicable period of grace and
any time for payment of such amounts has not been expressly extended, or

 

		(B)	Indebtedness of the Issuer, any Note Guarantor or any Restricted Subsidiary is accelerated by the
holders thereof because of a default, and the total amount of such accelerated Indebtedness exceeds $25 million;

 

(vi)          the Guarantee of any of the Note Guarantors under the Indenture shall fail to be in full force and effect or is declared
null and void or any of the obligors thereunder denies in writing that it has any further liability under the Indenture and the
Guarantee, or gives written notice to such effect (other than by reason of the termination of the Indenture or the release of the
Guarantee in accordance with the terms of the Indenture);

 

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(vii)         the entry of a decree or order by a court having jurisdiction in the premises adjudging the Issuer bankrupt or insolvent,
or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the
Issuer under applicable Bankruptcy Law, or appointing a receiver, interim receiver, receiver and manager, liquidator, assignee,
trustee, sequestrator (or other similar official) of the Issuer or of any substantial part of its property, or ordering the winding
up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 90 consecutive
days; or

 

(viii)       
the institution by the Issuer (or its shareholder(s), as the case may be) of proceedings to be adjudicated bankrupt or insolvent,
or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or
answer or consent seeking reorganization, dissolution, winding up or relief under applicable Bankruptcy Law, including for the
avoidance of doubt, the filing of a notice of intention under the Bankruptcy and Insolvency Act (Canada), or an application
under the Companies’ Creditors Arrangement Act (Canada), or the consent by it to the filing of any such petition or
to the appointment of a receiver, interim receiver, receiver and manager liquidator, assignee, trustee, sequestrator (or other
similar official) of the Issuer or of any substantial part of its property, or the making by it of an assignment for the benefit
of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due;

 

(b)           
Acceleration of Maturity; Rescission and Annulment. If an Event of Default (other than an Event of Default specified
in ‎Section 5.1(a)(vii) and ‎(viii)
with respect to the Issuer or the Issuer) occurs and is continuing, then in every such case either the Trustee acting at the written
direction of Holders of not less than 25% in aggregate principal amount of the Outstanding Notes or the Holders of not less than
25% in aggregate principal amount of the Outstanding Notes, may declare the principal amount of the Outstanding Notes to be due
and payable immediately (including all Additional Amounts thereon), by a notice in writing to the Issuer (and to the Trustee if
given by Holders), and upon any such declaration such principal amount shall become immediately due and payable.

 

If an Event of Default
described in ‎Section 5.1(a)(vii) or ‎(viii)
with respect to the Issuer occurs and is continuing, then and in every such case, the principal amount of all the Notes, together
with all accrued interest thereon, shall, without any notice to the Issuer or any other act on the part of the Trustee or any Holder,
become and be immediately due and payable.

 

At any time after such
a declaration of acceleration with respect to the Notes has been made and before a judgment or decree for payment of the money
due has been obtained by the Trustee as provided in this Article, the Required Holders, by written notice delivered to the Issuer
and the Trustee, may rescind and annul such declaration and its consequences if:

 

(i)            the Issuer has paid or deposited with the Trustee and/or any Paying Agents a sum sufficient to pay (A) all overdue interest,
if any, on all Notes, (B) the principal of (and premium, if any, on) any Notes which have become due otherwise than by such declaration
of acceleration and interest thereon at the rate or rates prescribed therefor in such Notes, (C) to the extent that payment of
such interest is lawful, interest upon any overdue interest at the rate or rates prescribed therefor in such Notes, and (D) all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and

 

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(ii)           all Events of Default with respect to the Notes, other than the non- payment of the principal of and accrued interest on
the Notes which have become due solely by such declaration of acceleration, have been cured or waived as provided in clause
(m) below.

 

No such rescission
shall affect any subsequent Default or impair any right consequent thereon.

 

(c)           
Collection of Indebtedness and Suits for Enforcement by Trustee. The Issuer covenants that if: (i) Default is made
in the payment of any interest on any Note when such interest becomes due and payable and such Default continues for a period of
30 days, or (ii) Default is made in the payment of the principal of (or premium, if any, on) any Note at the maturity thereof,
the Issuer will pay to the Trustee, for the benefit of the Holders, the whole amount then due and payable on such Notes for principal
(and premium, if any) and interest, if any, and, to the extent that payment of such interest shall be legally enforceable, interest
on any overdue principal (and premium, if any) and on any overdue interest, at the rate or rates prescribed therefor in such Notes,
and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. If the Issuer fails to pay
such amount forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial
proceeding for the collection of the sums so due and unpaid and may prosecute such proceeding to judgment or final decree, and
may enforce the same against the Issuer or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable
in the manner provided by law out of the Property of the Issuer or any other obligor upon such Notes, wherever situated.

 

If an Event of Default
occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders
by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether
for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein,
or to enforce any other proper remedy.

 

(d)           
Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, administrative take-over, adjustment, composition or other judicial proceeding relative to the Issuer or the material
Property of the Issuer or its creditors, the Trustee (irrespective of whether the principal of the Notes shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand
on the Issuer for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding
or otherwise:

 

(i)                
to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect
of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agent and counsel
and any other amounts due to the Trustee under Section 8.5) and of the Holders allowed in such judicial proceedings; and

 

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(ii)             
to collect and receive any moneys or other Property payable or deliverable on any such claims and to distribute the same
in accordance with the terms hereof; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee.

 

Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
adjustment or composition affecting the Notes or the rights of any Holder or to authorize the Trustee to vote in respect of the
claim of any Holder in any such proceeding.

 

(e)           
Trustee May Enforce Claims Without Possession of Notes. To the extent permitted under Applicable Law, all rights
of action (including without limitation the right to file proofs of claim) under this Indenture may be enforced by the Trustee
without the possession of any of the Notes or the production thereof in any trial or other proceeding relating thereto. Any suit
or proceeding instituted by the Trustee shall be brought in its name as Trustee without the necessity of joining any Holders as
plaintiffs or defendants. Any recovery of judgment shall be for the benefit of the Holders, subject to the provisions of this Indenture.

 

(f)           
Application of Money Collected. Any monies collected by the Trustee pursuant to this ‎Section
5.1 or otherwise received by the Trustee, and after an Event of Default any money or other properties distributable in respect
of the Issuer’s obligations under this Indenture, shall be applied (i) first, to the Trustee and the Authorized Agents
in payment of all amounts due hereunder, (ii) second, to the payment of interest accrued on the Notes and any premium and
Additional Amounts thereon, (iii) third, to the payment of the outstanding principal amount of the Notes and (iv) fourth,
to the Issuer. The Trustee may fix a record date and payment date for any payment by it to Holders pursuant to this Section.

 

(g)           
Rights and Remedies of Holders. A Holder shall not have any right to institute any suit, action or proceeding for
the enforcement of this Indenture, or for the exercise of any other remedy hereunder unless (i) such Holder has previously given
written notice to the Trustee of a continuing Event of Default with respect to the Notes, (ii) Holders of more than twenty-five
percent (25%) in aggregate principal amount of Outstanding Notes shall have made written request to the Trustee to institute proceedings
in respect of such Event of Default in its own name as Trustee thereunder, (iii) such Holder or Holders have offered to the Trustee
indemnity satisfactory to it against the costs, expenses and liabilities to be Incurred in compliance with such request, (iv) the
Trustee during the 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding,
and (v) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Required
Holders; provided, however, that no one or more Holders shall have any right to affect, disturb or prejudice in any
manner whatsoever the benefit of this Indenture afforded the Notes by its or their action (provided, that the Trustee does not
have an affirmative duty to ascertain whether or not any such action is unduly prejudicial to such Notes), or to enforce, except
in the manner provided herein, any remedy, right or power hereunder. Any suit, action or proceeding shall be instituted and maintained
in the manner provided herein for the benefit of the Holders of all Outstanding Notes.

 

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(h)           
Unconditional Right of Holders to Receive Principal, Premium and Interest. Notwithstanding any other provision in
this Indenture, any Holder shall have the right which is absolute and unconditional, to receive payment of the principal of (and
premium and Additional Amounts, if any) and interest, if any, on such Note on the dates specified in the Notes as the fixed date
on which the principal of such Note or any installment of interest on such Note is due and payable (or, in the case of redemption,
on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without
the consent of such Holder.

 

(i)           
Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right
or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely
to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, and to the extent
permitted under Applicable Law, the Issuer, the Trustee and the Holders shall be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding
had been instituted.

 

(j)           
Rights and Remedies Cumulative. Except as otherwise provided with the respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended
to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by Applicable Law, 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 appropriate right or remedy.

 

(k)           
Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or
an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

(l)           
Control by Holders. The Required Holders shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect
to the Notes; provided, however, that (i) such direction shall not be in conflict with any rule of law or with this
Indenture or subject the Trustee to personal liability, (ii) the Trustee may take any other action deemed proper by the Trustee
that is not inconsistent with such direction, and (iii) the Trustee shall have received indemnity or security satisfactory to it
against the costs, expenses and liability incurred in connection therewith.

 

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(m)         
Waiver of Past Defaults. Subject to ‎Section 5.1(b),
the Required Holders may, on behalf of all Holders, waive any past Default hereunder and its consequences, except a Default (i)
in the payment of the principal of (or premium, if any) or interest, if any, on any Note, or (ii) in respect of a covenant or provision
hereof that cannot be modified or amended without the consent of the Holder of each Outstanding Note affected. Upon any such waiver,
such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose
under this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

(n)           Undertaking
for Costs. All parties to this Indenture agree, and each Holder by its acceptance thereof shall be deemed to have agreed, that
any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this clause shall not apply to any suit instituted by the Trustee,
or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest,
if any, on any Note on or after the dates specified in the Notes as the fixed date on which the principal of such Note or any installment
of interest on such Note is due and payable (or, in the case of redemption, on or after the Redemption Date).

 

Article
VI

DISCHARGE OF THE INDENTURE; DEFEASANCE

 

Section 6.1           
Satisfaction and Discharge of Indenture. The Indenture will be discharged and will cease to be of further
effect (except as to surviving rights of registration of transfer or exchange of the Notes as expressly provided for herein) when:

 

(a)           
the Issuer has irrevocably deposited or caused to be deposited with the Trustee as funds in trust for such purpose an amount
in Dollars or U.S. Government Obligations sufficient to pay and discharge the entire Indebtedness on the Notes that have not, prior
to such time, been delivered to the Trustee for cancellation, for principal of, premium, if any, and any Additional Amounts and
accrued and unpaid interest on the Notes to the date of such deposit (in the case of Notes which have become due and payable) or
to the Stated Maturity or Redemption Date, as the case may be and the Issuer has delivered irrevocable instructions to the Trustee
under the Indenture to apply the deposited money toward the payment of the Notes at the applicable Maturity Date or on the Redemption
Date, as the case may be and either:

 

(i)            all Notes that have been authenticated and delivered (other than destroyed, lost or stolen Notes that have been replaced
or paid and Notes for whose payment money has been deposited in trust or segregated and held in trust by the Issuer and thereafter
repaid to the Issuer or discharged from such trust as provided for in the Indenture) have been delivered to the Trustee for cancellation;
or

 

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(ii)           all Notes that have not been delivered to the Trustee for cancellation (x) have become due and payable (by reason of the
mailing of a notice of redemption or otherwise), (y) will become due and payable at Stated Maturity within one year or (z) are
to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the Issuer’s name, and at the Issuer’s expense;

 

(b)           
the Issuer has paid or caused to be paid all sums payable by the Issuer under the Indenture; and

 

(c)           
the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that:

 

(i)            all conditions precedent provided in the Indenture relating to the satisfaction and discharge of the Indenture have been
satisfied; and

 

(ii)           such satisfaction and discharge will not result in a breach or violation of, or constitute a Default under, the Indenture
or any other agreement or instrument to which the Issuer or any Subsidiary is a party or by which the Issuer or any Subsidiary
is bound.

 

Section 6.2           
Repayment of Monies. Following the satisfaction and discharge of this Indenture as described in ‎Section
6.1, all investments and monies then held by the Trustee under this Indenture shall, upon written demand of the Issuer, be
repaid or, as the case may be, released, assigned or transferred to the Issuer, and thereupon the Trustee shall be released from
all further liability with respect to such investments and monies.

 

Section 6.3           
Return of Monies Held by the Trustee. Any monies deposited with or paid to the Trustee for the payment of
the principal, premium or Additional Amounts (if any), interest or any other amount due with respect to any Note and not applied
but remaining unclaimed for three years after the date upon which such principal, premium or Additional Amounts (if any), interest
or other amount shall have become due and payable, shall (to the extent not required to escheat to any governmental authority),
upon written demand of the Issuer, be repaid by the Trustee to or for the account of the Issuer, the receipt of such repayment
to be confirmed promptly in writing by or on behalf of the Issuer, and, to the extent permitted by Applicable Law, the Person claiming
such payment of principal, premium or Additional Amounts (if any), interest or any other amount shall thereafter look only to the
Issuer for any related payment that it may be entitled to receive, and all liability of the Trustee with respect to such monies
shall thereupon cease.

 

Section 6.4           
Defeasance. The Issuer may, at its option, at any time elect to have either clause ‎(a)
or clause ‎(b) of this ‎Section
6.4 applied to all Outstanding Notes upon compliance with the conditions set forth in this ‎Section
6.4.

 

(a)           
Upon the Issuer’s election of the “Legal Defeasance” option applicable to this ‎Section
6.4(a), and subject to the satisfaction of the conditions set forth in ‎Section
6.5, the Issuer shall be deemed to have paid and discharged the entire Indebtedness represented by the Outstanding Notes, except
for:

 

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(i)            the rights of the Holders to receive payments in respect of the principal of, premium, if any, interest and Additional Amounts,
if any, on the Notes when such payments are due;

 

(ii)           the Issuer’s obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated,
destroyed, lost or stolen Notes and the maintenance of an office or agency for payments;

 

(iii)          the rights, powers, trust, duties and immunities of the Trustee, as set forth in the Indenture, and the Issuer’s obligations
in connection therewith; and

 

(iv)          this ‎Section 6.4(a).

 

Subject to compliance with this
‎Section 6.4, the Issuer may exercise its option
under this ‎Section 6.4(a) notwithstanding the
prior exercise of its option under this ‎Section
6.4(b).

 

(b)           
Upon the Issuer’s election of the “Covenant Defeasance” option applicable to this clause ‎(b)),
and subject to the satisfaction of the conditions set forth in ‎Section
6.5 hereof, the Issuer and/or any Restricted Subsidiary, need not comply with the covenants set forth in Sections
‎4.1(a), ‎4.1(d),
‎4.1(e), ‎4.1(f),
‎4.1(g), ‎4.1(h),
‎4.1(i), ‎4.1(j),
‎4.1(k), ‎4.1(l),
‎4.1(m), ‎4.1(n),
‎4.1(q), and ‎4.1(r)
(for the avoidance of doubt, the Issuer and/or any Restricted Subsidiary must continue to comply with the covenants set forth in
Sections ‎4.1(b) and ‎4.1(c)
upon the Issuer’s election of the “Covenant Defeasance” option applicable to this clause ‎(b)
and satisfaction of the conditions set forth in ‎Section 6.5). In
addition, upon the Issuer’s exercise of the option under this clause ‎(b),
subject to the satisfaction of the conditions set forth in ‎Section 6.5,
‎5.1(a)(iii) and ‎5.1(a)(iv)
hereof will no longer constitute Events of Default.

 

Section 6.5           
Conditions to Defeasance. In order to exercise the options set forth in clause ‎(a)
or clause ‎(b) of ‎Section
6.4 above with respect to the Notes:

 

(a)          
the Issuer shall irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in Dollars, non-callable
U.S. Government Obligations, or a combination thereof, in each case in such amounts as will be sufficient, in the opinion of a
nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, interest and Additional
Amounts, if any, on the Notes on the stated dates for payment thereof or on the applicable Redemption Date, as the case may be;

 

(b)          
in the case of ‎Section 6.4(a), the Issuer shall have delivered
to the Trustee (i) an Opinion of Counsel, from counsel who is reasonably acceptable to the Trustee, confirming that, subject to
customary assumptions and exclusions,

 

(i)            the Issuer has received from, or there have been published by, the United States Internal Revenue Service a ruling, or

 

(ii)           since the issuance of the Notes, there has been a change in the applicable U.S. federal income tax law,

 

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

 

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(c)           
in the case of ‎Section 6.4(b), the Issuer shall have delivered
to the Trustee (i) an Opinion of Counsel, from counsel who is reasonably acceptable to the Trustee, confirming that, subject to
customary assumptions and exclusions, the holders of the Notes for tax purposes will not recognize income, gain or loss for U.S.
federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

(d)           
[Reserved.]

 

(e)           
no Default or Event of Default shall have occurred and be continuing on the date of such deposit pursuant to clause (a)
of this ‎Section 6.5 (except such Default or Event of Default resulting
from the failure to comply with ‎Section 4.1(f) of this Indenture
as a result of the borrowing of funds required to effect such deposit);

 

(f)           
such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under
any material agreement or instrument to which, the Issuer or any of its Subsidiaries is a party or by which the Issuer or any of
its Subsidiaries is bound (other than a Default or Event of Default pursuant to clause ‎(e)
above);

 

(g)           
the Trustee shall have received an Officers’ Certificate of the Issuer stating that the deposit was not made by the
Issuer with the intent of preferring the Holders over any other creditors of the Issuer or with the intent of defeating, hindering,
delaying or defrauding any other creditors of the Issuer or others;

 

(h)           
the Trustee shall have received an Officers’ Certificate of the Issuer and an Opinion of Counsel (which Opinion of
Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating
to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with; and

 

(i)           
the Trustee shall have received an Opinion of Counsel (subject to customary qualifications and exclusions), from counsel
who is reasonably acceptable to the Trustee, to the effect that the trust resulting from the deposit does not constitute a regulated
investment company under the Investment Company Act of 1940.

 

Section 6.6           
Reinstatement. If the Trustee is unable to apply any money or U.S. Government Obligations in accordance with
‎Section 6.4 by reason of any legal proceeding or by reason of any
order or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such application, the
Issuer’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred
pursuant to ‎Section 6.4, until such time as the Trustee or Paying
Agent is permitted to apply all such money or U.S. Government Obligations in accordance with ‎Section
6.4; provided, however, that, if the Issuer has made any payment of principal of or interest on the Outstanding
Notes of any series because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders
of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent.

 

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Article
VII

GUARANTY

 

Section 7.1           
Guaranty. Subject to the provisions of this Article, the Note Guarantors hereby absolutely, irrevocably and
unconditionally Guarantee, jointly and severally, to each Holder and to the Trustee the full and punctual payment (whether at an
installment date or the Maturity Date, upon redemption, purchase pursuant to an offer to purchase or acceleration or otherwise)
of the principal, premium, interest and all other amounts that may come due and payable under each Note and the full and punctual
payment of all other amounts payable by the Issuer under this Indenture as they come due. Upon failure by the Issuer to pay punctually
any such amount, each of the Note Guarantors shall, without duplication, forthwith pay the amount not so paid at the place and
time and in the manner specified in this Indenture. This Guaranty constitutes a direct, joint and several, general and unconditional
primary obligation of each Note Guarantor which will at all times rank at least pari passu with all other present and future
senior unsecured obligations of such Guarantor, except for such obligations as may be preferred by provisions of law that are both
mandatory and of general application.

 

Section 7.2           
Guaranty Unconditional. To the extent permitted by Applicable Law, the obligations of the Note Guarantors
hereunder are unconditional and absolute and, without limiting the generality of the foregoing, will not be released, discharged
or otherwise affected by:

 

(a)           
any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of the Issuer under this
Indenture or any Note, by operation of law or otherwise;

 

(b)           
any modification or amendment of or supplement to this Indenture or any Note;

 

(c)           
any change in the corporate existence, structure or ownership of the Issuer, or any insolvency, bankruptcy, reorganization,
plan of arrangement or other similar proceeding affecting the Issuer or its assets or any resulting release or discharge of any
obligation of the Issuer contained in this Indenture or any Note;

 

(d)           
the existence of any claim, set-off or other rights which any of the Note Guarantors may have at any time against the Issuer,
the Trustee or any other Person, whether in connection with this Indenture or any unrelated transactions, provided that
nothing herein prevents the assertion of any such claim by separate suit or compulsory counterclaim;

 

(e)           
any invalidity or unenforceability relating to or against the Issuer for any reason of this Indenture or any Note, or any
provision of applicable law or regulation purporting to prohibit the payment by the Issuer of the principal of or interest on any
Note or any other amount payable by the Issuer under this Indenture;

 

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(f)           
any other act or omission to act or delay of any kind by the Issuer, the Trustee or any other Person or any other circumstance
whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of or defense to any
of the Note Guarantors’ obligations hereunder; or

 

(g)           
any defenses (other than full and unconditional payment) or benefits that may be derived from or afforded by law which limit
the liability of or exonerate guarantors or sureties, or which may conflict with the terms of the Guaranty or this Indenture.

 

Section 7.3           
Discharge; Reinstatement. The Note Guarantors’ obligations hereunder will remain in full force and effect
until either (a) such Guarantor has been released as provided hereunder or (b) the principal of, premium (if any), and interest
on the Notes and all other amounts payable by the Issuer under this Indenture have been indefeasibly paid in full. If at any time
any payment of the principal of, premium, if any, or interest on any Note or any other amount payable by the Issuer under this
Indenture is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy, arrangement or reorganization
of the Issuer or otherwise, the Note Guarantors’ obligations hereunder with respect to such payment will be reinstated as
though such payment had been due but not made at such time.

 

Section 7.4           
Waiver by the Note Guarantors. (a) To the extent permitted by Applicable Law, each of the Note Guarantors
unconditionally and irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for herein,
as well as any requirement that at any time any action be taken by any Person against the Issuer or any other Person. The Guaranty
constitutes a Guarantee of payment and not of collection.

 

(b)           
To the extent permitted by Applicable Law, each of the Note Guarantors expressly waives irrevocably and unconditionally:

 

(i)            Any right it may have to first require any Holder of the Notes to proceed against, initiate any actions before a court of
law or any other judge or authority, or enforce any other rights or security or claim payment from the Issuer or any other Person
(including any Guarantor or any other guarantor) before claiming it under this Indenture;

 

(ii)           Any right to which it may be entitled to have the assets of the Issuer or any other Person (including any Guarantor or any
other guarantor) first be used, applied or depleted as payment of the Issuer’s or the Note Guarantors’ obligations
hereunder, prior to any amount being claimed from or paid by any of the Note Guarantors hereunder; and

 

(iii)          Any right to which it may be entitled to have claims hereunder divided between the Note Guarantors.

 

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Section 7.5           
Subrogation and Contribution. Upon making any payment with respect to any obligation of the Issuer under this
Article, each paying Guarantor will be subrogated to the rights of the payee against the Issuer with respect to such obligation;
provided, however, that such Guarantor shall not be entitled to enforce, or to receive any payments arising out of
or based upon, such right of subrogation until the principal of (and premium, if any) interest, Additional Amounts on all Notes
and any other amounts due under this Indenture shall have been paid in full.

 

Section 7.6           
Stay of Acceleration. If acceleration of the time for payment of any amount payable by the Issuer under this
Indenture or the Notes is stayed upon the insolvency, bankruptcy or reorganization of the Issuer, all such amounts otherwise subject
to acceleration under the terms of this Indenture are nonetheless payable by the Note Guarantors forthwith on demand by the Trustee.

 

Section 7.7           
Execution and Delivery of Guaranty. The execution by each of the Note Guarantors of this Indenture evidences
the Guaranty of such Guarantor, whether or not the person signing as an officer of such Guarantor still holds that office at the
time of authentication of any Note. The delivery of any Note by the Trustee after authentication constitutes due delivery of the
Guaranty set forth in this Indenture on behalf of each Guarantor.

 

Section 7.8           
Purpose of Guaranty. The Issuer and the Trustee hereby acknowledge that the purpose and intent of each of
the Note Guarantors in executing this Indenture and providing the Guaranty is to give effect to the agreement of such Guarantor
to Guarantee the payment of any such amounts due by the Issuer under the Notes and this Indenture, whether such amounts are in
respect of principal, interest or any other amounts (including Additional Amounts). Therefore, each of the Note Guarantors agrees
that if the Issuer shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any principal,
interest or any other amounts (including Additional Amounts) with respect to this Indenture and the Notes, such Guarantor shall
promptly pay the same, without any demand or notice whatsoever. The Trustee shall promptly deposit in the account designated by
the Trustee to receive payments from the Issuer with respect to the Notes any funds it receives from any of the Note Guarantors
under or pursuant to this Guaranty in respect of the Notes.

 

Section 7.9           
Future Note Guarantors. The Issuer will (a) at any time when the Credit Agreement (as amended, supplemented,
restated, modified, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified) is in effect, cause any
of its Restricted Subsidiaries existing on the Closing Date (other than Immaterial Subsidiaries) and any future Restricted Subsidiaries
of the Issuer that Guarantee the Credit Agreement and (b) at any time the Credit Agreement (as amended, supplemented, restated,
modified, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified) is not in effect, cause Restricted
Subsidiaries whose aggregate proportionate share of Consolidated Net Total Assets (after intercompany eliminations) are in excess
of 85% as of the end of the most recently completed fiscal quarter for which annual or quarterly financial statements are available,
to become a Note Guarantor under the Indenture by executing a supplemental indenture guaranteeing the performance of all obligations
of the Issuer under the Indenture and the Notes on a senior basis within 30 days after (i) in the case of clause (a) above, the
date upon which such Restricted Subsidiary becomes a guarantor under the Credit Agreement (as amended, supplemented, restated,
modified, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified), and (ii) in the case of clause
(b) above, the date the Issuer is required to deliver consolidated financial statements corresponding to the period in such clause
referred to above as required under ‎Section 4.1(m); provided that the Issuer
will not permit any Subsidiary that is not one of the remaining Note Guarantors referred to in the preceding clause (b) to guarantee,
assume or in any other manner become liable with respect to any Public Debt of the Issuer or any Note Guarantor, unless such Subsidiary
executes and delivers to the Trustee a supplemental indenture pursuant to which such Subsidiary will guarantee payment of the Notes;
provided that the Issuer will not permit any Restricted Subsidiary that is not one of the Restricted Subsidiaries the Issuer has
caused to become a Note Guarantor under this Indenture pursuant to the preceding clause (b) to guarantee, assume or in any other
manner become liable with respect to any Public Debt of the Issuer or any Note Guarantor, unless such Restricted Subsidiary executes
and delivers to the Trustee a supplemental indenture pursuant to which such Restricted Subsidiary will guarantee payment of the
Notes.

 

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Section 7.10         
Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the Issuer’s
and each other Guarantor’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment
of the obligations incurred under this Indenture and the nature, scope and extent of the risks that such Guarantor assumes and
incurs hereunder, and agrees that neither the Trustee nor any Holder will have any duty to advise such Guarantor of information
known to it or any of them regarding such circumstances or risks.

 

Section 7.11         
Release. The Note Guarantee of a Note Guarantor will automatically and unconditionally be released without
the need for any action by any party:

 

(1)            in
connection with any sale or other disposition of Capital Stock of a Note Guarantor (including by way of consolidation or merger
or otherwise) to a Person that is not (either before or after giving effect to such transaction) a Subsidiary of the Issuer, if
the sale of such Capital Stock of that Note Guarantor is otherwise permitted by the Indenture;

 

(2)            in
connection with the merger or consolidation of a Guarantor with the Issuer or, in the case of any Note Guarantor, any other Note
Guarantor;

 

(3)            in
the event that (a) at any time when the Credit Agreement (as amended, supplemented, restated, modified, renewed, refunded, replaced,
restructured, repaid, refinanced or otherwise modified) is in effect, such Note Guarantor ceases to Guarantee the Credit Agreement
and (b) at any time the Credit Agreement (as amended, supplemented, restated, modified, renewed, refunded, replaced, restructured,
repaid, refinanced or otherwise modified) is not in effect, so long as, after giving effect to such release, the remaining Note
Guarantors’ aggregate proportionate share of Consolidated Net Total Assets (after intercompany eliminations) would be at
least 85% as of the end of the most recently completed fiscal quarter for which annual or quarterly financial statements are available;

 

(4)            if
the Issuer properly designates any Restricted Subsidiary that is a Note Guarantor as an Unrestricted Subsidiary under the Indenture;

 

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(5)            upon
the Legal Defeasance or Covenant Defeasance or satisfaction and discharge of the Indenture; or

 

(6)            upon
a liquidation or dissolution of a Note Guarantor permitted under the Indenture.

 

Article
VIII

THE TRUSTEE

 

Section 8.1           
Duties of the Trustee; Certain Rights of the Trustee. (a) The Trustee undertakes to perform such duties and
only such duties as are specifically set forth in this Indenture. If an Event of Default exists, then the Trustee shall exercise
the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person
would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b)           
None of the Trustee, any agent of the Trustee or any Affiliate of the Trustee shall be liable for any act or omission made
in connection with this Indenture or the Notes except in the case of its own gross negligence or willful misconduct. In furtherance,
and not in limitation, of the Trustee’s rights and protections hereunder, and unless otherwise specifically provided in this
Indenture, the Trustee shall (subject to the terms hereof) grant such consents, make such requests and determinations and take
or refrain from taking such actions as are permitted (but not expressly required) to be granted, made or taken by the Trustee,
as the Required Holders shall direct in writing (in each case, subject to clause (c)). No provision of this Indenture shall
be construed to relieve the Trustee from liability for its gross negligence or willful misconduct; provided, however,
that:

 

(i)            the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture and the
Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture,
and no implied covenants or obligations shall be read into this Indenture against the Trustee,

 

(ii)           in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely as to (a) the truth of the statements
and the correctness of the opinions expressed in and upon any statements, certificates or opinions furnished to the Trustee pursuant
to this Indenture and conforming to the requirements of this Indenture, and as to (b) any standing orders of any certificate that
has been provided to it and not replaced by a new certificate; and

 

(iii)          the Trustee shall not be liable for any error of judgment made in good faith by any of its Responsible Officers unless it
shall be conclusively determined in a court of competent jurisdiction that the Trustee was grossly negligent in ascertaining the
pertinent facts, nor shall the Trustee be liable with respect to any action taken, suffered or omitted to be taken by it in good
faith in accordance with the written direction of the Required Holders under, or believed by it to be authorized or permitted by,
this Indenture, and shall not be liable for accepting, or acting upon, any decision made by the Holders in accordance herewith.

 

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(c)           
(i) The Trustee may conclusively rely upon, and shall be protected in acting or refraining from acting upon, and shall not
be bound to make any investigation into the facts or matters stated in, any resolution, certificate, statement, instrument, instruction,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness, guaranty or
other paper or document (whether in original and/or facsimile form) reasonably believed by it to be genuine and to have been signed
or presented by the proper Person(s). The Trustee, in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall
be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney at the sole cost of the
Issuer and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.

 

(ii)           The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request,
order or direction of the Required Holders unless the Required Holders shall have furnished to (or caused to be furnished to) the
Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities, including attorneys’
fees and expenses, that might be incurred by the Trustee therein or thereby. Subject to such provision for indemnification, the
Required Holders will have the right to direct the time, method and place of conducting any proceeding for any remedy available
to the Trustee.

 

(iii)          Nothing in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties or in the exercise of any of its rights or powers if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

 

(iv)          As a condition to the taking of or omitting to take any action by it hereunder, the Trustee may consult with counsel of
its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action reasonably taken or omitted by it hereunder in good faith and in reliance thereon.

 

(v)           For all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge of any Default or Event
of Default unless a Responsible Officer has Actual Knowledge thereof or unless written notice thereof is received by a Responsible
Officer of the Trustee at its Corporate Trust Office, which references the Notes and this Indenture; provided, that the
Trustee shall be deemed to have notice of the failure of the Issuer to deliver funds (as long as the Trustee is acting as Paying
Agent), reports or certificates to the Trustee when scheduled to be delivered to the Trustee under this Indenture. The Trustee
may withhold notice to the Holders of any Default except on payment or principal of, or interest, if any, on the Notes if and so
long as a committee of the Trustee’s Responsible Officers in good faith determines that it is in the interest of the Holders
to do so.

 

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(vi)          Any request or direction of a Holder, the Issuer or any other Person to the Trustee shall be sufficiently evidenced by a
written request or order signed in the name of such Person by an Authorized Officer of such Person. Any resolution adopted by any
such Person in connection with such a request or direction shall be sufficiently evidenced by a copy of such resolution certified
by the secretary, assistant secretary or similar officer in the United States or, outside the United States, the official or person
who performs the functions that are normally performed by a secretary or assistant secretary in the United States ( including,
in the case of the Issuer, the Secretary General or similar officer) of such Person to have been duly adopted and to be in full
force and effect.

 

(vii)         Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed)
may, in the absence of bad faith on its part, request and conclusively rely upon an Officers’ Certificate.

 

(viii)       
Whether or not expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to this ‎Article
VII.

 

Section 8.2           
Performance of Trustee’s Duties. (a) The Trustee shall not be responsible for and makes no representation
as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds
from the Notes, and it shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication.

 

(b)           
The Trustee may, in the execution and exercise of all or any of the powers, authorities and discretions vested in it by
this Indenture, act by Responsible Officer(s) of the Trustee (or duly-authorized officers of its Affiliates), and the Trustee may
also execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, attorneys,
accountants, custodians or nominees and the Trustee shall not be responsible for any misconduct or negligence on the part of any
such agents, attorneys, accountants, custodians or nominees appointed with due care by the Trustee.

 

(c)           
The Trustee, any Paying Agent, Security Registrar or any other agent of the Issuer, in its individual or any other capacity,
may become the owner or pledgee of Notes and may otherwise deal with the Issuer with the same rights it would have if it were not
the Trustee, Paying Agent, Security Registrar or such other agent.

 

(d)           
The Trustee shall not be required to provide, on its own behalf, any surety, bond or other kind of security in connection
with the execution of any of its trusts or powers under this Indenture or the performance of its duties hereunder.

 

(e)           
The recitals contained herein, in the Notes or any offering materials, except for the Trustee’s certificate of authentication,
shall not be taken as the statements of the Trustee, and the Trustee assumes no responsibility for their correctness. The Trustee
makes no representations as to the validity or sufficiency of this Indenture, the Notes or any offering materials.

 

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(f)           
The Trustee shall not be accountable for the use or application by any Person of any funds deposited in or withdrawn from
any account, or required to be so deposited or withdrawn, other than any funds held by or on behalf of the Trustee and over which
the Trustee has exclusive dominion and control. Furthermore, the Trustee shall not be accountable for the use or application of
any securities or other Property or the proceeds thereof that shall be used by the Issuer or any other Person (except itself) other
than in accordance with this Indenture.

 

(g)           
The Trustee shall (i) not be responsible for the payment of any interest with respect to amounts held by it and (ii) have
no obligation to invest or reinvest any amounts held by it.

 

(h)           
No provision of this Indenture shall be deemed to impose any duty or obligation on the Trustee to take or omit to take any
action, or suffer anything to exist, in the performance of its duties or obligations under this Indenture, or to exercise any right
or power hereunder, to the extent that taking or omitting to take such action, suffering such thing to exist, or exercising such
right or power, would violate Applicable Law binding upon it. No provision of this Indenture shall be deemed to impose any duty
or obligation on the Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on
it in any jurisdiction in which it shall be illegal, or in which the Trustee shall be unqualified or incompetent in accordance
with applicable law, to perform any such act or acts or to exercise any such right, power, duty or obligation, or which would render
the Trustee liable to any Person in any such jurisdiction or the State of New York.

 

(i)           
The rights, privileges, protections, immunities and benefits provided to the Trustee hereunder (including its right to be
indemnified) are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder as Paying Agent, Security
Registrar and Transfer Agent and in its capacities under the Transaction Documents and to each of its agents, custodians and other
Persons duly employed by the Trustee hereunder or thereunder and to each other Authorized Agent appointed hereunder.

 

(j)           
The permissive rights of the Trustee enumerated herein shall not be construed as duties.

 

(k)           
Notwithstanding any provision herein to the contrary, in no event shall the Trustee be liable for any failure or delay in
the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of
God, flood, war (whether declared or undeclared), terrorism, fire, riot, strikes or work stoppages for any reason, embargo, government
action, including any laws, ordinances, regulations or the like which restrict or prohibit the providing of the services contemplated
by this Indenture or the Notes, inability to obtain material, equipment, or communications or computer facilities, or the failure
of equipment or interruption of communications or computer facilities, and other causes beyond its control whether or not of the
same class or kind as specifically named above.

 

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

 

(m)           
The Trustee may request that the Issuer deliver an Officers’ Certificate setting forth the names of individuals and/or
titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate
may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized
in any such certificate previously delivered and not superseded.

 

(n)           
The Trustee shall have no duty to ascertain or inquire as to the performance or observance of any of the terms of this Indenture
or any other Transaction Document or any other documents or agreements entered into in connection with the transactions contemplated
hereby or thereby, by the Issuer or any other party thereto or bound thereby or to perform or observe or cause the performance
or observance of any thereof. The Trustee shall not be responsible for the calculation or other determination of any amounts referred
to in or contemplated by this Indenture or any other Transaction Document or any other documents or agreements entered into in
connection with the transactions contemplated hereby or thereby.

 

Section 8.3           
Resignation and Removal; Appointment of Successor Trustee; Eligibility. (a) The Trustee may resign and be
discharged of the trust created by this Indenture by giving at least 60 days’ written notice to the Issuer and the Holders,
and such resignation shall take effect upon receipt by the Trustee of an instrument of acceptance of appointment executed by a
successor trustee as provided in ‎Section 8.4.

 

(b)           
The Trustee may be removed as trustee at any time, with or without cause, upon 60 days prior written notice by the Required
Holders delivered to the Trustee and the Issuer, and (unless such notice provides otherwise) such removal shall take effect upon
receipt by the Trustee of an instrument of acceptance of appointment executed by a successor trustee as provided in ‎Section
8.4.

 

(c)           
If at any time any of the following occurs:

 

(i)            the Trustee ceases to be eligible to act as the Trustee in accordance with clause (d) and fails to resign after written
request for such resignation by the Issuer or the Required Holders, or

 

(ii)           the Trustee becomes incapable of acting, or (in its individual capacity) shall be adjudged a bankrupt or insolvent or a
receiver or liquidator of the Trustee (in its individual capacity) or of its Property shall be appointed, or any public officer
takes charge or control of the Trustee (in its individual capacity) or of its Property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Issuer (so long as no Default or Event of Default with respect to any Notes exists) may remove
the Trustee. If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer will
promptly appoint or request the Trustee in writing to appoint a successor trustee meeting the eligibility requirements in clause
(d) by notifying the Trustee in writing. Within one year after the successor trustee takes office, Required Holders may appoint
a successor trustee reasonably acceptable to the Issuer to replace the successor trustee appointed by the Issuer and the failure
of the Holders to do so will constitute acceptance of the successor trustee appointed by the Issuer.

 

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(d)           
If at any time the Trustee shall resign, be removed or become incapable of acting as trustee hereunder, or if at any time
a vacancy shall occur in the office of the Trustee for any other cause, then the Issuer may appoint a qualified successor trustee.
If no such successor trustee is appointed by the Issuer within 30 days after: (i) the Trustee’s delivery of notice of resignation,
(ii) the Trustee’s receipt of notice of removal or (iii) the occurrence of such vacancy, then the Issuer, the Trustee or
the Required Holders may request, at the expense of the Issuer, a court of competent jurisdiction to make such appointment.

 

Any Trustee, however
appointed, shall (i) be a licensed bank or trust company having a corporate trust department (or a branch, Subsidiary or other
Affiliate thereof) organized and doing business under the laws of the United States or any State thereof or a Western European
country and authorized under such laws to exercise corporate trust powers in the United States, (ii) have a combined capital and
surplus of at least $50,000,000 (or its equivalent in any other currency), and (iii) not be affiliated (as that term is defined
in Rule 405 under the Securities Act) with the Issuer. If at any time the Trustee ceases to be eligible to act as trustee in accordance
with this paragraph, then the Trustee shall resign immediately as Trustee as specified in clause (a) or may be removed as
specified in clause (c).

 

Section 8.4           
Acceptance of Appointment by Successor Trustee. (a) Any successor Trustee appointed as provided in ‎Section
8.3 shall execute, acknowledge and deliver to the Holders, the Issuer and to its predecessor Trustee an instrument accepting
such appointment hereunder, and, subject to ‎Section 8.3, upon the
resignation or removal of the predecessor Trustee, such appointment shall become effective and such successor trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor
hereunder, with like effect as if originally named as Trustee herein; provided, however, that the Trustee ceasing
to act shall, on request of the Issuer or the successor Trustee, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer
and deliver to such successor Trustee all Property and money held by such retiring Trustee hereunder, subject nevertheless to its
lien, if any, provided for in ‎Section 8.5. Upon written request
of any such successor Trustee, the Holders and the Issuer shall execute any and all instruments in writing for fully and certainly
vesting in and confirming to such successor Trustee all such rights and powers. In the event of a change of Trustee, an announcement
regarding such a change shall be made by or on behalf of the Issuer through the SGX-ST.

 

(b)           
No successor Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor
Trustee shall be eligible to act as the Trustee under ‎Section 8.3(d).

 

(c)           
Upon acceptance of appointment by a successor trustee as provided in this Section, the successor trustee shall notify each
Holder of such appointment by first-class mail (or overnight courier) at its last address as shall appear in the Register, and
shall mail (or overnight courier) a copy of such notice to the Issuer. If the acceptance of appointment is substantially contemporaneous
with the resignation of the previous Trustee, then the notice required by the preceding sentence may be combined with the notice
required by ‎Section 8.3.

 

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Section 8.5           
Trustee Fees and Expenses; Indemnity. (a) The Issuer covenants and agrees to pay to each of the Trustee and
each Authorized Agent from time to time, and the Trustee shall be entitled to, compensation as agreed in writing between the Issuer
and the Trustee and the Issuer and such Authorized Agent from time to time (which compensation shall not be limited by any provision
of Applicable Law in regard to the compensation of a trustee of an express trust).

 

(b)           
The Issuer covenants and agrees to pay or reimburse, or cause the payment or reimbursement of, the Trustee and each predecessor
Trustee and each Authorized Agent, upon its request, for all duly documented expenses, disbursements and advances reasonably incurred
or made by or on behalf of it in accordance with this Indenture (including the compensation of, reasonable documented expenses
and disbursements of its counsel and of all agents and other Persons not regularly in its employ), except any such expense, disbursement
or advance as may arise from its own gross negligence or willful misconduct, as determined by a court of competent jurisdiction,
in a non-appealable decision.

 

(c)           
The Issuer shall indemnify each of the Trustee and any predecessor Trustee, each Authorized Agent and their officers, employees,
directors and agents for, and shall hold them harmless against, any and all loss, damage, claim, liability or expense, including
Taxes (other than Taxes based upon, measured by or determined by the income of such Person), arising out of or in connection with
this Indenture or the Notes, and the transactions contemplated thereby, including the acceptance or administration of the trust
hereunder, including the costs and expenses of defending itself against any claim (whether asserted by the Issuer, or any Holder
or any other Person) or liability in connection with the exercise or performance of any of its powers, rights or duties hereunder
or thereunder, except to the extent that such loss, damage, claim, liability or expense is due to its own gross negligence or willful
misconduct, as determined by a court of competent jurisdiction, in a non-appealable decision.

 

(d)           
In addition to and without prejudice to its other rights hereunder, when the Trustee incurs expenses or renders services
in connection with any Event of Default, the expenses (including the compensation of, duly documented reasonable expenses of and
disbursements by its counsel) and the compensation for its services are intended to constitute expenses of administration under
any applicable United States federal or state or non-U.S. bankruptcy, insolvency or other similar law.

 

(e)           
To secure the Issuer’s obligations under this Section, the Trustee shall have a lien on, and may withhold or set-off
any amounts due and owing to it under this ‎Section 8.5 from any
money or Property held or collected by the Trustee in its capacity as Trustee, except for such money and Property which is held
in trust to pay the principal of (and premium, if any), or interest, on particular Notes.

 

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(f)           
“Trustee” for purposes of this Section shall include any predecessor Trustee; provided, however,
that the gross negligence or willful misconduct of any Trustee hereunder shall not affect the rights of any other Trustee hereunder.

 

(g)           
The provisions of this Section shall survive the termination of this Indenture or payment of the Notes and the resignation
or removal of the Trustee and/or any Authorized Agent.

 

Section 8.6           
Documents Furnished to the Holders. (a) Promptly following its receipt thereof, the Trustee shall, at the
cost of the Issuer, in the manner provided for in ‎Section 10.6,
furnish to each applicable Holder who so requests in writing in accordance with this paragraph a copy of any material certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal or other paper or document it receives
from the Issuer pursuant to this Indenture or the Notes to be furnished to the Trustee. Upon the Trustee’s receipt from any
Holder of a written request containing: (i) a certificate that such Person is a Holder (together with documentary evidence of same)
and (ii) an address for delivery, the Trustee shall deliver to such Holder a copy of any such certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, appraisal or other paper or document promptly after its receipt thereof.

 

(b)           
As promptly as practicable after, and in any event within 90 days after the receipt by the Trustee of notice or its Actual
Knowledge of any Event of Default with respect to any Note (or an event that would be a Default with respect to any Note with the
expiration of any applicable grace period, giving of notice or both), the Trustee shall, subject to ‎Section
8.1(c)(v), mail notice of such Event of Default to all Holders of Outstanding Notes as their names and addresses appear on
the Register; provided, however, that the Trustee shall have the right to withhold such notice as provided in ‎Section
8.1(c)(v).

 

Section 8.7           
Merger, Conversion, Consolidation and Succession. Any Person or other entity into which the Trustee may be
merged or converted or with which it may be consolidated, or any Person or other entity resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any Person or other entity succeeding to all or substantially all of the
corporate trust business of the Trustee (including this transaction), shall be the successor of the Trustee hereunder (provided
that such corporation or other entity shall be otherwise qualified and eligible hereunder) without the execution or filing
of any paper or any further action on the part of any of the parties hereto. If any Notes shall have been authenticated but not
delivered by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated
such Notes.

 

Section 8.8           
Money Held in Trust. Money held by the Trustee hereunder shall be held by it in trust for the Holders but
need not be segregated from other funds, except as provided in Sections ‎6.1
and ‎6.4. The Trustee shall not have any personal liability for interest
upon or investment of any such monies unless agreed to in writing.

 

Section 8.9           
No Action Except under Specified Documents or Instructions. The Trustee shall not manage, control, use, sell,
dispose of or otherwise deal with any part of the Issuer’s Property (excluding any Notes) except (a) in accordance with the
powers granted to and the authority conferred upon the Trustee pursuant to this Indenture and the Notes and (b) in accordance with
any document or instruction delivered to the Trustee pursuant hereto.

 

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Section 8.10          
Not Acting in its Individual Capacity. Except as provided in this ‎Article
VIII, in accepting the trusts hereby created, the entity acting as Trustee acts solely as Trustee hereunder and not in its
individual capacity and, except as provided in this ‎Article VIII,
all Persons having any claim against the Trustee by reason of the transactions contemplated by this Indenture or any Note shall
look only to the Issuer for payment or satisfaction thereof.

 

Section 8.11         
Maintenance of Agencies. (a) The Issuer shall at all times maintain an office or agency where Notes may be
presented or surrendered for registration of transfer or for exchange and for payment thereof and where notices and demands to
or upon the Trustee in respect of the Notes and/or this Indenture may be served. Such offices or agencies shall be initially at
the Corporate Trust Office. Written notice of any change of location thereof shall be given by the Trustee to the Issuer and the
Holders. In the event that no such notice of location or of change of location shall be given, presentations and demands may be
made and notices may be served at the Corporate Trust Office.

 

(b)           
The Issuer hereby initially appoints U.S. Bank National Association, at its Corporate Trust Office, as the Trustee hereunder
and U.S. Bank National Association hereby accepts such appointment. The Trustee will have the powers and authority granted to and
conferred upon it in the Notes and hereby and such further powers and authority to act on behalf of the Issuer as may be mutually
agreed upon by the Issuer and the Trustee, and the Trustee will keep a copy of this Indenture available for inspection during normal
business hours at its Corporate Trust Office.

 

(c)           
The Issuer hereby initially appoints The Depository Trust Company to act as depository with respect to the Global Notes.

 

(d)           
In the event that a global certificate is exchanged for definitive certificates, for so long as the Notes are listed on
the SGX-ST, are in certificated form and the rules of the SGX-ST so require, the Issuer will appoint and maintain a paying agent
in Singapore, where the Notes may be presented or surrendered for payment or redemption. In addition, in the event that a global
certificate is exchanged for definitive certificates, an announcement of such exchange shall be made by or on behalf of the Issuer
through the SGX-ST and such announcement will include all material information with respect to the delivery of the definitive certificates,
including details of the paying agent in Singapore.

 

(e)           
The Issuer hereby initially appoints the Trustee as Security Registrar and Paying Agent for the Notes.

 

(f)           
Any Person or other entity into which any Authorized Agent (other than the Trustee, matters with respect to which are specified
in ‎Section 8.3) may be merged or converted or with which it may
be consolidated, or any corporation or other entity resulting from any merger, consolidation or conversion to which any Authorized
Agent shall be a party, or any corporation or other entity succeeding to all or substantially all of the corporate trust business
of any Authorized Agent, shall be the successor of such Authorized Agent hereunder, if such successor corporation is otherwise
eligible under this Section, without the execution or filing of any document or any further act on the part of the parties hereto
or such Authorized Agent or such successor corporation or other entity.

 

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(g)           
Any Authorized Agent (other than the Trustee, matters with respect to which are specified in ‎Section
8.3(a)) may at any time resign by giving 30 days’ written notice of resignation to the Trustee and the Issuer. The Issuer
may, and at the request of the Required Holders shall, at any time terminate the agency of any Authorized Agent (other than the
Trustee, matters with respect to which are specified in ‎Section 8.3)
by giving written notice of termination to such Authorized Agent and to the Trustee. Upon the resignation or termination of an
Authorized Agent or in case at any time any such Authorized Agent shall cease to be eligible under this Section (when, in either
case, no other Authorized Agent performing the functions of such Authorized Agent shall have been appointed by the Issuer), the
Issuer shall promptly appoint one or more qualified successor Authorized Agents to perform the functions of the Authorized Agent
that has resigned or whose agency has been terminated or who shall have ceased to be eligible under this Section. The Issuer shall
give written notice of any such appointment made by it to the Trustee; and in each case the Trustee shall mail notice of such appointment
to all applicable Holders as their names and addresses appear on the Register.

 

Section 8.12       
Withholding Taxes; Information Reporting. (a) The Trustee shall comply with all backup withholding tax and
information reporting requirements that it is required to comply with under United States and Canada law and any other Applicable
Law (including the Code and the Treasury regulations issued thereunder) in respect of any payment on, or in respect of, the Notes.
The Trustee agrees to file any other information reports as it may be required to file by the U.S. with respect to such withholding.
In order to comply with certification, identification, information, documentation or other reporting requirements, the Holders
shall be required to provide the Trustee with all reasonably requested forms (including Internal Revenue Service Forms W-8BEN,
W-8IMY, W-8ECI, W-8EXP, W-9 and other applicable forms).

 

(b)           
Each Holder and each Person on whose behalf the Holder is acting understands that the Issuer or an intermediary (or an agent
of the Issuer) may require certification or other information acceptable to it (i) to permit the Issuer to make payments to it
without, or at a reduced rate of, withholding, (ii) to enable the Issuer to qualify for a reduced rate of withholding in any jurisdiction
from or through which the Issuer receives payments on its assets and (iii) to permit the Issuer to satisfy any reporting obligations. 
Each purchaser, beneficial owner and subsequent transferee agrees to provide any such certification or other information that is
reasonably requested by the Issuer or an intermediary (or an agent of the Issuer).

 

(c)           
Upon written request, the Trustee shall provide to the Issuer (or any agent thereof) any information specified by such parties
regarding the Holders and payments on the Notes that is reasonably available to the Trustee and which may be necessary for compliance
with FATCA, CRS or any other relevant laws and regulations, subject in all cases to confidentiality provisions.  The Trustee
shall not have any liability for providing such information.

 

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Section 8.13         
Co-Trustees and Separate Trustees. (a) Notwithstanding any other provisions of this Indenture, at any time
for the purpose of meeting any legal requirement of any jurisdiction, the Trustee shall have the power and may execute and deliver
all instruments necessary to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate
trustees, and to vest in such Person or Persons, in such capacity and for the benefit of the Holders, subject to the other provisions
of this Section, such powers, duties, obligations, rights and trusts as the Trustee may consider necessary or desirable; provided,
however, that, prior to an Event of Default, no co-trustee, co-trustees, separate trustee or separate trustees shall be
appointed without the prior written consent of the Issuer, which consent shall not to be unreasonably withheld. Each co-trustee
or separate trustee hereunder shall be required to have a combined capital and surplus (computed in accordance with Section 310(a)(2)
of the Trust Indenture Act) of at least $50,000,000 and the Trustee shall, at the expense of the Issuer, provide prompt notice
to holders of the appointment of any co-trustee or separate trustee.

 

(b)          
Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following
provisions and conditions:

 

(i)            all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee
or co-trustee is not authorized to act separately without the Trustee joining in such act), except to the extent that under any
law of any jurisdiction in which any particular act or acts are to be performed the Trustee shall be incompetent or unqualified
to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of the Collateral
or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co- trustee,
but solely at the direction of the Trustee;

 

(ii)           neither the Trustee nor any co-trustee or separate trustee hereunder shall be personally liable by reason of any act or
omission of any other trustee, co-trustee or separate trustee hereunder; and

 

(iii)          the Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

 

(c)           
Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate
trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee
shall refer to this Indenture and the conditions of this ‎Article VIII.
Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject
to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting
the liability of, or affording protection or rights (including the right to compensation, reimbursement and indemnification hereunder)
to, the Trustee. Every such instrument shall be filed with the Trustee.

 

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Article
IX

AMENDMENTS, SUPPLEMENTS AND WAIVERS

 

Section 9.1           
Without Consent of the Holders. The Issuer, the Note Guarantors and the Trustee may from time to time and
at any time without the consent of the Holders modify, amend or supplement this Indenture or enter into a written Indenture Supplement
for one or more of the following purposes:

 

(a)           
to evidence the succession by another Person to the Issuer and the assumption by any such successor of the covenants in
the Indenture and in the Notes of such series as permitted hereunder in accordance with ‎Section
4.3;

 

(b)           
to add to the Issuer’s covenants and those of any other obligor of the Notes for the benefit of the Holders or to
surrender any right or power conferred upon the Issuer or any other obligor of the Notes, as applicable, in the Indenture or in
the Notes for the benefit of the Holders;

 

(c)           
to cure any ambiguity, or to correct or supplement any provision in the Indenture or the Notes that may be defective or
inconsistent with any other provision in the Indenture or the Transaction Documents;

 

(d)           
to make any other changes with respect to matters or questions arising under the Indenture or the Notes; provided
that, such changes shall not materially adversely affect the interests of the Holders;

 

(e)           
to evidence and provide the acceptance of the appointment of a successor trustee under the relevant Indenture and pursuant
to the terms hereof;

 

(f)           
to comply with the rules of DTC or with any requirement of the SEC or any Canadian securities regulator with respect to
the Notes or the Indenture;

 

(g)           
to mortgage, pledge, hypothecate or grant a security interest in favor of the Trustee for the benefit of the Holders as
additional security for the payment and performance of the Issuer’s obligations under this Indenture, in any property, or
assets, including any of which are required to be mortgaged, pledged or hypothecated, or in which a security interest is required
to be granted to the Trustee pursuant to the Indenture or otherwise; and

 

(h)           
to provide for the issuance of Additional Notes in accordance with and if permitted by the terms and limitations set forth
in this Indenture.

 

(i)           
to add a co-issuer of the Notes, to add any additional Guarantors (whether required by the Indenture or otherwise) or to
evidence the release of any Guarantor from its obligations under its Note Guarantee to the extent that such release is not prohibited
by the Indenture.

 

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The Trustee is hereby
authorized but shall not be obligated to join in the execution of any such amendment or supplement or Indenture Supplement, to
make any further appropriate agreements and stipulations that may be therein contained and to accept the conveyance, transfer,
assignment, mortgage or pledge of any Property thereunder.

 

Section 9.2           
With Consent of the Holders. (a) Subject to Sections ‎9.6
and ‎9.7, and only with the written consent of the Required Holders, the
Issuer, the Note Guarantors and the Trustee may, from time to time and at any time, amend or supplement this Indenture or enter
into a written Indenture Supplement for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of this Indenture or any Note or of modifying in any manner the rights of the Holders in respect thereof.

 

(b)           
Notwithstanding anything to the contrary in ‎Section 9.2(a),
no amendment or waiver to this Indenture or the Notes shall, without the consent of every Holder adversely affected directly thereby:

 

(1)           
reduce in any manner the amount of or alter the priority of, any payments that are required to be made herein on any Note
or reduce any premium and Additional Amounts in respect of any Note, or change any date of payment on any Note, or change the place
of payment where, or the coin or currency in which, any Note is payable, or impair any Holder’s right to institute suit for
the enforcement of any payment on or after the due dates therefor;

 

(2)           
reduce the percentage of the Outstanding Notes the consent of which is required for any such amendment, or reduce such percentage
required for any waiver or instruction provided for in this Indenture;

 

(3)           
modify the Guarantees in any manner adverse to the Holders;

 

(4)           
make any change or modify the rankings of the Notes in a manner that would adversely affect the Holders;

 

(5)           
reduce the premium payable upon the redemption or repurchase of any Note or change the time at which any Note may or shall
be redeemed or repurchased in accordance with this Indenture; or

 

(6)           
modify or amend in any manner adverse to the Holders the terms and conditions of the obligation of the Issuer for the due
and punctual payment of the principal of or interest on the Notes.

 

Section 9.3            
Effect of Indenture Supplements. (a) Upon the effectiveness of any amendment, supplement or waiver in accordance
with this ‎Article IX, this Indenture, previous Indenture Supplements
and the Note(s) affected thereby shall be and be deemed to be modified and amended in accordance therewith and the respective rights,
limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Holders affected thereby and
the Issuer shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications, amendments
and waivers.

 

(b)           
After an amendment, supplement or waiver becomes effective, it shall bind every Holder unless it is of the type described
in clause ‎(b) of ‎Section
9.2. In case of an amendment or waiver of the type described in clause ‎(b)
of ‎Section 9.2, the amendment or waiver shall bind each Holder who
has consented to it and every subsequent Holder that evidences the same indebtedness as the Note(s) of the consenting Holder.

 

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Section 9.4           
Documents to Be Given to the Trustee. Before the execution thereof, the Trustee shall receive, in addition
to the documents required by ‎Section 10.11, one or more Officers’
Certificates of the Issuer and one or more Opinion(s) of Counsel each stating and as conclusive evidence that any amendment, supplement
or waiver is authorized or permitted by the applicable provisions of this Indenture.

 

Section 9.5           
Notation on or Exchange of Notes. If an amendment, supplement or waiver changes the terms of a Note, the Trustee
may require the Holder to deliver such Note to the Trustee. At the Issuer’s expense the Trustee may place an appropriate
notation on the Note about the changed terms and return it to the Holder and the Trustee may place an appropriate notation on any
Note thereafter authenticated. Alternatively, if the Issuer or the Trustee so determines, the Issuer in exchange for the Note shall
issue and the Trustee shall authenticate a new Note that reflects the changed terms. Any failure to make the appropriate notation
or to issue a new Note shall not affect the validity of such amendment, supplement or waiver.

 

Section 9.6           
Meetings of Holders. (a) The Trustee or the Issuer shall, upon the request of Holders holding not less than
10% in aggregate principal amount of the Outstanding Notes, or the Issuer or the Trustee may, at its respective discretion, call
a meeting of Holders at any time and from time to time to make, give or take any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be made, given or taken by such Holders to be held at such time and
at such place as the Trustee shall reasonably determine. Notice of every meeting of the Holders, setting forth the time and the
place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, at the expense of the
Issuer, by the Issuer or the Trustee to each applicable Holder not less than 10 nor more than 60 days before the date fixed for
the meeting. In case at any time the Issuer or Holders holding at least 10% of the Outstanding Notes shall have requested the Trustee
to call a meeting of the Holders for any purpose, by written request setting forth in reasonable detail the action proposed to
be taken at such meeting, the Trustee shall call such a meeting for such purposes by giving notice thereof.

 

(b)          
To be entitled to vote at any meeting of Holders, a Person shall be a Holder or a Person duly appointed by an instrument
in writing as proxy for a Holder. The quorum at any meeting of Holders called to adopt a resolution shall be Holders holding not
less than 50% in aggregate principal amount of the Outstanding Notes. Any instrument given by or on behalf of any Holder in connection
with any consent to any modification, amendment or waiver shall be irrevocable once given and shall be conclusive and binding on
all subsequent holders of such Note. Any action taken at a duly called and held meeting of any Holders shall be conclusive and
binding on all Holders, whether or not they gave consent or were present at the meeting. The Trustee may make such reasonable and
customary regulations as it shall deem advisable for any meeting of Holders with respect to proof of the appointment of proxies,
the record date for determining the registered Holders entitled to vote (which date shall be specified in the notice of meeting),
the adjournment and chairmanship of such meeting, the appointment and duties of inspectors of such meeting, the conduct of votes,
the submission and examination of proxies, certificates and other evidence of the right to vote and such other matters concerning
the conduct of the meeting as it shall deem appropriate. A record of the proceedings of each meeting of Holders shall be prepared
by the party calling the meeting and a copy thereof shall be delivered to the Issuer and the Trustee.

 

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Section 9.7           
Voting by the Issuer and Any Affiliates Thereof. Notwithstanding anything herein to the contrary, should any
Notes (or beneficial interests therein) be owned by the Issuer or any Affiliate thereof, any vote to be taken by Holders (including
any vote resulting from the occurrence of an Event of Default) shall exclude from such voting the vote relating to (and principal
amount of) the Notes (or beneficial interests therein) of any such Person, all as set forth in the definition of “Outstanding”
in ‎Section 1.1 of this Indenture.

 

Article
X

MISCELLANEOUS

 

Section 10.1         
Payments; Currency Indemnity. (a) Except to the extent otherwise stated herein, each payment to be made hereunder
or on any Note shall be made on the required payment date in Dollars and in immediately available funds at the office of the Trustee
specified in ‎Section 10.6 or to such other office or account as
may be specified by any party in a notice to the applicable sender of such payment.

 

(b)          
Except to the extent otherwise stated, Dollars are the sole currency of payment for all sums payable by the Issuer or the
Guarantor under or in connection with this Indenture or any Note, including with respect to indemnities. Any amount received or
recovered in a currency other than Dollars (whether as a result of, or of the enforcement of, a judgment, decree or order of a
court of any jurisdiction, in the winding-up or dissolution of the Issuer or otherwise) in respect of any sum expressed to be due
on the Notes and under this Indenture shall only constitute a discharge of such obligation to the extent of the amount of Dollars
that the payee of such amounts due is able to purchase in accordance with normal banking or other normal currency exchange procedures
with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable
to make that purchase on that date, on the first date on which it is practicable to do so). If such amount of Dollars is more than
the amount expressed to be due on the Notes or under this Indenture, if applicable, then the payee shall reimburse such excess
to the Issuer or Guarantor. If such amount of Dollars is less than the amount expressed to be due on the Notes or under this Indenture,
if applicable, then the Issuer or Guarantor shall indemnify the payee of such amounts against any loss sustained by it as a result.
In any event, the Issuer or Guarantor shall indemnify the payee of such amounts against the cost of making any such purchase. For
the purposes of this ‎Section 9.1(b), in the event the payee finds
it impracticable to make a purchase on the date it receives the payment in a currency other than in Dollars, it will be sufficient
for the payee of such amounts to certify in a reasonable manner (indicating the sources of information used) that it would have
suffered a loss had an actual purchase of Dollars been made with the amount so received in such other currency on the date of receipt
or recovery. These indemnities constitute a separate and independent obligation from the other obligations hereunder, shall give
rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by such payee and shall
continue in full force and effect despite any other judgment, order, claim or proof for a liquidated amount in respect of any amount
due hereunder or under any Note.

 

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Section 10.2          
[Reserved].

 

Section 10.3         
Governing Law. THIS INDENTURE HAS BEEN DELIVERED IN NEW YORK, NEW YORK AND SHALL BE DEEMED TO BE A CONTRACT
MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF
THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

 

Section 10.4         
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any Person,
any right, remedy, power or privilege hereunder 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 exhaustive of any
rights, remedies, powers and privileges provided by Applicable Law.

 

Section 10.5         
Severability. Any provision of this Indenture or any Note 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 or thereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

Section 10.6         
Notices. (a) All notices, instructions, directions, requests and demands delivered in connection herewith
shall be in English and shall be in writing (including by fax) and, unless otherwise expressly provided herein, shall be deemed
to have been duly given or made when received (including by courier), addressed as follows in the case of the Trustee and the Issuer:

 

	If to the Trustee:	U.S. BANK NATIONAL ASSOCIATION
	 	13737 Noel Road, Suite 800
	 	Dallas, TX 75240
	 	 
	Fax:	972-581-1670
	Attention:	Global Banking Services—Administrator for Gran Tierra Energy Inc.
	 	 
	If to the Issuer:	Gran Tierra Energy Inc.
	 	900, 500-3 Avenue S.W.
	 	
        Calgary, Alberta

        Canada

	Fax:	403-265-3234
	Attention:	treasury@grantierra.com, attention to the Treasurer and CFO

 

(b)           
The Issuer and the Trustee, by notice, may designate additional or different addresses for subsequent notices or communications.

 

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(c)           
Any notice or communication to a Holder shall be deemed to have been duly given upon the mailing of such notice by first
class mail to such Holder at its registered address as recorded in the Register, or, in the case of Global Notes, delivery in accordance
with the Applicable Procedures, not later than the latest date, and not earlier than the earliest date, prescribed in the Indenture
for the giving of such notice. Any requirement of notice hereunder may be waived by the Person entitled to such notice before or
after such notice is required to be given, and such waivers shall be filed with the Trustee.

 

(d)           
If the Issuer gives a notice or communication to any Holder, it shall give a copy to the Trustee in advance of sending the
notice to the Holder.

 

(e)           
The Trustee shall promptly furnish the Issuer with a copy of any demand, notice or written communication received by the
Trustee hereunder from any Holder.

 

(f)           
The Trustee shall have the right, but shall not be required, to rely upon and comply with instructions and directions sent
by e-mail, facsimile and other similar unsecured electronic methods by persons believed by the Trustee to be authorized to give
instructions and directions on behalf of the Issuer. The Trustee shall have no duty or obligation to verify or confirm that the
person who sent such instructions or directions is, in fact, a person authorized to give instructions or directions on behalf of
the Issuer; and the Trustee shall have no liability for any losses, liabilities, costs or expenses incurred or sustained by the
Issuer as a result of such reliance upon or compliance with such instructions or directions. The Issuer agrees to assume all risks
arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation
the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

 

Section 10.7         
Counterparts. This Indenture may be executed on any number of separate counterparts (including by fax or electronic
delivery), and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

 

Section 10.8         
Entire Agreement. This Indenture, including the documents referred to herein, contains the entire understanding
of the parties hereto with respect to the subject matter contained herein, and there are no promises, undertakings, representations
or warranties by the parties hereto relative to the subject matter hereof not expressly specified or referred to herein.

 

Section 10.9         
Waiver of Jury Trial. THE PARTIES HERETO (AND EACH HOLDER, BY ITS ACCEPTANCE OF A NOTE) HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS INDENTURE OR THE NOTES AND FOR ANY COUNTERCLAIM
RELATING THERETO. EACH PARTY (AND EACH HOLDER, BY ITS ACCEPTANCE OF A NOTE) ACKNOWLEDGES THAT THE OTHER PARTIES HERETO ARE ENTERING
INTO THIS INDENTURE IN RELIANCE UPON SUCH WAIVER.

 

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Section 10.10     
Submission to Jurisdiction; Waivers; Prescription. (a) Each party to this Indenture or the Notes hereby irrevocably
and unconditionally submits to the jurisdiction of (i) the United States District Court for the Southern District of New York or
of any New York State court (in either case sitting in Manhattan, New York City) and (ii) the courts of its own corporate domicile,
in each case with all applicable courts of appeal therefrom, with respect to actions brought against it as a defendant, for purposes
of all legal proceedings arising out of or relating to this Indenture or the Notes or the transactions contemplated hereby or thereby;
provided that nothing herein shall be deemed to limit the ability of any party to this Indenture or the Notes to bring suit
in any other permissible jurisdiction. The Issuer and each of the Note Guarantors hereby irrevocably waives, to the fullest extent
permitted by Applicable Law, any objection that it may now or hereafter have to the laying of the venue of any such proceeding
brought in such a court, any claim that any such proceeding brought in such a court has been brought in an inconvenient forum and
any objection based on place of residence or domicile.

 

(b)           
The Issuer and each of the Note Guarantors irrevocably appoints CT Corporation System, with address at 111 Eighth Avenue
New York, NY 10011, United States, as its authorized agent on which any and all legal process may be served in any such action,
suit or proceeding brought in the United States District Court for the Southern District of New York or in any New York State court
(in either case sitting in Manhattan, New York City) in connection with this Indenture or the Notes. The Issuer and each of the
Note Guarantors agrees that service of process in respect of it upon such agent, together with written notice of such service sent
to it in the manner provided for in ‎Section 10.6, shall be deemed
to be effective service of process upon it in any such action, suit or proceeding. The Issuer and each of the Note Guarantors agrees
that the failure of such agent to give notice to it of any such service of process shall not impair or affect the validity of such
service or any judgment rendered in any action, suit or proceeding based thereon. If for any reason such agent shall cease to be
available to act as such (including by reason of the failure of such agent to maintain an office in New York City), the Issuer
and each of the Note Guarantors agrees promptly to designate a new agent in New York City, on the terms and for the purposes of
this Section. Nothing herein shall in any way be deemed to limit the ability of the Trustee to serve any such legal process in
any other manner permitted by Applicable Law or to obtain jurisdiction over the Issuer or bring actions, suits or proceedings against
it in such other jurisdictions, and in such manner, as may be permitted by Applicable Law.

 

(c)           
The Issuer and each of the Note Guarantors will waive any immunity (including sovereign immunity), to the fullest extent
permitted by applicable law, from suit, action, proceeding or jurisdiction to which it might otherwise be entitled in any such
suit, action or proceeding in any U.S. federal or New York State court in the Borough of Manhattan, the City of New York or in
any competent court in Canada, Panama or Colombia.

 

(d)           
Claims against the Issuer or any Note Guarantor for the payment of principal or interest and Additional Amounts in respect
of the Notes or the Guarantee, as the case may be, will be prescribed unless made within six years of the due date for payment
of such principal or interest and Additional Amounts.

 

Section 10.11        
Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuer to the Trustee
to take any action under this Indenture, the Issuer will furnish to the Trustee upon request:

 

(a)           
an Officers’ Certificate (which will include the statements set forth in ‎Section
10.12 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in
this Indenture relating to the proposed action have been satisfied; and

 

    106

     

    

 

(b)           
an Opinion of Counsel (which will include the statements set forth in ‎Section
10.12 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied;
provided, however, that no such Opinion of Counsel shall be delivered with respect to the authentication and delivery
of any Notes on the Closing Date.

 

Section 10.12        
Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with
a condition or covenant provided for in this Indenture will include (other than the certificate set forth in ‎Section
4.1(b):

 

(a)           
a statement that the Person making such certificate or opinion has read such covenant or condition and the definitions in
the Indenture relating thereto;

 

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

 

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

 

(d)           
a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with; and

 

(e)           
a statement that, in the opinion of such Person, such Officers’ Certificate or Opinion of Counsel complies with the
provisions of this ‎Section 10.12 and that the Trustee may rely on
such certificate or opinion.

 

Section 10.13        
Headings and Table of Contents. Section headings and the table of contents in this Indenture have been inserted
for convenience of reference only and shall in no way restrict or otherwise modify any of the terms or provisions hereof.

 

Section 10.14       
Use of English Language. All certificates, reports, notices, instructions, and other documents and communications
given or delivered pursuant to this Indenture shall be in the English language or accompanied by a certified English translation
thereof.

 

Section 10.15       
No Recourse Against Others. An incorporator, stockholder, officer, director, employee or controlling person,
as such, of the Issuer shall not have any liability for any obligations of the Issuer under the Notes, this Indenture, or for any
claim based on, in respect of or by reason of such obligations or their creation. By accepting interests in a Note, each Holder
waives and releases all such liability. The waiver and release shall be deemed a part of the consideration for the issue of the
Notes.

 

    107

     

    

 

Section 10.16   
Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act, U.S.
Bank National Association, like all financial institutions and in order to help fight the funding of terrorism and money laundering,
are required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship
or opens an account. Each party to this agreement agrees that it will provide U.S. Bank National Association with such information
with respect to such party as U.S. Bank National Association may request in order for U.S. Bank National Association to satisfy
the requirements of the USA Patriot Act.

 

[signature page follows]

 

    108

     

    

 

IN WITNESS WHEREOF,
the undersigned have caused this Indenture to be duly executed as of the date first above written by their respective officers
hereunto duly authorized.

 

	 	GRAN TIERRA ENERGY INC., as Issuer
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Ryan Ellson
	 	 	Name:	Ryan Ellson
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	GRAN TIERRA ENERGY INTERNATIONAL HOLDINGS LTD., as Note Guarantor
	 	 
	 	 
	 	By:	/s/ Manuel Antonio Buitrago
	 	 	Name:	Manuel Antonio Buitrago
	 	 	Title:	Director
	 	 	 	 
	 	 	 	 
	 	Gran Tierra Resources Limited, as Note Guarantor
	 	 
	 	 
	 	By:	/s/ Ryan Ellson
	 	 	Name:	Ryan Ellson
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	PETROLIFERA PETROLEUM (COLOMBIA) LIMITED, as Note Guarantor
	 	 
	 	 
	 	By:	/s/ Manuel Antonio Buitrago
	 	 	Name:	Manuel Antonio Buitrago
	 	 	Title:	Director
	 	 	 	 
	 	 	 	 
	 	GRAN TIERRA ENERGY CAYMAN ISLANDS INC., as Note Guarantor
	 	 
	 	 
	 	By:	/s/ Manuel Antonio Buitrago
	 	 	Name:	Manuel Antonio Buitrago
	 	 	Title:	Director

 

    C-1

     

    

 

	 	GRAN TIERRA COLOMBIA INC., as Note Guarantor
	 	 
	 	 
	 	By:	/s/ Manuel Antonio Buitrago
	 	 	Name:	Manuel Antonio Buitrago
	 	 	Title:	Director
	 	 	 	 
	 	 	 	 
	 	Gran Tierra Energy Colombia, LLC, as Note Guarantor
	 	 
	 	 
	 	By:	/s/ Manuel Antonio Buitrago
	 	 	Name:	Manuel Antonio Buitrago
	 	 	Title:	Director
	 	 	 	 
	 	 	 	 
	 	GRAN TIERRA ENERGY CANADA ULC, as Note Guarantor
	 	 
	 	 
	 	By:	/s/ Ryan Ellson
	 	 	Name:	Ryan Ellson
	 	 	Title:	Chief Financial Officer

 

    C-2

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,  as Trustee
	 	 
	 	 
	 	By:	/s/ Michael K. Herberger
	 	 	Name: 	Michael K. Herberger
	 	 	Title: 	Vice President

 

 

    C-3

     

    

 

Schedule 1

 

LIST OF GUARANTORS

 

GRAN TIERRA ENERGY
INTERNATIONAL HOLDINGS LTD.,

Gran
Tierra Resources Limited,

PETROLIFERA PETROLEUM (COLOMBIA) LIMITED,

GRAN TIERRA ENERGY CAYMAN ISLANDS INC.,

GRAN TIERRA COLOMBIA INC.,

Gran
Tierra Energy Colombia, LLC

AND GRAN TIERRA ENERGY CANADA ULC

 

    S-1

     

    

 

EXHIBIT A

to Indenture

 

[FORM OF] FACE OF NOTE

 

GRAN TIERRA ENERGY INC.

 

[144A GLOBAL NOTE]

 

[REGULATION S GLOBAL NOTE]

 

[DEFINITIVE NOTE]

 

representing

 

U.S.$[ ]

 

7.750% Senior Notes due 2027

 

[Global Notes Legend]1

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR, OR IN
LIEU OF, THIS NOTE OR ANY PORTION HEREOF IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, CEDE & CO. (OR SUCH OTHER ENTITY), HAS AN INTEREST HEREIN.

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS NOTE MAY NOT
BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED,
IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITORY OR A NOMINEE THEREOF EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE.

 

 

		1	This Global Notes Legend should be included only if the Note is to be held by DTC in global form.

 

    A-1

     

    

 

[Restricted Securities Legend]

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

		(1)	REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER”
(WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH
SUCH ACCOUNT, AND

 

		(2)	AGREES FOR THE BENEFIT OF Gran Tierra Energy Inc.
(THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST
HEREIN EXCEPT:

 

		(A)	TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

 

		(B)	PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

		(C)	TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

 

		(D)	PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY
OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

(3) REPRESENTS
THAT EITHER IT (I) IS NOT ACQUIRING OR HOLDING THIS SECURITY FOR ON BEHALF OF, AND NO PORTION OF THE ASSETS USED TO ACQUIRE OR
HOLD THIS SECURITY (OR ANY INTEREST THEREIN) CONSTITUTES ASSETS OF ANY PLAN SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR ANY PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT
SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY
FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR
LAW”), OR ANY ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT
OR ARRANGEMENT, OR (II) THE ACQUISITION, HOLDING AND SUBSEQUENT DISPOSITION OF THIS SECURITY (OR ANY INTEREST THEREIN) BY THE ACQUIRER
WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, OR A SIMILAR VIOLATION
UNDER ANY APPLICABLE SIMILAR LAWS.

 

    A-2

     

    

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER
IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS,
CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN
COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

THIS NOTE (OR A BENEFICIAL INTEREST HEREIN)
MAY NOT BE TRANSFERRED UNLESS, AFTER GIVING EFFECT TO THE TRANSFER, THE TRANSFEREE IS HOLDING A PRINCIPAL AMOUNT WHICH IS EQUAL
TO $200,000 OR INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF.

 

UNLESS PERMITTED UNDER CANADIAN SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE DATE
ON WHICH THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY.

 

 

    A-3

     

    

 

GRAN TIERRA ENERGY INC.

7.750% Senior Note due 2027

 

	No. [___]	Principal Amount $[•]
	 	 
	[Registered Holder: CEDE & CO.]2	CUSIP No. [•] and ISIN No. [•]

 

Gran
Tierra Energy Inc. (the “Issuer”), a Delaware corporation, promises to pay to                       
or registered assigns, the principal sum of                       
dollars on [ ], 2027 or such other amount as is shown on the Register on such date in respect of the Notes.

 

PAYMENT
DATES:         [ ] and [ ] of each year, commencing on [ ].

 

RECORD
DATES:           [ ] and [ ].

 

Additional provisions
of this Note are set forth on the reverse hereof.

 

 

		2	Include
only if the Note is to be held by DTC.

 

    A-4

     

    

 

IN WITNESS WHEREOF,
the Issuer has caused this Note to be duly executed.

 

 

	 	Gran Tierra Energy Inc.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-1

     

    

 

	TRUSTEE’S CERTIFICATION OF AUTHENTICATION
	This is one of the Notes referred to in the within-mentioned Indenture
	Dated:  [  ], 2019
	U.S. Bank National Association, as Trustee
	By:	 	 
	 	Authorized Signatory	 

 

    A-2

     

    

 

[FORM OF] REVERSE OF NOTE

 

7.750% Senior Notes due 2027

 

Interest

 

Gran
Tierra Energy Inc., a Delaware corporation, promises to pay interest on the principal amount of this Note at the rate
per annum shown above.

 

Each Note and Additional
Note shall bear interest at a rate of 7.750% per annum from the issue date of such Note or Additional Note or from the most recent
interest Payment Date to which interest has been paid, as the case may be, payable semi-annually in arrears on each Payment Date
commencing on November 23, 2019 until the principal thereof is paid or duly provided for. Interest on the Notes will accrue and
be payable in U.S. Dollars and will be computed on the basis of a 360-day year of twelve 30-day months, and will be payable to
the Holders of record on the Record Date immediately preceding the related interest Payment Date. The Issuer will pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law to the extent that such interest is an allowed claim
enforceable against the debtor under any Bankruptcy Law) on overdue principal and premium, if any, at a rate equal to 1% per annum
in excess of the interest rate on the Notes or Additional Notes, and to the extent lawful, it will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law to the extent that such interest is an allowed claim against the debtor under
such Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) from time to time on demand
at the same rate.

 

Method of Payment

 

On the Business Day
prior to any Payment Date and/or Maturity Date the Issuer will deposit or cause to be deposited with the Paying Agent in the Borough
of Manhattan, the City of New York, in immediately available funds, a sum in Dollars sufficient to pay the principal of, and interest
(and premium and Additional Amounts, if any) due on each Note or Additional Notes on such Payment Date and/or Maturity Date. The
Issuer will pay the Holders defaulted interest in any lawful manner on a special record date. The Issuer will notify the Trustee
in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Trustee
will fix or cause to be fixed each such special record date and payment date, provided that no such special record date
will be less than 10 days prior to the related payment date for such defaulted interest. At least 10 days before the special record
date, the Issuer will mail or cause to be mailed to Holders a notice that states the special record date, the related payment date
and the amount of such defaulted interest to be paid. In addition, the Issuer will pay to the Holder of this Note such premium
and Additional Amounts as may become payable under ‎Section
2.12, ‎Section 3.3 and ‎Section
3.4 of the Indenture.

 

Trustee, Security Registrar and Paying
Agent

 

Initially, U.S. Bank
National Association (the “Trustee”), will act as Trustee, security registrar and paying agent.

 

    A-3

     

    

 

Indenture

 

The Issuer issued the
Notes under an Indenture, dated as of May 23, 2019 (as it may be amended or supplemented from time to time in accordance with the
terms thereof, the “Indenture”), between the Issuer, U.S. Bank National Association, as trustee, security registrar
and paying agent. The Indenture imposes certain limitations on the Issuer and its Restricted Subsidiaries. The terms of the Notes
include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a
statement of those terms. The Notes are senior obligations of the Issuer limited to $[ ] aggregate principal amount. Each Holder,
by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture, as amended from time to time. Capitalized
terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. This Note is one of the Notes referred
to in the Indenture.

 

Optional Redemption

 

The Notes may be redeemed
in accordance with ‎Article III of the Indenture.

 

Denominations; Transfer; Exchange

 

Any Notes sold outside
the United States to non-U.S. Persons in reliance on Regulation S will be issued in fully registered form without interest coupons
attached and only in denominations of $200,000 and in integral multiples of $1,000 in excess thereof. Any Notes sold pursuant to
Rule 144A will be issued in fully registered form without interest coupons attached and only in denominations of $200,000 and integral
multiples of $1,000 in excess thereof. No service charge will be made for any registration of transfer or exchange of Notes, but
the Trustee may require payment of a sum sufficient to cover any Tax or other government charge payable in connection therewith.
The Notes (or beneficial interests therein) may not be transferred unless the principal amount so transferred is in an authorized
denomination.

 

Persons Deemed Owners

 

The registered Holder
of this Note may be treated as the owner of this Note for all purposes.

 

Unclaimed Money

 

Any monies deposited
with or paid to the Trustee for the payment of the principal, premium or Additional Amounts (if any), interest or any other amount
due with respect to any Note and not applied but remaining unclaimed for three years after the date upon which such principal,
premium or Additional Amounts (if any), interest or other amount shall have become due and payable, shall (to the extent not required
to escheat to any governmental authority), upon written demand of the Issuer, be repaid by the Trustee to or for the account of
the Issuer, the receipt of such repayment to be confirmed promptly in writing by or on behalf of the Issuer, and, to the extent
permitted by Applicable Law, the Person claiming such payment of principal, premium or Additional Amounts (if any), interest or
any other amount shall thereafter look only to the Issuer for any related payment that it may be entitled to receive, and all liability
of the Trustee with respect to such monies shall thereupon cease.

 

    A-4

     

    

 

Prescription

 

Claims against the
Issuer or any Note Guarantor for the payment of principal or interest and Additional Amounts in respect of the Notes or the Guarantee,
as the case may be, will be prescribed unless made within six years of the due date for payment of such principal or interest and
Additional Amounts.

 

Defeasance

 

Subject to certain
conditions set forth in ‎Section 6.4 of the Indenture,
the Issuer at any time may terminate certain of its obligations under the Notes and the Indenture if the Issuer deposits with the
Trustee money or U.S. Government Obligations for the payment of principal and interest on the Notes to redemption or maturity,
as the case may be.

 

Authentication

 

This Note shall not
be valid until an authorized signatory of the Trustee (or an authenticating agent acting on its behalf) manually signs the certificate
of authentication on the other side of this Note.

 

Abbreviations

 

Customary abbreviations
may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entirety), JT
TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (=Uniform Gift to
Minors Act).

 

CUSIP and ISIN Numbers

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Note Identification Procedures the Issuer has caused CUSIP, ISIN and/or other similar numbers
to be printed on the Notes and has directed the Trustee to use such numbers in notices of redemption as a convenience to Holders.
No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption
and reliance may be placed only on the other identification numbers placed thereon.

 

Governing Law

 

This note shall be
governed by the internal laws of the state of New York (including for such purpose sections 5-1401 and 5-1402 of the General Obligations
Law of the State of New York).

 

Additional Amounts

 

The Issuer will pay
to the Holders such Additional Amounts as may become payable under ‎Section
2.12 of the Indenture.

 

    A-5

     

    

 

Conversion of Currency

 

Dollars are the sole
currency of payment for all sums payable by the Issuer under or in connection with the Notes or the Indenture, including damages.
The Issuer has agreed that the provisions of ‎Section
10.1 of the Indenture shall apply to conversion of currency in the case of the Notes and the Indenture. Among other things,
‎Section 10.1 of the Indenture specifies that
any amount received or recovered in a currency other than Dollars (whether as a result of, or of the enforcement of, a judgment,
decree or order of a court of any jurisdiction, in the winding-up or dissolution of the Issuer or otherwise) in respect of any
sum expressed to be due on the Notes and under the Indenture shall only constitute a discharge of such obligation to the extent
of the amount of Dollars that the payee of such amounts due is able to purchase, in accordance with normal banking or other normal
currency exchange procedures, with the amount so received or recovered in that other currency on the date of that receipt or recovery
(or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so). If such
amount of Dollars is more than the amount expressed to be due on the Notes or under the Indenture, if applicable, then the payee
shall reimburse such excess to the payor. If such amount of Dollars is less than the amount expressed to be due on the Notes or
under the Indenture, then the payor shall indemnify the payee of such amounts against any loss sustained by it as a result.

 

Agent for Service;
Submission to Jurisdiction; Waiver of Immunities

 

The Issuer has irrevocably
appointed CT Corporation System, with address at 111 Eighth Avenue New York, NY 10011, United States, as its authorized agent on
which any and all legal process may be served in any such action, suit or proceeding brought in the United States District Court
for the Southern District of New York or in any New York State court (in either case sitting in Manhattan, New York City).

 

The Issuer and each
of the Note Guarantors will waive any immunity (including sovereign immunity), to the fullest extent permitted by applicable law,
from suit, action, proceeding or jurisdiction to which it might otherwise be entitled in any such suit, action or proceeding in
any U.S. federal or New York State court in the Borough of Manhattan, the City of New York or in any competent court in Canada
or the Cayman Islands.

 

 

    A-6

     

    

 

The Issuer will furnish
to any Holder upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Note
in larger type.

 

	 	Requests may be
made to:
	 	 
	 	Gran
Tierra Energy Inc.

900, 500-3 Avenue S.W.

Calgary, Alberta

Canada

Fax:
403-265-3234

Email: treasury@grantierra.com, attention to Treasurer and CFO

 

    A-7

     

    

 

NOTATION ON NOTE RELATING TO GUARANTY

 

For value received,
the undersigned hereby unconditionally guarantee as principal obligors and not merely as a surety, to the Holder of this Note,
the cash payments in United States Dollars of principal, premium, if any, and interest on this Note (and including premium and
Additional Amounts payable thereon, if any) in the amounts and at the times when due, together with interest on the overdue principal,
premium, if any, and interest, if any, on this Note, if lawful, and the payment or performance of all other obligations of the
Issuer under the Indenture or the Notes, to the Holder of this Note and the Trustee, all in accordance with and subject to the
terms and conditions of this Note and the Indenture (as defined below). Capitalized terms used but not defined herein shall have
the meanings ascribed to them in the Indenture, dated as of May 23, 2019, among the Issuer, the Note Guarantors and U.S. Bank National
Association as trustee (together with its successors hereunder, in such capacity, the “Trustee”), a security
registrar and a paying agent.

 

The obligations of
the undersigned to the Holders and to the Trustee are expressly set forth in the Indenture and reference is hereby made to the
Indenture for the precise terms thereof.

 

 

    A-8

     

    

 

IN WITNESS WHEREOF,
each of the Note Guarantors has caused this endorsement with respect to the 7.750% Senior Notes Due 2027 of GRAN TIERRA ENERGY
INC. to be duly executed.

 

Dated: [ ], 2019

 

 

	 	GRAN TIERRA ENERGY INTERNATIONAL HOLDINGS LTD., as Note Guarantor
	 	 	 	 
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	Gran Tierra Resources Limited, as Note Guarantor
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	PETROLIFERA PETROLEUM (COLOMBIA) LIMITED, as Note Guarantor
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	GRAN TIERRA ENERGY CAYMAN ISLANDS INC., as Note Guarantor
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    A-9

     

    

 

	 	GRAN TIERRA COLOMBIA INC., as Note Guarantor
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	Gran Tierra Energy Colombia, LLC, as Note Guarantor
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	GRAN TIERRA CALLCO ULC, as Note Guarantor
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

 

    A-10

     

    

 

[FORM OF] ASSIGNMENT FORM

 

To assign this Note,
fill in the form below and have your signature guaranteed: (I) or (we) assign and transfer this Note to:

 

 

(Insert assignee’s soc. sec. or tax
I.D. no.)

 

 

(Print or type assignee’s name, address
and zip code)

 

and irrevocably
appoint_________________________________________________________________________ to transfer this Note on the books of the Issuer. The
agent may substitute another to act for him.

 

	Dated:	 	 	Your Name:	 
	 	 	 	 	(Print your name exactly as it appears on the face of this Note)

 

	 	 	 	Your Signature:	 
	 	 	 	 	(Sign exactly as your name appears on this Note)

 

	 	 	 	Signature Guarantee*:	 

 

[The Transferee Certificates (Exhibits
B and C to the Indenture) will be attached to the Note]

 

 

		*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee)

 

    A-11

     

    

 

[FORM OF] OPTION OF HOLDERS TO ELECT
PURCHASE

 

If you elect to have
this Note purchased by the Issuer pursuant to ‎Section
4.4 of the Indenture, check the box below:

 

~

 

If you elect to have
only part of this Note purchased by the Issuer pursuant to ‎Section
4.4 of the Indenture, state the amount (in minimum denominations of $200,000 or integral multiples of $1,000 in excess thereof)
you elect to have purchased; provided that no purchase in part shall reduce the outstanding principal amount of maturity
of the Notes held by you to below $200,000: $ _________________________________________________

 

 

	Dated:	 	 	Your Name:	 
	 	 	 	 	(Print your name exactly as it
appears on the face of this Note)

 

	 	 	 	Your Signature:	 
	 	 	 	 	(Sign exactly as your name appears
on this Note)

 

	 	 	 	Social Security or Tax Identification
No.:	 

 

	 	 	 	Signature Guarantee*:	 

 

 

		*	Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee)

 

    A-12

     

    

 

EXHIBIT B

to Indenture

 

[FORM OF] CERTIFICATE FOR

EXCHANGE OR TRANSFER OF RULE 144A NOTE3

 

U.S. Bank National Association, as Trustee

100 Wall Street, 16th Floor

New York, NY 10005

 

Attention: Global Trust Services –
Global Finance Americas

 

		Re:	Gran Tierra Energy Inc.

7.750% Senior Notes

Due 2027 (the “Notes”)

 

Reference is hereby
made to the Indenture dated as of May 23, 2019 (as amended, supplemented or otherwise modified from time to time, the “Indenture”)
among Gran Tierra Energy Inc., a Delaware corporation (the “Issuer”)
and U.S. Bank National Association, a corporation organized under the laws of the State of New York authorized to conduct a banking
business, as trustee (the “Trustee”), security registrar, paying agent and transfer agent. Capitalized terms
used but not defined herein shall have the meanings given to them in the Indenture.

 

This letter relates
to $[______________ ] of the Notes that are held as a beneficial interest in the Rule 144A Note (CUSIP No. 38502J AA9) with
DTC in the name of [NAME OF TRANSFEROR] (the “Transferor”). The Transferor has requested an exchange or transfer
of such beneficial interest for an interest in the Regulation S Note (ISIN No.: USU37016AA70) to be held with [NAME OF PARTICIPANT]
through DTC. If this is a partial transfer, a minimum amount of $200,000 or any integral multiple of $1,000 in excess thereof of
the Rule 144A Note (or beneficial interests therein) will remain outstanding in the name of the Transferor.

 

In connection with
such request, the Transferor does hereby certify that such exchange or transfer has been effected in accordance with the transfer
restrictions set forth in the Indenture and (a) with respect to transfers made in reliance upon Regulation S under the Securities
Act, the Transferor does hereby certify that:

 

(i)       the
offer of the Notes (or beneficial interests therein) to be exchanged or transferred was not made to a person in the United States,

 

(ii)       either:
(A) at the time the buy order was originated the transferee was outside the United States or the Transferor and any person acting
on the Transferor’s behalf reasonably believed that the transferee was outside the United States or (B) the transaction was
executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any Person
acting on behalf of the Transferor knows that the transaction was pre arranged with a buyer in the United States,

 

 

		3	This certification is to be made upon transfers or exchanges under Regulation S of interests in Rule 144A Note

 

    B-1

     

    

 

(iii)       no
directed selling efforts have been made in contravention of the requirements of Rule 903 or Rule 904 of Regulation S, as applicable,

 

(iv)       the
transaction meets any other applicable requirements of Rule 903 or Rule 904 of Regulation S and

 

(v)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act,

 

and (b) with respect to transfers made
in reliance upon Rule 144A under the Securities Act, the Transferor hereby certifies that the Notes are being transferred in a
transaction permitted by Rule 144A under the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and for the benefit of the Issuer and the Trustee.

 

		[Insert name of Transferor]
	 	 
	 	 
		By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ____________________

 

cc:

Gran Tierra Energy Inc.

 

    B-2

     

    

 

EXHIBIT C

to Indenture

 

[FORM OF] CERTIFICATE FOR

EXCHANGE OR TRANSFER OF REGULATION S NOTE4

 

U.S. Bank National Association, as Trustee

100 Wall Street, 16th Floor

New York, NY 10005

 

Attention: Global Trust Services –
Global Finance Americas

 

		Re:	Gran Tierra Energy Inc.

7.750% Senior Notes

Due 2027 (the “Notes”)

 

Reference is hereby
made to the Indenture dated as of May 23, 2019 (as amended, supplemented or otherwise modified from time to time, the “Indenture”)
among Gran Tierra Energy Inc., a Delaware corporation (the “Issuer”),
and U.S. Bank National Association, a corporation organized under the laws of the State of New York authorized to conduct a banking
business, as trustee (the “Trustee”), security registrar, paying agent and transfer agent. Capitalized terms
used but not defined herein shall have the meanings given to them in the Indenture.

 

This letter relates
to $ [_____________ ] of the Notes that are held as a beneficial interest in the Regulation S Note (ISIN No.: USU37016AA70)
through DTC in the name of [NAME OF TRANSFEROR] (the “Transferor”). The Transferor has requested an exchange
or transfer of such beneficial interest in the Notes for an interest in the Rule 144A Note (CUSIP No. 38502J AA9) to be held with
[NAME OF PARTICIPANT] through DTC. If this is a partial transfer, a minimum amount of $200,000 or any integral multiple of $1,000
in excess thereof of the Regulation S Note (or beneficial interests therein) will remain outstanding in the name of the Transferor.

 

In connection with
such request, the Transferor does hereby certify that such Notes (or beneficial interests therein) are being transferred in accordance
with Rule 144A under the Securities Act to a transferee that the Transferor reasonably believes is a “qualified institutional
buyer” within the meaning of Rule 144A (a “QIB”) who is purchasing such Notes (or beneficial interests
therein) for its own account or for the account of a QIB with respect to which the transferee exercises sole investment discretion,
in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any
state of the United States or any other jurisdiction.

 

 

		4	This certification is to be made upon transfers or exchanges under Rule 144A of interests in the Regulation S Note pursuant
to Section 2.6(c) of the Indenture.

 

    B-1

     

    

 

This certificate and
the statements contained herein are made for your benefit and for the benefit of the Issuer and the Trustee.

 

	 	[Insert name of Transferor]

                    

	 	 
	 	 
		By:	 
	 	 	Name:
	 	 	Title:

 

 

Dated:___________________________

 

cc:

Gran Tierra Energy Inc.

 

    B-2Exhibit 10.1

  

$300,000,000

 

Gran
Tierra Energy Inc.

7.750% Senior Unsecured Notes due 2027

PURCHASE AGREEMENT

 

May 20, 2019

 

    	 		 

     

    

  

May 20, 2019

 

BofA Securities, Inc.

Credit Suisse Securities (USA) LLC

As Representatives of the Initial Purchasers

 

c/o BofA Securities, Inc.

One Bryant Park

New York, New York 10036

 

c/o Credit Suisse Securities
(USA) LLC

Eleven Madison Avenue

New York, New York 10010

 

Ladies and Gentlemen:

 

Gran Tierra Energy Inc., a Delaware corporation
(the “Company”), proposes to issue and sell to the several purchasers named in Schedule I hereto (the “Initial
Purchasers”) $300,000,000 aggregate principal amount of its 7.750% Senior Unsecured Notes due 2027 (the “Notes”).
BofA Securities, Inc. and Credit Suisse Securities (USA) LLC have agreed to act as the representatives of the several Initial Purchasers
(the “Representatives”) in connection with the offering and sale of the Notes.

 

The Securities (as defined below) will be
issued pursuant to the provisions of an indenture, to be dated as of May 23, 2019 (the “Indenture”), among the
Company, the Guarantors (as defined below) and U.S. Bank National Association, as trustee (the “Trustee”).

 

The payment of principal, premium, if any,
and interest on the Notes will be fully and unconditionally guaranteed on a senior unsecured basis, jointly and severally, by (i)
the entities listed on the signature pages hereof as guarantors (the “Subsidiary Guarantors”) and (iii) any
subsidiary of the Company formed or acquired after the Closing Date (as defined below) that executes an additional guarantee in
accordance with the terms of the Indenture, and their respective successors and assigns (together with the Subsidiary Guarantors,
the “Guarantors”), pursuant to their guarantees (the “Guarantees”). The Notes and the Guarantees
attached thereto are herein collectively referred to as the “Securities.”

 

The Company understands that the Initial
Purchasers propose to make an offering of the Securities on the terms and in the manner set forth herein and in the Time of Sale
Memorandum (as defined below) and agrees that the Initial Purchasers may resell, subject to the conditions set forth herein, all
or a portion of the Securities to purchasers (the “Subsequent Purchasers”) on the terms set forth in the Time
of Sale Memorandum (the first time when sales of the Securities are made is referred to as the “Time of Sale”).
The Securities will be offered and sold to the Initial Purchasers without being registered under the Securities Act of 1933, as
amended (the “Securities Act”), to qualified institutional buyers in compliance with the exemption from registration
provided by Rule 144A under the Securities Act (“Rule 144A”) and in offshore transactions in reliance on Regulation
S under the Securities Act (“Regulation S”) and to persons in Canada pursuant to available exemptions from the
prospectus requirement under applicable securities laws in each of the provinces of Canada emanating from governmental authorities,
including the respective rules and regulations made thereunder together with applicable published national and local instruments,
policy statements, notices, blanket rulings and orders of the securities commissions or other securities regulatory authorities
in each of the provinces of Canada (together, the “Canadian Securities Commissions”), and all discretionary
rulings and orders applicable to the Company, if any, of the Canadian Securities Commissions (together, the “Canadian
Securities Laws”). The Company further understands that in respect of offers and sales of the Securities made to persons
outside of Canada that such offers and sales will be completed pursuant to a prospectus exemption set forth in Alberta Securities
Commission Rule 72-501 – Distributions to Purchasers Outside Alberta (“ASC Rule 72-501”).

  

    	 	1	 

     

    

 

Pursuant to the terms of the Securities
and the Indenture, investors who acquire Securities shall be deemed to have agreed that Securities may only be resold or otherwise
transferred, after the date hereof, if such Securities are registered for sale under the Securities Act or if an exemption from
the registration requirements of the Securities Act is available (including the exemptions afforded by Rule 144A or Regulation
S) or as otherwise described in the Time of Sale Memorandum. The Company hereby confirms that it has authorized the use of the
Time of Sale Memorandum, the Final Memorandum (as defined below) and the electronic road show as set forth on Schedule II in connection
with the offer and sale of the Securities by the Initial Purchasers.

 

In connection with the sale of the Securities,
the Company has prepared and delivered to each Initial Purchaser copies of a preliminary offering memorandum, dated May 9, 2019
(the “Preliminary Memorandum”), and prepared and delivered to each Initial Purchaser copies of a pricing supplement,
dated May 20, 2019, in the form of Schedule IV hereto (the “Pricing Supplement”), describing the terms of the
Securities, each for use by such Initial Purchaser in connection with its solicitation of offers to purchase the Securities. For
purposes of this Agreement, “Additional Written Offering Communication” means any written communication (as
defined in Rule 405 under the Securities Act) that constitutes an offer to sell or a solicitation of an offer to buy the Securities
other than the Preliminary Memorandum, the Pricing Supplement or the Final Memorandum; and “Time of Sale Memorandum”
means the Preliminary Memorandum together with the Pricing Supplement and each Additional Written Offering Communication or other
information, if any, identified in Schedule II hereto under the caption Time of Sale Memorandum. Promptly after this Agreement
is executed and delivered, the Company will prepare and deliver to each Initial Purchaser a final offering memorandum, dated the
date hereof (the “Final Memorandum”). As used herein, the terms “Preliminary Memorandum,” “Time
of Sale Memorandum” and “Final Memorandum” shall include the documents incorporated by reference, or deemed incorporated
by reference, therein (the “Incorporated Documents”). The terms “supplement”, “amendment”
and “amend” as used herein with respect to the Preliminary Memorandum, the Time of Sale Memorandum, the Final
Memorandum or any Additional Written Offering Communication shall include all documents subsequently filed by the Company with
the Securities and Exchange Commission (the “Commission”) pursuant to the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) or the Canadian Securities Commissions, as applicable, that are deemed to be incorporated
by reference therein.

 

    	 	2	 

     

    

  

For purposes of this Agreement, (i) all
references to “$” or “dollars” are to United States dollars, (ii) all references to “business day”
shall mean a day on which the NYSE MKT LLC (the “NYSE MKT”) and the Toronto Stock Exchange (the “TSX”)
are open for trading, (iii) the terms “herein,” “hereof,” “hereto,” “hereinafter”
and similar terms, as used in this Agreement, shall in each case refer to this Agreement as a whole and not to any particular section,
paragraph, sentence or other subdivision of this Agreement, and (iv) the term “or,” as used herein, is not exclusive.

 

1.            
Representations and Warranties. Each of the Company and the Guarantors, jointly and severally, hereby represents
and warrants to, and agrees with each Initial Purchaser that, as of the Time of Sale and as of the Closing Date:

 

(a)           
(i) The Incorporated Documents, when filed with the Commission or the Canadian Securities Commissions, as applicable, conformed
or will conform, as the case may be, in all material respects to the requirements of the Exchange Act and Canadian Securities Laws,
respectively, and none of the Incorporated Documents included or, when filed with the Commission or the Canadian Securities Commissions,
as applicable, will include any untrue statement of a material fact or omitted or, when filed, will omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading,
(ii) the Time of Sale Memorandum, as of the Time of Sale did not, and as of the Closing Date (as defined below) will not, include
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading, (iii) any Additional Written Offering Communication
prepared, used or referred to by the Company, when considered together with the Time of Sale Memorandum, at the time of its use
did not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, and (iv) the Final Memorandum, as of its
date and as of the Closing Date (as defined below), will not include any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading, except that the representations and warranties set forth in this paragraph do not apply to statements in or omissions
from the Time of Sale Memorandum, the Final Memorandum or Additional Written Offering Communication based upon information relating
to any Initial Purchaser furnished to the Company by such Initial Purchaser expressly for use therein, which, for the avoidance
of doubt, shall consist solely of the Initial Purchaser Information (as defined below).

 

(b)           
Except for the Additional Written Offering Communications, if any, identified in Schedule II hereto, and any electronic
road show furnished to you before first use, the Company has not prepared, used or referred to, and will not, without your prior
consent, prepare, use or refer to, any written communication (as defined in Rule 405) that constitutes an offer to sell or a solicitation
of an offer to buy the Securities.

 

    	 	3	 

     

    

 

(c)           
The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State
of Delaware, with full corporate power and authority to own, lease and operate its properties and assets and conduct its business
as described in the Time of Sale Memorandum and the Final Memorandum, and to enter into and perform its obligations under each
of this Agreement, the Indenture and the Securities.

 

(d)           
Each Subsidiary Guarantor has been duly incorporated or formed, as applicable and is validly existing as a corporation,
exempted company, limited liability company, unlimited liability company or partnership, as applicable, in good standing under
the laws of the jurisdiction of its incorporation or formation, as applicable, has the corporate, company or partnership power,
as applicable, and authority to own its property and to conduct its business as described in the Time of Sale Memorandum and the
Final Memorandum, and to enter into and perform its obligations under each of this Agreement, the Indenture and the Securities,
as applicable.

 

(e)           
The Company and each Subsidiary (as defined below) are duly qualified to do business and are in good standing in each jurisdiction
where the ownership or leasing of its properties and assets or the conduct of its business requires such qualification, except
where the failure to be so qualified and in good standing would not, individually or in the aggregate, either (i) have a material
adverse effect on the business, properties, management, condition (financial or otherwise), liquidity, results of operations or
prospects of the Company and the Subsidiaries taken as a whole or (ii) prevent or materially interfere with consummation of the
transactions contemplated hereby (the occurrence of any such effect or any such prevention or interference or any such result described
in the foregoing clauses (i) and (ii) being herein referred to as a “Material Adverse Effect”).

 

(f)           
The Company has no subsidiaries (as defined under the Securities Act) other than those set forth on Schedule III hereto
(collectively, the “Subsidiaries”). Other than as set forth on Schedule III, the Company owns, directly or indirectly,
all of the issued and outstanding capital stock of, or other equity interests in, each of the Subsidiaries. Except as described
in the Time of Sale Memorandum and the Final Memorandum, other than the capital stock of, or other equity interests in, the Subsidiaries,
the Company does not own, directly or indirectly, any shares of stock or any other equity interests or long-term debt securities
of any corporation, firm, partnership, joint venture, association or other entity. Except as disclosed in the Time of Sale Memorandum
and the Final Memorandum, all of the outstanding shares of capital stock of, or other equity interests in, each of the Subsidiaries
have been duly authorized and validly issued, are fully paid and non-assessable, have been issued in compliance with all applicable
securities laws, were not issued in violation of any preemptive right, resale right, right of first refusal or similar right and
are owned by the Company subject to no security interest, other encumbrance or adverse claims (other than those provided in the
Credit Agreement, originally dated as of September 18, 2015, by and among the Company, Gran Tierra Energy International Holdings,
Inc., the Bank of Nova Scotia and the lenders party thereto (as amended through, and including, the Closing Date) (the “Credit
Agreement”)). Except as otherwise disclosed in the Time of Sale Memorandum and the Final Memorandum, no options, warrants
or other rights to purchase, agreements or other obligations to issue or other rights to convert any obligation into shares of
capital stock of, or equity interests in, the Subsidiaries are outstanding. Complete and correct copies of the charters and the
by-laws of the Company and its Subsidiaries designated on Schedule III with a cross (†) , as in effect as of the
date hereof, and all amendments thereto have been made available to the Representatives, and no changes therein will be made on
or after the date hereof through and including the Closing Date.

 

    	 	4	 

     

    

  

(g)           
The Notes have been duly authorized and, when executed and authenticated in accordance with the provisions of the Indenture
and issued, delivered to and paid for in accordance with the terms of this Agreement, will be valid and binding obligations of
the Company, enforceable in accordance with their terms, except as the enforcement thereof may be subject to applicable bankruptcy,
insolvency and similar laws affecting creditors’ rights generally and equitable principles of general applicability, and
will be entitled to the benefits of the Indenture pursuant to which such Notes are to be issued.

 

(h)           
This Agreement has been duly authorized, executed and delivered by the Company and each Guarantor. When executed and delivered,
this Agreement will conform in all material respects to the descriptions thereof in the Time of Sale Memorandum and the Final Memorandum.

 

(i)           
The Guarantees on the Closing Date will be in the form contemplated by the Indenture and have been duly authorized for issuance
pursuant to this Agreement and the Indenture; the Guarantees, at the Closing Date, will have been duly executed by each of the
Guarantors and, when the Notes have been authenticated in the manner provided for in the Indenture and issued and delivered against
payment of the purchase price therefor, the Guarantees will constitute valid and binding obligations of the Guarantors, enforceable
in accordance with their terms, except as the enforcement thereof may be subject to applicable bankruptcy, insolvency and similar
laws affecting creditors’ rights generally and equitable principles of general applicability.

 

(j)           
The Indenture has been duly authorized and, on the Closing Date, will have been duly executed and delivered by the Company
and each Guarantor, and will constitute a valid and binding obligation of the Company and each Guarantor, enforceable in accordance
with its terms, except as the enforcement thereof may be subject to applicable bankruptcy, insolvency and similar laws affecting
creditors’ rights generally and equitable principles of general applicability.

 

    	 	5	 

     

    

 

 (k)           
Neither the Company nor any of the Subsidiaries is in breach or violation of or in default under (nor has any event occurred
which, with notice, lapse of time or both, would result in any breach or violation of, constitute a default under or give the
holder of any indebtedness (or a person acting on such holder’s behalf) the right to require the repurchase, redemption
or repayment of all or a part of such indebtedness under) (A) its charter, memorandum and articles of association or by-laws or
similar organizational documents, or (B)(i) the Credit Agreement, or (ii) any other indenture, mortgage, deed of trust, bank loan
or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which
it is a party or by which it or any of its properties or assets may be bound or affected, or (C) any U.S. federal, state, local
or foreign law, or (D) any rule or regulation of any U.S. federal, state, local or foreign governmental or regulatory commission,
board, body, authority or agency, or any self-regulatory organization or other non-governmental regulatory authority (collectively,
a “Regulatory Authority”), or (E) any decree, judgment or order applicable to it or any of its properties or
assets, except, in the case of clauses (B)(ii), (C), (D) and (E) above, for such breaches, violations or defaults as would not,
individually or in the aggregate, (x) have a Material Adverse Effect, or (y) result in any material liability for any Initial
Purchaser.

 

(l)           
The execution, delivery and performance of this Agreement, the Indenture, the issuance and sale of the Securities and the
consummation of the transactions contemplated hereby do not and will not conflict with, result in any breach or violation of or
constitute a default under (nor constitute any event which, with notice, lapse of time or both, would result in any breach or violation
of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder’s behalf) the right
to require the repurchase, redemption or repayment of all or a part of such indebtedness under) (or result in the creation or imposition
of a lien, charge or encumbrance on any property or asset of the Company or any Subsidiary pursuant to) (A) the charter, memorandum
and articles of association or by-laws or similar organizational document of the Company or any of the Subsidiaries, or (B)(i)
the Credit Agreement, or (ii) any other indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of
indebtedness, or any license, lease, contract or other agreement or instrument to which the Company or any of the Subsidiaries
is a party or by which any of them or any of their respective properties or assets may be bound or affected, or (C) any U.S. federal,
state, local or foreign law, or (D) any rule or regulation of any Regulatory Authority or (E) any decree, judgment or order applicable
to the Company or any of the Subsidiaries or any of their respective properties or assets, except, in the case of clauses (B)(ii),
(C), (D)and (E) above, for such breaches, violations or defaults as would not, individually or in the aggregate, (x) have a Material
Adverse Effect, or (y) result in any material liability for any Initial Purchaser.

 

    	 	6	 

     

    

  

(m)           
No approval, authorization, license, registration, qualification, decree, consent or order of or filing with any federal,
state, local or foreign governmental or regulatory commission, board, body, authority or agency, or of or with any self-regulatory
organization or other non-governmental regulatory authority (including, without limitation, NYSE MKT and the TSX), or approval
of the stockholders of the Company, is necessary or required in connection with the issuance and sale of the Securities or the
consummation by the Company of the transactions contemplated hereby, except for such approvals, authorizations, licenses, registrations,
qualifications, decrees, consents or orders of or filings, the failure of which to obtain would not, individually or in the aggregate,
have a Material Adverse Effect, provided that the Company is required to file with the applicable Canadian Securities Commission
within 10 days of the Closing Date report(s) of exempt distribution in accordance with Form 45-106F1 of NI 45-106 (as defined below)
(with such modifications as permitted under ASC Rule 72-501 in respect of sales outside of Canada) and the Final Offering Memorandum
and the Pricing Supplement with the applicable Canadian Securities Commissions following the Closing Date, if applicable.

 

(n)           
Each of the Company and the Subsidiaries has all necessary permits, licenses, authorizations, consents and approvals issued
by the appropriate Regulatory Authorities and has made all necessary filings required under any applicable law, regulation or rule,
and has obtained all necessary permits, licenses, authorizations, consents and approvals from other persons, in order to conduct
their respective businesses as described in the Time of Sale Memorandum or the Final Memorandum, except as would not, individually
or in the aggregate, to have a Material Adverse Effect. Neither the Company nor any of the Subsidiaries is in violation of, or
in default under, or has received notice of any proceedings relating to revocation or modification of, any such permit, license,
authorization, consent or approval or any U.S. federal, state, local or foreign law, regulation or rule or any decree, judgment
or order applicable to the Company or any of the Subsidiaries, except where such violation, default, revocation or modification
would not, individually or in the aggregate, have a Material Adverse Effect.

 

(o)           
Except as otherwise set forth in the Time of Sale Memorandum or the Final Memorandum, there are no actions, suits, proceedings,
claims, investigations or inquiries pending or, to the Company’s knowledge, threatened or contemplated to which the Company
or any of the Subsidiaries or any of their respective directors or officers is or would be a party or of which any of their respective
properties or assets is or would be subject at law or in equity, before or by any Regulatory Authority, except any such action,
suit, proceeding, claim, investigation or inquiry which, if resolved adversely to the Company or any Subsidiary, would not, individually
or in the aggregate, have a Material Adverse Effect.

 

(p)           
McDaniel & Associates Consultants Ltd. (“McDaniel”), which has evaluated the Company’s reserves
data as at December 31, 2018, has represented to the Company that it is, and to the knowledge of the Company is, an independent
petroleum engineering firm with respect to the Company in accordance with guidelines established by the Commission.

 

    	 	7	 

     

    

  

(q)           
The oil and gas reserve estimates of the Company, included or incorporated by reference in the Time of Sale Memorandum and
the Final Memorandum have been prepared by independent reserve engineers in accordance with Commission guidelines or, in the case
of the Form 51-101F1 in accordance with applicable Canadian Securities Laws, in all material respects applied on a consistent basis
throughout the periods involved, and the Company has no reason to believe that such estimates do not fairly reflect the oil and
gas reserves of the Company as of the dates indicated. Other than production of the reserves in the ordinary course of business,
intervening product price fluctuations and as described in the Time of Sale Memorandum or the Final Memorandum, the Company is
not aware of any facts or circumstances that would have a Material Adverse Effect on the reserves or the present value of future
net cash flows therefrom as described in the Time of Sale Memorandum or the Final Memorandum.

 

(r)           
Any and all operations of the Company and each of the Subsidiaries, and to the best of the Company’s knowledge, any
and all operations by third parties on or in respect of the assets and properties of the Company and each of the Subsidiaries,
have in all material respects been conducted in accordance with good oil and gas industry practice and in material compliance with
applicable laws, rules, regulations, orders and directions of government and other competent authorities, except where the failure
to so conduct operations would not have a Material Adverse Effect.

 

(s)           
(i) KPMG LLP, whose report on the consolidated financial statements of the Company as of and for the year ended December
31, 2018 is included or incorporated by reference in the Time of Sale Memorandum and the Final Memorandum, are independent registered
public accountants as required by the Securities Act and by the rules of the Public Company Accounting Oversight Board.

 

(ii) Deloitte LLP, whose reports
on the consolidated financial statements of the Company as of December 31, 2017 and for each of the two years in the period ended
December 31, 2017 is included or incorporated by reference in the Time of Sale Memorandum and the Final Memorandum, are independent
registered public accountants as required by the Securities Act and by the rules of the Public Company Accounting Oversight Board.

 

(t)           
The financial statements included or incorporated by reference in the Time of Sale Memorandum and the Final Memorandum,
together with the related notes and schedules, present fairly, in all material respects, the consolidated financial position of
the Company and the Subsidiaries as of the dates indicated and the consolidated results of operations, cash flows and changes in
stockholders’ equity of the Company and its Subsidiaries for the periods specified and have been prepared in compliance with
the requirements of the Securities Act and in conformity with U.S. generally accepted accounting principles (“GAAP”)
applied on a consistent basis during the periods involved. The other financial and statistical data included in the Time of Sale
Memorandum and the Final Memorandum are accurately and fairly presented and prepared on a basis consistent with the financial statements
and books and records of the Company. The Company and the Subsidiaries do not have any material liabilities or obligations, direct
or contingent (including any off-balance sheet obligations), not described in the Time of Sale Memorandum and the Final Memorandum.
All disclosures included in the Time of Sale Memorandum and the Final Memorandum regarding “non-GAAP financial measures”
(as such term is defined by the rules and regulations of the Commission) comply with Regulation G under the Exchange Act and Item
10 of Regulation S-K under the Securities Act, to the extent applicable.

 

    	 	8	 

     

    

  

(u)           
Except as disclosed in the Time of Sale Memorandum or the Final Memorandum, each stock option granted under any stock option
plan of the Company or any Subsidiary (each, a “Stock Plan”) was granted with a per share exercise price no
less than the fair market value (as defined in the applicable Stock Plan) per share of Common Stock on the grant date of such option,
and no such grant involved any “back-dating” or similar practice with respect to the effective date of such grant.
Each such stock option (i) was granted in compliance with applicable law and with the applicable Stock Plan(s), (ii) was duly approved
by the Board of Directors (or a duly authorized committee or other delegate thereof) of the Company or such Subsidiary, as applicable,
and (iii) has been properly accounted for in the Company’s consolidated financial statements in accordance with GAAP and
disclosed in the Time of Sale Memorandum and the Final Memorandum.

 

(v)           
Except as disclosed in the Time of Sale Memorandum or the Final Memorandum, subsequent to the respective dates as of which
information is given in the Time of Sale Memorandum or the Final Memorandum, there has not been, whether or not arising in the
ordinary course of business, (i) any material adverse change, or any development involving a prospective material adverse change,
in the business, properties, management, condition (financial or otherwise), liquidity or results of operations of the Company
and the Subsidiaries taken as a whole (a “Material Adverse Change”), (ii) any transaction which is material
to the Company and the Subsidiaries taken as a whole, (iii) any obligation or liability, direct or contingent (including any off-balance
sheet obligations) incurred by the Company or any Subsidiary that is material to the Company and the Subsidiaries taken as a whole,
(iv) any change in the capital stock of, or other equity interests in, or outstanding indebtedness of, the Company or any Subsidiaries
other than any changes in the ordinary course or (v) any dividend or distribution of any kind declared, paid or made on the capital
stock of, or other equity interests in, the Company or any Subsidiary.

 

    	 	9	 

     

    

  

(w)           
The Company and its Subsidiaries are not, and after giving effect to the offer and sale of the Securities and the application
of the proceeds thereof as described in each of the Time of Sale Memorandum and the Final Memorandum, none of them will be, an
 “investment company”, as defined in the Investment Company Act of 1940, as amended (the “Investment
Company Act”).

 

(x)           
Except as otherwise set forth in the Time of Sale Memorandum or the Final Memorandum, or such as in the aggregate does not
now cause or will in the future cause a Material Adverse Effect, the Company or one of the Subsidiaries has title to or the irrevocable
right to produce and sell its hydrocarbons (for the purposes of this clause, the foregoing are referred to as the “Company
Interests”). Except as otherwise set forth in the Time of Sale Memorandum or the Final Memorandum, the Company represents
and warrants that the Company Interests: (i) with respect to oil and gas properties underlying the Company’s estimates of
its net proved oil and natural gas reserves contained or incorporated by reference in the Time of Sale Memorandum and the Final
Memorandum, (A) such title, if any, is legal, good and defensible title in conformity with customary industry standards, free and
clear of all liens, security interests, pledges, charges, encumbrances, mortgages and restrictions, except for liens, security
interests, pledges, charges, encumbrances, mortgages and restrictions under operating agreements, unitization and pooling agreements,
production sales contracts, farmout agreements and other oil and gas exploration participation and production agreements, in each
case that secure payment of amounts not yet due and payable or other unmatured obligations and are of a scope and nature customary
for the oil and gas industry or arise in connection with drilling and production operations, or (B) such rights, if any, are free
and clear of encumbrances, adverse claims and any royalties, production payments, working interest reductions or other similar
encumbrances, in each case that are not accurately reflected in the Summary Reserves Assessment and Evaluation Report included
in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, created by, through, or under the Company
or any of its Subsidiaries, except arising out of (x) the Credit Agreement, or (y) those arising in the ordinary course of business
of the Company, and the Company and its Subsidiaries hold the Company Interests under valid, subsisting, binding and enforceable
leases, authorizations, concessions, concession agreements, contracts, subleases, reservations or other agreements, except where
the failure to so hold would not have, individually or in the aggregate, a Material Adverse Effect and (ii) with respect to real
and personal property other than that annexed to oil and gas interests, such title is free and clear of all material liens, security
interests, pledges, charges, encumbrances, mortgages and restrictions. No real property owned, leased, licensed, or used by the
Company lies in an area that is, or to the knowledge of the Company will be, subject to restrictions that would prohibit the continued
effective ownership, leasing, licensing, exploration, development or production or use of such real property in the business of
the Company as presently conducted or as the Time of Sale Memorandum or the Final Memorandum indicates the Company contemplates
conducting, except as may be properly described in the Time of Sale Memorandum or the Final Memorandum, or such as in the aggregate
would not reasonably be expected to result in a Material Adverse Effect. Except as disclosed in the Time of Sale Memorandum or
the Final Memorandum, there are no defects, failures or impairments in the Company Interests to its oil and gas assets, whether
or not an action, suit, proceeding or inquiry is pending or threatened and whether or not discovered by any third party, which
individually or in the aggregate would have (A) a Material Adverse Effect or (B) a material adverse effect on: (x) the quantity
and pre-tax present worth values of the oil and natural gas reserves of the Company shown in the Reserves Assessment, (y) the current
production of the Company and the Subsidiaries taken as a whole, or (z) the current cash flow of the Company and the Subsidiaries
taken as a whole.

 

    	 	10	 

     

    

  

(y)           
Each of the Company and the Subsidiaries owns, licenses or otherwise has the right to use all inventions, patent applications,
patents, trademarks (both registered and unregistered), trade names, service names, know-how (including trade secrets and other
unpatented and/or unpatentable proprietary or confidential information, systems or procedures), copyrights, service marks and other
intellectual property as described in the Time of Sale Memorandum and the Final Memorandum or which is necessary for the conduct
of, or material to, its business (collectively, the “Intellectual Property”), and the Company is unaware of
any claim to the contrary or any challenge by any other person to the rights of the Company or any of the Subsidiaries with respect
to the Intellectual Property, except in each case as would not, individually or in the aggregate, have a Material Adverse Effect.
Neither the Company nor any of the Subsidiaries has infringed or is infringing the intellectual property of a third party, and
neither the Company nor any Subsidiary is subject to any pending claim, or aware of any threatened or contemplated claim, by a
third party to the contrary, except as would not, individually or in the aggregate, have a Material Adverse Effect.

 

(z)           
The Company and each of its Subsidiaries’ information technology and computer systems, networks, hardware, software,
websites, applications, equipment and technology (collectively, “IT Systems”) are adequate for, and operate
and perform in all material respects as required in connection with the operation of the business of the Company and each of its
Subsidiaries as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and
other corruptants. The Company and each of its Subsidiaries have implemented and maintained commercially reasonable controls, policies,
procedures and safeguards to maintain and protect their material confidential information and the integrity, continuous operation,
redundancy and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential or
regulated data (“Data”)), and there has been no security breach or other compromise of or relating to the same,
except for those that have been remedied without material cost or liability or the duty to notify any other person, nor any incidents
under internal review or investigations relating to the same. The Company and each of its Subsidiaries have not been notified of,
and have no knowledge of any event or condition that would reasonably be expected to result in, any security breach or other compromise
to their IT Systems and Data. The Company and each of its Subsidiaries are presently in compliance with all applicable laws or
statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal
policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such
IT Systems and Data from unauthorized use, access, misappropriation.

 

    	 	11	 

     

    

 

(aa)           
Except for matters which would not, individually or in the aggregate, have a Material Adverse Effect, (i) there is (A) no
unfair labor practice complaint pending or, to the Company’s knowledge, threatened or contemplated against the Company or
any of the Subsidiaries before the National Labor Relations Board, and no grievance or arbitration proceeding arising out of or
under collective bargaining agreements is pending or, to the Company’s knowledge, threatened or contemplated, (B) no strike,
labor dispute, slowdown or stoppage pending or, to the Company’s knowledge, threatened or contemplated against the Company
or any of the Subsidiaries and (C) no union representation dispute currently existing concerning the employees of the Company or
any of the Subsidiaries, (ii) to the Company’s knowledge, no union organizing activities are currently taking place concerning
the employees of the Company or any of the Subsidiaries and (iii) there has been no violation of any federal, state, local or foreign
law relating to discrimination in the hiring, promotion or pay of employees, any applicable wage or hour laws or any provision
of the Employee Retirement Income Security Act of 1974, as amended, or the rules and regulations promulgated thereunder concerning
the employees of the Company or any of the Subsidiaries.

 

(bb)           
Except as would not, individually or in the aggregate, have a Material Adverse Effect: (i) the Company and its Subsidiaries
and their respective properties, assets and operations are in compliance with, and the Company and each of its Subsidiaries hold
and are in compliance with the requirements of all permits, authorizations and approvals required under any applicable federal,
state, local or foreign law, statute, ordinance, rule, regulation, order, decree, judgment, or injunction, relating to the protection
of occupational health and safety, the environment (including, without limitation, ambient air, surface water, groundwater, land
surface or subsurface strata) or wildlife, including, without limitation, those relating to the distribution, processing, generation,
treatment, storage, disposal, transportation, other handling or release or threatened release of Hazardous Materials (as defined
below) (“Environmental Law”); and (ii) neither the Company nor any of its Subsidiaries (a) has agreed to assume,
undertake or provide indemnification for any liability of any other person, (b) is conducting or paying for, in whole or part,
any investigation, remediation or corrective action at any location, or (c) incurred any costs or liabilities, in each case relating
to any Environmental Law or any actual or alleged release or threatened release or cleanup at any location of any flammable explosives,
radioactive materials, toxic chemicals, pollutants, contaminants, hazardous or toxic substances or wastes, petroleum or petroleum
products, asbestos-containing materials or mold or any other hazardous materials as defined or regulated by or which may give rise
to liability under any applicable law (“Hazardous Materials”). Except as would not result in monetary sanctions
over $100,000, neither the Company nor any of its Subsidiaries: (a) is the subject of any pending or, to the Company’s knowledge,
threatened investigation, (b) has received any notice or claim, (c) is a party to or affected by any pending or, to the Company’s
knowledge, threatened action, suit or proceeding, or (d) is bound by any judgment, decree or order, in each case relating to any
Environmental Law or release or threatened release of any Hazardous Materials. The Company and each of the Subsidiaries hold all
material licenses, permits and approvals required under any Environmental Laws in connection with the operation of their businesses
and the ownership and use of their assets, all such licenses, permits and approvals are in full force and effect, and except for
notifications in the ordinary course of business and conditions of general application to assets of reclamation obligations under
environmental protection legislation in any other jurisdiction in which they conduct their business, neither the Company nor any
of the Subsidiaries has received any notification pursuant to any Environmental Law that any work, repairs, constructions or capital
expenditures are required to be made by it as a condition of continued compliance with any Environmental Law, or any license, permit
or approval issued pursuant thereto, or that any license, permit or approval referred to above is about to be reviewed, made subject
to limitations or conditions, revoked, withdrawn or terminated, except as would not, individually or in the aggregate, have a Material
Adverse Effect. There are no past, present or, to the Company’s or Subsidiaries’ knowledge, reasonably anticipated
future events, conditions, circumstances, activities, practices, actions, omissions or plans that would reasonably be expected
to have a material effect on capital expenditures, earnings or competitive position of the Company or any of its Subsidiaries under,
or to interfere with or prevent compliance by the Company or any of its Subsidiaries with, any Environmental Law. In the ordinary
course of their business, the Company and each of the Subsidiaries conduct periodic reviews of the effect of the Environmental
Laws on their respective properties, assets and operations, in the course of which they identify and evaluate associated costs
and liabilities (including, without limitation, any capital or operating expenditures required for cleanup, closure of properties
or compliance with the Environmental Laws or any permit, license or approval, any related constraints on operating activities and
any potential liabilities to third parties).

 

    	 	12	 

     

    

 

(cc)           
All tax returns required to be filed by the Company and each of the Subsidiaries have been timely filed, and all taxes and
other assessments of a similar nature (whether imposed directly or through withholding), including any interest, additions to tax
or penalties applicable thereto due or claimed to be due from such entities, have been timely paid, other than those being contested
in good faith and for which adequate reserves have been established in accordance with GAAP or those that would not, individually
or in the aggregate, have a Material Adverse Effect.

 

    	 	13	 

     

    

  

(dd)           
As at the date hereof the Company is not aware of any material tax liability that is not properly accounted for in accordance
with GAAP of the Company or any of the Subsidiaries and the Company is not aware of any grounds which will prompt a reassessment.

 

(ee)           
There are no stamp, registration, documentary or other issuance or transfer taxes or duties or other similar fees or charges
required to be paid by or on behalf of the Initial Purchasers in connection with the execution and delivery of the transaction
documents or the offer or sale of the Notes, provided that Cayman Islands stamp duty will be payable on any transaction document
or Note executed in or brought into, or produced before a court of, the Cayman Islands.

 

(ff)           
Except as otherwise disclosed in the Time of Sale Memorandum or the Final Memorandum, no interest, principal, premium, if
any, or other payments in respect of the Notes will be subject to withholding or deductions on account of taxes under the current
laws and regulations of the Cayman Islands, United States, Canada or any political subdivision or taxing authority thereof.

 

(gg)           
Except as disclosed in the Time of Sale Memorandum or the Final Memorandum, neither the Company nor any of the Subsidiaries
is a party to or bound by any agreement of guarantee, indemnification (other than an indemnification of directors and officers
in accordance with the by-laws of the Company or any of the Subsidiaries and applicable law and other rights of indemnification
or guarantees granted under registrar and transfer agency agreements, agency or underwriting agreements, financial and strategic
advisory agreements, confidentiality agreements, to the Company’s bankers or pursuant to operating agreements, sale agreements
or similar agreements in the ordinary course of business) or any other like commitment of the obligations, liabilities (contingent
or otherwise) or indebtedness of any other person.

 

(hh)           
The Company and each of the Subsidiaries maintain insurance covering their respective properties, assets, operations, personnel
and businesses as the Company reasonably deems adequate. Such insurance insures against such losses and risks to an extent which
is adequate in accordance with customary industry practice to protect the Company and the Subsidiaries and their respective properties,
assets, operations, personnel and businesses in all material respects. All such insurance is, to the Company’s knowledge,
fully in force. Neither the Company nor any Subsidiary has reason to believe that it will not be able to renew any such insurance
as and when such insurance expires.

 

(ii)           
Except as otherwise set forth in the Time of Sale Memorandum or the Final Memorandum, neither the Company nor any Subsidiary
has sent or received any communication regarding termination of, or intent not to renew, any of the contracts or other documents
referred to or described in the Time of Sale Memorandum or the Final Memorandum, or referred to or filed as an exhibit to any Incorporated
Document, and no such termination or non-renewal has been threatened by the Company or any Subsidiary or, to the Company’s
knowledge, any other party to any such contract or other document.

 

    	 	14	 

     

    

  

(jj)           
The Company and each of the Subsidiaries maintain effective internal control over financial reporting (as defined in Rules
13a-15 and 15d-15 under the Exchange Act), and a system of internal accounting controls sufficient to provide reasonable assurance
that: (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability
for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; (iv)
the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken
with respect to any differences; and (v) the interactive data in eXtensible Business Reporting Language included or incorporated
by reference in the Time of Sale Memorandum and the Final Memorandum, if any, fairly presents the information called for in all
material respects and is prepared in accordance with the Commission’s rules and guidelines applicable thereto. The Company’s
independent registered public accountants and the Audit Committee of the Board of Directors of the Company have been advised of
(i) all significant deficiencies and material weaknesses, if any, in the design or operation of the Company’s internal control
over financial reporting (whether or not remediated) and (ii) all fraud, if any, whether or not material, that involves management
or other employees who have a role in the Company’s internal control over financial reporting. All material weaknesses and
unremediated significant deficiencies, if any, in the Company’s internal control over financial reporting are disclosed in
the Time of Sale Memorandum or the Final Memorandum. Since the end of the Company’s most recent audited fiscal year, except
as disclosed in the Time of Sale Memorandum or the Final Memorandum, there have not been any changes in the Company’s internal
control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s
internal control over financial reporting.

 

(kk)           
The Company and each of the Subsidiaries maintain effective disclosure controls and procedures (as defined in Rules 13a-15
and 15d-15 under the Exchange Act) designed to ensure that information required to be disclosed by the Company in the reports it
files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the
Commission’s rules and forms, and is accumulated and communicated to management of the Company, including its principal executive
officer and its principal financial officer, as appropriate, to allow timely decisions regarding disclosure.

 

(ll)           
Except as disclosed in the Time of Sale Memorandum or the Final Memorandum, neither the Company nor any of the Subsidiaries
has any loans or other indebtedness outstanding which have been made to or from any of its shareholders, officers, directors or
employees or any other person not dealing at arm’s length with the Company or any of the Subsidiaries that are currently
outstanding in amounts exceeding $500,000, other than any loans of other indebtedness between the Company and any of its Subsidiaries
or between any such Subsidiaries.

 

    	 	15	 

     

    

  

(mm)           
No officer, director, employee or any other individual (other than the Company or any of its Subsidiaries or as disclosed
in the Time of Sale Memorandum or the Final Memorandum) not dealing at arm’s length with the Company or any of the Subsidiaries
or, to the knowledge of the Company, any “associate” or “affiliate” (as such terms are defined in the Securities
Act (Alberta)) of any such individual, owns, has or is entitled to any royalty, net profits interest, carried interest or any
other encumbrances or claims of any nature whatsoever which are based on production from the properties or assets of the Company
and the Subsidiaries (taken as a whole) or any revenue or rights attributed thereto.

 

(nn)           
The Company, the Subsidiaries and the Company’s directors and officers are each in compliance in all material respects
with all applicable effective provisions of the Sarbanes-Oxley Act and the rules and regulations of the Commission and NYSE MKT
promulgated thereunder and with all applicable Canadian Securities Laws and rules and regulations of the TSX.

 

(oo)           
The Company is a “reporting issuer” in each of the provinces of Canada within the meaning of applicable Canadian
Securities Laws, and is not in material default of any requirement in relation thereto.

 

(pp)           
Neither the Company nor, to its knowledge, having conducted no inquiry, any of its shareholders is a party to any unanimous
shareholders agreement, pooling agreement, and, voting trust (with respect to any voting trust, other than as disclosed in the
Time of Sale Memorandum or the Final Memorandum) or other similar type of arrangements in respect of outstanding securities of
the Company.

 

(qq)           
None of the Canadian Securities Commissions has issued any order: (A) requiring trading in any of the Company’s securities
to cease, (B) preventing or suspending the use of the Time of Sale Memorandum or the Final Memorandum, or (C) preventing the distribution
of the Securities in any province of Canada. The Company has not been informed that any such proceedings have been instituted for
that purpose and, to the knowledge of the Company, no such proceedings are pending or contemplated.

 

(rr)           
Each forward-looking statement contained in the Time of Sale Memorandum and the Final Memorandum has been made or reaffirmed
by the Company with a reasonable basis and in good faith.

 

(ss)           
All statistical or market-related data included in the Time of Sale Memorandum and the Final Memorandum are based on or
derived from sources that the Company reasonably believes to be reliable and accurate, and the Company has obtained the written
consent to the use of such data from such sources to the extent required.

 

    	 	16	 

     

    

  

(tt)           
None of the Company, any of the Subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee,
affiliate or other person acting on behalf of the Company or any of the Subsidiaries is aware of or has taken any action, directly
or indirectly, that (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating
to political activity; (ii) made any direct or indirect bribe, rebate, payoff, influence payment, kickback or other unlawful payment
or benefit to any foreign or domestic government official or employee; (iii) would result in a violation by such persons of the
Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), the
Corruption of Foreign Public Officials Act (Canada), as amended (the “CFPOA”), any applicable law or
regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions
or any other applicable anti-bribery or anti-corruption law or (iv) made, offered, agreed, requested or taken an act in furtherance
of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback
or other unlawful or improper payment or benefit. The Company, the Subsidiaries and, to the knowledge of the Company, its affiliates
have conducted their businesses in compliance with the FCPA, the CFPOA and such other applicable laws, when applicable, and have
instituted and maintain policies and procedures designed to ensure, and reasonably expected to ensure, continued compliance therewith.

 

(uu)           
The operations of the Company and the Subsidiaries are and have been conducted at all times in compliance with applicable
financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended,
the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), as amended, the money laundering and proceeds
of crime statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any Regulatory Authority (collectively, the “Money Laundering Laws”). No
action, suit or proceeding by or before any court or Regulatory Authority involving the Company or any of the Subsidiaries with
respect to the Money Laundering Laws is pending or, to the Company’s knowledge, threatened or contemplated.

 

(vv)           
 None of the Company, any of the Subsidiaries, or, to the knowledge of the Company, any director, officer, agent, employee,
affiliate or other person acting on behalf of the Company or any of the Subsidiaries is: (i) currently subject to or the target
of any sanctions administered or enforced by the United States Government, including, without limitation, the Office of Foreign
Assets Control of the U.S. Treasury Department (“OFAC”) (including, without limitation, the designation as a
 “specially designated national” or “blocked person”), the United Nations Security Council, the European
Union, the Swiss Secretariat of Economic Affairs, Her Majesty’s Treasury; (ii) identified on a list established under section
83.05 of the Criminal Code (Canada) or any of the regulations issued under the Special Economic Measures Act (Canada);
or (iii) currently subject to or the target of any sanctions administered or enforced by any other relevant sanctions authority
(collectively, “Sanctions”), nor is the Company located, organized or resident in a country or territory that
is the subject of Sanctions including, without limitation, Cuba, Iran, North Korea, Sudan, Syria and Crimea (each a “Sanctioned
Country”). The Company will not directly or indirectly use the proceeds from its sale of Securities contemplated hereby,
or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity,
to fund any activities of or business with any person or entity, or in any Sanctioned Country or in any other manner that will
result in a violation of Sanctions by any person or entity (including any person or entity participating in the offering, whether
as underwriter, advisor, investor or otherwise).

  

    	 	17	 

     

    

 

(ww)           
No Subsidiary is currently prohibited, directly or indirectly, from paying any dividends or making other distributions to
the Company, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of
such Subsidiary’s properties or assets to the Company or any other Subsidiary of the Company, except, in each case, as described
in the Time of Sale Memorandum and the Final Memorandum.

 

(xx)           
Except pursuant to this Agreement, neither the Company nor any of the Subsidiaries has incurred any liability for any finder’s
or broker’s fee or agent’s commission in connection with the execution and delivery of this Agreement or the consummation
of the transactions contemplated hereby or by the Final Memorandum.

 

(yy)           
Neither the Company nor any of its Subsidiaries nor any of their respective directors, officers, affiliates or controlling
persons has taken, directly or indirectly, any action designed, or which has constituted or might reasonably be expected to cause
or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of
the Securities.

 

(zz)           
Any certificate signed by an officer of the Company or any of its Subsidiaries and delivered to the Initial Purchasers or
counsel for the Initial Purchasers pursuant to or in connection with this Agreement shall be deemed a representation and warranty
by the Company to the Initial Purchasers as to the matters covered thereby as of the date or dates indicated in such certificate.

 

(aaa)           
The Securities to be purchased by the Initial Purchasers from the Company will on the Closing Date be in the form contemplated
by the Indenture. The Securities and the Indenture will conform to the descriptions thereof in the Time of Sale Memorandum and
the Final Memorandum.

  

    	 	18	 

     

    

 

(bbb)           
At May 23, 2019, on a consolidated basis, after giving pro forma effect to the issuance and sale of the Notes pursuant hereto
and the application of the net proceeds therefrom as described in the Time of Sale Memorandum and the Final Memorandum, the Company
would have an authorized and outstanding capitalization as set forth in the Time of Sale Memorandum and the Final Memorandum, respectively,
under the caption “Capitalization”.

 

(ccc)           
Neither the Company nor any of its affiliates (as defined in Rule 501(b) of Regulation D) has, directly or through any agent,
sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any securities (as defined in the Securities
Act), that it or will be integrated with the sale of the Securities in a manner that would require registration of the Securities
under the Securities Act or qualification of the Securities for distribution by way of a prospectus under applicable Canadian Securities
Laws.

 

(ddd)           
Without the Representatives’ prior consent, none of the Company or any of its affiliates or any other person acting
on its or their behalf (other than the Initial Purchasers, as to which no representation is made) has solicited offers for, or
offered or sold, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule
502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act
or in any manner which would require the qualification of the Securities for distribution by way of a prospectus under applicable
Canadian Securities Laws.

 

(eee)           
Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in Section 7 and their compliance
with their agreements set forth therein, it is not necessary, in connection with the issuance and sale of the Securities to the
Initial Purchasers and the offer, resale and delivery of the Securities by the Initial Purchasers in the manner contemplated by
this Agreement, the Time of Sale Memorandum and the Final Memorandum, to register the Securities under the Securities Act or to
qualify the Securities for distribution by way of filing a prospectus in Canada with the Canadian Securities Commissions, provided
that the Company is required to file with the applicable Canadian Securities Commission within 10 days of the Closing Date report(s)
of exempt distribution in accordance with Form 45-106F1 of NI 45-106 (with such modifications as permitted under ASC Rule 72-501
in respect of sales outside of Canada) and the Final Offering Memorandum and the Pricing Supplement with the applicable Canadian
Securities Commissions following the Closing Date, if applicable.

 

(fff)           
At the Closing Date, the Securities will not be of the same class, within the meaning of Rule 144A(d)(3) under the Securities
Act, as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in an automated
inter-dealer quotation system; and each of the Time of Sale Memorandum, as of the Time of Sale, and the Final Memorandum, as of
its date, includes or will include all the information that, if requested by a prospective purchaser of the Securities, would be
required to be provided to such prospective purchaser pursuant to Rule 144A(d)(4) under the Securities Act and, to the extent applicable
in respect of prospective purchasers resident in Canada.

 

    	 	19	 

     

    

  

(ggg)           
The Company, the Guarantors and their affiliates and all persons acting on their behalf (other than the Initial Purchasers,
as to whom the Company make no representation) have complied with and will comply with the offering restrictions requirements of
Regulation S in connection with the offering of the Securities outside the United States and, in connection therewith, the Time
of Sale Memorandum will contain the disclosure required by Rule 902. The Company is a “reporting issuer”, as defined
in Rule 902 under the Securities Act.

 

2.            
Agreements to Sell and Purchase. Each of the Company and the Guarantors hereby agrees to issue and sell to the Initial
Purchasers, and each Initial Purchaser, upon the basis of the representations and warranties herein contained, but subject to the
conditions hereinafter stated, agrees, severally and not jointly, to purchase from the Company and the Guarantors the respective
principal amount of Securities set forth in Schedule I hereto opposite its name at a purchase price of 97.043% of the principal
amount thereof (the “Purchase Price”), plus accrued and unpaid interest, if any, from May 23, 2019 to the Closing
Date (as defined below).

 

3.            
Terms of Offering. You have advised the Company that the Initial Purchasers will make an offering of the Securities
purchased by the Initial Purchasers hereunder as soon as practicable after this Agreement is entered into as in your judgment is
advisable.

 

4.            
Payment and Delivery. Payment for the Securities shall be made to the Company in Federal or other funds immediately
available in New York City against delivery of such Securities to the Representatives through the facilities of The Depository
Trust Company for the respective accounts of the several Initial Purchasers at 10:00 a.m., New York City time, on May 23, 2019,
or at such other time on the same or such other date, not later than May 30, 2019, as shall be designated in writing by the Representatives.
The time and date of such payment are hereinafter referred to as the “Closing Date.” Such delivery and payment
shall be made at the offices of Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, New York 10017 (or such other place
as may be agreed to by the Company and the Representatives). The Company hereby acknowledges that circumstances under which the
Representatives may provide notice to postpone the Closing Date as originally scheduled include, but are in no way limited to,
any determination by the Company or the Initial Purchasers to recirculate to investors copies of an amended or supplemented Final
Memorandum or a delay as contemplated by the provisions of Section ‎10 hereof.

 

The Notes shall be in definitive form or
global form, as specified by the Representatives, and registered in such names and in such denominations as the Representatives
shall request in writing not later than two full business days prior to the Closing Date. The Securities shall be delivered to
the Representatives on the Closing Date for the respective accounts of the Initial Purchasers, with any transfer taxes payable
in connection with the transfer of the Securities to the Initial Purchasers duly paid, against payment of the Purchase Price therefor
plus accrued interest, if any, to the date of payment and delivery. Time shall be of the essence, and delivery at the time and
place specified in this Agreement is a condition to the obligations of the Initial Purchasers.

 

    	 	20	 

     

    

  

5.            
Conditions to the Initial Purchasers’ Obligations. The several obligations of the Initial Purchasers to purchase
and pay for the Securities as provided herein on the Closing Date are subject to the satisfaction or waiver, as determined by the
Representatives in their sole discretion, of the following conditions precedent on or prior to the Closing Date:

 

(a)           
Subsequent to the execution and delivery of this Agreement and prior to the Closing Date:

 

(i)           
there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading
or of any review for a possible change that does not indicate the direction of the possible change, in the rating accorded the
Company or any of the securities of the Company or any of its Subsidiaries or in the rating outlook for the Company by any “nationally
recognized statistical rating organization,” as such term is defined in Section 3(a)(62) of the Exchange Act; and

 

(ii)          
there shall not have been any material adverse change in the business, properties, management, condition (financial or otherwise),
liquidity, results of operations or prospects of the Company and the Subsidiaries, taken as a whole, from that set forth in the
Time of Sale Memorandum and the Final Memorandum that, in your judgment, is material and adverse and that makes it, in your judgment,
impracticable to market the Securities on the terms and in the manner contemplated in the Time of Sale Memorandum and the Final
Memorandum.

 

(b)           
The representations and warranties of the Company and the Guarantors contained in this Agreement shall be true and correct
on and as of the Time of Sale and on and as of the Closing Date as if made on and as of the Closing Date; the statements of the
Company’s officers made pursuant to any certificate delivered in accordance with the provisions hereof shall be true and
correct on and as of the date made and on and as of the Closing Date; the Company and the Guarantors shall have performed all covenants
and agreements and satisfied all conditions on their part to be performed or satisfied hereunder at or prior to the Closing Date.

 

(c)           
The Initial Purchasers shall have received on the Closing Date a certificate, dated the Closing Date and signed by the principal
executive officer and principal financial officer of the Company to the effect that, since the date of this Agreement:

 

    	 	21	 

     

    

  

(i)                
there has not occurred any downgrading, nor has any notice have been given of any intended or potential downgrading or of
any review for a possible change that does not indicate the direction of the possible change, in the rating accorded the Company
or any of the securities of the Company or any of its Subsidiaries or in the rating outlook for the Company by any “nationally
recognized statistical rating organization,” as such term is defined in Section 3(a)(62) of the Exchange Act;

 

(ii)                
there has not been a Material Adverse Change since the date as of which disclosure is made in the Time of Sale Memorandum;

 

(iii)                
the representations and warranties of the Company and the Guarantors contained in this Agreement were true and correct as
of the Time of Sale and are true and correct as of the Closing Date; and

 

(iv)                
the Company and the Guarantors have complied with all of the agreements and satisfied all of the conditions on their part
to be performed or satisfied hereunder on or before the Closing Date.

 

(d)           
The Initial Purchasers shall have received on the Closing Date an opinion and negative assurance letter of Gibson, Dunn
 & Crutcher LLP, U.S. counsel for the Company, dated the Closing Date, to the effect set forth in Exhibit A. Such opinion and
letter shall be rendered to the Initial Purchasers at the request of the Company and shall so state therein.

 

(e)           
The Initial Purchasers shall have received on the Closing Date an opinion of Stikeman Elliott LLP, Canadian counsel for
the Company, dated the Closing Date, to the effect set forth in Exhibit B. Such opinion and letter shall be rendered to the Initial
Purchasers at the request of the Company and shall so state therein.

 

(f)           
The Initial Purchasers shall have received on the Closing Date an opinion of Walkers, Cayman Islands counsel for the Company,
dated the Closing Date, to the effect set forth in Exhibit C. Such opinion and letter shall be rendered to the Initial Purchasers
at the request of the Company and shall so state therein.

 

(g)           
[Reserved].

 

(h)           
The Initial Purchasers shall have received a letter from McDaniel, dated the date hereof, in form and substance satisfactory
to the Initial Purchasers, containing statements and information of the type ordinarily included in reserve engineers “comfort
letters” to underwriters with respect to reserve information included or incorporated by reference in the Time of Sale Memorandum
and the Final Memorandum or any amendment or supplement thereto.

 

(i)           
The Initial Purchasers shall have received a letter from McDaniel, dated the Closing Date, to the effect that they reaffirm
the statements made in the letter furnished pursuant to Section 5(h) hereof, except that the specified date referred to shall be
a date not more than three business days prior to the Closing Date.

 

    	 	22	 

     

    

  

(j)           
The Initial Purchasers shall have received on the Closing Date an opinion and negative assurance letter of Davis Polk &
Wardwell LLP, U.S. counsel for the Initial Purchasers, dated the Closing Date, with respect to such matters as may be reasonably
requested by the Initial Purchasers.

 

(k)           
The Initial Purchasers shall have received on the Closing Date an opinion of McCarthy Tétrault LLP, Canadian counsel
for the Initial Purchasers, dated the Closing Date, with respect to such matters as may be reasonably requested by the Initial
Purchasers.

 

(l)           
On the date hereof, the Initial Purchasers shall have received from each of KPMG LLP and Deloitte LLP a “comfort letter”
dated the date hereof addressed to the Initial Purchasers, in form and substance satisfactory to the Representatives, covering
the financial information in the Time of Sale Memorandum and other customary matters. In addition, on the Closing Date, the Initial
Purchasers shall have received from each of KPMG LLP and Deloitte LLP a “bring-down comfort letter” dated the Closing
Date addressed to the Initial Purchasers, in form and substance satisfactory to the Initial Purchaser the Representatives, in the
form of the “comfort letter” delivered on the date hereof, except that (i) it shall cover the financial information
in the Final Memorandum and any amendment or supplement thereto and (ii) procedures shall be brought down to a date no more than
three business days prior to the Closing Date.

 

(m)           
[Reserved].

 

(n)           
The Company and the Guarantors shall have executed and delivered the Indenture, in form and substance reasonably satisfactory
to the Initial Purchasers, and the Initial Purchasers shall have received executed copies thereof.

 

(o)           
The sale of the Securities shall not be enjoined (temporarily or permanently) on the Closing Date.

 

(p)           
On or before the Closing Date, the Initial Purchasers and counsel for the Initial Purchasers shall have received such information,
documents, letters and opinions as they may reasonably require for the purposes of enabling them to pass upon the issuance and
sale of the Securities as contemplated herein, or in order to evidence the accuracy of any of the representations and warranties,
or the satisfaction of any of the conditions or agreements, herein contained.

 

If any condition specified in this Section ‎5
is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Representatives by notice to the
Company at any time on or prior to the Closing Date, which termination shall be without liability on the part of any party to any
other party, except that Sections ‎6(g), ‎8 and 16 hereof shall at all times be effective and shall survive such termination.

 

    	 	23	 

     

    

  

6.            
Covenants of the Company. Each of the Company and the Guarantors covenants with each Initial Purchaser as follows:

 

(a)           
To furnish to you in New York City, without charge, as promptly as practicable following the Time of Sale and in any event
not later than the second business day following the date hereof and during the period mentioned in Section ‎6(d)
or ‎(e), as many copies of the Time of Sale Memorandum, the Final Memorandum, any Incorporated Documents and any supplements
and amendments thereto as you may reasonably request.

 

(b)           
Before amending or supplementing the Preliminary Memorandum, the Time of Sale Memorandum or the Final Memorandum, to furnish
to you a copy of each such proposed amendment or supplement and not to use any such proposed amendment or supplement to which you
reasonably object.

 

(c)           
To furnish to you a copy of each proposed Additional Written Offering Communication to be prepared by or on behalf of, used
by, or referred to by the Company and not to use or refer to any proposed Additional Written Offering Communication to which you
reasonably object.

 

(d)           
If the Time of Sale Memorandum is being used to solicit offers to buy the Securities at a time when the Final Memorandum
is not yet available to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary
to amend or supplement the Time of Sale Memorandum in order to make the statements therein, in the light of the circumstances under
which they are made, not misleading or if, in the judgment of the Representatives or counsel for the Initial Purchasers, it is
necessary to amend or supplement the Time of Sale Memorandum to comply with applicable law, forthwith to prepare and furnish, at
its own expense, to the Initial Purchasers and to any dealer upon request, either amendments or supplements to the Time of Sale
Memorandum so that the statements in the Time of Sale Memorandum as so amended or supplemented will not, in the light of the circumstances
under which they are made, when delivered to a Subsequent Purchaser, be misleading or so that the Time of Sale Memorandum, as amended
or supplemented, will comply with applicable law.

 

(e)           
If, during such period after the date hereof and prior to the date on which all of the Securities shall have been sold by
the Initial Purchasers, any event shall occur or condition exist as a result of which it is necessary to amend or supplement the
Final Memorandum in order to make the statements therein, in the light of the circumstances under which they are made, not misleading
or if, in the judgment of the Representatives or counsel for the Initial Purchasers, it is necessary to amend or supplement the
Final Memorandum to comply with applicable law, forthwith to prepare and furnish, at its own expense, to the Initial Purchasers,
either amendments or supplements to the Final Memorandum so that the statements in the Final Memorandum as so amended or supplemented
will not, in the light of the circumstances under which they are made, when delivered to a Subsequent Purchaser, be misleading
or so that the Final Memorandum, as amended or supplemented, will comply with applicable law.

 

    	 	24	 

     

    

  

(f)           
To endeavor to qualify the Securities for offer and sale under the securities or blue sky laws of such jurisdictions (that
are required for the offer and sale) as you shall reasonably request, provided that, in connection therewith, the Company shall
not be required to (i) qualify as a foreign corporation in any jurisdiction in which it would not otherwise be required to so qualify,
(ii) file a general consent to service of process in any such jurisdiction or (iii) subject itself to taxation in any jurisdiction
in which it would not otherwise be subject.

 

(g)           
Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, to pay or
cause to be paid all expenses incident to the performance of its obligations under this Agreement, including: (i) the fees, disbursements
and expenses of the Company’s counsel and the Company’s accountants in connection with the issuance and sale of the
Securities and all other fees or expenses in connection with the issuance and sale of the Securities, including, without limitation,
in connection with the preparation, printing, shipping and distribution of the Preliminary Memorandum, the Time of Sale Memorandum,
the Final Memorandum, any Additional Written Offering Communication and any amendments and supplements to any of the foregoing,
this Agreement, the Indenture and the Securities, including all printing costs associated therewith, and the delivering of copies
thereof to the Initial Purchasers, (ii) all costs and expenses related to the transfer and delivery of the Securities to the Initial
Purchasers, including any transfer, stamp or other taxes payable thereon, (iii) the cost of printing or producing any Blue Sky
or legal investment memorandum in connection with the offer and sale of the Securities under state securities laws and all expenses
in connection with the qualification of the Securities for offer and sale under state securities laws as provided in Section 6(f)
hereof, including filing fees , (iv) any fees charged by rating agencies for the rating of the Securities, (v) the fees and expenses,
if any, incurred in connection with the admission of the Securities for trading any appropriate market system, (vi) the costs and
charges of the Trustee and any transfer agent, registrar or depositary, (vii) the cost of the preparation, issuance and delivery
of the Securities, (viii) the costs and expenses of the Company relating to investor presentations on any “road show”
undertaken in connection with the marketing of the offering of the Securities, including, without limitation, expenses associated
with the preparation or dissemination of any electronic road show, expenses associated with production of road show slides and
graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of
the Company, travel and lodging expenses of the representatives and officers of the Company and any such consultants, and the cost
of any aircraft chartered in connection with the road show and (ix) all other cost and expenses incident to the performance of
the obligations of the Company hereunder for which provision is not otherwise made in this Section 6. It is understood, however,
that except as provided in the last paragraph of Section 4, Section 6, Section ‎8, the last paragraph of Section 11,
Section 17 and Section 18 and Schedule V, the Initial Purchasers will pay all of their costs and expenses.

  

    	 	25	 

     

    

 

(h)           
Neither the Company nor any Affiliate will sell, offer for sale or solicit offers to buy or otherwise negotiate in respect
of any security (as defined in the Securities Act) which if, as a result of the doctrine of “integration” referred
to in Rule 502 under the Securities Act, such offer or sale would render invalid (for the purpose of (i) the sale of the Securities
by the Company to the Initial Purchasers, (ii) the resale of the Securities by the Initial Purchasers to the Subsequent Purchasers
or (iii) the resale of the Securities by such Subsequent Purchasers to others) the exemption from the registration requirements
of the Securities Act provided by Section 4(a)(2) thereof or by Rule 144A or by Regulation S thereunder or otherwise.

 

(i)           
Without the Representatives’ prior consent, not to, and to cause its affiliates or any other person acting on its
or their behalf (other than the Initial Purchasers, as to which no covenant is given) not to, solicit offers for, or offer or sell,
the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation
D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act.

 

(j)           
While any of the Securities remain outstanding, to make available, upon request, to any holder of such Securities and any
prospective purchasers thereof the information specified in Rule 144A(d)(4) under the Securities Act, unless as such time the Company
shall be subject to Section 13 or 15(d) of the Exchange Act and shall have filed all reports required to be filed pursuant to such
Sections and the related rules and regulations of the Commission.

 

(k)           
None of the Company, its Affiliates or any person acting on its or their behalf (other than the Initial Purchasers) will
engage in any directed selling efforts (as that term is defined in Regulation S) with respect to the Securities, and the Company
and its Affiliates and each person acting on its or their behalf (other than the Initial Purchasers) will comply with the offering
restrictions requirement of Regulation S.

 

(l)           
The Company will not, and will not cause any person that is an affiliate (as defined in Rule 144 under the Securities Act)
at such time (or has been an affiliate within the three months preceding such time) to, resell any of the Securities that have
been acquired by any of them.

 

(m)           
To apply the net proceeds from the sale of the Securities in the manner described under the caption “Use of Proceeds”
in the Time of Sale Memorandum and the Final Memorandum.

 

    	 	26	 

     

    

  

(n)           
During the period of 90 days following the date hereof, the Company will not and will not permit any Subsidiary to, without
the prior written consent of the Representatives (which consent may be withheld at their sole discretion), directly or indirectly,
sell, offer, contract or grant any option to sell, pledge, transfer or establish an open “put equivalent position”
within the meaning of Rule 16a-1 under the Exchange Act, or otherwise dispose of or transfer, or announce the offering of, or file
any registration statement under the Securities Act in respect of, any debt securities of the Company or any Subsidiary or securities
exchangeable for or convertible into debt securities of the Company or any Subsidiary (other than as contemplated by this Agreement).

 

(o)           
The Company and the Guarantors, severally and jointly, shall pay, and shall indemnify and hold the Initial Purchasers harmless
against, any stamp, issue, registration, documentary, sales, transfer or other similar taxes or duties imposed under the laws of
the Cayman Islands, Canada and the United States or any political sub-division or taxing authority thereof or therein that is payable
in connection with (i) the execution, delivery, consummation or enforcement of this Agreement, (ii) the creation, allotment and
issuance of the Securities, (iii) the sale and delivery of the Securities to the Initial Purchasers or purchasers procured by the
Initial Purchasers, or (iv) the resale and delivery of the Securities by the Initial Purchasers in the manner contemplated herein.

 

(p)           
All sums payable to an Initial Purchaser shall be considered exclusive of any value added or similar taxes. Where the Company
or a Guarantor is obliged to pay value added or similar tax on any amount payable hereunder to an Initial Purchaser, the Company
or such Guarantor shall in addition to the sum payable hereunder pay an amount equal to any applicable value added or similar tax.

 

7.            
Offering of Securities; Restrictions on Transfer. (a) The Company understands that the Initial Purchasers intend
to offer the Securities for resale on the terms set forth in the Time of Sale Memorandum. Each Initial Purchaser, severally and
not jointly, represents, warrants and agrees that:

 

(i)                
it is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act (a “QIB”),
an accredited investor within the meaning of Rule 501(a) under the Securities Act and an accredited investor within the meaning
of NI 45-106 with such knowledge and experience in financial and business matters as are necessary in order to evaluate the merits
and risk of an investment in the Notes;

  

    	 	27	 

     

    

  

 

(ii)           
it or any affiliate thereof (if such affiliate offers and sells Securities in accordance with this Agreement) is duly registered
or licensed or exempt from any such requirement in those jurisdictions in which it is required to be so registered or licensed
in order to offer the Securities for resale;

 

(iii)           
without the Representatives’ prior consent, it has not solicited offers for, or offered or sold, and will not solicit
offers for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning
of Rule 502(c) of Regulation D under the Securities Act (“Regulation D”) or in any manner involving a public
offering within the meaning of Section 4(a)(2) of the Securities Act;

 

(iv)           
it has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities as
part of their initial offering except to persons whom it reasonably believes to be QIBs in transactions pursuant to Rule 144A under
the Securities Act (“Rule 144A”) and in connection with each such sale, it has taken or will take reasonable
steps to ensure that the purchaser of the Securities is aware that such sale is being made in reliance on Rule 144A; and

 

(v)           
it has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities as
part of their initial offering to persons resident in Canada unless it has provided a copy of the Preliminary Memorandum, the Final
Memorandum and the Pricing Supplement to such persons and except to persons:

 

(A)           
which are not individuals;

 

(B)           
whom it reasonably believes are “accredited investors” as defined in Section 1.1 of National Instrument 45-106
Prospectus Exemptions (“NI 45-106”) or subsection 73.3(1) of the Securities Act (Ontario) (the “OSA”),
as applicable, and (1) whom are either purchasing the Securities as principal for their own account, or are deemed to be purchasing
the Securities as principal for their own account in accordance with Canadian Securities Laws and not as agent for the benefit
of another person; (2) if they are an “accredited investor” in reliance on paragraph (m) of the definition of “accredited
investor” in section 1.1 of NI 45-106, such person was not created or used solely to purchase or hold the Securities as an
 “accredited investor” as described under that paragraph (m); and (3) whom are not purchasing the Securities pursuant
to any of (i) subsections (e), (e.1), (j), (j.1), (k) or (l) of the definition of “accredited investor” in Section
1.1 of NI 45-106, subsections (d), (q) or (v) of the definition of “accredited investor” in Section 1.1 of NI 45-106,
as an “individual” or, subsections (d), (i) or (j) of the definition of “accredited investor” in Section
73.3(1) of the OSA as a “person”; and

 

(C)           
which are “permitted clients” as defined in National Instrument 31-103 Registration Requirements, Exemptions
and Ongoing Registrant Obligations (“NI 31-103”) if any Initial Purchaser is relying on the international
dealer exemption pursuant to NI 31-103.

 

    28

     

    

 

(b)           
Each Initial Purchaser acknowledges and agrees that the Company and, for purposes of the opinions to be delivered to the
Initial Purchasers pursuant to Sections 5(d) and 5(j) hereof, counsel for the Company and counsel for the Initial Purchasers, respectively,
may rely upon the accuracy of the representations and warranties of the Initial Purchasers, and compliance by the Initial Purchasers
with their agreements, contained in paragraph (a) above, and each Initial Purchaser hereby consents to such reliance.

 

(c)           
Each Initial Purchaser will provide to the Company the Personal Information (as defined in the Final Memorandum) of any
subsequent purchasers resident in Canada and provide any information related to any Initial Purchaser that may be required by the
Company, in each case, in order for the Company to meet its obligation to file with the applicable Canadian Securities Commissions
within 10 days of the Closing Date report(s) of exempt distribution in accordance with Form 45-106F1 of NI 45-106 (with such modifications
as permitted under ASC Rule 72-501 in respect of sales outside of Canada).

 

(d)           
The Company acknowledges and agrees that the Initial Purchasers may, in accordance with the Securities Act and if applicable
Canadian Securities Laws, offer and sell Securities to or through any affiliate of an Initial Purchaser and that any such affiliate
may offer and sell Securities purchased by it to or through any Initial Purchaser; provided such affiliate is duly registered or
licensed or exempt from any such requirement in those jurisdictions in which it is required to be so registered or licensed in
order to offer the Securities for resale.

 

8.            
Indemnity and Contribution. (a) Each of the Company and the Guarantors, jointly and severally, agrees to indemnify
and hold harmless each Initial Purchaser, its directors and officers and each person, if any, who controls any Initial Purchaser
within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and each affiliate of each Initial
Purchaser within the meaning of Rule 405 under the Securities Act from and against any and all losses, claims, damages, liabilities
and expenses (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating
any such action or claim, as such expenses are incurred) caused by any untrue statement or alleged untrue statement of a material
fact contained in the Preliminary Memorandum, the Time of Sale Memorandum, any Additional Written Offering Communication prepared
by or on behalf of, used by, or referred to by the Company or the Final Memorandum or any amendment or supplement thereto, or caused
by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading, except insofar as such losses, claims, damages, liabilities
or expenses are caused by any such untrue statement or omission or alleged untrue statement or omission based upon information
relating to any Initial Purchaser furnished to the Company by such Initial Purchaser through the Representatives expressly for
use in the Preliminary Memorandum, the Pricing Supplement, any Additional Written Offering Communication or the Final Memorandum
(or any amendment or supplement thereto). The indemnity agreement set forth in this Section ‎8(a) shall be in addition
to any liabilities that the Company and the Guarantors may otherwise have.

 

    29

     

    

 

(b)           
Each Initial Purchaser agrees, severally and not jointly, to indemnify and hold harmless the Company, each Guarantor, each
of their directors and officers and each person, if any, who controls the Company or any Guarantor within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Company
to such Initial Purchaser, but only with reference to information relating to such Initial Purchaser furnished to the Company by
such Initial Purchaser through the Representatives expressly for use in the Preliminary Memorandum, the Pricing Supplement, any
Additional Written Offering Communication or the Final Memorandum (or any amendment or supplement thereto). Each of the Company
and the Guarantors hereby acknowledges that the only information that the Initial Purchasers through the Representatives have furnished
to the Company expressly for use in the Preliminary Memorandum, the Time of Sale Memorandum, any Additional Written Communication
set forth in Schedule II hereto, or the Final Memorandum (or any amendment or supplement thereto) are the statements set forth
in the first sentence of the seventh paragraph and the fourth sentence of the eleventh paragraph under the caption “Plan
of Distribution” in the Preliminary Memorandum and the Final Memorandum (the “Initial Purchaser Information”).
The indemnity agreement set forth in this Section ‎8(b) shall be in addition to any liabilities that each Initial
Purchaser may otherwise have.

 

(c)           
In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of
which indemnity may be sought pursuant to Section ‎8(a) or ‎8(b), such person (the “indemnified
party”) shall promptly notify the person against whom such indemnity may be sought (the “indemnifying party”)
in writing; provided, however, that the failure to so notify the indemnifying party will not relieve it from any liability which
it may have to any indemnified party under this Section ‎8 except to the extent that it has been materially prejudiced
by such failure (through the forfeiture of substantive rights and defenses) and shall not relieve the indemnifying party from any
liability that the indemnifying party may have to an indemnified party other than under this Section ‎8. The indemnifying
party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent
the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the fees and disbursements
of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying
party and the indemnified party shall have mutually agreed to the retention of such counsel, (ii) the indemnifying party has
failed within a reasonable time to retain counsel reasonably satisfactory to the indemnified party, (iii) the indemnified party
shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those
available to the indemnified party, or (iv) the named parties to any such proceeding (including any impleaded parties) include
both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate
due to actual or potential differing interests between them. It is understood that the indemnifying party shall not, in respect
of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction,
be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified
parties and that all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing
by the Representatives, in the case of parties indemnified pursuant to Section ‎8(a), and by the Company, in the
case of parties indemnified pursuant to Section ‎8(b). The indemnifying party shall not be liable for any settlement
of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the
plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss, claim, damage, liability
or expense by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party
shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated
by the second and third sentences of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of
any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by such
indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in
accordance with such request prior to the date of such settlement. No indemnifying party shall, without the prior written consent
of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party
is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement
includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding
and does not include any statements as to or any findings of fault, culpability or failure to act by or on behalf of any indemnified
party.

 

    30

     

    

 

(d)           
To the extent the indemnification provided for in Section ‎8(a) or ‎8(b) is unavailable to an
indemnified party or insufficient in respect of any losses, claims, damages, liabilities or expenses referred to therein, then
each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the
aggregate amount of such losses, liabilities claims, damages or expenses incurred by such indemnified party as a result of such
losses, claims, damages, liabilities or expenses (i) in such proportion as is appropriate to reflect the relative benefits received
by the Company and the Guarantors on the one hand and the Initial Purchasers on the other hand from the offering of the Securities
or (ii) if the allocation provided by clause ‎8(d)(i) above is not permitted by applicable law, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause ‎8(d)(i) above but also the relative
fault of the Company and the Guarantors on the one hand and of the Initial Purchasers on the other hand in connection with the
statements or omissions that resulted in such losses, claims, damages or expenses, as well as any other relevant equitable considerations.
The relative benefits received by the Company and the Guarantors on the one hand and the Initial Purchasers on the other hand in
connection with the offering of the Securities shall be deemed to be in the same respective proportions as the net proceeds from
the offering of the Securities (net of total Initial Purchasers’ discounts but before deducting expenses) received by the
Company and the total discounts and commissions received by the Initial Purchasers bear to the aggregate offering price of the
Securities. The relative fault of the Company and the Guarantors on the one hand and of the Initial Purchasers on the other hand
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the Company or the Guarantors, or by the
Initial Purchasers, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The Initial Purchasers’ respective obligations to contribute pursuant to this Section ‎8
are several in proportion to the respective principal amount of Securities they have purchased hereunder as set forth opposite
their names in Schedule I hereto, and not joint.

 

    31

     

    

 

(e)           
The Company and the Guarantors and the Initial Purchasers agree that it would not be just or equitable if contribution pursuant
to Section ‎8(d) were determined by pro rata allocation (even if the Initial Purchasers were treated as
one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred
to in Section ‎8(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages
and liabilities referred to in Section ‎8(d) shall be deemed to include, subject to the limitations set forth above,
any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this subsection (e), no Initial Purchaser shall be obligated to make contributions
hereunder that in the aggregate exceed the total discounts, commissions and other compensation received by such Initial Purchaser
under this Agreement, less the aggregate amount of any damages that such Initial Purchaser has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. The remedies provided for in this Section ‎8 are not exclusive and shall
not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

 

(f)           
The indemnity and contribution provisions contained in this Section ‎8 and the representations, warranties
and other statements of the Company contained in this Agreement shall remain operative and in full force and effect regardless
of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Initial Purchaser, any person controlling
any Initial Purchaser or any affiliate of any Initial Purchaser or by or on behalf of the Company, its officers or directors or
any person controlling the Company and (iii) acceptance of and payment for any of the Securities.

 

    32

     

    

 

9.            
Termination. (a) The Representatives, on behalf of the Initial Purchasers, may terminate this Agreement at any time
at or prior to the Closing Date, by notice to the Company, if (i) since the time of execution of this Agreement or the earlier
respective dates as of which information is given in the Preliminary Memorandum, there shall have been any material adverse change
in the business, properties, management, condition (financial or otherwise), liquidity, results of operations or prospects of the
Company and the Subsidiaries taken as a whole the effect of which change or development is, in the sole judgment of the Representatives,
so material and adverse as to make it impractical or inadvisable to proceed with the completion of the offering of Securities contemplated
by this Agreement or to enforce contracts for the sale of such Securities; (ii) the Company or the Guarantors shall be in breach
of, default under or non-compliance with any covenant, term or condition of this Agreement, in any material respect, or any representation
or warranty given by the Company and the Guarantors in this Agreement becomes or are false in any material respect; (iii) since
the time of execution of this Agreement, there shall have occurred: (A) a suspension or material limitation in trading in securities
generally on the New York Stock Exchange, the NYSE MKT, NASDAQ or the TSX, (B) a suspension or material limitation in trading in
the Company’s securities on NYSE MKT or the TSX, (C) a general moratorium on commercial banking activities declared by either
federal or New York State authorities or a material disruption in commercial banking or securities settlement or clearance services
in the United States or Canada, or (D) an outbreak or escalation of hostilities or acts of terrorism involving the United States
or a declaration by the United States of a national emergency or war or any other calamity or crisis or any change in financial,
political or economic conditions in the United States or elsewhere if the effect of any such event specified in this clause (D),
in the sole judgment of the Representatives, makes it impractical or inadvisable to proceed with the completion of the offering
of Securities contemplated by this Agreement or to enforce contracts for the sale of such Securities; or (iv) since the time of
execution of this Agreement, there shall have occurred any downgrading in or withdrawal of, or any notice or announcement shall
have been given or made of any intended or potential downgrading in or withdrawal of, or any watch, review or possible change that
does not indicate an affirmation of, or improvement in, any rating accorded any securities of or guaranteed by the Company or any
Subsidiary by any “nationally recognized statistical rating organization,” as that term is defined in Section 3(a)(62)
of the Exchange Act.

 

(b)           
In the event of any termination of this Agreement under Section 9(a) hereof, neither party will have any liability to the
other party hereto, except the provisions of Sections 1, 6(g), 8, 19 and 16 hereof shall remain in effect.

 

    33

     

    

 

10.            
Effectiveness; Defaulting Initial Purchasers. If one or more Initial Purchasers shall fail at the Closing Date to
purchase the Securities which it or they are obligated to purchase under this Agreement (the “Defaulted Securities”),
then the Representatives shall have the right, within 24 hours thereafter, to make arrangements for one of or more of the Initial
Purchasers or any other initial purchasers to purchase all, but not less than all, of the Defaulted Securities in such amounts
as may be agreed upon and upon the terms herein set forth; provided; however, that if such arrangements shall not have been completed
within such 24 hour period, then:

 

(a)  
if the number of Defaulted Securities does not exceed 10% of the number of Securities to be so purchased by all of the Initial
Purchasers on such date, the non-defaulting Initial Purchasers shall be obligated, severally and not jointly, to purchase the full
amount thereof in the proportions that their respective initial purchase obligation bears to the purchase obligations of all non-defaulting
Initial Purchasers; or

 

(b)  
if the number of Defaulted Securities exceeds 10% of the number of Securities to be so purchased by all of the Initial Purchasers
on such date, this Agreement shall terminate without liability on the part of any non-defaulting Initial Purchasers.

 

No action taken pursuant to this Section
10 shall relieve any defaulting Initial Purchaser from liability in respect of its default. In the event of any such default which
does not result in a termination of this Agreement, either the Representatives or the Company shall have the right to postpone
the Closing Date for a period not exceeding seven days in order to effect any required changes in the Time of Sale Memorandum or
the Final Memorandum or in any other documents or arrangements. If any Initial Purchaser defaults pursuant to this Section 10,
the Company shall not be obligated to reimburse such defaulting Initial Purchaser for its out-of-pocket expenses. As used herein,
the term “Initial Purchaser” includes any person substituted for an Initial Purchaser under this Section 10.

 

11.            
Entire Agreement. (a) This Agreement, together with any contemporaneous written agreements and any prior written
agreements (to the extent not superseded by this Agreement) that relate to the offering of the Securities, represents the entire
agreement between the Company and the Initial Purchasers with respect to the preparation of the Preliminary Memorandum, the Time
of Sale Memorandum, the Final Memorandum, the conduct of the offering, and the purchase and sale of the Securities.

 

(b)           
This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company, the Guarantors
and the Initial Purchasers, or any of them, with respect to the subject matter hereof.

 

(c)           
The Company acknowledges that in connection with the offering of the Securities: (i) the Initial Purchasers have acted at
arms length, are not agents of, and owe no fiduciary duties to, the Company, the Guarantors or any other person, (ii) the Initial
Purchasers owe the Company only those duties and obligations set forth in this Agreement and prior written agreements (to the extent
not superseded by this Agreement) if any, (iii) the Initial Purchasers may have interests that differ from those of the Company
and the Guarantors, and (iv) the Initial Purchasers have not provided any legal, accounting, regulatory or tax advice with respect
to the offering contemplated hereby, and the Company and the Guarantors have consulted its own legal, accounting, regulatory and
tax advisors to the extent it deemed appropriate. The Company and the Guarantors waive to the full extent permitted by applicable
law any claims it may have against the Initial Purchasers arising from an alleged breach of fiduciary duty in connection with the
offering of the Securities.

 

    34

     

    

 

12.            
Counterparts. This Agreement may be signed in two or more counterparts, each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed counterpart of a
signature page to this Agreement by telecopier, facsimile or other electronic transmission (i.e., a “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart thereof.

 

13.            
Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto, and to the benefit
of the indemnified parties referred to in Section ‎8 hereof, and in each case their respective successors, and
no other person will have any right or obligation hereunder. The term “successors” shall not include any Subsequent
Purchaser or other purchaser of the Securities as such from any of the Initial Purchasers merely by reason of such purchase.

 

14.            
Partial Unenforceability. The invalidity or unenforceability of any section, paragraph or provision of this Agreement
shall not affect the validity or enforceability of any other section, paragraph or provision hereof. If any section, paragraph
or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such
minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

 

15.            
Authority of the Representative. Any action by the Initial Purchasers hereunder may be taken by the Representatives
on behalf of the Initial Purchasers, and any such action taken by the Representatives shall be binding upon the Initial Purchasers.

 

16.            
Applicable Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State
of New York.

 

(a)           
Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby
(“Related Proceedings”) may be instituted in the federal courts of the United States of America located in the
City and County of New York or the courts of the State of New York in each case located in the City and County of New York (collectively,
the “Specified Courts”), and each party irrevocably submits to the exclusive jurisdiction (except for suits,
actions, or proceedings instituted in regard to the enforcement of a judgment of any Specified Court in a Related Proceeding (a
 “Related Judgment”), as to which such jurisdiction is non-exclusive) of the Specified Courts in any Related
Proceeding. Service of any process, summons, notice or document by mail to such party’s address set forth above shall be
effective service of process for any Related Proceeding brought in any Specified Court. The parties irrevocably and unconditionally
waive any objection to the laying of venue of any Specified Proceeding in the Specified Courts and irrevocably and unconditionally
waive and agree not to plead or claim in any Specified Court that any Related Proceeding brought in any Specified Court has been
brought in an inconvenient forum. Each party not located in the United States irrevocably appoints CT Corporation System as its
agent to receive service of process or other legal summons for purposes of any Related Proceeding that may be instituted in any
Specified Court.

 

    35

     

    

 

(b)           
With respect to any Related Proceeding, each party irrevocably waives, to the fullest extent permitted by applicable law,
all immunity (whether on the basis of sovereignty or otherwise) from jurisdiction, service of process, attachment (both before
and after judgment) and execution to which it might otherwise be entitled in the Specified Courts, and with respect to any Related
Judgment, each party waives any such immunity in the Specified Courts or any other court of competent jurisdiction, and will not
raise or claim or cause to be pleaded any such immunity at or in respect of any such Related Proceeding or Related Judgment, including,
without limitation, any immunity pursuant to the United States Foreign Sovereign Immunities Act of 1976, as amended.

 

(c)           
If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder into any currency
other than United States dollars, the parties hereto agree, to the fullest extent permitted by law, that the rate of exchange used
shall be the rate at which in accordance with normal banking procedures the Initial Purchasers could purchase United States dollars
with such other currency in The City of New York on the business day preceding that on which final judgment is given. The obligations
of the Company and each Guarantor in respect of any sum due from it to any Initial Purchaser or any person controlling any Initial
Purchaser shall, notwithstanding any judgment in a currency other than United States dollars, not be discharged until the first
business day following receipt by such Initial Purchaser or controlling person of any sum in such other currency, and only to the
extent that such Initial Purchaser controlling person may in accordance with normal banking procedures purchase United States dollars
with such other currency. If the United States dollars so purchased are less than the sum originally due to such Initial Purchaser
or controlling person hereunder, the Company and each Guarantor agrees as a separate obligation and notwithstanding any such judgment,
to indemnify such Initial Purchaser or controlling person against such loss. If the United States dollars so purchased are greater
than the sum originally due to such Initial Purchaser or controlling person hereunder, such Initial Purchaser or controlling person
agrees to pay to the Company and the Guarantors (but without duplication) an amount equal to the excess of the dollars so purchased
over the sum originally due to such Initial Purchaser or controlling person hereunder.

 

    36

     

    

 

17.            
Taxes. If any sum payable by the Company or a Guarantor under this Agreement is subject to any deduction or withholding
tax, tax in the hands of an Initial Purchaser or taken into account as a receipt in computing the taxable income of that Initial
Purchaser (excluding net income taxes on underwriting commissions payable hereunder), the sum payable to the Initial Purchaser
under this Agreement shall be increased to such sum as will ensure that the Initial Purchaser shall be left with the sum it would
have had in the absence of such tax, provided that no such additional amounts shall be paid on account of (i) net income, franchise,
and branch profits taxes, (ii) taxes that would not have been imposed but for the failure to provide, upon the reasonable request
of the Company or a Guarantor, the Company or the Guarantors with any certification, form or other documentation (including without
limitation the appropriate IRS Form W-8 or Form W-9), and (iii) any U.S. federal withholding taxes imposed under Sections 1471
through 1474 of the Code, any treasury regulations thereunder or any related intergovernmental agreements and legislation, rules
or practices adopted pursuant to any such intergovernmental agreement.

 

18.            
Headings. The headings of the sections of this Agreement have been inserted for convenience of reference only and
shall not be deemed a part of this Agreement.

 

19.            
Notices. All notices and other communications hereunder shall be in writing and effective only upon receipt and if
to the Initial Purchasers shall be delivered, mailed or sent to you in care of BofA Securities, Inc., One Bryant Park, New York,
New York 10036, Attention: High Grade Transaction Management/Legal, and Credit Suisse Securities (USA) LLC, Eleven Madison Avenue,
New York, New York 10010, Facsimile: (212) 325-4296, Attention: IBCM-Legal, with a copy to Davis Polk & Wardwell LLP, 450 Lexington
Avenue, New York, New York 10017, Attention: Byron Rooney, Esq.; and if to the Company shall be delivered, mailed or sent to 900,
520 - 3 Avenue SW, Calgary, Alberta Canada T2P 0R3, fax (403) 265-3242, Attention: Kristine Robidoux, with a copy to Gibson, Dunn
 & Crutcher LLP, 1221 McKinney Street, Suite 3700, Houston, Texas 77010, Attention: Hillary Holmes, Esq.

 

20.            
Compliance with USA Patriot Act. In accordance with the requirements of the USA PATRIOT Act (Title III of Pub. L.
107-56 (signed into law on October 26, 2001)), the Initial Purchasers are required to obtain, verify and record information that
identifies their respective clients, including the Company and the Guarantors, which information may include the name and addresses
of their respective clients, as well as other information that will allow the Initial Purchasers to properly identify their respective
clients.

 

21.            
Recognition of the U.S. Special Resolution Regimes.

 

(a)           
In the event that any Initial Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution
Regime, the transfer from such Initial Purchaser of this Agreement, and any interest and obligation in or under this Agreement,
will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement,
and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

 

    37

     

    

 

(b)           
In the event that any Initial Purchaser that is a Covered Entity or a BHC Act Affiliate of such Initial Purchaser becomes
subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against
such Initial Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised under the
U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

 

As used in this Section
21:

 

“BHC
Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with,
12 U.S.C. § 1841(k).

 

“Covered
Entity” means any of the following:

 

(i) a “covered entity”
as the term is defined in, and interpreted in accordance with, 12 C.F.R§ 252.82(b);

 

(ii) a “covered bank”
as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(iii) a “covered FSI”
as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R 12 C.F.R. §§
252.81, 47.2 or 382.1, as applicable.

 

“U.S.
Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder
and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

 

[Signature Pages Follow]

 

    38

     

    

 

If the foregoing is in accordance with your
understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof, whereupon this instrument, along
with all counterparts hereof, shall become a binding agreement in accordance with its terms.

 

 

	 	Very truly yours, 
	 	 	 
	 	GRAN TIERRA ENERGY INC., as Issuer
	 	 	 
	 	 	 
	 	By:	/s/ Ryan Ellson
	 	 	Name:	Ryan Ellson
	 	 	Title:	Chief Financial Officer
	 	 	 
	 	 	 
	 	GRAN TIERRA ENERGY INTERNATIONAL HOLDINGS LTD., as Guarantor
	 	 	 
	 	 	 
	 	By:	/s/ Manuel Antonio Buitrago Vives
	 	 	Name:	Manuel Antonio Buitrago Vives
	 	 	Title:	Director
	 	 	 
	 	 	 
	 	GRAN TIERRA RESOURCES LIMITED, as Guarantor
	 	 	 
	 	 	 
	 	By:	/s/ Ryan Ellson
	 	 	Name:	Ryan Ellson
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 
	 	PETROLIFERA PETROLEUM (COLOMBIA) LIMITED, as Guarantor
	 	 	 
	 	 	 
	 	By:	/s/ Manuel Antonio Buitrago Vives
	 	 	Name:	Manuel Antonio Buitrago Vives
	 	 	Title:	Director

 

[Signature Page to Purchase Agreement]

 

    

     

    

 

	 	GRAN TIERRA ENERGY CAYMAN ISLANDS INC., as Guarantor
	 	 	 
	 	 	 
	 	By:	/s/ Manuel Antonio Buitrago Vives
	 	 	Name:	Manuel Antonio Buitrago Vives
	 	 	Title:	Director
	 	 	 
	 	 	 
	 	GRAN TIERRA COLOMBIA INC., as Guarantor
	 	 	 
	 	 	 
	 	By:	/s/ Manuel Antonio Buitrago Vives
	 	 	Name:	Manuel Antonio Buitrago Vives
	 	 	Title:	Director
	 	 	 
	 	 	 
	 	GRAN TIERRA ENERGY COLOMBIA, LLC, as Guarantor
	 	 	 
	 	 	 
	 	By:	/s/ Manuel Antonio Buitrago Vives
	 	 	Name:	Manuel Antonio Buitrago Vives
	 	 	Title:	Director
	 	 	 
	 	 	 
	 	GRAN TIERRA ENERGY CANADA ULC, as Guarantor
	 	 	 
	 	 	 
	 	By:	/s/ Ryan Ellson
	 	 	Name:	Ryan Ellson
	 	 	Title:	Chief Financial Officer

 

[Signature Page to Purchase Agreement]

 

    

     

    

 

	BofA Securities, Inc.	 
	Credit Suisse Securities (USA) LLC	 
	 	 
	Acting on behalf of themselves and as the 

Representatives of the several Initial 

Purchasers named in Schedule I hereto.	 
	 	 
	BofA Securities, Inc.	 
	 	 	 	 
	 	 	 	 
	By:	/s/ Matthew Radley	 
	 	Name:	Matthew Radley	 
	 	Title:	Managing Director	 
	 	 	 	 
	 	 	 	 
	Credit Suisse Securities (USA) LLC	 
	 	 	 	 
	 	 	 	 
	By:	/s/ Michael Cummings	 
	 	Name:	Michael Cummings	 
	 	Title:	Managing Director	 

 

[Signature Page to Purchase Agreement]

 

    

     

    

 

Schedule I

 

	Initial Purchaser	 	Principal Amount of
 Securities to be Purchased	 
	Credit Suisse Securities (USA) LLC	 	$	97,500,000	 
	BofA Securities, Inc.	 	$	82,500,000	 
	Scotia Capital (USA) Inc.	 	$	27,750,000	 
	RBC Capital Markets, LLC	 	$	27,750,000	 
	SG Americas Securities, LLC	 	$	19,500,000	 
	HSBC Securities (USA) Inc.	 	$	16,500,000	 
	Natixis Securities Americas LLC	 	$	12,000,000	 
	BBVA Securities Inc.	 	$	6,000,000	 
	Canaccord Genuity LLC	 	$	6,000,000	 
	CIBC World Markets Corp.	 	$	4,500,000	 
	Total:	 	$	300,000,000	 

 

    I-1

     

    

 

Schedule II

 

Permitted Communications

 

Time of Sale Memorandum

 

		1.	Preliminary Memorandum

 

		2.	Pricing Supplement

 

		3.	Additional Written Offering Communication: None

 

		4.	Orally communicated pricing information used in addition
to a pricing term sheet: None

 

Permitted Additional Written Offering Communications

 

Each electronic “road show” as defined in Rule 433(h)
furnished to the Initial Purchasers prior to use that the Initial Purchasers and Company have agreed may be used in connection
with the offering of the Securities

 

    II-1

     

    

 

SCHEDULE III

 

	ENTITY NAME	
        Jurisdiction

        of
        Organization 

	*Gran Tierra Resources Limited	Alberta
	Gran Tierra Energy Mexico Holdings 1 LLC	Delaware
	Gran Tierra Energy Mexico Holdings 2 LLC	Delaware
	Gran Tierra México Energy S.A. de C.V.	Mexico
	*Gran Tierra Energy International Holdings Ltd.	Cayman Islands
	Gran Tierra Energy N.V. ULC	Alberta
	†*Petrolifera Petroleum (Colombia) Limited	Cayman Islands
	*Gran Tierra Energy Cayman Islands Inc.	Cayman Islands
	*Gran Tierra Energy Canada ULC	Alberta
	†*Gran Tierra Energy Colombia, LLC	Cayman Islands
	*Gran Tierra Colombia Inc.	Cayman Islands
	Gran Tierra Energy Resources Inc.	Cayman Islands
	Suroco Energy Venezuela	Venezuela
	Vetra Petroamerica P&G Corp.	Barbados
	Southeast Investment Corporation	Panama
	Vetra Southeast SLU	Spain
	
        *Petrolatina Energy Limited

        In Liquidation
	U.K.
	
        Petrolatina (CA) Limited

        In Liquidation
	U.K.
	
        Taghmen Argentina Limited

        In Liquidation
	U.K.

 

    III-1

     

    

 

Pricing Term Sheet, dated May 20, 2019,

to Preliminary Offering Memorandum, dated May 9, 2019

 

Strictly Confidential

 

Gran Tierra Energy Inc.

$300,000,000 7.750% Senior Unsecured Notes Due 2027

 

	Issuer:	Gran Tierra Energy Inc.
	Initial Guarantors:	Gran Tierra Energy International Holdings Ltd. and each of the other subsidiaries of Gran Tierra Energy Inc., other than immaterial subsidiaries, that is a guarantor under the credit agreement
	Security Description: 	7.750% Senior Unsecured Notes due 2027
	Form of Distribution:	Rule 144A / Reg S / Accredited Investors (Canada)
	Principal Amount:	$300,000,000
	Gross Proceeds:	$295,629,000
	Maturity: 	May 23, 2027
	Coupon:	7.750%
	Issue Price: 	98.543% of principal amount, plus accrued interest from May 23, 2019, if any
	Yield to Maturity:	8.000%
	Interest Payment Dates:	May 23 and November 23, commencing on November 23, 2019
	Equity Clawback:	Up to 35% at 107.7500% prior to May 23, 2022
	Optional Redemption:	Make-whole call @ T+50 bps prior to May 23, 2023 then:

                                    

 

	 	On or after:	Price:	 
	 	May 23, 2023	103.8750%	 
	 	May 23, 2024	101.9375%	 
	 	May 23, 2025 and after	100.0000%	 

 

	Change of Control:	101% plus accrued and unpaid interest

 

    D-1

     

    

 

	Trade Date:	May 20, 2019
	Settlement:	T+3 May 23, 2019
	CUSIP:	144A: 38502J AA9

RegS: U37016 AA7
	ISIN:	144A: US38502JAA97

RegS: USU37016AA70
	Listing:	SGX-ST
	Denominations/Multiple:	$200,000 x $1,000
	Governing Law:	New York
	Global Coordinators and Joint Bookrunners:	BofA Securities, Inc.

Credit Suisse Securities (USA) LLC
	Joint Bookrunners:	HSBC Securities (USA) Inc.

Natixis Securities Americas LLC

RBC Capital Markets, LLC

Scotia Capital (USA) Inc.

SG Americas Securities, LLC
	Co-Managers:	BBVA Securities Inc.

Canaccord Genuity LLC

CIBC World Markets Corp.

This pricing term sheet (the “Pricing Term Sheet”)
is qualified in its entirety by reference to the Preliminary Offering Memorandum, dated May 9, 2019, of the Issuer (the “Preliminary
Offering Memorandum”). The information in this Pricing Term Sheet supplements the Preliminary Offering Memorandum and updates
and supersedes the information in the Preliminary Offering Memorandum to the extent it is inconsistent with the information in
the Preliminary Offering Memorandum. In all other respects, the Pricing Term Sheet is qualified in its entirety by reference to
the Preliminary Offering Memorandum, including all other documents incorporated by reference therein, as applicable. Terms used
and not defined herein have the meanings assigned to them in the Preliminary Offering Memorandum.

 

We expect that delivery of the Notes will be made against
payment thereof on or about May 23, 2019, which will be the third business day following the pricing of the Notes (such settlement
cycle being herein referred to as “T+3”). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market
generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly,
purchasers who wish to trade the Notes on the day of pricing will be required, by virtue of the fact that the Notes initially will
settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers
of the Notes who wish to trade the Notes prior to closing should consult their own advisor.

 

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The Notes have not been registered under the Securities Act
of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The Notes may not be
offered or sold in the United States or to U.S. persons, as defined in Regulation S, except in transactions exempt from, or not
subject to, the registration requirements of the Securities Act. Accordingly, the Notes are being offered only to (1) qualified
institutional buyers, as defined in Rule 144A under the Securities Act, and (2) outside the United States to non-U.S. persons,
as defined in Regulation S under the Securities Act, in compliance therewith.

 

Similarly, the Notes have not been qualified for distribution
to the public under applicable Canadian securities laws. The Notes are being offered in each of the provinces of Canada to institutional
accredited investors on a private placement basis in accordance with NI 45-106 – Prospectus Exemptions (“NI
45-106”) without the filing of a prospectus. Purchasers of the Notes in Canada must qualify to invest in accordance with
the requirements of the securities laws of the jurisdiction in which they reside.

 

This material is confidential and is for your information
only, and is not intended to be used by anyone other than you. This information does not purport to be a complete description of
these Notes or the offering. Please refer to the Preliminary Offering Memorandum for a complete description. 

 

This communication is being distributed in the United States
solely to qualified institutional buyers, as defined in Rule 144A under the Securities Act and outside the United States solely
to non-U.S. persons, as defined in Regulation S. This communication is also being distributed solely to institutional accredited
investors as defined in NI 45-106 under Canadian securities laws.

 

This communication does not constitute an offer to sell
or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an
offer or solicitation in such jurisdiction.

 

Any disclaimer or other notice that may appear below is not
applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of
this communication being sent by Bloomberg or another email system.

 

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