Document:

Exhibit

EXHIBIT 10.1

Execution Version

FOURTH AMENDMENT
TO
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT

This FOURTH AMENDMENT TO SIXTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Fourth Amendment”), dated as of May 5, 2020 (the “Fourth Amendment Effective Date”), is by and among SM ENERGY COMPANY, a corporation duly formed and existing under the laws of the State of Delaware (the “Borrower”); each of the Lenders that is a party hereto; and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, by operation of law or as otherwise provided in the Credit Agreement referred to below, the “Administrative Agent”), the Swingline Lender, and the Issuing Bank.

RECITALS
(A)    The Borrower, the Administrative Agent and the Lenders are party to that certain Sixth Amended and Restated Credit Agreement dated as of September 28, 2018 (as amended, supplemented, or otherwise modified prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower; and

(B)    The Administrative Agent, the Lenders party hereto, and the Borrower have agreed to make certain amendments and modifications to the Credit Agreement as more particularly set forth herein and to be effective as of the Fourth Amendment Effective Date.
The parties hereto agree as follows:

Section 1.Defined Terms.  Each capitalized term that is defined in the Credit Agreement, but that is not defined in this Fourth Amendment, shall have the meaning ascribed to such term in the Credit Agreement.  Unless otherwise indicated, all section references in this Fourth Amendment refer to the Credit Agreement.

Section 2.Amendments.  In reliance on the representations, warranties, covenants and agreements contained in this Fourth Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the Credit Agreement shall be amended, effective as of the Fourth Amendment Effective Date in the manner provided in this Section 2.

2.1    Additional Definitions.  Section 1.02 of the Credit Agreement is hereby amended by inserting the following definitions in appropriate alphabetical order, which shall read in full as follows: 

“Fourth Amendment” means that certain Fourth Amendment to Sixth Amended and Restated Credit Agreement, dated as of May 5, 2020, by and among the Borrower, the Lenders party thereto, and the Administrative Agent.
“Permitted 2021 Convertible Notes Documents” means, collectively, any loan or credit agreement, indenture (or the substantive equivalent thereof) or notes entered into in connection with the 2021 Convertible Notes (and any successor loan or credit agreement, indenture (or the substantive equivalent thereof) or notes in connection with 

any refinancing thereof permitted hereunder and under the applicable Intercreditor Agreement), all guarantees of Debt under the 2021 Convertible Notes, and all other agreements, documents or instruments executed and delivered by any Loan Party in connection with, or pursuant to, the incurrence of Debt under the 2021 Convertible Notes, including, without limitation, any Intercreditor Agreements, all security agreements, pledge agreements, mortgages and deeds of trust, as all of such documents are from time to time amended, supplemented or restated in compliance with this Agreement and the Intercreditor Agreement.
2.2    Amended Definitions.

(a)Section 1.02 of the Credit Agreement is hereby amended by (a) deleting “$900,000,000” in the definition of “Permitted Second Lien Debt” and inserting “$827,500,000.00” in lieu thereof and (b) deleting “provided, however, that, (A) notwithstanding the foregoing, any such Debt that is used to Redeem any 2021 Convertible Notes may mature sooner than the Maturity Date but, in any event, such Debt shall not mature prior to July 1, 2021 and (B) notwithstanding the foregoing, any such Debt that is used to Redeem any 2022 Notes may mature earlier than 180 days past the Maturity Date but, in any event, such Debt shall not mature prior to October 15, 2023 and (C) the principal amount of such new Debt used to Redeem the 2021 Convertible Notes or 2022 Notes is no greater than the principal amount of 2021 Convertible Notes or 2022 Notes being Redeemed” in the definition of “Permitted Second Lien Debt” and inserting “provided, however, that, (A) notwithstanding the foregoing, any such Debt that is used to Redeem any 2022 Notes may mature earlier than 180 days past the Maturity Date but, in any event, such Debt shall not mature prior to October 15, 2023 and (B) the principal amount of such new Debt used to Redeem the 2022 Notes is no greater than the principal amount of 2022 Notes being Redeemed” in lieu thereof.

(b)Section 1.02 of the Credit Agreement is hereby amended by inserting “ the Fourth Amendment,” immediately after “the Third Amendment,” in the definition of “Loan Documents”.

(c)Section 1.02 of the Credit Agreement is hereby amended by amending and restating the definition of “2021 Convertible Notes” in its entirety to read in full as follows:

“2021 Convertible Notes” means those certain 1.50% Senior Convertible Notes of the Borrower due July 1, 2021 in a principal amount of $172,500,000.00 as of the Fourth Amendment Effective Date, including as the Debt under such notes is secured as provided in Section 9.03(h)(ii) of the Credit Agreement.  The reference in Exhibit 9.02(b) to the Credit Agreement to the “Convertible Notes” refers to the 2021 Convertible Notes, including as secured as provided above and in Section 9.02(h)(ii).
2.3    Amendment to Section 9.03(h) of the Credit Agreement.  Section 9.03(h) of the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:

(h)     Liens on Property securing (i) Permitted Second Lien Debt and (ii) Debt under the 2021 Convertible Notes solely to the extent such Liens securing Debt under the 2021 Convertible Notes are created contemporaneously on the same Property on which Liens are being granted to secure Permitted Second Lien Debt, or promptly after 

Fourth Amendment to
SM Energy Company Sixth Amended and Restated Credit Agreement

such Liens are being granted to secure Permitted Second Lien Debt, but (A) (in either case, only to the extent that the Administrative Agent holds first priority Liens on such Property securing the Indebtedness (including first priority Liens that the Borrower contemporaneously places on the Property in favor of the Administrative Agent on the date that the Borrower incurs such Permitted Second Lien Debt) (in each case, subject to Liens permitted by this Section 9.03, other than Liens described in this clause (h)) and (B) provided that, in either case, such Liens are subject to an Intercreditor Agreement.
2.4    Amendment to Section 9.16(b) of the Credit Agreement.  Section 9.16(b) of the Credit Agreement is hereby amended to delete each instance of “the Permitted Second Lien Debt Documents” and insert “either (A) the Permitted Second Lien Debt Documents or (B) the Permitted 2021 Convertible Notes Documents, in either case, ” in lieu thereof.

2.5    Amendment to Section 9.24 of the Credit Agreement.  Section 9.24 of the Credit Agreement is hereby amended to delete the phrase “the Permitted Second Lien Debt Documents” therein and insert “either (A) the Permitted Second Lien Debt Documents or (B) the Permitted 2021 Convertible Notes Documents, in either case, ” in lieu thereof.

Section 3.Conditions Precedent.  This Fourth Amendment shall be effective upon the date of the receipt by the Administrative Agent of the following documents and satisfaction of the other conditions provided in this Section 3, each of which shall be reasonably satisfactory to the Administrative Agent in form and substance:

3.1    Counterparts.  The Administrative Agent shall have received counterparts hereof duly executed by the Borrower and each of the Lenders constituting at least the Majority Lenders, which may be delivered by the means described in Section 5.3 (or, in the case of any party as to which an executed counterpart shall not have been received, email, facsimile, or other written or electronic confirmation from such party of execution of a counterpart hereof by such party).

3.2    Fees and Expenses.  The Borrower shall have paid to the Administrative Agent any and all fees and expenses, including reasonable out-of-pocket expenses payable to the Administrative Agent and the Lenders pursuant to or in connection with this Fourth Amendment in accordance with Section 12.03(a) of the Credit Agreement.

3.3    No Event of Default or Deficiency.  No Event of Default shall have occurred which is continuing and the Aggregate Revolving Credit Exposures shall not exceed the Borrowing Base.

3.4    Other Documents.  The Administrative Agent shall have received such other documents as the Administrative Agent or its counsel may reasonably request.

For purposes of determining satisfaction of the conditions specified in this Section 3, each Lender that has signed this Fourth Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required under this Section 3 to be consented to or approved by or acceptable or satisfactory to a Lender, unless the Administrative Agent shall have received notice from such Lender prior to the Fourth Amendment Effective Date specifying its objection thereto.  The Administrative Agent shall notify Borrower and each Lender of the Fourth Amendment Effective Date and such notice shall be conclusive and binding.

Fourth Amendment to
SM Energy Company Sixth Amended and Restated Credit Agreement

Section 4.Reaffirm Existing Representations and Warranties.  The Borrower hereby (a) acknowledges the terms of this Fourth Amendment and the Credit Agreement; (b) ratifies and affirms its obligations under, and acknowledges its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect as expressly amended hereby; and (c) represents and warrants to the Lenders that, as of the date hereof, after giving effect to the terms of this Fourth Amendment: (i) all of the representations and warranties contained in each Loan Document to which the Borrower is a party are true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect, or a similar qualification, true and correct in all respects) as of the Fourth Amendment Effective Date (unless any such representation or warranty relates solely to a specific earlier date, in which case, such representation or warranty was true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect, or a similar qualification, true and correct in all respects) as of such earlier date); (ii) no Default or Event of Default has occurred and is continuing and the Aggregate Revolving Credit Exposures do not exceed the Borrowing Base; (iii) since the date of the most recent balance sheet delivered pursuant to Section 8.01(a) of the Credit Agreement, no Material Adverse Effect has occurred; (iv) the execution, delivery and performance by the Borrower of this Fourth Amendment are within Borrower’s corporate powers, have been duly authorized by all necessary corporate action, require no consent or approval of, or filing with, any governmental body, agency or official and do not violate any provision of applicable law or any agreement binding upon Borrower or any other Loan Party, except for violations of agreements that would not reasonably be expected to have a Material Adverse Effect; and (v) this Fourth Amendment constitutes the valid and binding obligation of the Borrower enforceable in accordance with its terms, except as (A) the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditor’s rights generally, and (B) the availability of equitable remedies may be limited by equitable principles of general application, regardless of whether considered in a proceeding in equity or at law.

Section 5.Miscellaneous.

5.1    Confirmation.  The provisions of the Credit Agreement (as amended by this Fourth Amendment) shall remain in full force and effect in accordance with its terms following the effectiveness of this Fourth Amendment.  This Fourth Amendment shall constitute a Loan Document.

5.2    No Waiver.  Neither the execution by the Administrative Agent or the Lenders party hereto of this Fourth Amendment, nor any other act or omission by the Administrative Agent or the Lenders or their officers in connection herewith, shall be deemed a waiver by the Administrative Agent or the Lenders of any Defaults or Events of Default which may exist on or after the Fourth Amendment Effective Date, which may have occurred prior to the Fourth Amendment Effective Date or which may occur in the future under the Credit Agreement and/or the other Loan Documents.  Similarly, nothing contained in this Fourth Amendment shall directly or indirectly in any way whatsoever either: (a) impair, prejudice or otherwise adversely affect the Administrative Agent’s or the Lenders’ right at any time to exercise any right, privilege or remedy in connection with the Loan Documents with respect to any Default or Event of Default, (b) except as provided herein, amend or alter any provision of the Credit Agreement, the other Loan Documents, or any other contract or instrument, or (c) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent or the Lenders under the Credit Agreement, the other Loan Documents, or any other contract or instrument.  Nothing in this Fourth Amendment shall be construed to be a consent by the Administrative Agent or the Lenders to any Default or Event of Default.  Each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or any other word or words of similar import shall mean and be a reference to the Credit Agreement as amended hereby, and each reference in any other Loan Document to the Credit Agreement or any word or words of similar import shall be and mean a reference to the Credit Agreement as amended hereby.

Fourth Amendment to
SM Energy Company Sixth Amended and Restated Credit Agreement

5.3    Counterparts.  This Fourth Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.   Delivery of an executed signature page to this Fourth Amendment by facsimile transmission or other electronic transmission (including .pdf) shall be as effective as delivery of a manually executed counterpart of this Fourth Amendment.

5.4    Expenses.  As provided in Section 12.03 of the Credit Agreement and subject to the limitations included therein, the Borrower hereby agrees to pay on demand all reasonable out-of-pocket expenses incurred by the Administrative Agent in connection with the negotiation, preparation, and execution of this Fourth Amendment and all related documents, including, without limitation, the reasonable fees, charges, and disbursements of outside counsel.

5.5    Successors and Assigns.  This Fourth Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

5.6    Severability.  Any provision of this Fourth Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

5.7    No Oral Agreement.  This Fourth Amendment, the Credit Agreement and the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties hereto relating to the subject matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and thereof.  This Fourth Amendment, the Credit Agreement and the other Loan Documents represent the final agreement among the parties hereto and thereto and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.  There are no unwritten oral agreements between the parties.

5.8    Governing Law.  This Fourth Amendment (including, but not limited to, the validity and enforceability hereof) shall be governed by, and construed in accordance with, the laws of the State of New York.

[Signature Pages to Follow]

Fourth Amendment to
SM Energy Company Sixth Amended and Restated Credit Agreement

The parties hereto have caused this Third Amendment to be duly executed effective as of the date first written above.

		
	BORROWER:
	SM ENERGY COMPANY

By:    /s/ A.WADE PURSELL
A. Wade Pursell
Executive Vice President and Chief 
Financial Officer

[SIGNATURE PAGE TO FOURTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

AGENTS AND LENDERS:    WELLS FARGO BANK, NATIONAL
ASSOCIATION, Individually and as
Administrative Agent, Swingline Lender and Issuing Bank

By:     /s/ JONATHAN HERRICK
Name:     Jonathan Herrick
Title:    Director

[SIGNATURE PAGE TO FOURTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

BANK OF AMERICA, NATIONAL ASSOCIATION,
Individually and as Co-Syndication Agent

By:     /s/ RONALD E. MCKAIG
Name:     Ronald E. McKaig
Title:    Managing Director

[SIGNATURE PAGE TO FOURTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

JPMORGAN CHASE BANK, N.A., 
Individually and as Co-Syndication Agent

By:     /s/ JO LINDA PAPADAKIS
Name:     Jo Linda Papadakis
Title:    Authorized Officer

[SIGNATURE PAGE TO FOURTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

BBVA USA, (f/k/a COMPASS BANK), Individually and as Co-Documentation Agent

By:     /s/ GABRIELA AZCARATE
Name:     Gabriela Azcarate
Title:    Senior Vice President

[SIGNATURE PAGE TO FOURTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

COAMERICA BANK

By:     /s/ CASSANDRA LUCAS
Name:     Cassandra Lucas
Title:    Portfolio Manager

[SIGNATURE PAGE TO FOURTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

ROYAL BANK OF CANADA

By:     /s/ KRISTAN SPIVEY
Name:     Kristan Spivey
Title:    Authorized Signatory

[SIGNATURE PAGE TO FOURTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

BOKF, NA DBA BANK OF OKLAHOMA

By:     /s/ GUY C. EVANGELISTA
Name:     Guy C. Evangelista
Title:    Senior Vice President

[SIGNATURE PAGE TO FOURTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

GOLDMAN SACHS BANK USA

By:     /s/ JAMIE MINIERI
Name:     Jamie Minieri
Title:    Authorized Signatory

[SIGNATURE PAGE TO FOURTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

KEYBANK NATIONAL ASSOCIATION

By:     /s/ GEORGE E. MCKEAN
Name:     George E. McKean
Title:    Senior Vice President

[SIGNATURE PAGE TO FOURTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

THE BANK OF NOVA SCOTIA, HOUSTON BRANCH

By:     /s/ RYAN KNAPE
Name:     Ryan Knape
Title:    Director

[SIGNATURE PAGE TO FOURTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

BMO HARRIS BANK N.A.

By:     /s/ PATRICK JOHNSTON
Name:     Patrick Johnston
Title:    Director

[SIGNATURE PAGE TO FOURTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]Exhibit 10.1

 

SECOND
AMENDMENT to Senior SECURED Revolving Credit Agreement & LIMITED CONSENT

 

This SECOND AMENDMENT
to Senior SECURED Revolving Credit Agreement & LIMITED CONSENT, dated as of
April 30, 2020 (this “Agreement”), is made by and among BATTALION OIL CORPORATION (f/k/a HALCÓN RESOURCES
CORPORATION), a corporation duly formed and existing under the laws of the State of Delaware (the “Borrower”),
each of the undersigned guarantors (the “Guarantors”, and together with the Borrower, the “Loan Parties”),
each of the undersigned Lenders party to the Credit Agreement referenced below, and BANK OF MONTREAL, as administrative agent for
the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”). Capitalized
terms used herein but not defined herein shall have the meanings ascribed to them in the Credit Agreement. Unless otherwise indicated,
all section references in this Agreement refer to the applicable section of the Credit Agreement.

 

PRELIMINARY STATEMENTS

 

A.    
Reference is made to that certain Senior Secured Revolving Credit Agreement dated as of October 8, 2019 (as amended by that
certain First Amendment to Senior Secured Revolving Credit Agreement, dated as of November 21, 2019 by and among the Borrower,
the Guarantors party thereto, the Administrative Agent and the Lenders party thereto; and as the same may be further amended, restated,
amended and restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”) by
and among the Borrower, each of the Lenders party thereto and the Administrative Agent.

 

B.     
The Borrower, the Administrative Agent and the Lenders party hereto have agreed to modify certain provisions of the Credit
Agreement, including to reduce the Borrowing Base and to consent to certain transactions, as set forth herein.

 

C.     
In consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto hereby agree
as follows:

 

Section
1.              Amendments to the Credit Agreement.

 

(a)            Amendments
to Section 1.02. Section 1.02 is hereby amended by:

 

(i)                
Amending and restating the following defined term to read in its entirety as follows:

 

“Applicable
Margin” means, for any day, with respect to any ABR Loan or Eurodollar Loan or the Commitment Fee Rate, as the case may
be, the rate per annum set forth in the Borrowing Base Utilization Percentage grid below based upon the Borrowing Base Utilization
Percentage then in effect:

 

	Level	Borrowing Base Utilization Percentage	Eurodollar Loans	ABR Loans	Commitment Fee Rate
	1	> 90%	3.50 %	2.50%	0.50%
	2	> 75% < 90%	3.25%	2.25%	0.50%
	3	> 50% < 75%	3.00%	2.00%	0.50%
	4	> 25% < 50%	2.75%	1.75%	0.50%
	5	< 25%	2.50%	1.50%	0.50%

 

     

     

    

 

Each change in the
Applicable Margin or Commitment Fee Rate shall apply during the period commencing on the effective date of such change and ending
on the date immediately preceding the effective date of the next such change; provided, however, that if at any time
the Borrower fails to deliver a Reserve Report pursuant to Section 8.12(a), then the “Applicable Margin”
and “Commitment Fee Rate” mean the rate per annum set forth on the grid when the Borrowing Base Utilization
Percentage is at its highest level.

 

(ii)                Adding the following defined terms in appropriate alphabetical order to read in their entirety as follows:

 

“Benchmark Replacement”
means the sum of: (a) the alternate benchmark rate (which may include, SOFR, Compounded SOFR or Term SOFR) that has been selected
by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate
or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention
for determining a rate of interest as a replacement to the LIBO Rate for dollar-denominated syndicated credit facilities and (b)
the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero,
the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.

 

“Benchmark Replacement
Adjustment” means, with respect to any replacement of the LIBO Rate with an Unadjusted Benchmark Replacement for each
applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may
be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration
to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or
(b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining
such spread adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement for dollar-denominated
syndicated credit facilities at such time.

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes
(including changes to the definition of “Alternate Base Rate,” the definition of “Interest Period,” timing
and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent
decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration
thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent
decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines
that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the
Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).

 

“Benchmark Replacement
Date” means the earlier to occur of the following events with respect to the LIBO Rate:

 

(a) in the case of clause
(a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public
statement or publication of information referenced therein and (ii) the date on which the administrator of the LIBO Screen
Rate permanently or indefinitely ceases to provide the LIBO Screen Rate; or

 

    2

     

    

 

(b) in the case of clause
(c) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information
referenced therein.

 

“Benchmark Transition
Event” means the occurrence of one or more of the following events with respect to the LIBO Rate:

 

(a) a public statement
or publication of information by or on behalf of the administrator of the LIBO Screen Rate announcing that such administrator has
ceased or will cease to provide the LIBO Screen Rate, permanently or indefinitely, provided that, at the time of such statement
or publication, there is no successor administrator that will continue to provide the LIBO Screen Rate;

 

(b) a public statement
or publication of information by the regulatory supervisor for the administrator of the LIBO Screen Rate, the U.S. Federal Reserve
System, an insolvency official with jurisdiction over the administrator for the LIBO Screen Rate, a resolution authority with jurisdiction
over the administrator for the LIBO Screen Rate or a court or an entity with similar insolvency or resolution authority over the
administrator for the LIBO Screen Rate, which states that the administrator of the LIBO Screen Rate has ceased or will cease to
provide the LIBO Screen Rate permanently or indefinitely, provided that, at the time of such statement or publication, there
is no successor administrator that will continue to provide the LIBO Screen Rate; or

 

(c) a public statement
or publication of information by the regulatory supervisor for the administrator of the LIBO Screen Rate announcing that the LIBO
Screen Rate is no longer representative.

 

“Benchmark Transition
Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement
Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the
90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected
date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication)
and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Majority Lenders, as applicable,
by notice to the Borrower, the Administrative Agent (in the case of such notice by the Majority Lenders) and the Lenders.

 

“Benchmark Unavailability
Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect
to the LIBO Rate and solely to the extent that the LIBO Rate has not been replaced with a Benchmark Replacement, the period (a)
beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced
the LIBO Rate for all purposes hereunder in accordance with Section 3.03(b) and (b) ending at the time that a Benchmark
Replacement has replaced the LIBO Rate for all purposes hereunder pursuant to Section 3.03(b).

 

“CARES
Act” means the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act and applicable rules and regulations,
as amended from time to time.

 

“CARES
Payroll Costs” means “payroll costs” as defined in 15 U.S.C. 636(a)(36)(A)(viii) (as added to the Small Business
Act by Section 1102 of the CARES Act).

 

“CARES
Forgivable Uses” means uses of proceeds of an SBA PPP Loan that are eligible for forgiveness under Section 1106 of the
CARES Act.

 

    3

     

    

 

“Compounded
SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for
this rate, and conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as
a mechanism to determine the interest amount payable prior to the end of each Interest Period) being established by the Administrative
Agent in accordance with: (a) the rate, or methodology for this rate, and conventions for this rate selected or recommended by
the Relevant Governmental Body for determining compounded SOFR; provided that: (b) if, and to the extent that, the Administrative
Agent determines that Compounded SOFR cannot be determined in accordance with clause (a) above, then the rate, or methodology
for this rate, and conventions for this rate that the Administrative Agent determines are substantially consistent with at least
five currently outstanding dollar-denominated syndicated credit facilities at such time (as a result of amendment or as originally
executed) that are publicly available for review.

 

“Consolidated
Cash Balance” means the aggregate amount of (a) cash, (b) Cash Equivalents and (c) any other marketable
securities, treasury bonds and bills, certificates of deposit, investments in money market funds and commercial paper, in each
case, held or owned by (either directly or indirectly), credited to the account of or that would otherwise be required to be reflected
as an asset on the balance sheet of, the Borrower or any Restricted Subsidiary; provided that the Consolidated Cash Balance
shall exclude (i) any cash or Cash Equivalents for which the Borrower or any Restricted Subsidiary have, in the ordinary course
of business, issued checks or initiated wires or ACH transfers in order to utilize such cash or Cash Equivalents, (ii) any
cash or Cash Equivalents set aside to pay royalty obligations, working interest obligations including operating and capital expenses,
production payments, suspense payments and severance taxes of the Borrower or any Restricted Subsidiary then due and owing to third
parties and for which the Borrower or such Restricted Subsidiary has issued checks or has initiated wires or ACH transfers (or
will issue checks or initiate wires or ACH transfers within three (3) Business Days in order to make such payments); (iii) any
cash or Cash Equivalents set aside to pay payroll, payroll taxes, other taxes, employee wage and benefit payments and trust and
fiduciary obligations of the Borrower or any Restricted Subsidiary then due and owing and for which the Borrower or such Restricted
Subsidiary has issued checks or has initiated wires or ACH transfers (or will issue checks or initiate wires or ACH transfers within
three (3) Business Days in order to make such payments); (iv) while and to the extent refundable, any cash or Cash Equivalents
of the Borrower or any Restricted Subsidiary constituting purchase price deposits held in escrow pursuant to a binding and enforceable
purchase and sale agreement permitted hereunder with a third party containing customary provisions regarding the payment and refunding
of such deposits; (v) restricted cash or Cash Equivalents of the Borrower or any Restricted Subsidiary associated with plugging
and abandonment liabilities and other similar obligations imposed by a Governmental Requirement and arising in connection with
acquisitions and divestitures of Oil and Gas Properties permitted hereunder; and (vi) any refundable deposits held by unaffiliated
third parties made in connection with transactions in the ordinary course of business.

 

“Corresponding
Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length
(disregarding business day adjustment) as the applicable tenor for the applicable Interest Period with respect to the LIBO Rate.

 

“Early Opt-in
Election” means the occurrence of:

 

(a) (i)   a determination
by the Administrative Agent or (ii) a notification by the Majority Lenders to the Administrative Agent (with a copy to the
Borrower) that the Majority Lenders have determined that syndicated credit facilities denominated in dollars being executed at
such time, or that include language similar to that contained in Section 3.03(b), are being executed or amended, as applicable,
to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate, and

 

    4

     

    

 

(b) (i)      the election
by the Administrative Agent or (ii) the election by the Majority Lenders to declare that an Early Opt-in Election with respect
to such rate has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the
Borrower and the Lenders or by the Majority Lenders of written notice of such election to the Administrative Agent.

 

“Federal Reserve
Bank of New York’s Website” means the website of the NYFRB at http://www.newyorkfed.org,
or any successor source.

 

“Relevant Governmental
Body” means the Board and/or the NYFRB, or a committee officially endorsed or convened by the Board and/or the NYFRB
or any successor thereto.

 

“SBA”
means the U.S. Small Business Administration.

 

“SBA PPP Loan”
means a loan incurred by the Borrower or a Restricted Subsidiary under 15 U.S.C. 636(a)(36) (as added to the Small Business Act
by Section 1102 of the CARES Act).

 

“SBA PPP Loan
Date” means the date on which the Borrower or a Restricted Subsidiary receives the proceeds of the SBA PPP Loan.

 

“Second Amendment
Effective Date” means April 30, 2020.

 

“Small Business
Act” means the Small Business Act (15 U.S. Code Chapter 14A – Aid to Small Business).

 

“SOFR” with respect to
any day means the secured overnight financing rate published for such day by the NYFRB, as the administrator of the benchmark,
(or a successor administrator) on the Federal Reserve Bank of New York’s Website.

 

“SOFR-Based
Rate” means SOFR, Compounded SOFR or Term SOFR.

 

“Term SOFR”
means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

(b)           Amendment to Section 1.06. Section 1.06 is hereby amended and restated to read in its entirety as follows:

 

Section 1.06Rates.
The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to, the administration,
submission or any other matter related to the rates in the definition of “LIBO Rate”, “LIBO Screen Rate”
or “Adjusted LIBO Rate” or with respect to any rate that is an alternative or replacement for or successor to any such
rate (including, without limitation, any Benchmark Replacement) or the effect of any of the foregoing, or of any Benchmark Replacement
Conforming Changes.

 

(c)            Amendments to Section 3.03(b). Section 3.03(b) is hereby amended and restated to read in its entirety as follows:

 

    5

     

    

 

(b)(i)        Notwithstanding
anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an
Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace the LIBO
Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at
5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders
and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such
amendment from Lenders comprising the Majority Lenders; provided that, with respect to any proposed amendment
containing a SOFR-Based Rate, the Majority Lenders shall be entitled to object only to the Benchmark Replacement Adjustment
contained therein. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders
comprising the Majority Lenders have delivered to the Administrative Agent written notice that such Majority Lenders accept
such amendment. No replacement of the LIBO Rate with a Benchmark Replacement pursuant to this Section 3.03(b) will
occur prior to the Benchmark Transition Start Date.

 

(ii)            In
connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement
Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments
implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other
party to this Agreement.

 

(iii)           The
Administrative Agent will promptly notify the Borrower and the Lenders of (A) any occurrence of a Benchmark Transition Event or
an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (B) the
implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes and (D) the
commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by
the Administrative Agent or Lenders pursuant to this Section 3.03(b), including any determination with respect to a
tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or
refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion
and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 3.03(b).

 

(iv)          Upon
the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request
for a Eurodollar Borrowing of, conversion to or continuation of Eurodollar Loans to be made, converted or continued during any
Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request
for a Borrowing of or conversion to ABR Loans. During any Benchmark Unavailability Period, the component of the Alternate Base
Rate based upon the Adjusted LIBO Rate will not be used in any determination of the Alternate Base Rate.

 

(d)           Amendments
to Section 3.04. Section 3.04 is hereby amended as follows:

 

(i)                
Section 3.04(c)(v) is relettered to Section 3.04(c)(vi).

 

(ii)              
Section 3.04(c)(vi) is relettered to Section 3.04(c)(vii).

 

(iii)            
A new Section 3.04(c)(v) is added to read in its entirety as follows:

 

(v)           Application
in Connection with Consolidated Cash Balance. If, at the close of business on Wednesday of any calendar week (of if such
day is not a Business Day, then the immediately succeeding Business Day), the Consolidated Cash Balance exceeds $10,000,000,
then the Borrower shall, within two Business Days, (A) prepay the Borrowings in an aggregate principal amount equal to
such excess, and (B) if any excess remains after prepaying all such Borrowings, but there remains uncollateralized LC
Exposure, pay to the Administrative Agent on behalf of the Lenders an amount up to such remaining uncollateralized LC
Exposure to be held as cash collateral as provided in Section 2.09(j).

 

    6

     

    

 

(e)            Amendments
to Section 6.02. Section 6.02 is hereby amended as follows:

 

(i)                
Section 6.02(c) is relettered to Section 6.02(d).

 

(ii)                A
new Section 6.02(c) is added to read in its entirety as follows:

 

(c)           At
the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter
of Credit, as applicable, the Consolidated Cash Balance does not exceed $10,000,000.

 

(iii)                The
phrase “Section 6.02(a) and Section 6.02(b)” in the last sentence at the end of such Section 6.02 is
replaced with the phrase “Section 6.02(a), Section 6.02(b) and Section 6.02(c)”.

 

(f)            Addition
of Section 8.21. A new Section 8.21 is hereby added to read in its entirety as follows:

 

Section 8.21                SBA
PPP Loans.

 

(a)            The
Borrower will, and will cause each Restricted Subsidiary to, (i) use all of the proceeds of the SBA PPP Loan exclusively for CARES
Forgivable Uses in the manner required under the CARES Act to obtain forgiveness of the largest possible amount of the SBA PPP
Loan, which as of the Second Amendment Effective Date requires that the Borrower use not less than 75% of the SBA PPP Loan proceeds
for CARES Payroll Costs and (ii) use reasonable efforts to conduct its business in a manner that maximizes the amount of the SBA
PPP Loan that is forgiven; provided that, the Borrower or a Restricted Subsidiary may undertake cost savings, operating
expense reductions or other measures that may reduce or eliminate the amount of the SBA PPP Loan that is forgiven if the Borrower
determines, in good faith, that such actions are reasonably necessary to the conduct of its business and in connection therewith,
a Responsible Officer of the Borrower provides prompt written notice to the Administrative Agent of such actions and their expected
impact on the forgiveness of the SBA PPP Loan.

 

(b)           The
Borrower will, and will cause each Restricted Subsidiary to, (i) maintain all records required to be submitted in connection with
the forgiveness of the SBA PPP Loan, (ii) subject to the proviso in Section 8.21(b)(ii), apply for forgiveness of the SBA
PPP Loan in accordance with regulations implementing Section 1106 of the CARES Act within thirty (30) days after the last day of
the eight week period immediately following the SBA PPP Loan Date and (iii) provide the Administrative Agent with a copy of its
application for forgiveness and all supporting documentation required by the SBA or the SBA PPP Loan lender in connection with
the forgiveness of the SBA PPP Loan.

 

(g)           Amendment
to Section 10.01(d). Section 10.01(d) is hereby amended and restated to read in its entirety as follows:

 

    7

     

    

 

(d)           The
Borrower or any Restricted Subsidiary shall fail to observe or perform any covenant, condition or agreement contained in Section
8.02(a), Section 8.03 (with respect to Borrower’s or any Restricted Subsidiary’s existence only), Section
8.16, Section 8.21 or in Article IX.

 

(h)           Amendment
to Section 12.02(c). Section 12.02(c) is hereby amended and restated to read in its entirety as follows:

 

(c)            Notwithstanding
anything to the contrary contained in the Loan Documents, (A) in the case of clauses (i) through (iv), the Administrative
Agent and the Borrower or (B) in the case of clause (v), the Administrative Agent, in each case may amend, modify or
supplement any Loan Document without the consent of any Lender in order to (i) correct, amend, cure or resolve any minor ambiguity,
omission, defect, typographical error, inconsistency or other manifest error therein, (ii) add a guarantor or collateral or
otherwise enhance the rights and benefits of the Lenders, (iii) make minor administrative or operational changes not adverse
to any Lender, (iv) adhere to any local Governmental Requirement on advice of local counsel or (v) implement any Benchmark
Replacement or any Benchmark Replacement Conforming Changes or otherwise effectuate the terms of Section 3.03(b) in accordance
with the terms of Section 3.03(b).

 

Section
2.             Borrowing Base Redetermination. The Borrower and the Required Lenders agree that, as of April 30, 2020,
the amount of the Borrowing Base shall be $200,000,000 and such amount shall thereafter reduce on the dates and in the amount set
forth as follows:

 

BORROWING BASE REDUCTION SCHEDULE

 

	Date	Borrowing Base
	September 1, 2020	$195,000,000
	October 1, 2020	$190,000,000
	November 1, 2020	$185,000,000

 

Notwithstanding the foregoing,
the Borrowing Base may be subject to adjustments pursuant to the Credit Agreement from time to time, including pursuant to the
Borrowing Base Adjustment Provisions. The redetermination of the Borrowing Base set forth in this Section 2 is the May 1,
2020 Scheduled Redetermination. The Borrower, the Administrative Agent and the Required Lenders agree if a Borrowing Base Deficiency
exists for any Borrowing Base amount set forth in this Section 2, Section 3.04(c)(ii) shall not apply and the Borrower
shall on the next Business Day make a mandatory prepayment equal to the amount of the Borrowing Base Deficiency. For the avoidance
of doubt, (a) the reductions of the Borrowing Base set forth in the Borrowing Base Reduction Schedule contained in this Section
2 shall not constitute Scheduled Redeterminations or Interim Redeterminations, (b) the November 1, 2020 Scheduled Redetermination
shall occur pursuant to the terms of the Credit Agreement notwithstanding that there is a reduction of the Borrowing Base on November
1, 2020 pursuant to this Section 2 and (c) Section 3.04(c)(ii) shall apply to the November 1, 2020 Scheduled Redetermination
unless otherwise waived or modified pursuant to Section 12.02. This Agreement constitutes the New Borrowing Base Notice.

 

    8

     

    

 

Section
3.              Limited
Consent. Section 9.19(d) provides that, subject to the terms therein, if, after the end of any fiscal quarter of the
Borrower, the aggregate volume of all Swap Agreements in respect of commodities for which settlement payments were calculated
in such fiscal quarter exceeded, or will exceed, 100% of actual production of crude oil, natural gas and natural gas liquids,
calculated separately, in such fiscal quarter, then the Borrower shall within twenty (20) Business Days following the last
day of such fiscal quarter terminate, create off-setting positions, allocate volumes to other production the Borrower or any
Subsidiary is marketing, or otherwise Unwind existing Swap Agreements such that, at such time, future hedging volumes will
not exceed 100% of reasonably anticipated projected production from Proved Reserves classified as “Developed Producing
Reserves” for each of crude oil, natural gas and natural gas liquids, calculated separately (on a barrel of oil
equivalent basis in the case of natural gas), for the then-current and any succeeding fiscal quarter (the “Unwind
Requirement”). The Borrower has informed the Administrative Agent and the Lenders that the Borrower may be unable
to satisfy the Unwind Requirement for the fiscal quarter ending June 30, 2020 and the Borrower has requested that the
Administrative Agent and the Lenders consent to a waiver of the requirement to comply with the Unwind Requirement for the
fiscal quarter ended June 30, 2020 (the “Consent Request”). The Administrative Agent and the Lenders party
hereto do hereby so consent to the Consent Request.

 

Section
4.              Conditions
to Effective Date. This Agreement shall not become effective until the date of satisfaction or waiver of the following conditions
(the “Effective Date”):

 

(a)            The
Administrative Agent shall have received from the Loan Parties, the Administrative Agent and each Lender duly executed counterparts
(in such number as may be reasonably requested by the Administrative Agent) of this Agreement.

 

(b)           All reasonable out-of-pocket costs and expenses (including but not limited to the reasonable fees and disbursements
incurred by counsel to the Administrative Agent ) required to be paid to the Administrative Agent and the Lenders on or before
the Effective Date shall have been paid.

 

(c)            At the time of and immediately after giving effect to this Agreement, (i) no Borrowing Base Deficiency, Default or
Event of Default shall have occurred and be continuing and (ii) the representations and warranties contained in Section 7
of this Agreement shall be true and correct.

 

(d)           The
Administrative Agent shall have received from the Loan Parties Mortgages such that, upon recording such Mortgages in the appropriate
filing offices, the Administrative Agent shall be reasonably satisfied that it shall have a first priority Lien on at least 85%
of the PV-9 of the Borrowing Base Properties.

 

(e)            The
Administrative Agent shall have received title information as the Administrative Agent may reasonably require, reasonably satisfactory
to the Administrative Agent, setting forth the status of title to at least eighty-five (85%) of the PV-9 of the Borrowing Base
Properties.

 

The Administrative
Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

 

Section
5.              Fees
and Expenses. The Borrower agrees to pay all reasonable out-of-pocket costs and expenses incurred by the Administrative Agent
and the Lenders (including but not limited to the reasonable fees and disbursements incurred by counsel to the Administrative
Agent) in connection with this Agreement and any other documents prepared in connection herewith as set forth in Section 12.03
of the Credit Agreement.

 

Section
6.               Loan Document. This Agreement is a Loan Document.

 

    9

     

    

 

Section
7.             Representations
and Warranties; No Borrowing Base Deficiency, Default or Event of Default. Each Loan Party represents and warrants to the
Lenders that on and as of the Effective Date, after giving effect to this Agreement, (a) all representations and warranties
of the Loan Parties contained herein and in the other Loan Documents shall be true and correct in all material respects on
and as of the Effective Date with the same effect as though made on and as of such date, except in the case of any
representation and warranty which (i) expressly relates to a given date, such representation and warranty shall be true and
correct in all material respects as of the respective date and (ii) is qualified by a materiality or Material Adverse Effect
standard in which case such representation and warranty shall be true and correct in all respects and (b) no Borrowing Base
Deficiency, Default or Event of Default has occurred and is continuing.

 

Section
8.             Reaffirmation.
Each Loan Party confirms and agrees that each Loan Document to which such Loan Party is a party is, and the obligations of such
Loan Party contained in the Credit Agreement, this Agreement or in any other Loan Document to which it is a party are, and shall
continue to be, in full force and effect and are hereby ratified and confirmed in all respects, in each case as modified by this
Agreement. For greater certainty and without limiting the foregoing, each Loan Party hereby confirms that the existing security
interests granted by it in favor of the Administrative Agent for the benefit of the Lenders, the Issuing Bank and the other secured
parties pursuant to the Loan Documents in the collateral described therein shall continue to secure the Secured Obligations as
and to the extent provided in the Loan Documents.

 

Section
9.              Entire
Agreement. This Agreement, the Credit Agreement, and the other Loan Documents represent the final agreement among the parties
hereto and thereto and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.
There are no unwritten oral agreements between the parties. This Agreement shall not by implication or otherwise limit, impair,
constitute a consent or waiver of, or otherwise affect the rights and remedies of any party under, the Credit Agreement or the
other Loan Documents nor alter, modify, amend, or, except as expressly set forth herein, in any way affect any of the terms, conditions,
obligations, covenants or agreements contained in the Credit Agreement or the other Loan Documents all of which are ratified and
affirmed in all respects and shall continue in full force and effect.

 

Section
10.           GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS; WAIVER OF JURY TRIAL. SECTION 12.09 OF THE
CREDIT AGREEMENT IS HEREBY INCORPORATED BY REFERENCE INTO THIS AGREEMENT MUTATIS MUTANDIS AND SHALL APPLY HERETO.

 

Section
11.           Severability.
Any provision of this Agreement, the Credit Agreement or any other Loan Document held to be invalid, illegal or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability
without affecting the validity, legality and enforceability of the remaining provisions hereof or thereof; and the invalidity
of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

Section
12.            Counterparts.
This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy, emailed pdf. or any other electronic means that
reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart
of this Agreement. The words “execution,” “signed,” “signature,” “delivery,”
and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions
contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical
delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in
any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided
that nothing herein shall require the Administrative Agent to accept electronic signatures in any form or format without its
prior written consent.

 

[SIGNATURES BEGIN NEXT PAGE]

 

    10

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has caused its duly authorized officer to execute and deliver this Agreement as of the date first written
above.

 

	BORROWER:	BATTALION OIL CORPORATION 
	 	(f/k/a HALCÓN RESOURCES CORPORATION)
	 	 
	 	By:	/s/ Ragan T. Altizer
	 	 	Name:	Ragan T. Altizer
	 	 	Title:	Executive Vice President,
        Chief Financial Officer and Treasurer

 

	GUARANTORS:	HALCÓN HOLdings, LLC
	 	Battalion Oil Management, Inc.
	 	(f/k/a HALCÓN RESOURCES OPERATING, INC.)
	 	HALCÓN Energy PROPERTIES, Inc.
	 	HALCÓN Permian, LLC
	 	HALCÓN Operating CO., Inc.
	 	HALCÓN field services, llc
	 	 
	 	By:	/s/ Ragan T. Altizer
	 	 	Name:	Ragan T. Altizer
	 	 	Title:	Executive Vice President,
        Chief Financial Officer and Treasurer

 

	ADMINISTRATIVE AGENT AND LENDER:	BANK OF MONTREAL
	 	 
	 	By:	/s/ James V. Ducote
	 	 	Name:	James V. Ducote
	 	 	Title:	Managing Director

 

	LENDER:	BMO HARRIS FINANCING, INC.
	 	 
	 	By:	/s/ James V. Ducote
	 	 	Name:	James V. Ducote
	 	 	Title:	Managing Director

 

	LENDER:	GOLDMAN SACHS LENDING PARTNERS LLC
	 	 
	 	By:	/s/ Jamie Minieri
	 	 	Name:	Jamie Minieri
	 	 	Title:	Authorized Signatory

 

[Signature Page to Second Amendment to
Senior Secured Revolving Credit Agreement & Limited Consent]

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