Document:

Exhibit 4.3

 

BONANZA CREEK ENERGY, Inc.

 

as Issuer,

 

THE SUBSIDIARY GUARANTORS NAMED ON SCHEDULE 1
HERETO

 

7.50% Senior Notes due 2026

 

INDENTURE

 

Dated as of [•], 2021

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

    

     

    

 

	Trust Indenture 

Act Section	Indenture Section
	310(a)(1)	13.09
	(a)(2)	13.09
	(a)(3)	Not Applicable
	(a)(4)	Not Applicable
	(a)(5)	13.09
	(b)	13.08
	311(a)	13.13
	(b)	13.13
	312(a)	1.11
	(b)	14.01
	(c)	14.01
	313(a)	13.15
	(b)	13.15
	(c)	13.15
	(d)	13.15
	314(a)	4.16
	(a)(4)	4.16
	(b)	Not Applicable
	(c)(1)	14.02
	(c)(2)	14.02
	(c)(3)	Not Applicable
	(d)	Not Applicable
	(e)	14.03
	315(a)	13.01
	(b)	13.02
	(c)	13.01
	(d)	13.01
	(e)	6.11
	Section 316(a)(last sentence)	1.10
	(a)(1)(A)	6.02
	(a)(1)(B)	6.04
	(a)(2)	Not Applicable
	(b)	6.07
	(c)	2.05
	Section 317(a)(1)	6.08
	(a)(2)	6.09
	(b)	6.09
	Section 318(a)	14.14

 

Note: This reconciliation and tie shall
not, for any purpose, be deemed to be a part of the Indenture.

 

    

     

    

 

TABLE OF CONTENTS

 

	 		Page
	 	 	 
	 	Article 1	 
	 	ISSUE AND DESCRIPTION OF NOTES	 
	 	 	 
	Section 1.01	Designation and Amount; Ranking Payments; Denomination	1
	Section 1.02	Form of Notes	2
	Section 1.03	Additional Notes	2
	Section 1.04	Execution and Authentication	3
	Section 1.05	Non-Business Day Payments	3
	Section 1.06	Temporary Notes	4
	Section 1.07	Mutilated, Destroyed, Lost and Wrongfully Taken Notes	4
	Section 1.08	Persons Deemed Owners	5
	Section 1.09	Cancellation	5
	Section 1.10	Treasury Notes	5
	Section 1.11	Holder Lists	5
	 	Article 2	 
	 	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 
	 	 	 
	Section 2.01	Definitions	5
	Section 2.02	Other Definitions	44
	Section 2.03	[Reserved]	45
	Section 2.04	Form of Documents Delivered to Trustee	45
	Section 2.05	Acts of Holders; Record Dates	45
	Section 2.06	Notices, Etc. to Trustee, Company and Subsidiary Guarantors	48
	Section 2.07	Notice to Holders; Waiver	48
	 	 	 
	 	Article 3  	 
	 	REDEMPTION AND PURCHASES	 
	 	 	 
	Section 3.01	Optional Redemption; Notices to Trustee	48
	Section 3.02	Selection of Notes to Be Redeemed	49
	Section 3.03	Notice of Redemption	49
	Section 3.04	Effect of Notice of Redemption	51
	Section 3.05	Deposit of Redemption Price	51
	Section 3.06	Notes Redeemed in Part	51
	Section 3.07	No Limit on Other Purchases	51
	Section 3.08	Mandatory Redemption; Open Market Purchases	51

 

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	 	Article 4	 
	 	COVENANTS	 
	 	 	 
	Section 4.01	Payments	52
	Section 4.02	Maintenance of Office or Agency	53
	Section 4.03	Reports to Holders	53
	Section 4.04	Existence	54
	Section 4.05	Covenant Suspension	54
	Section 4.06	Limitation on Incurrence of Additional Indebtedness and Issuance of Preferred Stock	55
	Section 4.07	Limitation on Restricted Payments	56
	Section 4.08	Limitation on Asset Sales	61
	Section 4.09	Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	64
	Section 4.10	Limitation on Liens	68
	Section 4.11	Limitation on Transactions with Affiliates	68
	Section 4.12	Limitation on Restricted and Unrestricted Subsidiaries	70
	Section 4.13	Change of Control	71
	Section 4.14	Additional Subsidiary Guarantors	73
	Section 4.15	Waiver of Covenants	73
	Section 4.16	Statement by Officers as to Default	73
	Section 4.17	Money for Notes Payments to Be Held in Trust	74
	 	 	 
	 	Article 5	 
	 	SUCCESSOR CORPORATION	 
	 	 	 
	Section 5.01	When Company May Merge or Transfer Assets	74
	Section 5.02	When Subsidiary Guarantor May Merge or Consolidate	76
	 	 	 
	 	Article 6	 
	 	DEFAULTS AND REMEDIES	 
	 	 	 
	Section 6.01	Events of Default	76
	Section 6.02	Acceleration	79
	Section 6.03	Other Remedies	79
	Section 6.04	Waiver of Past Defaults	80
	Section 6.05	Control by Majority	80
	Section 6.06	Limitation on Suits	80
	Section 6.07	Rights of Holders to Receive Payment	80
	Section 6.08	Collection Suit by Trustee	81
	Section 6.09	Trustee May File Proofs of Claim	81
	Section 6.10	Priorities	81

 

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	Section 6.11	Undertaking for Costs	81
	Section 6.12	Waiver of Stay or Extension Laws	82
	 	 	 
	 	Article 7	 
	 	DISCHARGE OF INDENTURE	 
	 	 	 
	 	Article 8	 
	 	AMENDMENTS	 
	 	 	 
	Section 8.01	Without Consent of Holders	83
	Section 8.02	With Consent of Holders	85
	Section 8.03	Compliance with Trust Indenture Act	86
	Section 8.04	Notation on or Exchange of Notes	86
	Section 8.05	Trustee to Sign Supplemental Indentures	86
	Section 8.06	Effect of Supplemental Indentures	86
	 	 	 
	 	Article 9	 
	 	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	 
	 	 	 
	Section 9.01	Legal Defeasance and Covenant Defeasance	87
	Section 9.02	Conditions to Legal Defeasance or Covenant Defeasance	87
	Section 9.03	Application of Trust Money	89
	Section 9.04	Repayment to the Company	89
	Section 9.05	Reinstatement	90
	 	 	 
	 	Article 10	 
	 	PAYMENT OF INTEREST	 
	 	 	 
	Section 10.01	Payment of Interest	90
	Section 10.02	Defaulted Interest	90
	Section 10.03	Interest Rights Preserved	91
	 	 	 
	 	Article 11	 
	 	SUBSIDIARY GUARANTEES	 
	 	 	 
	Section 11.01	The Subsidiary Guarantee	91
	Section 11.02	Obligations Unconditional	91
	Section 11.03	Reinstatement	92
	Section 11.04	Subrogation; Subordination	93
	Section 11.05	Remedies	93
	Section 11.06	Continuing Subsidiary Guarantee	93
	Section 11.07	General Limitation on Subsidiary Guarantee Obligations	93
	Section 11.08	Right of Contribution	93

 

    iii

     

    

 

	Section 11.09	Release	94
	 	 	 
	 	Article 12	 
	 	TRANSFER AND EXCHANGE	 
	 	 	 
	Section 12.01	Transfer and Exchange of Global Notes	94
	Section 12.02	Transfer and Exchange of Definitive Notes	95
	Section 12.03	Global Note Legend	95
	Section 12.04	Cancellation of Global Notes	96
	Section 12.05	General Provisions Relating to Transfers and Exchanges	96
	 	 	 
	 	Article 13	 
	 	THE TRUSTEE	 
	 	 	 
	Section 13.01	Certain Duties and Responsibilities	97
	Section 13.02	Notice of Defaults	98
	Section 13.03	Certain Rights of Trustee	98
	Section 13.04	Not Responsible for Recitals or Issuance of Notes	100
	Section 13.05	May Hold Notes	100
	Section 13.06	Money Held in Trust	100
	Section 13.07	Compensation and Reimbursement	100
	Section 13.08	Conflicting Interests	101
	Section 13.09	Corporate Trustee Required; Eligibility	101
	Section 13.10	Resignation and Removal; Appointment of Successor	101
	Section 13.11	Acceptance of Appointment by Successor	103
	Section 13.12	Merger, Conversion, Consolidation or Succession to Business	103
	Section 13.13	Preferential Collection of Claims Against Company	104
	Section 13.14	Appointment of Authenticating Agent	104
	Section 13.15	Reports by Trustee	105
	 	 	 
	 	Article 14	 
	 	MISCELLANEOUS	 
	 	 	 
	Section 14.01	Communication by Holders with Other Holders	105
	Section 14.02	Certificate and Opinion as to Conditions Precedent	105
	Section 14.03	Statements Required in Certificate or Opinion	106
	Section 14.04	Separability Clause	106
	Section 14.05	Governing Law	106
	Section 14.06	No Liability for Certain Persons	106
	Section 14.07	Patriot Act	106
	Section 14.08	Successors	106
	Section 14.09	Table of Contents; Headings	106

 

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	Section 14.10	Multiple Originals	107
	Section 14.11	[Reserved]	107
	Section 14.12	[Reserved]	107
	Section 14.13	No Security Interest Created	107
	Section 14.14	Trust Indenture Act	107
	Section 14.15	Benefits of Indenture	107
	Section 14.16	No Adverse Interpretation of Other Agreement	107
	Section 14.17	Notices	107
	Section 14.18	Force Majeure	108
	Section 14.19	Waiver of Jury Trial	109

 

	Schedule 1	Subsidiary Guarantors	     I-1
	Exhibit A	Form of Note	     A-1
	Exhibit B	Form of Supplemental Indenture	     B-1

 

    v

     

    

 

INDENTURE, dated as
of [•], 2021, among Bonanza Creek Energy, Inc., a Delaware corporation (the “Company”), the Subsidiary
Guarantors (as defined hereinafter) and U.S. Bank National Association, a national banking organization, as trustee (the “Trustee”).
The Company, the Subsidiary Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable
benefit of the Holders (as defined hereinafter) of the 7.50% Senior Notes due 2026 (the “Notes”).

 

Article 1

 

ISSUE AND DESCRIPTION OF NOTES

 

Section 1.01          Designation
and Amount; Ranking Payments; Denomination. The Notes are hereby established and shall be designated as the “7.50%
Senior Notes due 2026.” The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture
is not limited. The Company may, and shall be entitled to, from time to time, without notice to or the consent of the Holders
of the Notes, in accordance with Section 1.03 below increase the principal amount of Notes and issue such increased
principal amount (or any portion thereof) of Notes as “Additional Notes” under this Indenture.

 

Payments of the principal
of and interest on the Notes shall be made in U.S. Dollars, and the Notes shall be denominated in U.S. Dollars and in minimum amounts
of at least $2,000 and integral multiples of $1,000 in excess thereof. The Place of Payment where the principal of and any other
payments due on the Notes are payable shall initially be at the office or agency of the Company maintained for that purpose in
New York, New York in accordance with Section 4.02 of this Indenture.

 

Initially, U.S. Bank
National Association will act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent or Registrar or
co-registrar without notice. The Company or any of its domestically organized Restricted Subsidiaries may act as Paying Agent or
Registrar or co-registrar.

 

At the option of the
Company, payment of interest may be made at the Corporate Trust Office or by check mailed to the Holders at their addresses set
forth in the Security Register; provided that payment by wire transfer of immediately available funds will be required with
respect to principal of, and interest and premium, if any, on, (i) all Global Notes to the account of the Depositary or its
nominee and (ii) all other Notes the Holders of which are entitled to interest on an aggregate principal amount in excess
of $1,000,000 that have provided wire transfer instructions to the Company or the Paying Agent not later than five Business Days
before the relevant Interest Payment Date.

 

The Notes shall be
guaranteed by each of the Subsidiary Guarantors pursuant to Article 11 and by any additional Restricted Subsidiaries
that become Subsidiary Guarantors after the Issue Date in accordance with Section 4.14 .

 

No Subsidiary Guarantee
nor any notation thereof shall be, or shall be required to be, endorsed on, or attached to, or otherwise physically made part of
any Note.

 

    1

     

    

 

Section 1.02         Form of
Notes.

 

(a)           General.
The Notes and the Trustee’s certificate of authentication shall be substantially in the form set forth in Exhibit A
hereto, which is incorporated in and made a part of this Indenture.

 

Any of the Notes may
have such letters, numbers or other marks of identification and such notations, legends or endorsements as the officers executing
the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions
of this Indenture or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with
any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated
for issuance, or to conform to usage or to indicate any special limitations or restrictions to which any particular Notes are subject.

 

The terms and provisions
contained in the form of Note attached as Exhibit A hereto shall constitute, and are hereby expressly made, a part
of this Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture,
expressly agree to such terms and provisions and to be bound thereby.

 

(b)           Global
Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global
Note Legend and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive
form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without
the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such
of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount
of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of
a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented
thereby will be made by the Trustee in accordance with instructions given by the Holder thereof as required by Article 12
hereof.

 

Section 1.03          Additional
Notes.

 

(a)          With
respect to any Additional Notes, there shall be (a) established in or pursuant to a Board Resolution and (b) (i) set
forth or determined in the manner provided in an Officers’ Certificate or (ii) established in one or more supplemental
indentures to the Indenture, prior to the issuance of such Additional Notes:

 

(1)          the
aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to the Indenture;

 

(2)          the
issue price and the issue date of such Additional Notes, including the date from which interest shall accrue and the first interest
payment date therefor; and

 

(3)          if
applicable, that such Additional Notes shall be issuable in whole or in part in the form of one or more Global Notes and, in such
case, the respective depositaries for such Global Notes, the form of any legend or legends which shall be borne by such Global
Notes in addition to or in lieu of those called for by Exhibit A hereto and any circumstances in addition to or in
lieu of those set forth in Exhibit A in which any such Global Notes may be exchanged in whole or in part for Additional
Notes registered, or any transfer of such Global Notes in whole or in part may be registered, in the name or names of Persons other
than the depositary for such Global Note or a nominee thereof.

 

    2

     

    

 

(b)          If
any of the terms of any Additional Notes are established by action taken pursuant to a Board Resolution, a copy thereof shall be
delivered to the Trustee at or prior to the delivery of the Officers’ Certificate or the supplemental indenture to the Indenture
setting forth the terms of the Additional Notes.

 

(c)          The
Initial Notes and any Additional Notes shall be considered collectively as a single class for all purposes of the Indenture. Holders
of the Initial Notes and any Additional Notes will vote and consent together on all matters to which such Holders are entitled
to vote or consent as one class, and none of the Holders of the Initial Notes or any Additional Notes shall have the right to vote
or consent as a separate class on any matter to which such Holders are entitled to vote or consent.

 

Section 1.04          Execution
and Authentication.

 

The Notes shall be
executed on behalf of the Company by its Chairman of the Board, President or a Vice President of the Company (or any other officer
of the Company designated in writing by or pursuant to authority of the Board of Directors and delivered to the Trustee from time
to time). The signature of any of these officers on the Notes may be electronically transmitted, manual or facsimile.

 

Notes bearing the electronically
transmitted, manual or facsimile signatures of individuals who were at any time the proper officers of the Company or such Subsidiary
Guarantor, as the case may be, shall bind the Company or such Subsidiary Guarantor, as the case may be, notwithstanding that such
individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

 

A Note will not be
valid until authenticated by the manual signature of the Trustee. Such signature will be conclusive evidence that the Note has
been authenticated under this Indenture.

 

The Trustee will, upon
receipt of a written order of the Company signed by an officer (an “Authentication Order”), authenticate Notes
for original issue that may be validly issued under this Indenture, including any Additional Notes, in the aggregate principal
amount or amounts specified in such Authentication Order. The Trustee may appoint an Authenticating Agent acceptable to the Company
to authenticate Notes in accordance with Section 13.14. An Authenticating Agent may authenticate Notes whenever the
Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by any such Authenticating
Agent. An Authenticating Agent has the same rights as the Trustee to interact with Holders or an Affiliate of the Company.

 

Section 1.05          Non-Business
Day Payments. If any Interest Payment Date, the Stated Maturity, any Redemption Date, any Net Proceeds Offer Payment
Date or any Change of Control Payment Date falls on a day that is not a Business Day, then the required payment or delivery will
be made on the next succeeding Business Day with the same force and effect as if made on the date that the payment or delivery
was due, and no additional interest will accrue on that required payment or delivery for the period from and after the Interest
Payment Date, Stated Maturity, Redemption Date, Net Proceeds Offer Payment Date or Change of Control Payment Date, as the case
may be, to that next succeeding Business Day.

 

    3

     

    

 

Section 1.06     Temporary
Notes. Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon
receipt of an Authentication Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated
Notes but may have variations that the Company considers appropriate for temporary Notes and as may be reasonably acceptable to
the Trustee. Without unreasonable delay, the Company will prepare and the Trustee will authenticate Definitive Notes in exchange
for temporary Notes. Until such exchange, temporary Notes shall be entitled to the same rights, benefits and privileges as Definitive
Notes.

 

Section 1.07     Mutilated,
Destroyed, Lost and Wrongfully Taken Notes. If (a) any mutilated Note is surrendered to the Trustee or (b) both
(i) there shall be delivered to the Company and the Trustee (A) a claim by a Holder as to the destruction, loss or wrongful
taking of any Note of such Holder and a request thereby for a new replacement Note, and (B) such indemnity bond as may be
required by them to save each of them and any agent of either of them harmless and (ii) such other reasonable requirements
as may be imposed by the Company as permitted by Section 8-405 of the Uniform Commercial Code have been satisfied, then,
in the absence of notice to the Company or the Trustee that such Note has been acquired by a “protected purchaser”
within the meaning of Section 8-405 of the Uniform Commercial Code, the Company shall execute and upon receipt of an Authentication
Order the Trustee shall authenticate and deliver, in lieu of any such mutilated, destroyed, lost or wrongfully taken Note, a new
Note of like tenor and principal amount and bearing a number not contemporaneously Outstanding.

 

In case any such mutilated,
destroyed, lost or wrongfully taken Note has become or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Note, pay such Note.

 

Upon the issuance
of any new Note under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

 

Every new Note issued
pursuant to this Section in lieu of any destroyed, lost or wrongfully taken Note shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or wrongfully taken Note shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes
duly issued hereunder.

 

The provisions of
this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or wrongfully taken Notes.

 

    4

     

    

 

Section 1.08     Persons
Deemed Owners. Prior to due presentment of a Note for registration of transfer, the Company, any Subsidiary Guarantor
and the Trustee and any agent of the Company, any Subsidiary Guarantor or the Trustee may treat the Person in whose name such
Note is registered as the owner of such Note for the purpose of receiving payment of principal of and any premium and (subject
to Article 10) any interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue,
and neither the Company, any Subsidiary Guarantor, the Trustee nor any agent of the Company, any Subsidiary Guarantor or the Trustee
shall be affected by notice to the contrary.

 

Section 1.09     Cancellation.
All Notes surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to any Person other
than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the
Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company may have acquired in any
manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Notes
previously authenticated hereunder which the Company has not issued and sold, and all Notes so delivered shall be promptly canceled
by the Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section,
except as expressly permitted by this Indenture. All canceled Notes held by the Trustee shall be disposed of according to the
Trustee’s customary cancellation procedures; provided, however, that the Trustee shall not be required to
destroy such canceled Notes.

 

Section 1.10     Treasury
Notes. In determining whether the Holders of the required principal amount of Notes have concurred in any direction,
waiver or consent, Notes owned by the Company or any Subsidiary Guarantor, or by any Person directly or indirectly controlling
or controlled by or under direct or indirect common control with the Company or any Subsidiary Guarantor, will be considered as
though not outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such
direction, waiver or consent, only Notes that the Trustee actually knows are so owned will be so disregarded.

 

Section 1.11     Holder
Lists. The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to
it of the names and addresses of all Holders and shall otherwise comply with Trust Indenture Act Section 312(a). If the Trustee
is not the Registrar, the Company will furnish to the Trustee at least seven Business Days before each interest payment date and
at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of the Holders of the Notes and the Company shall otherwise comply with Trust Indenture Act
Section 312(a).

 

Article 2

 

DEFINITIONS AND OTHER PROVISIONS OF
GENERAL APPLICATION

 

Section 2.01     Definitions.

 

“Acquired
Indebtedness” means Indebtedness or Preferred Stock of a Person or any of its Subsidiaries (1) existing at the
time such Person becomes a Restricted Subsidiary or at the time it merges or consolidates with the Company or any of its Restricted
Subsidiaries or (2) which becomes Indebtedness or Preferred Stock of the Company or a Restricted Subsidiary in connection
with the acquisition of assets from such Person, in each case not incurred in connection with, or in anticipation or contemplation
of, such Person becoming a Restricted Subsidiary or such acquisition, merger or consolidation.

 

    5

     

    

 

“Acquired
Subordinated Indebtedness” means Indebtedness of the Company or any Subsidiary Guarantor that (i) is subordinated
or junior in right of payment to the Notes or such Subsidiary Guarantor’s Subsidiary Guarantee, as the case may be, (ii) constitutes
Acquired Indebtedness and (iii) was not incurred in connection with, or in contemplation of, another Person merging with
or into, or becoming a Restricted Subsidiary of, the Company or any of its Subsidiaries.

 

“Adjusted
Consolidated Net Tangible Assets” or “ACNTA” of a Person means (without duplication), as of the date
of determination:

 

(1)            the
sum of:

 

(a)            discounted
future net revenues from proved oil and gas reserves of the Company and its Restricted Subsidiaries, calculated in accordance
with Commission guidelines (before any state or federal or other income tax), as estimated by a nationally recognized firm of
independent petroleum engineers or the Company in a reserve report prepared by the Company’s petroleum engineers as of a
date no earlier than the date of the Company’s latest annual consolidated financial statements (or, if such date of determination
is within 45 days after the end of such most recently completed fiscal year and no reserve report as of the end of such fiscal
year has at the time been prepared, the Company’s second preceding fiscal year) or, at the Company’s option, the Company’s
most recently completed fiscal quarter for which internal financial statements are available, as increased by, as of the date
of determination, the estimated discounted future net revenues from:

 

(i)            estimated
proved oil and gas reserves acquired by the Company and its Restricted Subsidiaries since the date of such year-end or quarterly
reserve report; and

 

(ii)           estimated
oil and gas reserves attributable to extensions, discoveries and other additions and upward revisions of estimates of proved oil
and gas reserves since the date of such year-end or quarterly reserve report due to exploration, development or exploitation,
production and other activities, which reserves were not reflected in such reserve report which would, in accordance with standard
industry practice, result in such determinations,

 

in each of cases (i) and
(ii) calculated in accordance with Commission guidelines (utilizing the prices utilized in such year-end or quarterly reserve
report), and decreased by, as of the date of determination, the estimated discounted future net revenues from:

 

(iii)        estimated
proved oil and gas reserves produced or disposed of since the date of such year-end or quarterly reserve report; and

 

    6

     

    

 

(iv)          estimated
oil and gas reserves attributable to downward revisions of estimates of proved oil and gas reserves since the date of such year-end
or quarterly reserve report due to changes in geological conditions, exploration, development or exploitation, production or other
activities conducted since the date of such reserve report or other factors which would, in accordance with standard industry
practice, cause such revisions,

 

in each of cases (iii) and
(iv) calculated in accordance with Commission guidelines (utilizing the prices utilized in such year-end or quarterly reserve
report) and, in the case of each of clauses (i), (ii), (iii) and (iv), as estimated by the Company’s petroleum
engineers or any independent petroleum engineers engaged by the Company for that purpose; plus

 

(b)            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
most recent annual or quarterly financial statements; plus

 

(c)            the
Net Working Capital on a date no earlier than the date of the Company’s most recent consolidated annual or quarterly financial
statements; plus

 

(d)            with
respect to each other tangible asset of the Company or its consolidated Restricted Subsidiaries specifically including, but not
to the exclusion of any other qualifying tangible assets, the Company’s or its consolidated Restricted Subsidiaries’
gas gathering and processing facilities, land, equipment, leasehold improvements, investments carried on the equity method, restricted
cash and the carrying value of marketable securities, the greater of (i) the net book value of such other tangible asset
on a date no earlier than the date of the Company’s most recent consolidated annual or quarterly financial statements and
(ii) the appraised value, as estimated by independent appraisers, of such other tangible assets of the Company and its Restricted
Subsidiaries (provided that the Company may rely on subclause (i) of this clause (d) if no appraisal
is available or has been obtained), as of a date no earlier than the date of the Company’s latest audited financial statements;
minus

 

(2)            minority
interests and, to the extent not otherwise taken into account in determining Adjusted Consolidated Net Tangible Assets, any net
natural gas balancing liabilities of the Company and its consolidated Restricted Subsidiaries reflected in the Company’s
latest audited financial statements.

 

In
addition to, but without duplication of, the foregoing, for purposes of this definition, “Adjusted Consolidated Net Tangible
Assets” shall be calculated after giving effect, on a pro forma basis, to (A) any Investment not prohibited
by this Indenture, to and including the date of the transaction giving rise to the need to calculate Adjusted Consolidated Net
Tangible Assets (the “Assets Transaction Date”), in any other Person that, as a result of such Investment,
becomes a Restricted Subsidiary of the Company, (B) the acquisition, to and including the Assets Transaction Date (by merger,
consolidation or purchase of stock or assets), of any business or assets, including, without limitation, Permitted Industry Investments,
and (C) any sales or other dispositions of assets permitted by this Indenture (other than sales of Hydrocarbons or other
mineral products in the ordinary course of business) occurring on or prior to the Assets Transaction Date. If the Company changes
its method of accounting from the successful efforts method to the full costs method or a similar method of accounting, “ACNTA”
will continue to be calculated as if the Company were still using the successful efforts method of accounting.

 

    7

     

    

 

“Affiliate”
means, with respect to any specified Person, any other Person who directly or indirectly through one or more intermediaries controls,
or is controlled by, or is under common control with, such specified Person. The term “control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative of the foregoing.

 

“Affiliate
Transaction” has the meaning set forth under Section 4.11.

 

“Alternate
Offer” has the meaning set forth under Section 4.13(d).

 

“Applicable
Procedures” means the customary procedures of the Depositary relevant to the situation at hand.

 

“Asset
Acquisition” means (1) an Investment by the Company or any Restricted Subsidiary in any other Person pursuant to
which such Person shall become a Restricted Subsidiary, or shall be merged with or into the Company or any Restricted Subsidiary,
or (2) the acquisition by the Company or any Restricted Subsidiary of the assets of any Person (other than a Restricted Subsidiary)
which constitute all or substantially all of the assets of such Person or comprise any division, operating unit, segment, business,
group of related assets or line of business of such Person.

 

“Asset
Sale” means any direct or indirect sale, issuance, conveyance, transfer, exchange, lease (other than operating leases
entered into in the ordinary course of business), assignment or other transfer for value by the Company or any of its Restricted
Subsidiaries (including any Sale and Leaseback Transaction) to any Person other than the Company or a Restricted Subsidiary of:

 

(1)          any
Capital Stock of any Restricted Subsidiary; or

 

(2)         any
other property or assets (including any interests therein) (other than cash or Cash Equivalents) of the Company or any Restricted
Subsidiary, including any disposition by means of a merger, consolidation or similar transaction; provided, however,
that Asset Sales shall not include:

 

(a)         the
sale, lease, conveyance, disposition or other transfer of all or substantially all of the assets of the Company in a transaction
which is (i) made in compliance with the provisions of Article 5 or (ii) subject to the provisions of Section 4.13;

 

(b)            any
Investment in an Unrestricted Subsidiary which is made in compliance with the provisions of Section 4.07;

 

    8

     

    

 

(c)            disposals,
abandonments or replacements of damaged, unserviceable, worn-out or other obsolete equipment or other assets or assets that are
no longer useful in the conduct of the Crude Oil and Natural Gas Business of the Company and its Restricted Subsidiaries;

 

(d)            the
sale, lease, conveyance, disposition or other transfer (each, a “Transfer”) by the Company or any Restricted
Subsidiary of assets or property, or the issuance or sale of Capital Stock by a Restricted Subsidiary, to the Company or one or
more Restricted Subsidiaries;

 

(e)            any
disposition or other Transfer of Hydrocarbons or other mineral products in the ordinary course of business or the Transfer of
equipment, inventory, products, services, accounts receivable or other assets in the ordinary course of business;

 

(f)             any
Transfer of an interest in an oil, gas or mineral property, pursuant to a farm-out, farm-in, joint operating, overriding royalty
interest, area of mutual interest or unitization agreement, or other similar or customary arrangement or agreement that the Company
or any Restricted Subsidiary determines in good faith to be necessary or appropriate for the economic development of such Property
other than Production Payments and Reserve Sales;

 

(g)           surrender
or waiver of contract rights, oil and gas leases or property related thereto, abandonment of any oil or gas property or interests
therein or the settlement, release or surrender of contract, tort or other claims of any kind;

 

(h)            any
disposition of defaulted receivables that have been written-off as uncollectible that arose in the ordinary course of business
for collection;

 

(i)             any
Asset Swap;

 

(j)             the
Transfer by the Company or any Restricted Subsidiary of assets or property in any single transaction or series of related transactions
that involve assets or properties having a Fair Market Value (valued at the Fair Market Value of such assets or property at the
time of such Transfer) not to exceed $20.0 million;

 

(k)            a
Restricted Payment that does not violate Section 4.07 or a Permitted Investment (including, without limitation, unwinding
any Commodity Agreements, Interest Rate Agreements or Currency Agreements);

 

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

 

    9

     

    

 

(m)           the
disposition (whether or not in the ordinary course of the Crude Oil and Natural Gas Business) of oil or gas properties or direct
or indirect interests in real property; provided that at the time of such sale or transfer such properties do not have
associated with them any proved reserves;

 

(n)            the
farm-out, lease or sublease of developed or undeveloped crude oil or natural gas properties owned or held by the Company or such
Restricted Subsidiary in exchange for crude oil and natural gas properties owned or held by another Person;

 

(o)            the
creation or perfection of a Lien (but not, except to the extent contemplated in clause (p) below, the sale or other
disposition of the properties or assets subject to such Lien);

 

(p)            the
creation or perfection of a Permitted Lien and the exercise by any Person in whose favor any such Permitted Lien is granted of
any of its rights in respect of that Permitted Lien;

 

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

 

(r)             the
disposition of oil and natural gas properties in connection with tax credit transactions complying with Section 29 of the
Internal Revenue Code or any successor or analogous provisions of the Internal Revenue Code.

 

“Asset
Swap” means any trade or exchange by the Company or any Restricted Subsidiary of oil and gas properties or other properties
or assets for oil and gas properties or other properties or assets owned or held by another Person; provided that the Fair
Market Value of the properties or assets traded or exchanged by the Company or such Restricted Subsidiary (together with any cash)
is reasonably equivalent to the Fair Market Value of the properties or assets (together with any cash) to be received by the Company
or such Restricted Subsidiary; provided, further, that any Net Cash Proceeds received must be applied in accordance
with Section 4.08.

 

“Assets Transaction
Date” has the meaning set forth in the definition of “Adjusted Consolidated Net Tangible Assets.”

 

“Authenticating
Agent” means, when used with respect to Notes, any Person authorized by the Trustee in accordance with Section 13.14
to act on behalf of the Trustee to authenticate Notes.

 

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

 

“Board
of Directors” means, as to any Person, the board of directors (or similar governing body) of such Person or any duly
authorized committee thereof including, in the case of a limited partnership, the board of directors of the managing general partner
thereof.

 

    10

     

    

 

“Board
Resolution” means, with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary
of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date
of such certification, and delivered to the Trustee.

 

“Borrowing
Base” means the “Borrowing Base” as defined in and as determined from time to time pursuant to the Senior
Credit Facility; provided that the Borrowing Base under such Credit Facility is determined on a basis substantially consistent
with customary terms for oil and gas secured reserve based loan transactions and has a lender group that includes one or more
commercial financial institutions which engage in oil and gas reserve based lending in the ordinary course of their respective
businesses.

 

“Business
Day” means any day other than a Saturday, Sunday or any other day on which commercial banking institutions in the City
of New York or other place of payment are required or authorized by law or other governmental action to be closed.

 

“Capital
Stock” means:

 

(1)          with
respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents (however designated
and whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such Person and including
any warrants, options or rights to acquire any of the foregoing and instruments convertible into any of the foregoing;

 

(2)          with
respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such Person;
and

 

(3)          any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person,

 

but excluding from all of the foregoing
clauses (1), (2) and (3) any debt securities convertible into Capital Stock, whether or not such debt securities
include any right of participation with Capital Stock.

 

“Cash
Equivalents” means:

 

(1)          marketable
direct obligations issued by, or unconditionally guaranteed by, the United States Government or issued by any agency thereof and
backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition thereof;

 

(2)          marketable
direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public
instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, having
one of the three highest ratings obtainable from either S&P or Moody’s;

 

    11

     

    

 

(3)          commercial
paper maturing no more than one year from the date of creation thereof and, at the time of acquisition, having one of the two
highest ratings obtainable from Moody’s or S&P;

 

(4)          certificates
of deposit or bankers’ acceptances maturing within one year from the date of acquisition thereof or demand deposit accounts
and Eurodollar time deposits and overnight bank deposits issued by any bank organized under the laws of the United States of America
or any state thereof or the District of Columbia or any United States branch of a foreign bank having at the date of acquisition
thereof combined capital and surplus of not less than $100 million;

 

(5)          repurchase
obligations with a term of not more than seven days for underlying securities of the types described in clauses (1), (2) or
(4) above entered into with any bank meeting the qualifications specified in clause (4) above;

 

(6)          deposits
in money market funds investing in instruments of the type specified in clauses (1) through (5) above; and

 

(7)          money
market mutual or similar funds having assets in excess of $100 million.

 

“Change
of Control” means the occurrence of one or more of the following events:

 

(1)          any
sale, lease, exchange or other transfer (other than pursuant to a merger or consolidation), in one transaction or a series of
related transactions), of all or substantially all of the assets of the Company to any Person or group as such terms are used
in Section 13(d) and 14(d) of the Exchange Act, other than the Company or a Restricted Subsidiary;

 

(2)          the
approval by the Company of any plan or proposal for the liquidation or dissolution of the Company (whether or not otherwise in
compliance with the provisions of this Indenture); or

 

(3)          any
transaction as a result of which any Person or group shall become the beneficial owner (as defined in Rule 13d-3 of the Exchange
Act, except that a Person or group shall be deemed to be a beneficial owner of all securities such Person or group shall have
the right to acquire or vote within one year), directly or indirectly, of more than 50% of the Voting Stock of the Company, other
than any such transaction in which the outstanding Capital Stock of the Company is changed into or exchanged for Capital Stock
of the surviving Person or any parent thereof that collectively represents at least 50% of the aggregate total Voting Stock of
the surviving Person or such parent immediately following such transaction.

 

Notwithstanding the foregoing, (a) a
transaction will not be deemed to involve a Change of Control if (i) the Company becomes a direct or indirect wholly owned
subsidiary of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such holding company immediately
following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to
that transaction or (B) immediately following that transaction no Person (other than a holding company satisfying the requirements
of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company;
(b) the right to acquire Voting Stock (so long as such person does not have the right to direct the voting of the Voting
Stock subject to such right) or any veto power in connection with the acquisition or disposition of Voting Stock will not cause
a party to be a beneficial owner and (c) a Change of Control shall not be deemed to occur upon the consummation of the Merger
Transaction or any actions undertaken by the Company or any Restricted Subsidiary solely for the purpose of changing the legal
structure of the Company or such Restricted Subsidiary.

 

    12

     

    

 

“Change
of Control Offer” has the meaning set forth in Section 4.13(a).

 

“Change
of Control Payment” has the meaning set forth in Section 4.13(a).

 

“Change
of Control Payment Date” has the meaning set forth in Section 4.13(b)(2).

 

“Change
of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Decline.

 

“Commission”
means the Securities and Exchange Commission.

 

“Commodity
Agreements” means, with respect to any Person, any futures contract, forward contract, commodity swap agreement, commodity
option agreement, hedging agreements and other agreements or arrangements or any combination thereof entered into by such Person
in respect of Hydrocarbons purchased, used, produced, processed or sold by such Person or its Subsidiaries that are customary
in the Crude Oil and Natural Gas Business and that are designed to manage the risks of Hydrocarbon price fluctuations.

 

“Common
Stock” of any Person means any and all shares, interests or other participations in, and other equivalents (however
designated and whether voting or non-voting) of such Person’s common stock, whether outstanding on the Issue Date or issued
after the Issue Date, and includes, without limitation, all series and classes of such common stock.

 

“Company”
means the party named as such in this Indenture until a successor replaces it pursuant to the applicable provisions hereof and,
thereafter, means the successor.

 

“Company
Properties” means all Properties, and equity, partnership or other ownership interests therein, that are related or
incidental to, or used or useful in connection with, the conduct or operation of any business activities of the Company or the
Subsidiaries, which business activities are not prohibited by the terms of this Indenture.

 

“Company
Request” or “Company Order” means a written request or order signed in the name of the Company by
any two of the following: a Chairman of the Board, a Chief Executive Officer, a President, a Vice President, a Treasurer, an Assistant
Treasurer, its Secretary or an Assistant Secretary of the Company, or any other officer or officers of the Company designated
in writing by or pursuant to authority of the Board of Directors and delivered to the Trustee from time to time.

 

    13

     

    

 

“Consolidated
EBITDAX” means, for any period, the sum (without duplication) of:

 

(1)            Consolidated
Net Income; and

 

(2)            to
the extent Consolidated Net Income has been reduced thereby:

 

(a)          all
income taxes of the Company and its Restricted Subsidiaries paid or accrued in accordance with GAAP for such period;

 

(b)            Consolidated
Interest Expense;

 

(c)            the
amount of any Preferred Stock dividends paid by the Company and its Restricted Subsidiaries; and

 

(d)            Consolidated
Non-cash Charges or consolidated exploration expense,

 

less
any non-cash items increasing Consolidated Net Income for such period (other than accruals of revenue in the ordinary
course of business), all as determined on a consolidated basis for the Company and its Restricted Subsidiaries in accordance with
GAAP.

 

“Consolidated
EBITDAX Coverage Ratio” means, with respect to the Company, the ratio of (i) Consolidated EBITDAX of the Company
during the four full fiscal quarters for which financial information in respect thereof is available (the “Four Quarter
Period”) ending on or prior to the date of the transaction giving rise to the need to calculate the Consolidated EBITDAX
Coverage Ratio (the “Transaction Date”) to (ii) Consolidated Fixed Charges of the Company for the Four
Quarter Period. In addition to and without limitation of the foregoing, for purposes of this definition, “Consolidated
EBITDAX” and “Consolidated Fixed Charges” shall be calculated after giving effect (without duplication)
on a pro forma basis for the period of such calculation to:

 

(1)            the
incurrence or repayment of any Indebtedness or issuance of Preferred Stock of the Company or any of its Restricted Subsidiaries
(and the application of the proceeds thereof) giving rise to the need to make such calculation and any incurrence or repayment
of other Indebtedness or issuance of other Preferred Stock (and the application of the proceeds thereof), other than the incurrence
or repayment of indebtedness in the ordinary course of business for working capital purposes pursuant to working capital facilities,
occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior
to the Transaction Date, as if such incurrence or repayment, as the case may be (and the application of the proceeds thereof),
occurred on the first day of the Four Quarter Period; and

 

(2)            any
Asset Sales (and the application of the proceeds thereof) or Asset Acquisitions by the Company or any Restricted Subsidiary (or
by any Person acquired by the Company or any Restricted Subsidiary) (including, without limitation, any Asset Acquisition giving
rise to the need to make such calculation as a result of the Company or one of its Restricted Subsidiaries (including any Person
who becomes a Restricted Subsidiary as a result of the Asset Acquisition) incurring Acquired Indebtedness, and also including,
without limitation, any Consolidated EBITDAX attributable to the assets which are the subject of the Asset Acquisition or Asset
Sale (and the application of the proceeds thereof) during the Four Quarter Period) occurring during the Four Quarter Period or
at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such Asset Sale
(and the application of the proceeds thereof) or Asset Acquisition (including the incurrence, assumption or liability for any
such Acquired Indebtedness) occurred on the first day of the Four Quarter Period.

 

    14

     

    

 

For purposes of this
definition, (a) any Person that is a Restricted Subsidiary on the Transaction Date will be deemed to have been a Restricted
Subsidiary at all times during the Four Quarter Period; and (b) any Person that is not a Restricted Subsidiary on the Transaction
Date will be deemed not to have been a Restricted Subsidiary at any time during the Four Quarter Period. If the Company or any
of its Restricted Subsidiaries directly or indirectly guarantees Indebtedness of a third Person, the preceding paragraph shall
give effect to the incurrence of such guaranteed Indebtedness as if the Company or the Restricted Subsidiary, as the case may
be, had directly incurred or otherwise assumed such guaranteed Indebtedness.

 

For purposes of this
definition, whenever pro forma effect is to be given to an acquisition or disposition of assets or any other event in connection
with any calculation, the pro forma calculations shall be determined in good faith by a responsible financial or accounting
officer of the Company (including pro forma expense and cost reductions and any pro forma expense and cost reductions
that have occurred or are reasonably expected to occur, in the reasonable judgment of the chief financial officer of the Company
(regardless of whether those cost savings or operating improvements could then be reflected in pro forma financial statements
in accordance with Regulation S-X promulgated under the Securities Act or any regulation or policy of the Commission related thereto)).

 

Furthermore, in calculating
 “Consolidated Fixed Charges” for purposes of determining the “Consolidated EBITDAX Coverage Ratio”:

 

(1)            interest
on outstanding Indebtedness determined on a fluctuating basis as of the Transaction Date and which will continue to be so determined
thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness
in effect on the Transaction Date;

 

(2)          if
interest on any Indebtedness actually incurred on the Transaction Date may optionally be determined at an interest rate based
upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect
on the Transaction Date will be deemed to have been in effect during the Four Quarter Period; and

 

(3)          notwithstanding
clauses (1) and (2) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest
is covered by agreements relating to Interest Rate Agreements, shall be deemed to accrue at the rate per annum resulting after
giving effect to the operation of such agreements.

 

    15

     

    

 

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

 

(1)            Consolidated
Interest Expense (including any premium or penalty paid in connection with redeeming or retiring Indebtedness of the Company and
its Restricted Subsidiaries prior to the stated maturity thereof pursuant to the agreements governing such Indebtedness), plus

 

(2)            the
amount of all dividend payments on any series of Preferred Stock of the Company or any Restricted Subsidiary (other than dividends
paid in Qualified Capital Stock and other than to the Company or any Restricted Subsidiary) paid, accrued or scheduled to be paid
or accrued during such period.

 

“Consolidated
Interest Expense” means, with respect to the Company for any period, the sum of, without duplication:

 

(1)            the
aggregate of the interest expense of the Company and its Restricted Subsidiaries for such period determined on a consolidated basis
in accordance with GAAP, including without limitation, (a) any amortization of original issue discount and debt issuance cost,
(b) the net costs, losses or gains under Interest Rate Agreements, (c) all capitalized interest, and (d) the interest
portion of any deferred payment obligation, plus

 

(2)            the
interest component of Finance Lease Obligations paid, accrued and/or scheduled to be paid or accrued by the Company and its Restricted
Subsidiaries during such period, as determined on a consolidated basis in accordance with GAAP, minus

 

(3)            to
the extent included above, write-off of deferred financing costs and interest attributable to Dollar-Denominated Production Payments.

 

“Consolidated
Net Income” means, with respect to the Company for any period, the aggregate net income (or loss) of the Company and
its Restricted Subsidiaries for such period on a consolidated basis, determined in accordance with GAAP; provided, however,
that there shall be excluded therefrom:

 

(1)            any
net after-tax gains (or losses) from Asset Sales or abandonments or reserves relating thereto;

 

(2)            any
net after-tax extraordinary or nonrecurring gains (or losses) and any net after-tax gain or loss realized upon the sale or other
disposition of any Capital Stock of any Person;

 

(3)            the
net income (but not loss) of any Restricted Subsidiary to the extent that the declaration of dividends or similar distributions
by that Restricted Subsidiary of that income is restricted by charter, contract, operation of law or otherwise;

 

(4)            the
net income of any Person in which the Company has an interest, other than a Restricted Subsidiary, except to the extent of cash
dividends or distributions actually paid to the Company or to a Restricted Subsidiary by such Person (and provided that the Company’s
equity in a net loss of any such Person for such period shall not be included in determining such Consolidated Net Income, except
to the extent of the aggregate cash actually contributed to such Person by the Company or a Restricted Subsidiary during such period);

 

    16

     

    

 

(5)            (a) any
net after-tax income or loss attributable to discontinued operations (including, without limitation, operations disposed of during
such period whether or not such operations were classified as discontinued) and (b) any income or loss attributable to any
Person acquired in any pooling-of-interests transaction for any period prior to the date of such acquisition;

 

(6)            in
the case of a successor to the Company by consolidation or merger or as a transferee of the Company’s assets, any net income
(or loss) of the successor corporation prior to such consolidation, merger or transfer of assets;

 

(7)            any
non-cash charges related to a ceiling test write-down under GAAP;

 

(8)            any
unrealized non-cash gains or losses or charges in respect of Interest Rate Agreements, Currency Agreements or Commodity Agreements
(including those resulting from the application of SFAS 133);

 

(9)            any
non-cash compensation charge arising from any grant of stock, stock options or other equity-based awards, in accordance with GAAP;

 

(10)          any
consolidated non-cash gains or losses arising from changes in GAAP standards or principles after the Issue Date or the cumulative
effect thereof;

 

(11)          all
net income or loss of Unrestricted Subsidiaries;

 

(12)          any
asset (including goodwill) impairment or writedown on or related to Crude Oil and Natural Gas Properties or other non-current assets
under applicable GAAP or Commission guidelines; and

 

(13)          any
non-cash or nonrecurring charges associated with any premium or penalty paid, write-off of deferred financing costs or other financial
recapitalization charges in connection with redeeming or retiring any Indebtedness prior to maturity.

 

“Consolidated
Net Worth” means, with respect to any specified Person as of any date, the sum of:

 

(1)            the
consolidated equity of the common stockholders of such Person and its consolidated Subsidiaries as of such date; plus

 

(2)            the
respective amounts reported on such Person’s balance sheet as of such date with respect to any series of Preferred Stock
(other than Disqualified Stock) that by its terms is not entitled to the payment of dividends unless such dividends may be declared
and paid only out of net earnings in respect of the year of such declaration and payment, but only to the extent of any cash received
by such Person upon issuance of such Preferred Stock.

 

    17

     

    

 

“Consolidated
Non-cash Charges” means, with respect to the Company, for any period, the aggregate depreciation, depletion, amortization,
impairment and other non-cash charges or expenses of the Company and its Restricted Subsidiaries reducing Consolidated Net Income
of the Company for such period, determined on a consolidated basis in accordance with GAAP (excluding any such charge which requires
an accrual of or a reserve for cash charges for any future period).

 

“consolidation”
means, with respect to any Person, the consolidation of the accounts of the Restricted Subsidiaries of such Person with those of
such Person, all in accordance with GAAP; provided, however, that “consolidation” will not include consolidation
of the accounts of any Unrestricted Subsidiary of such Person with the accounts of such Person. The term “consolidated”
has a correlative meaning to the foregoing.

 

“Corporate
Trust Office” means the office of the Trustee at which at any particular time, its corporate trust business with respect
to this Indenture shall be administered, which office at the date hereof is located at 185 Asylum Street, 27th Floor,
Hartford, CT 06103, Attention: Global Corporate Trust, or such other address as the Trustee may designate from time to time by
notice to the Holders and the Company, or the office of any successor Trustee designated from time to time by written notice to
the Holders and the Company.

 

“Covenant
Defeasance” has the meaning set forth under Article 9.

 

“Credit
Facility” means one or more debt facilities or other financing arrangements (including, without limitation, the Senior
Credit Facility), commercial paper facilities, letters of credit facilities, bankers’ acceptances or indentures, in each
case with banks or other institutional lenders that engage in making bank loans or similar extensions of credit in the ordinary
course, providing for revolving credit loans, term loans, letters of credit, bankers’ acceptances or other borrowings, in
each case, as amended, restated, modified, renewed, extended, refunded, replaced (whether upon or after termination or otherwise)
or refinanced (in each case, without limitation as to amount), in whole or in part, from time to time.

 

“Crude
Oil and Natural Gas Business” means:

 

(1)            the
acquisition, exploration, exploitation, development, operation, production, hedging, swapping and disposition of interests in oil,
natural gas and other Hydrocarbon properties and assets;

 

(2)            the
gathering, marketing, treating, processing, storage, refining, hedging, swapping, selling and transporting of any production from
such interests, properties or assets (or interests, properties or assets of others) and products produced in association therewith;
and

 

(3)            activities
arising from, relating to or necessary, appropriate, ancillary, complementary or incidental to the foregoing.

 

“Crude
Oil and Natural Gas Properties” means all Properties, including equity or other ownership interests therein, owned by
any Person which contain or have been assigned “proved oil and gas reserves,” as defined in Rule 4-10 of Regulation
S-X of the Securities Act.

 

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“Crude
Oil and Natural Gas Related Assets” means any Investment or capital expenditure (but not including additions to working
capital or repayments of any revolving credit or working capital borrowings) by the Company or any Subsidiary of the Company which
is related to the business of the Company and its Subsidiaries as it is conducted on the date of the Asset Sale giving rise to
the Net Cash Proceeds to be reinvested.

 

“Currency
Agreement” means, with respect to any Person, any foreign exchange contract, currency swap agreement, currency futures
contract, currency option contract or other similar agreement or arrangement to which such Person is a party or beneficiary.

 

“Default”
means an event or condition the occurrence of which is, or with the lapse of time or the giving of notice or both would be, an
Event of Default.

 

“Defeasance”
means Covenant Defeasance or Legal Defeasance.

 

“Definitive
Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Article 12
hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and
shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

 

“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in the form of one or more Global Notes, a clearing agency
that is designated to act as depositary of the Notes as contemplated by Section 1.01 and specified in Section 2.05
as the Depositary with respect to the Notes and any and all successors thereto appointed as Depositary hereunder and having become
such pursuant to this Indenture.

 

“Disqualified
Stock” means that portion of any Capital Stock which, by its terms (or by the terms of any security into which it is
convertible or for which it is exchangeable), or upon the happening of any event, matures or is mandatorily redeemable (other than
in exchange for Capital Stock of such Person that is not itself Disqualified Stock) or is convertible or exchangeable at the option
of the holder for Indebtedness or Disqualified Stock, pursuant to a sinking fund obligation or otherwise, or is mandatorily redeemable
at the sole option of the holder thereof (other than in exchange for Capital Stock of such Person that is not itself Disqualified
Stock) or is convertible or exchangeable at the option of the holder for Indebtedness or Disqualified Stock, in whole or in part,
in either case, on or prior to the final stated maturity of the Notes; provided, however, that any Capital Stock
that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person
to purchase or redeem such Capital Stock upon the occurrence of an “asset sale” or “change of control”
occurring prior to the final stated maturity of the Notes shall not constitute Disqualified Stock if:

 

(1)            the
 “asset sale” or “change of control” provisions applicable to such Capital Stock are not more favorable
to the holders of such Capital Stock than the terms applicable to the Notes and described under Sections 4.08 and 4.13;
and

 

(2)            any
such requirement only becomes operative after compliance with such terms applicable to the Notes, including the purchase of any
Notes tendered pursuant thereto (or concurrently therewith; provided that all of the Notes validly tendered for purchase
and not withdrawn pursuant to the requirements described under Section 4.08 or 4.13 are so purchased).

 

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The amount of any Disqualified
Stock that does not have a fixed redemption, repayment or repurchase price will be calculated in accordance with the terms of such
Disqualified Stock as if such Disqualified Stock were redeemed, repaid or repurchased on any date on which the amount of such Disqualified
Stock is to be determined pursuant to this Indenture; provided, however, that if such Disqualified Stock could not
be required to be redeemed, repaid or repurchased at the time of such determination, the redemption, repayment or repurchase price
will be the book value of such Disqualified Stock as reflected in the most recent financial statements of such Person.

 

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

 

“Equity
Offering” means an offering of Qualified Capital Stock of the Company, including any Public Equity Offerings and any
non-public, unregistered offering or private placement of such Qualified Capital Stock, or any contribution to capital of the Company
in respect of Qualified Capital Stock of the Company.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto.

 

“Fair
Market Value” means, with respect to any asset or property, the price which would be paid in an arm’s-length, free
market transaction, for cash, between an informed and willing seller and an informed and willing buyer, neither of whom is under
undue pressure or compulsion to complete the transaction. Unless otherwise provided in this Indenture, Fair Market Value shall
be determined by an officer of the Company acting in good faith, which determination will be conclusive for all purposes under
this Indenture.

 

“Fall-Away
Period” has the meaning set forth in Section 4.05(b).

 

“Finance Lease
Obligation” means, as to any Person, an obligation that is required to be classified and accounted for as a capital lease
or finance lease for financial reporting purposes in accordance with GAAP (but excluding any obligation that is required to be
classified and accounted for as an operating lease for financial reporting purposes in accordance with GAAP as in effect on the
Issue Date), and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined
in accordance with GAAP; and the stated maturity thereof shall be the date of the last payment of rent or any other amount due
under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. For
purposes of the covenant described in Section 4.10, a Finance Lease Obligation will be deemed to be secured by a Lien
on the property being leased.

 

“Four Quarter
Period” has the meaning set forth in the definition of “Consolidated EBITDAX Coverage Ratio.”

 

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“GAAP”
means generally accepted accounting principles in the United States of America as in effect from time to time, including those
set forth in:

 

(1)            the
opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants;

 

(2)            statements
and pronouncements of the Financial Accounting Standards Board;

 

(3)            such
other statements by such other entity as approved by a significant segment of the accounting profession; and

 

(4)            the
rules and regulations of the Commission governing the inclusion of financial statements (including pro forma financial
statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements
in staff accounting bulletins and similar written statements from the accounting staff of the Commission.

 

“Global
Notes” means, individually and collectively, each of the Global Notes deposited with or on behalf of and registered in
the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global
Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance
with Section 1.02 and Article 12 hereof.

 

“Global
Note Legend” means the legend set forth in Section 12.03 hereof, which is required to be placed on all Global
Notes issued under this Indenture.

 

“guarantee”
means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any Person
and any obligation, direct or indirect, contingent or otherwise, of such Person:

 

(1)            to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such Person (whether arising by
virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay
or to maintain financial statement conditions or otherwise); or

 

(2)            entered
into for the purpose of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such
obligee against loss in respect thereof (in whole or in part);

 

provided,
however, that the term “guarantee” shall not include endorsements for collection or deposit in the ordinary
course of business or any obligation to the extent it is payable only in Qualified Capital Stock. The term “guarantee”
used as a verb has a corresponding meaning.

 

“HPR”
means HighPoint Resources Corporation, a Delaware corporation (formerly Red Rider Holdco, Inc.).

 

“HPO”
means HighPoint Operating Corporation (formerly Bill Barrett Corporation), a wholly owned subsidiary of HPR.

 

“HPR Senior
Notes” means HPO’s 8.75% Senior Notes due 2025 and 7.00% Senior Notes due 2022.

 

    21

     

    

 

“Holder”
means any Person that is the registered holder of a Note.

 

“Hydrocarbons”
means oil, natural gas, casing head gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous
hydrocarbons and all constituents, elements or compounds thereof and all products, by-products and all other substances (whether
or not hydrocarbon in nature) produced in connection therewith or refined, separated, settled or derived therefrom or the processing
thereof, and all other minerals and substances related to the foregoing, including, but not limited to, liquified petroleum gas,
natural gas, kerosene, sulphur, lignite, coal, uranium, thorium, iron, geothermal steam, water, carbon dioxide, helium, and any
and all other minerals, ores, or substances of value, and the products and proceeds therefrom, including, without limitation, all
gas resulting from the in-situ combustion of coal or lignite.

 

“incur”
has the meaning set forth under Section 4.06. Notwithstanding the foregoing, solely for purposes of determining compliance
with Section 4.06, the following will not be deemed to be incurrences of Indebtedness or issuances of Preferred Stock:

 

(1)            amortization
of debt discount or the accretion of principal with respect to a non-interest bearing or other discount security;

 

(2)            the
payment of regularly scheduled interest in the form of additional Indebtedness of the same instrument or the payment of regularly
scheduled dividends on Capital Stock in the form of additional Capital Stock of the same class and with the same terms;

 

(3)            the
obligation to pay a premium in respect of Indebtedness or Preferred Stock arising in connection with the issuance of a notice of
redemption or making of a mandatory offer to purchase such Indebtedness or Preferred Stock; and

 

(4)            unrealized
losses or charges in respect of hedging obligations (including those resulting from the application of SFAS 133).

 

“Indebtedness”
means with respect to any Person, without duplication:

 

(1)            the
principal in respect of (A) indebtedness of such Person for money borrowed and (B) indebtedness evidenced by notes, debentures,
bonds or other similar instruments for the payment of which such Person is responsible or liable, including, in each case, any
premium on such indebtedness to the extent such premium has become due and payable;

 

(2)            all
Finance Lease Obligations of such Person;

 

(3)            all
obligations of such Person representing the deferred purchase price of property, all conditional sale obligations of such Person
and all obligations under any title retention agreement (but excluding Trade Accounts Payable), to the extent such obligations
would appear as a liability upon the balance sheet of such Person in accordance with GAAP;

 

    22

     

    

 

(4)            all
obligations for the reimbursement of any obligor on any outstanding letter of credit, banker’s acceptance or similar credit
transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in
clauses (1) through (3) above) entered into in the ordinary course of business of such Person to the extent such
letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth Business
Day following payment on the letter of credit);

 

(5)            guarantees
and other contingent obligations in respect of Indebtedness referred to in this definition;

 

(6)            all
obligations of any other Person of the type referred to in clauses (1) through (5) above which are secured by any
Lien on any property or asset of such Person, the amount of such obligation being deemed to be the lesser of the Fair Market Value
of such property or asset and the amount of the obligation so secured;

 

(7)            all
net payment obligations under Commodity Agreements, Currency Agreements and Interest Rate Agreements;

 

(8)            all
Disqualified Stock issued by such Person with the “amount” or “principal amount” of Indebtedness represented
by such Disqualified Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed
redemption price or repurchase price; and

 

(9)            any
guarantee by such Person of production or payment with respect to (A) a Production Payment or (B) Production Payments
and Reserve Sales;

 

provided,
however, that any indebtedness which has been defeased in accordance with GAAP or defeased pursuant to the deposit of cash
or Cash Equivalents (in an amount sufficient to satisfy all such indebtedness obligations at maturity or redemption, as applicable,
and all payments of interest and premium, if any) in a trust or account created or pledged for the sole benefit of the holders
of such indebtedness, and subject to no other Liens, and the other applicable terms of the instrument governing such indebtedness,
shall not constitute “Indebtedness.”

 

For purposes hereof,
the “maximum fixed repurchase price” of any Disqualified Stock which does not have a fixed repurchase price shall be
calculated in accordance with the terms of such Disqualified Stock as if such Disqualified Stock were purchased on any date on
which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured
by, the Fair Market Value of such Disqualified Stock, such Fair Market Value shall be determined reasonably and in good faith by
the Company. Notwithstanding the foregoing, (i) accrued expenses and Trade Accounts Payable arising in the ordinary course
of business shall not constitute “Indebtedness” and (ii) except as expressly provided in clause (9) above,
Production Payments and Reserve Sales shall not constitute “Indebtedness.”

 

Any obligation of a
Person in respect of a farm-in agreement or similar arrangement whereby such Person agrees to pay all or a share of the drilling,
completion or other expenses of an exploratory or development well (which agreement may be subject to maximum payment obligations,
after which expenses are shared in accordance with the working or participation interest therein or in accordance with the agreement
of the parties) or perform the drilling, completion or other operation on such well in exchange for an ownership interest in an
oil or gas property shall not constitute Indebtedness.

 

    23

     

    

 

Notwithstanding the
foregoing, in connection with the acquisition or disposition of any business, assets or Capital Stock of a Restricted Subsidiary
or the Company, “Indebtedness” will exclude any obligations arising from agreements of the Company or any of its Restricted
Subsidiaries providing for indemnification, guarantees (other than guarantees of Indebtedness), adjustment of purchase price, holdbacks,
contingent payment obligations based on a final financial statement or performance of acquired or disposed of assets or similar
obligations, in each case, incurred or assumed in connection with such acquisition or disposition.

 

The “amount”
or “principal amount” of Indebtedness at any time of determination as used herein shall, except as set forth below,
be determined in accordance with GAAP:

 

(1)            the
 “amount” or “principal amount” of any Indebtedness issued at a price that is less than the principal amount
at maturity thereof shall be the accreted value thereof;

 

(2)            the
 “amount” or “principal amount” of any Finance Lease Obligation shall be the amount determined in accordance
with the definition thereof;

 

(3)            the
 “amount” or “principal amount” of any Preferred Stock shall be the greater of its voluntary or involuntary
liquidation preference and its maximum fixed redemption price or repurchase price;

 

(4)            the
 “amount” or “principal amount” of any Interest Rate Agreements included in the definition of Permitted
Indebtedness shall be zero;

 

(5)            the
 “amount” or “principal amount” of all other unconditional obligations shall be the amount of the liability
thereof determined in accordance with GAAP; and

 

(6)            the
 “amount” or “principal amount” of all other contingent obligations shall be the maximum liability at such
date of such Person.

 

“Indenture”
means this Indenture, as amended or supplemented from time to time in accordance with the terms hereof.

 

“Independent
Advisor” means a reputable accounting, appraisal or nationally recognized investment banking, engineering or consulting
firm (a) which does not, and whose directors, officers and employees or Affiliates do not, have a direct or indirect material
financial interest in the Company and (b) which, in the judgment of the Company, is otherwise disinterested, independent and
qualified to perform the task for which it is to be engaged.

 

“Initial
Notes” means the first $[•] million aggregate principal amount of Notes issued under this Indenture on the date
hereof.

 

    24

     

    

 

“Interest
Rate Agreements” means, with respect to any Person, (i) any agreements of such Person with any other Person, whereby,
directly or indirectly, such Person is entitled to receive from time to time periodic payments calculated by applying either a
floating or a fixed rate of interest on a stated notional amount in exchange for periodic payments made by such other Person calculated
by applying a fixed or a floating rate of interest on the same notional amount and (ii) any interest rate protection agreements,
interest rate future agreements, interest rate option agreements, agreements providing for interest rate swaps, caps, floors or
collars and similar agreements or arrangements to which such Person is a party or beneficiary.

 

“Investment”
means, with respect to any Person, any direct or indirect:

 

(1)            loan,
advance or other extension of credit (including, without limitation, a guarantee) or capital contribution (by means of any transfer
of cash or other property valued at the Fair Market Value thereof as of the date of transfer) to others or any payment for property
or services for the account or use of others;

 

(2)            purchase
or acquisition by such Person of any Capital Stock, bonds, notes, debentures or other securities (excluding any interest in a crude
oil or natural gas leasehold to the extent constituting a security under applicable law) or evidences of Indebtedness issued by
any other Person (whether by merger, consolidation, amalgamation or otherwise and whether or not purchased directly from the issuer
of such securities or evidences of Indebtedness);

 

(3)            guarantee
or assumption of the Indebtedness of any other Person (other than the guarantee or assumption of Indebtedness of such Person or
a Restricted Subsidiary of such Person which guarantee or assumption is made in compliance with the provisions of Section 4.06);
and

 

(4)            other
items that would be classified as investments on a balance sheet of such Person prepared in accordance with GAAP.

 

Notwithstanding the
foregoing, “Investment” shall exclude direct or indirect advances or payments to customers or suppliers in the ordinary
course of business that are, in conformity with GAAP, recorded as accounts receivable, prepaid expenses or deposits on a balance
sheet, endorsements for collection or deposits arising in the ordinary course of business, any loan or extension of credit represented
by a bank deposit other than a time deposit, any interest in an oil or gas leasehold to the extent constituting a security under
applicable law and extensions of trade credit by the Company and its Restricted Subsidiaries on commercially reasonable terms in
accordance with normal trade practices of the Company or such Restricted Subsidiary, as the case may be. The amount of any Investment
shall be its Fair Market Value at the time the Investment is made and shall not be adjusted for increases or decreases in value,
or write-ups, write-downs or write-offs with respect to such Investment. If the Company or any Restricted Subsidiary sells or otherwise
disposes of any Capital Stock of any Restricted Subsidiary such that, after giving effect to any such sale or disposition, it ceases
to be a Subsidiary of the Company, the Company shall be deemed to have made an Investment on the date of any such sale or disposition
equal to the Fair Market Value of the Capital Stock of such Restricted Subsidiary not sold or disposed of.

 

“Investment
Grade Rating” means a Moody’s rating of Baa3 or higher and an S&P rating of BBB- or higher or, if either such
Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade credit
rating from any other Rating Agency.

 

    25

     

    

 

“Issue
Date” means the date of original issuance of the Notes (excluding, for such purpose any Additional Notes).

 

“Legal
Defeasance” has the meaning set forth under Article 9.

 

“Lien”
means any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional
sale or other title retention agreement, any lease in the nature thereof and any agreement to give any security interest).

 

“Merger
Transaction” means the Agreement of Plan and Merger, dated as of November 9, 2020, by and among the Company, Boron
Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company, and HPR and all related documents and
agreements, in each case as amended, and all transactions contemplated thereby.

 

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

 

“Net
Cash Proceeds” means, with respect to any Asset Sale, the aggregate proceeds in the form of cash or Cash Equivalents
including payments in respect of deferred payment obligations when received in the form of cash or Cash Equivalents received by
the Company or any of its Restricted Subsidiaries from such Asset Sale net of (a) reasonable out-of-pocket expenses and fees
relating to such Asset Sale (including, without limitation, legal, accounting, reservoir engineering and investment banking fees
and sales commissions and title expenses), (b) taxes (including secondary tax expenses) paid or payable or taxes required
to be accrued as a liability under GAAP after taking into account any reduction in consolidated tax liability due to available
tax credits or deductions and any tax sharing arrangements, (c) repayment of Indebtedness or Preferred Stock that is required
to be repaid in connection with such Asset Sale or that is secured by any assets subject to such Asset Sale, in accordance with
the terms of any Lien upon such assets, (d) appropriate amounts to be provided by the Company or any Restricted Subsidiary,
as the case may be, as a reserve, in accordance with GAAP, against any post closing adjustments or liabilities associated with
such Asset Sale and retained by the Company or any Restricted Subsidiary, as the case may be, after such Asset Sale, including,
without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities
under any indemnification obligations associated with such Asset Sale, and (e) all distributions and other payments required
to be made to minority interest holders in Restricted Subsidiaries as a result of such Asset Sale.

 

“Net
Proceeds Offer” has the meaning set forth in Section 4.08.

 

“Net
Proceeds Offer Amount” has the meaning set forth in Section 4.08.

 

“Net
Proceeds Offer Payment Date” has the meaning set forth in Section 4.08.

 

“Net
Proceeds Offer Trigger Date” has the meaning set forth in Section 4.08.

 

    26

     

    

 

“Net
Working Capital” means all current assets (other than current assets from Commodity Agreements) of the Company and its
consolidated Subsidiaries, minus all current liabilities of the Company and its consolidated Subsidiaries, except current
liabilities included in Indebtedness and any current liabilities from Commodity Agreements, in each case as set forth in financial
statements of the Company prepared in accordance with GAAP (excluding any adjustments made pursuant to FAS 133); provided
that current assets and current liabilities shall exclude Consolidated Non-cash Charges.

 

“Notes”
has the meaning set forth in the preamble to this Indenture and shall include the Initial Notes and any Additional Notes authenticated
and delivered in accordance with Section 1.03.

 

“Officers’
Certificate” means a certificate signed by any two of the following: a Chairman of the Board, a Chief Executive Officer,
a Chief Operating Officer, a Chief Financial Officer, a President, a Vice President, a Treasurer, an Assistant Treasurer, a Secretary
or an Assistant Secretary of the Company, or any other officer or officers of the Company designated in a writing by or pursuant
to authority of the Board of Directors and delivered to the Trustee from time to time.

 

“Opinion
of Counsel” means a written opinion of counsel, who may be an employee of or counsel for the Company or a Subsidiary
Guarantor, reasonably acceptable to the Trustee.

 

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

 

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

 

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

 

(3)            Notes
as to which Defeasance has been effected pursuant to Section 9.01; and

 

(4)            Notes
which have been paid pursuant to Section 1.07 or in exchange for or in lieu of which other Notes have been authenticated
and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the
Trustee proof satisfactory to it that such Notes are held by a protected purchaser in whose hands such Notes are valid obligations
of the Company.

 

“Pari
Passu Indebtedness” means any Indebtedness of the Company or any Subsidiary Guarantor that ranks pari passu in
right of payment with the Notes or such Subsidiary Guarantees, as applicable.

 

    27

     

    

 

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

 

“Paying
Agent” means any Person authorized by the Company to pay the principal of or any premium or interest on the Notes on
behalf of the Company.

 

“Permitted
Acquisition Indebtedness” means Indebtedness or Preferred Stock of the Company or any of its Restricted Subsidiaries
to the extent such Indebtedness or Preferred Stock was Indebtedness of:

 

(1)            a
Subsidiary prior to the date on which such Subsidiary became a Restricted Subsidiary; or

 

(2)            a
Person that was merged or consolidated into the Company or a Restricted Subsidiary prior to the date on which such Person was merged
or consolidated into the Company or a Restricted Subsidiary;

 

provided
that on the date such Subsidiary became a Restricted Subsidiary or the date such Person was merged or consolidated into the Company
or a Restricted Subsidiary or the date of such incurrence, as applicable, after giving pro forma effect thereto,

 

(a)            the
Company would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Consolidated EBITDAX Coverage Ratio
test described in Section 4.06(a);

 

(b)            the
Consolidated EBITDAX Coverage Ratio for the Company would be equal to or greater than the Consolidated EBITDAX Coverage Ratio for
the Company immediately prior to such transaction; or

 

(c)            the
Consolidated Net Worth of the Company would be equal to or greater than the Consolidated Net Worth of the Company immediately prior
to such transaction.

 

“Permitted
Indebtedness” means, without duplication, each of the following:

 

(1)            the
Notes issued on the Issue Date and any Subsidiary Guarantees of the Notes;

 

(2)            Indebtedness
of the Company or any Restricted Subsidiary incurred pursuant to the Credit Facilities; provided, however, that immediately
after giving effect to the incurrence of Indebtedness under the Credit Facilities, the aggregate principal amount of all Indebtedness
incurred under this clause (2) and then outstanding does not exceed the greater of (i) $550.0 million and (ii) the
Borrowing Base as in effect as of the date of such incurrence; provided, that any Indebtedness incurred under this clause (2) must
be secured on a basis that is or would be pari passu with the Senior Credit Facility as in effect on the date of this Indenture;

 

    28

     

    

 

(3)            Indebtedness
of a Restricted Subsidiary to, or Preferred Stock of a Restricted Subsidiary held by, the Company or to a Restricted Subsidiary
for so long as such Indebtedness or Preferred Stock is held by the Company or a Restricted Subsidiary, in each case subject to
no Lien held by a Person other than the Company or a Restricted Subsidiary; provided, however, that if as of any
date any Person other than the Company or a Restricted Subsidiary owns or holds any such Indebtedness or Preferred Stock or holds
a Lien in respect of such Indebtedness, such date shall be deemed the incurrence of the Indebtedness or issuance of the Preferred
Stock so held by a Person other than the Company or a Restricted Subsidiary not constituting Permitted Indebtedness under this
clause (3) by the issuer of such Indebtedness or Preferred Stock;

 

(4)            Indebtedness
(including any HPR Senior Notes acquired or assumed by the Company in connection with the Merger Transaction) or Preferred Stock
outstanding on the Issue Date (other than Indebtedness described in clause (1), (2) or (3));

 

(5)            the
guarantee by the Company or any Restricted Subsidiary of any Indebtedness that is (x) referred to in clause (2) or (4) or
(y) permitted by this Indenture to be incurred by the Company or any Restricted Subsidiary;

 

(6)            Interest
Rate Agreements of the Company or a Restricted Subsidiary covering Indebtedness of the Company or any of its Restricted Subsidiaries;
provided, however, that such Interest Rate Agreements are entered into to manage the exposure of the Company and
its Restricted Subsidiaries to fluctuations in interest rates with respect to Indebtedness incurred in accordance with this Indenture
to the extent the notional principal amount of such Interest Rate Agreements does not exceed the principal amount of the Indebtedness
to which such Interest Rate Agreements relate;

 

(7)            Indebtedness
of the Company to a Restricted Subsidiary for so long as such Indebtedness is held by a Restricted Subsidiary; provided,
however, that (i) any Indebtedness of the Company to any Restricted Subsidiary that is not a Subsidiary Guarantor is
unsecured and (ii) if as of any date any Person other than a Restricted Subsidiary owns or holds any such Indebtedness or
holds a Lien in respect of such Indebtedness, such date shall be deemed the incurrence of the Indebtedness so held by a Person
other than the Company not constituting Permitted Indebtedness under this clause (7) by the Company;

 

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

 

(9)            Indebtedness
of the Company or any of its Restricted Subsidiaries represented by (a) payment obligations in connection with self-insurance,
or bid, performance, appeal or surety bonds or similar bonds or for completion or performance guarantees or obligations or for
similar requirements in the ordinary course of business and any guarantees or letters of credit functioning as or supporting any
of the foregoing bonds or (b) obligations represented by letters of credit for the account of the Company or such Restricted
Subsidiary, as the case may be, in order to provide security for workers’ compensation claims;

 

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(10)          Refinancing
Indebtedness issued to Refinance Indebtedness incurred in accordance with Section 4.06 (other than pursuant to clauses (3),
(6), (7), (8), (9), (11), (12), (13), (14), (17) or (19) of this definition);

 

(11)          Finance
Lease Obligations and Purchase Money Indebtedness of the Company or any of its Restricted Subsidiaries incurred after the Issue
Date at any one time outstanding not to exceed the greater of (a) 2.0% of Adjusted Consolidated Net Tangible Assets determined
at the date of incurrence after giving pro forma effect to such incurrence and the application of proceeds thereof; and
(b) $100.0 million;

 

(12)          obligations
arising in connection with Commodity Agreements of the Company or a Restricted Subsidiary;

 

(13)          Indebtedness
under Currency Agreements; provided, however, that in the case of Currency Agreements which relate to Indebtedness,
such Currency Agreements do not increase the Indebtedness of the Company and its Restricted Subsidiaries outstanding other than
as a result of fluctuations in foreign currency exchange rates or by reason of fees, indemnities and compensation payable thereunder;

 

(14)          Indebtedness
relating to Hydrocarbon balancing positions arising in the ordinary course of business;

 

(15)          Indebtedness
of any of the Company and the Restricted Subsidiaries to the extent the net proceeds thereof are promptly (a) used to redeem
all of the Notes or (b) deposited to effect Covenant Defeasance or Legal Defeasance or satisfy and discharge this Indenture
as described below under Article 7 or Article 9;

 

(16)          Permitted
Acquisition Indebtedness;

 

(17)          Indebtedness
of the Company or any Restricted Subsidiary arising from guarantees of Indebtedness of joint ventures at any time outstanding not
to exceed the greater of (a) $40.0 million and (b) 1.0% of Adjusted Consolidated Net Tangible Assets determined as of
the date of incurrence of such Indebtedness after giving pro forma effect to such incurrence and the application of proceeds
thereof;

 

(18)          Indebtedness
consisting of the financing of insurance premiums in customary amounts consistent with the operations and business of the Company
and the Restricted Subsidiaries; and

 

(19)          additional
Indebtedness of the Company or any of its Restricted Subsidiaries, or the issuance by the Company of any Disqualified Stock or
by any Restricted Subsidiary of Preferred Stock, in an aggregate principal amount at any time outstanding not to exceed the greater
of (a) 2.5% of Adjusted Consolidated Net Tangible Assets determined at the date of incurrence of such Indebtedness or issuance
of such Disqualified Stock or Preferred Stock after giving pro forma effect to such incurrence or issuance and the application
of proceeds thereof; and (b) $150.0 million.

 

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In the event that an
item of Indebtedness or Preferred Stock or proposed Indebtedness or Preferred Stock (including, without limitation, Acquired Indebtedness)
meets the criteria of more than one of the categories of Permitted Indebtedness described in clause (1) through (19)
above, or is entitled to be incurred under Section 4.06 even if not Permitted Indebtedness, the Company will be permitted
to classify or later reclassify (in whole or in part in its sole discretion) such item of Indebtedness or Preferred Stock in any
manner (including by dividing and classifying such item of Indebtedness or Preferred Stock in more than one type of Indebtedness
or Preferred Stock permitted under such covenant) that complies with that covenant. Indebtedness or Preferred Stock permitted by
such covenant need not be permitted solely by reference to one provision permitting such Indebtedness or Preferred Stock but may
be permitted in part by one such provision and in part by one or more other provisions permitting such Indebtedness or Preferred
Stock. The dollar equivalent principal amount of any Indebtedness denominated in a foreign currency and incurred pursuant to any
dollar-denominated restriction on the incurrence of Indebtedness shall be calculated based on the relevant currency exchange rate
in effect on the date that such Indebtedness was incurred, in the case of term Indebtedness, or first committed, in the case of
revolving credit Indebtedness; provided that if such Indebtedness is incurred to Refinance other Indebtedness denominated
in a foreign currency, and such Refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated
at the relevant currency exchange rate in effect on the date of such Refinancing, such U.S. dollar-denominated restriction shall
be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal
amount of such Indebtedness being Refinanced (plus the amount of any premium required to be paid under the terms of the instrument
governing such Indebtedness being Refinanced and plus the amount of reasonable fees and expenses incurred by the Company and its
Restricted Subsidiaries in connection with such Refinancing). Notwithstanding any other provision of this definition, the maximum
amount of Indebtedness that the Company and the Restricted Subsidiaries may incur under such definition shall not be deemed to
be exceeded solely as a result of fluctuations in the exchange rates of currencies. The principal amount of any Indebtedness incurred
to Refinance other Indebtedness, if incurred in a different currency from the Indebtedness being Refinanced, shall be calculated
based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that is
in effect on the date of such Refinancing.

 

“Permitted
Industry Investments” means any Investment made in the ordinary course of the business of the Company or any Restricted
Subsidiary or that is of a nature that is or shall have become of a kind or character that is customarily made in the Crude Oil
and Natural Gas Business, including, without limitation, investments or expenditures for exploiting, exploring for, acquiring,
developing, producing, processing, refining, gathering, marketing or transporting Hydrocarbons through agreements, transactions,
properties, interests or arrangements which permit one to share or transfer risks or costs, comply with regulatory requirements
regarding local ownership or otherwise or satisfy other objectives customarily achieved through the conduct of the Crude Oil and
Natural Gas Business jointly with third parties, including, without limitation:

 

(1)            capital
expenditures, including, without limitation, acquisitions of Company Properties and interests therein;

 

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(2)            entry
into, and Investments in the form of or pursuant to, operating agreements, joint ventures, working interests, royalty interests,
mineral leases, unitization agreements, processing agreements, farm-in agreements, farm-out agreements, pooling arrangements, contracts
for the sale, transportation, storage or exchange of Hydrocarbons and minerals, production sharing agreements, production sales
and marketing agreements, development agreements, area of mutual interest agreements, unitization agreements, pooling arrangements,
joint bidding agreements, service contracts, joint venture agreements, partnership agreements (whether general or limited), limited
liability company agreements, subscription agreements, stock purchase agreements, stockholder agreements, oil or gas leases, overriding
royalty agreements, net profits agreements, production payment agreements, royalty trust agreements, incentive compensation programs
on terms that are reasonably customary in the Crude Oil and Natural Gas Business for geologists, geophysicists and other providers
of technical services to the Company or any Restricted Subsidiary, operating agreements, division orders, participation agreements,
master limited partnership agreements, contracts for the sale, purchase, exchange, transportation, gathering, processing, marketing
or storage of Hydrocarbons, communitizations, declarations, orders and agreements, gas balancing or deferred production agreements,
injection, repressuring and recycling agreements, salt water or other disposal agreements, seismic or geophysical permits or agreements,
development agreements or other similar or customary agreements, transactions, properties, interests or arrangements, and Investments
and expenditures (including, without limitation, capital expenditures) in connection therewith or pursuant thereto, Asset Swaps,
and exchanges of Company Properties for other Company Properties that, together with any cash and Cash Equivalents in connection
therewith, are of at least equivalent value as determined in good faith by the Company;

 

(3)            ownership
interests in oil, gas or other Hydrocarbon or mineral properties and interests therein, liquid natural gas facilities, drilling
operations, processing facilities, refineries, gathering systems, pipelines, storage facilities, related systems or facilities,
ancillary real property interests and interests therein; and

 

(4)            Investments
of operating funds on behalf of co-owners of Crude Oil and Natural Gas Properties of the Company or the Subsidiaries pursuant to
joint operating agreements.

 

“Permitted
Investments” means:

 

(1)            Investments
by the Company or any Restricted Subsidiary in any Person that is or will become immediately after such Investment a Restricted
Subsidiary or that will merge or consolidate into the Company or a Restricted Subsidiary;

 

(2)            Investments
in the Company by any Restricted Subsidiary; provided, however, that any Indebtedness evidencing any such Investment
held by a Restricted Subsidiary that is not a Subsidiary Guarantor is unsecured;

 

(3)            Investments
in cash and Cash Equivalents;

 

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(4)            Investments
made by the Company or its Restricted Subsidiaries as a result of consideration received in connection with an Asset Sale made
in compliance with Section 4.08;

 

(5)            Permitted
Industry Investments, including prepayments, advances and deposits paid with respect thereto;

 

(6)            Investments
to the extent that Qualified Capital Stock of the Company is the consideration paid or provided by the Company;

 

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

 

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

 

(9)            loans
or advances to officers, directors or employees made in the ordinary course of business consistent with past practices of the Company
or such Restricted Subsidiary and otherwise in compliance with Section 4.11;

 

(10)          stock,
obligations or securities received in settlement of debts created in the ordinary course of business and owing to the Company or
any Restricted Subsidiary or in satisfaction of judgments or in settlement of litigation, arbitration or other disputes with Persons
who are not Affiliates;

 

(11)          Investments
in any Person where such Investment was acquired by the Company or any of its Restricted Subsidiaries (a) in exchange for
any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary in connection with or as a result
of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable or (b) as
a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment or other
transfer of title with respect to any secured Investment in default;

 

(12)          Investments
in any Person to the extent such Investments consist of prepaid expenses, negotiable instruments held for collection and lease,
utility and workers’ compensation, performance and other similar deposits made in the ordinary course of business by the
Company or any Restricted Subsidiary;

 

(13)          Investments
in any Person to the extent such Investments consist of Commodity Agreements, Interest Rate Agreements or Currency Agreements
otherwise permitted under Section 4.06;

 

(14)          Investments
that are in existence on the Issue Date, and any extension, modification or renewal of any such Investments, but only to the extent
not involving additional advances, contributions or other Investments of cash or other assets or other increases of such Investments
(other than as a result of the accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities,
in each case, pursuant to the terms of such Investments as in effect on the Issue Date);

 

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(15)          guarantees
of performance or other obligations (other than Indebtedness) arising in the ordinary course in the Crude Oil and Natural Gas Business,
including obligations under oil and natural gas exploration, development, joint operating, and related agreements and licenses
or concessions related to the Crude Oil and Natural Gas Business;

 

(16)          Investments
of a Restricted Subsidiary acquired after the Issue Date or of any entity merged into or consolidated with the Company or a Restricted
Subsidiary in accordance with Article 5 to the extent that such Investments were not made in contemplation of or in
connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation;

 

(17)          repurchases
of or other Investments in the Notes;

 

(18)          Investments
in any units of any oil and gas royalty trust;

 

(19)          guarantees
of Indebtedness permitted under Section 4.06;

 

(20)          guarantees
by the Company or any of its Restricted Subsidiaries of operating leases (other than Finance Lease Obligations) or of other obligations
that do not constitute Indebtedness, in each case entered into in the ordinary course of business;

 

(21)          advances
and prepayments for asset purchases in the ordinary course of business in the Crude Oil and Natural Gas Business of the Company
or any of its Restricted Subsidiaries;

 

(22)          Investments
made pursuant to the Merger Transaction; and

 

(23)          additional
Investments made after the Issue Date having, when taken together with all other Investments made pursuant to this clause (23)
that are outstanding at the time of such additional Investment, an aggregate Fair Market Value (measured on the date each such
Investment was made and without giving effect to subsequent changes in value) not to exceed the greater of (a) $100.0 million
and (b) 2.0% of Adjusted Consolidated Net Tangible Assets determined at the time of such additional Investment.

 

With respect to any Investment, the Company
may, in its sole discretion, allocate all or any portion of such Investment to one or more of the above clauses so that the entire
Investment is a Permitted Investment.

 

“Permitted
Liens” means each of the following types of Liens:

 

(1)            Liens
existing as of the Issue Date (and any extensions, replacements or renewals thereof covering property or assets secured by such
Liens on the Issue Date);

 

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(2)            Liens
securing Indebtedness outstanding under the Credit Facilities permitted to be incurred pursuant to clause (2) of the definition
of “Permitted Indebtedness”;

 

(3)            Liens
securing the Notes and the Subsidiary Guarantees and other obligations arising under this Indenture;

 

(4)            Liens
of the Company or a Subsidiary Guarantor on assets of any Restricted Subsidiary;

 

(5)            Liens
securing Refinancing Indebtedness which is incurred to Refinance any Indebtedness which has been secured by a Lien permitted under
this Indenture and which has been incurred in accordance with the provisions of this Indenture; provided, however,
that such Liens do not extend to or cover any property or assets of the Company or any of its Restricted Subsidiaries not securing
the Indebtedness so Refinanced;

 

(6)            Liens
for taxes, assessments or governmental charges or claims either not delinquent or contested in good faith by appropriate proceedings
and as to which the Company or a Restricted Subsidiary, as the case may be, shall have set aside on its books such reserves as
may be required pursuant to GAAP;

 

(7)            statutory
and contractual Liens of landlords to secure rent arising in the ordinary course of business and Liens of carriers, warehousemen,
mechanics, suppliers, materialmen, repairmen and other Liens imposed by law incurred in the ordinary course of business for sums
not yet delinquent or being contested in good faith or other Liens arising solely by virtue of any statutory or common law provision
relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained
with a creditor depository institution; provided, however, that (A) such deposit account is not a dedicated
cash collateral account and is not subject to restrictions against access by the Company in excess of those set forth by regulations
promulgated by the Federal Reserve Board and (B) such deposit account is not intended by the Company or any Restricted Subsidiary
to provide collateral to the depository institution;

 

(8)            Liens
incurred or deposits made in the ordinary course of business (i) in connection with workers’ compensation, unemployment
insurance, social security or old age pension laws or other similar law, rule or regulation, including any Lien securing letters
of credit issued in the ordinary course of business consistent with past practice in connection therewith, (ii) to secure
the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and
return-of-money bonds and other similar obligations (including letters of credit in connection therewith but exclusive of obligations
for the payment of borrowed money), (iii) to secure public or statutory obligations of such Person including letters of credit
and bank guarantees required or requested by the United States, any State thereof or any foreign government or any subdivision,
department, agency, organization or instrumentality of any of the foregoing in connection with any contract or statute (including
lessee or operator obligations under statutes, governmental regulations, contracts or instruments related to the ownership, exploration
and production of oil, natural gas, other Hydrocarbons and minerals on State, Federal or foreign lands or waters) or (iv) deposits
of cash or United States government bonds to secure surety, stay, appeal, indemnity performance or other similar bonds to which
such Person is a party or deposits as security for contested taxes or indemnity performance or other similar bonds to which such
Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case incurred
in the ordinary course of business;

 

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(9)            judgment
and attachment Liens not giving rise to an Event of Default;

 

(10)          easements,
rights-of-way, licenses, zoning restrictions, restrictive covenants, minor imperfections in title and other similar charges or
encumbrances in respect of real property not interfering in any material respect with the ordinary conduct of the business of the
Company or any of its Restricted Subsidiaries;

 

(11)          any
interest or title of a lessor under any Finance Lease Obligation; provided that such Liens do not extend to any property
or assets which is not leased property subject to such Finance Lease Obligation;

 

(12)          Liens
securing Purchase Money Indebtedness of the Company or any Restricted Subsidiary; provided, however, that (i) the
Purchase Money Indebtedness shall not be secured by any property or assets of the Company or any Restricted Subsidiary other than
the property and assets so acquired or constructed (except for proceeds, improvements, rents and similar items relating to the
property or assets so acquired or constructed) and (ii) the Lien securing such Indebtedness shall be created within 360 days
of such acquisition or construction;

 

(13)          Liens
securing reimbursement obligations with respect to commercial letters of credit which encumber documents and other property relating
to such letters of credit and products and proceeds thereof and Liens in favor of issuers of surety bonds or letters of credit
issued pursuant to the request of and for the account of such Person in the ordinary course of its business; provided, however,
that such letters of credit or surety bonds do not constitute Indebtedness;

 

(14)          Liens
encumbering deposits made to secure obligations arising from statutory, regulatory, contractual, or warranty requirements of the
Company or any of its Restricted Subsidiaries, including rights of offset and set-off;

 

(15)          Liens
securing Interest Rate Agreements which Interest Rate Agreements relate to Indebtedness that is otherwise permitted under this
Indenture and Liens securing Commodity Agreements or Currency Agreements;

 

(16)          Liens
securing Acquired Indebtedness or Preferred Stock of a Person or any of its Subsidiaries (1) existing at the time such Person
becomes a Restricted Subsidiary or at the time it merges or consolidates with the Company or any of its Restricted Subsidiaries
or (2) which becomes Indebtedness or Preferred Stock of the Company or a Restricted Subsidiary in connection with the acquisition
of assets from such Person, in each case incurred in accordance with Section 4.06; provided, however,
that (i) such Liens that secured such Acquired Indebtedness at the time of and prior to the incurrence of such Acquired Indebtedness
by the Company or a Restricted Subsidiary and were not granted in connection with, or in anticipation of, the incurrence of such
Acquired Indebtedness by the Company or a Restricted Subsidiary and (ii) such Liens do not extend to or cover any property
or assets of the Company or of any of its Restricted Subsidiaries other than the property or assets that secured such Acquired
Indebtedness prior to the time such Acquired Indebtedness became Indebtedness of the Company or a Restricted Subsidiary (except
for proceeds, improvements, rents and similar items relating to the property or assets so secured) and are no more favorable to
the lienholders than those securing the Acquired Indebtedness prior to the incurrence of such Acquired Indebtedness by the Company
or a Restricted Subsidiary;

 

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(17)          Liens
on, or related to, properties and assets of the Company and its Subsidiaries to secure all or a part of the costs incurred in the
ordinary course of business of exploration, drilling, development, production, processing, gas gathering, transportation, marketing,
refining or storage, abandonment or operation thereof;

 

(18)          Liens
securing Indebtedness incurred to finance, or Finance Lease Obligations with respect to, the construction, purchase or lease of,
or repairs, improvements or additions to, property, plant or equipment of such Person; provided, however, that the
Lien may not extend to any other property owned by such Person or any of its Restricted Subsidiaries at the time the Lien is incurred
(other than assets and property affixed or appurtenant thereto), and the Indebtedness (other than any interest thereon) secured
by the Lien may not be incurred more than 360 days after the later of the acquisition, completion of construction, repair, improvement,
addition or commencement of full operation of the property subject to the Lien;

 

(19)          Liens
on pipeline or pipeline facilities, Hydrocarbons or properties and assets of the Company and its Subsidiaries which arise out of
operation of law;

 

(20)          royalties,
overriding royalties, revenue interests, net revenue interests, net profit interests, reversionary interests, production payments,
production sales contracts, preferential rights of purchase, operating agreements, working interests and other similar interests,
participation agreements, properties, arrangements and agreements, all as ordinarily exist with respect to Properties and assets
of the Company and its Subsidiaries or otherwise as are customary in the oil and gas business;

 

(21)          with
respect to any Properties and assets of the Company and its Subsidiaries, Liens arising under, or in connection with, or related
to, farm-out agreements, farm-in agreements, joint operating agreements, area of mutual interest agreements, partnership agreements,
oil, gas, other Hydrocarbons and minerals leases, licenses or sublicenses, assignments, purchase and sale agreements, division
orders, contracts for the sale, purchase, transportation, processing or exchange of crude oil, natural gas or other Hydrocarbons,
unitization and pooling declarations, joint interest billing arrangements and agreements, development agreements, any other agreements,
transactions, properties, interests or arrangements referred to in clause (2) of the definition of “Permitted Industry
Investments,” and/or other similar or customary arrangements, agreements or interests that the Company or any Subsidiary
determines in good faith to be necessary or appropriate for the economic development of such Property or asset or which are customary
in the Crude Oil and Natural Gas Business;

 

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(22)          any
(a) interest or title of a lessor or sublessor under any lease, Liens reserved in oil, gas or other Hydrocarbons, minerals,
leases for bonus, royalty or rental payments and for compliance with the terms of such leases, (b) restriction or encumbrance
that the interest or title of such lessor or sublessor may be subject to (including, without limitation, ground leases or other
prior leases of the demised premises, mortgages, mechanics’ Liens, tax Liens, and easements), or (c) subordination of
the interest of the lessee or sublessee under such lease to any restrictions or encumbrance referred to in the preceding clause (b);

 

(23)          survey
exceptions, encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines,
telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property, minor
defects in title or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which
were not incurred or created to secure the payment of borrowed money 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;

 

(24)          Liens
on property at the time such Person or any of its Subsidiaries acquires the property, including any acquisition by means of a merger
or consolidation with or into such Person or a Subsidiary of such Person; provided, however, that the Liens may not
extend to any other property owned by such Person or any of its Restricted Subsidiaries (other than assets and property affixed
or appurtenant thereto);

 

(25)          Liens
in favor of collecting or payor banks having a right of setoff, revocation, refund or chargeback with respect to money or instruments
of the Company or any Restricted Subsidiary on deposit with or in possession of such bank;

 

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

 

(27)          Liens
arising from the deposit of funds or securities in trust for the purpose of decreasing or defeasing Indebtedness so long as such
deposit of funds or securities and such decreasing or defeasing of Indebtedness are permitted under the covenant described under
Article 7 and Article 9;

 

(28)          Liens
to secure Production Payments or Production Payments and Reserve Sales; provided, however, that the Liens may not
extend to any assets other than those that are the subject of such Production Payments or Production Payments and Reserve Sales,
as applicable;

 

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(29)          Liens
to secure any Refinancing (or successive Refinancings) as a whole, or in part, of any Indebtedness secured by any Lien referred
to in clauses (1), (11), (12), (16), (17), (18), (24), (29) or (30) of this definition; provided, however, that:

 

(a)            such
new Lien shall be limited to all or part of the same property and assets that secured or, under the written agreements pursuant
to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds
or distributions thereof); and

 

(b)            the
Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (x) the outstanding
principal amount or, if greater, committed amount of the Indebtedness described under clauses (1), (11), (12), (16), (17),
(18), (24), (29) or (30) of this definition at the time the original Lien became a Permitted Lien and (y) an amount necessary
to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement;

 

(30)          Liens
on property of an Unrestricted Subsidiary at the time that it is designated as a Restricted Subsidiary pursuant to the definition
of “Unrestricted Subsidiary”; provided that such Liens were not incurred in connection with, or contemplation
of, such designation;

 

(31)          to
the extent not included in any other clause of this definition, leases and subleases of real property which do not materially interfere
with the ordinary conduct of the business of the Company and its Restricted Subsidiaries, taken as a whole;

 

(32)          Liens
arising from Uniform Commercial Code financial statement filings regarding operating leases entered into by the Company and its
Restricted Subsidiaries in the ordinary course of business;

 

(33)          to
the extent not included in any other clause of this definition, Liens on and pledges of the equity interests of any Unrestricted
Subsidiary or any joint venture owned by the Company or any Restricted Subsidiary to the extent securing Indebtedness that is non-recourse
to the Company or to any Restricted Subsidiary;

 

(34)          Liens
incurred in the ordinary course of business with respect to outstanding obligations in the aggregate not exceeding the greater
of (x) $100.0 million or (y) 5.0% of Adjusted Consolidated Net Tangible Assets determined at the date of incurrence after
giving pro forma effect to such incurrence and the application of the proceeds thereof; and

 

(35)          solely
during any Fall-Away Period, any Liens on any properties or assets not constituting a Restricted Property.

 

In each case set forth
above, notwithstanding any stated limitation on the assets that may be subject to such Lien, a Permitted Lien on a specified asset
or group or type of assets may include Liens on all improvements, additions and accessions thereto and all products and proceeds
thereof (including dividends, distributions and increases in respect thereof).

 

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“Person”
means an individual, partnership, corporation, unincorporated organization, limited liability company, trust, estate, or joint
venture, or a governmental agency or political subdivision thereof.

 

“Preferred
Stock” of any Person means any Capital Stock of any class or classes (however designated) of such Person that has preferential
rights to any other Capital Stock of any class of such Person with respect to dividends or redemptions or as to the distribution
of assets upon any voluntary or involuntary liquidation or dissolution of such Person.

 

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

 

“Production
Payments and Reserve Sales” means the grant or transfer to any Person of a Dollar-Denominated Production Payment, Volumetric
Production Payment, royalty, overriding royalty, revenue interest, net revenue interest, reversionary interest, net profits interest,
master limited or other partnership interest or other interest in oil and natural 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, without
limitation, any such grants or transfers pursuant to incentive compensation programs on terms that are reasonably customary in
the Crude Oil and Natural Gas Business for geologists, geophysicists or other providers of technical services to the Company or
a Restricted Subsidiary.

 

“Property”
means, with respect to any Person, any interests of such Person in any kind of property or asset, whether real, personal or mixed,
or tangible or intangible, including, without limitation, Capital Stock, partnership interests and other equity or ownership interests
in any other Person.

 

“Prospectus”
means the Prospectus, dated [•], 2021, relating to the offer of the Notes.

 

“Public
Equity Offering” means an underwritten public Equity Offering by the Company.

 

“Purchase
Money Indebtedness” means Indebtedness the net proceeds of which are used to finance the cost (including the cost of
construction) of property or assets acquired in the normal course of business by the Person incurring such Indebtedness.

 

“Qualified
Capital Stock” means any Capital Stock that is not Disqualified Stock.

 

“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 which shall be substituted
for S&P or Moody’s, or both, as the case may be.

 

“Rating Date”
means the earlier of the date of public notice of (i) the occurrence of a Change of Control or (ii) the Company’s
intention to effect a Change of Control.

 

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“Rating Decline”
shall be deemed to have occurred if, no later than 60 days after the Rating Date (which period shall be extended so long as the
rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies and the other
Rating Agency has either downgraded, or publicly announced that it is considering downgrading, the Notes), each of the Rating Agencies
decreases its rating of the Notes to a rating that is below its rating of the Notes on the day immediately prior to the earlier
of (i) the date of the first public announcement of the possibility of a proposed transaction that would result in a Change
of Control or (ii) the date that the possibility of such transaction is disclosed to either of the Rating Agencies; provided,
however, that a downgrade of the Notes by the applicable Rating Agency shall not be deemed to have occurred in respect of a particular
Change of Control (and thus shall not be deemed a downgrade for purposes of the definition of Change of Control Triggering Event)
if such Rating Agency making the downgrade in rating does not publicly announce or confirm or inform the Company or the Trustee
in writing at the request of the Company that the downgrade is a result of the transactions constituting or occurring simultaneously
with the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of such downgrade).

 

“Redemption
Date” means the date specified in a notice of redemption on which the Notes may be redeemed in accordance with the terms
of the Notes and this Indenture.

 

“Refinance”
means, in respect of any security or Indebtedness or Preferred Stock, to refinance, extend, renew, refund, repay, prepay, redeem,
effect a change by amendment or modification, defease or retire, or to issue a security or Indebtedness or Preferred Stock in exchange
or replacement for (or the net proceeds of which are used to Refinance), such security or Indebtedness or Preferred Stock in whole
or in part. “Refinanced” and “Refinancing” shall have correlative meanings.

 

“Refinancing
Indebtedness” means any Indebtedness or Preferred Stock issued in or resulting from a Refinancing by the Company or any
Restricted Subsidiary of the Company of Indebtedness or Preferred Stock, in each case that:

 

(1)            does
not have an aggregate principal amount that is greater than the aggregate principal amount of the Indebtedness or Preferred Stock
being Refinanced as of the date of such proposed Refinancing (plus the amount of any premium paid in connection with such Refinancing
and plus the amount of reasonable fees and expenses incurred by the Company and its Restricted Subsidiaries in connection with
such Refinancing); or

 

(2)            (x) does
not have a Weighted Average Life to Maturity that is less than the Weighted Average Life to Maturity of the Indebtedness or Preferred
Stock, as applicable, being Refinanced and (y) has a final maturity date or redemption date, as applicable, either (i) no
earlier than the final maturity date or redemption date, as applicable, of the Indebtedness or Preferred Stock, as applicable,
being Refinanced, or (ii) no earlier than 91 days after to the maturity date of the Notes; provided, however,
that (a) if such Indebtedness being Refinanced is Indebtedness of the Company or one or more Subsidiary Guarantors, then such
Refinancing Indebtedness shall be Indebtedness solely of the Company and/or such Subsidiary Guarantors which were obligors or guarantors
of such Indebtedness being Refinanced; (b) if such Indebtedness being Refinanced is subordinate or junior in right of payment
to the Notes or a Subsidiary Guarantee, then such Refinancing Indebtedness shall be subordinate or junior in right of payment to
the Notes or such Subsidiary Guarantee, as the case may be, at least to the same extent and in the same manner as the Indebtedness
being Refinanced or shall be Preferred Stock of the obligor on the Indebtedness being Refinanced; (c) if any Preferred Stock
being Refinanced was Disqualified Stock of the Company, the Refinancing Indebtedness shall be Disqualified Stock of the Company
and (d) if any Preferred Stock being Refinanced was Preferred Stock of a Restricted Subsidiary, the Refinancing Indebtedness
shall be Preferred Stock of such Restricted Subsidiary.

 

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“Replacement
Assets” has the meaning set forth under Section 4.08.

 

“Responsible
Officer”, when used with respect to the Trustee, means any officer of the Trustee within the Corporate Trust Office,
or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter, any other officer of the Trustee to whom such matter
is referred because of such officer’s knowledge of and familiarity with the particular subject, and who shall have direct
responsibility for the administration of this Indenture.

 

“Restricted
Payment” has the meaning set forth under Section 4.07.

 

“Restricted
Property” means, with respect to any Fall-Away Period, any Crude Oil and Natural Gas Property having a Fair Market Value
in excess of $10.0 million and any facilities directly related to the production of Hydrocarbons from a Restricted Property and
includes Capital Stock of a corporation or other Person which owns such property or facilities, but does not include (i) any
property or facilities used in connection with or necessarily incidental to the purchase, sale, storage, transportation or distribution
of Hydrocarbons, (ii) any property which, in the opinion of the Company, is not materially important to the total business
conducted by the Company or its Subsidiaries as an entirety or (iii) any portion of a particular property which, in the opinion
of the Company, is not materially important to the use or operation of such property.

 

“Restricted
Subsidiary” means any Subsidiary of the Company that has not been designated as an Unrestricted Subsidiary pursuant to
and in compliance with Section 4.12. Any such designation may be revoked, subject to the provisions of such covenant.

 

“Reversion
Date” shall have the meaning assigned to such term in Section 4.05(b).

 

“S&P”
means Standard & Poor’s Ratings Services.

 

“Sale
and Leaseback Transaction” means any direct or indirect arrangement with any Person or to which any such Person is a
party, providing for the leasing to the Company or a Restricted Subsidiary of any Property, whether owned by the Company or any
Restricted Subsidiary at the Issue Date or later acquired which has been or is to be sold or transferred by the Company or such
Restricted Subsidiary to such Person or to any other Person from whom funds have been or are to be advanced by such Person on the
security of such Property.

 

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

 

“Senior
Credit Facility” means the debt facility provided for under the Credit Agreement dated as of December 7, 2018 among
Bonanza Creek Energy, Inc., as borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent
and an issuing bank, or any successor or replacement agreements and whether by the same or any other agent, lender or group of
lenders, in each case as such agreements may be amended (including any amendment and restatement thereof), supplemented or otherwise
modified from time to time, including any agreements extending the maturity of, Refinancing, replacing, increasing or otherwise
restructuring all or any portion of the Indebtedness under such agreements.

 

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“Significant
Subsidiary” means a Restricted Subsidiary of a Person that is also a “significant subsidiary” as defined
in Rule 1.02(w) of Regulation S-X under the Securities Act.

 

“Stated
Maturity” when used with respect to any Note, means [•], 2026.

 

“Subsidiary,”
with respect to any Person, means any (i) corporation, association or other business entity of which the outstanding Capital
Stock having at least a majority of the votes entitled to be cast in the election of directors, managers or trustees of such entity
under ordinary circumstances shall at the time be owned, directly or indirectly, by such Person or any other Person of which at
least a majority of the voting interests under ordinary circumstances is at the time, directly or indirectly, owned by such Person
or (ii) any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary
of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any
combination thereof).

 

“Subsidiary
Guarantee” shall have the meaning assigned to such term under Article 11.

 

“Subsidiary
Guarantor” means each of the Company’s Restricted Subsidiaries on the Issue Date, and each other Person that is
required to become a Subsidiary Guarantor by the terms of this Indenture after the Issue Date; provided, however,
that any Person constituting a Subsidiary Guarantor as described above shall cease to constitute a Subsidiary Guarantor when its
Subsidiary Guarantee is released in accordance with the terms of this Indenture.

 

“Subsidiary
Guarantor Request” or “Subsidiary Guarantor Order” means, with respect to any Subsidiary Guarantor,
a written request or order signed in the name of such Subsidiary Guarantor by any two of the following: a Chairman of the Board,
a Chief Executive Officer, a President, a Vice President, a Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary
of such Subsidiary Guarantor, or any other officer or officers of such Subsidiary Guarantor designated in writing by or pursuant
to authority of such Subsidiary Guarantor’s Board of Directors and delivered to the Trustee from time to time. In the event
that Subsidiary Guarantor Requests relating to the same matter shall be delivered by two or more Subsidiary Guarantors on the
same date, such requests may be combined into a single document, provided that the requests made by each Subsidiary Guarantor
therein shall be several and not joint requests of each such Subsidiary Guarantor.

 

“Surviving
Entity” has the meaning set forth under Section 5.01(1).

 

“Suspended
Covenants” shall have the meaning assigned to such term in Section 4.05(a).

 

“Trade
Accounts Payable” means (a) accounts payable or other obligations of the Company or any Restricted Subsidiary created
or assumed by the Company or such Restricted Subsidiary in the ordinary course of business in connection with the obtaining of
goods or services and (b) obligations arising under contracts for the exploration, development, drilling, completion, production
and plugging and abandonment of wells or for the construction, repair or maintenance of related infrastructure or facilities.

 

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“Transaction
Date” has the meaning set forth in the definition of “Consolidated EBITDAX Coverage Ratio.”

 

“Transfer”
has the meaning set forth in the definition of “Asset Sale.”

 

“Trustee”
has the meaning set forth in the preamble to this Indenture.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended.

 

“Uniform
Commercial Code” means the New York Uniform Commercial Code as in effect from time to time.

 

“Unrestricted
Subsidiary” means any Subsidiary of the Company designated (or deemed designated) as such pursuant to and in compliance
with Section 4.12. Any such designation may be revoked, subject to the provisions of such covenant.

 

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

 

“Voting Stock”
of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the
board of directors or comparable governing body of such Person, in each case, measured by voting power rather than number of shares.

 

“Weighted
Average Life to Maturity” means, when applied to any Indebtedness or Preferred Stock at any date, the number of years
obtained by dividing (1) the then outstanding aggregate principal amount of such Indebtedness or Preferred Stock into (2) the
sum of the total of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund,
serial maturity or other required payment of principal or (with respect to Preferred Stock) redemption or similar payment, including
payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) which will
elapse between such date and the making of such payment.

 

Section 2.02     Other
Definitions.

 

	Term
    Section	Defined
    in:
	“Act”	Section 2.05
	“Additional
    Notes”	Section 1.01
	“Applicable
    AML Law”	Section 14.07
	“Authentication
    Order”	Section 1.04
	“Company
    Website”	Section 4.03(d)
	“Defaulted
    Interest”	Section 10.02
	“DTC”	Section 2.05
	“Event
    of Default”	Section 6.01
	“Expiration
    Date”	Section 2.05
	“Guaranteed
    Obligations”	Section 11.01
	“Interest
    Payment Date”	Section 10.01
	“payment
    default”	Section 6.01
	“Place
    of Payment”	Section 4.02
	“Registrar”	Section 4.02
	“Regular
    Record Date”	Section 10.01
	“Security
    Register”	Section 4.02
	“Special
    Record Date”	Section 10.02
	“United
    States government obligation”	Section 9.02

 

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Section 2.03     [Reserved].

 

Section 2.04     Form of
Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only
one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion
with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents.

 

Any certificate or
opinion of an officer of the Company or a Subsidiary Guarantor may be based, insofar as it relates to legal matters, upon a certificate
or opinion of, or representations by, counsel, unless such officer knows that the certificate or opinion or representations with
respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of, or representation
by, counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Company or such Subsidiary Guarantor, as the case may be, stating that the information with respect
to such factual matters is in the possession of the Company or such Subsidiary Guarantor, as the case may be, unless such counsel
knows that the certificate or opinion or representations with respect to such matters are erroneous.

 

Where any Person is
required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one instrument.

 

Section 2.05     Acts
of Holders; Record Dates. Any request, demand, authorization, direction, notice, consent, waiver or other action provided
or permitted by this Indenture to be given, made or taken by Holders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Holders in person or by an agent or agents duly appointed in writing; and, except
as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to
the Trustee and, where it is hereby expressly required, to the Company and any Subsidiary Guarantor. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders
signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and (subject to Section 13.01) conclusive in favor of the Trustee,
the Company and any Subsidiary Guarantor, if made in the manner provided in this Section.

 

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Without limiting the
generality of this Section 2.05, unless otherwise provided in or pursuant to this Indenture, (i) a Holder, including
a Depositary or its nominee that is a Holder of a Global Note, may give, make or take, by an agent or agents duly appointed in
writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted in or pursuant
to this Indenture to be given, made or taken by Holders, and a Depositary or its nominee that is a Holder of a Global Note may
duly appoint in writing as its agent or agents members of, or participants in, such Depositary holding interests in such Global
Note in the records of such Depositary; and (ii) with respect to any Global Note the Depositary for which is The Depository
Trust Company (“DTC”), any consent or other action given, made or taken by an “agent member” of
DTC by electronic means in accordance with the Automated Tender Offer Procedures system or other Applicable Procedures of, and
pursuant to authorization by, DTC shall be deemed to constitute the “Act” of the Holder of such Global Note, and such
Act shall be deemed to have been delivered to the Company, any Subsidiary Guarantor and the Trustee upon the delivery by DTC of
an “agent’s message” or other notice of such consent or other action having been so given, made or taken in
accordance with the Applicable Procedures of DTC.

 

The fact and date
of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution
or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the
individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting
in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his
authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the
same, may also be proved in any other manner which the Trustee deems sufficient.

 

None of the Trustee
or agents shall have any responsibility or obligation to any beneficial owner of an interest in a Global Note, any agent member
or other member of, or a participant in, DTC or other person with respect to the accuracy of the records of DTC or any nominee
or participant or member thereof, with respect to any ownership interest in the notes or with respect to the delivery to any agent
member or other participant, member, beneficial owner or other person (other than DTC) of any notice or the payment of any amount
or delivery of any notes (or other security or property) under or with respect to such notes. All notices and communications to
be given to the holders and all payments to be made to holders in respect of the notes shall be given or made only to or upon
the order of the registered holders (which shall be DTC or its nominee in the case of a Global Note). The rights of beneficial
owners in any global note shall be exercised only through DTC, subject to its applicable rules and procedures. The Trustee
and agents may rely and shall be fully protected in relying upon information furnished by DTC with respect to its agent members
and other members, participants and any beneficial owners.

 

Any request, demand,
authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the
same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof
in respect of anything done, omitted or suffered to be done by the Trustee or the Company or any Subsidiary Guarantor in reliance
thereon, whether or not notation of such action is made upon such Note.

 

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The Company and any
Subsidiary Guarantor may set any day as a record date for the purpose of determining the Holders of Outstanding Notes entitled
to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted
by this Indenture to be given, made or taken by Holders of Notes, provided that neither the Company nor such Subsidiary
Guarantor may set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving, making
or taking of any notice, declaration, request or direction referred to in the next paragraph. If any record date is set pursuant
to this paragraph, the Holders of Outstanding Notes on such record date, and no other Holders, shall be entitled to give, make
or take the relevant action, whether or not such Holders remain Holders after such record date; provided, however,
that no such action shall be effective hereunder unless given, made or taken on or prior to the applicable Expiration Date by
Holders of the requisite principal amount of Outstanding Notes on such record date. Nothing in this paragraph shall be construed
to prevent the Company or any Subsidiary Guarantor from setting a new record date for any action for which a record date has previously
been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person
be canceled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action given, made or
taken by Holders of the requisite principal amount of Outstanding Notes on the date such action is given, made or taken. Promptly
after any record date is set pursuant to this paragraph, the Company or such Subsidiary Guarantor, as the case may be, at its
own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given
to the Trustee in writing and to each Holder of Notes in the manner set forth in Sections 2.06 and 2.07.

 

The Trustee may set
any day as a record date for the purpose of determining the Holders of Outstanding Notes entitled to (a) join in the giving,
making or taking of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 6.02,
(iii) any request to institute proceedings referred to in Section 6.06(b), (iv) any direction referred to
in Section 6.05, (v) receive payment under Section 6.10, or (vi) take any other action pursuant
to the Indenture, in each case with respect to such Notes. If any record date is set pursuant to this paragraph, the Holders of
Outstanding Notes on such record date, and no other Holders, shall be entitled to give, make or take such notice, declaration,
request or direction, whether or not such Holders remain Holders after such record date; provided, however, that
no such action shall be effective hereunder unless given, made or taken on or prior to the applicable Expiration Date by Holders
of the requisite principal amount of Outstanding Notes on such record date. Nothing in this paragraph shall be construed to prevent
the Trustee from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph
(whereupon the record date previously set shall automatically and with no action by any Person be canceled and of no effect),
and nothing in this paragraph shall be construed to render ineffective any action given, made or taken by Holders of the requisite
principal amount of Outstanding Notes on the date such action is given, made or taken. Promptly after any record date is set pursuant
to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by
Holders and the applicable Expiration Date to be given to the Company and any Subsidiary Guarantor in writing and to each Holder
of Notes in the manner set forth in Section 2.06.

 

With respect to any
record date set pursuant to this Section, the party hereto which sets such record date may designate any day as the “Expiration
Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change
shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each
Holder of Notes in the manner set forth in Section 2.07, on or prior to the existing Expiration Date. If an Expiration
Date is not designated with respect to any record date set pursuant to this Section, the party hereto which set such record date
shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto,
subject to its right to change the Expiration Date to an earlier day as provided in this paragraph. Notwithstanding the foregoing,
no Expiration Date shall be later than the 180th day after the applicable record date.

 

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Without limiting the
foregoing, a Holder entitled hereunder to give, make or take any action hereunder with regard to any Note may do so, in person
or by an agent duly appointed in writing, with regard to all or any part of the principal amount of such Note.

 

Section 2.06     Notices,
Etc. to Trustee, Company and Subsidiary Guarantors. Any request, demand, authorization, direction, notice, consent,
waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or
filed with, (1) the Trustee by any Holder or by the Company or any Subsidiary Guarantor shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing (which may be by facsimile or electronic transmission) to or with the
Trustee in accordance with Section 14.17 or (2) the Company or a Subsidiary Guarantor by the Trustee or by any
Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to the Company or such Subsidiary Guarantor, as the case may be, in accordance with Section 14.17.

 

Section 2.07     Notice
to Holders; Waiver. Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently
given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected
by such event, at his address as it appears in the Security Register, not later than the latest date (if any), and not earlier
than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency
of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived
in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent
of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent
to the validity of any action taken in reliance upon such waiver.

 

In case by reason
of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail,
then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every
purpose hereunder.

 

Where this Indenture
provides for notice of any event to a Holder of a Global Note, such notice shall be sufficiently given if given to the Depositary
for such Global Note (or its designee), pursuant to its Applicable Procedures, not later than the latest date (if any), and not
earlier than the earliest date (if any), prescribed for the giving of such notice.

 

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Article 3

 

REDEMPTION AND PURCHASES

 

Section 3.01     Optional
Redemption; Notices to Trustee.

 

The Notes will be
redeemable, at the Company’s option, in whole at any time or in part from time to time, prior to [•], 2022
at a redemption price equal to 107.50% of the aggregate principal amount of the Notes to be redeemed, plus unpaid accrued interest,
if any, thereon to the Redemption Date. On or after [•], 2022, the Notes will be redeemable, at the Company’s option,
in whole at any time or in part from time to time, at a redemption price equal to 100.00% of the aggregate principal amount of
the Notes to be redeemed, plus unpaid accrued interest, if any, thereon to the Redemption Date. Any redemption pursuant to this
Section 3.01 shall be made pursuant to the applicable provisions of this Article 3.

 

In case the Company
shall desire to exercise any such right of redemption, the Company shall fix a Redemption Date and give notice thereof to the
Trustee. If the Redemption Date is on a date that is after a Regular Record Date and on or prior to the Interest Payment Date
to which it relates, the Company will pay any accrued and unpaid interest to a Holder on such Regular Record Date.

 

The Company shall
give each notice to the Trustee provided for in this Section 3.01 at least 10 days before the Redemption Date.

 

On and after the applicable
Redemption Date, interest will cease to accrue on Notes or portions thereof called for redemption as long as the Company has previously
deposited with the Paying Agent for the Notes (or, if the Company or a Restricted Subsidiary is the Paying Agent, such entity
has segregated and holds in trust) funds in satisfaction of the applicable redemption price pursuant to this Indenture.

 

Section 3.02     Selection
of Notes to Be Redeemed. If fewer than all Notes Outstanding are to be redeemed, the Trustee shall select the Notes
to be redeemed by lot, on a pro rata basis or, in the case of Global Notes, any method required by DTC or any successor
Depositary or, if the Notes are listed on a national securities exchange, in compliance with the requirements of that exchange.
The Trustee shall make the selection from Notes Outstanding not previously called for redemption. The Trustee may select for redemption
portions of the principal amount of Notes that have denominations larger than $2,000. Notes and portions of Notes the Trustee
selects shall be in principal amounts such that the unredeemed portion of any Note shall have a minimum principal amount of $2,000
or multiples of $1,000 in excess thereof. Provisions of this Indenture that apply to Notes called for redemption also apply to
portions of Notes called for redemption. The Trustee shall notify the Company promptly of the Notes or portions of Notes to be
redeemed.

 

Section 3.03     Notice
of Redemption. At least 10, but not more than 60, calendar days before the Redemption Date, the Company or, at the
Company’s request, the Trustee shall mail (or send electronically if DTC is the recipient) a notice of redemption by first-class
mail, postage prepaid, to each Holder of Notes to be redeemed; except that redemption notices may be given more than 60 days prior
to a Redemption Date if the notice is issued in connection with a Defeasance of the Notes or a satisfaction and discharge of this
Indenture pursuant to Article 7 or Article 9 hereof.

 

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

 

(a)            the
Redemption Date;

 

    49

     

    

 

(b)            the
redemption price;

 

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

 

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

 

(e)            if
fewer than all of the Outstanding Notes are to be redeemed, the certificate numbers, if any, and principal amounts of the particular
Notes to be redeemed;

 

(f)            that,
unless the Company defaults in making payment of such redemption price, interest, if any, on Notes called for redemption will
cease to accrue on and after the Redemption Date;

 

(g)            the
CUSIP number of the Notes; and

 

(h)            any
conditions precedent to such redemption.

 

At the Company’s
request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense; provided
that the Company makes such request at least three Business Days prior to the date by which such notice of redemption must
be given to Holders in accordance with this Section 3.03; provided further that, in all cases, the text of
such notice of redemption shall be prepared by the Company.

 

Any redemption or
notice of redemption may, at the Company’s discretion, be subject to one or more conditions precedent. If a redemption is
subject to the satisfaction of one or more conditions precedent, the related notice shall describe each such condition, and if
applicable, shall state that, in the Company’s discretion, the Redemption Date may be delayed until such time as any or
all such conditions shall be satisfied or waived (provided that in no event shall such Redemption Date be delayed to a date later
than 60 days after the date on which such notice was sent), or such redemption may not occur and such notice may be rescinded
in the event that any or all such conditions shall not have been satisfied or waived by the Company by the Redemption Date, or
by the Redemption Date as so delayed. The Company shall provide written notice of the delay of such Redemption Date or the rescission
of such notice of redemption to the Trustee no later than 11:00 a.m. (New York City time) on the date of redemption. Upon
receipt of such notice of the delay of such Redemption Date or the rescission of such notice of redemption, such Redemption Date
shall be automatically delayed or such notice of redemption shall be automatically rescinded, as applicable, and the redemption
of the Notes to be redeemed shall be automatically delayed or rescinded and cancelled, as applicable, as provided in such notice.

 

The notice if given
in the manner herein provided shall be conclusively presumed to have been duly given, whether or not any Holder receives such
notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Note selected for redemption
as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note.

 

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Section 3.04     Effect
of Notice of Redemption. Once notice of redemption is given in accordance with Section 3.03, Notes called for
redemption will become irrevocably due and payable (subject to Section 3.03) on the Redemption Date and at the redemption
price stated in the notice of redemption, subject to satisfaction of any condition specified in such notice with respect to such
redemption. If less than all the Notes are to be redeemed, the notice of redemption shall specify the CUSIP numbers of the Note
to be redeemed. Upon surrender to the Paying Agent, such Notes shall be paid at the redemption price stated in the notice of redemption.

 

Section 3.05     Deposit
of Redemption Price. Prior to 11:00 a.m. (New York City time) on the Redemption Date, the Company shall deposit
with the Paying Agent (or if the Company or a Restricted Subsidiary is the Paying Agent, shall segregate and hold in trust) money
sufficient to pay the redemption price of all Notes to be redeemed on that date other than Notes or portions of Notes called for
redemption which have been delivered by the Company to the Trustee for cancellation. If such money is then held by the Company
in trust and is not required for such purpose, it shall be discharged from such trust.

 

Section 3.06     Notes
Redeemed in Part.

 

(a)            In
the event of any redemption in part, the Company will not be required to register the transfer of or exchange any Note so selected
for redemption, in whole or in part, except the unredeemed portion of any Note being redeemed in part.

 

(b)            Upon
surrender of a Note that is redeemed in part, the Company shall execute and the Trustee shall, upon receipt of an Authentication
Order, authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unredeemed
portion of the Note surrendered, or in the case of a Global Note, the Company shall instruct the Registrar to decrease such Global
Note by the principal amount of the redeemed portion of the Note surrendered.

 

Section 3.07     No
Limit on Other Purchases. Nothing in this Indenture or the Notes shall prohibit or limit the right of the Company or
any Affiliate of the Company from time to time to repurchase the Notes at any price in open market purchases or negotiated transactions
or by tender offer or otherwise without any notice to or consent by Holders. Any Notes purchased by the Company may, to the extent
permitted by law, be held or resold or may, at the Company’s option, be delivered to the Trustee for cancellation. Any Notes
delivered to the Trustee for cancellation may not be reissued or resold and will be promptly cancelled.

 

Section 3.08     Mandatory
Redemption; Open Market Purchases. The Company is not required to make any mandatory redemption or sinking fund payments
with respect to the Notes. The Company may, at any time and from time to time, purchase Notes in the open market or otherwise.

 

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Article 4

 

COVENANTS

 

Section 4.01     Payments.
The Company shall promptly make all payments in respect of the Notes on the dates and in the manner provided in the Notes or pursuant
to this Indenture. Any funds to be given to the Trustee or Paying Agent shall be deposited with the Trustee or Paying Agent by
11:00 a.m. (New York City time) by the Company on the required date. If the Company shall at any time act as its own Paying
Agent with respect to the Notes, the Company will, on or before each due date of the principal of or any premium or interest on
any of the Notes, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal
and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein
provided and will promptly notify the Trustee of its action or failure so to act. Subject to the applicable provisions of Section 3.01,
Section 3.07, Section 4.08, and Section 4.13, the Company shall make any required interest
payments to the Person in whose name each Note is registered at 5:00 p.m. (New York City time) on the Regular Record Date
for such interest payment. Principal amount, accrued interest, if any, any redemption price, Net Proceeds Offer Amount and any
amounts due under Section 4.13 shall be considered paid on the applicable date due if on such date the Trustee or
the Paying Agent holds, in accordance with this Indenture, funds sufficient to pay all such amounts then due.

 

The Company will cause
each Paying Agent for any Notes other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with
the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default
by the Company (or any other obligor upon the Notes) in the making of any payment in respect of the Notes, upon the written request
of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Notes.
Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent.

 

The Company may at
any time, for the purpose of obtaining the satisfaction and discharge of the Indenture with respect to the Notes or for any other
purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such
Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company
or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all
further liability with respect to such money.

 

Any money deposited
with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or any premium
or interest on any Note and remaining unclaimed for two years after such principal, premium or interest has become due and payable
shall be paid to the Company on Company Request (or if deposited by a Subsidiary Guarantor, paid to such Subsidiary Guarantor
on a Subsidiary Guarantor Request), or (if then held by the Company) shall be discharged from such trust; and the Holder of such
Note shall thereafter, as an unsecured general creditor, look only to the Company or such Subsidiary Guarantor, as the case may
be, for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability
of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may, at the expense and written request of the Company or such Subsidiary Guarantor,
as the case may be, cause to be published once, in a newspaper published in the English language, customarily published on each
Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money
then remaining will be repaid to the Company or the applicable Subsidiary Guarantor, as the case may be.

 

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Section 4.02     Maintenance
of Office or Agency. The Company will maintain in New York City an office or agency of the Trustee, Registrar and Paying
Agent where Notes may be presented or surrendered for payment (“Place of Payment”), where Notes may be surrendered
for registration of transfer or exchange (“Registrar”), purchase or redemption, where notices and demands to
or upon the Company in respect of the Notes and this Indenture may be served and a register (“Security Register”)
in which, subject to reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and the
transfers of Notes. The Corporate Trust Office shall initially be such office or agency for all of the aforesaid purposes; provided,
however, that the Corporate Trust Office shall not be an office or agency of the Company for the purpose of effecting service
of legal process on the Company. The Company shall give prompt written notice to the Trustee of the location, and of any change
in the location, of any such office or agency. If at any time the Company shall fail to maintain any such required office or agency
or shall fail to furnish the Trustee with any such address thereof, such presentations, surrenders, notices and demands may be
made or served at the Corporate Trust Office of the Trustee.

 

The Company may also
from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or agency for such purposes.

 

Section 4.03     Reports
to Holders.

 

(a)            Whether
or not required by the rules and regulations of the Commission, so long as any Notes are Outstanding, the Company shall file
with the Commission for public availability (or furnish to the Holders and securities analysts and prospective investors (upon
request)):

 

(1)      all
quarterly and annual financial information that would be required to be contained in a filing with the Commission on Forms 10-Q
and 10-K if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” that describes the financial condition and results of operations of the Company and
its consolidated Subsidiaries and, with respect to the annual information only, a report thereon by the Company’s certified
independent accountants; and

 

(2)      all
current reports that would be required to be filed with the Commission on Form 8-K if the Company were required to file such
reports, in each case within the time periods specified in the Commission’s rules and regulations.

 

(b)            In
the event that any direct or indirect parent company of the Company becomes a guarantor of the Notes, the Company may satisfy
its obligations under this covenant by furnishing financial information relating to such parent; provided that (i) such
financial statements are accompanied by consolidating financial information for such parent, the Company, the Subsidiary Guarantors
and the Subsidiaries of the Company that are not Subsidiary Guarantors in the manner prescribed by the Commission and (ii) such
parent is not engaged in any business in any material respect other than incidental to its ownership, directly or indirectly,
of the Capital Stock of the Company.

 

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(c)            The
Company also shall comply with the other provisions of Section 314(a) of the Trust Indenture Act.

 

(d)            The
Company will be deemed to have furnished to the Holders and to securities analysts and prospective investors the reports or information
referred to in clauses (1) and (2) of the paragraph (a) of this Section 4.03 or the information
referred to paragraph (b) of this Section 4.03 if the Company has posted such reports or information on the Company
Website with access to current and prospective investors. For purposes of this Indenture, the term “Company Website”
means the collection of web pages that may be accessed on the World Wide Web using the URL address http://www.bonanzacrk.com
or such other address as the Company may from time to time designate in writing to the Trustee, provided that the Trustee
shall have no responsibility whatsoever to determine whether such filing has occurred.

 

(e)            This
Section 4.03 will not impose any duty on the Company under the Sarbanes-Oxley Act of 2002 and the related Commission
rules that would not otherwise be applicable.

 

(f)             It
is understood that the Trustee shall have no obligation whatsoever to determine whether or not such financial statements, auditors’
reports and other information, documents or reports have been posted on the Company’s website, on any online data system
or filed with the SEC. The posting or delivery of any such financial statements, auditors’ reports and other reports, information
and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute actual
or constructive knowledge or notice of any information contained therein or determinable from information contained therein, including
the Company’s or any other Person’s compliance with any of the covenants under the Indenture or the Notes (as to which
the Trustee is entitled to rely exclusively on an Officers' Certificate).

 

Section 4.04     Existence.
Except as permitted by Section 5.01 of this Indenture, the Company will do or cause to be done all things necessary
to preserve and keep in full force and effect its and any Subsidiary Guarantor’s corporate existence.

 

Section 4.05     Covenant
Suspension.

 

(a)            During
any period of time that (x) the Notes have an Investment Grade Rating and (y) no Event of Default has occurred and is
continuing under this Indenture, the Company and its Restricted Subsidiaries shall not be subject to Sections 4.06,
4.07, 4.08, 4.09, 4.11, 4.14, 5.01(2) and 5.01(3) (collectively, the
 “Suspended Covenants”).

 

(b)            If
the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the
previous sentence (a “Fall-Away Period”) and, subsequently, the ratings assigned to the Notes are withdrawn
or downgraded so the Notes no longer have an Investment Grade Rating, any such date a “Reversion Date,” then
the Company and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants. The ability of the Company
and its Restricted Subsidiaries to make Restricted Payments after the Reversion Date will be calculated as if the covenant governing
Restricted Payments had been in effect during the entire period of time from the Issue Date. Notwithstanding the foregoing, the
continued existence after the end of the Fall-Away Period of facts and circumstances or obligations arising from transactions
which occurred during a Fall-Away Period shall not constitute a breach of any Suspended Covenant set forth in this Indenture or
cause an Event of Default thereunder.

 

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(c)            The
Company shall give the Trustee notice of the event of any Fall-Away Period not later than five Business Days after such date.
In the absence of such notice, the Trustee shall assume the Suspended Covenants apply and are in full force and effect. The Company
shall give the Trustee notice of any occurrence of a Reversion Date not later than five Business Days after such Reversion Date.
After any such notice of the occurrence of a Reversion Date, the Trustee shall assume the Suspended Covenants apply and are in
full force and effect.

 

Section 4.06     Limitation
on Incurrence of Additional Indebtedness and Issuance of Preferred Stock.

 

(a)            Other
than Permitted Indebtedness, the Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly
or indirectly, create, incur, issue, assume, guarantee, acquire, become liable, contingently or otherwise, with respect to, or
otherwise become responsible for payment of (collectively, “incur”) any Indebtedness (including, without limitation,
Acquired Indebtedness) and the Company will not permit any of its Restricted Subsidiaries to issue any Preferred Stock; provided,
however, that if no Default or Event of Default shall have occurred and be continuing at the time of or as a consequence
of the incurrence of any such Indebtedness or issuance of Preferred Stock, then the Company and the Restricted Subsidiaries or
any of them may incur Indebtedness and any Restricted Subsidiary may issue Preferred Stock, in each case, if on the date of the
incurrence of such Indebtedness or issuance of Preferred Stock, after giving pro forma effect to the incurrence thereof
and the receipt and application of the proceeds therefrom, the Company’s Consolidated EBITDAX Coverage Ratio would have
been greater than 2.25 to 1.0.

 

(b)            For
purposes of determining any particular amount of Indebtedness under this covenant, (i) guarantees of, or obligations in respect
of letters of credit relating to, Indebtedness otherwise included in the determination of such amount shall not also be included
and (ii) if obligations in respect of letters of credit are incurred pursuant to a Credit Facility and are being treated
as incurred pursuant to clause (2) of the definition of “Permitted Indebtedness” and the letters of credit
relate to other Indebtedness, then such other Indebtedness shall not be included.

 

(c)            Indebtedness
or Preferred Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation,
acquisition of Capital Stock or otherwise) or is merged with or into the Company or any Restricted Subsidiary or which is secured
by a Lien on an asset acquired by the Company or a Restricted Subsidiary (whether or not such Indebtedness is assumed by the acquiring
Person) shall be deemed incurred at the time the Person becomes a Restricted Subsidiary or at the time of the asset acquisition,
as the case may be.

 

(d)            The
Company will not, and will not permit any Subsidiary Guarantor to, incur any Indebtedness which by its terms (or by the terms
of any agreement governing such Indebtedness) is subordinated in right of payment to any Indebtedness of the Company or such Subsidiary
Guarantor, as the case may be, other than the Notes and the Subsidiary Guarantees, unless such Indebtedness is also by its terms
(or by the terms of any agreement governing such Indebtedness) made expressly subordinate in right of payment to the Notes or
the Subsidiary Guarantee of such Subsidiary Guarantor, as the case may be, pursuant to subordination provisions that are at least
as favorable to the Holders or such Subsidiary Guarantee as the subordination provisions of such Indebtedness (or agreement).

 

(e)            For
purposes of this Indenture, no Indebtedness will be deemed to be subordinate or junior in right of payment to other Indebtedness
solely by virtue of not having the benefit of a Lien on assets, or guarantee of a Person, that benefits the other Indebtedness
or having the benefit of such a Lien or guarantee ranking subordinate or junior to a Lien or guarantee benefiting the other Indebtedness.

 

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Section 4.07     Limitation
on Restricted Payments. The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly
or indirectly:

 

(1)      declare
or pay any dividend or make any distribution (other than dividends or distributions made to the Company or any Restricted Subsidiary
and other than any dividends or distributions payable solely in Qualified Capital Stock of the Company) on or in respect of shares
of the Capital Stock of the Company or any Restricted Subsidiary to holders of such Capital Stock;

 

(2)      purchase,
redeem or otherwise acquire or retire for value any Capital Stock of the Company or any Restricted Subsidiary (or make any other
payment on account of, or set apart money for a sinking fund or other analogous fund for the purchase, redemption or other acquisition
or retirement for value of, any Capital Stock of the Company or any Restricted Subsidiary) other than through the exchange therefor
solely of Qualified Capital Stock of the Company and other than any acquisition or retirement for value from, or payment to, the
Company or any Restricted Subsidiary;

 

(3)      make
any principal payment on, purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value before twelve months
prior to any scheduled final maturity, scheduled repayment or scheduled sinking fund payment, any Indebtedness of the Company
or a Subsidiary Guarantor that is subordinate or junior in right of payment to the Notes or such Subsidiary Guarantor’s
Subsidiary Guarantee, as the case may be (other than a purchase, repurchase or other acquisition of any such subordinated or junior
Indebtedness that is so purchased, repurchased or otherwise acquired in anticipation of satisfying a sinking fund obligation,
principal installment or payment at final maturity, in each case due within one year of the date of such purchase, repurchase
or other acquisition); or

 

(4)      make
any Investment (other than a Permitted Investment) in any other Person;

 

(each of the foregoing actions set forth
in clauses (1), (2), (3) and (4) being referred to as a “Restricted Payment”; provided,
however, that no Permitted Investment shall be deemed to be a Restricted Payment), if at the time of such Restricted Payment
or immediately after giving effect thereto:

 

(i)       a
Default or an Event of Default shall have occurred and be continuing;

 

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(ii)          the
Company is not able to incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) in compliance with
Section 4.06(a); or

 

(iii)          the
aggregate amount of Restricted Payments (including such proposed Restricted Payment) made after the Issue Date, except as provided
below (the amount expended for such purposes, if other than in cash, being the Fair Market Value of such property) shall exceed
the sum (without duplication) of:

 

(a)       50%
of the cumulative Consolidated Net Income (or if cumulative Consolidated Net Income shall be a loss, minus 100% of such
loss) of the Company earned after [●], 2021 and on or prior to the last date of the Company’s fiscal quarter immediately
preceding such Restricted Payment (treating such period as a single accounting period); plus

 

(b)       100%
of the aggregate net cash proceeds, or the Fair Market Value of Property (including any Property received in any Asset Acquisition
or other acquisition) other than cash, received by the Company from any Person (other than a Restricted Subsidiary of the Company)
from the issuance and sale of Qualified Capital Stock of the Company after the Issue Date (excluding any net cash proceeds from
an Equity Offering used to redeem the Notes); plus

 

(c)       100%
of the aggregate net cash proceeds, or the Fair Market Value of Property (including any Property received in any Asset Acquisition
or other acquisition) other than cash, of any equity contribution received by the Company from a holder of the Company’s
Capital Stock after the Issue Date (excluding any net cash proceeds from an Equity Offering to the extent used to redeem the Notes);
plus

 

(d)       an
amount equal to the net reduction in Investments in Unrestricted Subsidiaries resulting from dividends, interest payments, distributions,
redemptions or repurchases, sales or other dispositions thereof, repayments of loans or advances, or other transfers of cash or
Properties (including transfers as a result of merger or liquidation), in each case to the Company or to any Restricted Subsidiary
of the Company from Unrestricted Subsidiaries (but without duplication of any such amount included in calculating cumulative Consolidated
Net Income of the Company), or from redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries (in each case valued
as provided in Section 4.12), not to exceed, in the case of any such redesignation, the amount of Investments previously
made by the Company or any Restricted Subsidiary in such Unrestricted Subsidiary and which was treated as a Restricted Payment
under this Indenture; plus

 

(e)       the
amount by which Indebtedness of the Company is reduced on the consolidated balance sheet of the Company and its Restricted Subsidiaries
upon the conversion or exchange subsequent to the Issue Date of any Indebtedness of the Company or its Restricted Subsidiaries
that is convertible or exchangeable for Qualified Capital Stock of the Company (less the amount of any cash, or the Fair Market
Value of any other property, distributed by the Company to the holder of such Indebtedness upon such conversion or exchange);
provided, however, that the foregoing amount shall not exceed the Net Cash Proceeds, or the Fair Market Value of
Property (including any Property received in any Asset Acquisition or other acquisition) other than cash, received by the Company
or any Restricted Subsidiary from the sale of such Indebtedness (excluding Net Cash Proceeds from sales to a Restricted Subsidiary
of the Company); plus

 

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(f)        an
amount equal to the net reduction in Investments (other than Permitted Investments) resulting from dividends, distributions, redemptions
or repurchases, proceeds of sales or other dispositions thereof, interest payments, repayments of loans or advances, or other
transfers of cash or Properties (including transfers as a result of merger or liquidation), in each case to the Company or to
any Restricted Subsidiary of the Company from any Person (other than the Company or a Restricted Subsidiary), or from the obligation
underlying any guarantee previously entered into by the Company or a Restricted Subsidiary no longer existing (and without such
guarantee having been called upon), in each case not to exceed the amount in respect of such Investment which had been treated
as a Restricted Payment (but without duplication of any such amount included in calculating cumulative Consolidated Net Income
of the Company); plus

 

(g)            $[●]
million.

 

Notwithstanding the foregoing, the provisions
set forth in the immediately preceding paragraph shall not prohibit:

 

(1)            the
payment of any dividend or redemption payment or the making of any distribution within 60 days after the date of declaration thereof
if the dividend, redemption or distribution payment, as the case may be, would have been permitted on the date of declaration;

 

(2)            the
acquisition of any Capital Stock of the Company or any Restricted Subsidiary, either (i) solely in exchange for shares of
Qualified Capital Stock of the Company or (ii) through the application of net proceeds of a substantially concurrent sale
for cash (other than to a Restricted Subsidiary of the Company) of Qualified Capital Stock of the Company;

 

(3)            the
purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of any Indebtedness of the Company or
any Subsidiary Guarantor that is subordinate or junior in right of payment to the Notes or such Subsidiary Guarantor’s Subsidiary
Guarantee, as the case may be, either (i) solely in exchange for Qualified Capital Stock of the Company, (ii) through
the application of the net proceeds of a substantially concurrent sale for cash (other than to a Restricted Subsidiary of the
Company) of (a) Qualified Capital Stock of the Company or (b) Refinancing Indebtedness or (iii) solely in exchange
for Indebtedness constituting Refinancing Indebtedness;

 

(4)            the
purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of any Disqualified Stock of the Company
or any Subsidiary Guarantor either (i) through the application of the net proceeds of a substantially concurrent sale for
cash (other than to a Restricted Subsidiary of the Company) of Refinancing Indebtedness or (ii) solely in exchange for Indebtedness
constituting Refinancing Indebtedness;

 

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(5)            if
no Default or Event of Default shall have occurred and be continuing, the redemption or repurchase of equity interests in the Company
held by then present or former officers, directors or employees of the Company; provided, that the aggregate cash consideration
paid for all such redemptions or repurchases in any calendar year shall not exceed $4.0 million plus (A) the cash proceeds
received during such calendar year by the Company or any of its Restricted Subsidiaries from the sale of the Company’s Qualified
Capital Stock to any such officers, directors or employees (provided that the amount of such cash proceeds utilized for
any such redemption or repurchase will not increase the amount available for Restricted Payments under clause (iii)(b) of
the immediately preceding paragraph) plus (B) the cash proceeds of key man life insurance policies received during such calendar
year by the Company and its Restricted Subsidiaries (with unused amounts in any calendar year being carried forward to succeeding
calendar years);

 

(6)            if
no Default or Event of Default shall have occurred and be continuing, repurchases of Indebtedness that is subordinated or junior
in right of payment to the Notes or a Subsidiary Guarantee at a purchase price not greater than (i) 101% of the principal
amount of such subordinated or junior Indebtedness and accrued and unpaid interest thereon in the event of a Change of Control
or (ii) 100% of the principal amount of such subordinated or junior Indebtedness and accrued and unpaid interest thereon in
the event of an Asset Sale, in each case plus accrued interest, in connection with any change of control offer or asset sale offer
required by the terms of such Indebtedness, but only if:

 

(a)            in
the case of a Change of Control, the Company has first complied with and fully satisfied its obligations under the provisions described
under Section 4.13; or

 

(b)            in
the case of an Asset Sale, the Company has complied with and fully satisfied its obligations in accordance with the covenant under
Section 4.08;

 

(7)            the
repurchase, redemption or other acquisition for value of Capital Stock of the Company or any Restricted Subsidiary representing
fractional shares of such Capital Stock in connection with a merger or consolidation involving the Company or Restricted Subsidiary
or any other transaction permitted by this Indenture;

 

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

 

(9)            the
declaration and payment of regularly scheduled or accrued dividends to holders of any class or series of Disqualified Stock of
the Company or any Preferred Stock of any Restricted Subsidiary of the Company issued on or after the Issue Date in accordance
with the Consolidated EBITDAX Coverage Ratio test in Section 4.06(a);

 

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(10)            the
payment of any dividend or any similar distribution by a Restricted Subsidiary to the holders (other than the Company or any Restricted
Subsidiary) of Qualified Capital Stock of such Restricted Subsidiary; provided that such dividend or similar distribution
is paid to all holders of such Qualified Capital Stock on a pro rata basis based on their respective holdings of such Qualified
Capital Stock;

 

(11)            the
defeasance, repurchase, redemption or other acquisition or retirement for value of any Capital Stock of the Company or any Restricted
Subsidiary held by any current or former officers, directors or employees of the Company or any of its Restricted Subsidiaries
in connection with the exercise or vesting of any equity compensation (including, without limitation, stock options, restricted
stock and phantom stock) in order to satisfy any tax withholding obligation with respect to such exercise or vesting;

 

(12)            any
payments in connection with the Merger Transactions, or any payments to dissenting stockholders (x) pursuant to applicable
law or (y) in connection with the settlement or other satisfaction of claims made pursuant to or in connection with a consolidation,
merger or transfer of assets in connection with a transaction that is not prohibited by this Indenture;

 

(13)            any
redemption of share purchase rights at a redemption price not to exceed $0.01 per right;

 

(14)            the
purchase or redemption of any Acquired Subordinated Indebtedness of the Company or any Subsidiary Guarantor, by application of
(i) cash provided from operations in the ordinary course of business or (ii) proceeds from borrowings under the revolving
portion of the Senior Credit Facility (so long as within 30 days prior to such purchase or redemption, a corresponding amount of
borrowings under the revolving portion of the Senior Credit Facility was repaid from cash provided from operations in the ordinary
course of business); provided, in any such case, that the Company is able to incur an additional $1.00 of Indebtedness pursuant
to Section 4.06(a) after giving effect to such purchase or redemption; provided, further, that this
clause (14) shall not permit the application of any proceeds from any other borrowings under any Credit Facility to effect
any such purchase or redemption; or

 

(15)            any
other Restricted Payments, which when combined with any other outstanding Restricted Payments made pursuant to this clause (15),
does not exceed the greater of (a) $60.0 million and (b) 2.0% of Adjusted Consolidated Net Tangible Assets determined
at the time of such Restricted Payment.

 

In determining the aggregate amount of
Restricted Payments after the Issue Date in accordance with clause (iii) of the second preceding paragraph, amounts expended
pursuant to clauses (1), (2), (3)(i), (3)(ii)(a), (7) and (13) of the immediately preceding paragraph shall be included
in such calculation, and amounts expended pursuant to clauses (3)(ii)(b), (3)(iii), (4), (5), (6), (8), (9), (10), (11), (12),
(14) and (15) of the immediately preceding paragraph shall be excluded from such calculation. In determining the aggregate net
cash proceeds or Fair Market Value of Property other than cash received by the Company from the issuance and sale of Qualified
Capital Stock in accordance with clause (3)(b) of the second preceding paragraph, amounts of cash received by the Company
pursuant to clauses (2)(ii) or (3)(ii)(a), or the Fair Market Value of Capital Stock of the Company or any Restricted
Subsidiary or Indebtedness of the Company or any Subsidiary Guarantor acquired or retired for value pursuant to clauses (2)(i) or
(3)(i), of the immediately preceding paragraph shall be included in such calculation. For purposes of determining compliance with
this covenant, in the event that a Restricted Payment meets the criteria of more than one of the exceptions described in (1) through
(15) above or is entitled to be made pursuant to the first paragraph of this covenant, the Company shall, in its sole discretion,
classify such Restricted Payment, or later classify, reclassify or re-divide all or a portion of such Restricted Payment, in any
manner that complies with this covenant.

 

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A sale will be deemed
to be “substantially concurrent” if the related purchase, repurchase, redemption, defeasance, satisfaction and discharge,
retirement or other acquisition for value or payment of principal occurs within 90 days before or after such sale.

 

Section 4.08     Limitation
on Asset Sales. The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, consummate
an Asset Sale unless:

 

(1)            the
Company or the applicable Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least
equal to the Fair Market Value of the assets sold or otherwise disposed of, which may be determined as of the date of any agreement
with respect to such Asset Sale;

 

(2)            either
(a) at least 75% of the consideration received by the Company or such Restricted Subsidiary, as the case may be, from such
Asset Sale shall be in the form of cash or Cash Equivalents and is received at the time of such disposition or (b) the Fair
Market Value (determined at the time of receipt) of all forms of consideration other than cash and Cash Equivalents received for
all Asset Sales since the Issue Date does not exceed in the aggregate 15% of the Adjusted Consolidated Net Tangible Assets of the
Company at the time such determination is made; and

 

(3)            the
Company shall apply, or cause such Restricted Subsidiary to apply, the Net Cash Proceeds relating to such Asset Sale within 360
days of receipt thereof either:

 

(a)            to
repay or prepay Indebtedness outstanding under the Senior Credit Facility (or, if the Senior Credit Facility is no longer in existence,
any Indebtedness that is secured by a Lien permitted to be incurred pursuant to Section 4.10);

 

(b)            to
permanently repay, redeem or repurchase any Indebtedness of the Company or any Subsidiary Guarantor that is not subordinated to
the Notes or the Subsidiary Guarantees;

 

(c)            to
make an investment (including, without limitation, capital expenditures) in (i) properties or assets that replace the properties
or assets that were the subject of such Asset Sale or (ii) properties or assets that will be used in the Crude Oil and Natural
Gas Business of the Company and its Restricted Subsidiaries or in businesses reasonably related thereto (collectively, “Replacement
Assets”);

 

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(d)            to
make a Permitted Industry Investment or to acquire or make an investment in Crude Oil and Natural Gas Related Assets;

 

(e)            to
the extent not included in (c) or (d) above, any investment in (i) Capital Stock of a Person that becomes a Restricted
Subsidiary as a result of the acquisition of such Capital Stock by the Company or a Restricted Subsidiary, (ii) Capital Stock
constituting a minority interest in any Person that at such time is a Restricted Subsidiary, and (iii) Capital Stock of any
Subsidiary of the Company; provided that all the Capital Stock of such Subsidiary held by the Company or any of its Restricted
Subsidiaries shall entitle the Company or such Restricted Subsidiary to not less than a pro rata share of all dividends
or other distributions made by such Subsidiary upon any of such Capital Stock; or

 

(f)            to
make a combination of prepayment and investment permitted by the foregoing clauses (3)(a) through (3)(e).

 

On the 361st day after
an Asset Sale or such earlier date, if any, as the Company determines not to apply the Net Cash Proceeds relating to such Asset
Sale as set forth in clauses (3)(a) through (3)(f) of the immediately preceding paragraph (each a “Net
Proceeds Offer Trigger Date”), such aggregate amount of Net Cash Proceeds which have been received by the Company or
such Restricted Subsidiary but which have not been applied on or before such Net Proceeds Offer Trigger Date as permitted in clauses (3)(a) through
(3)(f) of the immediately preceding paragraph (each a “Net Proceeds Offer Amount”) shall be applied by
the Company or such Restricted Subsidiary, as the case may be, to make an offer to purchase (a “Net Proceeds Offer”)
on a date (the “Net Proceeds Offer Payment Date”) not less than 30, nor more than 45, days following the applicable
Net Proceeds Offer Trigger Date, from all Holders and, to the extent required by the terms of any Pari Passu Indebtedness, the
holders of such Pari Passu Indebtedness, on a pro rata basis, that principal amount of Notes (and Pari Passu Indebtedness)
purchasable with the Net Proceeds Offer Amount at a price equal to 100% of the principal amount of the Notes (and Pari Passu Indebtedness)
to be purchased (or, in the event such other Pari Passu Indebtedness was issued with significant original issue discount, 100%
of the accreted value thereof), plus unpaid accrued interest, if any, thereon to the date of purchase; provided,
however, that if at any time consideration other than cash or Cash Equivalents received by the Company or any Restricted
Subsidiary, as the case may be, in connection with any Asset Sale is converted into or sold or otherwise disposed of for cash or
Cash Equivalents (other than interest received with respect to any such non-cash or non-Cash Equivalents consideration), then such
conversion or disposition shall be deemed to constitute an Asset Sale hereunder and the Net Cash Proceeds thereof shall be applied
in accordance with this covenant.

 

The Company may defer
the Net Proceeds Offer until there is an aggregate unutilized Net Proceeds Offer Amount equal to or in excess of $40.0 million
resulting from one or more Asset Sales (at which time, the entire unutilized Net Proceeds Offer Amount, and not just the amount
in excess of $40.0 million shall be applied as required pursuant to this covenant). Pending application of Net Cash Proceeds pursuant
to this covenant, such Net Cash Proceeds may be temporarily invested in Cash Equivalents or applied to temporarily reduce revolving
credit indebtedness.

 

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If the Net Proceeds
Offer Payment Date is on or after a Regular Record Date and on or before the related Interest Payment Date, any accrued and unpaid
interest will be paid to the Person in whose name a Note is registered at the close of business on such Regular Record Date, and
no additional interest will be payable to holders who tender Notes pursuant to the Net Proceeds Offer.

 

Notwithstanding the
first two paragraphs of this covenant, the Company and its Restricted Subsidiaries will be permitted to consummate an Asset Sale
without complying with such paragraphs to the extent that:

 

(1)            the
consideration for such Asset Sale constitutes Replacement Assets and/or Crude Oil and Natural Gas Related Assets and/or the assumption
of obligations secured by Liens that burden some or all of the assets being sold and/or cash or Cash Equivalents; provided
that, in the case of any such assumption, (a) the Person assuming such obligations shall have no recourse with respect to
such obligations to the Company or any of its Restricted Subsidiaries and (b) no assets of the Company or any of its Restricted
Subsidiaries (other than those assets being sold) are subject to such Liens; and

 

(2)            such
Asset Sale is for Fair Market Value; provided that at least 75% of the total consideration received by the Company or any
of its Restricted Subsidiaries in connection with any such Asset Sale shall be in the form of Replacement Assets and Crude Oil
and Natural Gas Related Assets, the assumption of obligations secured by Liens described in (1) above, cash or Cash Equivalents,
or any combination of the foregoing, and that any Net Cash Proceeds so received shall be subject to the provisions of clause (3) of
the first paragraph and to the provisions of the second paragraph of this covenant.

 

For the purposes of
clause (2) of both the first and immediately preceding paragraphs of this covenant and for the purposes of clause (1) of
the immediately preceding paragraph, the following are deemed to be cash or Cash Equivalents:

 

(1)            the
assumption of Indebtedness or other liabilities shown on the balance sheet of the Company (other than obligations in respect of
Disqualified Stock of the Company and Indebtedness or other liabilities that are by their terms subordinated in right of payment
to the Notes or any Subsidiary Guarantee) or any Restricted Subsidiary (other than obligations in respect of Disqualified Stock
or Preferred Stock of a Subsidiary Guarantor and Indebtedness or other liabilities that are by their terms subordinated in right
of payment to the Notes or any Subsidiary Guarantee) and the release of the Company or such Restricted Subsidiary from all liability
on such Indebtedness or liabilities in connection with such Asset Sale (or in lieu of such a release, the agreement of the acquiror
or its parent company to indemnify and hold the Company or such Restricted Subsidiary harmless from and against any loss, liability
or cost in respect of such assumed Indebtedness or liabilities;

 

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

 

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(3)            with
respect to any Asset Sale involving oil and gas properties in which the Company or a Restricted Subsidiary retains an interest,
the obligation of any purchaser or transferee of such properties or their Affiliates to fund all or a portion of the costs and
expenses of exploring or developing such properties.

 

The requirement of
clause 3(c), 3(d) or 3(e) above shall be deemed to be satisfied if an agreement (including a lease, whether a capital
lease or an operating lease) committing to make the acquisitions or investment referred to therein is entered into by the Company
or any Restricted Subsidiary within the time period specified in clause (3) and such Net Cash Proceeds are subsequently
applied in accordance with such agreement within six months following such agreement.

 

Notice of each Net
Proceeds Offer will be mailed to the record Holders as shown on the register of Holders within 30 days following the Net Proceeds
Offer Trigger Date, with a copy to the Trustee, and shall comply with the procedures set forth in this Indenture. Upon receiving
notice of the Net Proceeds Offer, Holders may elect to tender their Notes in whole or in part in exchange for cash with the form
entitled “Option of Holder to Elect to Purchase” on the reverse of the Note completed to the Paying Agent for the Notes
at the address specified in the notice of the Net Proceeds Offer. To the extent Holders properly tender Notes and holders of Pari
Passu Indebtedness properly tender such Indebtedness with an aggregate principal amount exceeding the Net Proceeds Offer Amount,
Notes of tendering Holders and Pari Passu Indebtedness will be purchased on a pro rata basis (based on principal amounts
of Notes and Pari Passu Indebtedness (or, in the case of Pari Passu Indebtedness issued with significant original issue discount
based on the accreted value thereof) tendered). A Net Proceeds Offer shall remain open for a period of 20 Business Days or such
longer period as may be required by law.

 

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 such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Net Proceeds Offer. To
the extent that the provisions of any securities laws or regulations conflict with the “Asset Sale” provisions
of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have
breached its obligations under the “Asset Sale” provisions of this Indenture by virtue thereof.

 

If all or any portion
of any Net Proceeds Offer Amount remains after consummation of a Net Proceeds Offer, the Company may use such remaining portion
of such Net Proceeds Offer Amount for any purpose not otherwise prohibited by this Indenture.

 

Section 4.09     Limitation
on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. The Company will not, and will not cause
or permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or permit to exist or become
effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:

 

(1)            pay
dividends or make any other distributions on or in respect of its Capital Stock (it being understood that the priority of any Preferred
Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on Common
Stock shall not be deemed a restriction on the ability to pay dividends or make distributions on or in respect of Capital Stock);

 

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

 

(3)            guarantee
any Indebtedness or any other obligation of the Company or any Restricted Subsidiary; or

 

(4)            transfer
any of its property or assets to the Company or any other Restricted Subsidiary, except for such encumbrances or
restrictions existing under or by reason of:

 

(1)            With
respect to clauses (1)-(4) above:

 

(a)            applicable
law, rule, regulation, order, approval, license, permit or similar restriction;

 

(b)            any
encumbrance or restriction pursuant to or by reason of an agreement in effect at the Issue Date;

 

(c)            (i) this
Indenture or any other indentures governing Pari Passu Indebtedness; provided, however, that the provisions relating
to such encumbrances or restriction contained in any such other indenture are no less favorable to the Holders in any material
respect as determined by the Company in its reasonable and good faith judgment than the provisions relating to such encumbrances
or restrictions contained in this Indenture or (ii) instruments governing other Indebtedness of the Company or any of its
Restricted Subsidiaries permitted to be incurred pursuant to an agreement entered into subsequent to the Issue Date in accordance
with Section 4.06; provided that the provisions relating to such encumbrance or restriction contained in such
instruments are not materially less favorable to the Company and its Restricted Subsidiaries taken as a whole, as determined by
the Company in good faith, than the provisions contained in the Senior Credit Facility and in this Indenture as in effect on the
Issue Date;

 

(d)            the
Senior Credit Facility;

 

(e)            customary
encumbrances and restrictions contained in agreements of the types described in the definition of “Permitted Industry Investments”;

 

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(f)            customary
non-assignment provisions of any contract or any lease governing a leasehold interest of any Restricted Subsidiary;

 

(g)            any
encumbrance or restriction with respect to any Person at the time it becomes a Restricted Subsidiary or is merged with or into
the Company or a Restricted Subsidiary, which encumbrance or restriction is not applicable to such Restricted Subsidiary, or the
properties or assets of such Restricted Subsidiary, other than the Person or the properties or assets of the Person so acquired;

 

(h)            customary
restrictions with respect to a Restricted Subsidiary of the Company pursuant to an agreement that has been entered into for the
sale or disposition of Capital Stock or assets of such Restricted Subsidiary to be consummated in accordance with the terms of
this Indenture solely in respect of the assets or Capital Stock to be sold or disposed of;

 

(i)            any
instrument governing a Permitted Lien, to the extent and only to the extent such instrument restricts the transfer or other disposition
of assets subject to such Lien;

 

(j)            encumbrances
and restrictions contained in contracts entered into in the ordinary course of business, not relating to any Indebtedness, and
that do not, individually or in the aggregate, detract from the value of, or from the ability of the Company and the Restricted
Subsidiaries to realize the value of, property or assets of the Company or any Restricted Subsidiary in any manner material to
the Company or any Restricted Subsidiary;

 

(k)            an
agreement governing Refinancing Indebtedness incurred to Refinance the Indebtedness issued, assumed or incurred pursuant to an
agreement referred to in clause (b), (c), (d) or (g) above or this clause (k), or contained in any amendment
to an agreement referred to in clause (b), (c), (d) or (g) above or this clause (k); provided, however,
that the provisions relating to such encumbrance or restriction contained in any such agreement governing Refinancing Indebtedness
or amended agreement are, taken as a whole, no less favorable to the Holders in any material respect as determined by the Company
in its reasonable and good faith judgment than the provisions relating to such encumbrance or restriction contained in the applicable
agreement referred to in such clause (b), (c), (d) or (g) above or this clause (k);

 

(l)            Commodity
Agreements, Currency Agreements or Interest Rate Agreements permitted from time to time under this Indenture;

 

(m)            the
issuance of Preferred Stock by a Restricted Subsidiary or the payment of dividends thereon in accordance with the terms thereof;
provided that issuance of such Preferred Stock is permitted pursuant to Section 4.06 and the terms of such Preferred
Stock do not expressly restrict the ability of a Restricted Subsidiary to pay dividends or make any other distributions on its
Capital Stock (other than requirements to pay dividends or liquidation preferences on such Preferred Stock prior to paying any
dividends or making any other distributions on such other Capital Stock); and

 

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(n)            restrictions
on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

 

(o)            any
encumbrance or restriction contained in the terms of any Indebtedness permitted to be incurred pursuant to Section 4.06
if (x) either (a) the encumbrance or restriction applies only in the event of a payment default or a default with respect
to a financial covenant in such Indebtedness or agreement or (b) any such encumbrance or restriction will not affect the Company’s
ability to make principal or interest payments on the Notes, as determined in good faith by the Company, and (y) the encumbrance
or restriction is not materially more restrictive, taken as a whole, than the provisions contained in the Senior Credit Facility
or this Indenture;

 

(p)            any
Permitted Investment; and

 

(2)            with
respect to clause (4) above only:

 

(a)            any
encumbrance or restriction contained in security agreements, mortgages, purchase money agreements, Finance Lease Obligations or
similar instruments securing Indebtedness of a Restricted Subsidiary to the extent such encumbrance or restriction restricts the
transfer of the property subject to such security agreements, mortgages, purchase money agreements or similar instruments;

 

(b)            restrictions
on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business;

 

(c)            provisions
with respect to the disposition or distribution of assets or property in operating agreements, joint venture agreements, development
agreements, area of mutual interest agreements, unitization agreements and other agreements that are customary in the Crude Oil
and Natural Gas Business and entered into in the ordinary course of business; and

 

(d)            provisions
limiting the disposition or distribution of assets or property in, or transfer of Capital Stock of, joint venture agreements, asset
sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into (i) in the ordinary
course of business, consistent with past practice or (ii) with the approval of the Company, which limitations are applicable
only to the assets, property or Capital Stock that are the subject of such agreements.

 

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Section 4.10     Limitation
on Liens. The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly,
create, incur, assume or permit or suffer to exist any Liens of any kind, which Liens secure Indebtedness, against or upon any
property or assets of the Company or any of its Restricted Subsidiaries (whether owned on the Issue Date or acquired after the
Issue Date), other than Permitted Liens, unless:

 

(1)            in
the case of Liens securing Indebtedness that is expressly subordinate or junior in right of payment to the Notes or any Subsidiary
Guarantee, the Notes or such Subsidiary Guarantee, as the case may be, are secured by a Lien on such property, assets or proceeds
that is senior in priority to such Liens at least to the same extent as the Notes are senior in priority to such Indebtedness
for so long as such Indebtedness is so secured; and

 

(2)            in
all other cases, the Notes and the Subsidiary Guarantees are equally and ratably secured with the Indebtedness so secured for so
long as such Indebtedness is so secured.

 

Any Lien created for the benefit of the
Holders pursuant to the preceding sentence shall provide by its terms that such Lien shall be automatically and unconditionally
released and discharged upon the release and discharge of the initial Lien.

 

Section 4.11     Limitation
on Transactions with Affiliates. The Company will not, and will not cause or permit any of its Restricted Subsidiaries
to, directly or indirectly, enter into, amend or conduct any transaction or series of related transactions (including, without
limitation, the purchase, sale, lease or exchange of any property, the guaranteeing of any Indebtedness or the rendering of any
service) involving aggregate consideration in excess of $2.0 million with, or for the benefit of, any of their respective Affiliates
(each an “Affiliate Transaction”), other than Affiliate Transactions that are on terms that, taken as a whole,
are fair and reasonable to the Company or the applicable Restricted Subsidiary from a financial point of view, or are no less
favorable to the Company or the applicable Restricted Subsidiary than those that might reasonably have been obtained in a comparable
transaction at such time on an arm’s-length basis from a Person that is not an Affiliate of the Company or such Restricted
Subsidiary.

 

Any Affiliate Transaction
(and each series of related Affiliate Transactions which are part of a common plan) that involves aggregate payments or other property
with a Fair Market Value in excess of $25.0 million shall be approved by the Board of Directors of the Company, including a majority
of the disinterested members of the Board of Directors of the Company, if any, such approval to be evidenced by a Board Resolution
stating that such Board of Directors has determined that such transaction complies with the foregoing provisions. If the Company
or any Restricted Subsidiary enters into an Affiliate Transaction (or a series of related Affiliate Transactions which are part
of a common plan) that involves an aggregate Fair Market Value of more than $10.0 million, the Company shall, prior to the consummation
thereof, deliver an Officers’ Certificate to the Trustee certifying that such transaction complies with the foregoing provision.

 

The restrictions set
forth in the second paragraph of this covenant shall not apply to:

 

(1)            reasonable
fees and compensation paid to, and indemnity provided on behalf of, officers, directors, employees or consultants of the Company
or any Restricted Subsidiary;

 

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(2)            transactions
exclusively between or among the Company and any of its Restricted Subsidiaries or exclusively between or among such Restricted
Subsidiaries; provided, however, that such transactions are not otherwise prohibited by this Indenture;

 

(3)            any
Investment or other Restricted Payments permitted by this Indenture;

 

(4)            any
issuance of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment
or severance arrangements, stock options and stock ownership, phantom stock or other incentive compensation plans approved by the
Company;

 

(5)            (a) loans
or advances to officers, directors or employees in the ordinary course of business in accordance with the past practices of the
Company or its Restricted Subsidiaries, but in any event not to exceed $5.0 million in the aggregate outstanding at any one time;
and (b) advances to or reimbursements of officers, directors or employees for moving, entertainment and travel expenses, drawing
accounts and similar expenditures in the ordinary course of business;

 

(6)            the
issuance or sale of any Capital Stock (other than Disqualified Stock) of the Company, or the receipt by the Company of any capital
contribution from the holders of its Capital Stock;

 

(7)            transactions
and arrangements in effect, or effected in accordance with agreements or arrangements in effect, on the Issue Date (including the
Merger Transaction), including any modifications, extensions or renewals thereof that do not adversely affect the Company and its
Restricted Subsidiaries, considered as a single enterprise in any material respect as compared to the kinds of transactions, arrangements
or agreements in effect on the Issue Date;

 

(8)            transactions
with a Person that is an Affiliate of the Company solely because the Company owns, directly or through a Subsidiary, an equity
interest in, or controls, such Person;

 

(9)            transactions
with any joint venture or similar entity, which joint venture or similar entity is an Affiliate of the Company solely because an
Affiliate of the Company is a general partner in such joint venture or similar entity; provided that Affiliates (all such
Affiliates taken together) of the Company (other than the Company and its Restricted Subsidiaries) do not in the aggregate beneficially
own or hold, directly or indirectly, 10% or more of any class of voting interests in such joint venture or similar entity;

 

(10)            (a) guarantees
by the Company or any of its Restricted Subsidiaries of performance of obligations of Unrestricted Subsidiaries in the ordinary
course of business, except for guarantees of Indebtedness in respect of borrowed money, and (b) pledges by the Company or
any Restricted Subsidiary of Capital Stock in Unrestricted Subsidiaries for the benefit of lenders or other creditors of Unrestricted
Subsidiaries; and

 

(11)            any
transaction in which the Company or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from
an Independent Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point
of view or that such transaction meets the requirements of the first paragraph of this covenant.

 

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Section 4.12     Limitation
on Restricted and Unrestricted Subsidiaries. On the Issue Date, all of the Subsidiaries of the Company will be Restricted
Subsidiaries. The Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary, provided that (1) any
Subsidiary of any already existing Unrestricted Subsidiary shall be (and shall be deemed designated as) an Unrestricted Subsidiary
(without necessity for any designation) and (2) subject to the foregoing clause (1), any designation of an Unrestricted
Subsidiary (other than during any Fall-Away Period) shall be effective only if the Investment deemed to be made in that Subsidiary
is made in compliance with Section 4.07. After a Subsidiary of the Company has been designated as an Unrestricted
Subsidiary, the Company may, if no Default or Event of Default would arise therefrom, redesignate such Unrestricted Subsidiary
to be a Restricted Subsidiary.

 

After a Subsidiary
of the Company has been designated as a Restricted Subsidiary, the Company also may, if no Default or Event of Default would arise
therefrom, redesignate any Restricted Subsidiary to be an Unrestricted Subsidiary if such redesignation is at that time permitted
under Section 4.07. Upon such permitted redesignation, such former Restricted Subsidiary’s Subsidiary Guarantee
will be released.

 

Any such designation
or redesignation (other than any deemed designation referred to in clause (1) of the proviso to the first paragraph of
this covenant) of an Unrestricted Subsidiary shall be evidenced to the Trustee by the filing with the Trustee of an Officers’
Certificate certifying that such designation or redesignation complied with the foregoing conditions and setting forth in reasonable
detail the underlying calculations.

 

For purposes of Section 4.07:

 

(1)            an
 “Investment” shall be deemed to have been made at the time any Restricted Subsidiary is designated as an Unrestricted
Subsidiary in an amount (proportionate to the Company’s equity interest in such Subsidiary) equal to the net worth of such
Restricted Subsidiary at the time that such Restricted Subsidiary is designated as an Unrestricted Subsidiary (“net worth”
to be calculated based upon the Fair Market Value of the assets of such Subsidiary as of any such date of designation as such Fair
Market Value is determined in good faith by the Company); and

 

(2)            any
property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer
as such Fair Market Value is determined in good faith by the Company.

 

Notwithstanding the
foregoing, the Company may not designate any Subsidiary of the Company to be an Unrestricted Subsidiary (other than during any
Fall-Away Period) if, after such designation or redesignation:

 

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(1)            the
Company or any Restricted Subsidiary:

 

(a)            provides
credit support for, or a guarantee of, any Indebtedness of such Subsidiary (including any undertaking, agreement or instrument
evidencing such Indebtedness); or

 

(b)            is
otherwise directly or indirectly liable for any Indebtedness of such Subsidiary; or

 

(2)            such
Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, any Restricted Subsidiary which (a) is
not a Subsidiary of the Subsidiary to be so designated and (b) is not also then being designated as an Unrestricted Subsidiary.

 

During any Fall-Away
Period, a Restricted Subsidiary may be redesignated an Unrestricted Subsidiary only if such Restricted Subsidiary does not own,
at that time, Restricted Property, unless such Restricted Subsidiary constitutes, at the time of redesignation, less than 15% of
the Company’s Adjusted Consolidated Net Tangible Assets.

 

Section 4.13     Change
of Control.

 

(a)            Upon
the occurrence of a Change of Control Triggering Event, each Holder will have the right to require that the Company purchase all
or any portion of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”),
at a purchase price (the “Change of Control Payment”) equal to 101% of the principal amount thereof, plus
unpaid accrued interest, if any, thereon to the date of purchase (subject to the right of Holders of record on the relevant Regular
Record Date to receive interest on the relevant Interest Payment Date).

 

(b)            Within
30 days following the date upon which the Change of Control Triggering Event occurred, the Company must send, by first class mail,
postage prepaid, a notice to each Holder, with a copy to the Trustee, which notice shall govern the terms of the Change of Control
Offer. Such notice shall state, among other things, the following:

 

(1)            that
a Change of Control has occurred and that such Holder has the right to require the Company to purchase such Holder’s Notes
at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase, plus unpaid accrued interest,
if any, to the date of purchase (subject to the right of Holders of record on the relevant Regular Record Date to receive interest
on the relevant Interest Payment Date);

 

(2)            the
purchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed; such purchase
date, the “Change of Control Payment Date”); and

 

(3)            the
instructions, as determined by the Company, consistent with the covenant described hereunder, that a Holder must follow in order
to have its Notes purchased.

 

(c)            Holders
electing to have a Note purchased pursuant to a Change of Control Offer will be required to surrender the Note, with the form entitled
 “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying Agent for the Notes at the
address specified in the notice prior to the close of business on the third Business Day prior to the Change of Control Payment
Date. If the Change of Control Payment Date is on or after a Regular Record Date and on or before the related Interest Payment
Date, any accrued and unpaid interest will be paid to the Person in whose name a Note is registered at the close of business on
the Regular Record Date, and no additional interest will be payable to holders who tender pursuant to the Change of Control Offer.

 

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(d)            The
Company will not be required to make a Change of Control Offer following a Change of Control Triggering Event if (i) a third
party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth
in this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not
withdrawn under such Change of Control Offer, (ii) notice of redemption of all Notes has been given pursuant to this Indenture
as described in Section 3.03 unless there is a default in payment of the applicable redemption price or (iii) in
connection with or in contemplation of any Change of Control, the Company has made an offer to purchase (an “Alternate
Offer”) any and all Notes validly tendered at a cash price equal to or higher than the Change of Control Payment and
has purchased all Notes properly tendered in accordance with the terms of such Alternate Offer.

 

(e)            Any
Change of Control Offer may be made in advance of a Change of Control, and, at the Company’s discretion, conditioned upon
the occurrence of such Change of Control, if a definitive agreement is in effect for the Change of Control at the time of making
the Change of Control Offer.

 

(f)            Neither
the Board of Directors of the Company nor the Trustee may waive the covenant relating to the obligation to make a Change of Control
Offer.

 

(g)            A
Change of Control Offer shall remain open for a period of 20 Business Days or such longer period as may be required by law. 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 such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Change
of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the “Change of Control”
provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed
to have breached its obligations under the “Change of Control” provisions of this Indenture by virtue thereof.

 

(h)            In
the event that upon consummation of a Change of Control Offer or Alternate Offer less than 10% of the aggregate principal amount
of the Notes (including, without limitation, Additional Notes, if any) that were originally issued are held by Holders other than
the Company or Affiliates thereof, the Company will have the right, upon not less than 10 nor more than 60 days prior notice, given
not more than 60 days following the purchase pursuant to the Change of Control Offer described above, to redeem all of the Notes
that remain Outstanding following such purchase at a redemption price equal to the Change of Control Payment plus, to the extent
not included in the Change of Control Payment, accrued and unpaid interest, if any, on the Notes that remain Outstanding, to the
Redemption Date, subject to the rights of Holders on the relevant Record Date to receive interest on the relevant Interest Payment
Date.

 

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Section 4.14     Additional
Subsidiary Guarantors. If, after the Issue Date, the Company or any of its Restricted Subsidiaries acquires or creates
another Restricted Subsidiary that guarantees Indebtedness of the Company or any Subsidiary Guarantor under a Credit Facility,
then, in either case, the Company shall cause such Restricted Subsidiary to, within 30 days after the date such Subsidiary was
acquired or created or on which it guaranteed such Indebtedness:

 

(1)            execute
and deliver to the Trustee a supplemental indenture substantially in the form set forth in Exhibit B attached hereto
pursuant to which such Restricted Subsidiary shall unconditionally guarantee all of the Company’s obligations under the Notes
and the Indenture on the terms set forth in this Indenture; and

 

(2)            deliver
to the Trustee an Officers’ Certificate and an Opinion of Counsel that such supplemental indenture has been duly authorized,
executed and delivered by such Restricted Subsidiary and constitutes a legal, valid, binding and enforceable obligation of such
Restricted Subsidiary in accordance with its terms.

 

Thereafter, such Restricted
Subsidiary shall be a Subsidiary Guarantor for all purposes of this Indenture, subject to such Restricted Subsidiary ceasing to
be a Subsidiary Guarantor when its Subsidiary Guarantee is released in accordance with the terms of this Indenture.

 

Section 4.15     Waiver
of Covenants. The Company or any Subsidiary Guarantor may omit in any particular instance to comply with any term,
provision or condition set forth in any of Sections 4.02 through 4.14 or Article 5 of this Indenture
or any other provision of the Indenture with respect to the Notes and Subsidiary Guarantees thereof (except a covenant that under
Section 8.02 cannot be amended without the consent of each Holder) if, before the time for such compliance, the Holders
of a majority in principal amount (including waivers obtained in connection with a purchase of, or tender offer or exchange offer
for, Notes) of all Outstanding Notes shall, by Act of such Holders, either waive such compliance in such instance or generally
waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or
condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company
and any Subsidiary Guarantor shall remain in full force and effect. A waiver of compliance given by or on behalf of any Holder
of Notes in connection with a purchase of, or tender or exchange offer for, such Holder’s Notes will not be rendered invalid
by such purchase, tender or exchange.

 

Section 4.16     Statement
by Officers as to Default.

 

(a)            The
Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the Issue Date,
an Officers’ Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in default in
the performance and observance of any of the terms, provisions and conditions of the Indenture with respect to the Notes (without
regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying
all such defaults and the nature and status thereof of which they may have knowledge;

 

(b)            Each
Subsidiary Guarantor will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after
the Issue Date, a Subsidiary Guarantor’s Officers’ Certificate of such Subsidiary Guarantor, stating whether or not
to the best knowledge of the signers thereof such Subsidiary Guarantor is in default in the performance and observance of any of
the terms, provisions and conditions of the Indenture with respect to the Notes and Subsidiary Guarantees thereof (without regard
to any period of grace or requirement of notice provided hereunder) and, if such Subsidiary Guarantor shall be in default, specifying
all such defaults and the nature and status thereof of which they may have knowledge.

 

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Section 4.17        Money
for Notes Payments to Be Held in Trust. If the Company shall at any time act as its own Paying Agent with respect to
the Notes, it will, on or before each due date of the principal of or any premium or interest, if any, on the Notes, segregate
and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest
so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify
the Trustee of its action or failure so to act.

 

Article 5

 

SUCCESSOR CORPORATION

 

Section 5.01        When
Company May Merge or Transfer Assets. Other than the Merger Transaction, the Company will not, in a single transaction
or series of related transactions, consolidate or merge with or into any Person, or sell, assign, transfer, lease, convey or otherwise
dispose of (or cause or permit any Restricted Subsidiary to sell, assign, transfer, lease, convey or otherwise dispose of) all
or substantially all of the Company’s assets (determined on a consolidated basis for the Company and its Restricted Subsidiaries),
unless:

 

(1)          either:

 

(a)         (i) the
Company shall be the surviving or continuing entity or (ii) the sale or other disposition is by one or more Restricted Subsidiaries
to one or more other Restricted Subsidiaries; or

 

(b)         the
Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person which acquires
by sale, assignment, transfer, lease, conveyance or other disposition all or substantially all of the Company’s assets (as
so determined) (the “Surviving Entity”):

 

(x)            shall
be an entity organized and validly existing under the laws of the United States or any state thereof or the District of Columbia;
and

 

(y)            shall
expressly assume, by supplemental indenture, executed and delivered to the Trustee, the due and punctual payment of the principal
of, premium, if any, and interest on all of the Notes and the performance of every covenant of the Notes and this Indenture on
the part of the Company to be performed or observed;

 

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(2)        immediately
after giving effect to such transaction and the assumption contemplated by clause (1)(b)(y) above (including giving
effect to any Indebtedness incurred or anticipated to be incurred or repaid in connection with or in respect of such transaction
as if the same had occurred at the beginning of the applicable Four Quarter Period) and the application of any net proceeds therefrom,
the Company or such Surviving Entity, as the case may be, either (x) shall be able to incur at least $1.00 of additional
Indebtedness (other than Permitted Indebtedness) pursuant to Section 4.06(a), or (y) would have a Consolidated
EBITDAX Coverage Ratio that is equal to or greater than the Consolidated EBITDAX Coverage Ratio of the Company immediately prior
to such transaction; provided, however, that this clause (2) will not be applicable to (A) a Restricted
Subsidiary consolidating with, merging into or transferring all or part of its properties and assets to the Company or one or
more other Restricted Subsidiaries or (B) the Company merging with an Affiliate of the Company solely for the purpose and
with the sole effect of reincorporating the Company in another jurisdiction, converting to an entity taxable for federal income
tax purposes as a corporation or a combination of the foregoing;

 

(3)        immediately
after giving effect to such transaction and the assumption contemplated by clause (1)(b)(y) above (including, without
limitation, giving effect to any Indebtedness incurred or anticipated to be incurred or repaid and any Lien granted in connection
with or in respect of the transaction), no Default or Event of Default shall have occurred or be continuing; provided,
however, that this clause (3) will not be applicable to a Restricted Subsidiary consolidating with, merging into or
transferring all or part of its properties and assets to the Company or one or more other Restricted Subsidiaries; and

 

(4)         the
Company or the Surviving Entity, as the case may be, shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition
and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture complies with the
applicable provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction have
been satisfied; provided, however, that such counsel may rely, as to matters of fact, on a certificate or certificates
of officers of the Company.

 

For purposes of the
foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of transactions) of all or
substantially all of the properties or assets of one or more Restricted Subsidiaries, the Capital Stock of which constitutes all
or substantially all of the properties and assets of the Company, shall be deemed to be the transfer of all or substantially all
of the properties and assets of the Company.

 

Upon any consolidation
or merger or any transfer of all or substantially all of the assets of the Company in accordance with the foregoing, in which
the Company is not the Surviving Entity, the Surviving Entity formed by such consolidation or into which the Company is merged
or to which such conveyance, lease or transfer is made shall succeed to, and be substituted for, and may exercise every right
and power of, the Company under the Indenture and the Notes with the same effect as if such Surviving Entity had been named as
such, and thereafter (except in the case of a lease of all or substantially all of the Company’s assets) the Company will
be relieved of all obligations and covenants under the Indenture and the Notes.

 

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Section 5.02       When
Subsidiary Guarantor May Merge or Consolidate. Each Subsidiary Guarantor (other than any Subsidiary Guarantor
whose Subsidiary Guarantee is to be released in accordance with the terms of the Subsidiary Guarantee and this Indenture in connection
with any transaction complying with the provisions of this Indenture described under Section 4.08) will not, and the
Company will not cause or permit any such Subsidiary Guarantor to, consolidate with or merge with or into any Person other than
the Company or another Restricted Subsidiary that is a Subsidiary Guarantor unless:

 

(1)        the
entity formed by or surviving any such consolidation or merger (if other than the Subsidiary Guarantor) or to which such sale,
lease, conveyance or other disposition shall have been made is an entity organized and existing under the laws of the United States
or any state thereof or the District of Columbia;

 

(2)        such
entity (if other than the Subsidiary Guarantor) assumes by execution of a supplemental indenture all of the obligations of the
Subsidiary Guarantor under its Subsidiary Guarantee; and

 

(3)         immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing.

 

Any merger or consolidation
of a Subsidiary Guarantor with and into the Company (with the Company being the surviving entity) or another Restricted Subsidiary
that is a Subsidiary Guarantor need only comply with Section 5.01(4).

 

Upon any consolidation
or merger of any Subsidiary Guarantor in accordance with the second preceding paragraph (excluding any merger or consolidation
of a Subsidiary Guarantor whose Subsidiary Guarantee is to be released as specified in the second preceding paragraph and any
merger or consolidation of a Subsidiary Guarantor referred to in the immediately preceding paragraph) in which such Subsidiary
Guarantor is not the continuing Person, the Person formed by such consolidation or into which such Subsidiary Guarantor is merged
shall succeed to, and be substituted for, and may exercise every right and power of, such Subsidiary Guarantor under this Indenture
and the Notes with the same effect as if such Person had been named as such; and thereafter such Subsidiary Guarantor shall be
discharged from all obligations and covenants, this Indenture and the Notes.

 

Article 6

 

DEFAULTS AND REMEDIES

 

Section 6.01         Events
of Default. Each of the following events shall constitute an “Event of Default” with respect to
the Notes:

 

(1)          the
failure to pay interest on any Notes when the same becomes due and payable and the failure continues for a period of 30 days;

 

(2)         the
failure by the Company to (a) pay the principal on any Notes, when such principal becomes due and payable, at maturity, upon
redemption or otherwise, or (b) consummate a purchase of Notes when required pursuant to Section 4.08 and Section 4.13,
which failure, solely in the case of Section 4.13, continues for a period of 30 days or, solely in the case of Section 4.08,
continues for a period of 30 days after the Company receives written notice specifying the default (and demanding that such default
be remedied) from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes (including any Additional
Notes);

 

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(3)         the
failure to comply with any other covenant contained in Article 4 or Section 5.01 of this Indenture, which
failure continues for a period of 30 days after the Company receives written notice specifying the default (and demanding that
such default be remedied) from the Trustee or the Holders of at least 25% of the Outstanding principal amount of the Notes (including
any Additional Notes) (except in the case of a failure to comply with any of the terms or provisions of (i) the first paragraph
of Section 5.01, which will constitute an Event of Default with such notice requirement but without such passage of
time requirement or (ii) Section 4.03, which will constitute an Event of Default only after a period of 90 days
after such notice);

 

(4)         the
failure of the Company or any Subsidiary Guarantor to comply with its other agreements contained in the Indenture for 60 days
after the Company receives written notice from the Trustee or the Holders of 25% in principal amount of the Outstanding Notes
(including any Additional Notes) specifying the failure (and demanding that such failure be remedied);

 

(5)        a
default under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any
Indebtedness of the Company or of any Restricted Subsidiary (or the payment of which is guaranteed by the Company or any Restricted
Subsidiary), whether such Indebtedness exists on the Issue Date or is created thereafter, which default (i) is caused by
a failure to pay principal of or premium, if any, or interest on such Indebtedness after any applicable grace period provided
in such Indebtedness on the date of such default (a “payment default”) or (ii) results in the acceleration
of such Indebtedness prior to its express maturity and, in each case, the principal amount of any such Indebtedness, together
with the principal amount of any other such Indebtedness under which there has been a payment default or the maturity of which
has been so accelerated, aggregates at least $50.0 million;

 

(6)         one
or more judgments for the payment of money in an aggregate amount in excess of $50.0 million (unless covered by insurance by a
reputable insurer as to which the insurer has not disclaimed coverage) shall have been rendered against the Company or any of
its Restricted Subsidiaries and such judgment(s) remain undischarged, unpaid or unstayed for a period of 60 days after such
judgment or judgments become final and non-appealable;

 

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(7)         (x)           the
Company or any of its Significant Subsidiaries pursuant to or within the meaning of any Bankruptcy Law:

 

(A)           commences
a voluntary case;

 

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

 

(C)           consents
to the appointment of a receiver of it or for any substantial part of its property; or

 

(D)           makes
a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws relating to insolvency;
or

 

(y)         a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that remains unstayed and in effect for 60
days and that:

 

(A)           is
for relief against the Company or any of its Significant Subsidiaries in an involuntary case;

 

(B)          appoints
a receiver of the Company or any of its Significant Subsidiaries or for any substantial part of its property;

 

(C)           orders
the winding up or liquidation of the Company or any of its Significant Subsidiaries; or

 

(D)           grants
any similar relief under any foreign laws; or

 

(8)         any
of the Subsidiary Guarantees cease to be in full force and effect or any of the Subsidiary Guarantees are declared to be null
and void or invalid and unenforceable or any of the Subsidiary Guarantors denies or disaffirms its liability under its Subsidiary
Guarantees (in each case other than in accordance with the terms of this Indenture).

 

The foregoing will constitute Events of
Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation
of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body.

 

The Company shall
deliver to the Trustee, as promptly as reasonably practicable and in any event within ten Business Days after the Company becomes
aware of the occurrence of any Default or Event of Default, written notice in the form of an Officers’ Certificate of such
Default or Event of Default, unless such Default or Event of Default has been cured before the end of the ten-Business Day period.

 

Any reference in this
Article 6 or elsewhere in this Indenture to “Event of Default” shall be deemed to refer to and include
only the Events of Default with respect to the Notes specified in this Section 6.01, and the term “Default”
as so used in this Indenture shall have a correlative meaning.

 

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Section 6.02        Acceleration.
If an Event of Default (other than an Event of Default specified in Section 6.01(7) with respect to the Company)
occurs and is continuing, the Trustee, in the event a Responsible Officer of the Trustee has actual knowledge of such Event of
Default, by notice in writing to the Company, or the Holders of at least 25% in aggregate principal amount of the Notes (including
any Additional Notes) then Outstanding by notice in writing to the Company and the Trustee, may declare the principal of, premium,
if any, and accrued and unpaid interest, if any, on all the Notes Outstanding to be immediately due and payable, which notice
shall specify the Event of Default and that it is a “notice of acceleration”. Upon such a declaration, such accelerated
amount shall be due and payable immediately. If an Event of Default specified in Section 6.01(7) with respect
to the Company occurs and is continuing, the unpaid principal of, premium, if any, and accrued and unpaid interest, if any, on
all the Notes Outstanding shall, automatically and without any action by the Trustee or any Holder, become and be immediately
due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

Notwithstanding the
foregoing, if an Event of Default specified in Section 6.01(5) shall have occurred and be continuing, such Event of
Default and any acceleration resulting therefrom shall be automatically rescinded if (i) the Indebtedness that is the subject
of such Event of Default has been repaid, or (ii) the default relating to such Indebtedness has been waived or cured and,
if such Indebtedness has been accelerated, the holders thereof have rescinded their declaration of acceleration in respect of
such Indebtedness.

 

The Holders of a majority
in aggregate principal amount of the Notes at the time Outstanding by notice to the Trustee and the Company and without notice
to any other Holder may rescind and cancel such declaration of acceleration and its consequences:

 

(1)           if
the rescission would not conflict with any judgment or decree;

 

(2)          if
all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely
because of such acceleration;

 

(3)         to
the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has
become due otherwise than by such declaration of acceleration, has been paid;

 

(4)         if
the Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and advances;
and

 

(5)          in
the event of the cure or waiver of an Event of Default of the type described in Section 6.01(7), the Trustee shall
have received an Officers’ Certificate that such Event of Default has been cured or waived;

 

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

 

Section 6.03       Other
Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the
payment of the principal amount plus accrued and unpaid interest, if any, on the Notes or to enforce the performance of any provision
of the Notes or this Indenture.

 

The Trustee may maintain
a proceeding even if it does not possess any of the Notes or does not produce any of the Notes in the proceeding. A delay or omission
by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available
remedies are cumulative.

 

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Section 6.04        Waiver
of Past Defaults. At any time prior to the declaration of acceleration of the Notes, the Holders of a majority in aggregate
principal amount of the Notes at the time Outstanding by notice to the Trustee and without notice to any other Holder may waive
(including any waivers obtained in connection with a purchase of, or tender or exchange offer for, the Notes) any existing Default
or Event of Default and its consequences except an Event of Default described in Section 6.01(2)(a) and Section 6.01(1).
When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any
consequent right.

 

Section 6.05         Control
by Majority. Subject to the provisions of this Indenture and applicable law, the Holders of a majority in aggregate
principal amount of the Notes at the time Outstanding have the right to direct in writing the time, method and place of conducting
any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However,
the Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee reasonably determines
is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. Prior to taking
any action hereunder, the Trustee shall be entitled to indemnification satisfactory to the Trustee against all costs, losses and
expenses caused by taking or not taking such action.

 

Section 6.06          Limitation
on Suits. Subject to Section 6.07, a Holder may not pursue any remedy with respect to this Indenture or
the Notes or for the appointment of a receiver or a trustee, unless:

 

(a)            such
Holder shall have previously given to the Trustee written notice of a continuing Event of Default;

 

(b)            the
Holders of at least 25% in aggregate principal amount of the Notes at the time Outstanding make a written request and shall have
offered indemnity satisfactory to the Trustee to institute such proceeding as Trustee;

 

(c)            the
Trustee has failed to institute such remedy within 60 days after such written notice, request and offer; and

 

(d)        the
Trustee has not received from the Holders of a majority in aggregate principal amount of the Notes then Outstanding a direction
inconsistent with such request within 60 days after such written notice, request and offer.

 

A Holder may not use the Indenture to
prejudice the rights of any other Holder or to obtain a preference or priority over any other Holder.

 

Section 6.07         Rights
of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to receive
payment of the principal amount, redemption price, Net Proceeds Offer Amount (with respect to an Asset Sale that has been consummated),
any amounts due under Section 4.13 (with respect to a Change of Control that has occurred) or interest, if any, in
respect of the Notes held by such Holder, on or after the respective due dates expressed in such Holder’s Notes or any Redemption
Date, Net Proceeds Offer Payment Date or Change of Control Payment Date, or to bring suit for the enforcement of any such payment
on or after such respective dates, shall not be impaired or affected without the consent of such Holder.

 

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Section 6.08         Collection
Suit by Trustee. If an Event of Default specified in Section 6.01(1) or Section 6.01(2)(a) occurs
and is continuing, the Trustee may recover judgment in its own name and as Trustee of an express trust against the Company for
the whole amount then due and owing (together with interest on any unpaid interest) and the amounts provided for in Section 13.07.

 

Section 6.09          Trustee
May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company,
a Subsidiary Guarantor, its creditors or its property and, unless prohibited by law or applicable regulations, may vote on behalf
of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any receiver in any
such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee
under Section 13.07.

 

Section 6.10         Priorities.
If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property in
the following order:

 

FIRST: to
the Trustee for amounts due under Section 13.07;

 

SECOND:
to Holders for amounts due and unpaid on the Notes for the principal amount, redemption price, Net Proceeds Offer Amount (with
respect to an Asset Sale that has been consummated), any amount due under Section 4.13 (with respect to a Change of
Control that has occurred) or interest, if any, as the case may be, ratably, without preference or priority of any kind, according
to such amounts due and payable on the Notes; and

 

THIRD: the
balance, if any, to the Company or, if applicable, the Subsidiary Guarantors.

 

The Trustee may fix
a record date and payment date for any payment to Holders pursuant to this Section 6.10. At least 15 days before such
record date, the Company shall mail to each Holder and the Trustee a notice that states the record date, the payment date and
the amount to be paid.

 

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

 

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Section 6.12         Waiver
of Stay or Extension Laws. The Company and the Subsidiary Guarantors (to the extent they may lawfully do so) shall
not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension
law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture;
and the Company and the Subsidiary Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit
or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee,
but shall suffer and permit the execution of every such power as though no such law had been enacted.

 

Article 7

 

DISCHARGE OF INDENTURE

 

This Indenture will
be discharged and will cease to be of further effect (except as to surviving rights of registration of transfer or exchange of
the Notes and other provisions which by their terms expressly survive, in each case, as expressly provided for in this Indenture)
as to all Outstanding Notes and as to all Subsidiary Guarantees thereof, and the Trustee, upon a Company Request and at the expense
of the Company, shall execute proper instruments acknowledging satisfaction and discharge of the Indenture with respect to such
Notes and Subsidiary Guarantees, when:

 

(1)         either:

 

(a)          all
the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and
Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter
repaid to the Company or discharged from such trust) have been delivered to the Trustee for cancellation; or

 

(b)         all
Notes not theretofore delivered to the Trustee for cancellation have become due and payable or will become due and payable within
one year by reason of the mailing of a notice of redemption or otherwise and the Company has irrevocably deposited or caused to
be deposited with the Trustee funds (constituting cash in U.S. dollars, non-callable Cash Equivalents within the meaning of clauses (1) or
(2) of the definition thereof or a combination of cash in U.S. dollars and such non-callable Cash Equivalents) in an amount
sufficient (without consideration of any reinvestment of interest) to pay and discharge the entire Indebtedness on the Notes not
theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to the date
of deposit together with irrevocable instructions from the Company directing the Trustee to apply such funds to the payment thereof
at maturity or redemption, as the case may be;

 

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(2)         the
Company has paid all other sums payable under this Indenture by the Company; and

 

(3)       the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent
under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with; provided, however,
that such counsel may rely, as to matters of fact, on a certificate or certificates of officers of the Company.

 

Notwithstanding the
satisfaction and discharge of the Indenture with respect to the Notes, the obligations of the Company to the Trustee under Section 13.07,
and, if funds shall have been deposited with the Trustee pursuant to subclause (b) of Clause (1) of this Section with
respect to such Notes, the obligations of the Company under Section 4.02 and the obligations of the Trustee under
the following paragraph, Section 13.06 and the last paragraph of Section 4.01 with respect to such Notes
shall survive such satisfaction and discharge.

 

Subject to the provisions
of the last paragraph of Section 4.01, all funds deposited with the Trustee pursuant to this Article 7
shall be held in trust and applied by it, in accordance with the provisions of the Notes and the Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal and any premium and interest for whose payment such funds have been deposited with
the Trustee. The Company may direct by a Company Order the investment of any funds deposited with the Trustee pursuant to this
Article 7, without distinction between principal and income, in any Cash Equivalents and from time to time the Company
may direct the reinvestment of all or a portion of such funds in other Cash Equivalents.

 

Article 8

 

AMENDMENTS

 

Section 8.01       Without
Consent of Holders. The Company, the Subsidiary Guarantors and the Trustee may enter into any supplemental indenture
to amend or supplement this Indenture, the Notes, or the Subsidiary Guarantees without notice to, or the consent of, any Holder
to:

 

(a)             evidence
the assumption of the Company’s or a Subsidiary Guarantor’s obligations under the Indenture or the Notes or the Subsidiary
Guarantees, as the case may be, by a successor Person under Article 5;

 

(b)             surrender
any of the Company’s or any Subsidiary Guarantor’s rights or powers under this Indenture;

 

(c)             add
covenants or Events of Default for the benefit of the Holders;

 

(d)             add
any Person as an additional Subsidiary Guarantor or additional Subsidiary Guarantees with respect to the Notes (including pursuant
to Section 4.14) or evidence the release and discharge of any Subsidiary Guarantor from its obligations under its
Subsidiary Guarantee of the Notes and its obligations under this Indenture with respect to the Notes in accordance with the terms
of this Indenture or to secure the Notes or any Subsidiary Guarantees;

 

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(e)             cure
any omission or correct any inconsistency in the Indenture or to make any other provisions with respect to matters or questions
arising under the Indenture, so long as such action will not materially adversely affect the interests of the Holders;

 

(f)              cure
any ambiguity, defect or inconsistency;

 

(g)             modify
or amend the Indenture to permit the qualification of the Indenture under the Trust Indenture Act;

 

(h)             establish
the forms or terms of the Notes and the Subsidiary Guarantees thereof pursuant to Sections 1.01 and 1.02 and
to change the procedures for transferring and exchanging Notes so long as such change does not adversely affect the Holders of
any Notes Outstanding;

 

(i)              evidence
and provide for the acceptance of appointment under the Indenture by a successor Trustee with respect to the Notes and to add
to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the
trusts under the Indenture by more than one Trustee, pursuant to the requirements of Section 13.11;

 

(j)              provide
for the issuance of Additional Notes as permitted by Sections 1.01 and 1.03 of this Indenture, which will have
terms substantially identical to the other Notes Outstanding except as specified in Sections 1.01 and 1.03,
and which will be treated, together with any other Notes Outstanding, as a single class for all purposes of the Indenture;

 

(k)             solely
to conform the provisions of the Indenture or the Notes to the description hereof and thereof contained in the Prospectus; or

 

(l)              make
any other change to the Indenture or forms or terms of the Notes that would provide any additional right or benefit to Holders
or that does not adversely affect the rights of the Holders.

 

The Trustee is hereby
authorized to join with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements
and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any
property thereunder, but the Trustee shall not be obligated to enter into any such supplemental indenture which affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise.

 

Any supplemental indenture
authorized by the provisions of this Section 8.01 may be executed by the Company, the Subsidiary Guarantors and the
Trustee without the consent of the Holders of any of the Notes at the time Outstanding, notwithstanding any of the provisions
of Section 8.02.

 

After an amendment
under this Section 8.01 becomes effective, the Company shall mail to Holders a notice briefly describing such amendment.
The failure to give such notice to all such Holders, or any defect therein, shall not impair or affect the validity of an amendment
under this Section.

 

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Section 8.02        With
Consent of Holders. With the consent of the Holders of a majority in aggregate principal amount of the Notes at the
time Outstanding (including consents obtained in connection with a purchase of, or tender or exchange offer for, Notes), by Act
of said Holders delivered to the Company and the Trustee, the Company, the Subsidiary Guarantors and the Trustee may enter into
any supplemental indenture to amend or supplement the Indenture or the Notes for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of the Notes or the Indenture or of modifying in any manner the rights of the
Holders under the Indenture. However, no amendment, supplement or waiver may be made without the consent of each Holder of Notes
Outstanding affected thereby if such amendment, supplement or waiver would (with respect to Notes held by any non-consenting Holder):

 

(a)            reduce
the amount of Notes whose Holders must consent to an amendment;

 

(b)            reduce
the rate of or change or have the effect of changing the time for payment of interest, including defaulted interest, on any Notes;

 

(c)            reduce
the principal of or change or have the effect of changing the fixed maturity of any Notes;

 

(d)          reduce
the amount payable upon the redemption of any Note or change the time at which any Note may be redeemed as described in Section 3.01
on the dates specified thereunder; provided, however, that solely for the avoidance of doubt and without any
other implication, redemption shall not be deemed to include any purchase or repurchase of Notes, including as described in Section 4.08
and Section 4.13;

 

(e)            make
the Notes payable in money other than that stated in the Notes;

 

(f)           make
any change in provisions of the Indenture protecting the right of each Holder to receive payment of principal of and interest
on such Note on or after the due date thereof or to bring suit to enforce such payment, or permitting Holders of a majority in
principal amount of Notes to waive Defaults or Events of Default in the payment of principal of, premium, if any, or interest
on, the Notes (except (i) a payment required by Section 4.08 and Section 4.13 or (ii) a rescission of acceleration
of the Notes by the holders of a majority in aggregate principal amount of the then Outstanding Notes and a waiver of the payment
Default that resulted from such acceleration);

 

(g)          modify
or change any provision of the Indenture or the related definitions affecting the ranking in right of payment of the Notes or
any Subsidiary Guarantee as senior unsecured indebtedness of the Company or the relevant Subsidiary Guarantors, as the case may
be, in a manner which adversely affects the Holders; or

 

(h)          release
any Subsidiary Guarantor from any of its obligations under its Subsidiary Guarantee or the Indenture otherwise than in accordance
with the terms of the Indenture.

 

It shall not be necessary
for the consent of the Holders under this Section 8.02 to approve the particular form of any proposed amendment or
supplemental indenture, but it shall be sufficient if such consent approves the substance thereof.

 

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A consent to any supplemental
indenture hereto by or on behalf of any Holder given in connection with a purchase of, or tender or exchange offer for, such Holder’s
Notes will not be rendered invalid by such purchase, tender or exchange.

 

After a supplemental
indenture under this Section 8.02 becomes effective, the Company shall mail to each Holder a notice briefly describing
the amendment or supplemental indenture. Notwithstanding anything in this Section 8.02 to the contrary, the failure
of the Company to give such notice to all the Holders, or any defect in the notice, will not impair or affect the validity of
the supplemental indenture.

 

Section 8.03       Compliance
with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act.

 

Section 8.04         Notation
on or Exchange of Notes. Notes authenticated and delivered after the execution of any supplemental indenture pursuant
to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Company shall so determine, new Notes so modified as to conform, in the opinion
of the Trustee, to any such supplemental indenture may be prepared and executed by the Company and, upon receipt of an Authentication
Order, authenticated and delivered by the Trustee in exchange for Outstanding Notes. Failure to make the appropriate notation
or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 

Section 8.05         Trustee
to Sign Supplemental Indentures. The Trustee shall sign any supplemental indenture authorized pursuant to this Article 8
if the amendment contained therein does not affect the rights, duties, liabilities or immunities of the Trustee. If it does,
the Trustee may, but need not, sign such supplemental indenture. In signing such supplemental indenture the Trustee shall be provided
with, and (subject to the provisions of Section 13.01 hereof) shall be fully protected in relying upon, an Officers’
Certificate and an Opinion of Counsel stating that such amendment is authorized or permitted by this Indenture and represents
the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.

 

Section 8.06        Effect
of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, the Indenture shall
be modified in accordance therewith, and such supplemental indenture shall form a part of the Indenture for all purposes; and
every Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

 

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Article 9

 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 9.01         Legal
Defeasance and Covenant Defeasance. The Company may, at its option and at any time, elect to have its obligations and
the corresponding obligations of the Subsidiary Guarantors discharged with respect to the Outstanding Notes (“Legal Defeasance”).
Such Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by
the Outstanding Notes, and satisfied all of its obligations with respect to the Notes, except for:

 

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

 

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

 

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

 

(4)          the
Legal Defeasance provisions of this Indenture.

 

In addition, the Company
may, at its option and at any time, elect to terminate its obligations under Section 4.03, Sections 4.06
through 4.14 and the operation of Section 6.01(2)(b), Sections 6.01(3) through (6) and
Section 6.01(8) and the limitations described in clause (2) of the first paragraph of Section 5.01
and thereafter any omission to comply with such obligations shall not constitute a Default or Event of Default with respect
to the Notes (“Covenant Defeasance”). In the event of Legal Defeasance, payment of the Notes may not be accelerated
because of an Event of Default with respect thereto. In the event Covenant Defeasance occurs, the events described in clauses (2)(b),
(3), (4), (5), (6) and (8) of Section 6.01 will no longer constitute an Event of Default with respect to
the Notes. If the Company exercises either its Legal Defeasance or Covenant Defeasance option, each Subsidiary Guarantor will
be released and relieved of any obligations under its Subsidiary Guarantee.

 

Section 9.02          Conditions
to Legal Defeasance or Covenant Defeasance. In order to exercise either Legal Defeasance or Covenant Defeasance:

 

(1)         the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders cash in United States dollars, non-callable
United States government obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized investment bank, appraisal firm or firm of independent public accountants, to pay the principal of, premium, if any,
and interest on the Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be;

 

(2)        in
the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States confirming
that:

 

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

 

(b)         since
the date of this Indenture, there has been a change in the applicable federal income tax law, in either case to the effect that,
and based thereon such opinion of counsel shall confirm that, the Holders will not recognize income, gain or loss for federal
income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

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(3)         in
the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States confirming
that the Holders will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance
and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such Covenant Defeasance had not occurred;

 

(4)         no
Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of
Default resulting from the incurrence of Indebtedness or other borrowing of funds, or the grant of Liens securing such Indebtedness
or other borrowing, all or a portion of which are to be applied to such deposit);

 

(5)          such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under the Indenture
(other than a Default or Event of Default resulting from the incurrence of Indebtedness or other borrowing of funds, or the grant
of Liens securing such Indebtedness or other borrowing, all or a portion of which are to be applied to such deposit) or any other
Indebtedness incurred under clause (2) of the definition of “Permitted Indebtedness”;

 

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

 

(7)         the
Company shall have delivered to the Trustee an Officers’ Certificate stating that all conditions precedent relating to such
Legal Defeasance or Covenant Defeasance, as applicable, have been complied with; and

 

(8)        the
Company shall have delivered to the Trustee an Opinion of Counsel (which opinion of counsel may be subject to customary assumptions,
qualifications and exclusions), stating that all conditions precedent relating to such Legal Defeasance or Covenant Defeasance,
as applicable, have been complied with; provided, however, that such counsel may rely, as to matters of fact, on
a certificate or certificates of officers of the Company.

 

As used herein, “United
States government obligation” means (x) any security which is (i) a direct obligation of the United States
of America for the payment of which the full faith and credit of the United States of America is pledged or (ii) an obligation
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment
of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either
case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt
issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any United States
government obligation which is specified in clause (x) above and held by such bank for the account of the holder of
such depositary receipt, or with respect to any specific payment of principal of or interest on any United States government obligation
which is so specified and held; provided that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect
of the United States government obligation or the specific payment of principal or interest evidenced by such depositary receipt.

 

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Section 9.03     Application
of Trust Money.

 

(a)            The
Trustee or Paying Agent shall hold in trust all cash in United States dollars or non-callable United States government obligations
deposited with it pursuant to this Article 9 in respect of the Outstanding Notes, and shall apply the deposited cash
in United States dollars and non-callable United States government obligations in accordance with this Indenture to the payment,
either directly or through any such Paying Agent (including the Company acting as its own Paying Agent or any Subsidiary Guarantor
or any Subsidiary or Affiliate of the Company or any Subsidiary Guarantor acting as Paying Agent) as the Trustee may determine,
to the Holders of such Notes, of all sums due and to become due thereon in respect of the principal of and the interest on the
Notes, but money and United States government obligations so held in trust need not be segregated from other funds except to the
extent required by law. The Trustee shall be under no obligation to invest said funds, except as it may agree with the Company.

 

(b)            The
Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash in United
States dollars and non-callable United States government obligations deposited pursuant to Section 9.02, or the principal
and interest received in respect thereof, other than any such tax, fee or other charge which by law is for the account of the
Holders of the Outstanding Notes.

 

(c)            Anything
in this Article 9 to the contrary notwithstanding, the Trustee shall promptly deliver or pay to the Company from time
to time upon the request of the Company any funds or United States government obligations held by it as provided in Section 9.02
which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance.

 

Section 9.04     Repayment
to the Company. Any cash in United States dollars or non-callable United States government obligations deposited with
the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or interest on the
Notes and remaining unclaimed for two years after such principal or interest has become due and payable shall be repaid to the
Company on its request or (if then held by the Company) will be discharged from such trust; and the Holders will thereafter be
permitted to look only to the Company (unless an applicable law designates another Person) for payment thereof, and all liability
of the Trustee or such Paying Agent with respect to such trust funds, and all liability of the Company as trustee thereof, will
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense and written request of the Company cause to be published once, in the New York Times and The Wall
Street Journal (national edition), or mail to each Holder entitled to such funds, notice that such money remains unclaimed and
that, after a date specified therein, which will not be less than thirty (30) days from the date of such publication or mailing,
any unclaimed balance of such money then remaining will be repaid to the Company.

 

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Section 9.05     Reinstatement.
If the Trustee or Paying Agent is unable to apply any funds in accordance with this Article 9 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, or if the funds deposited with the Trustee to effect Covenant Defeasance are insufficient to pay the principal
of, and interest on, the Notes when due, the Company’s obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to this Article 9 until such time as the Trustee or Paying Agent
is permitted to apply all such funds in accordance with this Article 9; provided, however, that if the
Company has made any payment of interest on, or principal of, any Notes because of the reinstatement of its obligations, the Company
shall be subrogated to the rights of the Holders of such Notes to receive such payment from the funds held by the Trustee or Paying
Agent.

 

Article 10

 

PAYMENT OF INTEREST

 

Section 10.01   Payment
of Interest. The Company shall pay interest on the Notes at a rate of 7.50% per annum, payable semi-annually in arrears
on [•] and [•] of each year (each, an “Interest Payment Date”), commencing [•], 2021. Interest
shall be paid on each Interest Payment Date to the Holder of such Note in whose name the Note is registered at 5:00 p.m. (New
York City time) on [•] or [•] (whether or not a Business Day) (a “Regular Record Date”), as the case
may be, next preceding the related Interest Payment Date. Interest shall be computed on the basis of a 360-day year comprised
of twelve 30-day months. In the event of the maturity, or purchase of a Note by the Company at the option of the Holder, interest
shall cease to accrue on such Note. Interest on the Notes shall accrue (except, in the case of Additional Notes, as otherwise
specified in the Officers’ Certificate delivered pursuant to Section 1.03 of this Indenture in respect thereof)
from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance.

 

Section 10.02   Defaulted
Interest. Any installment of interest that is payable, but is not punctually paid or duly provided for on any Interest
Payment Date (“Defaulted Interest”) shall forthwith cease to be payable to the Holders in whose names the Notes
were registered on the Regular Record Date applicable to such installment of interest. The Company shall make payment of any Defaulted
Interest (including any interest on such Defaulted Interest) to the Holders in whose names the Notes are registered at 5:00 p.m. (New
York City time) on a special record date for the payment of such Defaulted Interest (a “Special Record Date”),
which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount
of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory
to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the
benefit of the Holders entitled to such Defaulted Interest as provided in this Section 10.02. Thereupon the Trustee
shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than 15 calendar days and
not less than ten calendar days prior to the date of the proposed payment and not less than ten calendar days after the receipt
by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date
and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and
the Special Record Date therefor to be sent, by first-class mail, postage prepaid, to each Holder at such Holder’s address
as it appears in the registration books of the Registrar, not less than ten calendar days prior to such Special Record Date. Notice
of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such
Defaulted Interest shall be paid to the Holders in whose names the Notes are registered at 5:00 p.m. (New York City time)
on such Special Record Date.

 

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Section 10.03   Interest
Rights Preserved. Subject to the foregoing provisions of this Article 10, each Note delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest
accrued and unpaid, and to accrue, which were carried by such other Note.

 

Article 11

 

SUBSIDIARY GUARANTEES

 

Section 11.01   The
Subsidiary Guarantee. Each Subsidiary Guarantor hereby jointly and severally guarantees (the “Subsidiary Guarantee”),
as a primary obligor and not as a surety, to the Trustee and each Holder and their respective successors and assigns, the prompt
payment in full when due (whether at Stated Maturity, by required prepayment, declaration, demand, by acceleration or otherwise)
of the principal of and interest (including any interest, fees, costs or charges that would accrue but for the provisions of Title
11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code) on the Notes,
and all other obligations from time to time owing to the Trustee and the Holders by the Company under this Indenture and the Notes,
in each case strictly in accordance with the terms hereof (such obligations being herein collectively called the “Guaranteed
Obligations”). Each Subsidiary Guarantor jointly and severally agrees that if the Company shall fail to pay in full
when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, each Subsidiary Guarantor
will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of
payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended
maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.

 

Section 11.02   Obligations
Unconditional. The obligations of the Subsidiary Guarantors under Section 11.01 shall constitute a guaranty
of payment and to the fullest extent permitted by applicable law, are absolute, irrevocable and unconditional, joint and several
with each of the Subsidiary Guarantors, irrespective of the value, genuineness, validity, regularity or enforceability of the
Guaranteed Obligations, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed
Obligations, and irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge
or defense of a surety or guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed
that the occurrence of any one or more of the following shall not alter or impair the liability of a Subsidiary Guarantor hereunder,
which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above:

 

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(i)           at
any time or from time to time, without notice to any Subsidiary Guarantor, the time for any performance of or compliance with
any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;

 

(ii)          any
of the acts mentioned in any of the provisions of this Subsidiary Guarantee or the Notes, if any, or any other agreement or instrument
referred to herein or therein shall be done or omitted;

 

(iii)         the
maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any
respect, or any right under this Indenture or any other agreement or instrument referred to herein or therein shall be amended
or waived in any respect or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released
or exchanged in whole or in part or otherwise dealt with; or

 

(iv)         the
release of any other Subsidiary Guarantor pursuant to this Indenture.

 

Each Subsidiary Guarantor
hereby expressly waives diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that
the Trustee or any Holder exhaust any right, power or remedy or proceed against the Company or any other Subsidiary Guarantor
under this Indenture or the Notes or a Subsidiary Guarantee, if any, or any other agreement or instrument referred to herein or
therein, or against any other Person under any other guarantee of, or security for, any of the Guaranteed Obligations. Each Subsidiary
Guarantor waives any and all notice of the creation, renewal, extension, waiver, termination or accrual or any of the Guaranteed
Obligations and notice of or proof of reliance by the Trustee or any Holder upon this Subsidiary Guarantee or acceptance of this
Subsidiary Guarantee, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted
or incurred in reliance upon this Subsidiary Guarantee, and all dealings between the Company and the Trustee or any Holder shall
likewise be conclusively presumed to have been had or consummated in reliance upon this Subsidiary Guarantee. Each Subsidiary
Guarantee shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to any
right of offset with respect to the Guaranteed Obligations at any time or from time to time held by the Trustee or any Holder,
and the obligations and liabilities of each Subsidiary Guarantor hereunder shall not be conditioned or contingent upon the pursuit
by the Trustee or any Holder or any other Person at any time of any right or remedy against the Company, any other Subsidiary
Guarantor or any other Person which may be or become liable in respect of all or any part of the Guaranteed Obligations or against
any collateral security or guarantee therefor or right of offset with respect thereto. Each Subsidiary Guarantee shall remain
in full force and effect and be binding in accordance with and to the extent of its terms upon the Subsidiary Guarantor and the
successors and assigns thereof, and shall inure to the benefit of the Trustee and the Holders, and their respective successors
and assigns.

 

Section 11.03   Reinstatement.
The obligations of each Subsidiary Guarantor hereunder shall be automatically reinstated if and to the extent that for any reason
any payment by or on behalf of the Company in respect of the Guaranteed Obligations is rescinded or must be otherwise restored
by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or
otherwise.

 

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Section 11.04   Subrogation;
Subordination. Each Subsidiary Guarantor hereby agrees that until the indefeasible payment and satisfaction in full
in cash of all Guaranteed Obligations, it shall waive any claim and shall not exercise any right or remedy, direct or indirect,
arising by reason of any performance by it of its guarantee in Section 11.01, whether by subrogation or otherwise,
against the Company or any other Subsidiary Guarantor or any security for any of the Guaranteed Obligations.

 

Section 11.05   Remedies.
Each Subsidiary Guarantor jointly and severally agrees that, as between the Subsidiary Guarantor and the Trustee or any Holder,
the obligations of the Company under this Indenture and the Notes may be declared to be forthwith due and payable as provided
in this Indenture (and shall be deemed to have become automatically due and payable in the circumstances provided in this Indenture)
for purposes of Section 11.01, notwithstanding any stay, injunction or other prohibition preventing such declaration
(or such obligations from becoming automatically due and payable) as against the Company and that, in the event of such declaration
(or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable
by the Company) shall forthwith become due and payable by the Subsidiary Guarantor for purposes of Section 11.01.

 

Section 11.06   Continuing
Subsidiary Guarantee. The guarantee in each Subsidiary Guarantee is a continuing guarantee of payment, and shall apply
to all Guaranteed Obligations whenever arising.

 

Section 11.07   General
Limitation on Subsidiary Guarantee Obligations. In any action or proceeding involving any state corporate, limited
partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization
or other law affecting the rights of creditors generally, if the obligations of the Subsidiary Guarantor under Section 11.01
would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any
other creditors, on account of the amount of its liability under Section 11.01, then, notwithstanding any other provision
to the contrary, the amount of such liability shall, without any further action by the Subsidiary Guarantor, the Trustee or any
Holder or any other person, be automatically limited and reduced to the maximum amount which, after giving effect to all other
contingent and fixed liabilities of such Subsidiary Guarantor (including, without limitation, any borrowings or guarantees under
any Credit Facility) and after giving effect to any collections from or payments made by or on behalf of any other Subsidiary
Guarantor in respect of the obligations of such other Subsidiary Guarantor under its Subsidiary Guarantee or pursuant to its contribution
obligations under Section 11.08, will result in the obligations of such Subsidiary Guarantor under its Subsidiary
Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law.

 

Section 11.08   Right
of Contribution. The Subsidiary Guarantor hereby agrees that to the extent that any Subsidiary Guarantor shall have
paid more than its proportionate share of any payment made under a Subsidiary Guarantee (based on the respective adjusted net
assets of all Subsidiary Guarantors at the time of such payment determined in accordance with GAAP), such Subsidiary Guarantor
shall be entitled to seek and receive contribution from and against any other Subsidiary Guarantor which has not paid its proportionate
share of such payment. Each Subsidiary Guarantor’s right of contribution shall be subject to the terms and conditions of
Section 11.04. The provisions of this Section 11.08 shall in no respect limit the obligations and liabilities
of any Subsidiary Guarantor to the Trustee or any Holder and the Subsidiary Guarantor shall remain liable to the Trustee or any
Holder for the full amount guaranteed by the Subsidiary Guarantor hereunder.

 

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Section 11.09   Release.
The Subsidiary Guarantee of a Subsidiary Guarantor will be released:

 

(1)          in
the event of a sale or other disposition of all or substantially all of the assets of such Subsidiary Guarantor, by way of merger,
consolidation or otherwise, or a sale or other disposition of all of the Capital Stock of such Subsidiary Guarantor then held
by the Company and the Restricted Subsidiaries;

 

(2)          if
such Subsidiary Guarantor is designated as an Unrestricted Subsidiary or otherwise ceases to be a Restricted Subsidiary, in each
case in accordance with the provisions of this Indenture, upon effectiveness of such designation or when it first ceases to be
a Restricted Subsidiary, respectively;

 

(3)          at
such time such Subsidiary Guarantor shall no longer guarantee Indebtedness of the Company or any Subsidiary Guarantor under a
Credit Facility;

 

(4)          upon
Covenant Defeasance, Legal Defeasance or satisfaction and discharge of the Indenture as provided pursuant to Article 7
or Article 9, as applicable; or

 

(5)          upon
the liquidation or dissolution of such Subsidiary Guarantor provided no Default or Event of Default has occurred or is continuing.

 

The Company may, at its option, at any
time and from time to time, cause any Subsidiary Guarantor to be automatically and unconditionally released and discharged from
all its obligations under its Subsidiary Guarantee with respect to the Notes and under this Article 11 upon (i) compliance
with any of the conditions in the preceding sentence of this Section 11.10 and (ii) delivery by the Company to
the Trustee of a Company Order relating to such release and discharge. The Trustee shall deliver an appropriate instrument evidencing
such release and discharge upon receipt of a Company Request accompanied by an Officers’ Certificate certifying as to the
compliance with this Section 11.10.

 

Article 12

 

TRANSFER AND EXCHANGE

 

Section 12.01   Transfer
and Exchange of Global Notes

 

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

 

(1)          the
Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or
that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed
by the Company within 120 days after the date of such notice from the Depositary;

 

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(2)          the
Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive
Notes and delivers a written notice to such effect to the Trustee; or

 

(3)          there
has occurred and is continuing a Default or Event of Default with respect to the Notes and the Depositary notifies the Trustee
of its decision to exchange the Global Notes for Definitive Notes.

 

Upon the occurrence
of either of the preceding events in (1) or (2) above, Definitive Notes shall be issued in such names as the Depositary
shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 1.06
and 1.07 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion
thereof, pursuant to this Article 12 or Section 1.06 or 1.07 hereof, shall be authenticated and
delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided
in this Section 12.01. The transfer and exchange of beneficial interests in the Global Notes will be effected through
the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures.

 

Section 12.02   Transfer
and Exchange of Definitive Notes. A Holder of Definitive Notes may transfer such Notes to a Person who takes delivery
thereof in the form of a Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register
the Definitive Notes pursuant to the instructions from the Holder thereof. Prior to such registration of transfer or exchange,
the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written
instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized
in writing.

 

Section 12.03   Global
Note Legend. Each Global Note will bear a legend in substantially the following form:

 

“THIS IS A GLOBAL NOTE WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY,
WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS THE OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES.

 

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

 

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TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.”

 

Section 12.04   Cancellation
of Global Notes. At such time as a particular Global Note has been redeemed, repurchased or canceled in whole and not
in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 1.09.

 

Section 12.05   General
Provisions Relating to Transfers and Exchanges.

 

(a)           To
permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive
Notes upon receipt of an Authentication Order in accordance with Section 1.04 or at the Registrar’s request.

 

(b)           No
service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable
upon exchange or transfer pursuant to Sections 1.06, 1.07, 4.08, 4.13 and 8.04 hereof).

 

(c)           The
Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part.

 

(d)           All
Notes issued upon any registration of transfer or exchange will be the valid obligations of the Company, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.

 

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

 

(1)          to
issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before
the day of any selection of Notes for redemption under Section 1.01 hereof and ending at the close of business on
the day of selection;

 

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

 

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

 

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

 

(g)            Upon
receipt of an Authentication Order, the Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions
of Section 1.04 hereof.

 

(h)            All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Article 12
to effect a registration of transfer or exchange may be submitted by facsimile or electronic image scan.

 

Article 13

 

THE TRUSTEE

 

Section 13.01    Certain
Duties and Responsibilities.

 

(a)           Except
during the continuance of an Event of Default,

 

(1)          the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and as are provided
by the Trust Indenture Act, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(2)          in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to
be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to
the requirements of this Indenture.

 

(b)           In
case an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it
by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under
the circumstances in the conduct of such person’s own affairs.

 

(c)           No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that

 

(1)          this
Subsection shall not be construed to limit the effect of the first paragraph of this Section;

 

(2)          the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer;

 

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(3)          the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of a majority in principal amount of the Outstanding Notes, determined as provided in Section 6.05,
relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any
trust or power conferred upon the Trustee, under this Indenture with respect to the Notes; and

 

(4)          no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it.

 

(d)           Whether
or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of
or affording protection to the Trustee shall be subject to the provisions of this Section.

 

Section 13.02   Notice
of Defaults

 

. If a Default occurs
hereunder, the Trustee shall give Holders notice of such Default as and to the extent provided by the Trust Indenture Act; provided,
however, that in the case of any Default of the character specified in Section 6.01(3) with respect to
Notes, no such notice to Holders shall be given until at least 60 days after the occurrence thereof.

 

Section 13.03   Certain
Rights of Trustee

 

. Subject to the provisions
of Section 13.01:

 

(1)          the
Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(2)          any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and
any request or direction of a Subsidiary Guarantor mentioned herein shall be sufficiently evidenced by a Subsidiary Guarantor
Request or Subsidiary Guarantor Order of such Subsidiary Guarantor, and any resolution of the Board of Directors of the Company
or a Subsidiary Guarantor shall be sufficiently evidenced by, as applicable, a Board Resolution of the Company or such Subsidiary
Guarantor;

 

(3)          whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) shall be entitled
to receive and may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate of the Company
or, if applicable, a Subsidiary Guarantor;

 

(4)          the
Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon;

 

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(5)          the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or
indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such
request or direction;

 

(6)          the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Company and, if applicable, the Subsidiary Guarantors, personally or by agent
or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation;

 

(7)          the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder and shall not be responsible for the supervision of officers and employees of such agents or attorneys;

 

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

 

(9)          the
Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in good faith and reasonably believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;

 

(10)        the
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has
actual knowledge thereof or unless written notice of any event which is in fact such a default is received by a Responsible Officer
of the Trustee at the Corporate Trust Office, and such notice references the Notes and this Indenture;

 

(11)        the
rights, privileges, protections, immunities and benefits given to the Trustee, including its rights to be indemnified, are extended
to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian, and other persons
employed to act hereunder; and

 

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

 

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Section 13.04   Not
Responsible for Recitals or Issuance of Notes. The recitals contained in the Notes, except the Trustee’s certificates
of authentication, shall be taken as the statements of the Company, and the Trustee does not assume any responsibility for their
correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes or any offering
documents. The Trustee shall not be accountable for the use or application by the Company of Notes or the proceeds thereof.

 

Section 13.05   May Hold
Notes

 

. The Trustee, any
Authenticating Agent, any Paying Agent, any Registrar or any other agent of the Company or any Subsidiary Guarantor, in its individual
or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 13.08 and 13.13,
may otherwise deal with the Company or any Subsidiary Guarantor with the same rights it would have if it were not Trustee, Authenticating
Agent, Paying Agent, Registrar or such other agent.

 

Section 13.06   Money
Held in Trust

 

. Money held by the
Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be
under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company or
any Subsidiary Guarantor.

 

Section 13.07   Compensation
and Reimbursement.

 

The Company agrees

 

(1)          to
pay to the Trustee from time to time such compensation as the Company and Trustee shall agree in writing for all services rendered
by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of
an express trust);

 

(2)          except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture and its performance under this Indenture
(including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its negligence, bad faith or willful misconduct; and

 

(3)          to
indemnify each of the Trustee or any predecessor Trustee and its officers, directors, agents and employees for, and to hold it
harmless against, any and all losses, liabilities, damages, claims or expenses including taxes (other than taxes based upon, measured
by or determined by the earnings or income of the Trustee) incurred without negligence, bad faith or willful misconduct on its
part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs
and expenses of defending itself against any claim (whether asserted by the Company, a Holder or any other Person) or liability
in connection with the exercise or performance of any of its powers or duties hereunder

 

As security for the
performance of the obligations of the Company under this Section the Trustee shall have a lien prior to the Notes upon all
property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (and premium,
if any) or interest on the Notes.

 

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Without limiting any
rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection with
an Event of Default specified in Section 6.01(6) or Section 6.01(7), the expenses (including the
reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration
under any applicable Federal or State bankruptcy, insolvency or other similar law.

 

The provisions of
this Section shall survive the satisfaction and discharge and termination of this Indenture or the earlier resignation or
removal of the Trustee.

 

Section 13.08   Conflicting
Interests. If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act,
the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions
of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed
to have a conflicting interest by virtue of being a trustee under this Indenture with respect to the Notes.

 

Section 13.09   Corporate
Trustee Required; Eligibility. There shall at all times be one (and only one) Trustee hereunder with respect to the
Notes. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such, has a combined capital
and surplus of at least $50,000,000 and has its Corporate Trust Office in the continental United States of America. If any such
Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining
authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the combined capital
and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition
so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect hereinafter specified in this Article.

 

Section 13.10     Resignation
and Removal; Appointment of Successor. No resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance
with the applicable requirements of Section 13.11.

 

The Trustee may resign
at any time by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by
Section 13.11 shall not have been delivered to the Trustee within 60 days after the giving of such notice of resignation,
the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of
a successor Trustee.

 

The Trustee may be
removed at any time by an Act of the Holders of a majority in principal amount of the Outstanding Notes, delivered to the Trustee
and to the Company. If the instrument of acceptance by a successor Trustee required by Section 13.11 shall not have
been delivered to the Trustee within 30 days after the giving of a notice of removal pursuant to this paragraph, the Trustee being
removed may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee.

 

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If at any time:

 

(1)          the
Trustee shall fail to comply with Section 13.08 after written request therefor by the Company or by any Holder who
has been a bona fide Holder of Notes for at least six months, or

 

(2)          the
Trustee shall cease to be eligible under Section 13.09 and shall fail to resign after written request therefor by
the Company or by any such Holder, or

 

(3)          the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation,

 

then, in any such case, (A) the Company
may remove the Trustee by a Board Resolution, or (B) subject to Section 6.11, any Holder who has been a bona
fide Holder of Notes for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

If the Trustee shall
resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, the Company
shall promptly appoint a successor and shall comply with the applicable requirements of Section 13.11. If an instrument
of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice
of removal, the Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for the
appointment of a successor Trustee. If, within one year after such resignation, removal or incapability, or the occurrence of
such vacancy, a successor Trustee shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding
Notes delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment in accordance with the applicable requirements of Section 13.11, become the successor Trustee
and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee shall have been so appointed
by the Company or the Holders and accepted appointment in the manner required by Section 13.11, any Holder who has
been a bona fide Holder of Notes for at least six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee.

 

The Company shall
give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee to all Holders in
the manner provided in Section 2.07. Each notice shall include the name of the successor Trustee and the address of
its Corporate Trust Office.

 

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Section 13.11   Acceptance
of Appointment by Successor. In case of the appointment hereunder of a successor Trustee, every such successor Trustee
so appointed shall execute, acknowledge and deliver to the Company, any Subsidiary Guarantor and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the
retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its
charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring
Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder.

 

In case of the appointment
hereunder of a successor Trustee, the Company, any Subsidiary Guarantor, the retiring Trustee and each successor Trustee shall
execute and deliver a supplemental indenture hereto wherein each successor Trustee shall accept such appointment and which (1) shall
contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee
all the rights, powers, trusts and duties of the retiring Trustee, and (2) shall add to or change any of the provisions of
this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees
of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust
or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture
the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Notes to which the appointment of such successor Trustee relates; but, on request of the
Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder with respect to the Notes to which the appointment of such successor
Trustee relates.

 

Upon request of any
such successor Trustee, the Company and any Subsidiary Guarantor shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding
paragraph, as the case may be.

 

No successor Trustee
shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under
this Article.

 

Section 13.12   Merger,
Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted
or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall
be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any
Notes shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same
effect as if such successor Trustee had itself authenticated such Notes.

 

    103

     

    

 

Section 13.13  Preferential
Collection of Claims Against Company. If and when the Trustee shall be or become a creditor of the Company (or any other obligor
upon the Notes), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims
against the Company (or any such other obligor).

 

Section 13.14  Appointment
of Authenticating Agent. The Trustee may appoint an Authenticating Agent or Agents with respect to the Notes which shall be
authorized to act on behalf of the Trustee to authenticate the Notes issued upon original issue and upon exchange, registration
of transfer, partial conversion or partial redemption or pursuant to Section 1.07, and the Notes so authenticated
shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by
the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Notes by the Trustee
or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on
behalf of the Trustee by an Authenticating Agent so appointed and a certificate of authentication executed on behalf of the Trustee
by an Authenticating Agent so appointed. An Authenticating Agent shall be acceptable to the Company and shall at all times be
a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of
Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000
and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition
at least annually pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of
this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section.

 

Any corporation into
which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the
corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided
such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act
on the part of the Trustee, the Company, the Authenticating Agent or such successor corporation.

 

An Authenticating Agent
may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent with respect to the
Notes which shall be acceptable to the Company and shall give notice of such appointment to all Holders in the manner provided
in Section 2.07. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested
with all rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

 

    	 	 104	 

     

    

 

If an appointment is
made pursuant to this Section, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication,
an alternate certificate of authentication in the following form:

 

This is one of the
Notes designated herein and referred to in the within-mentioned Indenture.

 

	 	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE
	 	 	
	 	 	

	 	By:	 	 
	 	 	 	As Authenticating Agent

 

Section 13.15  Reports
by Trustee. The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture
as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto.

 

Reports so required
to be transmitted at stated intervals of not more than 12 months shall be transmitted no later than April 1 and shall be dated
as of January 31 in each calendar year, commencing in 2022.

 

A copy of each such
report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Notes
are listed, with the Commission and with the Company and any Subsidiary Guarantor. The Company and any Subsidiary Guarantor will
notify the Trustee when the Notes are listed on any stock exchange and of any delisting thereof.

 

Article 14

 

MISCELLANEOUS

 

Section 14.01  Communication
by Holders with Other Holders. Holders may communicate pursuant to Trust Indenture Act
Section 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, the
Trustee, the Registrar, the Paying Agent and anyone else shall have the protection of Trust Indenture Act
Section 312(c).

 

Section 14.02     Certificate
and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take any action
under this Indenture, the Company shall furnish to the Trustee:

 

(a)            an
Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with; and

 

(b)            if
required by the Trustee, an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent (to
the extent of legal conclusions) have been complied with.

 

    	 	 105	 

     

    

 

Section 14.03  Statements
Required in Certificate or Opinion. Each Officers’ Certificate or Opinion of Counsel with respect to compliance
with a covenant or condition provided for in this Indenture shall include: (i) a statement that each Person making such Officers’
Certificate or Opinion of Counsel has read such covenant or condition; (ii) a brief statement as to the nature and scope
of the examination or investigation upon which the statements or opinions contained in such Officers’ Certificate or Opinion
of Counsel are based; (iii) a statement that, in the opinion of each such Person, he or she has made such examination or
investigation as is necessary to enable such Person to express an informed opinion as to whether or not such covenant or condition
has been complied with; and (iv) a statement that, in the opinion of such Person, such covenant or condition has been complied
with.

 

Section 14.04  Separability
Clause. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 14.05  Governing
Law. THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS
OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

Section 14.06  No
Liability for Certain Persons. An incorporator or any past, present or future director, officer, employee, partner,
member or stockholder of the Company or any Subsidiary Guarantor, as such, shall not have any liability for any obligations of
the Company or any Subsidiary Guarantor, respectively, under the Notes or the Indenture or any Subsidiary Guarantee or for any
claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder shall waive
and release all such liability. The waiver and release shall be part of the consideration for the issuance of the Notes.

 

Section 14.07  Patriot
Act. In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable
to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering,
including Section 326 of the USA PATRIOT Act of the United States (“Applicable AML Law”), the Trustee and agents
are required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business
relationship with the Trustee and agents. Accordingly, each of the parties agree to provide to the Trustee and agents, upon their
request from time to time such identifying information and documentation as may be available for such party in order to enable
the Trustee and agents to comply with Applicable AML Law.

 

Section 14.08  Successors.
All agreements of the Company and each Subsidiary Guarantor in this Indenture and the Notes shall bind its successor. All agreements
of the Trustee in this Indenture shall bind its successor.

 

Section 14.09  Table
of Contents; Headings. The table of contents and headings of the Articles and Sections of this Indenture have been
inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any
of the terms or provisions hereof.

 

    	 	 106	 

     

    

 

Section 14.10  Multiple
Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but
all of them together shall represent the same agreement. One signed copy is sufficient to prove this Indenture.

 

Section 14.11  [Reserved].

 

Section 14.12  [Reserved].

 

Section 14.13  No
Security Interest Created. Nothing in this 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 14.14  Trust
Indenture Act. This Indenture is hereby made subject to, and shall be governed by, the provisions of the Trust Indenture
Act required to be part of and to govern indentures qualified under the Trust Indenture Act. If any provision hereof limits, qualifies
or conflicts with another provision hereof that is required to be included in an indenture qualified under the Trust Indenture
Act, such required provisions shall control.

 

Section 14.15  Benefits
of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the
parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under
this Indenture, except as may otherwise be provided pursuant to Section 1.01 with respect to any Notes or under this
Indenture with respect to such Notes.

 

Section 14.16  No
Adverse Interpretation of Other Agreement. This Indenture may not be used to interpret any other indenture, loan or
other agreement of the Company or any Subsidiary Guarantor or any Subsidiaries of any thereof or of any other Person. Any such
indenture, loan or other agreement may not be used to interpret this Indenture.

 

Section 14.17  Notices.
Any notice or communication shall be given in writing in English and delivered in person or mailed by first class mail (registered
or certified, return receipt requested), commercial courier service or sent by electronic image scan or facsimile, addressed as
follows:

 

If to the Company or
any Subsidiary Guarantor:

 

c/o Bonanza Creek
Energy, Inc.

410 17th Street, Suite 1400

Denver, CO 80202

Fax: 720-305-0804

Email: SMarter@bonanzacrk.com

Attention: Skip Marter,
General Counsel

 

If to the Trustee:

 

U.S. Bank National
Association

185 Asylum Street,
27th Floor

Hartford, CT 06103-3452

 

    	 	 107	 

     

    

 

Fax: (860) 241-6897

Email: Kathy.Mitchell@usbank.com

Attention: Kathy Mitchell
(Bonanza Creek Energy, Inc.)

 

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

 

Any notice, direction,
request or demand hereunder to or upon the Trustee shall be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted
by electronic image scan or facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery. All notices, approvals, consents, requests and any communications hereunder must be in
writing (provided that any communication sent to Trustee hereunder must be in the form of a document that is signed manually or
by way of a digital signature provided by Docusign (or such other digital signature provider as specified in writing to Trustee
by the authorized representative), in English. Each other party to this Indenture assumes all risks arising out of the use of electronic
signatures and electronic methods to send any communications to the Trustee, including without limitation the risk of the Trustee
acting on an unauthorized notice and the risk of interception or misuse by third parties. Notwithstanding the foregoing, the Trustee
may in any instance and in its sole discretion require that a notice in the form of an original document bearing a manual signature
be delivered to the Trustee in lieu of, or in addition to, any such electronic notice.

 

Any notice or communication
mailed to a Holder shall be mailed, first-class mail, to the Holder at the Holder’s address as it appears on the registration
books of the Registrar and shall be sufficiently given if so mailed within the time period prescribed, or if transmitted by electronic
image scan or facsimile, when receipt is acknowledged, except that all notices and communications to the Depositary as a Holder
shall be given in the manner it prescribes, notwithstanding anything to the contrary indication herein.

 

Failure to mail a notice
or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or
communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it, except that notices
to the Trustee are effective only if received.

 

Section 14.18  Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services;
it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry
to resume performance as soon as practicable under the circumstances.

 

    	 	 108	 

     

    

 

Section 14.19  Waiver
of Jury Trial. EACH OF THE COMPANY, EACH SUBSIDIARY GUARANTOR AND THE TRUSTEE HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE.

 

[Remainder of Page Intentionally Left
Blank]

 

    	 	 109	 

     

    

 

IN WITNESS WHEREOF,
each of BONANZA CREEK ENERGY, INC. and each SUBSIDIARY GUARANTOR has caused this Indenture to be duly executed as of the day
and year first before written.

 

	 	BONANZA CREEK ENERGY, INC.
	 	 
	 	By:	         
	 	Name:
	 	Title:
	 	 
	 	[SUBSIDIARY GUARANTORS]
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 

 

[Signature
Page to Indenture]

 

     

     

    

 

IN WITNESS WHEREOF,
the undersigned, being duly authorized, has executed this Indenture as of the date first above written.

 

	 	U.S. BANK NATIONAL ASSOCIATION,
    as Trustee
	 	 
	 	By:	 
	 	Name:	Kathy L. Mitchell
	 	Title:	Vice President

 

[Signature Page to Indenture]

 

     

     

    

 

SCHEDULE 1

 

Subsidiary Guarantors

 

    	 	Schedule 1-1	 

     

    

 

EXHIBIT A —
FORM OF NOTE

 

[FORM OF FACE OF NOTE]

 

[THIS IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH
MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS THE OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES.

 

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

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]

 

    	 	A-1	 

     

    

 

BONANZA CREEK ENERGY, INC.

7.50% Senior Notes due 2026

 

	No.	$

 

CUSIP No.

 

BONANZA CREEK ENERGY, INC.,
a Delaware corporation (herein called the “Company,” which term includes any successor corporation under the
Indenture hereinafter referred to), for value received, hereby promises to pay to [                              ],
or registered assigns, the principal sum of [          ] Dollars ($[          ])
on [•], 2026, and to pay interest thereon from [•], 2021 or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, semi-annually on [•] and [•] of each year, commencing [•], 2021, at the rate
of 7.50% per annum, until the principal hereof is paid or made available for payment, provided that any premium, and any
such installment of interest, which is overdue shall bear interest at the rate of 7.50% per annum (to the extent that the payment
of such interest shall be legally enforceable), from the date such overdue amount is due until such amount is paid or duly provided
for, and such interest on any overdue amount shall be payable on demand. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered
at 5:00 p.m. (New York City time) on the Regular Record Date for such interest, which shall be the [•] or [•] (whether
or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid
or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and will be paid to the Person
in whose name this Note is registered at 5:00 p.m. (New York City time) on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such Special
Record Date.

 

Payment of the principal
of and interest on this Note shall be made in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts.

 

Reference is hereby
made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. Unless the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be
valid or obligatory for any purpose.

 

[Remainder of Page Intentionally Left
Blank]

 

    A-2

     

    

 

IN WITNESS WHEREOF,
Bonanza Creek Energy, Inc. has caused this instrument to be duly executed.

 

	 	BONANZA CREEK ENERGY, INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	 	U.S. BANK NATIONAL ASSOCIATION
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-3

     

    

 

[FORM OF REVERSE OF NOTE]

 

7.50% Senior Note due 2026

 

Bonanza Creek Energy, Inc.,
a corporation organized under the laws of Delaware (such corporation, and its successors and assigns under the Indenture hereinafter
referred to, being herein called the “Company”), issued this Note under an Indenture, dated as of [•],
2021 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Indenture”),
among the Company, the Subsidiary Guarantors and U.S. Bank National Association, as Trustee, to which reference is hereby made
for a statement of the respective rights, obligations, duties and immunities thereunder of the Trustee, the Company, the Subsidiary
Guarantors and the Holders and of the terms upon which the Notes are, and are to be, authenticated and delivered. The terms of
the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of
1939 (15 U.S.C. §§ 77aaa-77bbbb) (the “Trust Indenture Act”). Terms defined in the Indenture and not
defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Holders are referred
to the Indenture and the Trust Indenture Act for a statement of those terms. This Note is one of the Notes referred to in the Indenture
initially issued in an aggregate principal amount of [•] ($[•]).

 

1.            Method
of Payment

 

The Company will pay
interest on the Notes to the Persons who are registered Holders of Notes at 5:00 p.m. (New York City time) on the Regular
Record Date with respect to the applicable Interest Payment Date even if Notes are canceled after the Regular Record Date and on
or before the Interest Payment Date, except as otherwise provided in the Indenture. Holders must surrender Notes to a Paying Agent
to collect principal payments. The Company will pay principal and interest in money of the United States of America that at the
time of payment is legal tender for payment of public and private debts.

 

The Place of Payment
where the principal of and any other payments due on the Notes are payable shall initially be at the office or agency of the Company
maintained for that purpose in accordance with Section 4.02 of the Indenture.

 

At the option of the
Company, payment of interest may be made at the Corporate Trust Office or by check mailed to the Holders at their addresses set
forth in the Security Register; provided that payment by wire transfer of immediately available funds will be required with respect
to principal of, and interest and premium, if any, on, (i) all Global Notes to the account of the Depositary or its nominee
and (ii) all other Notes the Holders of which are entitled to interest on an aggregate principal amount in excess of $1,000,000
that have provided wire transfer instructions to the Company or the Paying Agent not later than five Business Days before the relevant
Interest Payment Date.

 

2.            Paying
Agent and Registrar

 

Initially, U.S. National
Bank Association (the “Trustee”) will act as Paying Agent and Registrar. The Company may appoint and change
any Paying Agent, Registrar or co-registrar without notice. The Company or any of its domestically organized Wholly-Owned Restricted
Subsidiaries may act as Paying Agent or Registrar or co-registrar.

 

    R-1

     

    

 

3.            Ranking

 

The Notes are senior
unsecured obligations of the Company and rank equal in right of payment to all of the Company’s existing and future senior
unsecured debt and senior to all of the Company’s future subordinated debt.

 

4.            Optional
Redemption

 

The Notes will be redeemable,
at the Company’s option, in whole at any time or in part from time to time, prior to [•], 2022 at a redemption price
equal to 107.50% of the aggregate principal amount of the Notes to be redeemed, plus unpaid accrued interest, if any, thereon to
the Redemption Date. On or after [•], 2022, the Notes will be redeemable, at the Company’s option, in whole at any time
or in part from time to time, at a redemption price equal to 100.00% of the aggregate principal amount of the Notes to be redeemed,
plus unpaid accrued interest, if any, thereon to the Redemption Date. Any redemption pursuant to this paragraph 4 shall be made
pursuant to the applicable provisions of the Indenture.

 

In case the Company
shall desire to exercise any such right of redemption, the Company shall fix a Redemption Date and give notice thereof to the Trustee.
If the Redemption Date is on a date that is after a Regular Record Date and on or prior to the Interest Payment Date to which it
relates, the Company will pay any accrued and unpaid interest to a Holder on such Regular Record Date.

 

On and after the applicable
Redemption Date, interest will cease to accrue on Notes or portions thereof called for redemption as long as the Company has previously
deposited with the Paying Agent for the Notes (or, if the Company or a Restricted Subsidiary is the Paying Agent, such entity has
segregated and holds in trust) funds in satisfaction of the applicable redemption price pursuant to this Indenture.

 

5.            Purchase
at the Option of Holders

 

Pursuant to Section 4.13
of the Indenture upon the occurrence of a Change of Control Triggering Event, each Holder will have the right to require that the
Company purchase all or any portion of such Holder’s Notes pursuant to the offer described in Section 4.13 of
the Indenture at a purchase price equal to 101% of the principal amount thereof, plus unpaid accrued interest, if any, thereon
to the date of purchase (subject to the right of Holders of record on the relevant Regular Record Date to receive interest on the
relevant Interest Payment Date).

 

The Company is, subject
to certain conditions and exceptions set forth in the Indenture, obligated to make an offer to purchase Notes at 100% of their
principal amount, plus accrued and unpaid interest, if any, thereon to the date of repurchase (subject to the right of Holders
of record on the relevant Regular Record Date to receive interest on the relevant Interest Payment Date), with Net Cash Proceeds
of certain sales or other dispositions of assets in accordance with the Indenture.

 

    R-2

     

    

 

6.            Denominations,
Transfer, Exchange

 

The Notes are issuable
in registered form without coupons in denominations of at least $2,000 and integral multiples of $1,000 thereafter and any integral
multiple thereof. A Holder of this Note may transfer or exchange Notes in accordance with the Indenture. Upon any transfer or exchange,
the Registrar and the Trustee may require a Holder of this Note, among other things, to furnish appropriate endorsements or transfer
documents and to pay any taxes required by law or permitted by this Indenture.

 

7.            Persons
Deemed Owners

 

The registered Holder
of this Note may be treated as the owner of it for all purposes.

 

8.            Unclaimed
Money

 

Subject to any applicable
abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment
of principal or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the
Company for payment as general creditors.

 

9.            Amendment,
Waiver

 

Subject to certain
exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Notes or the Indenture (including the Indenture) or of
any supplemental indenture to the Indenture or of modifying in any manner the rights of the Holders of the Notes without prior
notice to any Holder but with the written consent of the Holders of at least a majority in aggregate principal amount of the Notes
Outstanding and (ii) any Default or Event of Default may be waived by Notice to the Trustee by the Holders of at least a majority
in aggregate principal amount of the Notes Outstanding. In certain circumstances set forth in the Indenture, the Company and the
Trustee may amend or supplement the Indenture or the Notes without the consent of any Holder.

 

10.           Defaults
and Remedies

 

If an Event of Default
(other than an Event of Default specified in Section 6.01(7) of the Indenture with respect to the Company) occurs
and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding may declare
the principal of and accrued but unpaid interest, if any, on all the Notes Outstanding to be immediately due and payable, except
as provided in the Indenture. If an Event of Default specified in Section 6.01(7) of the Indenture occurs and
is continuing with respect to the Company, the principal of and accrued and unpaid interest, if any, on all the Notes then Outstanding,
will, automatically and without any action by the Trustee or any Holder, become and be immediately due and payable. Under certain
circumstances, the Holders of a majority in aggregate principal amount of the Notes Outstanding may rescind any such declaration
with respect to the Notes and its consequences. No reference herein to the Indenture or the Indenture and no provision of this
Note or of the Indenture or the Indenture shall impair, as among the Company and the Holder of the Notes, the obligation of the
Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the place, at the respective
times, at the rate and in the coin or currency herein and in the Indenture prescribed.

 

    R-3

     

    

 

11.          Trustee
Dealings with the Company

 

Subject to certain
limitations imposed by the Trust Indenture Act, the Trustee under this Indenture, in its individual or any other capacity, may
become the owner or pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have
if it were not Trustee.

 

12.          Indenture
and Notes Solely Corporate Obligations

 

No recourse for the
payment of the principal of or interest on any Notes or for any claim based upon any Notes or otherwise in respect thereof, and
no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or in any supplemental indenture
or in any Notes or because of the creation of any indebtedness represented thereby shall be had against any incorporator, stockholder,
member, manager, employee, agent, officer or director, as such, past, present or future, of the Company, the Subsidiary Guarantors
or any of the Company’s subsidiaries or of any successor thereto, either directly or through the Company, the Subsidiary
Guarantors or any of the Company’s subsidiaries or any successor thereto, whether by virtue of any constitution, statute
or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such
liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of the Indenture
and the issue of the Notes.

 

13.          Authentication

 

This Note shall not
be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the face of this Note.

 

14.          Abbreviations

 

Customary abbreviations
may be used in the name of a Holder or an assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the entireties),
JT TEN (= joint tenants with rights of Minors Act).

 

15.          GOVERNING
LAW

 

THIS NOTE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES
OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

16.          CUSIP
Number

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Note Identification Procedures, the Company has caused a CUSIP number to be printed on
the Notes and has directed the Trustee to use CUSIP numbers in all notices issued to Holders of this Note as a convenience to such
Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any such
notice and reliance may be placed only on the other identification numbers placed thereon.

 

    R-4

     

    

 

17.          Subsidiary
Guarantees.

 

This Note will be entitled
to the benefits of certain Subsidiary Guarantees made for the benefit of the Holders by the Subsidiary Guarantors pursuant to the
Indenture. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and
obligations thereunder of the Subsidiary Guarantors, the Trustee and the Holders.

 

The Company will furnish to any Holder
of Notes upon written request and without charge to the Holder a copy of the Indenture.

 

    R-5

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect
to have this Note purchased by the Company pursuant to Section 4.08 or Section 4.13 of the Indenture, check
the appropriate box below:

 

Section 4.08
[          ]         Section 4.13
[          ]

 

If you want to elect
to have only part of this Note purchased by the Company pursuant to Section 4.08 or Section 4.13 of the
Indenture, state the amount (in minimum denominations of $2,000 and integral multiples of $1,000): $

 

	Dated:	 	   Signed:	 
	 	 	 	(Sign exactly as name appears on the other side of this Note)

 

	Signature
Guarantee:	
	 	Participant in a recognized Signature
Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

 

    R-6

     

    

 

ASSIGNMENT FORM

 

To assign this Note,
fill in the form below:

 

	(I) or
(we) assign and transfer this Note to:	 
	 	(Insert assignee’s
legal name)

 

 

(Insert assignee’s soc. sec. or tax
I.D. no.)

 

 

 

 

 

 

 

(Print or type assignee’s name, address
and zip code)

 

	and
irrevocably appoint	 

to transfer this Note on the books of the
Company. The agent may substitute another to act for him.

 

	Date:	 	 

 

		Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of this
Note)

 

 

	Signature Guarantee*:	 	 

 

*            Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    R-7

     

    

 

EXHIBIT B

 

FORM OF SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL INDENTURE
(this “Supplemental Indenture”), dated as of , 20 among [SUBSIDIARY GUARANTOR] (the “New Guarantor”),
a Subsidiary of Bonanza Creek Energy, Inc. (or its successor) (the “Company”), BONANZA CREEK ENERGY, INC.,
a Delaware corporation, on behalf of itself and the Subsidiary Guarantors (the “Existing Guarantors”) under
the Indenture referred to below, and U.S. BANK NATIONAL ASSOCIATION, as Trustee under the Indenture referred to below (the “Trustee”).

 

WITNESSETH:

 

WHEREAS the Company
has heretofore executed and delivered an Indenture dated as of [•], 2021 (as amended, supplemented or otherwise modified through
the date hereof, the “Indenture”), by and among the Company, the Existing Guarantors and the Trustee, providing
for the issuance of 7.50% Senior Notes due 2026 (the “Notes”);

 

WHEREAS Section 4.14
of the Indenture provides that under certain circumstances the Company is required to cause the New Guarantor to execute and deliver
to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all of the Company’s
obligations under the Notes and the Indenture pursuant to a guarantee on the terms and conditions set forth herein and therein;
and

 

WHEREAS pursuant to
Section 8.01 of the Indenture, the Trustee, the Company and the Existing Guarantors are authorized to execute and deliver
this supplemental indenture;

 

NOW THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor,
the Trustee and, on behalf of itself and the Existing Guarantors, the Company mutually covenant and agree for the equal and ratable
benefit of the Holders as follows:

 

SECTION 1. Definitions.
For all purposes of this Supplemental Indenture, except as otherwise herein expressly provided or unless the context otherwise
requires: (i) the terms and expressions used herein shall have the same meanings as corresponding terms and expressions used
in the Indenture; and (ii) the words “herein,” “hereof” and “hereby” and other words of
similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section
hereof.

 

SECTION 2. Agreement
to Guarantee. The New Guarantor hereby unconditionally and irrevocably agrees, jointly and severally with all other Subsidiary
Guarantors, to guarantee the Company’s obligations under the Notes and the Indenture on the terms and subject to the conditions
set forth in Article Eleven of the Indenture and to be bound by all other applicable provisions of the Indenture.

 

SECTION 3. Ratification
of Indenture; Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects
ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder heretofore or hereafter authenticated and delivered
shall be bound hereby.

 

    B-1

     

    

 

SECTION 4. Governing
Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS
OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

SECTION 5. Trustee
Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture
or for or in respect of the recitals contained herein, all of which recitals are made solely by the New Guarantor.

 

SECTION 6. Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.

 

SECTION 7. Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof.

 

[Remainder of Page Intentionally Left
Blank]

 

    B-2

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

 

	 	[NEW SUBSIDIARY GUARANTOR], as the New Guarantor
	 	 
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	BONANZA CREEK ENERGY, INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	[EXISTING GUARANTORS]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    B-3EX-4.2

 Exhibit 4.2 
  

 
 THIS CERTIFIES THAT is the owner of CUSIP DATED COUNTERSIGNED AND REGISTERED: COMPUTERSHARE TRUST COMPANY, N.A. TRANSFER AGENT AND
REGISTRAR, FULLY-PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF Terns Pharmaceuticals, Inc. (hereinafter called the “Company”), transferable on the books of the Company in person or by duly
authorized attorney, upon surrender of this Certificate properly endorsed. This Certificate and the shares represented hereby, are issued and shall be held subject to all of the provisions of the Certificate of Incorporation, as amended, and the By-Laws, as amended, of the Company (copies of which are on file with the Company and with the Transfer Agent), to all of which each holder, by acceptance hereof, assents. This Certificate is not valid unless
countersigned and registered by the Transfer Agent and Registrar. Witness the facsimile seal of the Company and the facsimile signatures of its duly authorized officers. COMMON STOCK PAR VALUE $0.0001 COMMON STOCK SEE REVERSE FOR CERTAIN DEFINITIONS
Certificate Number Shares . TERNS PHARMACEUTICALS, INC. INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE Chief Executive Officer Chief Financial Officer By AUTHORIZED SIGNATURE 12/29/2020 DEL AWAR E CO R PO RATE TERNS PHARMACEUTICALS, INC.
ZQ|CERT#|COY|CLS|RGSTRY|ACCT#|TRANSTYPE|RUN#|TRANS# 880881 10 7 DD-MMM-YYYY * * 000000* * * * * * * * * * * * * * * * * * * * * 000000* * * * * * * * * * * * * * * * * *
* * * 000000* * * * * * * * * * * * * * * * * * * * * 000000* * * * * * * * * * * * * * * * * * * * * 000000* * * * * * * * * * * * * * ** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Sample **** Mr. Sample
**000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares***
*000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****
000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****0
00000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****00
0000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000
000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****0000
00**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****00000
0**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000
**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000*
*Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**
Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**S ***ZERO HUNDRED THOUSAND ZERO HUNDRED AND ZERO*** MR. SAMPLE & MRS. SAMPLE & MR.
SAMPLE & MRS. SAMPLE ZQ00000000 Certificate Numbers 1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 Total Transaction Num/No. 123456 Denom. 123456 Total
1234567 MR A SAMPLE DESIGNATION (IF ANY) ADD 1 ADD 2 ADD 3 ADD 4 Terns Pharmaceuticals, Inc. PO BOX 505006, Louisville, KY 40233-5006 CUSIP/IDENTIFIER XXXXXX XX X Holder ID XXXXXXXXXX Insurance Value 1,000,000.00 Number of Shares 123456 DTC 12345678
123456789012345 THIS CERTIFICATE IS TRANSFERABLE IN CITIES DESIGNATED BY THE TRANSFER AGENT, AVAILABLE ONLINE AT www.computershare.com 

 

 
 The IRS requires that the named transfer agent (“we”) report the cost basis of certain shares or units acquired after
January 1, 2011. If your shares or units are covered by the legislation, and you requested to sell or transfer the shares or units using a specific cost basis calculation method, then we have processed as you requested. If you did not specify a
cost basis calculation method, then we have defaulted to the first in, first out (FIFO) method. Please consult your tax advisor if you need additional information about cost basis. If you do not keep in contact with the issuer or do not have any
activity in your account for the time period specified by state law, your property may become subject to state unclaimed property laws and transferred to the appropriate state. For value received    hereby sell, assign and
transfer unto Shares Attorney Dated 20 Signature: Signature: Notice: The signature to this assignment must correspond with the name as written upon the face of the certificate, in every particular, without alteration or enlargement, or any change
whatever. PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE) of the common stock represented by the within Certificate, and do hereby irrevocably
constitute and appoint to transfer the said stock on the books of the within-named Company with full power of substitution in the premises. . TERNS PHARMACEUTICALS, INC. THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS, A
SUMMARY OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE COMPANY AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS, AND THE
VARIATIONS IN RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR EACH SERIES, WHICH ARE FIXED BY THE CERTIFICATE OF INCORPORATION OF THE COMPANY, AS AMENDED, AND THE RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE COMPANY, AND THE AUTHORITY OF THE
BOARD OF DIRECTORS TO DETERMINE VARIATIONS FOR FUTURE SERIES. SUCH REQUEST MAY BE MADE TO THE OFFICE OF THE SECRETARY OF THE COMPANY OR TO THE TRANSFER AGENT. THE BOARD OF DIRECTORS MAY REQUIRE THE OWNER OF A LOST OR DESTROYED STOCK CERTIFICATE, OR
HIS LEGAL REPRESENTATIVES, TO GIVE THE COMPANY A BOND TO INDEMNIFY IT AND ITS TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM ON ACCOUNT OF THE ALLEGED LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE. Signature(s)
Guaranteed: Medallion Guarantee Stamp THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (Banks, Stockbrokers, Savings and Loan Associations and Credit Unions) WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION
PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15. The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to
applicable laws or regulations: TEN COM-as tenants in common UNIF GIFT MIN ACT - Custodian. (Cust) (Minor) TEN ENT-as tenants by the entireties under Uniform Gifts to Minors Act (State) JT TEN-as joint tenants with right of survivorship UNIF TRF MIN
ACT-Custodian (until age ) and not as tenants in common (Cust) under Uniform Transfers to Minors Act (Minor) (State) Additional abbreviations may also be used though not in the above list.

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