Document:

Exhibit 4.5

 

EXECUTION COPY

 

 

 

 

 

SERVICER PERFORMANCE GUARANTY

 

Dated as of December 2, 2015

 

by

 

GENERAL ELECTRIC CAPITAL LLC,

 

as Servicer Performance Guarantor

 

 

 

     

     

    

 

 

Table
of Contents

 

Page

 

	ARTICLE I	DEFINITIONS AND INTERPRETATION	1
	Section 1.1	Definitions	1
	Section 1.2	Other Interpretive Matters	2
	ARTICLE II	SERVICER PERFORMANCE GUARANTY	3
	Section 2.1	Servicer Performance Guaranty	3
	ARTICLE III	MISCELLANEOUS	6
	Section 3.1	Representations and Warranties of the Servicer Performance Guarantor	6
	Section 3.2	Notices	6
	Section 3.3	Binding Effect; Assignability	7
	Section 3.4	Termination	8
	Section 3.5	Costs and Expenses	8
	Section 3.6	No Waiver; Remedies	8
	Section 3.7	No Set Off	9
	Section 3.8	Currency of Payment	9
	Section 3.9	Amendments and Waivers	9
	Section 3.10	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	9
	Section 3.11	Counterparts	10
	Section 3.12	Severability	10
	Section 3.13	Section Titles	11
	Section 3.14	LIMITATION OF DAMAGES	11

 

	 	-i-	
        Servicer Performance Guaranty

        GE Dealer Floorplan Master Note Trust

        (General Electric Capital LLC)

 

     

     

    

 

 

SERVICER PERFORMANCE
GUARANTY, entered into as of 1:00 a.m. (New York time) on December 2, 2015 (this “Performance Guaranty”)
by GENERAL ELECTRIC CAPITAL LLC, a Delaware limited liability company (formerly known as General Electric Capital Corporation,
“GE Capital LLC”), in its capacity as servicer performance guarantor hereunder (in such capacity, together
with its successors and assigns, the “Servicer Performance Guarantor”).

 

ARTICLE
I

DEFINITIONS AND INTERPRETATION

 

Section 1.1Definitions.
Each capitalized term used herein or in any certificate or other document made or delivered pursuant hereto, and not defined herein
or therein, shall have the meaning specified in the Servicing Agreement (as defined below). In addition, the following definitions
apply in this Performance Guaranty:

 

“Affiliate”
means, with respect to any Person, each Person that controls, is controlled by, or is under common control with such Person. For
purposes of this definition, “control” of a Person means the possession, directly or indirectly, of the power to direct
or cause the direction of its management or policies, whether through the ownership of voting securities, by contract or otherwise.

 

“Bankruptcy
Code” means the provisions of Title II of the United States Code, 11 U.S.C. §§ 101, et seq.

 

“Beneficiary”
means GE Dealer Floorplan Master Note Trust, a Delaware statutory trust.

 

“Business
Day” means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in
the State of New York, the State of Illinois, the state of Servicer’s or the Servicer Performance Guarantor’s principal
place of business or any other state to the extent notice thereof is given to Beneficiary.

 

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof, and any agency, department
or other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

 

“Guaranteed
Servicer Obligations” is defined in Section 2.1.

 

“Law”
means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree
or award of a Governmental Authority.

 

“Litigation”
means, with respect to any Person, any action, claim, lawsuit, demand, investigation or proceeding pending or threatened against
such Person before any court, board, commission, agency or instrumentality of any federal, state, local or foreign government or
of any agency or subdivision thereof or before any arbitrator or panel of arbitrators.

 

	 	 	
        Servicer Performance Guaranty

        GE Dealer Floorplan Master Note Trust

        (General Electric Capital LLC)

 

     

     

    

 

 

“Material
Adverse Effect” means a material adverse effect on (a) the ability of Servicer Performance Guarantor to perform any of
its obligations hereunder in accordance with the terms hereof or (b) the validity or enforceability of this Performance Guaranty.

 

“Outstanding”
is defined in the Indenture.

 

“Performance
Guaranty” is defined in the preamble.

 

“Person”
means any individual, sole proprietorship, partnership, joint venture, unincorporated organization, trust (including a business
trust), association, corporation (including a business or statutory trust), limited liability company, institution, public benefit
corporation, joint stock company, Governmental Authority or any other entity of whatever nature.

 

“Rating Agency
Condition” is defined in the Indenture.

 

“Servicer”
means GE Capital US Holdings, Inc., in its capacity as the Master Servicer under the Servicing Agreement. References herein to
the Servicer shall not include any successor or assign of Servicer that is not an Affiliate of General Electric Company.

 

“Servicer
Performance Guarantor” is defined in the preamble.

 

“Servicing
Agreement” means that certain Second Amended and Restated Servicing Agreement, dated as of July 11, 2014, between
GE Capital US Holdings, Inc., as Master Servicer and GE Dealer Floorplan Master Note Trust.

 

Section 1.2Other
Interpretive Matters. All terms defined in this Performance Guaranty shall have the defined meanings when used in any certificate
or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Performance Guaranty and all
such certificates and other documents delivered hereto, unless the context otherwise requires: (a) accounting terms not otherwise
defined in this Performance Guaranty, and accounting terms partly defined in this Performance Guaranty to the extent not defined,
shall have the respective meanings given to them under generally accepted accounting principles; (b) references to any month, quarter
or year refer to a calendar month, quarter or year; (c) terms defined in Article 9 of the UCC and not otherwise defined in this
Performance Guaranty are used as defined in that Article; (d) references to any amount as on deposit or outstanding on any
particular date means such amount at the close of business on such day; (e) the words “hereof,” “herein”
and “hereunder” and words of similar import refer to this Performance Guaranty (or the certificate or other document
in which they are used) as a whole and not to any particular provision of this Performance Guaranty (or such certificate or document);
(f) references to any Section, Schedule or Exhibit are references to Sections, Schedules and Exhibits in or to this Performance
Guaranty (or the certificate or other document in which the reference is made), and references to any paragraph, subsection, clause
or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such
Section or definition; (g) the term “including” means “including without limitation”; (h) references
to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation;
(i) references to any agreement refer to that agreement as from time to time amended or supplemented or as the terms of such
agreement are waived or modified in accordance with its terms; and (j) references to any Person include that Person’s successors
and permitted assigns.

 

    
	 	2	 Servicer Performance Guaranty
 GE Dealer Floorplan Master Note Trust
(General Electric Capital LLC)

     

    

 

 

ARTICLE
II

SERVICER PERFORMANCE GUARANTY

 

Section 2.1Servicer
Performance Guaranty. (a) Unconditional Undertaking; Enforcement. The Servicer Performance Guarantor hereby unconditionally
and irrevocably undertakes and agrees for the benefit of Beneficiary to cause the due performance and observance by the Servicer
(for so long as Servicer is an Affiliate of General Electric Company) of all of the terms, covenants, conditions, agreements and
undertakings on the part of the Servicer, to be performed or observed under the Servicing Agreement or any document delivered in
connection with the Servicing Agreement in accordance with the terms hereof and thereof including any agreement of the Servicer
to pay any money under the Servicing Agreement or any such other document (all such terms, covenants, conditions, agreements and
undertakings on the part of the Servicer to be performed or observed by the Servicer (for so long as Servicer is an Affiliate of
General Electric Company) being collectively called the “Guaranteed Servicer Obligations”); provided,
however, that the Servicer Performance Guarantor shall not be required to make or otherwise cause such performance until
two (2) Business Days following receipt by the Servicer Performance Guarantor of written notice from Beneficiary or the Indenture
Trustee that performance due under the Servicing Agreement has not been completed by the Servicer. In the event that the Servicer
shall fail in any manner whatsoever to perform or observe any of the Guaranteed Servicer Obligations when the same shall be required
to be performed or observed under the Servicing Agreement or any such other document (after giving effect to any applicable grace
or cure periods or notice requirements), then the Servicer Performance Guarantor shall, after the notice described above, itself
duly perform or observe, or cause to be duly performed or observed, such Guaranteed Servicer Obligation, and it shall not be a
condition to the accrual of the obligation of the Servicer Performance Guarantor hereunder to perform or observe any Guaranteed
Servicer Obligation (or to cause the same to be performed or observed) that Beneficiary shall have first made any request of or
demand upon or given any notice to the Servicer or its successors or assigns, or have instituted any action or proceeding against
the Servicer or its successors or assigns in respect thereof. Notwithstanding anything to the contrary contained in this Performance
Guaranty, the obligations of the Servicer Performance Guarantor hereunder in respect of the Servicer are expressly limited
to the Guaranteed Servicer Obligations. The obligations of the Servicer Performance Guarantor hereunder shall rank pari passu
with the senior unsecured debt of the Servicer Performance Guarantor.

 

(b)Enforcement.
Beneficiary may proceed to enforce the obligations of the Servicer Performance Guarantor under this Performance Guaranty
without first pursuing or exhausting any right or remedy which Beneficiary may have against the Servicer any other Person or any
collateral.

 

(c)Obligations
Absolute. To the extent permitted by law, the Servicer Performance Guarantor will perform its obligations under this Performance
Guaranty regardless of any Law now or hereafter in effect in any jurisdiction affecting any of the terms of this Performance
Guaranty or any document delivered in connection with this Performance Guaranty or the rights of Beneficiary with respect thereto.
The obligations of the Servicer Performance Guarantor under this Performance Guaranty shall be absolute and unconditional
irrespective of:

 

    
	 	3	 Servicer Performance Guaranty
 GE Dealer Floorplan Master Note Trust
(General Electric Capital LLC)

     

    

 

 

(i)any
lack of validity or enforceability or the discharge or disaffirmance (by any Person, including a trustee in bankruptcy) of the
Guaranteed Servicer Obligations, the Servicing Agreement, any collateral or other assets or any document or any other agreement
or instrument relating to any of the foregoing;

 

(ii)any
exchange, release or non-perfection of any collateral or any release or amendment or waiver of or consent to departure from any
other guaranty, for all or any of the Guaranteed Servicer Obligations;

 

(iii)the
existence of any claim, setoff or other rights that the Servicer Performance Guarantor may have at any time against the Servicer
or Beneficiary in connection herewith or any unrelated transaction;

 

(iv)any
failure to obtain any authorization or approval from or other action by, or to notify or file with, any Governmental Authority
or regulatory body required in connection with the performance of such obligations by the Servicer; or

 

(v)any
impossibility or impracticality of performance, illegality, force majeure, any act of any Governmental Authority or any other circumstance
which might constitute a legal or equitable defense available to, or a discharge of, the Servicer or the Servicer Performance Guarantor,
or any other circumstance, event or happening whatsoever, whether foreseen or unforeseen and whether similar or dissimilar to anything
referred to above in this Performance Guaranty.

 

The Servicer Performance Guarantor further
agrees that its obligations under this Performance Guaranty shall not be limited by any valuation or estimation made in
connection with any proceedings involving the Servicer or the Servicer Performance Guarantor filed under the Bankruptcy Code, whether
pursuant to Section 502 of the Bankruptcy Code or any other Section thereof. The Servicer Performance Guarantor further agrees
that Beneficiary shall not be under any obligation to marshal any assets in favor of or against or in payment of any or all of
the Guaranteed Servicer Obligations. The Servicer Performance Guarantor further agrees that, to the extent that a payment or payments
are made by or on behalf of the Servicer, which payment or payments or any part thereof are subsequently invalidated, declared
to be fraudulent or preferential, set aside or required to be repaid to the Servicer or the estate, trustee, receiver or any other
party relating to the Servicer, including the Servicer Performance Guarantor, under any bankruptcy law, state or federal law, common
law or equitable cause then to the extent of such payment or repayment, the Guaranteed Servicer Obligations or part thereof which
had been paid, reduced or satisfied by such amount shall be reinstated and continued in full force and effect as of the date such
initial payments, reduction or satisfaction occurred. The obligations of the Servicer Performance Guarantor under this Performance
Guaranty shall not be discharged except by performance as provided herein.

 

    
	 	4	 Servicer Performance Guaranty
 GE Dealer Floorplan Master Note Trust
(General Electric Capital LLC)

     

    

 

 

(d)Irrevocability.
The Servicer Performance Guarantor agrees that its obligations under this Performance Guaranty shall be irrevocable. In
the event that under applicable law (notwithstanding the Servicer Performance Guarantor’s agreement regarding the irrevocable
nature of its obligations hereunder) the Servicer Performance Guarantor shall have the right to revoke this Performance Guaranty,
this Performance Guaranty shall continue in full force and effect until a written revocation hereof specifically referring hereto,
signed by the Servicer Performance Guarantor, is actually received by Beneficiary at the address set forth in Section 3.2.
Any such revocation shall not affect the right of Beneficiary to enforce their respective rights under this Performance Guaranty
with respect to (i) any Guaranteed Servicer Obligation (including any Guaranteed Servicer Obligation that is contingent or unmatured)
which arose on or prior to the date the aforementioned revocation was received by Beneficiary or (ii) any property or other
assets which were purchased or otherwise acquired by Beneficiary on or prior to the date the aforementioned revocation was received
by Beneficiary. For purposes of the preceding sentence, all Guaranteed Servicer Obligations that relate to, or arise in connection
with, any property or other assets that existed on or prior to the date the aforementioned revocation is received by Beneficiary,
shall be covered by this Performance Guaranty notwithstanding such revocation.

  

(e)Waiver.
The Servicer Performance Guarantor hereby waives (i) promptness, diligence, notice of acceptance and any other notice with respect
to any of the Guaranteed Servicer Obligations and this Performance Guaranty, the Servicing Agreement and any other document related
thereto other than set forth in Section 2.1, (ii) any requirement that Beneficiary exhaust any right or take any action
against the Servicer, any other Person or any collateral and (iii) with respect to any of the Guaranteed Servicer Obligations,
any right of setoff or counterclaim that it may have at any time against the Servicer or Beneficiary in connection herewith or
any unrelated transaction.

 

(f)Subrogation.
The Servicer Performance Guarantor shall not exercise or assert any rights which it may acquire by way of subrogation under this
Performance Guaranty unless and until all of the Guaranteed Servicer Obligations shall have been paid and performed in full. If
any payment shall be made to the Servicer Performance Guarantor on account of any subrogation rights at any time when all of the
Guaranteed Servicer Obligations then due to be paid or performed shall not have been paid and performed in full each and every
amount so paid shall be held in trust for the benefit of Beneficiary and forthwith be paid to Beneficiary in accordance with the
Servicing Agreement, to be credited and applied to the Guaranteed Servicer Obligations to the extent then unsatisfied, in accordance
with the terms of the Servicing Agreement or any document delivered in connection with the Servicing Agreement, as the case may
be. In the event (i) the Servicer Performance Guarantor shall have satisfied any of the Guaranteed Servicer Obligations and (ii)
all of the Guaranteed Servicer Obligations then due to be paid or performed shall have been paid and performed in full, Beneficiary
shall at the Servicer Performance Guarantor’s request and expense, execute and deliver to the Servicer Performance Guarantor
appropriate documents, without recourse and without representation or warranty of any kind, necessary to evidence or confirm the
transfer by way of subrogation to the Servicer Performance Guarantor of the rights of Beneficiary with respect to the Guaranteed
Servicer Obligations to which the Servicer Performance Guarantor shall have become entitled by way of subrogation and thereafter
Beneficiary shall have no responsibility to the Servicer Performance Guarantor or any other Person with respect thereof.

 

    
	 	5	 Servicer Performance Guaranty
 GE Dealer Floorplan Master Note Trust
(General Electric Capital LLC)

     

    

 

ARTICLE
III

MISCELLANEOUS

 

Section 3.1Representations
and Warranties of the Servicer Performance Guarantor. The Servicer Performance Guarantor represents and warrants to Beneficiary
as of the date hereof:

 

(a)It is duly organized,
validly existing and in good standing under the laws of its jurisdiction of formation and is duly qualified to do business, and
is in good standing, in each jurisdiction in which its performance hereunder requires it to be so qualified, except where the failure
to comply would not reasonably be expected to have a Material Adverse Effect.

 

(b)It has the power
and authority to execute and deliver this Performance Guaranty and to perform its obligations contemplated hereby.

  

(c)This Performance
Guaranty has been duly authorized, executed and delivered by the Servicer Performance Guarantor and constitutes its legal, valid
and binding obligation enforceable against it in accordance with its terms, subject to any applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws now or hereafter in effect relating to or affecting the enforceability of creditors’ rights
generally and general equitable principles, whether applied in a proceeding at law or in equity.

 

(d)No consent of,
notice to, filing with or permits, qualifications or other action by any Governmental Authority or any other party is required
for the due execution, delivery and performance of this Performance Guaranty by the Servicer Performance Guarantor, other than
consents, notices, filings and other actions which have been obtained or made or where the failure to obtain such consent or take
such action, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

 

(e)There is no
pending or, to its actual knowledge, threatened Litigation of a material nature against or affecting it in any court or tribunal,
before any arbitrator of any kind or before or by any Governmental Authority (i) asserting the invalidity of this Performance Guaranty
or (ii) seeking any determination or ruling that might materially and adversely affect the validity or enforceability of this Performance
Guaranty.

 

(f)It has
adequate means to obtain from the Servicer on a continuing basis, information concerning the financial condition of the Servicer
and that it is not relying on Beneficiary to provide such information, now or in the future.

 

Section 3.2Notices.
Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval, declaration
or other communication shall or may be given to or served upon any Person, or whenever any Person desires to give or serve upon
any other Person any communication with respect to this Performance Guaranty, each such notice, demand, request, consent, approval,
declaration or other communication shall be in writing and shall not be effective until actually received by the applicable Person
required to receive such notice or other communication. Notwithstanding the foregoing, whenever it is provided herein that a notice
is to be given to any Person by a specific time, such notice shall only be effective if actually received by such Person prior
to such time, and if such notice is received after such time or on a day other than a Business Day, such notice shall only be effective
on the immediately succeeding Business Day.

 

    
	 	6	 Servicer Performance Guaranty
 GE Dealer Floorplan Master Note Trust
(General Electric Capital LLC)

     

    

 

If to the Servicer Performance
Guarantor:

 

General Electric Capital LLC,

as Servicer Performance Guarantor

901 Main Avenue

Norwalk, Connecticut 06851

Attention: Legal Department

michael.paolillo@ge.com

  

If to Beneficiary:

 

GE Dealer Floorplan Master Note Trust

c/o BNY Mellon Trust of Delaware

Bellevue Park Corporate Center

301 Bellevue Parkway, 3rd Floor

Wilmington, Delaware 19809

 

with a copy to:

 

GE Capital US Holdings, Inc.

901 Main Avenue

Norwalk, Connecticut 06851

Attention: Michael Paolillo

michael.paolillo@ge.com

 

Section 3.3Binding
Effect; Assignability.

 

(a)This Performance
Guaranty shall be binding upon and inure to the benefit of the Servicer Performance Guarantor and Beneficiary and their respective
successors and permitted assigns. No assignment or delegation of this Performance Guaranty or of any rights or obligations hereunder
may be made by the Servicer Performance Guarantor or Beneficiary without the prior written consent of the other (and any attempted
assignment hereof without such required consents shall be void); provided, however, (i) the Servicer Performance
Guarantor may assign this Performance Guaranty and all of its rights and obligations hereunder to any person or entity that at
the time of such assignment is a Permitted Guarantor Assignee and that expressly assumes all of the obligations of the Servicer
Performance Guarantor hereunder without the consent of the Beneficiary or any assignee thereof and (ii) Beneficiary may grant,
and the Servicer Performance Guarantor acknowledges that Beneficiary has granted, a security interest in this Performance Guaranty
and its rights herein to the Indenture Trustee under the Indenture. Upon any such permitted assignment by the Servicer Performance
Guarantor, (A) the references in this Performance Guaranty to the Servicer Performance Guarantor shall apply to such assignee unless
the context otherwise requires and (B) the assignor shall automatically and unconditionally be released and discharged from any
liability or obligation under this Performance Guaranty without the requirement of any further action by any person or entity.
In the event of a foreclosure by the Indenture Trustee of its security interest in this Performance Guaranty when permitted by
the Indenture (and for the avoidance of doubt, at no time prior thereto), the Indenture Trustee shall have the right at such time
to enforce this Performance Guaranty, and the full performance of the Servicer Performance Guarantor, as and when required hereunder.

 

    
	 	7	 Servicer Performance Guaranty
 GE Dealer Floorplan Master Note Trust
(General Electric Capital LLC)

     

    

 

 

(b)A “Permitted
Guarantor Assignee” shall mean a person or entity that, at the time of or immediately after the assignment of this Performance
Guaranty to such person or entity pursuant to Section 3.3(a) above, has a long-term debt rating of at least “Baa3”
by Moody’s and “BBB-” by S&P.

  

Section 3.4Termination.
This Performance Guaranty shall terminate on the earliest of (a) the date that the Servicing Agreement terminates in accordance
with Section 8.3 thereof or otherwise in accordance therewith or as agreed by the parties thereto, (b) the satisfaction and discharge
of the Indenture, (c) the date on which an Affiliate of General Electric Company shall cease to be the Servicer under the Servicing
Agreement or (c) upon notice from the Servicer Performance Guarantor or the Servicer to Beneficiary that the Servicer itself at
such time has a long-term debt rating of at least “Baa3” by Moody’s and “BBB-” by S&P.

 

Section 3.5Costs
and Expenses. The Servicer Performance Guarantor shall reimburse Beneficiary for all reasonable and necessary out-of-pocket
attorneys’ fees incurred in connection with the negotiation and preparation of this Performance Guaranty. The Servicer Performance
Guarantor is also liable for all of its own out-of-pocket expenses incurred in connection with the negotiation, preparation and
the carrying out of its obligations under this Performance Guaranty. The Servicer Performance Guarantor shall reimburse Beneficiary
for all reasonable and necessary out-of-pocket fees, costs and expenses incurred by it in connection with any attempt to enforce
any of its rights or remedies under this Performance Guaranty against the Servicer Performance Guarantor.

 

Section 3.6No
Waiver; Remedies. The failure by Beneficiary, at any time or times, to require strict performance by the Servicer Performance
Guarantor of any provision of this Performance Guaranty shall not waive, affect or diminish any right of Beneficiary thereafter
to demand strict compliance and performance herewith or therewith. Any suspension or waiver of any breach or default hereunder
shall not suspend, waive or affect any other breach or default whether the same is prior or subsequent thereto and whether the
same or of a different type. None of the undertakings, agreements, warranties, covenants and representations of the Servicer Performance
Guarantor contained in this Performance Guaranty, and no breach or default by the Servicer Performance Guarantor hereunder, shall
be deemed to have been suspended or waived by Beneficiary unless such waiver or suspension is by an instrument in writing signed
by an officer, or other duly authorized signatory, of Beneficiary and directed to the Servicer Performance Guarantor, as applicable,
specifying such suspension or waiver. The rights and remedies of Beneficiary under this Performance Guaranty shall be cumulative
and nonexclusive of any other rights and remedies that Beneficiary may have under any other agreement or by operation of law or
otherwise.

 

    
	 	8	 Servicer Performance Guaranty
 GE Dealer Floorplan Master Note Trust
(General Electric Capital LLC)

     

    

  

Section 3.7No
Set Off. By acceptance of this Performance Guaranty, Beneficiary shall be deemed to have waived any right to set-off, combine,
consolidate or otherwise appropriate and apply (i) any assets of the Servicer Performance Guarantor at any time held by Beneficiary
or (ii) any indebtedness or other liabilities at any time owing by Beneficiary to the Servicer Performance Guarantor, as the case
may be, against, or on account of, any obligations or liabilities owed by the Servicer Performance Guarantor to Beneficiary under
this Performance Guaranty.

 

Section 3.8Currency
of Payment. Any payment to be made by the Servicer Performance Guarantor shall be made in the same currency as designated for
payment by the Servicer in the Servicing Agreement and such designation of the currency of payment is of the essence.

 

Section 3.9Amendments
and Waivers. This Performance Guaranty may be amended, modified or terminated by an agreement in writing executed by an authorized
representative of the Servicer and the Servicer Performance Guarantor without the consent of the Beneficiary, the Indenture Trustee
or any Noteholder; provided that no amendment, modification or termination shall in any event be effective unless (i) Servicer
has delivered an Officer’s Certificate to the Beneficiary certifying that the amendment will not result in an Adverse Effect
(as defined in the Indenture) or (ii) the Rating Agency Condition (as defined in the Indenture) is satisfied with respect to such
amendment, modification or termination or (iii) the Beneficiary obtains the consent of Noteholders representing more than sixty-six
and two-thirds percent (662⁄3%) of the Outstanding Principal Balance (as defined in the Indenture) of each Series affected
by the amendment for which the Servicer has not delivered an Officer’s Certificate required under clause (i). Notwithstanding
the foregoing, the Servicer will not enter into any amendment, modification or termination of this Performance Guaranty if such
amendment, modification or termination would reasonably be expected to adversely affect the ratings of any Series or Class then
maintained by any Rating Agency, without the consent of the Noteholders representing more than sixty-six and two-thirds percent
(662⁄3%) of the Outstanding Principal Balance (as defined in the Indenture) of each affected Series or Class.

 

Section 3.10GOVERNING
LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.

 

(a)THIS PERFORMANCE
GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE,
BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401
AND 5-1402 OF THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAW PROVISIONS THEREOF) AND ANY APPLICABLE
LAWS OF THE UNITED STATES OF AMERICA.

 

    
	 	9	 Servicer Performance Guaranty
 GE Dealer Floorplan Master Note Trust
(General Electric Capital LLC)

     

    

 

 

(b)EACH OF THE
SERVICER PERFORMANCE GUARANTOR AND BENEFICIARY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN
IN NEW YORK CITY SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS
PERFORMANCE GUARANTY OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS PERFORMANCE GUARANTY; PROVIDED, THAT EACH OF THE
SERVICER PERFORMANCE GUARANTOR AND BENEFICIARY ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT
LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY. EACH OF THE SERVICER PERFORMANCE GUARANTOR AND BENEFICIARY SUBMITS
AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH OF THE SERVICER PERFORMANCE
GUARANTOR AND BENEFICIARY HEREBY WAIVES ANY OBJECTION THAT SUCH PERSON MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER
VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS
DEEMED APPROPRIATE BY SUCH COURT. 

  

(c)BECAUSE DISPUTES
ARISING IN CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON
AND THE SERVICER PERFORMANCE GUARANTOR AND EACH BENEFICIARY WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION
RULES), THE SERVICER PERFORMANCE GUARANTOR AND BENEFICIARY DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE
LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE SERVICER PERFORMANCE
GUARANTOR AND BENEFICIARY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER
SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED
AMONG THEM IN CONNECTION WITH THIS PERFORMANCE GUARANTY AND TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 3.11Counterparts.
This Performance Guaranty may be executed in any number of separate counterparts, each of which shall collectively and separately
constitute one agreement.

 

Section 3.12Severability.
Wherever possible, each provision of this Performance Guaranty shall be interpreted in such a manner as to be effective and valid
under applicable law, but if any provision of this Performance Guaranty shall be prohibited by or invalid under applicable law,
such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of
such provision or the remaining provisions of this Performance Guaranty.

 

    
	 	10	 Servicer Performance Guaranty
 GE Dealer Floorplan Master Note Trust
(General Electric Capital LLC)

     

    

 

 

Section 3.13Section
Titles. The section titles and table of contents contained in this Performance Guaranty are and shall be without substantive
meaning or content of any kind whatsoever and are not a part of the Performance Guaranty.

 

Section 3.14LIMITATION
OF DAMAGES. THE SERVICER PERFORMANCE GUARANTOR SHALL NOT BE RESPONSIBLE OR LIABLE TO ANY BENEFICIARY, ANY SUCCESSOR, ASSIGNEE
OR THIRD PARTY BENEFICIARY OF SUCH PERSON OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY THROUGH ANY SUCH PERSON, FOR INDIRECT,
PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES THAT ARISE OR MAY BE ALLEGED AS A RESULT OF ANY TRANSACTION CONTEMPLATED HEREUNDER,
UNDER THE SERVICING AGREEMENT OR ANY OTHER RELATED AGREEMENT OR ARRANGEMENT.

 

 

 

[Remainder of page intentionally left blank.]

 

    
	 	11	 Servicer Performance Guaranty
 GE Dealer Floorplan Master Note Trust
(General Electric Capital LLC)

     

    

 

IN WITNESS WHEREOF,
the party has caused this Servicer Performance Guaranty to be executed by its officer duly authorized, as of the date first above
written.

 

	 	GENERAL ELECTRIC CAPITAL LLC,
	 	as Servicer Performance Guarantor
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Thomas A. Davidson
	 	 	Name:	Thomas A. Davidson
	 	 	Title:	Authorized Signatory

 

ACKNOWLEDGED AND AGREED:

 

GE DEALER FLOORPLAN MASTER NOTE TRUST,

as Beneficiary

 

By:GE Capital US Holdings, Inc.,

as Administrator

 

By: /s/ Thomas A. Davidson

Name:Thomas A. Davidson

Title:Authorized Signatory

 

    
	 	S-1	 Servicer Performance Guaranty
 GE Dealer Floorplan Master Note Trust
(General Electric Capital LLC)EX-4.2

 Exhibit 4.2 

SECOND SUPPLEMENTAL INDENTURE 
 by
and among 
 PIONEER NATURAL RESOURCES COMPANY, 

PIONEER NATURAL RESOURCES USA, INC., 

and 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION 
 as Trustee 

Dated as of December 7, 2015 

Supplement to Indenture for Debt Securities 

Dated as of June 26, 2012 

3.45% Senior Notes due 2021 
 4.45%
Senior Notes due 2026 

 Table of Contents 

 

							
	 	 	 	  	Page	 
			
	Section 1.	 	 Notes
	  	 	2	  
	Section 2.	 	 Optional Redemption of Notes
	  	 	3	  
	Section 3.	 	 Offer to Repurchase Upon a Change of Control Repurchase Event
	  	 	5	  
	Section 4.	 	 Obligation to Guarantee
	  	 	8	  
	Section 5.	 	 Additional Covenants of the Company
	  	 	9	  
	Section 6.	 	 Amendments to Sections 1.01, 2.07 and 2.15
	  	 	10	  
	Section 7.	 	 Ratification
	  	 	19	  
	Section 8.	 	 No Security Interest Created
	  	 	19	  
	Section 9.	 	 Table of Contents, Headings, Etc
	  	 	19	  
	Section 10.	 	 Severability
	  	 	19	  
	Section 11.	 	 Counterparts
	  	 	19	  
	Section 12.	 	 Governing Law
	  	 	20	  
	Section 13.	 	 Trustee Not Responsible for Recitals or Issuance of Notes
	  	 	20	  

 SECOND SUPPLEMENTAL INDENTURE 

THIS SECOND SUPPLEMENTAL INDENTURE dated as of December 7, 2015 (this “Supplemental Indenture”), among Pioneer Natural
Resources Company, a Delaware corporation (the “Company”), Pioneer Natural Resources USA, Inc., a Delaware corporation, for purposes of agreeing to make certain guarantees pursuant to Section 4 hereof (the “Guarantor”), and
Wells Fargo Bank, National Association, a national banking association organized under the laws of the United States of America, as trustee (the “Trustee”). Capitalized terms used herein and not otherwise defined have the meanings set
forth in the Indenture referred to below. 
 RECITALS 

A. The Company and the Trustee, entered into that certain Indenture, dated as of June 26, 2012 (the “Indenture”), pursuant to
which the Company may from time to time issue its debentures, notes, bonds or other evidences of indebtedness in one or more series (collectively, the “Debt Securities”). 

B. Section 9.01 of the Indenture provides that the Company, when authorized by a resolution of the Board of Directors of the Company, and
the Trustee may, without the consent of the holders of the Debt Securities, enter into a supplemental indenture to establish the form or terms of Debt Securities of any series as permitted by Sections 2.01 and 2.03 of the Indenture. 

C. The Company desires to issue, and upon certain events specified in this Supplemental Indenture, the Guarantor desires to agree to be
obligated to guarantee, $500,000,000 aggregate principal amount of 3.45% Senior Notes due 2021 (the “2021 Notes”) and $500,000,000 aggregate principal amount of 4.45% Senior Notes due 2026 (the “2026 Notes” and, together with the
2021 Notes, the “Notes”), and in connection therewith, the Company and the Guarantor have duly determined to make, execute and deliver this Supplemental Indenture to set forth the terms and provisions of each of the two series of Notes as
required by the Indenture. 
 D. The Company has determined that this Supplemental Indenture is authorized or permitted by Section 9.01
of the Indenture and has delivered to the Trustee an Opinion of Counsel and Officers’ Certificate to the effect that all conditions precedent provided for in the Indenture to the execution and delivery of this Supplemental Indenture have been
complied with. 
 E. All things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or
a duly authorized authenticating agent, as provided in the Indenture, the valid and legally binding obligations of the Company have been done. 

F. All things necessary to make this Supplemental Indenture a valid and legally binding indenture and agreement according to its terms, and a
valid and legally binding amendment of, and supplement to, the Indenture have been done. 
 NOW, THEREFORE, in consideration of the mutual
agreements and covenants set forth herein, the parties hereto agree, subject to the terms and conditions hereinafter set forth, as follows for the benefit of the Trustee and the Holders of the Notes: 

  
 1 

 AGREEMENT 

Section 1. Notes. Pursuant to Section 2.03 of the Indenture, the terms and provisions of the Notes are as follows: 

(a) The title of the 2021 Notes shall be designated as the “3.45% Senior Notes due 2021”, and the title of the 2026 Notes shall be
designated as the “4.45% Senior Notes due 2026.” 
 (b) The 2021 Notes shall be initially limited to $500,000,000 aggregate
principal amount, and the 2026 Notes shall be initially limited to $500,000,000 aggregate principal amount. The Company may, without the consent of the Holders of the Notes, increase such aggregate principal amounts in the future, on the same terms
and conditions and with the same CUSIP numbers as the applicable series of Notes. The Company shall not issue any such additional Notes unless the additional Notes are fungible with the applicable series of Notes for United States federal income tax
purposes. 
 (c) Except as provided in Section 3 hereof, the 2021 Notes shall not require any principal or premium payments prior to
maturity on January 15, 2021 (the “2021 Maturity Date”), and the 2026 Notes shall not require any principal or premium payments prior to maturity on January 15, 2026 (the “2026 Maturity Date”). 

(d) The rate at which the 2021 Notes shall bear interest shall be 3.45% per annum, and the rate at which the 2026 Notes shall bear
interest shall be 4.45% per annum; interest on the Notes shall accrue from December 7, 2015, for the first interest payment and from the most recent interest payment date thereafter; the interest payment dates on which such interest shall
be payable shall be January 15 and July 15, beginning July 15, 2016 (each an “Interest Payment Date”); and the record dates for the determination of the holders of the Notes to whom such interest is payable shall be the
immediately preceding January 1 (for January 15 payment dates) and July 1 (for July 15 payment dates) (each an “Interest Record Date”). 

(e) Payments of principal of and interest on the Notes represented by one or more Global Securities (“Global Senior Notes”)
initially registered in the name of The Depository Trust Company (the “Depositary”) or its nominee with respect to the Notes shall be made by the Company through the Trustee in immediately available funds to the Depositary or its nominee,
as the case may be. 
 (f) The Notes shall be redeemable at any time, at the option of the Company, in whole or from time to time in part,
at the price, and otherwise in accordance with the terms and provisions, set forth in Section 2 of this Supplemental Indenture and (to the extent they do not conflict with Section 2 of this Supplemental Indenture) the terms and provisions
of Sections 3.03 and 3.04 of the Indenture. 
 (g) The 2021 Notes and the 2026 Notes shall each be represented by one or more Global Senior
Notes deposited with the Depositary and registered in the name of the nominee of the Depositary. 

  
 2 

 (h) There shall be no mandatory sinking fund for the payments of either series of the Notes. 

(i) As long as the Depositary or its nominee, or a successor Depositary or its nominee, is the registered owner of the Global Senior Notes
relating to a series of the Notes, owners of the beneficial interests in such Global Senior Notes shall not be entitled to have the Notes of such series registered in their names and shall not receive or be entitled to receive physical delivery of
Notes of such series in definitive form except (i) as provided in Section 2.15(c) of the Indenture or (ii) if an Event of Default with respect to such series of Notes has occurred and is continuing. 

(j) Wells Fargo Bank, National Association shall be the trustee for each series of the Notes under the Indenture. 

(k) Article X of the Indenture shall apply to each series of the Notes. 

(l) The Notes shall not be subordinated pursuant to the provisions of Article XII of the Indenture. The Notes shall be senior obligations of
the Company ranking pari passu with other existing and future senior unsecured indebtedness of the Company. 
 (m) The Company shall
be subject to all the covenants set forth in Article IV of the Indenture with respect to each series of the Notes. 
 (n) To the extent not
set forth herein, the provisions of Section 2.03 of the Indenture are not applicable. 
 (o) Initially, the Trustee shall act as Paying
Agent and Registrar. Interest shall be payable at the office or agency of the Company maintained by the Company for such purposes in the United States, which shall initially be the office of the Paying Agent at Sixth and Marquette, Minneapolis,
Minnesota 55479. The Company shall pay interest on any Notes in certificated form by check mailed to the address of the Person entitled thereto as it appears in the Debt Security Register (or upon written application by such Person to the Trustee
and Paying Agent (if different from the Trustee) not later than the relevant Interest Record Date, by wire transfer of immediately available funds to such Person’s account within the United States, if such Person is entitled to interest on an
aggregate principal in excess of $1,000,000, which application shall remain in effect until the Holder notifies the Trustee and Paying Agent to the contrary). 

Section 2. Optional Redemption of Notes. The Notes shall be redeemable at any time, at the option of the Company, in whole or from
time to time in part, upon not less than 20 and not more than 60 days’ notice, as provided in the Indenture, on any date prior to maturity (the “Redemption Date”). If the 2021 Notes are redeemed before December 15, 2020 (the
“2021 Notes Par Call Date”) or the 2026 Notes are redeemed before October 15, 2025 (the “2026 Notes Par Call Date” and, together with the 2021 Notes Par Call Date, the “Par Call Dates” and each a “Par Call
Date”), such Notes will be redeemed at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the Redemption Date (subject to the right of Holders of record on the relevant record date to
receive interest due on any interest payment date that is on or prior to the Redemption Date) plus a Make-Whole Premium, if any (the “Redemption Price”). In the event that the Notes are so redeemed, the

  
 3 

 
Redemption Price will never be less than 100% of the principal amount of the Notes plus accrued and unpaid interest, if any, to the Redemption Date. If the 2021 Notes are redeemed on or after the
2021 Notes Par Call Date or the 2026 Notes are redeemed on or after the 2026 Notes Par Call Date, such Notes will be redeemed at a redemption price equal to 100% of the principal amount of the Notes then outstanding to be redeemed plus accrued and
unpaid interest, if any, to the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on any interest payment date that is on or prior to the Redemption Date). 

The amount of the Make-Whole Premium with respect to any of the Notes (or portion thereof) to be redeemed before the applicable Par Call Date
will be equal to the excess, if any, of: 
 (a) the sum of the present values, calculated as if the Notes matured on the applicable Par Call
Date, of: 
 (i) each interest payment that, but for such redemption, would have been payable on such Note (or portion thereof) being
redeemed on each interest payment date occurring after the Redemption Date (excluding any accrued interest for the period prior to the Redemption Date); and 

(ii) the principal amount that, but for such redemption, would have been payable at the final maturity of such Note (or portion thereof) being
redeemed; over 
 (b) the principal amount of such Note (or portion thereof) being redeemed. 

The present values of interest and principal payments referred to in clause (a) above will be determined in accordance with generally
accepted principles of financial analysis. Such present values will be calculated by discounting the amount of each payment of interest or principal from the date that each such payment would have been payable (calculated as if the Notes matured on
the applicable Par Call Date), but for the redemption, to the Redemption Date at a discount rate equal to the Treasury Yield (as defined below) plus 30 basis points in the case of the 2021 Notes and the Treasury Yield plus 35 basis points in the
case of the 2026 Notes. 
 The present values of interest and principal payments referred to above and Make-Whole Premium will be calculated
by an independent investment banking institution of national standing appointed by the Company; provided that if the Company fails to make such appointment at least 20 business days prior to the Redemption Date, or if the institution so appointed is
unwilling or unable to make such calculation, such calculation will be made by an independent investment banking institution of national standing appointed by the Trustee (in any such case, an “Independent Investment Banker”). 

For purposes of determining the Make-Whole Premium, “Treasury Yield” means a rate of interest per annum equal to the weekly average
yield to maturity of United States Treasury Notes that have a constant maturity that corresponds to the remaining term to maturity of the applicable series of Notes, determined as if the Notes matured on the applicable Par Call Date, calculated to
the nearest 1/12th of a year (the “Remaining Term”). The Make-Whole Premium and Treasury Yield will be determined as of the third business day immediately preceding the applicable Redemption Date. 

  
 4 

 The weekly average yields of United States Treasury Notes will be determined by reference to the
most recent statistical release published by the Federal Reserve Bank of New York and designated “H.15 (519) Selected Interest Rates” or any successor release (the “H.15 Statistical Release”). If the H.15 Statistical Release
sets forth a weekly average yield for United States Treasury Notes having a constant maturity that is the same as the Remaining Term, then the Treasury Yield will be equal to such weekly average yield. In all other cases, the Treasury Yield will be
calculated by interpolation, on a straight-line basis, between the weekly average yields on the United States Treasury Notes that have a constant maturity closest to and greater than the Remaining Term and the United States Treasury Notes that have
a constant maturity closest to and less than the Remaining Term (in each case as set forth in the H.15 Statistical Release). Any weekly average yields so calculated by interpolation will be rounded to the nearest 1/100th of 1%, with any figure of
1/200th of 1% or above being rounded upward. If weekly average yields for United States Treasury Notes are not available in the H.15 Statistical Release or otherwise, then the Treasury Yield will be calculated by interpolation of comparable rates
selected by the Independent Investment Banker. 
 In the case of any partial redemption, selection of the Notes for redemption will be made
by the Trustee on a pro rata basis, by lot or by such other method as the Trustee in its sole discretion shall deem to be fair and appropriate (or, in the case of the Global Senior Notes, the Notes represented thereby shall be selected in accordance
with the prescribed method of the Depositary or its nominee), although no such Note of $1,000 in original principal amount or less shall be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption relating to such Note
shall state the portion of the principal amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original Note. 

Any such redemption may, at the Company’s discretion, be conditioned upon (i) the occurrence of a Change of Control Repurchase Event
or (ii) the closing of another transaction, including a sale of securities or other financing, in each case as specified in the notice in reasonable detail. A notice of conditional redemption shall be of no effect unless all conditions to the
redemption have occurred on or before the redemption date or have been waived by the Company on or before the redemption date. The Company shall provide notice of the satisfaction of all conditions as soon as practicable following occurrence of the
conditions. The Company shall provide notice of any waiver of a condition or failure to meet such conditions no later than the redemption date. 

Section 3. Offer to Repurchase Upon a Change of Control Repurchase Event. 

(a) If a Change of Control Repurchase Event occurs with respect to the 2021 Notes (a “2021 Notes Change of Control Repurchase
Event”), unless the Company has otherwise exercised its right to redeem the 2021 Notes, the Company will make an offer to each Holder of 2021 Notes to repurchase all or any portion (equal to $1,000 or an integral multiple of $1,000) of such
Holder’s 2021 Notes at a price in cash equal to 101% of the aggregate principal amount of 2021 Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased to the date of repurchase (the “2021 Notes Change of
Control Repurchase Event Payment”). Within 30 days following any 2021 Notes Change of Control Repurchase Event, the Company will send a notice (the “2021 Notes Change of Control Repurchase Event Offer”) to each such Holder describing
the transaction or transactions that constitute the 2021 Notes Change of Control Repurchase Event and stating: 
 (i) that the 2021 Notes
Change of Control Repurchase Event Offer is being made pursuant to the 2021 Notes Change of Control Repurchase Event provisions of the 2021 Notes and that all 2021 Notes tendered will be accepted for payment; 

  
 5 

 (ii) the purchase price and the purchase date, which shall be no earlier than 20 days and no
later than 60 days from the date such notice is sent (the “2021 Notes Change of Control Repurchase Event Payment Date”); 

(iii) that any 2021 Note not tendered will continue to accrue interest; 

(iv) that, unless the Company defaults in the payment of the 2021 Notes Change of Control Repurchase Event Payment, all 2021 Notes accepted
for payment pursuant to the 2021 Notes Change of Control Repurchase Event Offer will cease to accrue interest after the 2021 Notes Change of Control Repurchase Event Payment Date; 

(v) that Holders electing to have any 2021 Notes purchased pursuant to a 2021 Notes Change of Control Repurchase Event Offer will be required
to surrender the 2021 Notes to the paying agent at the address specified in the notice prior to the close of business on the third business day preceding the 2021 Notes Change of Control Repurchase Event Payment Date; 

(vi) that Holders will be entitled to withdraw their election if the paying agent receives, not later than the close of business on the second
business day preceding the 2021 Notes Change of Control Repurchase Event Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of 2021 Notes delivered for purchase, and a
statement that such Holder is withdrawing his election to have the 2021 Notes purchased; and 
 (vii) that Holders whose 2021 Notes are
being purchased only in part will be issued new 2021 Notes equal in principal amount to the unpurchased portion of the 2021 Notes surrendered, which unpurchased portion must be equal to $1,000 in principal amount or an integral multiple thereof.

 The Company will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the 2021 Notes as a result of a 2021 Notes Change of Control Repurchase Event. To the extent that the provisions of any securities laws or
regulations conflict with the 2021 Notes Change of Control Repurchase Event provisions of the 2021 Notes, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the
2021 Notes Change of Control Repurchase Event provisions of the 2021 Notes by virtue of such conflict. 
 (b) If a Change of Control
Repurchase Event occurs with respect to the 2026 Notes (a “2026 Notes Change of Control Repurchase Event”), unless the Company has otherwise exercised its right to redeem the 2026 Notes, the Company will make an offer to each Holder of
2026 Notes to repurchase all or any portion (equal to $1,000 or an integral multiple of $1,000) of 

  
 6 

 
such Holder’s 2026 Notes at a price in cash equal to 101% of the aggregate principal amount of 2026 Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased to
the date of repurchase (the “2026 Notes Change of Control Repurchase Event Payment”). Within 30 days following any 2026 Notes Change of Control Repurchase Event, the Company will send a notice (the “2026 Notes Change of Control
Repurchase Event Offer”) to each such Holder describing the transaction or transactions that constitute the 2026 Notes Change of Control Repurchase Event and stating: 

(i) that the 2026 Notes Change of Control Repurchase Event Offer is being made pursuant to the 2026 Notes Change of Control Repurchase Event
provisions of the 2026 Notes and that all 2026 Notes tendered will be accepted for payment; 
 (ii) the purchase price and the purchase
date, which shall be no earlier than 20 days and no later than 60 days from the date such notice is sent (the “2026 Notes Change of Control Repurchase Event Payment Date”); 

(iii) that any 2026 Note not tendered will continue to accrue interest; 

(iv) that, unless the Company defaults in the payment of the 2026 Notes Change of Control Repurchase Event Payment, all 2026 Notes accepted
for payment pursuant to the 2026 Notes Change of Control Repurchase Event Offer will cease to accrue interest after the 2026 Notes Change of Control Repurchase Event Payment Date; 

(v) that Holders electing to have any 2026 Notes purchased pursuant to a 2026 Notes Change of Control Repurchase Event Offer will be required
to surrender the 2026 Notes to the paying agent at the address specified in the notice prior to the close of business on the third business day preceding the 2026 Notes Change of Control Repurchase Event Payment Date; 

(vi) that Holders will be entitled to withdraw their election if the paying agent receives, not later than the close of business on the second
business day preceding the 2026 Notes Change of Control Repurchase Event Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of 2026 Notes delivered for purchase, and a
statement that such Holder is withdrawing his election to have the 2026 Notes purchased; and 
 (vii) that Holders whose 2026 Notes are
being purchased only in part will be issued new 2026 Notes equal in principal amount to the unpurchased portion of the 2026 Notes surrendered, which unpurchased portion must be equal to $1,000 in principal amount or an integral multiple thereof.

 The Company will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the 2026 Notes as a result of a 2026 Notes Change of Control Repurchase Event. To the extent that the provisions of any securities laws or
regulations conflict with the 2026 Notes Change of Control Repurchase Event provisions of the 2026 Notes, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the
2026 Notes Change of Control Repurchase Event provisions of the 2026 Notes by virtue of such conflict. 

  
 7 

 (c) On the 2021 Change of Control Repurchase Event Payment Date or 2026 Change of Control
Repurchase Event Payment Date, as applicable, the Company will, to the extent lawful: 
 (i) accept for payment all Notes or portions of
Notes properly tendered pursuant to the Company’s offer; 
 (ii) deposit with the paying agent an amount equal to the aggregate
purchase price in respect of all Notes or portions of Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee
for cancellation the Notes properly accepted, together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 

The paying agent will promptly send to each holder of Notes properly tendered the purchase price for such Notes, and the Trustee will promptly
authenticate and mail (or cause to be transferred by book entry) to each holder a new Note equal to the principal amount of any unpurchased portion of the Notes surrendered, if any; provided, that each new Note will be issued in denominations of
$1,000 or integral multiples of $1,000. 
 (d) Except as described above with respect to a 2021 Notes Change of Control Repurchase Event or
a 2026 Notes Change of Control Repurchase Event, the Indenture does not contain any other provisions that permit the holders of the Notes to require the Company to repurchase or redeem the Notes in the event of a takeover, recapitalization or
similar transaction. 
 (e) The Company will not be required to make a 2021 Notes Change of Control Repurchase Event Offer or a 2026 Notes
Change of Control Repurchase Event Offer if a third party makes an offer in the manner applicable to an offer made by the Company, at the times and otherwise in compliance with the requirements set forth in the Indenture, and such third party
purchases all Notes properly tendered and not withdrawn under its offer. 
 (f) The provisions of this Section 3 applicable to the 2021
Notes may be waived or modified with the consent of the holders of a majority in aggregate principal amount of the 2021 Notes, and the provisions of this Section 3 applicable to the 2026 Notes may be waived or modified with the consent of the
holders of a majority in aggregate principal amount of the 2026 Notes. 
 Section 4. Obligation to Guarantee. If at any time any
of the Company’s 5.875% Senior Notes due 2016, 6.65% Senior Notes due 2017, 6.875% Senior Notes due 2018, 7.50% Senior Notes due 2020, 3.95% Senior Notes due 2022 or 7.20% Senior Notes due 2028 (collectively, the “Existing Senior
Notes”) are guaranteed by the Guarantor pursuant to the terms of the indentures under which such Existing Senior Notes were issued or any applicable supplemental indenture related to such Existing Senior Notes, then the Company, the Guarantor
and the Trustee shall as soon as reasonably practicable thereafter execute and deliver a supplemental indenture to the Indenture pursuant to which the Guarantor shall unconditionally guarantee the Notes on substantially the same terms as the
Guarantor shall have guaranteed such Existing Senior Notes. The Company, the Guarantor and the Trustee, as applicable, also shall execute and deliver such other documents, instruments or certificates as are reasonably necessary or appropriate to
effect the required guarantee of the Notes. 

  
 8 

 Section 5. Additional Covenants of the Company. 

(a) Limitation on Liens. The Company shall not, and shall not permit any of its Subsidiaries to, create or permit to exist any Lien on
any Principal Property or shares of capital stock or Indebtedness of a Subsidiary of the Company that owns or leases Principal Property, whether such Principal Property, shares of capital stock or Indebtedness are owned on the date on which the
Notes were originally issued or thereafter acquired, securing any obligation unless the Company contemporaneously secures the Notes equally and ratably with (or prior to) such obligation until such time as such obligations are no longer secured by a
Lien. The preceding sentence shall not require the Company to secure the Notes if the Lien consists of either of the following: 
 (i)
Permitted Liens; or 
 (ii) Liens securing Indebtedness if, after giving pro forma effect to the Incurrence of such Indebtedness (and the
receipt and application of the proceeds thereof) or the securing of outstanding Indebtedness, the sum of (without duplication) (x) all Indebtedness of the Company and its Subsidiaries secured by Liens on Principal Property (other than Permitted
Liens) and (y) all Attributable Indebtedness in respect of Sale and Leaseback Transactions with respect to any Principal Property, at the time of determination does not exceed 15% of Adjusted Consolidated Net Tangible Assets. 

(b) Limitation on Sale and Leaseback Transactions. The Company shall not, and shall not permit any of its Subsidiaries to, directly or
indirectly, enter into any Sale and Leaseback Transaction with respect to any Principal Property unless: (i) the Company or such Subsidiary would be entitled to create a Lien on such Principal Property securing Indebtedness in an amount equal
to the Attributable Indebtedness with respect to such Sale and Leaseback Transaction without securing the Notes pursuant to Section 5(a) of this Supplemental Indenture, (ii) the Company, within six months after the effective date of such
Sale and Leaseback Transaction, applies to the voluntary defeasance or retirement of Notes or other Indebtedness an amount equal to the Attributable Indebtedness in respect of such Sale and Leaseback Transaction, or (iii) after giving pro forma
effect to the Attributable Indebtedness with respect to such Sale and Leaseback Transaction, the sum of (without duplication) (x) all Indebtedness of the Company and its Subsidiaries secured by Liens on Principal Property (other than Permitted
Liens) and (y) all Attributable Indebtedness in respect of Sale and Leaseback Transactions with respect to any Principal Property, at the time of determination does not exceed 15% of Adjusted Consolidated Net Tangible Assets. 

(c) Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time
insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on the
Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of the Indenture; and the Company (to 

  
 9 

 
the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 6. Amendments to Sections 1.01, 2.07 and 2.15. 

(a) Section 1.01. Section 1.01 is hereby amended, solely with respect to the Notes, by: 

(i) adding a definition of “Adjusted Consolidated Net Tangible Assets” as follows: 

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

(a) the sum of (i) discounted future net revenues from proved oil and gas reserves of the Company and its Subsidiaries
calculated in accordance with SEC guidelines before any provincial, territorial, state, federal or foreign income taxes, as estimated by the Company in a reserve report prepared as of the end of the Company’s most recently completed fiscal year
for which audited financial statements are available, as increased by, as of the date of determination, the estimated discounted future net revenues from (A) estimated proved oil and gas reserves acquired since such year end, which reserves
were not reflected in such year end reserve report, and (B) estimated oil and gas reserves attributable to upward revisions of estimates of proved oil and gas reserves since such year end due to exploration, development or exploitation
activities, in each case calculated in accordance with SEC guidelines (utilizing the prices utilized in such year end reserve report), and decreased by, as of the date of determination, the estimated discounted future net revenues from
(C) estimated proved oil and gas reserves produced or disposed of since such year end, and (D) estimated oil and gas reserves attributable to downward revisions of estimates of proved oil and gas reserves since such year end due to changes
in geological conditions or other factors which would, in accordance with standard industry practice, cause such revisions, in each case calculated on a pre-tax basis and substantially in accordance with SEC guidelines (utilizing the prices utilized
in such year end reserve report), in each case as estimated by the Company’s petroleum engineers or any independent petroleum engineers engaged by the Company for that purpose; (ii) the capitalized costs that are attributable to oil and
gas properties of the Company and its Subsidiaries to which no proved oil and gas reserves are attributable, based on the Company’s books and records as of a date no earlier than the date of the Company’s latest available annual or
quarterly financial statements; (iii) the Net Working Capital on a date no earlier than the date of the Company’s latest annual or quarterly financial statements; and (iv) the greater of (A) the net book value of other tangible
assets of the Company and its Subsidiaries, as of a date no earlier than the date of the Company’s latest annual or quarterly financial statement, and (B) the appraised value, as estimated by

  
 10 

 
independent appraisers, of other tangible assets of the Company and its Subsidiaries, as of a date no earlier than the date of the Company’s latest audited financial statements; minus 

(b) the sum of (i) noncontrolling interests in consolidating subsidiaries; (ii) any net gas balancing liabilities of
the Company and its Subsidiaries reflected in the Company’s latest audited financial statements; (iii) to the extent included in (a)(i) above, the discounted future net revenues, calculated in accordance with SEC guidelines (utilizing the
prices utilized in the Company’s year end reserve report), attributable to reserves which are required to be delivered to third parties to fully satisfy the obligations of the Company and its Subsidiaries with respect to Volumetric Production
Payments (determined, if applicable, using the schedules specified with respect thereto); and (iv) the discounted future net revenues, calculated in accordance with SEC guidelines, attributable to reserves subject to Dollar-Denominated
Production Payments which, based on the estimates of production and price assumptions included in determining the discounted future net revenues specified in (a)(i) above, would be necessary to fully satisfy the payment obligations of the Company
and its Subsidiaries with respect to Dollar-Denominated Production Payments (determined, if applicable, using the schedules specified with respect thereto). 

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

(ii) adding a definition of “Attributable Indebtedness” as follows: 

“Attributable Indebtedness” in respect of a Sale and Leaseback Transaction means, as of the time of determination, (a) if the
obligation in respect of such Sale and Leaseback Transaction is a capitalized lease obligation, the amount equal to the capitalized amount of such obligation determined in accordance with GAAP and included in the financial statements of the lessee
or (b) if the obligation in respect of such Sale and Leaseback Transaction is not a capitalized lease obligation, the amount equal to the total Net Amount of Rent required to be paid by the lessee under such lease during the remaining term
thereof (including any period for which the lease has been extended), discounted from the respective due dates thereof to such determination date at the applicable rate per annum borne by the Notes compounded semi annually. 

(iii) adding a definition of “Change of Control” as follows: 

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

(a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act or any
successor provisions to either of the foregoing) of persons become the “beneficial owners” (as defined in Rule 13d-3 

  
 11 

 
under the Exchange Act, except that a person will be deemed to have “beneficial ownership” of all shares that any such person has the right to acquire, whether such right is exercisable
immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company, whether as a result of the issuance of securities of the Company, any merger, consolidation,
liquidation or dissolution of the Company or otherwise; or 
 (b) the sale, transfer, assignment, lease, conveyance or other
disposition, directly or indirectly, of all or substantially all the assets of the Company and its subsidiaries, considered as a whole (other than a disposition of such assets as an entirety or virtually as an entirety to a wholly-owned subsidiary)
shall have occurred, or the Company merges, consolidates or amalgamates with or into any other person or any other person merges, consolidates or amalgamates with or into the Company, in any such event pursuant to a transaction in which the
outstanding Voting Stock of the Company is reclassified into or exchanged for cash, securities or other property, other than any such transaction where: 

(i) the outstanding Voting Stock of the Company is reclassified into or exchanged for other Voting Stock of the Company or for
Voting Stock of the surviving corporation, and 
 (ii) the holders of the Voting Stock of the Company immediately prior to
such transaction own, directly or indirectly, not less than a majority of the Voting Stock of the Company or the surviving corporation immediately after such transaction and in substantially the same proportion as before the transaction; or 

(c) during any period, individuals who at the beginning of such period constituted the Board of Directors (together with any
new directors whose election or appointment by such Board or whose nomination for election by the stockholders of the Company was approved by a vote of not less than a majority of the directors then still in office who were either directors at the
beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of Directors then in office; or 

(d) the stockholders of the Company shall have approved any plan of liquidation or dissolution of the Company. 

(iv) adding a definition of “Change of Control Repurchase Event” as follows: 

“Change of Control Repurchase Event” means, with respect to a series of Notes, the occurrence of both a Change of Control and a
Rating Decline with respect to that series of Notes. 

  
 12 

 (v) adding a definition of “Consolidated Net Worth” as follows: 

“Consolidated Net Worth” of any Person means the stockholders’ equity of such Person and its Subsidiaries, as determined on a
consolidated basis in accordance with GAAP, less (to the extent included in stockholders’ equity) amounts attributable to Redeemable Stock of such Person or its Subsidiaries. 

(vi) deleting the definition of “Credit Agreement” and substituting therefore the definition that follows: 

“Credit Agreement” means the Second Amended and Restated 5-Year Revolving Credit Agreement dated as of March 31, 2011, among the
Company, as Borrower, Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Bank, National Association, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as Issuing Banks, Wells Fargo Bank, National Association, Bank of
America, N.A. and JPMorgan Chase Bank, N.A., as Swingline Lenders, the Lenders party hereto, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as Co-Syndication Agents, Bank of Montreal and Citibank N.A., as Co-Documentation Agents, and Wells
Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC, as Co-Arrangers and Joint Bookrunners, as supplemented, amended or modified or Refinanced from time to time. It is understood and
agreed that the Credit Agreement may be refinanced, refunded, extended, renewed or replaced (through one or more such refinancings, refundings, extensions, renewals or replacements), as a whole, or in part, from time to time after the termination of
the applicable Credit Agreement. 
 (vii) adding a definition of “Dollar-Denominated Production Payments” as follows: 

“Dollar-Denominated Production Payments” means production payment obligations recorded as liabilities in accordance with GAAP,
together with all undertakings and obligations in connection therewith. 
 (viii) adding a definition of “Government Contract
Lien” as follows: 
 “Government Contract Lien” means any Lien required by any contract, statute, regulation or order in order
to permit the Company or any of its Subsidiaries to perform any contract or subcontract made by the Company or its Subsidiaries with or at the request of the United States or any State thereof or any department, agency or instrumentality of either
or to secure partial, progress, advance or other payments by the Company or any of its Subsidiaries to the United States or any State thereof or any department, agency or instrumentality of either pursuant to the provisions of any contract, statute,
regulation or order. 
 (ix) adding a definition of “Investment Grade” as follows: 

“Investment Grade” means BBB- or higher by S&P and Baa3 or higher by Moody’s, or the equivalent of such ratings by S&P
or Moody’s, or, if either S&P and Moody’s shall not make a rating on the notes publicly available, another Rating Agency. 

  
 13 

 (x) adding a definition of “Lien” as follows: 

“Lien” means any mortgage, pledge, security interest, encumbrance, lien, charge or adverse claim affecting title or resulting in an
encumbrance against real or personal property or a security interest of any kind (including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof or any filing or agreement to file a financing
statement as debtor under the Uniform Commercial Code or any similar statute other than to reflect ownership by a third party of property leased to the Company or any of its Subsidiaries under a lease that is not in the nature of a conditional sale
or title retention agreement). 
 (xi) adding a definition of “Moody’s” as follows: 

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

(xii) adding a definition of “Net Amount of Rent” as follows: 

“Net Amount of Rent” as to any lease for any period means the aggregate amount of rent payable by the lessee with respect to such
period after excluding amounts required to be paid on account of maintenance and repairs, insurance, taxes, assessments, water rates and similar charges. In the case of any lease that is terminable by the lessee upon the payment of a penalty, such
net amount shall also include the amount of such penalty, but no rent shall be considered as payable under such lease subsequent to the first date upon which it may be so terminated. 

(xiii) adding a definition of “Net Working Capital” as follows: 

“Net Working Capital” means (a) all current assets of the Company and its Subsidiaries, less (b) all current liabilities of
the Company and its Subsidiaries, except current liabilities included in Indebtedness, in each case as set forth in consolidated financial statements of the Company prepared in accordance with GAAP. 

(xiv) adding a definition of “Non-Recourse Indebtedness” as follows: 

“Non-Recourse Indebtedness” means Indebtedness or that portion of Indebtedness of the Company incurred in connection with the
acquisition by the Company of any property and as to which: 
 (a) the holders of such Indebtedness agree in writing that
they will look solely to the property so acquired and securing such Indebtedness for payment on or in respect of such Indebtedness; and 

(b) no default with respect to such Indebtedness would permit (after notice or passage of time or both), according to the terms
of any other Indebtedness of the Company or a Subsidiary, any holder of such other Indebtedness to declare a default under such other Indebtedness or cause the payment of such other Indebtedness to be accelerated or payable prior to its stated
maturity. 

  
 14 

 (xv) adding a definition of “Oil and Gas Business” as follows: 

“Oil and Gas Business” means the business of exploiting, exploring for, developing, acquiring, operating, producing, processing,
gathering, marketing, storing, selling, hedging, treating, swapping, refinancing and transporting hydrocarbons and other related energy businesses. 

(xvi) adding a definition of “Permitted Liens” as follows: 

“Permitted Liens” means, with respect to any Person, (a) pledges or deposits by such Person under worker’s compensation
laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or
statutory obligations of such Person or deposits of cash or United States government bonds to secure performance, surety or appeal bonds to which such Person is a party or which are otherwise required of such Person, or deposits as security for
contested taxes or import duties or for the payment of rent or other obligations of like nature, in each case Incurred in the ordinary course of business; (b) Liens imposed by law, such as carriers’, warehousemen’s, laborers’,
materialmen’s, landlords’, vendors’, workmen’s, operators’, producers’ (including those arising pursuant to Article 9.343 of the Texas Uniform Commercial Code or other similar statutory provisions of other states with
respect to production purchased from others) and mechanics’ Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings; (c) Liens for property taxes, assessments and other governmental charges or
levies not yet delinquent or subject to penalties for non-payment or which are being contested in good faith by appropriate proceedings; (d) minor survey exceptions, minor encumbrances, easements or reservations of or with respect to, or rights
of others for or with respect to, licenses, rights-of-way, sewers, electric and other utility lines and usages, telegraph and telephone lines, pipelines, surface use, operation of equipment, permits, servitudes and other similar matters, or zoning
or other restrictions as to the use of real property or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate
materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; (e) Liens existing on or provided for under the terms of agreements existing on the date on which the Notes
were originally issued; (f) Liens on property or assets of, or any shares of stock of or secured debt of, any Person at the time the Company or any of its Subsidiaries acquired the property or the Person owning such property, including any
acquisition by means of a merger or consolidation with or into the Company or any of its Subsidiaries; (g) Liens securing a hedging obligation so long as such hedging obligation is of the type customarily entered into in connection with,

  
 15 

 
and is entered into for the purpose of, limiting risk; (h) Liens upon specific properties of the Company or any of its Subsidiaries securing Indebtedness Incurred in the ordinary course of
business to provide all or part of the funds for the exploration, drilling or development of those properties; (i) Purchase Money Liens and Liens securing Non-Recourse Indebtedness; provided, however, that the related purchase money
Indebtedness and Non-Recourse Indebtedness, as applicable, shall not be secured by any property or assets of the Company or any Subsidiary other than the property acquired by the Company with the proceeds of such purchase money Indebtedness or
Non-Recourse Indebtedness, as applicable; (j) Liens securing only Indebtedness of a wholly owned Subsidiary of the Company to the Company or to one or more wholly owned Subsidiaries of the Company; (k) Liens on any property to secure bonds
for the construction, installation or financing of pollution control or abatement facilities or other forms of industrial revenue bond financing or Indebtedness issued or Guaranteed by the United States, any state or any department, agency or
instrumentality thereof; (l) Government Contract Liens; (m) Liens in respect of Production Payments and Reserve Sales; (n) Liens resulting from the deposit of funds or evidences of Indebtedness in trust for the purpose of defeasing
Indebtedness of the Company or any of its Subsidiaries; (o) legal or equitable encumbrances deemed to exist by reason of negative pledges or the existence of any litigation or other legal proceeding and any related lis pendens filing (excluding
any attachment prior to judgment, judgment lien or attachment lien in aid of execution on a judgment); (p) rights of a common owner of any interest in property held by such Person; (q) farmout, carried working interest, joint operating,
unitization, royalty, overriding royalty, sales and similar agreements relating to the exploration or development of, or production from, oil and gas properties entered into the ordinary course of business; (r) any defects, irregularities or
deficiencies in title to easements, rights-of-way or other properties which do not in the aggregate materially adversely affect the value of such properties or materially impair their use in the operation of the business of such Person; and
(s) Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals or replacements), as a whole, or in part, of any Indebtedness secured by any Lien referred to in the
foregoing clauses (e) through (m); provided, however, that (i) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on such property) and (ii) the Indebtedness secured by
such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (e) through (m) at the time the original
Lien became a Permitted Lien under the Indenture and (B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement. 

  
 16 

 (xvii) adding a definition of “Principal Property” as follows: 

“Principal Property” means any property owned or leased by the Company or any Subsidiary, the gross book value of which exceeds one
percent of the Company’s Consolidated Net Worth. 
 (xviii) adding a definition of “Production Payments and Reserve Sales” as
follows: 
 “Production Payments and Reserve Sales” means the grant or transfer by the Company or a Subsidiary of the Company to
any Person of a royalty, overriding royalty, net profits interest, production payment (whether volumetric or dollar denominated), partnership or other interest in oil and gas properties, reserves or the right to receive all or a portion of the
production or the proceeds from the sale of production attributable to such properties, including any such grants or transfers pursuant to incentive compensation programs on terms that are reasonably customary in the Oil and Gas Business for
geologists, geophysicists and other providers of technical services to the Company or a Subsidiary of the Company. 
 (xix) adding a
definition of “Purchase Money Lien” as follows: 
 “Purchase Money Lien” means a Lien on property securing Indebtedness
Incurred by the Company or any of its Subsidiaries to provide funds for all or any portion of the cost of (i) acquiring such property incurred before, at the time of, or within six months after the acquisition of such property or
(ii) constructing, developing, altering, expanding, improving or repairing such property or assets used in connection with such property. 

(xx) adding a definition of “Rating Agency” as follows: 

“Rating Agency” means each of S&P and Moody’s, or if S&P or Moody’s or both shall not make a rating on the Notes
publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company (as certified by a resolution of the Company’s board of directors) which shall be substituted for S&P or
Moody’s, or both, as the case may be. 
 (xxi) adding a definition of “Rating Decline” as follows: 

“Rating Decline” means the rating of the Notes of a series shall be decreased by one or more gradations (including gradations within
categories as well as between rating categories) by each of the Rating Agencies, provided, however, if the rating of the Notes of such series by each of the Rating Agencies is Investment Grade, then “Rating Decline” will mean the rating of
the Notes of such series shall be decreased by one or more gradations (including gradations within categories as well as between rating categories) by each Rating Agency so that the rating of the Notes of such series by each of the Rating Agencies
falls below Investment Grade, on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 30-day period following public notice of the occurrence of the Change of Control (which
30-day period shall be 

  
 17 

 
extended so long as the rating of the Notes of such series is under publicly announced consideration for possible downgrade by either of the Rating Agencies; provided, that the other Rating
Agency has either downgraded, or publicly announced that it is considering downgrading, the Notes of such series). 
 (xxii) adding a
definition of “Redeemable Stock” as follows: 
 “Redeemable Stock” of any Person means any equity security of such Person
that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or otherwise (including on the happening of an event), is or could become required to be redeemed for cash or other property or is or
could become redeemable for cash or other property at the option of the holder thereof, in whole or in part, on or prior to the first anniversary of the stated maturity of the applicable series of Notes; or is or could become exchangeable at the
option of the holder thereof for Indebtedness at any time in whole or in part, on or prior to the first anniversary of the stated maturity of the applicable series of Debt Securities; provided, however, that Redeemable Stock shall not include any
security that may be exchanged or converted at the option of the holder for Capital Stock of the Company having no preference as to dividends or liquidation over any other Capital Stock of the Company. 

(xxiii) adding a definition of “S&P” as follows: 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 

(xxiv) adding a definition of “Sale and Leaseback Transaction” as follows: 

“Sale and Leaseback Transaction” means any arrangement with any Person pursuant to which the Company or any Subsidiary leases any
Principal Property that has been or is to be sold or transferred by the Company or the Subsidiary to such Person, other than (i) temporary leases for a term, including renewals at the option of the lessee, of not more than five years,
(ii) leases between the Company and a Subsidiary or between Subsidiaries, (iii) leases of Principal Property executed by the time of, or within 12 months after the latest of, the acquisition, the completion of construction or improvement,
or the commencement of commercial operation of the Principal Property, and (iv) arrangements pursuant to any provision of law with an effect similar to the former Section 168(f)(8) of the Internal Revenue Code of 1954. 

(xxv) deleting the definition of “Subsidiary” in its entirety and replacing it with the following: 

“Subsidiary” of any Person means (i) any Person of which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the Subsidiaries of that
Person or a combination thereof, and (ii) any partnership, joint venture or other Person in which that Person or one 

  
 18 

 
or more of the Subsidiaries of that Person or a combination thereof has the power to control by contract or otherwise the board of directors or equivalent governing body or otherwise controls
such entity; provided, however, that notwithstanding the foregoing, with respect to the Company and its Subsidiaries, the definition of Subsidiary shall not include any Person (other than a guarantor of the applicable series of Notes) that has
securities that are listed for trading on a national securities exchange or that is subject to the reporting requirements of Section 13(a) or 15(d) of the Exchange Act. 

(xxvi) adding a definition of “Volumetric Production Payments” as follows: 

“Volumetric Production Payments” means production payment obligations recorded as deferred revenue in accordance with GAAP, together
with all undertakings and obligations in connection therewith. 
 (xxvii) adding a definition of “Voting Stock” as follows: 

“Voting Stock” of any person means 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. 

Section 7. Ratification. This Supplemental Indenture is executed and shall be construed as an indenture supplemental to the
Indenture and, as provided in the Indenture, this Supplemental Indenture forms a part of the Indenture. Except to the extent amended by or supplemented by this Supplemental Indenture, the Company, the Guarantor and the Trustee hereby ratify, confirm
and reaffirm the Indenture in all respects. 
 Section 8. No Security Interest Created. Nothing in this Supplemental Indenture
or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction. 

Section 9. Table of Contents, Headings, Etc. The table of contents and the titles and headings of the sections of this
Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 10. Severability. In the event any provision of this Supplemental Indenture or in the Notes shall be invalid, illegal or
unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. 

Section 11. Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which so executed
shall be an original, but all such counterparts shall together constitute but one and the same instrument. This Supplemental Indenture may be executed by facsimile or other electronic transmission. 

  
 19 

 Section 12. Governing Law. The laws of the State of New York shall govern the
construction and interpretation of this Supplemental Indenture. 
 Section 13. Trustee Not Responsible for Recitals or Issuance of
Notes. The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes
no representations as to the validity or sufficiency of this Supplemental Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of Notes or the proceeds thereof. 

[Signature Page Follows] 

  
 20 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be signed on
their behalf by their duly authorized representatives as of the date first above written: 
  

			
	Pioneer Natural Resources Company
		
	By:	 	 /s/ Richard P. Dealy

	Name:	 	Richard P. Dealy
	Title:	 	 Executive Vice President and
 Chief Financial
Officer

	
	Pioneer Natural Resources USA, Inc.
		
	By:	 	 /s/ Richard P. Dealy

	Name:	 	Richard P. Dealy
	Title:	 	 Executive Vice President and
 Chief Financial
Officer

	
	 Wells Fargo Bank, National Association,

as Trustee

		
	By:	 	 /s/ Patrick Giordano

	Name:	 	Patrick Giordano
	Title:	 	Vice President

 SIGNATURE PAGE 

SECOND SUPPLEMENTAL INDENTURE

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