Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

FS RIALTO 2022-FL7 ISSUER, LLC, 

as Issuer 
 FS CREDIT REAL ESTATE
INCOME TRUST, INC., 
 as Advancing Agent 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee 
 COMPUTERSHARE TRUST
COMPANY, NATIONAL ASSOCIATION, 
 as Note Administrator 

and 
 COMPUTERSHARE TRUST COMPANY,
NATIONAL ASSOCIATION, 
 as Custodian 

INDENTURE 
 Dated as of
December 7, 2022 
  
  

 
  

 TABLE OF CONTENTS 

ARTICLE 1 
 DEFINITIONS 

 

							
	 	 	 	  	Page	 
	 Section 1.1
	 	Definitions	  	 	3	 
	 Section 1.2
	 	Interest Calculation Convention	  	 	51	 
	 Section 1.3
	 	Rounding Convention	  	 	51	 
		
	ARTICLE 2	  			
		
	THE NOTES	  			
			
	 Section 2.1
	 	Forms Generally	  	 	51	 
	 Section 2.2
	 	Forms of Notes and Certificate of Authentication	  	 	52	 
	 Section 2.3
	 	Authorized Amount; Stated Maturity Date; and Denominations	  	 	53	 
	 Section 2.4
	 	Execution, Authentication, Delivery and Dating	  	 	54	 
	 Section 2.5
	 	Registration, Registration of Transfer and Exchange	  	 	55	 
	 Section 2.6
	 	Mutilated, Defaced, Destroyed, Lost or Stolen Note	  	 	62	 
	 Section 2.7
	 	Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved	  	 	63	 
	 Section 2.8
	 	Persons Deemed Owners	  	 	67	 
	 Section 2.9
	 	Cancellation	  	 	68	 
	 Section 2.10
	 	Global Notes; Definitive Notes; Temporary Notes	  	 	68	 
	 Section 2.11
	 	U.S. Federal Income Tax Treatment of Notes and the Issuer	  	 	69	 
	 Section 2.12
	 	Authenticating Agents	  	 	71	 
	 Section 2.13
	 	Forced Sale on Failure to Comply with Restrictions	  	 	71	 
	 Section 2.14
	 	No Gross Up	  	 	72	 
	 Section 2.15
	 	Credit Risk Retention	  	 	72	 
	 Section 2.16
	 	Exchangeable Notes; Exchange of MASCOT Notes	  	 	72	 
	 Section 2.17
	 	Effect of Benchmark Transition Event	  	 	74	 
	 Section 2.18
	 	Certain U.S. Federal Income Tax Accounting Applicable to Sub-REIT’s Treatment of the Class H Notes	  	 	75	 
		
	ARTICLE 3	  			
		
	CONDITIONS PRECEDENT; PLEDGED COLLATERAL INTERESTS	  			
			
	 Section 3.1
	 	General Provisions	  	 	76	 
	 Section 3.2
	 	Security for Secured Notes	  	 	79	 
	 Section 3.3
	 	Transfer of Collateral	  	 	80	 

  
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 ARTICLE 4 

SATISFACTION AND DISCHARGE 
  

							
	 Section 4.1
	 	Satisfaction and Discharge of Indenture	  	 	88	 
	 Section 4.2
	 	Application of Amounts Held in Trust	  	 	89	 
	 Section 4.3
	 	Repayment of Amounts Held by Paying Agent	  	 	90	 
	 Section 4.4
	 	Limitation on Obligation to Incur Company Administrative Expenses	  	 	90	 
		
	ARTICLE 5	  			
		
	REMEDIES	  			
			
	 Section 5.1
	 	Events of Default	  	 	90	 
	 Section 5.2
	 	Acceleration of Maturity; Rescission and Annulment	  	 	92	 
	 Section 5.3
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	94	 
	 Section 5.4
	 	Remedies	  	 	97	 
	 Section 5.5
	 	Preservation of Collateral	  	 	99	 
	 Section 5.6
	 	Trustee May Enforce Claims Without Possession of Notes	  	 	100	 
	 Section 5.7
	 	Application of Amounts Collected	  	 	101	 
	 Section 5.8
	 	Limitation on Suits	  	 	101	 
	 Section 5.9
	 	Unconditional Rights of Noteholders to Receive Principal and Interest	  	 	101	 
	 Section 5.10
	 	Restoration of Rights and Remedies	  	 	102	 
	 Section 5.11
	 	Rights and Remedies Cumulative	  	 	102	 
	 Section 5.12
	 	Delay or Omission Not Waiver	  	 	102	 
	 Section 5.13
	 	Control by the Controlling Class	  	 	102	 
	 Section 5.14
	 	Waiver of Past Defaults	  	 	103	 
	 Section 5.15
	 	Undertaking for Costs	  	 	104	 
	 Section 5.16
	 	Waiver of Stay or Extension Laws	  	 	104	 
	 Section 5.17
	 	Sale of Collateral	  	 	104	 
	 Section 5.18
	 	Action on the Notes	  	 	105	 
		
	ARTICLE 6	  			
		
	THE TRUSTEE AND NOTE ADMINISTRATOR	  			
			
	 Section 6.1
	 	Certain Duties and Responsibilities	  	 	105	 
	 Section 6.2
	 	Notice of Default	  	 	108	 
	 Section 6.3
	 	Certain Rights of Trustee and Note Administrator	  	 	109	 
	 Section 6.4
	 	Not Responsible for Recitals or Issuance of Notes	  	 	112	 
	 Section 6.5
	 	May Hold Notes	  	 	112	 
	 Section 6.6
	 	Amounts Held in Trust	  	 	112	 
	 Section 6.7
	 	Compensation and Reimbursement	  	 	112	 
	 Section 6.8
	 	Corporate Trustee Required; Eligibility	  	 	114	 
	 Section 6.9
	 	Resignation and Removal; Appointment of Successor	  	 	115	 
	 Section 6.10
	 	Acceptance of Appointment by Successor	  	 	117	 

  
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	 Section 6.11
	 	 Merger, Conversion, Consolidation or Succession to Business of Trustee and Note
Administrator
	  	 	117	 
	 Section 6.12
	 	 Co-Trustees and Separate Trustee
	  	 	118	 
	 Section 6.13
	 	 Direction to Enter into the Servicing Agreement
	  	 	119	 
	 Section 6.14
	 	 Representations and Warranties of the Trustee
	  	 	119	 
	 Section 6.15
	 	 Representations and Warranties of the Note Administrator
	  	 	120	 
	 Section 6.16
	 	 Requests for Consents
	  	 	120	 
	 Section 6.17
	 	 Withholding
	  	 	121	 
		
	ARTICLE 7	  			
		
	COVENANTS	  			
			
	 Section 7.1
	 	 Payment of Principal and Interest
	  	 	121	 
	 Section 7.2
	 	 Maintenance of Office or Agency
	  	 	122	 
	 Section 7.3
	 	 Amounts for Note Payments to be Held in Trust
	  	 	122	 
	 Section 7.4
	 	 Existence of the Issuer
	  	 	124	 
	 Section 7.5
	 	 Protection of Collateral
	  	 	125	 
	 Section 7.6
	 	 Notice of Any Amendments
	  	 	127	 
	 Section 7.7
	 	 Performance of Obligations
	  	 	127	 
	 Section 7.8
	 	 Negative Covenants
	  	 	127	 
	 Section 7.9
	 	 Statement as to Compliance
	  	 	130	 
	 Section 7.10
	 	 Issuer May Consolidate or Merge Only on Certain Terms
	  	 	130	 
	 Section 7.11
	 	 Successor Substituted
	  	 	132	 
	 Section 7.12
	 	 No Other Business
	  	 	132	 
	 Section 7.13
	 	 Reporting
	  	 	132	 
	 Section 7.14
	 	 Calculation Agent
	  	 	132	 
	 Section 7.15
	 	 REIT Status
	  	 	133	 
	 Section 7.16
	 	 Permitted Subsidiaries
	  	 	134	 
	 Section 7.17
	 	 Repurchase Requests
	  	 	135	 
	 Section 7.18
	 	 Servicing of Commercial Real Estate Loans and Control of Servicing Decisions
	  	 	135	 
		
	ARTICLE 8	  			
		
	SUPPLEMENTAL INDENTURES	  			
			
	 Section 8.1
	 	 Supplemental Indentures Without Consent of Noteholders
	  	 	135	 
	 Section 8.2
	 	 Supplemental Indentures with Consent of Noteholders
	  	 	139	 
	 Section 8.3
	 	 Execution of Supplemental Indentures
	  	 	140	 
	 Section 8.4
	 	 Effect of Supplemental Indentures
	  	 	142	 
	 Section 8.5
	 	 Reference in Notes to Supplemental Indentures
	  	 	142	 

  
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	ARTICLE 9	  			
		
	REDEMPTION OF NOTES; REDEMPTION PROCEDURES	  			
			
	 Section 9.1
	 	Clean-up Call; Tax Redemption; Optional Redemption; and Auction Call Redemption	  	 	142	 
	 Section 9.2
	 	Record Date for Redemption	  	 	144	 
	 Section 9.3
	 	Notice of Redemption or Maturity	  	 	144	 
	 Section 9.4
	 	Notes Payable on Redemption Date	  	 	145	 
	 Section 9.5
	 	Mandatory Redemption	  	 	145	 
		
	ARTICLE 10	  			
		
	ACCOUNTS, ACCOUNTINGS AND RELEASES	  			
			
	 Section 10.1
	 	Collection of Amounts; Custodial Account	  	 	146	 
	 Section 10.2
	 	[Reserved]	  	 	146	 
	 Section 10.3
	 	Payment Account	  	 	146	 
	 Section 10.4
	 	Funded Companion Participation Acquisition Account	  	 	147	 
	 Section 10.5
	 	[Reserved]	  	 	148	 
	 Section 10.6
	 	Interest Advances	  	 	148	 
	 Section 10.7
	 	Reports by Parties	  	 	152	 
	 Section 10.8
	 	Reports; Accountings	  	 	152	 
	 Section 10.9
	 	Release of Collateral Interests; Release of Collateral	  	 	155	 
	 Section 10.10
	 	Information Available Electronically	  	 	156	 
	 Section 10.11
	 	Investor Q&A Forum; Investor Registry	  	 	159	 
	 Section 10.12
	 	Certain Procedures	  	 	162	 
		
	ARTICLE 11	  			
		
	APPLICATION OF FUNDS	  			
			
	 Section 11.1
	 	Disbursements of Amounts from Payment Account	  	 	162	 
	 Section 11.2
	 	Securities Accounts	  	 	168	 
		
	ARTICLE 12	  			
		
	 SALE OF COLLATERAL INTERESTS; ACQUISITION OF RELATED FUNDED

COMPANION PARTICIPATIONS; FUTURE FUNDING ESTIMATES
	  			
			
	 Section 12.1
	 	Sales of Collateral Interests	  	 	169	 
	 Section 12.2
	 	Acquisition of Funded Companion Participations	  	 	170	 
	 Section 12.3
	 	[Reserved]	  	 	171	 
	 Section 12.4
	 	Future Funding Agreement	  	 	171	 
	 Section 12.5
	 	Cross-Collateralized and Cross-Defaulted Collateral Interests	  	 	172	 

  
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	ARTICLE 13	  			
		
	NOTEHOLDERS’ RELATIONS	  			
			
	 Section 13.1
	 	Subordination	  	 	172	 
	 Section 13.2
	 	Standard of Conduct	  	 	175	 
		
	ARTICLE 14	  			
		
	MISCELLANEOUS	  			
			
	 Section 14.1
	 	Form of Documents Delivered to the Trustee and Note Administrator	  	 	176	 
	 Section 14.2
	 	Acts of Noteholders	  	 	177	 
	 Section 14.3
	 	Notices, etc., to the Trustee, the Note Administrator, the Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Operating Advisor, the Placement Agents, the Directing Holder and the Rating Agencies	  	 	177	 
	 Section 14.4
	 	Notices to Noteholders; Waiver	  	 	180	 
	 Section 14.5
	 	Effect of Headings and Table of Contents	  	 	180	 
	 Section 14.6
	 	Successors and Assigns	  	 	180	 
	 Section 14.7
	 	Severability	  	 	181	 
	 Section 14.8
	 	Benefits of Indenture	  	 	181	 
	 Section 14.9
	 	Governing Law; Waiver of Jury Trial	  	 	181	 
	 Section 14.10
	 	Submission to Jurisdiction	  	 	181	 
	 Section 14.11
	 	Counterparts	  	 	181	 
	 Section 14.12
	 	17g-5 Information	  	 	182	 
	 Section 14.13
	 	Rating Agency Condition	  	 	184	 
	 Section 14.14
	 	Patriot Act Compliance	  	 	184	 
		
	ARTICLE 15	  			
		
	ASSIGNMENT OF THE COLLATERAL INTEREST PURCHASE AGREEMENT	  			
			
	 Section 15.1
	 	Assignment of Collateral Interest Purchase Agreement	  	 	185	 
		
	ARTICLE 16	  			
		
	[RESERVED]	  			
		
	ARTICLE 17	  			
		
	ADVANCING AGENT	  			
	 Section 17.1
	 	Liability of the Advancing Agent	  	 	186	 
	 Section 17.2
	 	Merger or Consolidation of the Advancing Agent	  	 	187	 
	 Section 17.3
	 	Limitation on Liability of the Advancing Agent and Others	  	 	187	 

  
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	 Section 17.4
	 	 Representations and Warranties of the Advancing Agent
	  	187
	 Section 17.5
	 	 Resignation and Removal; Appointment of Successor
	  	188
	 Section 17.6
	 	 Acceptance of Appointment by Successor Advancing Agent
	  	189
	 Section 17.7
	 	 Removal and Replacement of Backup Advancing Agent
	  	190

  

			
	SCHEDULES	  	
		
	Schedule A	  	Schedule of Collateral Interests
	Schedule B	  	Benchmark
		
	EXHIBITS	  	
		
	Exhibit A-1	  	Form of Class A Senior Secured Floating Rate Note (Global Note)
	Exhibit A-2	  	Form of Class A Senior Secured Floating Rate Note (Definitive Note)
	Exhibit B-1	  	Form of Class A-S Second Priority Secured Floating Rate Note (Global Note
	Exhibit B-2	  	Form of Class A-S Second Priority Secured Floating Rate Note (Definitive Note)
	Exhibit C-1	  	Form of Class B Third Priority Secured Floating Rate Note (Global Note)
	Exhibit C-2	  	Form of Class B Third Priority Secured Floating Rate Note (Definitive Note)
	Exhibit D-1	  	Form of Class C Fourth Priority Secured Floating Rate Note (Global Note)
	Exhibit D-2	  	Form of Class C Fourth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit E-1	  	Form of Class D Fifth Priority Secured Floating Rate Note (Global Note)
	Exhibit E-2	  	Form of Class D Fifth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit E-3	  	Form of Class D-E Fifth Priority Secured Floating Rate Note (Global Note)
	Exhibit E-4	  	Form of Class D-E Fifth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit E-5	  	Form of Class D-X Fifth Priority Secured Floating Rate Note (Global Note)
	Exhibit E-6	  	Form of Class D-X Fifth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit F-1	  	Form of Class E Sixth Priority Secured Floating Rate Note (Global Note)
	Exhibit F-2	  	Form of Class E Sixth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit F-3	  	Form of Class E-E Sixth Priority Secured Floating Rate Note (Global Note)
	Exhibit F-4	  	Form of Class E-E Sixth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit F-5	  	Form of Class E-X Sixth Priority Secured Floating Rate Note (Global Note)
	Exhibit F-6	  	Form of Class E-X Sixth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit G-1	  	Form of Class F Seventh Priority Secured Floating Rate Note (Global Note)
	Exhibit G-2	  	Form of Class F Seventh Priority Secured Floating Rate Note (Definitive Note)
	Exhibit G-3	  	Form of Class F-E Seventh Priority Secured Floating Rate Note (Global Note)
	Exhibit G-4	  	Form of Class F-E Seventh Priority Secured Floating Rate Note (Definitive Note)
	Exhibit G-5	  	Form of Class F-X Seventh Priority Secured Floating Rate Note (Global Note)
	Exhibit G-6	  	Form of Class F-X Seventh Priority Secured Floating Rate Note (Definitive Note)
	Exhibit H-1	  	Form of Class G Eighth Priority Secured Floating Rate Note (Global Note)
	Exhibit H-2	  	Form of Class G Eighth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit H-3	  	Form of Class G-E Eighth Priority Secured Floating Rate Note (Global Note)
	Exhibit H-4	  	Form of Class G-E Eighth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit H-5	  	Form of Class G-X Eighth Priority Secured Floating Rate Note (Global Note)
	Exhibit H-6	  	Form of Class G-X Eighth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit I-1	  	Form of Class H Income Note (Global Note)

  
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	 Exhibit I-2
	  	 Form of Class H Income Note (Definitive Note)

	 Exhibit J-1
	  	 Form of Transfer Certificate – Regulation S Global Note

	 Exhibit J-2
	  	 Form of Transfer Certificate – Rule 144A Global Note

	 Exhibit J-3
	  	 Form of Transfer Certificate – Definitive Note

	 Exhibit K
	  	 [Reserved]

	 Exhibit L
	  	 Form of Custodian Receipt

	 Exhibit M
	  	 Form of Request for Release of Documents and Receipt

	 Exhibit N
	  	 Form of Auction Call Procedure

	 Exhibit O
	  	 Form of NRSRO Certification

	 Exhibit P
	  	 Form of Note Administrator’s Monthly Report

	 Exhibit Q-1
	  	 Form of Investor Certification (for Non-Borrower
Affiliates)

	 Exhibit Q-2
	  	 Form of Investor Certification (for Borrower Affiliates)

	 Exhibit R
	  	 Form of Online Market Data Provider Certification

	 Exhibit S
	  	 Form of Officer’s Certificate of the Retention Holder with respect to the Acquisition of
Funded Companion Participations

	 Exhibit T
	  	 Form of Subsequent Transfer Instrument

	 Exhibit U
	  	 MASCOT Note Officer’s Certificate

	 Exhibit V
	  	 Beneficial Holder Information Form

  

  
 -vii- 

 INDENTURE, dated as of December 7, 2022, by and among FS RIALTO 2022-FL7 ISSUER, LLC, as issuer (the “Issuer”), WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee (herein, together with its permitted successors and assigns in the trusts hereunder, the
“Trustee”), COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as note administrator, paying agent, calculation agent, transfer agent, authenticating agent, notes registrar and backup advancing agent (in all of the foregoing
capacities, together with its permitted successors and assigns, the “Note Administrator”), COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as custodian (herein, together with its permitted successors and assigns in the trusts
hereunder, the “Custodian”), and FS CREDIT REAL ESTATE INCOME TRUST, INC. (including any successor by merger, “FS Credit REIT”), as advancing agent (herein, together with its permitted successors and assigns in the
trusts hereunder, the “Advancing Agent”). 
 PRELIMINARY STATEMENT 

The Issuer is duly authorized to execute and deliver this Indenture to provide for the Notes issuable as provided in this Indenture. All
covenants and agreements made by the Issuer herein are for the benefit and security of the Secured Parties. The Issuer, the Note Administrator, in all of its capacities hereunder, the Custodian, the Trustee and the Advancing Agent are entering into
this Indenture, and the Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. 

All things necessary to make this Indenture a valid agreement of the Issuer in accordance with this Indenture’s terms have been done.

 GRANTING CLAUSE 
 The Issuer
hereby Grants to the Trustee, for the benefit and security of the Secured Parties, all of its right, title and interest in, to and under, in each case, whether now owned or existing, or hereafter acquired or arising out of (in each case, to the
extent of the Issuer’s interest therein and specifically excluding any interest in the related Future Funding Participation therein): 

(a) the Closing Date Collateral Interests listed on Schedule A hereto which the Issuer purchases on the Closing Date and
causes to be delivered to the Trustee (directly or through the Custodian) herewith, including all payments thereon or with respect thereto, and all Collateral Interests which are delivered to the Trustee (directly or through the Custodian) after the
Closing Date pursuant to the terms hereof and all payments thereon or with respect thereto, in each case, other than Retained Interest, if any, under, and as defined in, the Collateral Interest Purchase Agreement; 

(b) all Funded Companion Participations acquired by the Issuer after the Closing Date in accordance with the terms of this
Indenture, and all payments thereon or with respect thereto; 
 (c) the Servicing Accounts, the Indenture Accounts and the
related Security Entitlements and all income from the investment of funds in any of the foregoing at any time credited to any of the foregoing accounts; 

 (d) the Eligible Investments; 

(e) the rights of the Issuer under the Collateral Interest Purchase Agreement and the Servicing Agreement; 

(f) all amounts delivered to the Note Administrator (or its bailee) (directly or through a Securities Intermediary); 

(g) all other investment property, Instruments and General Intangibles in which the Issuer has an interest; 

(h) the Issuer’s ownership interest in, and rights to, all Permitted Subsidiaries; and 

(i) all proceeds with respect to the foregoing clauses (a) through (h). 

The collateral described in the foregoing clauses (a) through (i) is referred to herein as the
“Collateral.” Such Grants are made to secure the Secured Notes equally and ratably without prejudice, priority or distinction between any Secured Note and any other Secured Note, for any reason, except as expressly provided in this
Indenture (including, but not limited to, the Priority of Payments) and to secure (i) the payment of all amounts due on and in respect of the Secured Notes in accordance with their terms, (ii) the payment of all other sums payable under
this Indenture and (iii) compliance with the provisions of this Indenture, all as provided in this Indenture. The foregoing Grant shall, for the purpose of determining the property subject to the lien of this Indenture, be deemed to include any
securities and any investments granted by or on behalf of the Issuer to the Trustee for the benefit of the Secured Parties, whether or not such securities or such investments satisfy the criteria set forth in the definitions of “Collateral
Interest” or “Eligible Investment,” as the case may be. 
 Except to the extent otherwise provided in this Indenture, this
Indenture shall constitute a security agreement under the laws of the State of New York applicable to agreements made and to be performed therein, for the benefit of the Noteholders. Upon the occurrence and during the continuation of any Event of
Default hereunder, and in addition to any other rights available under this Indenture or any other Collateral held for the benefit and security of the Noteholders or otherwise available at law or in equity but subject to the terms hereof, the
Trustee shall have all rights and remedies of a secured party under the laws of the State of New York and other applicable law to enforce the assignments and security interests contained herein and, in addition, shall have the right, subject to
compliance with any mandatory requirements of applicable law and the terms of this Indenture, to exercise, sell or apply any rights and other interests assigned or pledged hereby in accordance with the terms hereof at public and private sale. 

The Trustee acknowledges such Grants, accepts the trusts hereunder in accordance with the provisions hereof, and agrees to perform the duties
herein in accordance with, and subject to, the terms hereof, in order that the interests of the Secured Parties may be adequately and effectively protected in accordance with this Indenture. 

  
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 Notwithstanding anything in this Indenture to the contrary, for all purposes hereunder, no
holder of the Class H Notes shall be a secured party for purposes of the Grant by virtue of holding such Notes. 
 CREDIT RISK RETENTION

 On the Closing Date, pursuant to the U.S. Risk Retention Agreement and the UK Risk Retention Letter, the Retention Holder will retain
100% of the Class H Notes. The Class H Notes are referred to in this Indenture as the EHRI. 
 ARTICLE 1 

DEFINITIONS 

Section 1.1 Definitions. 

Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below
for all purposes of this Indenture, and the definitions of such terms are equally applicable both to the singular and plural forms of such terms and to the masculine, feminine and neuter genders of such terms. The word “including” and its
variations shall mean “including without limitation.” Whenever any reference is made to an amount the determination of which is governed by Section 1.2, the provisions of Section 1.2
shall be applicable to such determination or calculation, whether or not reference is specifically made to Section 1.2, unless some other method of calculation or determination is expressly specified in the particular
provision. All references in this Indenture to designated “Articles,” “Sections,” “Subsections” and other subdivisions are to the designated Articles, Sections, Subsections and other subdivisions of this Indenture as
originally executed. The words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section, Subsection or other subdivision. 

“17g-5 Information”: The meaning specified in
Section 14.12(a). 
 “17g-5 Information Provider”: The
meaning specified in Section 14.12(a). 
 “17g-5
Website”: A password-protected internet website maintained by the 17g-5 Information Provider, which shall initially be located at www.ctslink.com, under the “NRSRO” tab for this
transaction. Any change of the 17g-5 Website shall only occur after notice has been delivered by the 17g-5 Information Provider to the Issuer, the Note Administrator,
the Trustee, the Operating Advisor, the Placement Agents and the Rating Agencies, which notice shall set forth the date of change and new location of the 17g-5 Website. 

“1940 Act”: The Investment Company Act of 1940, as amended. 

“Accepted Loan Servicer”: Any commercial mortgage servicer or special servicer, as the case may be, (i) that has acted
as a servicer or special servicer, as the case may be, for a commercial mortgage-backed securities transaction rated by KBRA and as to which KBRA has not, in the past 12 months, publicly cited servicing concerns with respect to such servicer or
special 

  
 -3- 

 
servicer as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or
withdrawal, which qualification, downgrade, withdrawal or placement on “watch status” has not been withdrawn within 60 days of such rating action) of securities in such commercial mortgage-backed securities transaction and serviced by such
servicer or special servicer prior to the time of determination, and (ii) that has acted as servicer or special servicer, as the case may be, for a commercial mortgage-backed securities transaction rated by Moody’s and as to which
Moody’s has not, in the past 12 months, publicly cited servicing concerns with respect to such servicer or special servicer as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on
“watch status” in contemplation of a ratings downgrade or withdrawal, which qualification, downgrade, withdrawal or placement on “watch status” has not been withdrawn within 60 days of such rating action) of securities in such
commercial mortgage-backed securities transaction and serviced by such servicer or special servicer prior to the time of determination. 

“Access Termination Notice”: The meaning specified in the Future Funding Agreement. 

“Account”: Any of the Servicing Accounts, the Indenture Accounts and the Future Funding Reserve Account. 

“Accountants’ Report”: A report of a firm of Independent certified public accountants of recognized national reputation.

 “Act” or “Act of Noteholders”: The meaning specified in Section 14.2. 

“Additional Note Administrator Compensation”: The meaning specified in Section 10.3(c). 

“Administrative Modification”: The meaning specified in the Servicing Agreement. 

“Advance Rate”: The meaning specified in the Servicing Agreement. 

“Advancing Agent”: FS Credit REIT, solely in its capacity as advancing agent hereunder, unless a successor Person shall have
become the Advancing Agent pursuant to the applicable provisions of this Indenture, and thereafter “Advancing Agent” shall mean such successor Person. 

“Advancing Agent Fee”: The fee payable monthly in arrears on each Payment Date to the Advancing Agent or Backup Advancing
Agent, as applicable, in accordance with the Priority of Payments, equal to 0.02% per annum on the Aggregate Outstanding Amount of the Class A Notes, the Class A-S Notes and the Class B Notes on
such Payment Date prior to giving effect to distributions with respect to such Payment Date; which fee is hereby waived by the Advancing Agent for so long as (i) FS Credit REIT (or any of its Affiliates) is the Advancing Agent and (ii) any
of its Affiliates owns the Class H Notes. Such fee shall accrue on the basis of the actual number of days during the related Interest Accrual Period divided by 360. 

  
 -4- 

 “Affiliate”: With respect to a Person, (i) any other Person who,
directly or indirectly, is in control of, or controlled by, or is under common control with, such Person or (ii) any other Person who is a director, Officer or employee (a) of such Person, (b) of any subsidiary or parent company of
such Person or (c) of any Person described in clause (i) above. For the purposes of this definition, control of a Person shall mean the power, direct or indirect, (i) to vote more than 50% of the securities having ordinary
voting power for the election of directors of such Person, or (ii) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. The Note Administrator, the Servicer and the Trustee may rely on
certifications of any Holder or party hereto regarding such Person’s affiliations. 
 “Agent Members”: Members of, or
participants in, the Depository, Clearstream, Luxembourg or Euroclear. 
 “Aggregate Outstanding Amount”: With respect to
any Class or Classes of the Notes as of any date of determination, the aggregate principal balance of such Class or Classes of Notes Outstanding as of such date of determination, plus, in the case of the Deferred Interest Notes, any
Deferred Interest on such Classes. 
 “Aggregate Outstanding Notional Amount”: With respect to any MASCOT Interest Only
Notes on any date of determination, the aggregate notional amount of such MASCOT Interest Only Notes, which shall equal the Aggregate Outstanding Amount on such date of the MASCOT P&I Notes that were issued with such MASCOT Interest Only Notes
in connection with an exchange. For the avoidance of doubt, any payment of principal to any MASCOT P&I Notes shall constitute a corresponding reduction of the Aggregate Outstanding Notional Amount of the related MASCOT Interest Only Notes. 

“Aggregate Outstanding Portfolio Balance”: On the date of determination thereof, the sum (without duplication) of
(i) the aggregate Principal Balance of the Collateral Interests, (ii) the aggregate Principal Balance of Cash and Eligible Investments held as Principal Proceeds, and (iii) the aggregate Principal Balance of Cash and Eligible
Investments held in the Funded Companion Participation Acquisition Account. 
 “Aggregate Principal Balance”: When used
with respect to any Collateral Interests as of any date of determination, the sum of the Principal Balances on such date of determination of all such Collateral Interests. 

“Applicable KBRA Eligible Investment Rating”: (a) In the case of such investments with maturities of ninety (90) days or
less, the short-term obligations (or, if applicable, deposit accounts) of which are rated at least “K3” by KBRA or the long-term obligations (or, if applicable, deposit accounts) of which are rated at least
“BBB-” by KBRA, or if not rated by KBRA, then an equivalent or higher rating by any two other NRSROs (which may include Moody’s) or (b) in the case of such investments with maturities of
365 days or less, but more than ninety (90) days, the short-term obligations (or, if applicable, deposit accounts) of which are rated at least “K1” by KBRA or the long-term obligations (or, if applicable, deposit accounts) of which
are rated “A-” by KBRA, or if not rated by KBRA, then an equivalent or higher rating by any two other NRSROs (which may include Moody’s). 

  
 -5- 

 “Applicable Moody’s Eligible Investment Rating”: in the case of such
investments with a maturity of 30 days or less, the short-term debt obligations of which are rated at least “P-1” by Moody’s or the long-term debt obligations of which are rated at least
“A2” by Moody’s. 
 “Appraisal”: The meaning specified in the Servicing Agreement. 

“Appraisal Reduction Amount”: For any Collateral Interest with respect to which an Appraisal Reduction Event has occurred, an
amount calculated by the Special Servicer equal to the excess, if any, of (a) the Principal Balance thereof, plus all other amounts due and unpaid with respect thereto, over (b) the sum of (i) an amount equal to 90% of the
aggregate appraised value of the related Mortgaged Property or Mortgaged Properties (net of any liens senior to the lien of the related mortgage) as determined by an Updated Appraisal on each such Mortgaged Property related to such Collateral
Interest, plus (ii) the aggregate amount of all reserves, letters of credit and escrows held in connection therewith (other than escrows and reserves for unpaid real estate taxes and assessments and insurance premiums), plus (iii) all
insurance and casualty proceeds and condemnation awards that constitute collateral therefor (whether paid or then payable by any insurance company or government authority). With respect to any Collateral Interest that is a Participation, any
Appraisal Reduction Amount will be allocated to such participation interest as provided under the applicable Participation Agreement. 

“Appraisal Reduction Event”: With respect to any Collateral Interest, the occurrence of any of the following events:
(i) the 90th day following the occurrence of any uncured delinquency in any monthly payment; (ii) receipt of notice that the related borrower has filed a bankruptcy petition or the date on which a receiver is appointed and continues in
such capacity or the 90th day after the related borrower becomes the subject of involuntary bankruptcy proceedings and such proceedings are not dismissed; (iii) the date on which any related Mortgaged Property becomes an REO Property as set
forth pursuant to the Servicing Agreement; (iv) the date on which such Collateral Interest becomes a Modified Collateral Interest; or (v) a payment default occurs with respect to a balloon payment due on such Collateral Interest;
provided, however, that if (a) the related borrower is diligently seeking a refinancing commitment or sale of the related Mortgaged Property, (b) the related borrower continues to make its assumed scheduled payments,
(c) no other Appraisal Reduction Event has occurred with respect to such Collateral Interest, and (d) the Special Servicer consents, then an Appraisal Reduction Event with respect to this clause (v) will be deemed not to occur
on or before the 60th day after the original maturity date (inclusive of all extension options that the related borrower had the right to elect and did so elect pursuant to the instrument related to such Collateral Interest) of such Collateral
Interest; and provided, further, that if the related borrower has delivered to the Special Servicer, on or before the 60th day after the original maturity date, refinancing documentation, purchase and sale agreement or letter of intent
to acquire the related Mortgaged Property reasonably acceptable to the Special Servicer, and the borrower continues to make its assumed scheduled payments and no other Appraisal Reduction Event has occurred with respect to such Collateral Interest,
then an Appraisal Reduction Event will be deemed not to occur until the earlier of (A) 120 days following the original maturity date of such Collateral Interest and (B) termination of the refinancing documentation, purchase and sale agreement
or letter of intent. 
 “Article 15 Agreement”: The meaning specified in
Section 15.1(a). 

  
 -6- 

 “Auction Call Redemption”: The meaning specified in
Section 9.1(d). 
 “Authenticating Agent”: With respect to the Notes or a Class of the
Notes, the Person designated by the Note Administrator to authenticate such Notes on behalf of the Note Administrator pursuant to Section 2.12. 

“Authorized Officer”: With respect to the Issuer, any Officer (or attorney-in-fact appointed by the Issuer) who is authorized to act for the Issuer in matters relating to, and binding upon, the Issuer. With respect to the Servicer or the Special Servicer, a
“Responsible Officer” of the Servicer or the Special Servicer as set forth in the Servicing Agreement. With respect to the Note Administrator or the Trustee or any other bank or trust company acting as trustee of an express trust, a
Trust Officer. Each party may receive and accept a certification of the authority of any other party as conclusive evidence of the authority of any Person to act, and such certification may be considered as in full force and effect until receipt by
such other party of written notice to the contrary. 
 “Backup Advancing Agent”: The Note Administrator, solely in its
capacity as Backup Advancing Agent hereunder, or any successor Backup Advancing Agent; provided that any such successor Backup Advancing Agent must be a financial institution having (i) a long-term unsecured debt rating at least equal to
“A2” by Moody’s and the equivalent by KBRA (if then rated by KBRA) and a short-term unsecured debt rating from Moody’s at least equal to “P-1” and the equivalent by KBRA (if then
rated by KBRA). 
 “Bankruptcy Code”: The federal Bankruptcy Code, Title 11 of the United States Code, as amended from time
to time. 
 “Barclays”: Barclays Capital Inc. 

“Benchmark”: The reference rate used to determine the rate at which interest will accrue on a Class of Notes, which
(1) initially shall be Term SOFR and (2) from and after the occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date shall be the applicable Benchmark Replacement. 

“Benchmark Determination Date”: With respect to any Interest Accrual Period, (1) if the Benchmark is Term SOFR, the
second SOFR Business Day preceding the fifteenth calendar day of the month in which such Interest Accrual Period begins and (2) if the Benchmark is not Term SOFR, the date determined in accordance with the Benchmark Replacement Conforming
Changes. 
 “Benchmark Replacement”: The first alternative set forth in the order below that can be determined by the
Directing Holder as of the Benchmark Replacement Date: 
 (1) Compounded SOFR; 

(2) the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body
as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; 

  
 -7- 

 (3) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark
Replacement Adjustment; and 
 (4) the sum of: (a) the alternate rate of interest that has been selected by the
Directing Holder as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated
securitizations at such time and (b) the Benchmark Replacement Adjustment. 
 In no event may the Benchmark Replacement be less than
zero. 
 “Benchmark Replacement Adjustment”: The first alternative set forth in the order below that can be determined by
the Directing Holder as of the Benchmark Replacement Date: 
 (1) 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, endorsed or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback
Adjustment; and 
 (3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by
the Directing Holder giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark
Replacement for U.S. dollar denominated securitization transactions at such time. 
 “Benchmark Replacement Conforming
Changes”: With respect to any Benchmark Replacement, any technical, administrative or operational changes (including, but not limited to, changes to the definition of “Interest Accrual Period,” setting an applicable Benchmark
Determination Date and Reference Time, the timing and frequency of determining rates and making payments of interest, the method for calculating the Benchmark Replacement and other administrative matters, which may, for the avoidance of doubt, have
a material economic impact on the Notes) that the Directing Holder decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Directing Holder decides that
adoption of any portion of such market practice is not administratively feasible or if the Directing Holder determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Directing Holder determines is
reasonably necessary). 

  
 -8- 

 “Benchmark Replacement Date”: The date selected by the Directing Holder, in
its sole discretion, to be an appropriate Benchmark Replacement Date based on market practice. 
 “Benchmark Transition
Event”: The occurrence of one or more of the following events with respect to the then-current Benchmark: 
 (1) a
public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that the administrator has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time
of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 
 (2) a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the
Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the
Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or

 (3) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark
announcing that the Benchmark is not, or as of a date specified in the future will no longer be, representative. 
 “Beneficial
Holder Information Form”: A beneficial holder information form substantially in the form of Exhibit V hereto. 

“Business Day”: Any day other than (i) a Saturday or Sunday or (ii) a day on which commercial banks are authorized
or required by applicable law, regulation or executive order to close in New York, New York, Charlotte, North Carolina, Concord, California, Miami, Florida, or the location of the Corporate Trust Office of the Note Administrator or the Trustee, or
(iii) days when the New York Stock Exchange or the Federal Reserve Bank of New York are closed. 
 “Calculation
Agent”: The meaning specified in Section 7.14(a). 
 “Calculation Amount”: With respect
to (a) any Modified Collateral Interest, the Principal Balance thereof minus any related Appraisal Reduction Amounts; and with respect to (b) any Defaulted Collateral Interest, the lowest of (i) the Moody’s Recovery Rate
of such Collateral Interest multiplied by the Principal Balance of such Collateral Interest, (ii) the market value of such Collateral Interest, as determined by the Special Servicer in accordance with the Servicing Standard based upon, among
other things, a recent Appraisal and information from one or more third party commercial real estate brokers and such other information as the Special Servicer deems appropriate and (iii) the Principal Balance of such Collateral Interest
minus any applicable Appraisal Reduction Amounts. 

  
 -9- 

 “Cash”: Such coin or currency of the United States of America as at the
time shall be legal tender for payment of all public and private debts. 
 “Cash Collateral Account”: The meaning specified
in the Servicing Agreement. 
 “Certificate of Authentication”: The meaning specified in
Section 2.1. 
 “Certificated Security”: A “certificated security” as defined in Section 8-102(a)(4) of the UCC. 
 “Class”: The Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class D-E Notes, the
Class D-X Notes, the Class E Notes, the Class E-E Notes, the Class E-X Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the
Class G-X Notes or the Class H Notes, as applicable. 

“Class A Benchmark Spread”: (i) With respect to each Payment Date (and related Interest Accrual Period),
2.8977% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in October 2027, 0.25%. 

“Class A Defaulted Interest Amount”: With respect to the Class A Notes as of each Payment Date, the
accrued and unpaid amount due to Holders of the Class A Notes on account of any shortfalls in the payment of the Class A Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest
accrued thereon (to the extent lawful) at the Class A Rate. 
 “Class A Interest Distribution
Amount”: On each Payment Date, the amount due to Holders of the Class A Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class A Notes on the first day of the related Interest
Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class A Rate. 

“Class A Notes”: The Class A Senior Secured Floating Rate Notes Due 2039, issued by the Issuer
pursuant to this Indenture. 
 “Class A Rate”: With respect to any Class A Note, the per annum rate
at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) the Class A Benchmark Spread. 

“Class A-S Benchmark Spread”: (i) With respect to each Payment
Date (and related Interest Accrual Period), 3.4102% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in December 2027, 0.25%. 

“Class A-S Defaulted Interest Amount”: With respect to the Class A-S Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class A-S Notes on account of any shortfalls in the payment of the Class A-S Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the
Class A-S Rate. 

  
 -10- 

 “Class A-S Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class A-S Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class A-S Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class A-S Rate. 
 “Class A-S
Notes”: The Class A-S Second Priority Secured Floating Rate Notes Due 2039, issued by the Issuer pursuant to this Indenture. 

“Class A-S Rate”: With respect to any Class A-S Note, the per annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus
(b) the Class A-S Benchmark Spread. 
 “Class B Benchmark
Spread”: (i) With respect to each Payment Date (and related Interest Accrual Period), 3.9101% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in December 2027, 0.50%. 

“Class B Defaulted Interest Amount”: With respect to the Class B Notes as of each Payment Date, the
accrued and unpaid amount due to Holders of the Class B Notes on account of any shortfalls in the payment of the Class B Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest
accrued thereon (to the extent lawful) at the Class B Rate. 
 “Class B Interest Distribution
Amount”: On each Payment Date, the amount due to Holders of the Class B Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class B Notes on the first day of the related Interest
Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class B Rate. 

“Class B Notes”: The Class B Third Priority Secured Floating Rate Notes Due 2039, issued by the
Issuer pursuant to this Indenture. 
 “Class B Rate”: With respect to any Class B Note, the per
annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) the Class B Benchmark Spread. 

“Class C Benchmark Spread”: (i) With respect to each Payment Date (and related Interest Accrual Period),
4.6086% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in January 2028, 0.50%. 

“Class C Defaulted Interest Amount”: If no Class A Notes,
Class A-S Notes or Class B Notes are outstanding, with respect to the Class C Notes as of each Payment Date, the accrued and unpaid amount due to Holders of the Class C Notes on account of
any shortfalls in the payment of the Class C Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class C Rate. 

  
 -11- 

 “Class C Deferred Interest”: So long as any of the
Class A Notes, the Class A-S Notes or the Class B Notes are outstanding, any interest due on the Class C Notes that is not paid as a result of the operation of the Priority of Payments on
any Payment Date. 
 “Class C Interest Distribution Amount”: On each Payment Date, the amount due to
Holders of the Class C Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class C Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such
Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class C Rate. 

“Class C Notes”: The Class C Fourth Priority Secured Floating Rate Notes Due 2039, issued by the
Issuer pursuant to this Indenture. 
 “Class C Rate”: With respect to any Class C Note, the per
annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) the Class C Benchmark Spread. 

“Class D Benchmark Spread”: (i) With respect to each Payment Date (and related Interest Accrual Period),
4.6086% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in February 2028, 0.50%. 

“Class D Defaulted Interest Amount”: If no Class A Notes,
Class A-S Notes, Class B Notes or Class C Notes are outstanding, with respect to the Class D Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class D
Notes on account of any shortfalls in the payment of the Class D Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class D Rate.

 “Class D Deferred Interest”: So long as any of the Class A Notes, the Class A-S Notes, the Class B Notes or the Class C Notes are outstanding, any interest due on the Class D Notes and Class D-E Notes that is not paid as
a result of the operation of the Priority of Payments on any Payment Date. 
 “Class D Interest Distribution
Amount”: On each Payment Date, the amount due to Holders of the Class D Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class D Notes on the first day of the related Interest
Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class D Rate. 

“Class D Notes”: The Class D Fifth Priority Secured Floating Rate Notes Due 2039, issued by the
Issuer pursuant to this Indenture. 
 “Class D Rate”: With respect to any Class D Note, the per
annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) the Class D Benchmark Spread. 

  
 -12- 

 “Class D-E Defaulted
Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes or Class C Notes are outstanding, with respect to the Class D-E
Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class D-E Notes on account of any shortfalls in the payment of the Class D-E
Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class D-E Notes
described in Section 2.16. 
 “Class D-E
Deferred Interest”: So long as any of the Class A Notes, the Class A-S Notes, the Class B Notes or the Class C Notes are outstanding, any interest due on the Class D-E Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date. Any Class D-E Deferred Interest added to the Aggregate
Outstanding Amount of the Class D-E Notes shall have the effect of increasing the Aggregate Outstanding Notional Amount of the Class D-X Notes. 

“Class D-E Interest Distribution Amount”: On each Payment Date,
the amount due to Holders of the Class D-E Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class D-E
Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the interest rate on the
Class D-E Notes described in Section 2.16. 

“Class D-E Notes”: The meaning specified in
Section 2.3. 
 “Class D-X Defaulted Interest
Amount”: If no Class A Notes, Class A-S Notes, Class B Notes or Class C Notes are outstanding, with respect to the Class D-X Notes as
of each Payment Date, the accrued and unpaid amount due to holders of the Class D-X Notes on account of any shortfalls in the payment of the Class D-X Interest
Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class D-X Notes described in
Section 2.16. 
 “Class D-X Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class D-X Notes on account of interest equal to the product of (i) the Aggregate Outstanding Notional Amount of
the Class D-X Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the
interest rate on the Class D-X Notes described in Section 2.16. 

“Class D-X Notes”: The meaning specified in
Section 2.3. 
 “Class E Benchmark Spread”: (i) With respect to each Payment
Date (and related Interest Accrual Period), 4.6086% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in February 2028, 0.50%. 

“Class E Defaulted Interest Amount”: If no Class A Notes,
Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class D-E Notes or Class D-X Notes
are outstanding, with respect to the Class E Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class E Notes on account of any shortfalls in the payment of the Class E Interest Distribution Amount with
respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class E Rate. 

  
 -13- 

 “Class E Deferred Interest”: So long as any of the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class D-E Notes or the Class D-X Notes are outstanding, any interest due on the Class E Notes and Class E-E Notes that is not paid as a result of the operation of the Priority of Payments on any
Payment Date. 
 “Class E Interest Distribution Amount”: On each Payment Date, the amount due to Holders
of the Class E Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class E Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such
Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class E Rate. 

“Class E Notes”: The Class E Sixth Priority Secured Floating Rate Notes Due 2039, issued by the
Issuer pursuant to this Indenture. 
 “Class E Rate”: With respect to any Class E Note, the per
annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) the Class E Benchmark Spread. 

“Class E-E Defaulted Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class D-E Notes or Class D-X Notes are
outstanding, with respect to the Class E-E Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class E-E Notes on account of any
shortfalls in the payment of the Class E-E Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the
interest rate on the Class E-E Notes described in Section 2.16. 

“Class E-E Deferred Interest”: So long as any of the Class A
Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class D-E Notes or the
Class D-X Notes are outstanding, any interest due on the Class E-E Notes that is not paid as a result of the operation of the Priority of Payments on any
Payment Date. Any Class E-E Deferred Interest added to the Aggregate Outstanding Amount of the Class E-E Notes shall have the effect of increasing the
Aggregate Outstanding Notional Amount of the Class E-X Notes. 
 “Class E-E Interest Distribution Amount”: On each Payment Date, the amount due to Holders of the Class E-E Notes on account of interest equal to the product of
(i) the Aggregate Outstanding Amount of the Class E-E Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by
three hundred sixty (360) and (iii) the interest rate on the Class E-E Notes described in Section 2.16. 

“Class E-E Notes”: The meaning specified in
Section 2.3. 
 “Class E-X Defaulted Interest
Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class D-E Notes or Class D-X Notes are outstanding, with respect to the Class E-X Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class E-X Notes on account of any shortfalls in the payment of the Class E-X Interest Distribution Amount with respect to any preceding Payment Date or Payment
Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class E-X Notes described in Section 2.16. 

  
 -14- 

 “Class E-X Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class E-X Notes on account of interest equal to the product of (i) the Aggregate Outstanding Notional Amount of
the Class E-X Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the
interest rate on the Class E-X Notes described in Section 2.16. 

“Class E-X Notes”: The meaning specified in
Section 2.3. 
 “Class F Benchmark Spread”: With respect to each Payment Date
(and related Interest Accrual Period), 7.3490%. 
 “Class F Defaulted Interest Amount”: If no
Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class D-E Notes,
Class D-X Notes, Class E Notes, Class E-E Notes or Class E-X Notes are outstanding, with respect to the
Class F Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class F Notes on account of any shortfalls in the payment of the Class F Interest Distribution Amount with respect to any preceding Payment
Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class F Rate. 

“Class F Deferred Interest”: So long as any of the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class D-E Notes, the
Class D-X Notes, the Class E Notes, the Class E-E Notes or the Class E-X Notes are outstanding, any interest
due on the Class F Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date. 

“Class F Interest Distribution Amount”: On each Payment Date, the amount due to Holders of the
Class F Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class F Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest
Accrual Period divided by three hundred sixty (360) and (iii) the Class F Rate. 
 “Class F
Notes”: The Class F Seventh Priority Secured Floating Rate Notes Due 2039, issued by the Issuer pursuant to this Indenture. 

“Class F Rate”: With respect to any Class F Note, the per annum rate at which interest accrues on
such Note for any Interest Accrual Period, which shall be equal to (i) with respect to the initial Interest Accrual Period, 0%, and (ii) with respect to each Interest Accrual Period following the initial Interest Accrual Period, the sum of
(a) the Benchmark (determined as described herein) plus (b) the Class F Benchmark Spread. 

“Class F-E Defaulted Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class D-E Notes, Class D-X Notes,
Class E Notes, Class E-E Notes or Class E-X Notes are outstanding, with respect to the Class F-E Notes as of
each Payment Date, the accrued and unpaid amount due to holders of the Class F-E Notes on account of any shortfalls in the payment of the Class F-E Interest
Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class F-E Notes described in
Section 2.16. 

  
 -15- 

 “Class F-E Deferred
Interest”: So long as any of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the
Class D-E Notes, the Class D-X Notes, the Class E Notes, the Class E-E Notes and the Class E-X Notes are outstanding, any interest due on the Class F-E Notes that is not paid as a result of the operation of the Priority of Payments on any Payment
Date. Any Class F-E Deferred Interest added to the Aggregate Outstanding Amount of the Class F-E Notes shall have the effect of increasing the Aggregate
Outstanding Notional Amount of the Class F-X Notes. 
 “Class F-E Interest Distribution Amount”: On each Payment Date, the amount due to Holders of the Class F-E Notes on account of interest equal to the product of
(i) the Aggregate Outstanding Amount of the Class F-E Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by
three hundred sixty (360) and (iii) the interest rate on the Class F-E Notes described in Section 2.16. 

“Class F-E Notes”: The meaning specified in
Section 2.3. 
 “Class F-X Defaulted Interest
Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class D-E Notes, Class D-X Notes, Class E Notes, Class E-E Notes or Class E-X Notes are outstanding, with respect to the Class F-X Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class F-X Notes on account of any shortfalls in the payment of the Class F-X Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class F-X Notes described in Section 2.16. 
 “Class F-X Interest Distribution Amount”: On each Payment Date, the amount due to Holders of the Class F-X Notes on account of interest equal to the product of
(i) the Aggregate Outstanding Notional Amount of the Class F-X Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period
divided by three hundred sixty (360) and (iii) the interest rate on the Class F-X Notes described in Section 2.16. 

“Class F-X Notes”: The meaning specified in
Section 2.3. 
 “Class G Benchmark Spread”: With respect to each Payment Date
(and related Interest Accrual Period), 8.9103%. 
 “Class G Defaulted Interest Amount”: If no
Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class D-E Notes,
Class D-X Notes, Class E Notes, Class E-E Notes, Class E-X Notes, Class F Notes, Class F-E Notes or Class F-X Notes are outstanding, with respect to the Class G Notes as of each Payment Date, the accrued and unpaid amount due to holders of
the Class G Notes on account of any shortfalls in the payment of the Class G Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the
Class G Rate. 
 “Class G Deferred Interest”: So long as any of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class D-E Notes, the
Class D-X Notes, the Class E Notes, the Class E-E Notes, the Class E-X Notes, the Class F Notes, the Class F-E Notes or the Class F-X Notes are outstanding, any interest due on the Class G Notes that is not paid as a result of the operation of the Priority of
Payments on any Payment Date. 

  
 -16- 

 “Class G Interest Distribution Amount”: On each Payment
Date, the amount due to Holders of the Class G Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class G Notes on the first day of the related Interest Accrual Period, (ii) the
actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class G Rate. 

“Class G Notes”: The Class G Eighth Priority Secured Floating Rate Notes Due 2039, issued by the
Issuer pursuant to this Indenture. 
 “Class G Rate”: With respect to any Class G Note, the per
annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to (i) with respect to the initial Interest Accrual Period, 0%, and (ii) with respect to each Interest Accrual Period following the
initial Interest Accrual Period, the sum of (a) the Benchmark (determined as described herein) plus (b) the Class G Benchmark Spread. 

“Class G-E Defaulted Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class D-E Notes, Class D-X Notes,
Class E Notes, Class E-E Notes, Class E-X Notes, Class F Notes, Class F-E Notes or Class F-X Notes are outstanding, with respect to the Class G-E Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class G-E Notes on account of any shortfalls in the payment of the Class G-E Interest Distribution Amount with respect to any preceding Payment Date or Payment
Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class G-E Notes described in Section 2.16. 

“Class G-E Deferred Interest”: So long as any of the Class A
Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class D-E Notes, the
Class D-X Notes, the Class E Notes, the Class E-E Notes, the Class E-X Notes, the Class F Notes, the Class F-E Notes or the Class F-X Notes are outstanding, any interest due on the Class G-E Notes that is not paid as a
result of the operation of the Priority of Payments on any Payment Date. Any Class G-E Deferred Interest added to the Aggregate Outstanding Amount of the
Class G-E Notes shall have the effect of increasing the Aggregate Outstanding Notional Amount of the Class G-X Notes. 

“Class G-E Interest Distribution Amount”: On each Payment Date,
the amount due to Holders of the Class G-E Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class G-E
Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the interest rate on the
Class G-E Notes described in Section 2.16. 

“Class G-E Notes”: The meaning specified in
Section 2.3. 
 “Class G-X Defaulted Interest
Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class D-E Notes, Class D-X Notes, Class E Notes, Class E-E Notes, Class E-X Notes, Class F Notes, Class F-E Notes or Class F-X Notes are outstanding, with respect to the Class G-X Notes as of each Payment Date, the
accrued and unpaid amount due to holders of the Class G-X Notes on account of any shortfalls in the payment of the Class G-X Interest Distribution Amount with
respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class G-X Notes described in
Section 2.16. 

  
 -17- 

 “Class G-X Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class G-X Notes on account of interest equal to the product of (i) the Aggregate Outstanding Notional Amount of
the Class G-X Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the
interest rate on the Class G-X Notes described in Section 2.16. 

“Class G-X Notes”: The meaning specified in
Section 2.3. 
 “Class H Notes”: The Class H Income Notes Due 2039,
issued by the Issuer pursuant to this Indenture. 
 “Clean-up Call”: The meaning
specified in Section 9.1(a). 
 “Clearing Agency”: An organization registered as a “clearing
agency” pursuant to Section 17A of the Exchange Act. 
 “Clearstream, Luxembourg”: Clearstream Banking,
société anonyme, a limited liability company organized under the laws of the Grand Duchy of Luxembourg. 
 “Closing
Date”: December 7, 2022. 
 “Closing Date Collateral Interests”: The Mortgage Loans and the Participations
listed on Schedule A attached hereto that are acquired by the Issuer on the Closing Date. 

“Code”: The United States Internal Revenue Code of 1986, as amended. 

“Collateral”: The meaning specified in the first paragraph of the Granting Clause of this Indenture. 

“Collateral Interest File”: The meaning specified in Section 3.3(e). 

“Collateral Interest Purchase Agreement”: The collateral interest purchase agreement entered into between the Issuer, the
Seller, FS Credit REIT and Sub-REIT on or about the Closing Date, as amended or supplemented from time to time, which agreement is assigned to the Trustee on behalf of the Secured Parties pursuant to this
Indenture, together with any collateral interest purchase agreement or subsequent transfer instrument entered into between the Issuer and the Seller in connection with the acquisition of a Funded Companion Participation. 

“Collateral Interests”: The Closing Date Collateral Interests, together with any other Participations acquired by the Issuer
in accordance with the terms of this Indenture, individually or collectively as the context may require. 

  
 -18- 

 “Collateral Net WAC”: With respect to any Payment Date, a per annum
rate (greater than or equal to zero) equal to: (A) the total amount of Interest Proceeds available for actual payment to holders of the Notes, divided by (B) the Aggregate Outstanding Portfolio Balance immediately preceding such Payment
Date, expressed as a percentage and as an annualized rate at which interest would have to accrue on the Aggregate Outstanding Portfolio Balance on an actual/360 basis in order to produce the aggregate amount of interest described in clause
(A) to accrue on the Aggregate Outstanding Portfolio Balance during the related one-month Interest Accrual Period. 

“Collection Account”: The meaning specified in the Servicing Agreement. 

“Commercial Real Estate Loan”: Any Mortgage Loan that is a Collateral Interest and any Participated Loan in which a
Participation therein is a Collateral Interest, as applicable and as the context may require. 
 “Companion Participation”:
With respect to each Participation held by the Issuer, the related companion participation interest or promissory note in the related Participated Loan that will not be held by the Issuer unless such Companion Participation is later acquired, in
whole or in part, by the Issuer pursuant to the applicable provisions of this Indenture. 
 “Company Administrative
Expenses”: All fees, expenses and other amounts due or accrued with respect to any Payment Date and payable by the Issuer or any Permitted Subsidiary (including legal fees and expenses) to (i) the Note Administrator, the Custodian and
the Trustee pursuant to this Indenture or any co-trustee appointed pursuant to Section 6.7 (including amounts payable by the Issuer as indemnification pursuant to this Indenture),
(ii) to provide for the costs of liquidating the Issuer following redemption of the Notes, (iii) the limited liability company managers of the Issuer (including indemnification), (iv) the independent accountants, agents and counsel of the
Issuer for reasonable fees and expenses (including amounts payable in connection with the preparation of tax forms on behalf of the Issuer), and any registered office and government filing fees, in each case, payable in the order in which invoices
are received by the Issuer, (v) a Rating Agency for fees and expenses in connection with any rating (including the annual fee payable with respect to the monitoring of any rating) of the Notes, including fees and expenses due or accrued in
connection with any credit assessment or rating of the Collateral Interests, (vi) the Advancing Agent or other Persons as indemnification pursuant to the provisions pertaining to the Advancing Agent in this Indenture, (vii) the Servicer,
the Special Servicer or the Operating Advisor as indemnification or reimbursement of expenses pursuant to the Servicing Agreement, (viii) the CREFC® Intellectual Property Royalty License
Fee, (ix) any other Person in respect of any governmental fee, charge or tax in relation to the Issuer (as certified by an Authorized Officer of the Issuer to the Note Administrator), in each case, payable in the order in which invoices are
received by the Issuer, and (x) any other Person in respect of any other fees or expenses (including indemnifications) permitted under this Indenture (including, without limitation, any costs or expenses incurred in connection with certain
modeling systems and services) and the documents delivered pursuant to or in connection with this Indenture and the Notes and any amendment or other modification of any such documentation, in each case unless expressly prohibited under this
Indenture (including, without limitation, the payment of all transaction fees and all legal and other fees and expenses required in connection with the purchase of any Collateral Interests or any other transaction authorized by this Indenture), in
each case, payable in the order in which invoices are received by the Issuer; provided that Company Administrative Expenses shall not include amounts payable in respect of the Notes. 

  
 -19- 

 “Compounded SOFR”: “30-Day
Average SOFR” as reported on the website of the Federal Reserve Bank of New York, currently at https://apps.newyorkfed.org/markets/autorates/sofr-avg-ind, or any
successor source for the rate currently identified as “30-Day Average SOFR” identified as such by the Federal Reserve Bank of New York from time to time. 

“Consultation Termination Event”: The meaning specified in the Servicing Agreement. 

“Control Shift Event”: The meaning specified in the Servicing Agreement. 

“Control Termination Event”: The meaning specified in the Servicing Agreement. 

“Controlling Class”: The Class A Notes, so long as any Class A Notes are Outstanding, then the Class A-S Notes, so long as any Class A-S Notes are Outstanding, then the Class B Notes, so long as any Class B Notes are Outstanding, then the
Class C Notes, so long as any Class C Notes are Outstanding, then the Class D Notes and the Class D-E Notes, so long as any Class D Notes or
Class D-E Notes are Outstanding, then the Class E Notes and the Class E-E Notes, so long as any Class E Notes or
Class E-E Notes are Outstanding, then the Class F Notes and the Class F-E Notes, so long as any Class F Notes or
Class F-E Notes are Outstanding; then the Class G Notes and the Class G-E Notes, so long as any Class G Notes or
Class G-E Notes are Outstanding; and then the Class H Notes, so long as any Class H Notes are outstanding. 

“Corporate Trust Office”: The designated corporate trust office of (a) the Trustee, currently located at 1100 North
Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee – FS Rialto 2022-FL7, (b) the Note Administrator, currently located at (i) with respect to the delivery of Loan Documents, at 1055
10th Avenue SE, Minneapolis, Minnesota, 55414, Attention: Document Custody Group – FS Rialto 2022-FL7, (ii) with respect to the delivery of Note transfers and surrenders, at 600 South 4th Street, 7th
Floor, Minneapolis, Minnesota 55415, Attention: Certificate Transfer Services – FS Rialto 2022-FL7; and (iii) for all other purposes, at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951,
Attention: Corporate Trust Services (CMBS), FS Rialto 2022-FL7, telecopy number (410) 715-2380 or (c) such other address as the Trustee or the Note Administrator,
as applicable, may designate from time to time by notice to the Noteholders, the 17g-5 Information Provider and the parties hereto. 

“Corresponding Tenor”: With respect to a Benchmark Replacement, a tenor having approximately the same length (disregarding
business day adjustment) as the applicable tenor for the then-current Benchmark. 
 “Credit Risk Collateral Interest”: Any
Collateral Interest as to which the related Commercial Real Estate Loan is a Credit Risk Commercial Real Estate Loan. 
 “Credit
Risk Commercial Real Estate Loan”: Any Commercial Real Estate Loan that, as determined by the Special Servicer in accordance with the Servicing Standard, has a significant risk of, with a lapse of time, becoming a Defaulted Commercial Real
Estate Loan. 

  
 -20- 

 “Credit Risk Retention Rules”: Regulation RR (17 C.F.R. Part 246), as such
rule may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Department of Treasury, the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance
Agency, the Securities and Exchange Commission and the Department of Housing and Urban Development in the adopting release (79 F.R. 77601 et seq.) or by the staff of any such agency, or as may be provided by any such agency or its staff from time to
time, in each case, as effective from time to time. 

“CREFC® Intellectual Property Royalty License Fee”:
With respect to each Collateral Interest and for any Payment Date, an amount accrued during the related Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on
the Principal Balance of such Collateral Interest as of the first day of such Interest Accrual Period. Such amounts shall be computed for the same period and on the same interest accrual basis respecting which any related interest payment due or
deemed due on the related Collateral Interest is computed and shall be prorated for partial periods. 
 “CREFC® Intellectual Property Royalty License Fee Rate”: With respect to each Collateral Interest, a rate equal to 0.0005% per annum. 

“CREFC® Loan Periodic Update File”: The meaning
specified in the Servicing Agreement. 
 “Criteria-Based Modification”: The meaning specified in the Servicing Agreement.

 “Custodial Account”: An account at the Securities Intermediary established pursuant to
Section 10.1(b). 
 “Custodian”: The meaning specified in
Section 3.3(a). 
 “Cut-off Date”: With respect to each
Collateral Interest, the later of October 18, 2022, or the date of origination. 
 “Default”: Any Event of Default or
any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default. 
 “Defaulted Collateral
Interest”: Any Collateral Interest as to which the related Commercial Real Estate Loan is a Defaulted Commercial Real Estate Loan. 

“Defaulted Commercial Real Estate Loan”: Any Commercial Real Estate Loan as to which there has occurred and is continuing for
more than 60 days either (x) a payment default (after giving effect to any applicable grace period but without giving effect to any waiver) or (y) a material non-monetary event of default that is
known to the Special Servicer (after giving effect to any applicable grace period but without giving effect to any waiver); provided, however, that any Collateral Interest as to which an Appraisal Reduction Event has not occurred due
to the circumstances specified in clause (v) of the definition thereof and which is not otherwise a Defaulted Commercial Real Estate Loan will be deemed not to be a Defaulted Commercial Real Estate Loan for purposes of determining the
Calculation Amount for the Par Value Test. If a Defaulted Commercial Real Estate Loan is the subject of a work-out, modification or otherwise has cured the default such that the subject Defaulted Commercial
Real Estate Loan is no longer in default pursuant to its terms (as such terms may have been modified), such Collateral Interest will no longer be treated as a Defaulted Commercial Real Estate Loan. 

  
 -21- 

 “Deferred Interest”: The Class C Deferred Interest, the Class D
Deferred Interest, the Class D-E Deferred Interest, the Class E Deferred Interest, the Class E-E Deferred Interest, the Class F Deferred Interest,
the Class F-E Deferred Interest, the Class G Deferred Interest and the Class G-E Deferred Interest. 

“Deferred Interest Notes”: The Class C Notes, Class D Notes, Class D-E
Notes, Class E Notes, Class E-E Notes, Class F Notes, Class F-E Notes, Class G Notes and Class G-E
Notes, to the extent such Class is not the most senior Class Outstanding. 
 “Definitive Notes”: The meaning
specified in Section 2.2(b). 
 “Depository” or “DTC”: The Depository Trust
Company, its nominees, and their respective successors. 
 “Determination Date”: The 11th day of each month or, if such day
is not a Business Day, the preceding Business Day, commencing in January 2023. 
 “Directing Holder”: With respect to each
Collateral Interest: 
 (a) If and for so long as a Control Shift Event has not occurred with respect to the Class H Notes (or, if such
a Control Shift Event has occurred, it is no longer continuing), the Majority of the Class H Notes; 
 (b) if and for so long as a
Control Shift Event has occurred and is continuing with respect to the Class H Notes, but a Control Shift Event has not occurred with respect to the Class G Notes (or, if a Control Shift Event has occurred, it is no longer continuing), the
Majority of the Class G Notes; and 
 (c) if and for so long as a Control Shift Event has occurred and is continuing with respect to
the Class G Notes, the Majority of the Class F Notes. 
 The initial Directing Holder with respect to the Collateral Interests is
the Retention Holder. 
 “Disqualified Transferee”: The meaning specified in Section 2.5(m). 

“Dissolution Expenses”: The amount of expenses reasonably likely to be incurred in connection with the discharge of this
Indenture, the liquidation of the Collateral and the dissolution of the Issuer, as reasonably certified by the Issuer, based in part on expenses incurred by the Trustee, Custodian and Note Administrator. 

“Dodd-Frank”: The Dodd Frank Wall Street Reform and Consumer Protection Act, as amended from time to time. 

“Dollar” or “$”: A U.S. dollar or other equivalent unit in Cash. 

  
 -22- 

 “Due Diligence Service Provider”: The meaning specified in
Section 14.12(i). 
 “Due Period”: With respect to any Payment Date, the period commencing on the
day immediately succeeding the second preceding Determination Date (or commencing on and excluding the Closing Date, in the case of the Due Period relating to the first Payment Date) and ending on and including the Determination Date immediately
preceding such Payment Date. 
 “EHRI”: Any interest in the Issuer that satisfies the definition of “eligible
horizontal residual interest” in the Credit Risk Retention Rules. As of the Closing Date, the Class H Notes shall constitute the EHRI. 

“Eligible Account”: 

(i) An account maintained with a federal or state chartered depository institution or trust company which has, or in the case of the
Securities Intermediary, the clearing entity used by the Securities Intermediary, has (a) a long-term unsecured debt rating of at least “A2” by Moody’s and at least the equivalent by KBRA (if then rated by KBRA) if deposits in
such account shall be held therein for more than thirty (30) days and (b) a short-term unsecured debt rating of at least “P-1” by Moody’s and at least the equivalent by KBRA (if then
rated by KBRA) if deposits in such account shall be held therein for thirty (30) days or less; 
 (ii) an account maintained by or with
Wells Fargo Bank, National Association so long as (x) Wells Fargo Bank, National Association’s long-term senior unsecured debt obligations, deposits, or commercial paper rating is at least (1) “A2” by Moody’s, in the case of
accounts in which funds are held more than thirty (30) days and (y) Wells Fargo Bank, National Association’s short-term senior unsecured debt obligations, deposits or commercial paper rating is at least
“P-1” by Moody’s in the case of accounts in which funds are held for thirty (30) days or less; 

(iii) a segregated trust account maintained with the trust department of a federal or state chartered depository institution or trust company
acting in its fiduciary capacity; provided that (a) any such institution or trust company has a long-term unsecured rating of at least “Baa1” by Moody’s and a capital surplus of at least $200,000,000, and (b) any such
account is subject to fiduciary funds on deposit regulations (or internal guidelines) substantially similar to 12 C.F.R. § 9.10(b); or 

(iv) any other account approved by the Rating Agencies. 

“Eligible Investments”: Any Dollar-denominated investment, the maturity for which corresponds to the Issuer’s expected
or potential need for funds, that, at the time it is Granted to the Trustee (directly or through a Securities Intermediary or bailee) is Registered and is one or more of the following obligations or securities: 

(i) direct obligations of, and obligations the timely payment of principal of and interest on which is fully and expressly
guaranteed by, the United States, or any agency or instrumentality of the United States, the obligations of which are expressly backed by the full faith and credit of the United States; 

  
 -23- 

 (ii) demand and time deposits in, certificates of deposit of, bankers’
acceptances issued by, or federal funds sold by, any depository institution or trust company incorporated under the laws of the United States or any state thereof or the District of Columbia (including the Note Administrator or the commercial
department of any successor Note Administrator, as the case may be; provided that such successor otherwise meets the criteria specified herein) and subject to supervision and examination by federal and/or state banking authorities so
long as the commercial paper and/or the debt obligations of such depositary institution or trust company (or, in the case of the principal depositary institution in a holding company system, the commercial paper or debt obligations of such holding
company) at the time of such investment or contractual commitment providing for such investment that satisfy the Applicable KBRA Eligible Investment Rating and the Applicable Moody’s Eligible Investment Rating; 

(iii) unleveraged repurchase or forward purchase obligations with respect to (a) any security described in
clause (i) above or (b) any other security issued or guaranteed by an agency or instrumentality of the United States of America, in either case entered into with a depository institution or trust company (acting as
principal) described in clause (ii) above (including the Note Administrator or the commercial department of any successor Note Administrator, as the case may be; provided that such Person otherwise meets the
criteria specified herein) or entered into with a corporation (acting as principal) whose unsecured debt rating satisfies the Applicable KBRA Eligible Investment Rating and the Applicable Moody’s Eligible Investment Rating; 

(iv) a reinvestment agreement issued by any bank (if treated as a deposit by such bank) that has a short-term credit rating of
not less than “P-1” by Moody’s; provided that the issuer thereof must also have at the time of such investment a long-term unsecured debt rating that satisfies the Applicable KBRA
Eligible Investment Rating and the Applicable Moody’s Eligible Investment Rating; 
 (v) commercial paper or other
similar short-term obligations (including that of the Note Administrator or the commercial department of any successor Note Administrator, as the case may be, or any affiliate thereof, provided that such Person otherwise meets the criteria specified
herein) having at the time of such investment a debt rating that satisfies the Applicable KBRA Eligible Investment Rating and the Applicable Moody’s Eligible Investment Rating; 

(vi) any money market fund (including those managed or advised by the Note Administrator or its Affiliates, and the Goldman
Sachs Government Money Market Fund #465 (Institutional Class – FGTXX)) that maintain a constant asset value and that is rated “Aaa-mf” by Moody’s and in the highest long-term or short-term
rating category by KBRA or, if not rated by KBRA, an equivalent rating by any two other NRSROs (which may include Moody’s); and 

  
 -24- 

 (vii) any other investment similar to those described in
clauses (i) through (v) above that (1) Moody’s has confirmed may be included in the portfolio of Collateral as an Eligible Investment without adversely affecting its then-current ratings on the Notes
and (2) KBRA has confirmed may be included in the portfolio of Collateral as an Eligible Investment without adversely affecting its then-current ratings on the Notes; 

provided that mortgage-backed securities and interest only securities shall not constitute Eligible Investments; provided,
further, that (a) Eligible Investments acquired with funds in the Collection Account shall include only such obligations or securities as mature no later than three Business Days prior to the next Payment Date succeeding the acquisition
of such obligations or securities, (b) Eligible Investments shall not include obligations bearing interest at inverse floating rates, (c) Eligible Investments shall be treated as indebtedness for U.S. federal income tax purposes and such
investment shall not cause the Issuer to fail to be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT, (d) Eligible Investments shall not be subject to deduction or withholding for or on account of any withholding or
similar tax (other than any taxes imposed pursuant to FATCA), unless the payor is required to make “gross up” payments that ensure that the net amount actually received by the Issuer (free and clear of taxes, whether assessed against such
obligor or the Issuer) will equal the full amount that the Issuer would have received had no such deduction or withholding been required, (e) Eligible Investments shall not be purchased for a price in excess of par and (f) Eligible
Investments shall not include margin stock. Eligible Investments may be purchased from the Trustee and its Affiliates so long as the Trustee has a capital and surplus of at least $200,000,000 and has a long-term unsecured credit rating of at least
“Baa1” by Moody’s, and may include obligations for which the Trustee or an Affiliate thereof receives compensation for providing services. 

“Entitlement Order”: The meaning specified in Section 8-102(a)(8) of the UCC.

 “Equity Interest”: A security or other interest that does not entitle the holder thereof to receive periodic payments of
interest and one or more installments of principal, including (i) any bond or note or similar instrument that is by its terms convertible into or exchangeable for an equity interest, (ii) any bond or note or similar instrument that
includes warrants or other interests that entitle its holder to acquire an equity interest, or (iii) any other similar instrument that would not entitle its holder to receive periodic payments of interest or that would entitle its holder to a
return of a residual value. 
 “ERISA”: The United States Employee Retirement Income Security Act of 1974, as amended. 

“Escrow Account”: The meaning specified in the Servicing Agreement. 

“Euroclear”: Euroclear Bank S.A./N.V., as operator of the Euroclear system. 

“Event of Default”: The meaning specified in Section 5.1. 

“Exchange Act”: The Securities Exchange Act of 1934, as amended. 

“Exchangeable Notes”: The meaning specified in Section 2.3. 

“Exchanged Notes”: The meaning specified in Section 2.16. 

  
 -25- 

 “Expense Year”: (i) For the first year, the period commencing on the
Closing Date and ending on the next January Payment Date and (ii) thereafter, each 12-month period commencing on the Business Day following a January Payment Date and ending on the following January
Payment Date. 
 “FATCA”: Sections 1471 through 1474 of the Code, as of the date of this Indenture (or any amended or
successor version that is substantially comparable) and any current or future Treasury regulations promulgated thereunder, and any related provisions of law, court decisions, administrative guidance or agreements with any taxing authority (or laws
thereof) in respect thereof, including any agreements entered into pursuant to section 1471(b)(1) of the Code or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidance notes or practices
adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code or analogous provisions of non-U.S. law. 

“Federal Reserve Bank of New York’s Website”: The website of the Federal Reserve Bank of New York at
http://www.newyorkfed.org, or any successor source. 
 “Financial Asset”: The meaning specified in Section 8-102(a)(9) of the UCC. 
 “Financing Statements”: Financing statements
relating to the Collateral naming the Issuer, as debtor, and the Trustee, on behalf of the Secured Parties, as secured party. 
 “FS
Credit REIT”: FS Credit Real Estate Income Trust, Inc., a Maryland corporation. 
 “Funded Companion
Participation”: With respect to each Collateral Interest that is a Participation, each fully funded pari passu or junior participation interest or promissory note in the related Participated Loan that (unless later acquired, in whole
or in part, by the Issuer pursuant to the applicable provisions of this Indenture) is not an asset of the Issuer and is not part of the Collateral. 

“Funded Companion Participation Acquisition Account”: The account established by the Note Administrator pursuant to
Section 10.4 hereof. 
 “Funded Companion Participation Acquisition Criteria”: The criteria set
forth below: 
  

	 	(i)	 the underlying Commercial Real Estate Loan is not a Defaulted Commercial Real Estate Loan or a Specially
Serviced Loan; 

  

	 	(ii)	 upon acquisition, the Funded Companion Participation will not be a Credit Risk Collateral Interest;

  

	 	(iii)	 upon acquisition, the aggregate Principal Balance of Funded Companion Participations secured by Office
Properties acquired by the Issuer after the Closing Date does not exceed $30,000,000; 

  

	 	(iv)	 no Event of Default has occurred and is continuing; 

  
 -26- 

	 	(v)	 the requirements set forth in this Indenture regarding the representations and warranties with respect to such
Funded Companion Participation and the related Mortgaged Property have been met (subject to such exceptions as are reasonably acceptable to the Special Servicer in consultation with the Issuer); 

 

	 	(vi)	 no Control Termination Event has occurred and is continuing; 

 

	 	(vii)	 the Note Protection Tests are satisfied as of the most recent Measurement Date; 

 

	 	(viii)	 a No Downgrade Confirmation has been received from KBRA with respect to the acquisition of such Collateral
Interest; and 

  

	 	(ix)	 the acquisition of such Funded Companion Participation will be at a price no greater than the outstanding
principal balance of such Funded Companion Participation. 

 “Funded Companion Participation Acquisition
Period”: The period beginning on the Closing Date and ending on the Payment Date in December 2024. 
 “Future Funding
Agreement”: The meaning specified in the Servicing Agreement. 
 “Future Funding Amount”: With respect to any
Future Funding Participation, the amount of the unfunded portion thereof. 
 “Future Funding Indemnitor”: FS Credit REIT.

 “Future Funding Participation”: With respect to each Collateral Interest that is a Participation, each related future
funding participation which is not an asset of the Issuer and is not part of the Collateral. 
 “Future Funding Reserve
Account”: The meaning specified in the Servicing Agreement. 
 “Future Funding Reserve Account Control Agreement”:
That certain future funding reserve account control agreement, dated as of the date hereof, by and among Sub-REIT, as pledgor, the Trustee and the Securities Intermediary, as the same may be amended,
supplemented or replaced from time to time. 
 “GAAP”: The meaning specified in Section 6.3(k).

 “General Intangible”: The meaning specified in Section 9-102(a)(42) of the
UCC. 
 “Global Notes”: The Rule 144A Global Notes and the Regulation S Global Notes. 

“Goldman Sachs”: Goldman Sachs & Co. LLC. 

  
 -27- 

 “Governing Documents”: With respect to all Persons, the articles of
incorporation, certificate of incorporation, by-laws, certificate of limited partnership, limited partnership agreement, limited liability company agreement, certificate of formation, articles of association
and similar charter documents, as applicable to any such Person. 
 “Government Items”: A security (other than a security
issued by the Government National Mortgage Association) issued or guaranteed by the United States of America or an agency or instrumentality thereof representing a full faith and credit obligation of the United States of America and, with respect to
each of the foregoing, that is maintained in book-entry form on the records of a Federal Reserve Bank. 
 “Grant”: To
grant, bargain, sell, warrant, alienate, remise, demise, release, convey, assign, transfer, mortgage, pledge, create and grant a security interest in and right of setoff against, deposit, set over and confirm. A Grant of the Collateral or of any
other security or instrument shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including without limitation the immediate continuing right to claim, collect, receive and take receipt for
principal and interest payments in respect of the Collateral (or any other security or instrument), and all other amounts payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all
rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. 

“Holder” or “Noteholder”: With respect to any Note, the Person in whose name such Note is registered in the
Notes Register. 
 “IAI”: An institution that is an “accredited investor” within the meaning of Rule 501(a)(1),
(2), (3) or (7) under Regulation D under the Securities Act or an entity in which all of the equity owners are such “accredited investors.” 

“Indenture”: This instrument as originally executed and, if from time to time supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable provisions hereof, as so supplemented or amended. 

“Indenture Accounts”: The Payment Account, the Funded Companion Acquisition Account and the Custodial Account. 

“Independent”: As to any Person, any other Person (including, in the case of an accountant, or lawyer, a firm of accountants
or lawyers and any member thereof or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct or any material indirect financial interest in such Person or in any Affiliate of such
Person, and (ii) is not connected with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar functions. “Independent” when used with respect to any accountant
may include an accountant who audits the books of such Person if in addition to satisfying the criteria set forth above the accountant is independent with respect to such Person within the meaning of Rule 101 of the Code of Ethics of the American
Institute of Certified Public Accountants. 

  
 -28- 

 Whenever any Independent Person’s opinion or certificate is to be furnished to the
Trustee or Note Administrator such opinion or certificate shall state, or shall be deemed to state, that the signer has read this definition and that the signer is Independent within the meaning hereof. 

“Initial MASCOT Note Issuance Date”: The 15th day following the Closing
Date (or if such 15th day is not a Business Day, the next Business Day). 

“Inquiry”: The meaning specified in Section 10.11(a). 

“Instrument”: The meaning specified in Section 9-102(a)(47) of the UCC. 

“Interest Accrual Period”: With respect to the Notes and (i) the first Payment Date, the period from and including the
Closing Date to but excluding such first Payment Date, and (ii) each successive Payment Date, the period from and including the immediately preceding Payment Date to but excluding such Payment Date. 

“Interest Advance”: The meaning specified in Section 10.6(a). 

“Interest Coverage Ratio”: As of any Measurement Date, the number (expressed as a percentage) calculated by dividing: 

(a) (i) the sum of (A) the expected scheduled interest payments due (in each case regardless of whether the due date for
any such interest payment has yet occurred) in the Due Period in which such Measurement Date occurs on (x) the Collateral Interests (excluding, subject to clause (3) of the last paragraph of this definition, accrued and unpaid
interest on Defaulted Collateral Interests); provided that no interest (or dividends or other distributions) will be included with respect to any Collateral Interest to the extent that such Collateral Interest does not provide for the
scheduled payment of interest (or dividends or other distributions) in Cash and (y) the Eligible Investments held in the Accounts other than the Payment Account (whether purchased with Interest Proceeds or Principal Proceeds), plus
(B) Interest Advances, if any, advanced by the Advancing Agent, the Backup Advancing Agent or the Trustee, with respect to the related Payment Date, minus (ii) any amounts scheduled to be paid pursuant to
Section 11.1(a)(i)(1) through (4); by 
 (b) the sum of (i) the scheduled interest on
the Class A Notes payable on the Payment Date immediately following such Measurement Date, plus (ii) any Class A Defaulted Interest Amount payable on the Payment Date immediately following such Measurement Date, plus
(iii) the scheduled interest on the Class A-S Notes payable on the Payment Date immediately following such Measurement Date, plus (iv) any
Class A-S Defaulted Interest Amount payable on the Payment Date immediately following such Measurement Date, plus (v) the scheduled interest on the Class B Notes payable on the Payment
Date immediately following such Measurement Date, plus (vi) any Class B Defaulted Interest Amount payable on the Payment Date immediately following such Measurement Date, plus (vii) the scheduled interest on the
Class C Notes payable on the Payment Date immediately following such Measurement Date, plus (viii) any Class C Defaulted Interest Amount payable on the Payment Date immediately following such Measurement Date, plus
(ix) any Class C Deferred Interest payable on the Payment Date immediately following such Measurement Date, plus (x) the scheduled interest on the Class 

  
 -29- 

 
D Notes payable on the Payment Date immediately following such Measurement Date, plus (xi) any Class D Defaulted Interest Amount payable on the Payment Date immediately following
such Measurement Date, plus (xii) any Class D Deferred Interest payable on the Payment Date immediately following such Measurement Date plus (xiii) the scheduled interest on the Class E Notes payable on the Payment
Date immediately following such Measurement Date, plus (xiv) any Class E Defaulted Interest Amount payable on the Payment Date immediately following such Measurement Date, plus (xv) any Class E Deferred Interest
payable on the Payment Date immediately following such Measurement Date. 
 For purposes of calculating any Interest Coverage Ratio,
(1) the expected interest income on the Collateral Interests and Eligible Investments and the expected interest payable on the Offered Notes shall be calculated using the interest rates applicable thereto on the applicable Measurement Date,
(2) accrued original issue discount on Eligible Investments shall be deemed to be a scheduled interest payment thereon due on the date such original issue discount is scheduled to be paid, (3) there will be excluded all scheduled or
deferred payments of interest on or principal of Collateral Interests and any payment that the Servicer or Special Servicer has determined in its reasonable judgment will not be made in Cash or received when due and (4) with respect to any
Collateral Interest as to which any interest or other payment thereon is subject to withholding tax of any relevant jurisdiction, each payment thereon shall be deemed to be payable net of such withholding tax unless the related borrower is required
to make additional payments to fully compensate the Issuer for such withholding taxes (including in respect of any such additional payments). 

“Interest Coverage Test”: The test that will be met as of any Measurement Date on which any Offered Notes remain Outstanding
if the Interest Coverage Ratio as of such Measurement Date is equal to or greater than 120.00%; provided that, notwithstanding the foregoing, the Interest Coverage Test will be deemed to be satisfied on and after the Closing Date up to and
including the first Payment Date. 
 “Interest Distribution Amount”: Each of the Class A Interest Distribution Amount,
the Class A-S Interest Distribution Amount, the Class B Interest Distribution Amount, the Class C Interest Distribution Amount, the Class D Interest Distribution Amount, the Class D-E Interest Distribution Amount, the Class D-X Interest Distribution Amount, the Class E Interest Distribution Amount, the
Class E-E Interest Distribution Amount, the Class E-X Interest Distribution Amount, the Class F Interest Distribution Amount, the Class F-E Interest Distribution Amount, the Class F-X Interest Distribution Amount, the Class G Interest Distribution Amount, the
Class G-E Interest Distribution Amount and the Class G-X Interest Distribution Amount. 

“Interest Proceeds”: With respect to any Payment Date, (A) the sum of (without duplication): 

(1) all Cash payments of interest (including any deferred interest and any amount representing the accreted portion of a
discount from the face amount of a Collateral Interest or an Eligible Investment) or other distributions (excluding Principal Proceeds) received during the related Due Period on all Collateral Interests other than Defaulted Collateral Interests and
Eligible Investments, including, the accrued interest received in 

  
 -30- 

 
connection with a sale of such Collateral Interests or Eligible Investments, in each case, excluding any accrued interest included in Principal Proceeds pursuant to clause (A)(3) or
(4) of the definition of “Principal Proceeds” and excluding any origination fees and exit fees, which will be retained by the Seller and will not be assigned to the Issuer; 

(2) all make whole premiums, spread maintenance, yield maintenance or prepayment premiums or any interest amount paid in excess
of the stated interest amount of a Collateral Interest received during the related Due Period; 
 (3) all amendment,
modification, consent and waiver fees, late payment fees, extension fees and other fees and commissions (to the extent not paid to the Servicer or the Special Servicer as additional servicing compensation) received by the Issuer during such Due
Period in connection with such Collateral Interests and Eligible Investments (except for fees and commissions received in connection with a Defaulted Collateral Interest); 

(4) Interest Advances, if any, advanced by the Advancing Agent, the Backup Advancing Agent or the Trustee, with respect to such
Payment Date; 
 (5) all Cash payments corresponding to accrued original issue discount on Eligible Investments; 

(6) any interest payments received in Cash by the Issuer during the related Due Period on any asset held by a Permitted
Subsidiary that is not a Defaulted Collateral Interest; 
 (7) all payments of principal on Eligible Investments purchased
with any other Interest Proceeds; 
 (8) Cash and Eligible Investments that are contributed by the Holders of the
Class H Notes and designated as “Interest Proceeds” by such holders on or before the related Determination Date; and 

(9) all other cash payments received by the Issuer with respect to the Collateral Interests during the related Due Period that
are not included in the definition of “Principal Proceeds”; 
 minus (B) (1) any fees and other compensation and reimbursement of
expenses and Servicing Advances and interest thereon (but not any amounts payable pursuant to any indemnification provisions) to which the Servicer, the Special Servicer, the Advancing Agent or the Operating Advisor are entitled pursuant to the
terms of the Servicing Agreement and (2) the aggregate amount of any Nonrecoverable Interest Advances that were previously reimbursed to the Advancing Agent, the Backup Advancing Agent or the Trustee. 

“Interest Shortfall”: The meaning specified in Section 10.6(a). 

  
 -31- 

 “Investor Certification”: A certificate, substantially in the form of
Exhibit Q-1 or Exhibit Q-2 hereto, representing that such Person executing the certificate is a Noteholder, a beneficial owner of a Note or the Directing
Holder or a prospective purchaser of a Note and that either (a) such Person is not a borrower, an agent of, or an investment advisor to, any borrower or affiliate of any borrower under a Commercial Real Estate Loan, in which case such person
will have access to all the reports and information made available to Noteholders under this Indenture, or (b) such Person is a borrower, an agent or Affiliate of, or an investment advisor to, any borrower under a Commercial Real Estate Loan,
in which case such person will only receive access to the Monthly Report. The Investor Certification may be submitted electronically by means of the Note Administrator’s Website. 

“Investor Q&A Forum”: The meaning specified in Section 10.11(a). 

“ISDA Definitions”: The 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any
successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment”: The spread adjustment, (which may be a positive or negative value or zero) that would apply for
derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate”: The rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Issuer”: FS Rialto 2022-FL7 Issuer, LLC, a Delaware limited liability company, until
a successor Person shall have become the Issuer pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person. 

“Issuer Order” and “Issuer Request”: A written order or request (which may be in the form of a standing
order or request) dated and signed in the name of the Issuer by an Authorized Officer. For the avoidance of doubt, an order or request provided in an email (or other electronic communication) sent by an Authorized Officer of the Issuer shall
constitute an Issuer Order, in each case except to the extent that the Trustee or Note Administrator reasonably requests otherwise. 

“Junior Participation”: One or more junior participation interests (or B notes) in a Commercial Real Estate Loan pursuant to
a participation agreement (or intercreditor agreement) in which the related Senior AB Participation or Senior AB Pari Passu Participation is a Collateral Interest that has been acquired by the Issuer. 

“KBRA”: Kroll Bond Rating Agency, LLC, or any successor thereto. 

“Largest One Quarter Future Advance Estimate”: The meaning specified in the Servicing Agreement. 

“LIBOR”: The London Interbank Offered Rate for a one month tenor. 

  
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 “Liquidation Fee”: The meaning specified in the Servicing Agreement. 

“Loan Documents”: The indenture, loan agreement, note, mortgage, intercreditor agreement, participation agreement, co-lender agreement or other agreement pursuant to which a Collateral Interest or an Eligible Investment has been issued or created and each other agreement that governs the terms of or secures the obligations
represented by such Collateral Interest or an Eligible Investment or of which holders of such Collateral Interest or an Eligible Investment are the beneficiaries. 

“Loss Value Payment”: A Cash payment made, subject to the consent of a Majority of the Controlling Class (excluding any Note
held by the Seller or any of its Affiliates), to the Issuer by the Seller in connection with a Material Breach of a representation or warranty or Material Document Defect with respect to any Collateral Interest pursuant to the Collateral Interest
Purchase Agreement in an amount that the Special Servicer on behalf of the Issuer determines is sufficient to compensate the Issuer for such Material Breach or Material Document Defect, which Loss Value Payment will be deemed to cure such Material
Breach or Material Document Defect. 
 “M&T Securities”: M&T Securities, Inc. 

“Majority”: With respect to any Class of Notes, the Holders of more than 50% of the Aggregate Outstanding Amount of the
Notes of such Class. 
 “Majority Class H Noteholder”: The Holder(s) of a Majority of the Class H
Notes. 
 “MASCOT Interest Only Notes”: The meaning specified in Section 2.3. 

“MASCOT Notes”: The meaning specified in Section 2.3. 

“MASCOT P&I Notes”: The meaning specified in Section 2.3. 

“Material Breach”: With respect to each Collateral Interest, the meaning specified in the Collateral Interest Purchase
Agreement. 
 “Material Document Defect”: With respect to each Collateral Interest, the meaning specified in the Collateral
Interest Purchase Agreement. 
 “Maturity”: With respect to any Note, the date on which the unpaid principal of such Note
becomes due and payable as therein or herein provided, whether at the Stated Maturity Date or by declaration of acceleration or otherwise. 

“McCoy & Orta”: McCoy & Orta, P.C. 

“Measurement Date”: Any of the following: (i) the Closing Date, (ii) the date of acquisition or disposition of any
Collateral Interest, (iii) any date on which any Collateral Interest becomes a Defaulted Collateral Interest, (iv) each Determination Date and (v) with reasonable notice to the Issuer and the Note Administrator, any other Business Day
that any Rating Agency or the Holders of at least 66-2/3% of the Aggregate Outstanding Amount of any Class of Notes requests be a “Measurement Date”; provided that if any such date
would otherwise fall on a day that is not a Business Day, the relevant Measurement Date will be the immediately preceding Business Day. 

  
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 “Membership Interests”: The limited liability company membership interests
of the Issuer. 
 “Minnesota Collateral”: The meaning specified in Section 3.3(b)(ii). 

“Modified Collateral Interest”: Any Collateral Interest that is a Modified Loan or a Participation in a Modified Loan. 

“Modified Loan”: A Commercial Real Estate Loan that has been modified, other than pursuant to an Administrative Modification
or a Criteria-Based Modification, by the Special Servicer pursuant to the Servicing Agreement in a manner that: 
 (a) except
as expressly contemplated by the related Loan Documents, reduces or delays in a material and adverse manner the amount or timing of any payment of principal or interest due thereon; 

(b) except as expressly contemplated by the related Loan Documents or except for releases of unimproved parcels that were not
attributed material credit in connection with underwriting at origination, results in a release of the lien of the mortgage on any material portion of the related Mortgaged Property without a corresponding principal prepayment in an amount not less
than the fair market value (as is), as determined by an appraisal delivered to the Special Servicer (at the expense of the related borrower and upon which the Special Servicer may conclusively rely), of the property to be released; or 

(c) in the reasonable good faith judgment of the Special Servicer, otherwise materially impairs the value of the security for
such Commercial Real Estate Loan or reduces the likelihood of timely payment of amounts due thereon. 
 No Commercial Real Estate Loan that
is subject to an Administrative Modification or Criteria-Based Modification shall become a Modified Loan solely as a result of such Administrative Modification or Criteria-Based Modification, as applicable. 

“Monthly Report”: The meaning specified in Section 10.8(a). 

“Moody’s”: Moody’s Investors Service, Inc., and its
successor-in-interest. 

  
 -34- 

 “Moody’s Recovery Rate”: With respect to each Collateral Interest, the
rate specified in the table set forth below with respect to the property type of the related Mortgaged Property or Mortgaged Properties: 
  

					
	 Property Type
	  	Moody’s
Recovery
Rate	 
	 Multifamily (including student housing), industrial and anchored retail properties
	  	 	60	% 
	 Office, self-storage, mixed-use and unanchored retail
properties
	  	 	55	% 
	 Hospitality properties
	  	 	45	% 
	 All other property types
	  	 	40	% 

 “Mortgage Loan”: A commercial or multifamily real estate mortgage loan, which mortgage loan
is secured by a first-lien mortgage or deed-of-trust on commercial, multifamily and/or manufactured-housing community properties or ground lease interests therein. 

“Mortgage Note”: With respect to any Mortgage Loan, the note or other evidence of indebtedness and/or agreements evidencing
the indebtedness of a borrower under such Mortgage Loan including the mortgage, any amendments or modifications, or any renewal or substitution notes, as of such date. 

“Mortgaged Property”: With respect to any Commercial Real Estate Loan, the commercial and/or multifamily mortgaged property
or properties securing such Commercial Real Estate Loan. 
 “Net Outstanding Portfolio Balance”: On any Measurement Date,
the sum (without duplication) of: 
 (a) the Aggregate Principal Balance of the Collateral Interests other than any Modified
Collateral Interests and Defaulted Collateral Interests; 
 (b) the aggregate Principal Balance of Cash and Eligible
Investments held as Principal Proceeds; and 
 (c) with respect to each Modified Collateral Interest and Defaulted Collateral
Interest, the Calculation Amount of such Collateral Interest; 
 provided, however, that (i) with respect to each Defaulted Collateral
Interest that has been owned by the Issuer for more than three years after becoming a Defaulted Collateral Interest, the Principal Balance of such Defaulted Collateral Interest will be zero for purposes of computing the Net Outstanding Portfolio
Balance and (ii) in the case of a Defaulted Collateral Interest or Credit Risk Collateral Interest, the Majority Class H Noteholder will have 45 days to exercise such purchase and during such period such Collateral Interest will not be
treated as a Defaulted Collateral Interest for purposes of computing the Net Outstanding Portfolio Balance. 

  
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 “No Downgrade Confirmation”: A confirmation from a Rating Agency that any
proposed action, or failure to act or other specified event will not, in and of itself, result in the downgrade or withdrawal of the then-current rating assigned to any Class of Notes then rated by such Rating Agency; provided that if
the Requesting Party receives a written waiver or acknowledgment indicating its decision not to review the matter for which the No Downgrade Confirmation is sought, then the requirement to receive a No Downgrade Confirmation from the Rating Agency
with respect to such matter shall not apply. For the purposes of this definition, any confirmation, waiver, request, acknowledgment or approval which is required to be in writing may be in the form of electronic mail. Notwithstanding anything to the
contrary set forth in this Indenture, at any time during which the Notes are no longer rated by a Rating Agency, a No Downgrade Confirmation shall not be required from such Rating Agency under this Indenture. 

“Non-call Period”: The period from the Closing Date to and including the Business Day
immediately preceding the Payment Date in December 2024, during which no Optional Redemption is permitted to occur. 
 “Non-Permitted Holder”: The meaning specified in Section 2.13(b). 

“Non-Serviced Commercial Real Estate Loans”: The meaning specified in the Servicing
Agreement. 
 “Nonrecoverable Interest Advance”: Any Interest Advance previously made or proposed to be made pursuant to
Section 10.6 that the Advancing Agent, the Backup Advancing Agent or the Trustee, as applicable, has determined in its sole discretion, exercised in good faith, that the amount so advanced or proposed to be advanced
plus interest expected to accrue thereon, will not be ultimately recoverable from subsequent payments or collections with respect to the Collateral Interests. 

“Note Administrator”: Computershare Trust Company, National Association, solely in its capacity as note administrator
hereunder, unless a successor Person shall have become the Note Administrator pursuant to the applicable provisions of this Indenture, and thereafter “Note Administrator” shall mean such successor Person. Computershare Trust Company,
National Association, will perform its duties as Note Administrator through its Corporate Trust Services division. 
 “Note
Administrator’s Website”: Initially, www.ctslink.com; provided that such address may change upon notice by the Note Administrator to the parties hereto, the 17g-5 Information
Provider and Noteholders. 
 “Note Interest Rate”: With respect to the Class A Notes, the Class A Rate, with
respect to the Class A-S Notes, the Class A-S Rate, with respect to the Class B Notes, the Class B Rate, with respect to the Class C Notes, the
Class C Rate, with respect to the Class D Notes, the Class D Rate, with respect to the Class D-E Notes, the interest rate on the Class D-E Notes
as described in Section 2.16, with respect to the Class D-X Notes, the interest rate on the Class D-X Notes as described in
Section 2.16, with respect to the Class E Notes, the Class E Rate, with respect to the Class E-E Notes, the interest rate on the
Class E-E Notes as described in Section 2.16, with respect to the Class E-X Notes, the interest rate on the Class E-X Notes as described in Section  

  
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2.16, with respect to the Class F Notes, the Class F Rate, with respect to the Class F-E Notes, the interest rate on the Class F-E Notes described in Section 2.16, with respect to the Class F-X Notes, the interest rate on the
Class F-X Notes described in Section 2.16, with respect to the Class G Notes, the Class G Rate, with respect to the
Class G-E Notes, the interest rate on the Class G-E Notes described in Section 2.16 and with respect to the Class G-X Notes, the interest rate on the Class G-X Notes described in Section 2.16. 

“Note Protection Tests”: The Par Value Test and the Interest Coverage Test. 

“Noteholder”: The Person in whose name such Note is registered in the Notes Register. 

“Notes”: The Class A Notes, the Class A-S Notes, the Class B Notes,
the Class C Notes, the Class D Notes, the Class D-E Notes, the Class D-X Notes, the Class E Notes, the
Class E-E Notes, the Class E-X Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes,
collectively, authorized by, and authenticated and delivered under, this Indenture. 
 “Notes Register” and “Notes
Registrar”: The respective meanings specified in Section 2.5(a). 
 “NRSRO”: Any
nationally recognized statistical rating organization, including the Rating Agencies. 
 “NRSRO Certification”: A
certification (a) executed by a NRSRO in favor of the 17g-5 Information Provider substantially in the form attached hereto as Exhibit O or (b) provided electronically and executed by an NRSRO
by means of a click-through confirmation on the 17g-5 Website. 
 “Offered Notes”:
The Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class D-E Notes, the Class D-X Notes, the Class E Notes, the Class E-E Notes and the Class E-X Notes, authorized by, and authenticated
and delivered under, this Indenture. 
 “Offering Memorandum”: The Offering Memorandum, dated November 18, 2022,
relating to the offering of the Offered Notes. 
 “Officer”: With respect to any company, corporation or limited liability
company, including the Issuer, any Director, Manager, the Chairman of the Board of Directors, the President, any Executive Vice President, any Senior Vice President, any Vice President, the Secretary, any Assistant Secretary, the Treasurer, any
Assistant Treasurer, General Partner of such entity or any authorized person designated by such company, corporation or limited liability company as an “Officer”; and with respect to the Note Administrator and the Trustee, any Trust
Officer; and with respect to the Servicer, Special Servicer or Operating Advisor, a “Responsible Officer” (as defined in the Servicing Agreement). 

“Officer’s Certificate”: With respect to the Issuer, Servicer and the Special Servicer, any certificate executed by an
Authorized Officer thereof. 

  
 -37- 

 “Operating Advisor”: The Operating Advisor appointed pursuant to the
Servicing Agreement. 
 “Opinion of Counsel”: A written opinion addressed to the Trustee and the Note Administrator and, if
required by the terms hereof, the Rating Agencies (each, a “Recipient”) in form and substance reasonably satisfactory to each Recipient, of an outside third party counsel of national recognition, which attorney may, except as
otherwise expressly provided in this Indenture, be counsel for the Issuer, and which attorney shall be reasonably satisfactory to the Trustee and the Note Administrator. Whenever an Opinion of Counsel is required hereunder, such Opinion of Counsel
may rely on opinions of other counsel who are so admitted and so satisfactory which opinions of other counsel shall accompany such Opinion of Counsel and shall either be addressed to each Recipient or shall state that each Recipient shall each be
entitled to rely thereon. 
 “Optional Redemption”: The meaning specified in Section 9.1(c). 

“Outstanding”: With respect to the Notes, as of any date of determination, all of the Notes or any Class of Notes, as
the case may be, theretofore authenticated and delivered under this Indenture except: 
 (i) Notes theretofore canceled by
the Notes Registrar or delivered to the Notes Registrar for cancellation; 
 (ii) Notes or portions thereof for whose payment
or redemption funds in the necessary amount have been theretofore irrevocably deposited with the Note Administrator or the Paying Agent in trust for the Holders of such Notes pursuant to Section 4.1(a)(ii);
provided that, if such Notes or portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture; 

(iii) Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture,
unless proof satisfactory to the Note Administrator is presented that any such Notes are held by a Holder in due course; and 

(iv) Notes alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes have been issued as provided
in Section 2.6; 
 provided that in determining whether the Noteholders of the requisite Aggregate Outstanding
Amount have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Issuer or any Affiliate thereof shall be disregarded and deemed not to be Outstanding, except that Notes so owned that have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Note Administrator or the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer or any
other obligor upon the Notes or any Affiliate of the Issuer or such other obligor. The Note Administrator and the Trustee shall be entitled to rely on certificates from Noteholders to determine any such affiliations and shall be protected in so
relying, except to the extent that a Trust Officer of the Trustee or Note Administrator, as applicable, has actual knowledge of any such affiliation. 

  
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 “Par Purchase Price”: With respect to a Collateral Interest, the sum of
(A) the Principal Balance of such Collateral Interest as of the date of purchase; plus (B) all accrued and unpaid interest on such Collateral Interest at the related interest rate to but not including the date of purchase;
plus (C) all related unreimbursed Servicing Advances and accrued and unpaid interest on such Servicing Advances at the Advance Rate, plus (D) all Special Servicing Fees and either workout fees or Liquidation Fees (but not
both) allocable to such Collateral Interest; plus (E) all unreimbursed expenses incurred by the Issuer (and if applicable, the Seller), the Servicer and the Special Servicer in connection with such Collateral Interest. 

“Par Value Ratio”: As of any Measurement Date, the number (expressed as a percentage) calculated by dividing
(a) the Net Outstanding Portfolio Balance on such Measurement Date by (b) the sum of the Aggregate Outstanding Amount of the Class A Notes, the Class A-S Notes, the Class B Notes, the
Class C Notes, the Class D Notes and the Class E Notes and the amount of any unreimbursed Interest Advances. 
 “Par
Value Test”: A test that will be satisfied as of any Measurement Date on which any Offered Notes remain outstanding if the Par Value Ratio on such Measurement Date is equal to or greater than 111.93%. 

“Pari Passu Participation”: A Collateral Interest that is a participation interest (or an A note) in a Commercial Real Estate
Loan pursuant to a participation agreement (or intercreditor agreement) in which the interest acquired by the Issuer is pari passu with one or more other senior pari passu participation interests (or A notes) that are not acquired by the Issuer and
which each are the senior-most interest in such Commercial Real Estate Loan. 
 “Participated Loan”: Any commercial or
multifamily real estate mortgage loans that has been participated into Participations. 
 “Participated Loan Collection
Account”: The meaning specified in the Servicing Agreement. 
 “Participating Institution”: With respect to any
Participation, the entity that holds legal title to the participated asset. 
 “Participation”: A fully-funded pari
passu, senior or senior pari passu participation interest or promissory note in a commercial or multifamily real estate mortgage loan. 

“Participation Agreement”: With respect to each Participated Loan, the participation,
co-lender or similar agreement that governs the rights and obligations of the holders of the Participation and each related Companion Participation(s). 

“Paying Agent”: The Note Administrator, in its capacity as Paying Agent hereunder, authorized by the Issuer to pay the
principal of or interest on any Notes on behalf of the Issuer as specified in Section 7.2. 
 “Payment
Account”: The payment account established by the Note Administrator pursuant to Section 10.3. 

  
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 “Payment Date”: The 6th Business Day following the Determination Date
occurring in each month, commencing on the Payment Date in January 2023 and ending on the Stated Maturity Date unless the Notes are redeemed or repaid prior thereto. 

“Permitted Principal Proceeds”: All amounts received in respect of principal on a Collateral Interest (including as a result
of an optional principal prepayment, a maturity date repayment or a purchase of a Credit Risk Collateral Interest by the Majority Class H Noteholder) that are received during the Funded Companion Participation Acquisition Period. 

“Permitted Subsidiary”: Any one or more single purpose entities that are wholly-owned by the Issuer and are established
exclusively for the purpose of taking title to mortgage, real estate or any Sensitive Asset in connection, in each case, with the exercise of remedies or otherwise; provided, however, that any such Permitted Subsidiary (i) shall
be organized under U.S. law and (ii) shall be an entity that is disregarded for U.S. tax purposes; provided that Sub-REIT may organize such Permitted Subsidiary, or elect that such Permitted Subsidiary be
treated, as a corporation for U.S. federal income tax purposes if Sub-REIT determines that it is in the best interest of managing its affairs as a REIT, or as a result of such Permitted Subsidiary taking title
to a mortgage, real estate or any Sensitive Asset, Sub-REIT would become subject to tax on “net income from foreclosure property” within the meaning of Section 857(b)(4) of the Code. 

“Person”: An individual, corporation (including a business trust), partnership, limited liability company, joint venture,
association, joint stock company, trust (including any beneficiary thereof), unincorporated association or government or any agency or political subdivision thereof. 

“Placement Agreement”: The placement agency agreement relating to the Offered Notes dated as of November 18, 2022, by
and among the Issuer, FS Credit REIT, the Seller and the Placement Agents. 
 “Placement Agents”: WFS, Barclays, Goldman
Sachs and M&T Securities. 
 “Pledged Collateral Interest”: On any date of determination, any Collateral Interest that
has been Granted to the Trustee and not been released from the lien of this Indenture pursuant to Section 10.9. 

“Pre-Closing 17g-5 Information”: The meaning
specified in Section 14.12(b). 
 “Primary Servicer”: The meaning specified in the Servicing
Agreement. 
 “Principal Balance” or “par”: With respect to (i) any Commercial Real Estate Loan,
Collateral Interest, Participated Loan, Companion Participation or Eligible Investment, as of any date of determination, the outstanding principal amount of such Commercial Real Estate Loan, Collateral Interest (as reduced by all payments or other
collections of principal received or deemed received, and any principal forgiven by the Special Servicer and other principal losses realized, on such Collateral Interest during the related collection period) or Eligible Investment;
provided that the Principal Balance of any Eligible Investment that does not pay Cash interest on a current basis will be the accreted value thereof, and (ii) Cash, the face amount thereof. 

  
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 “Principal Proceeds”: With respect to any Payment Date, (A) the sum
(without duplication) of: 
 (1) all principal payments (including Unscheduled Principal Payments and any casualty or
condemnation proceeds and any proceeds from the exercise of remedies (including liquidation proceeds)) received during the related Due Period in respect of (a) Eligible Investments (other than Eligible Investments purchased with Interest
Proceeds, Eligible Investments in the Funded Companion Participation Acquisition Account and any amount representing the accreted portion of a discount from the face amount of a Collateral Interest or an Eligible Investment) and (b) Collateral
Interests as a result of (i) a maturity, scheduled amortization or mandatory prepayment on a Collateral Interest, (ii) optional prepayments made at the option of the related borrower, (iii) recoveries on Defaulted Collateral Interests
and Credit Risk Collateral Interests, or (iv) any other principal payments received with respect to Collateral Interests; 

(2) Sale Proceeds received during such Due Period in respect of sales in accordance with the Transaction Documents and
excluding (i) accrued interest included in Sale Proceeds, (ii) any reimbursement of expenses included in such Sale Proceeds and (iii) other than in the case of any Sale Proceeds attributable to REO Properties, any portion of such
Sale Proceeds that are in excess of the outstanding principal balance of the related Collateral Interest or Eligible Investment; 

(3) any interest received during such Due Period on such Collateral Interests or Eligible Investments to the extent such
interest constitutes proceeds from accrued interest purchased with Principal Proceeds other than accrued interest purchased by the Issuer on or prior to the Closing Date; 

(4) all Cash payments of interest received during such Due Period on Defaulted Collateral Interests; 

(5) any principal payments received in Cash by the Issuer during the related Due Period on any asset held by a Permitted
Subsidiary; 
 (6) any Loss Value Payment received by the Issuer from the Seller; 

(7) Cash and Eligible Investments that are contributed by the Holders of the Class H Notes and designated as
“Principal Proceeds” on or before the Determination Date; and 
 (8) Cash and Eligible Investments transferred from
the Funded Companion Participation Acquisition Account to the Payment Account pursuant to Section 10.2; 
 minus
(B) the aggregate amount of (1) any Nonrecoverable Interest Advances that were not previously reimbursed to the Advancing Agent, the Backup Advancing Agent or the Trustee from Interest Proceeds, (2) any amounts paid to the Servicer,
Special Servicer or Operating Advisor pursuant to the terms of the Servicing Agreement out of amounts that would otherwise be Principal Proceeds and (3) the portion of the amounts set forth in clauses (1) and (2) above that represent
Permitted Principal Proceeds that were deposited by the Issuer (at the direction of the Retention Holder) into the Funded Companion Participation Acquisition Account for the acquisition of Funded Companion Participations. 

  
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 “Priority of Payments”: The meaning specified in
Section 11.1(a). 
 “Privileged Person”: Any of the following: the Placement Agents and their
designees, the Servicer, the Primary Servicer, the Special Servicer, the Trustee, the Paying Agent, the Note Administrator, the Seller, the Operating Advisor, the Advancing Agent, the Issuer, any Person who provides the Note Administrator with an
Investor Certification and any Rating Agency or other NRSRO that delivers an NRSRO Certification to the Note Administrator (which Investor Certification and NRSRO Certification may be submitted electronically by means of the Note
Administrator’s Website). Any Person who provides the Note Administrator with an Investor Certification in the form of Exhibit Q-2 shall not be deemed a Privileged Person and shall be entitled to
access only the Monthly Report. 
 “Proceeding”: Any suit in equity, action at law or other judicial or administrative
proceeding. 
 “QIB”: A “qualified institutional buyer” as defined in Rule 144A. 

“Qualified Purchaser”: A “qualified purchaser” within the meaning of Section 2(a)(51) of the 1940 Act or an
entity owned exclusively by one or more such “qualified purchasers.” 
 “Qualified REIT Subsidiary”: A
corporation that, for U.S. federal income tax purposes, is wholly-owned by a real estate investment trust under Section 856(i)(2) of the Code. 

“Rating Agencies”: KBRA and Moody’s and any successor thereto, or, with respect to the Collateral generally, if at any
time KBRA or Moody’s or any such successor ceases to provide rating services with respect to the Notes or certificates similar to the Notes, any other NRSRO selected by the Issuer and reasonably satisfactory to a Majority of the Notes voting as
a single Class. 
 “Rating Agency Condition”: A condition that is satisfied if: 

(a) the party required to satisfy the Rating Agency Condition (the “Requesting Party”) has made a written
request to each Rating Agency for a No Downgrade Confirmation; and 
 (b) any one of the following has occurred with respect
to each such Rating Agency: 
 (i) a No Downgrade Confirmation has been received from such Rating Agency; or 

  
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 (ii) (A) within ten (10) Business Days of such request being sent
to such Rating Agency, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for confirmation; 

(B) the Requesting Party has confirmed that such Rating Agency has received the confirmation request; 

(C) the Requesting Party promptly requests the No Downgrade Confirmation a second time; and 

(D) there is no response to either confirmation request within five (5) Business Days of such second request. 

“Record Date”: With respect to any Holder and any Payment Date, the Business Day immediately preceding such Payment Date.

 “Redemption Date”: Any Payment Date specified for a redemption of the Notes pursuant to
Section 9.1. 
 “Redemption Price”: The Redemption Price of each Class of Notes on a
Redemption Date will be calculated as follows: 
 Class A Notes. The redemption price for the Class A Notes
will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class A Notes to be redeemed, together with the Class A Interest Distribution Amount (plus any Class A Defaulted
Interest Amount) due on the applicable Redemption Date; 
 Class A-S
Notes. The redemption price for the Class A-S Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the
Class A-S Notes to be redeemed, together with the Class A-S Interest Distribution Amount (plus any
Class A-S Defaulted Interest Amount) due on the applicable Redemption Date; 

Class B Notes. The redemption price for the Class B Notes will be calculated on the related Determination Date
and will equal the Aggregate Outstanding Amount of the Class B Notes to be redeemed, together with the Class B Interest Distribution Amount (plus any Class B Defaulted Interest Amount) due on the applicable Redemption Date;

 Class C Notes. The redemption price for the Class C Notes will be calculated on the related Determination
Date and will equal the Aggregate Outstanding Amount of the Class C Notes (including any Class C Deferred Interest) to be redeemed, together with the Class C Interest Distribution Amount (plus any Class C Defaulted
Interest Amount) due on the applicable Redemption Date; 
 Class D Notes. The redemption price for the
Class D Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class D Notes (including any Class D Deferred Interest) to be redeemed, together with the Class D Interest
Distribution Amount (plus any Class D Defaulted Interest Amount) due on the applicable Redemption Date; 

  
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 Class D-E Notes. The
redemption price for the Class D-E Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class D-E
Notes (including any Class D-E Deferred Interest) to be redeemed, together with the Class D-E Interest Distribution Amount (plus any Class D-E Defaulted Interest Amount) due on the applicable Redemption Date; 
 Class D-X Notes. The redemption price for the Class D-X Notes will be calculated on the related Determination Date and will equal the
Class D-X Interest Distribution Amount (plus any Class D-X Defaulted Interest Amount) due on the applicable Redemption Date; 

Class E Notes. The redemption price for the Class E Notes will be calculated on the related Determination Date
and will equal the Aggregate Outstanding Amount of the Class E Notes (including any Class E Deferred Interest) to be redeemed, together with the Class E Interest Distribution Amount (plus any Class E Defaulted Interest
Amount) due on the applicable Redemption Date; 
 Class E-E Notes. The
redemption price for the Class E-E Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class E-E
Notes (including any Class E-E Deferred Interest) to be redeemed, together with the Class E-E Interest Distribution Amount (plus any Class E-E Defaulted Interest Amount) due on the applicable Redemption Date; 
 Class E-X Notes. The redemption price for the Class E-X Notes will be calculated on the related Determination Date and will equal the
Class E-X Interest Distribution Amount (plus any Class E-X Defaulted Interest Amount) due on the applicable Redemption Date; 

Class F Notes. The redemption price for the Class F Notes will be calculated on the related Determination Date
and will equal the Aggregate Outstanding Amount of the Class F Notes (including any Class F Deferred Interest) to be redeemed, together with the Class F Interest Distribution Amount (plus any Class F Defaulted Interest
Amount) due on the applicable Redemption Date; 
 Class F-E Notes. The
redemption price for the Class F-E Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class F-E
Notes (including any Class F-E Deferred Interest) to be redeemed, together with the Class F-E Interest Distribution Amount (plus any Class F-E Defaulted Interest Amount) due on the applicable Redemption Date; 
 Class F-X Notes. The redemption price for the Class F-X Notes will be calculated on the related Determination Date and will equal the
Class F-X Interest Distribution Amount (plus any Class F-X Defaulted Interest Amount) due on the applicable Redemption Date; 

Class G Notes. The redemption price for the Class G Notes will be calculated on the related Determination Date
and will equal the Aggregate Outstanding Amount of the Class G Notes (including any Class G Deferred Interest) to be redeemed, together with the Class G Interest Distribution Amount (plus any Class G Defaulted Interest
Amount) due on the applicable Redemption Date; 

  
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 Class G-E Notes. The
redemption price for the Class G-E Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class G-E
Notes (including any Class G-E Deferred Interest) to be redeemed, together with the Class G-E Interest Distribution Amount (plus any Class G-E Defaulted Interest Amount) due on the applicable Redemption Date; 
 Class G-X Notes. The redemption price for the Class G-X Notes will be calculated on the related Determination Date and will equal the
Class G-X Interest Distribution Amount (plus any Class G-X Defaulted Interest Amount) due on the applicable Redemption Date; and 

Class H Notes. The redemption price for the Class H Notes will be calculated on the related Determination Date
and will be equal to the sum of all net proceeds from the sale of the Collateral in accordance with Article 12 and Cash, if any, remaining after payment of all amounts and expenses, including payments made in respect of the
Notes, described under clauses (1) through (18) of Section 11.1(a)(iii); provided that if there are no such net proceeds or Cash remaining, the redemption price for the Class H Notes
shall be equal to $0. 
 “Reference Time”: With respect to any determination of the Benchmark, (i) if the Benchmark is
Term SOFR, 3:00 p.m. (New York City time) on the Benchmark Determination Date and (ii) if the Benchmark is not Term SOFR, the time determined by the Directing Holder in accordance with the Benchmark Replacement Conforming Changes. 

“Registered”: With respect to any debt obligation, a debt obligation that is issued after July 18, 1984, and that is in
registered form for purposes of the Code. 
 “Regulation S”: Regulation S under the Securities Act. 

“Regulation S Global Note”: The meaning specified in Section 2.2(b)(iii). 

“Reimbursement Interest”: Interest accrued on the amount of any Interest Advance made by the Advancing Agent, the Backup
Advancing Agent or the Trustee for so long as it is outstanding, at the Reimbursement Rate, which Reimbursement Interest is hereby waived by the Advancing Agent for so long as (i) the Advancing Agent is FS Credit REIT or any of its Affiliates
and (ii) any of FS Credit REIT or any of its Affiliates owns the Class H Notes. 
 “Reimbursement Rate”: A rate
per annum equal to the “prime rate” as published in the “Money Rates” section of The Wall Street Journal, as such “prime rate” may change from time to time. If more than one “prime rate” is
published in The Wall Street Journal for a day, the average of such “prime rates” will be used, and such average will be rounded up to the nearest one-eighth of one percent (0.125%). If the
“prime rate” contained in The Wall Street Journal is not readily ascertainable, the Servicer will select an equivalent publication that publishes such “prime rate,” and if such “prime rates” are no longer generally
published or are limited, regulated or administered by a governmental authority or quasigovernmental body, then the Servicer will select, in its reasonable discretion, a comparable interest rate index. 

“REIT”: A “real estate investment trust” under the Code. 

  
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 “Relevant Governmental Body”: The Federal Reserve Board and/or the Federal
Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“Remittance Date”: The meaning specified in the Servicing Agreement. 

“REO Account”: The meaning specified in the Servicing Agreement. 

“REO Property”: The meaning specified in the Servicing Agreement. 

“Repurchase Request”: The meaning specified in Section 7.17. 

“Retained Interest”: The meaning specified in the Collateral Interest Purchase Agreement. 

“Retained Notes”: 100% of the Class F Notes, the Class G Notes (and related MASCOT Notes for which the Class F
Notes or the Class G Notes are exchanged) and the Class H Notes retained by the Retention Holder on the Closing Date. 

“Retained Offered Notes”: The Class D Notes and the Class E Notes. 

“Retention Holder”: FS Rialto 2022-FL7 Holder, LLC, a Delaware limited liability
company. 
 “Rule 144A”: Rule 144A under the Securities Act. 

“Rule 144A Global Note”: The meaning specified in Section 2.2(b)(i). 

“Rule 144A Information”: The meaning specified in Section 7.13. 

“Rule 17g-5”: The meaning specified in Section 14.12(a).

 “Sale”: The meaning specified in Section 5.17(a). 

“Sale Proceeds”: All proceeds (including accrued interest) received with respect to Collateral Interests and Eligible
Investments as a result of sales of such Collateral Interests and Eligible Investments, sales in connection with the exercise of a purchase option by a mezzanine lender, and sales in connection with a repurchase for a Material Breach or a Material
Document Defect, in each case, net of any reasonable out-of-pocket expenses of the Trustee, the Custodian, the Note Administrator, or the Servicer under the Servicing
Agreement in connection with any such sale. 
 “SEC”: The Securities and Exchange Commission. 

“Secured Notes”: The Offered Notes together with the Class F Notes and the Class G Notes (and related MASCOT Notes
for which the Class F Notes or the Class G Notes are exchanged). 

  
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 “Secured Parties”: Collectively, the Trustee, the Custodian, the Note
Administrator, the Advancing Agent, the holders of the Secured Notes, the Servicer, the Special Servicer and the Operating Advisor, each as their interests appear in applicable Transaction Documents. 

“Securities Account”: The meaning specified in Section 8-501(a) of the UCC. 

“Securities Account Control Agreement”: The meaning specified in Section 3.3(b). 

“Securities Act”: The Securities Act of 1933, as amended. 

“Securities Intermediary”: The meaning specified in Section 3.3(b) or another financial institution
whose long-term rating is at least equal to “A2” by Moody’s and a long term unsecured debt rating of at least “BBB+” by KBRA, or if not rated by KBRA, at least an equivalent rating by two other NRSROs (or such lower rating
as the Rating Agencies shall approve) and agrees to act as a “securities intermediary” (within the meaning of Section 8-102(a)(14) of the UCC as in effect in the State of New York) on behalf of
the Note Administrator on behalf of the Secured Parties pursuant to an account control agreement in form and substance similar to the Securities Account Control Agreement. 

“Security Entitlement”: The meaning specified in Section 8-102(a)(17) of the
UCC. 
 “Seller”: FS CREIT Finance Holdings LLC, a Delaware limited liability company. 

“Senior AB Pari Passu Participation”: A Collateral Interest that is a participation interest (or an A Note) in a Commercial
Real Estate Loan pursuant to a participation agreement (or intercreditor agreement) in which the interest acquired by the Issuer is senior to one or more Junior Participations but is pari passu with one or more other senior pari passu
participation interests (or A notes) that are not acquired by the Issuer and which each are the senior-most interest in such Commercial Real Estate Loan. 

“Senior AB Participation”: A Collateral Interest that is a participation interest (or an A note) in a Commercial Real Estate
Loan pursuant to a participation agreement (or intercreditor agreement) in which the interest acquired by the Issuer is senior to one or more Junior Participations. 

“Sensitive Asset”: (i) A Collateral Interest, or a portion thereof, or (ii) a real property or other interest
(including, without limitation, an interest in real property) resulting from the conversion, exchange, other modification or exercise of remedies with respect to a Collateral Interest or portion thereof, in either case, as to which the Special
Servicer has determined, based on an Opinion of Counsel, could give rise to a material liability of the Issuer (including liability for taxes) if held directly by the Issuer. 

“Serviced Commercial Real Estate Loans”: The meaning specified in the Servicing Agreement. 

  
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 “Servicer”: Wells Fargo Bank, National Association, solely in its capacity
as servicer under the Servicing Agreement, together with its permitted successors and assigns or any successor Person that shall have become the servicer pursuant to the appropriate provisions of the Servicing Agreement. 

“Servicing Accounts”: The Escrow Accounts, the Collection Account, the Participated Loan Collection Account, the REO Accounts
and the Cash Collateral Accounts, each as established under and defined in the Servicing Agreement. 
 “Servicing
Advances”: The meaning specified in the Servicing Agreement. 
 “Servicing Agreement”: The Servicing Agreement,
dated as of the Closing Date, by and among the Issuer, the Trustee, the Note Administrator, the Servicer, the Special Servicer, the Operating Advisor and the Advancing Agent, as amended, supplemented or otherwise modified from time to time in
accordance with its terms. 
 “Servicing Standard”: The meaning specified in the Servicing Agreement. 

“Similar Law”: Any federal, state, local or other law that is substantially similar to Section 406 of ERISA or
Section 4975 of the Code. 
 “SOFR”: With respect to any calendar day, the secured overnight financing rate published
for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website. 

“SOFR Business Day”: Any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets
Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

“Special Servicer”: Rialto Capital Advisors, LLC, a Delaware limited liability company, solely in its capacity as special
servicer under the Servicing Agreement, together with its permitted successors and assigns or any successor Person that shall have become the special servicer pursuant to the appropriate provisions of the Servicing Agreement. 

“Special Servicing Fee”: The meaning specified in the Servicing Agreement. 

“Specially Serviced Loan”: The meaning specified in the Servicing Agreement. 

“Specified Person”: The meaning specified in Section 2.6. 

“Sponsor”: FS Credit REIT. 

“Stated Maturity Date”: The Payment Date in October 2039. 

“Sub-REIT”: FS Rialto Sub-REIT LLC, a
Delaware limited liability company. 

  
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 “Subsequent Transfer Instrument”: A transfer instrument substantially in
the form of Exhibit C to the Collateral Interest Purchase Agreement. 
 “Successful Auction”: Either (i) an auction
that is conducted in accordance with the provisions specified in this Indenture, which includes the requirement that the aggregate Cash purchase price for all of the Collateral Interests, together with the balance of all Eligible Investments and
Cash in the Payment Account, will be at least equal to the Total Redemption Price or (ii) the purchase of all of the Collateral Interests by the Majority Class H Noteholder for a price that, together with the balance of all Eligible
Investments and Cash in the Payment Account, is equal to the Total Redemption Price. 
 “Supermajority”: With respect to
any Class of Notes, the Holders of at least 66-2/3% of the Aggregate Outstanding Amount of the Notes of such Class. 

“Tax Event”: (i) Any borrower is, or on the next scheduled payment date under any Collateral Interest, will be, required to
deduct or withhold from any payment under any Collateral Interest to the Issuer for or on account of any tax for whatever reason and such borrower is not required to pay to the Issuer such additional amount as is necessary to ensure that the net
amount actually received by the Issuer (free and clear of taxes, whether assessed against such borrower or the Issuer) will equal the full amount that the Issuer would have received had no such deduction or withholding been required, (ii) any
jurisdiction imposes net income, profits, or similar tax on the Issuer or (iii) the Issuer fails to maintain its status as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes. 

“Tax Materiality Condition”: The condition that will be satisfied if either (i) as a result of the occurrence of a Tax
Event, a tax or taxes are imposed on the Issuer or withheld from payments to the Issuer and with respect to which the Issuer receives less than the full amount that the Issuer would have received had no such deduction occurred and such amount
exceeds, in the aggregate, $1,000,000 during any twelve (12)-month period or (ii) the Issuer fails to maintain its status as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes. 

“Tax Redemption”: The meaning specified in Section 9.1(b). 

“Term SOFR”: The one-month forward-looking term SOFR, as reported on the CME Market
Data Platform (or any alternative source designated by the Term SOFR Administrator from time to time) for the rate currently identified as “1 Month CME Term SOFR,” which will be determined as described on Schedule B hereto. 

“Term SOFR Administrator”: CME Group Benchmark Administration Limited or a successor administrator of the rate currently
identified as “1 Month CME Term SOFR”, as applicable. 
 “Term SOFR Source”: CME Market Data Platform (or any
alternative source designated by CME Group Benchmark Administration Limited, as administrator of Term SOFR, from time to time) for the rate currently identified as “1 Month CME Term SOFR.” 

  
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 “Total Redemption Price”: The amount equal to funds sufficient to pay all
amounts and expenses described under clauses (1) through (4) of Section 11.1(a)(i) (without regard to any cap contained therein) and to redeem all Notes at their applicable Redemption Prices. 

“Transaction Documents”: This Indenture, the Placement Agreement, the Collateral Interest Purchase Agreement, the U.S. Risk
Retention Agreement, the UK Risk Retention Letter, the Participation Agreements, the Future Funding Agreement, the Securities Account Control Agreement, the Future Funding Reserve Account Control Agreement and the Servicing Agreement. 

“Transfer Agent”: The Person or Persons, which may be the Issuer, authorized by the Issuer to exchange or register the
transfer of Notes in its capacity as Transfer Agent. 
 “Treasury Regulations”: Temporary or final regulations promulgated
under the Code by the United States Treasury Department. 
 “Trust Officer”: When used with respect to (i) the
Trustee, any officer of the Corporate Trust Office of the Trustee with direct responsibility for the administration of this Indenture and also, with respect to a particular matter, any other officer to whom such matter is referred because such
officer’s knowledge of and familiarity with the particular subject and (ii) the Note Administrator, any officer of the Corporate Trust Services group of the Note Administrator with direct responsibility for the administration of this
Indenture and also, with respect to a particular matter, any other officer to whom a particular matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

“Trustee”: Wilmington Trust, National Association, solely in its capacity as trustee hereunder, unless a successor Person
shall have become the Trustee pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such successor Person. 

“Trustee and Note Administrator Fee”: The fee payable monthly in arrears on each Payment Date to the Note Administrator and
the Trustee in accordance with the Priority of Payments, equal to $4,750 (a portion of which shall be payable to the Trustee by the Note Administrator). 

“Two Quarter Future Advance Estimate”: The meaning specified in the Servicing Agreement. 

“UCC”: The applicable Uniform Commercial Code. 

“UK Retention Holder”: FS Credit REIT. 

“UK Retention Holder Originated Collateral Interest”: A Collateral Interest as to which the UK Retention Holder either
(i) itself or through related entities, directly or indirectly, was involved in the original agreement which created such Collateral Interest or (ii) acquired such Collateral Interest from a third party for its own account before the sale
or transfer of that Collateral Interest to the Issuer, in each case as contemplated by Article 2(3) of each Securitization Regulation (as defined in the UK Risk Retention Letter). 

  
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 “UK Risk Retention Letter”: That certain risk retention letter delivered by
the UK Retention Holder and the Retention Holder to the Issuer, the Trustee, the Note Administrator and the Placement Agents, dated the Closing Date. 

“Unadjusted Benchmark Replacement”: The Benchmark Replacement, excluding the applicable Benchmark Replacement Adjustment.

 “Underlying Commercial Real Estate Loan”: With respect to any Collateral Interest that is a Participation, the
Commercial Real Estate Loan in which such Participation represents a participation interest. 
 “United States” and
“U.S.”: The United States of America, including any state and any territory or possession administered thereby. 

“Unscheduled Principal Payments”: Any proceeds received by the Issuer from an unscheduled prepayment or redemption (in whole
but not in part) by the obligor of a Commercial Real Estate Loan prior to the stated maturity date of such related Collateral Interest. 

“Updated Appraisal”: The meaning specified in the Servicing Agreement. 

“U.S. Person”: The meaning specified in Regulation S. 

“U.S. Risk Retention Agreement”: The U.S. Credit Risk Retention Agreement, dated as of the Closing Date, by and between the
Sponsor and the Issuer as amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“WFS”: Wells Fargo Securities, LLC. 

Section 1.2 Interest Calculation Convention. All calculations of interest hereunder that are made with respect to the Notes shall
be made on the basis of the actual number of days during the related Interest Accrual Period divided by three hundred sixty (360). 

Section 1.3 Rounding Convention. Unless otherwise specified herein, test calculations that are evaluated as a percentage will be
rounded to the nearest ten thousandth of a percentage point and test calculations that are evaluated as a number or decimal will be rounded to the nearest one hundredth of a percentage point. 

ARTICLE 2 
 THE NOTES

 Section 2.1 Forms Generally. 

The Notes and the Authenticating Agent’s certificate of authentication thereon (the “Certificate of Authentication”)
shall be in substantially the forms required by this Article 2, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon, as may be consistent herewith, determined by the Authorized Officers of the Issuer executing such Notes as evidenced by their execution of such Notes. Any
portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 

  
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 Section 2.2 Forms of Notes and Certificate of Authentication. 

(a) Form. The form of each Class of the Notes, including the Certificate of Authentication, shall be substantially as set forth in
Exhibits A-1, A-2, B-1, B-2, C-1, C-2, D-1, D-2,
E-1, E-2, E-3, E-4, E-5, G-6, F-1, F-2, F-3,
F-4, F-5, F-6, G-1,
G-2, G-3, G-4, G-5,
G-6, H-1, H-2, H-3,
H-4, H-5, H-6, I-1 and I-2 hereto. 
 (b) Global Notes and Definitive Notes. 

(i) The Notes initially offered and sold in the United States to (or to U.S. Persons who are) QIBs may be represented by one or
more permanent global notes in definitive, fully registered form without interest coupons with the applicable legend set forth in Exhibits A-1,
B-1, C-1, D-1, E-1,
E-3, E-5, F-1, F-3,
F-5, G-1, G-3, G-5,
H-1, H-3, H-5 and I-1 hereto added to the form of such Notes
(each, a “Rule 144A Global Note”), which shall be registered in the name of Cede & Co., as the nominee of the Depository and deposited with the Note Administrator, as custodian for the Depository, duly executed by the
Issuer and authenticated by the Authenticating Agent as hereinafter provided. The aggregate principal amount of the Rule 144A Global Notes may from time to time be increased or decreased by adjustments made on the records of the Note Administrator
or the Depository or its nominee, as the case may be, as hereinafter provided. 
 (ii) Notes initially offered and sold in
the United States to (or to U.S. Persons who are) IAIs shall be, and the Notes offered and sold in the United States to (or to U.S. Persons who are) QIBs may be, issued in definitive form, registered in the name of the legal or beneficial owner
thereof attached without interest coupons with the applicable legend set forth in Exhibits A-2, B-2, C-2,
D-2, E-2, E-4, E-6,
F-2, F-4, F-6, G-2,
G-4, G-6, H-2, H-4,
H-6 and I-2 hereto added to the form of such Notes (each, a “Definitive Note”), which shall be duly executed by the Issuer and authenticated
by the Authenticating Agent as hereinafter provided. The aggregate principal amount of the Definitive Notes may from time to time be increased or decreased by adjustments made on the records of the Note Administrator or the Depository or its
nominee, as the case may be, as hereinafter provided. 
 (iii) The Notes initially sold in offshore transactions in reliance
on Regulation S shall be represented by one or more permanent global notes in definitive, fully registered form without interest coupons with the applicable legend set forth in Exhibits A-1, B-1, C-1, D-1, E-1,
E-3, E-5, F-1, F-3, F-5, G-1, G-3, G-5, H-1,
H-3, H-5 and I-1 hereto added to the form of such Notes (each, a “Regulation S Global
Note”), which shall be deposited on behalf of the subscribers for such Notes represented thereby with the Note Administrator as custodian for the Depository and registered in the name of a nominee of the Depository for the respective
accounts of Euroclear and Clearstream, Luxembourg or their respective depositories, duly executed by the Issuer and authenticated by the Authenticating Agent as hereinafter provided. The aggregate principal amount of the Regulation S Global Notes
may from time to time be increased or decreased by adjustments made on the records of the Note Administrator or the Depository or its nominee, as the case may be, as hereinafter provided. 

  
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 (c) Book-Entry Provisions. This Section 2.2(c) shall apply
only to Global Notes deposited with or on behalf of the Depository. 
 The Issuer shall execute and the Authenticating Agent shall, in
accordance with this Section 2.2(c), authenticate and deliver initially one or more Global Notes that shall be (i) registered in the name of the nominee of the Depository for such Global Note or Global Notes and
(ii) delivered by the Note Administrator to such Depository or pursuant to such Depository’s instructions or held by the Note Administrator’s agent as custodian for the Depository. 

Agent Members shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Note Administrator, as
custodian for the Depository or under the Global Note, and the Depository may be treated by the Issuer, the Trustee, the Note Administrator, the Servicer, the Special Servicer and the Operating Advisor and any of their respective agents as the
absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee, the Note Administrator, the Servicer, the Special Servicer, the Operating Advisor or any of their
respective agents, from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of
the rights of a Holder of any Global Note. 
 (d) Delivery of Definitive Notes in Lieu of Global Notes. Except as provided in
Section 2.10, owners of beneficial interests in a Class of Global Notes shall not be entitled to receive physical delivery of a Definitive Note. 

Section 2.3 Authorized Amount; Stated Maturity Date; and Denominations. 

(a) The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is limited to $814,814,352, except
for (i) Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 2.5, 2.6 or 8.5 and (ii) any Deferred Interest. 

  
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 Such Notes shall be divided into nine (9) Classes having designations and original
principal amounts as follows: 
  

					
	 Designation
	  	Original
Principal
Amount	 
	 Class A Senior Secured Floating Rate Notes Due 2039
	  	$	431,851,000	 
	 Class A-S Second Priority Secured Floating Rate Notes
Due 2039
	  	$	114,074,000	 
	 Class B Third Priority Secured Floating Rate Notes Due 2039
	  	$	45,833,000	 
	 Class C Fourth Priority Secured Floating Rate Notes Due 2039
	  	$	45,834,000	 
	 Class D Fifth Priority Secured Floating Rate Notes Due 2039(1)
	  	$	37,685,000	 
	 Class E Sixth Priority Secured Floating Rate Notes Due 2039(1)
	  	$	16,296,000	 
	 Class F Seventh Priority Secured Floating Rate Notes Due 2039(1)
	  	$	29,537,000	 
	 Class G Eighth Priority Secured Floating Rate Notes Due 2039(1)
	  	$	18,334,000	 
	 Class H Income Notes Due 2039
	  	$	75,370,352	 

  

	(1) 	 At any time on or after the Initial MASCOT Note Issuance Date the Class D Notes, the Class E Notes,
the Class F Notes and the Class G Notes are exchangeable notes (the “Exchangeable Notes”) and are exchangeable for proportionate interests in the related MASCOT Notes as set forth in Section 2.16.
All or a portion of (i) the Class D Notes may be exchanged for proportionate interests in the Class D-E Notes (the “Class D-E
Notes”) and the Class D-X Notes (the “Class D-X Notes”), (ii) the Class E Notes may be exchanged for proportionate
interests in the Class E-E Notes (the “Class E-E Notes”) and the Class E-X Notes
(the “Class E-X Notes”), (iii) the Class F Notes may be exchanged for proportionate interests in the Class F-E Notes (the
“Class F-E Notes”) and the Class F-X Notes (the “Class F-X
Notes”), and (iv) the Class G Notes may be exchanged for proportionate interests in the Class G-E Notes (the
“Class G-E Notes” and, collectively with the Class D-E Notes, the Class E-E Notes
and the Class F-E Notes, the “MASCOT P&I Notes”) and the Class G-X Notes (the
“Class G-X Notes” and, collectively with the Class D-X Notes, the Class E-X Notes
and the Class F-X Notes, the “MASCOT Interest Only Notes,” and together with the MASCOT P&I Notes, the “MASCOT Notes”), and vice versa. 

(b) The Notes shall be issuable in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 Section 2.4 Execution, Authentication, Delivery and Dating. 

The Notes shall be executed on behalf of the Issuer by an Authorized Officer of the Issuer. The signature of such Authorized Officers on the
Notes may be manual or facsimile. 
 Notes bearing the manual or facsimile signatures of individuals who were at any time the Authorized
Officers of the Issuer shall bind the Issuer, notwithstanding the fact 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 issuance
of such Notes. 

  
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 At any time and from time to time after the execution and delivery of this Indenture, the
Issuer may deliver Notes executed by the Issuer to the Authenticating Agent for authentication and the Authenticating Agent, upon Issuer Order, shall authenticate and deliver such Notes as provided in this Indenture and not otherwise. 

Each Note authenticated and delivered by the Authenticating Agent upon Issuer Order on the Closing Date shall be dated as of the Closing Date.
All other Notes that are authenticated after the Closing Date for any other purpose under this Indenture shall be dated the date of their authentication. 

Notes issued upon transfer, exchange or replacement of other Notes shall be issued in authorized denominations reflecting the original
aggregate principal amount of the Notes so transferred, exchanged or replaced, but shall represent only the current outstanding principal amount of the Notes so transferred, exchanged or replaced. In the event that any Note is divided into more than
one Note in accordance with this Article 2, the original principal amount of such Note shall be proportionately divided among the Notes delivered in exchange therefor and shall be deemed to be the original aggregate
principal amount of such subsequently issued Notes. 
 No Note shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose, unless there appears on such Note a Certificate of Authentication, substantially in the form provided for herein, executed by the Note Administrator or by the Authenticating Agent by the manual signature of one of their
Authorized Officers, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

Section 2.5 Registration, Registration of Transfer and Exchange. 

(a) The Issuer shall cause to be kept a register (the “Notes Register”) in which, subject to such reasonable regulations as
it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers and exchanges of Notes. The Note Administrator is hereby initially appointed “Notes Registrar” for the purpose of maintaining
the Notes Registrar and registering Notes and transfers and exchanges of such Notes with respect to the Notes Register kept in the United States as herein provided. Upon any resignation or removal of the Notes Registrar, the Issuer shall promptly
appoint a successor or, in the absence of such appointment, assume the duties of Notes Registrar. 
 The name and address of each Noteholder
and the principal amounts and stated interest of each such Noteholder in its Notes shall be recorded by the Notes Registrar in the Notes Register. For the avoidance of doubt, the Notes Register is intended to be and shall be maintained so as to
cause the Notes to be considered issued in registered form under Treasury Regulations Section 5f.103-1(c). 

If a Person other than the Note Administrator is appointed by the Issuer as Notes Registrar, the Issuer shall give the Note Administrator
prompt written notice of the appointment of a successor Notes Registrar and of the location, and any change in the location, of the Notes Register, and the Note Administrator shall have the right to inspect the Notes Register at all reasonable times
and to obtain copies thereof and the Note Administrator shall have the right to rely upon a certificate executed on behalf of the Notes Registrar by an Authorized Officer thereof as to the names and addresses of the Holders of the Notes and the
principal amounts and numbers 

  
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of such Notes. In addition, the Notes Registrar shall be required, within one (1) Business Day of each Record Date, to provide the Note Administrator with a copy of the Notes Registrar in
the format required by, and with all accompanying information regarding the Noteholders as may reasonably be required by the Note Administrator. 

Subject to this Section 2.5, upon surrender for registration of transfer of any Notes at the office or agency of the
Issuer to be maintained as provided in Section 7.2, the Issuer shall execute, and the Authenticating Agent shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of
any authorized denomination and of a like aggregate principal amount. 
 At the option of the Holder, Notes may be exchanged for Notes of
like terms, in any authorized denominations and of like aggregate principal amount, upon surrender of the Notes to be exchanged at the office or agency of the Issuer to be maintained as provided in Section 7.2. Whenever any
Note is surrendered for exchange, the Issuer shall execute, and the Authenticating Agent shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive. 

All Notes issued and authenticated upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer
evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument
of transfer in form satisfactory to the Issuer and the Notes Registrar duly executed by the Holder thereof or his attorney duly authorized in writing. 

No service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Note Administrator may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Neither the Notes Registrar
nor the Issuer shall be required (i) to issue, register the transfer of or exchange any Note during a period beginning at the opening of business fifteen (15) days before any selection of Notes to be redeemed and ending at the close of
business on the day of the mailing of the relevant notice of redemption, or (ii) to register the transfer of or exchange any Note so selected for redemption. 

(b) No Note may be sold or transferred (including, without limitation, by pledge or hypothecation) unless such sale or transfer is exempt from
the registration requirements of the Securities Act and is exempt from the registration requirements under applicable securities laws of any state or other jurisdiction. 

(c) No Note may be offered, sold, resold or delivered, within the United States or to, or for the benefit of, U.S. Persons except in
accordance with Section 2.5(e) below and in accordance with Rule 144A to QIBs or, solely with respect to Definitive Notes, IAIs who are also Qualified Purchasers purchasing for their own account or for the accounts of one
or more QIBs or IAIs who are also Qualified Purchasers, for which the purchaser is acting as fiduciary or agent. 

  
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The Notes may be offered, sold, resold or delivered, as the case may be, in offshore transactions to non-U.S. Persons in reliance on Regulation S which are
also Qualified Purchasers. None of the Issuer, the Note Administrator, the Trustee or any other Person may register the Notes under the Securities Act or the securities laws of any state or other jurisdiction. 

(d) Upon final payment due on the Stated Maturity Date of a Note, the Holder thereof shall present and surrender such Note at the Corporate
Trust Office of the Note Administrator or at the office of the Paying Agent (outside the United States if then required by applicable law in the case of a Note in definitive form issued in exchange for a beneficial interest in a Regulation S Global
Note pursuant to Section 2.10). 
 (e) Transfers of Global Notes. Notwithstanding any provision to the
contrary herein, so long as a Global Note remains outstanding and is held by or on behalf of the Depository, transfers of a Global Note, in whole or in part, shall be made only in accordance with Section 2.2(c) and this
Section 2.5(e). 
 (i) Except as otherwise set forth below, transfers of a Global Note shall be
limited to transfers of such Global Note in whole, but not in part, to nominees of the Depository or to a successor of the Depository or such successor’s nominee. Transfers of a Global Note to a Definitive Note may only be made in accordance
with Section 2.10. 
 (ii) Regulation S Global Note to Rule 144A Global Note or Definitive
Note. If a holder of a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding Rule 144A Global Note or for a Definitive Note or to
transfer its interest in such Regulation S Global Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Rule 144A Global Note or for a Definitive Note, such holder may, subject to the immediately
succeeding sentence and the rules and procedures of Euroclear, Clearstream, Luxembourg and/or DTC, as the case may be, exchange or transfer, or cause the exchange or transfer of, such interest for an equivalent beneficial interest in the
corresponding Rule 144A Global Note or for a Definitive Note. Upon receipt by the Note Administrator or the Notes Registrar of: 

(1) if the transferee is taking a beneficial interest in a Rule 144A Global Note, instructions from Euroclear, Clearstream,
Luxembourg and/or DTC, as the case may be, directing the Notes Registrar to cause to be credited a beneficial interest in the corresponding Rule 144A Global Note in an amount equal to the beneficial interest in such Regulation S Global Note, but not
less than the minimum denomination applicable to such holder’s Notes to be exchanged or transferred, such instructions to contain information regarding the participant account with DTC to be credited with such increase and a duly completed
certificate in the form of Exhibit J-2 attached hereto; or 
 (2) if the
transferee is taking a Definitive Note, a duly completed transfer certificate in substantially the form of Exhibit J-3 hereto, certifying that such transferee is an IAI, 

  
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 then the Notes Registrar shall either (x) if the transferee is taking a beneficial interest in a Rule
144A Global Note, approve the instructions at DTC to reduce, or cause to be reduced, the Regulation S Global Note by the aggregate principal amount of the beneficial interest in the Regulation S Global Note to be transferred or exchanged and the
Notes Registrar shall instruct DTC, concurrently with such reduction, to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the corresponding Rule 144A Global Note equal to
the reduction in the principal amount of the Regulation S Global Note or (y) if the transferee is taking an interest in a Definitive Note, the Notes Registrar shall record the transfer in the Notes Register in accordance with
Section 2.5(a) and, upon execution by the Issuer, the Authenticating Agent shall authenticate and deliver one or more Definitive Notes, as applicable, registered in the names specified in the instructions described above,
in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the interest in the Regulation S Global Note transferred by the transferor). 

(iii) Definitive Note or Rule 144A Global Note to Regulation S Global Note. If a holder of a beneficial interest in a
Rule 144A Global Note or a Holder of a Definitive Note wishes at any time to exchange its interest in such Rule 144A Global Note or Definitive Note for an interest in the corresponding Regulation S Global Note, or to transfer its interest in
such Rule 144A Global Note or Definitive Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Regulation S Global Note, such holder, provided such holder or, in the case of a transfer, the
transferee is a non- U.S. person and is acquiring such interest in an offshore transaction, may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or
cause the exchange or transfer of, such interest for an equivalent beneficial interest in the corresponding Regulation S Global Note. Upon receipt by the Note Administrator or the Notes Registrar of: 

(1) instructions given in accordance with DTC’s procedures from an Agent Member directing the Note Administrator or the
Notes Registrar to credit or cause to be credited a beneficial interest in the corresponding Regulation S Global Note, but not less than the minimum denomination applicable to such holder’s Notes, in an amount equal to the beneficial interest
in the Rule 144A Global Note or Definitive Note to be exchanged or transferred, and in the case of a transfer of Definitive Notes, such Holder’s Definitive Notes properly endorsed for assignment to the transferee; 

(2) a written order given in accordance with DTC’s procedures containing information regarding the participant account of
DTC and the Euroclear or Clearstream, Luxembourg account to be credited with such increase; 
 (3) in the case of a transfer
of Definitive Notes, a Holder’s Definitive Note properly endorsed for assignment to the transferee; and 
 (4) a duly
completed certificate in the form of Exhibit J-1 attached hereto, 

  
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 then the Note Administrator or the Notes Registrar shall approve the instructions at DTC to reduce the
principal amount of the Rule 144A Global Note (or, in the case of a transfer of Definitive Notes, the Note Administrator or the Notes Registrar shall cancel such Definitive Notes) and to increase the principal amount of the Regulation S Global Note
by the aggregate principal amount of the beneficial interest in the Rule 144A Global Note or Definitive Note to be exchanged or transferred, and to credit or cause to be credited to the securities account of the Person specified in such instructions
a beneficial interest in the corresponding Regulation S Global Note equal to the reduction in the principal amount of the Rule 144A Global Note (or, in the case of a cancellation of Definitive Notes, equal to the principal amount of Definitive Notes
so cancelled). 
 (iv) Transfer of Rule 144A Global Notes to Definitive Notes. If, in accordance with
Section 2.10, a holder of a beneficial interest in a Rule 144A Global Note wishes at any time to exchange its interest in such Rule 144A Global Note for a Definitive Note or to transfer its interest in such Rule 144A Global
Note to a Person who wishes to take delivery thereof in the form of a Definitive Note in accordance with Section 2.10, such holder may, subject to the immediately succeeding sentence and the rules and procedures of DTC,
exchange or transfer, or cause the exchange or transfer of, such interest for a Definitive Note. Upon receipt by the Note Administrator or the Notes Registrar of (A) a duly complete certificate substantially in the form of Exhibit J-3 and (B) appropriate instructions from DTC, if required, the Note Administrator or the Notes Registrar shall approve the instructions at DTC to reduce, or cause to be reduced, the Rule 144A Global Note
by the aggregate principal amount of the beneficial interest in the Rule 144A Global Note to be transferred or exchanged, record the transfer in the Notes Register in accordance with Section 2.5(a) and upon execution by the
Issuer, the Authenticating Agent shall authenticate and deliver one or more Definitive Notes, registered in the names specified in the instructions described in clause (B) above, in principal amounts designated by the transferee (the
aggregate of such principal amounts being equal to the aggregate principal amount of the interest in the Rule 144A Global Note transferred by the transferor). 

(v) Transfer of Definitive Notes to Rule 144A Global Notes. If a holder of a Definitive Note wishes at any time to
exchange its interest in such Definitive Note for a beneficial interest in a Rule 144A Global Note or to transfer such Definitive Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Rule 144A Global Note,
such holder may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such Definitive Note for beneficial interest in a Rule 144A Global Note
(provided that no IAI may hold an interest in a Rule 144A Global Note). Upon receipt by the Note Administrator or the Notes Registrar of (A) a Holder’s Definitive Note properly endorsed for assignment to the transferee;
(B) a duly completed certificate substantially in the form of Exhibit J-2 attached hereto; (C) instructions given in accordance with DTC’s procedures from an Agent Member to instruct DTC
to cause to be credited a beneficial interest in the Rule 144A Global Notes in an amount equal to the Definitive Notes to be transferred or exchanged; and (D) a written order given in accordance with DTC’s procedures containing information
regarding the participant’s account of DTC to be credited with such increase, the Note Administrator or the Notes Registrar shall cancel such Definitive Note in accordance herewith, record the transfer in the Notes Register in accordance with
Section 2.5(a) and approve the instructions at DTC, concurrently with such cancellation, to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the
corresponding Rule 144A Global Note equal to the principal amount of the Definitive Note transferred or exchanged. 

  
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 (vi) Transfers of EHRI. Transfers of the Class H Notes and
restrictions on the transfer of the EHRI shall also be subject to Section 2.5(o). 
 (vii) Other
Exchanges. In the event that, pursuant to Section 2.10, a Global Note is exchanged for Definitive Notes, such Notes may be exchanged for one another only in accordance with such procedures as are substantially
consistent with the provisions above (including certification requirements intended to ensure that such transfers are to a QIB or are to a non-U.S. Person, or otherwise comply with Rule 144A or Regulation S,
as the case may be) and as may be from time to time adopted by the Issuer and the Note Administrator. 
 (f) Removal of Legend. If
Notes are issued upon the transfer, exchange or replacement of Notes bearing the applicable legends set forth in Exhibits A-1, A-2, B-1, B-2, C-1, C-2,
D-1, D-2, E-1, E-2,
E-3, E-4, E-5, E-6,
F-1, F-2, F-3, F-4,
F-5, F-6, G-1, G-2,
G-3, G-4, G-5, G-6,
H-1, H-2, H-3, H-4,
H-5, H-6, I-1 and I-2 hereto, and if a request is made to
remove such applicable legend on such Notes, the Notes so issued shall bear such applicable legend, or such applicable legend shall not be removed, as the case may be, unless there is delivered to the Issuer such satisfactory evidence, which may
include an Opinion of Counsel of an attorney at law licensed to practice law in the State of New York (and addressed to the Issuer and the Note Administrator), as may be reasonably required by the Issuer, to the effect that neither such applicable
legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A or Regulation S, as applicable, the 1940 Act or ERISA. So long as the Issuer is relying on an exemption
or exclusion under or promulgated pursuant to the 1940 Act, the Issuer shall not remove that portion of the legend required to maintain an exemption or exclusion under or promulgated pursuant to the 1940 Act. Upon provision of such satisfactory
evidence, as confirmed in writing by the Issuer to the Note Administrator, the Note Administrator, at the direction of the Issuer, shall authenticate and deliver Notes that do not bear such applicable legend. 

(g) Each beneficial owner of Regulation S Global Notes shall be deemed to make the representations and agreements set forth in Exhibit J-1 hereto. 
 (h) Each beneficial owner of Rule 144A Global Notes shall be deemed to make the
representations and agreements set forth in Exhibit J-2 hereto. 
 (i) Each Holder of
Definitive Notes shall make the representations and agreements set forth in the certificate attached as Exhibit J-3 hereto. 

(j) Any purported transfer of a Note not in accordance with Section 2.5(a) shall be null and void and shall not be
given effect for any purpose hereunder. 

  
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 (k) Notwithstanding anything contained in this Indenture to the contrary, neither the
Trustee, the Note Administrator nor the Notes Registrar (nor any other Transfer Agent) shall be responsible or liable for compliance with applicable federal or state securities laws (including, without limitation, the Securities Act or Rule 144A or
Regulation S promulgated thereunder), the 1940 Act, ERISA or the Code (or any applicable regulations thereunder); provided, however, that if a specified transfer certificate or Opinion of Counsel is required by the express terms of
this Section 2.5 to be delivered to the Note Administrator or Notes Registrar prior to registration of transfer of a Note, the Note Administrator and/or Notes Registrar, as applicable, is required to request, as a condition
for registering the transfer of the Note, such certificate or Opinion of Counsel and to examine the same to determine whether it conforms on its face to the requirements hereof (and the Note Administrator or Notes Registrar, as the case may be,
shall promptly notify the party delivering the same if it determines that such certificate or Opinion of Counsel does not so conform). 

(l) [Reserved] 
 (m) If the Note
Administrator has actual knowledge or is notified by the Issuer that (i) a transfer or attempted or purported transfer of any interest in any Note was consummated in compliance with the provisions of this Section 2.5
on the basis of a materially incorrect certification from the transferee or purported transferee, (ii) a transferee failed to deliver to the Note Administrator any certification required to be delivered hereunder or (iii) the holder of any
interest in a Note is in breach of any representation or agreement set forth in any certification or any deemed representation or agreement of such holder, the Note Administrator shall not register such attempted or purported transfer and if a
transfer has been registered, such transfer shall be absolutely null and void ab initio and shall vest no rights in the purported transferee (such purported transferee, a “Disqualified Transferee”) and the last preceding holder of
such interest in such Note that was not a Disqualified Transferee shall be restored to all rights as a Holder thereof retroactively to the date of transfer of such Note by such Holder. 

In addition, the Note Administrator may require that the interest in the Note referred to in (i), (ii) or (iii) in the preceding
paragraph be transferred to any Person designated by the Issuer at a price determined by the Issuer, based upon its estimation of the prevailing price of such interest and each Holder, by acceptance of an interest in a Note, authorizes the Note
Administrator to take such action. In any case, neither the Issuer nor the Note Administrator shall be held responsible for any losses that may be incurred as a result of any required transfer under this Section 2.5(m).

 (n) Each Holder of Notes approves and consents to (i) the purchase of the Closing Date Collateral Interests by the Issuer from the
Seller on the Closing Date, (ii) the purchase of any Funded Companion Participation by the Issuer and (iii) any other transaction between the Issuer and the Seller or their Affiliates that are permitted under the terms of this Indenture or
the Collateral Interest Purchase Agreement. 
 (o) As long as any Note is Outstanding, any retained or repurchased Notes, any of the
Retained Notes and the Membership Interests held by Sub-REIT or the Retention Holder or any other disregarded entity of Sub-REIT for U.S. federal income tax purposes may
not be transferred (whether by means of an actual transfer or a transfer of beneficial ownership for U.S. federal income tax purposes), pledged or hypothecated to any Person unless (i)(A) 100% of the retained or repurchased Notes, the Retained Notes
or the Membership Interests are transferred, pledged or hypothecated to a Qualified REIT Subsidiary or other disregarded entity of Sub-REIT or (B) 100% of the retained or repurchased Notes, the Retained Notes
or the Membership Interests are transferred, pledged or hypothecated to another REIT or a Qualified REIT Subsidiary or 

  
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another disregarded entity of a another REIT or (ii) with respect to such transfer, pledge or hypothecation the Issuer receives an opinion from Cadwalader, Wickersham & Taft LLP or
another nationally recognized tax counsel experienced in such matters to the effect that upon such transfer, pledge or hypothecation the Issuer will continue to be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT. 

For the avoidance of doubt, the Indenture Accounts (including income, if any, earned on the investments of funds in such account) will be
owned by Sub-REIT, if the Issuer is wholly-owned by Sub-REIT, or a subsequent REIT that wholly-owns the Issuer, for U.S. federal income tax purposes. The Issuer shall
provide to the Note Administrator (i) an IRS Form W-9 or appropriate IRS Form W-8 no later than the Closing Date, and (ii) any additional IRS forms (or updated
versions of any previously submitted IRS forms) or other documentation at such time or times required by applicable law or upon the reasonable request of the Note Administrator as may be necessary (x) to reduce or eliminate the imposition of
U.S. withholding taxes and (y) to permit the Note Administrator to fulfill its tax reporting obligations under applicable law with respect to the Indenture Accounts or any amounts paid to the Issuer. If any IRS form or other documentation
previously delivered becomes obsolete or inaccurate in any respect, Issuer shall timely provide to the Note Administrator accurately updated and complete versions of such IRS forms or other documentation. The Note Administrator shall have no
liability to Issuer or any other person in connection with any tax withholding amounts paid or withheld from the Indenture Accounts pursuant to applicable law arising from the Issuer’s failure to timely provide an accurate, correct and complete
IRS Form W-9, an appropriate IRS Form W-8 or such other documentation contemplated under this paragraph. For the avoidance of doubt, no funds shall be invested with
respect to such Indenture Accounts absent the Note Administrator having first received (i) the requisite written investment direction from the Issuer with respect to the investment of such funds, and (ii) the IRS forms and other
documentation required by this paragraph. 
 Section 2.6 Mutilated, Defaced, Destroyed, Lost or Stolen Note. 

If (a) any mutilated or defaced Note is surrendered to a Transfer Agent, or if there shall be delivered to the Issuer, the Trustee, the
Note Administrator and the relevant Transfer Agent (each, a “Specified Person”) evidence to their reasonable satisfaction of the destruction, loss or theft of any Note, and (b) there is delivered to each Specified Person such
security or indemnity as may be required by each Specified Person to save each of them and any agent of any of them harmless, then, in the absence of notice to the Specified Persons that such Note has been acquired by a bona fide purchaser,
the Issuer shall execute and, upon Issuer Request (which Issuer Request shall be deemed to have been given upon receipt by the Note Administrator of a Note that has been signed by the Issuer), the Note Administrator shall cause the Authenticating
Agent to authenticate and deliver, in lieu of any such mutilated, defaced, destroyed, lost or stolen Note, a new Note, of like tenor (including the same date of issuance) and equal principal amount, registered in the same manner, dated the date of
its authentication, bearing interest from the date to which interest has been paid on the mutilated, defaced, destroyed, lost or stolen Note and bearing a number not contemporaneously outstanding. 

If, after delivery of such new Note, a bona fide purchaser of the predecessor Note presents for payment, transfer or exchange such predecessor
Note, any Specified Person shall be entitled to recover such new Note from the Person to whom it was delivered or any Person taking therefrom, and each Specified Person shall be entitled to recover upon the security or indemnity provided therefor to
the extent of any loss, damage, cost or expense incurred by such Specified Person in connection therewith. 

  
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 In case any such mutilated, defaced, destroyed, lost or stolen Note has become due and
payable, the Issuer, in its discretion may, instead of issuing a new Note, pay such Note without requiring surrender thereof except that any mutilated or defaced Note shall be surrendered. 

Upon the issuance of any new Note under this Section 2.6, the Issuer may require the payment by the registered
Holder thereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Note issued pursuant to this Section 2.6 in lieu of any mutilated, defaced, destroyed, lost or stolen Note
shall constitute an original additional contractual obligation of the Issuer, and such new Note shall be entitled, subject to the second paragraph of this Section 2.6, to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this Section 2.6 are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Notes. 

Section 2.7 Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved. 

(a) Each Class of Notes shall accrue interest during each Interest Accrual Period at the Note Interest Rate applicable to such
Class and such interest will be payable in arrears on each Payment Date on the Aggregate Outstanding Amount thereof on the first day of the related Interest Accrual Period (after giving effect to payments of principal thereof on such date),
except as otherwise set forth below. Payment of interest on each Class of Notes will be subordinated to the payment of interest on each related Class of Notes senior thereto. Any payment of interest due on a Class of Deferred Interest
Notes on any Payment Date to the extent sufficient funds are not available to make such payment in accordance with the Priority of Payments on such Payment Date, but only if such Class is not the most senior Class Outstanding, shall
constitute “Deferred Interest” with respect to such Class and shall not be considered “due and payable” for the purposes of Section 5.1(a) (and the failure to pay such interest shall not be an Event
of Default) until the earliest of (i) the Payment Date on which funds are available to pay such Deferred Interest in accordance with the Priority of Payments, (ii) the Redemption Date with respect to such Class of Deferred Interest
Notes and (iii) the Stated Maturity Date (or the earlier date of Maturity) of such Class of Deferred Interest Notes. Deferred Interest on any Class of Deferred Interest Notes shall be added to the principal balance of such
Class of Deferred Interest Notes. Regardless of whether any more senior Class of Notes is Outstanding with respect to any Class of Deferred Interest Notes, to the extent that funds are not available on any Payment Date (other than the
Redemption Date with respect to, or Stated Maturity Date of, such Class of Deferred Interest Notes) to pay previously accrued Deferred Interest, such previously accrued Deferred Interest will not be due and payable on such Payment Date and any
failure to pay such previously accrued Deferred Interest on such 

  
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Payment Date will not be an Event of Default. Interest will cease to accrue on each Note, or in the case of a partial repayment, on such repaid part, from the date of repayment or the Stated
Maturity Date unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. To the extent lawful and enforceable, interest on any interest that is not paid when due on the
Class A Notes; or, if no Class A Notes are Outstanding, the Notes of the Controlling Class, shall accrue at the Note Interest Rate applicable to such Class until paid as provided herein. 

(b) (i) So long as any of the Class A Notes, the Class A-S Notes or the Class B Notes
are outstanding, the Class C Deferred Interest will be deferred and added to the Aggregate Outstanding Amount of the Class C Notes and will not be considered “due and payable” until the Payment Date on which funds are available
to pay such Class C Deferred Interest in accordance with the Priority of Payments, (ii) so long as any of the Class A Notes, the Class A-S Notes, the Class B Notes or the Class C
Notes are outstanding, the Class D Deferred Interest and the Class D-E Deferred Interest will be deferred and added to the Aggregate Outstanding Amount of the Class D Notes or the Class D-E Notes, as applicable, and will not be considered “due and payable” until the Payment Date on which funds are available to pay such Class D Deferred Interest and Class D-E Deferred Interest in accordance with the Priority of Payments, (iii) so long as any of the Class A Notes, the Class A-S Notes, the Class B
Notes, the Class C Notes, the Class D Notes, Class D-E Notes or Class D-X Notes are outstanding, the Class E Deferred Interest and the Class E-E Deferred Interest will be deferred and added to the Aggregate Outstanding Amount of the Class E Notes or the Class E-E Notes, as applicable, and will
not be considered “due and payable” until the Payment Date on which funds are available to pay such Class E Deferred Interest and Class E-E Deferred Interest in accordance with the Priority
of Payments, (iv) so long as any of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the
Class D-E Notes, the Class D-X Notes, the Class E Notes, the Class E-E Notes or the Class E-X Notes are outstanding, the Class F Deferred Interest and the Class F-E Deferred Interest will be deferred and added to the Aggregate Outstanding
Amount of the Class F Notes or the Class F-E Notes, as applicable, and will not be considered “due and payable” until the Payment Date on which funds are available to pay such Class F
Deferred Interest and Class F-E Deferred Interest in accordance with the Priority of Payments, and (v) so long as any of the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class D-E Notes, the
Class D-X Notes, the Class E Notes, the Class E-E Notes, the Class E-X Notes, the Class F Notes, the Class F-E Notes or the Class F-X Notes are outstanding, the Class G Deferred Interest and the Class G-E Deferred
Interest will be deferred and added to the Aggregate Outstanding Amount of the Class G Notes or the Class G-E Notes, as applicable, and will not be considered “due and payable” until the
Payment Date on which funds are available to pay such Class G Deferred Interest and Class G-E Deferred Interest in accordance with the Priority of Payments. The failure to pay such Class C
Deferred Interest, Class D Deferred Interest, the Class D-E Deferred Interest, Class E Deferred Interest, the Class E-E Deferred Interest,
Class F Deferred Interest, Class F-E Deferred Interest, Class G Deferred Interest or Class G-E Deferred Interest as a result of the operation of the
Priority of Payments will not constitute an Event of Default under this Indenture. 

  
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 (c) The principal of each Class of Notes matures at par and is due and payable on the
Stated Maturity Date, unless such principal has been previously repaid or unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. Notwithstanding the
foregoing, the payment of principal of each Class of Notes may only occur pursuant to the Priority of Payments. The payment of principal on any Note (x) may only occur (other than amounts constituting Deferred Interest thereon which will
be payable from Interest Proceeds) after each Class more senior thereto is no longer Outstanding and (y) is subordinated to the payment on each Payment Date of the principal due and payable on each Class more senior thereto and
certain other amounts in accordance with the Priority of Payments. Payments of principal on any Class of Notes that are not paid, in accordance with the Priority of Payments, on any Payment Date (other than the Payment Date which is the Stated
Maturity Date (or the earlier date of Maturity) of such Class of Notes or any Redemption Date), because of insufficient funds therefor shall not be considered “due and payable” for purposes of Section 5.1(a)
until the Payment Date on which such principal may be paid in accordance with the Priority of Payments or all Classes of Notes most senior thereto with respect to such Class have been paid in full. Payments of principal on the Notes in
connection with a Clean-up Call, Tax Redemption, Auction Call Redemption or Optional Redemption will be made in accordance with Section 9.1 and the Priority of Payments. 

(d) As a condition to the payment of principal of and interest on any Note without the imposition of U.S. withholding tax, the Issuer shall
require certification acceptable to it to enable the Issuer, the Trustee and the Paying Agent to determine their duties and liabilities with respect to any taxes or other charges that they may be required to deduct or withhold from payments in
respect of such Note under any present or future law or regulation of the United States or any present or future law or regulation of any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements
under any such law or regulation. Such certification may include U.S. federal income tax forms (such as IRS Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and
Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities)), IRS Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W-9 (Request for
Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim that Income Is Effectively Connected with the Conduct of a Trade or Business in the United
States) or any successors to such IRS forms). In addition, each of the Issuer, the Trustee or any Paying Agent may require certification acceptable to it to enable the Issuer to qualify for a reduced rate of withholding in any jurisdiction from or
through which the Issuer receives payments on its Collateral and otherwise as may be necessary or desirable to ensure compliance with all applicable laws. Each Holder and each beneficial owner of Notes agree to provide any certification requested
pursuant to this Section 2.7(d) and to update or replace such form or certification in accordance with its terms or its subsequent amendments. 

(e) Payments in respect of interest on and principal on the Notes shall be payable by wire transfer in immediately available funds to a Dollar
account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the Paying Agent on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a
bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register. The Issuer expects that the Depository or its nominee, upon receipt of any payment of principal or interest in respect of a Global Note held
by the Depository or its nominee, shall immediately credit the applicable Agent Members’ accounts with payments in amounts 

  
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proportionate to the respective beneficial interests in such Global Note as shown on the records of the Depository or its nominee. The Issuer also expects that payments by Agent Members to owners
of beneficial interests in such Global Note held through Agent Members will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers registered in the names of nominees for
such customers. Such payments will be the responsibility of the Agent Members. Upon final payment due on the Maturity of a Note, the Holder thereof shall present and surrender such Note at the Corporate Trust Office of the Note Administrator or at
the office of the Paying Agent (or, to a foreign paying agent appointed by the Note Administrator outside of the United States if then required by applicable law, in the case of a Definitive Note issued in exchange for a beneficial interest in the
Regulation S Global Note) on or prior to such Maturity. None of the Issuer, the Trustee, the Note Administrator or the Paying Agent will have any responsibility or liability with respect to any records maintained by the Holder of any Note with
respect to the beneficial holders thereof or payments made thereby on account of beneficial interests held therein. In the case where any final payment of principal and interest is to be made on any Note (other than on the Stated Maturity Date
thereof) the Issuer or, upon Issuer Request, the Note Administrator, in the name and at the expense of the Issuer, shall not more than thirty (30) nor fewer than five (5) Business Days prior to the date on which such payment is to be made,
mail to the Persons entitled thereto at their addresses appearing on the Notes Register, a notice which shall state the date on which such payment will be made and the amount of such payment and shall specify the place where such Notes may be
presented and surrendered for such payment. 
 (f) Subject to the provisions of Sections 2.7(a) and (e), Holders of Notes as
of the Record Date in respect of a Payment Date shall be entitled to the interest accrued and payable in accordance with the Priority of Payments and principal payable in accordance with the Priority of Payments on such Payment Date. All such
payments that are mailed or wired and returned to the Paying Agent shall be held for payment as herein provided at the office or agency of the Issuer to be maintained as provided in Section 7.2 (or returned to the Trustee).

 (g) Interest on any Note which is payable, and is punctually paid or duly provided for, on any Payment Date shall be paid to the Person
in whose name that Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

(h) Payments of principal to Holders of the Notes of each Class shall be made in the proportion that the Aggregate Outstanding Amount of
the Notes of such Class registered in the name of each such Holder on such Record Date bears to the Aggregate Outstanding Amount of all Notes of such Class on such Record Date. 

(i) Interest accrued with respect to the Notes shall be calculated as described in the applicable form of Note attached hereto. 

(j) All reductions in the principal amount of a Note (or one or more predecessor Notes) effected by payments of installments of principal made
on any Payment Date, Redemption Date or upon Maturity shall be binding upon all future Holders of such Note and of any Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, whether or not such payment is
noted on such Note. 

  
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 (k) Notwithstanding anything contained in this Indenture to the contrary, the obligations of
the Issuer under the Notes, this Indenture and the other Transaction Documents are limited recourse obligations of the Issuer payable solely from the Collateral and following realization of the Collateral, all obligations of the Issuer and any
claims of the Noteholders, the Trustee or any other parties to any Transaction Documents shall be extinguished and shall not thereafter revive. No recourse shall be had for the payment of any amount owing in respect of the Notes against any Officer,
director, employee, shareholder, limited partner or incorporator of the Issuer or any of its successors or assigns for any amounts payable under the Notes or this Indenture. It is understood that the foregoing provisions of this paragraph shall not
(i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral or (ii) constitute a waiver, release or discharge of any indebtedness or obligation
evidenced by the Notes or secured by this Indenture (to the extent it relates to the obligation to make payments on the Notes) until such Collateral have been realized, whereupon any outstanding indebtedness or obligation in respect of the Notes,
this Indenture and the other Transaction Documents shall be extinguished and shall not thereafter revive. It is further understood that the foregoing provisions of this paragraph shall not limit the right of any Person to name the Issuer as a party
defendant in any Proceeding or in the exercise of any other remedy under the Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against
any such Person or entity. 
 (l) Subject to the foregoing provisions of this Section 2.7, each Note delivered
under this Indenture and upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights of unpaid interest and principal that were carried by such other Note. 

(m) Notwithstanding any of the foregoing provisions with respect to payments of principal of and interest on the Notes (but subject to
Sections 2.7(f) and (i)), if the Notes have become or been declared due and payable following an Event of Default and such acceleration of Maturity and its consequences have not been rescinded and annulled and the provisions of
Section 5.5 are not applicable, then payments of principal of and interest on such Notes shall be made in accordance with Section 5.7. 

Section 2.8 Persons Deemed Owners. 

The Issuer, the Trustee, the Note Administrator, the Servicer, the Special Servicer, the Operating Advisor and any of their respective agents
may treat as the owner of a Note the Person in whose name such Note is registered on the Notes Register on the applicable Record Date for the purpose of receiving payments of principal of and interest and other amounts on such Note and on any other
date for all other purposes whatsoever (whether or not such Note is overdue), and none of the Note Administrator, the Servicer, the Special Servicer, the Operating Advisor or any of their respective agents shall be affected by notice to the
contrary; provided, however, that the Depository, or its nominee, shall be deemed the owner of the Global Notes, and owners of beneficial interests in Global Notes will not be considered the owners of any Notes for the purpose of
receiving notices. 

  
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 Section 2.9 Cancellation. 

All Notes surrendered for payment, registration of transfer, exchange or redemption, or deemed lost or stolen, shall, upon delivery to the
Notes Registrar, be promptly canceled by the Notes Registrar and may not be reissued or resold. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.9, except as
expressly permitted by this Indenture. All canceled Notes held by the Notes Registrar shall be destroyed or held by the Notes Registrar in accordance with its standard retention policy. Notes of the most senior Class Outstanding (and no other
Class of Notes) that are held by the Issuer or any of its respective Affiliates may be submitted to the Notes Registrar for cancellation at any time. 

Section 2.10 Global Notes; Definitive Notes; Temporary Notes. 

(a) Definitive Notes. Definitive Notes shall only be issued in the following limited circumstances: 

(i) at the discretion of the Issuer with respect to any Class of Notes; 

(ii) upon Transfer of Global Notes to an IAI or a QIB in accordance with the procedures set forth in
Section 2.5(e)(ii), (iii) or (vi); 
 (iii) if a holder of a Definitive Note wishes
at any time to exchange such Definitive Note for one or more Definitive Notes or transfer such Definitive Note to a transferee who wishes to take delivery thereof in the form of a Definitive Note in accordance with this
Section 2.10, such holder may effect such exchange or transfer upon receipt by the Notes Registrar of (A) a Holder’s Definitive Note properly endorsed for assignment to the transferee, and (B) duly completed
certificates in the form of Exhibit J-3, upon receipt of which the Notes Registrar shall then cancel such Definitive Note in accordance herewith, record the transfer in the Notes Register in accordance
with Section 2.5(a) and upon execution by the Issuer, the Authenticating Agent shall authenticate and deliver one or more Definitive Notes bearing the same designation as the Definitive Note endorsed for transfer,
registered in the names specified in the assignment described in clause (A) above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the Definitive
Note surrendered by the transferor); or 
 (iv) in the event that the Depository notifies the Issuer that it is unwilling or
unable to continue as Depository for a Global Note or if at any time such Depository ceases to be a “Clearing Agency” registered under the Exchange Act and a successor depository is not appointed by the Issuer within ninety (90) days
of such notice, the Global Notes deposited with the Depository pursuant to Section 2.2 shall be transferred to the beneficial owners thereof subject to the procedures and conditions set forth in this
Section 2.10. 
 (b) Any Global Note that is exchanged for a Definitive Note shall be surrendered by the
Depository to the Note Administrator’s Corporate Trust Office together with necessary instruction for the registration and delivery of a Definitive Note to the beneficial owners (or such owner’s nominee) holding the ownership interests in
such Global Note. Any such transfer shall be made, without charge, and the Authenticating Agent shall authenticate and deliver, upon 

  
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such transfer of each portion of such Global Note, an equal aggregate principal amount of Definitive Notes of the same Class and authorized denominations. Any Definitive Notes delivered in
exchange for an interest in a Global Note shall, except as otherwise provided by Section 2.5(f), bear the applicable legend set forth in Exhibits A-2, B-2, C-2, D-2, E-2,
E-4, E-6, F-2, F-4,
F-6, G-2, G-4, G-6,
H-2, H-4, H-6 and I-2, as applicable, and shall be subject to
the transfer restrictions referred to in such applicable legend. The Holder of each such registered individual Global Note may transfer such Global Note by surrendering it at the Corporate Trust Office of the Note Administrator, or at the office of
the Paying Agent. 
 (c) Subject to the provisions of Section 2.10(b) above, the registered Holder of a Global
Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

(d) [Reserved] 
 (e) In the
event of the occurrence of either of the events specified in Section 2.10(a) above, the Issuer shall promptly make available to the Notes Registrar a reasonable supply of Definitive Notes. 

Pending the preparation of Definitive Notes pursuant to this Section 2.10, the Issuer may execute and, upon Issuer
Order, the Authenticating Agent shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise reproduced, in any authorized denomination, substantially of the tenor of the Definitive Notes in
lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the Officers executing such Definitive Notes may determine, as conclusively evidenced by their execution of such Definitive Notes.

 If temporary Definitive Notes are issued, the Issuer shall cause permanent Definitive Notes to be prepared without unreasonable delay.
The Definitive Notes shall be printed, lithographed, typewritten or otherwise reproduced, or provided by any combination thereof, or in any other manner permitted by the rules and regulations of any applicable notes exchange, all as determined by
the Officers executing such Definitive Notes. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the applicable temporary Definitive Notes at the office or agency maintained by
the Issuer for such purpose, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Definitive Note, the Issuer shall execute, and the Authenticating Agent shall authenticate and deliver, in exchange therefor the
same aggregate principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

Section 2.11 U.S. Federal Income Tax Treatment of Notes and the Issuer. 

(a) The Issuer intends that, for U.S. federal income tax purposes, (i) the Notes (unless held by
Sub-REIT (or another disregarded entity wholly-owned by Sub-REIT or a subsequent REIT)) be treated as debt, (ii) 100% of any retained or repurchased Notes, the Retained
Notes and the Membership Interests be beneficially owned by the Retention Holder, and (iii) the 

  
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Issuer be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes. Each prospective purchaser and any subsequent transferee of a Note or
any interest therein shall, by virtue of its purchase or other acquisition of such Note or interest therein, be deemed to have agreed to treat such Note in a manner consistent with the preceding sentence for U.S. federal income tax purposes. 

(b) The Issuer shall account for the Notes and prepare any reports to Noteholders and tax authorities consistent with the intentions expressed
in Section 2.11(a) above. 
 (c) Each Holder of Notes agrees that by virtue of being a Holder it shall timely
furnish to the Issuer or its agent any completed U.S. federal income tax form or certification (such as IRS Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and
Reporting (Individuals), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities)) IRS Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W-9 (Request for
Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim that Income is Effectively Connected with the Conduct of a Trade or Business in the United
States) or any successors to such IRS forms) that the Issuer or its agent may reasonably request and shall update or replace such forms or certification in accordance with its terms or its subsequent amendments. Furthermore, Noteholders shall timely
furnish any information required pursuant to Section 2.7(d). 
 (d) The Issuer shall be responsible for all
calculations of original issue discount on the Notes, if any. 
 (e) Each prospective purchaser, any subsequent transferee, and each Holder
of a Note or any interest therein shall, by virtue of its purchase or other acquisition of such Note or interest therein, be deemed to agree (i) to provide accurate information and documentation that may be required for the Issuer, the Note
Administrator, the Trustee or the Paying Agent to comply with FATCA and (ii) that the Issuer, the Note Administrator, the Trustee or the Paying Agent may (1) provide such information and documentation and any other information concerning
its investment in such Notes to the U.S. Internal Revenue Service and any other relevant tax authority and (2) take any other actions necessary for the Issuer, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA. 

(f) [Reserved] 
 (g) The
Retention Holder, by acceptance of any retained or repurchased Notes, the Retained Notes and the Membership Interests, agrees to take no action inconsistent with such treatment and, for so long as any Note is Outstanding, agrees not to sell,
transfer (whether by means of an actual transfer or a transfer of beneficial ownership for U.S. federal income tax purposes), convey, setover, pledge or encumber any retained or repurchased Notes, any Retained Notes and/or the Membership Interests,
except to the extent permitted pursuant to Section 2.5(o). 

  
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 Section 2.12 Authenticating Agents. 

Upon the request of the Issuer, the Note Administrator shall, and if the Note Administrator so chooses the Note Administrator may, pursuant to
this Indenture, appoint one (1) or more Authenticating Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.4,
2.5, 2.6 and 8.5, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of
Notes by an Authenticating Agent pursuant to this Section 2.12 shall be deemed to be the authentication of Notes by the Note Administrator. 

Any corporation or banking association into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or
any corporation or banking association resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate trust business of any Authenticating Agent, shall be the
successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. Any Authenticating Agent may at any time resign by
giving written notice of resignation to the Note Administrator, the Trustee and the Issuer. The Note Administrator may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent,
the Trustee and the Issuer. Upon receiving such notice of resignation or upon such a termination, the Note Administrator shall promptly appoint a successor Authenticating Agent and shall give written notice of such appointment to the Issuer. 

The Note Administrator agrees to pay to each Authenticating Agent appointed by it from time to time reasonable compensation for its services,
and reimbursement for its reasonable expenses relating thereto and the Note Administrator shall be entitled to be reimbursed for such payments, subject to Section 6.7. The provisions of Sections 2.9, 6.4 and
6.5 shall be applicable to any Authenticating Agent. 
 Section 2.13 Forced Sale on Failure to Comply with Restrictions.

 (a) Notwithstanding anything to the contrary elsewhere in this Indenture, any transfer of a Note or interest therein to a U.S. Person who
is determined not to have been both (i) either (A) a QIB or (B) an IAI and (ii) a Qualified Purchaser at the time of acquisition of the Note or interest therein, or any transfer of a Note or interest therein, or any purchase or
transfer of any Retained Offered Notes by a Plan or interest therein that could result in the Issuer being subject to ERISA or Section 4975 of the Code or a violation of any Similar Law or that could constitute or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code, in any case, shall be null and void and any such proposed transfer of which the Issuer, the Note Administrator or the Trustee shall
have written notice (which includes via electronic mail) may be disregarded by the Issuer, the Note Administrator and the Trustee for all purposes. 

(b) If the Issuer determines that any Holder of a Note has not satisfied the applicable requirement described in
Section 2.13(a) above (any such Person a “Non-Permitted Holder”), then the Issuer shall promptly after discovery that such Person is a
Non-Permitted Holder by the Issuer or a Responsible Officer of each of the Note Administrator and the Trustee (and 

  
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notice by the Note Administrator, the Trustee (in the case of each of the Note Administrator and the Trustee, only if a Trust Officer has actual knowledge and makes such discovery)), send notice
to such Non-Permitted Holder demanding that such Non-Permitted Holder transfer its interest to a Person that is not a
Non-Permitted Holder within thirty (30) days (10 days in the case of a Non-Permitted Holder for ERISA-related reasons) of the date of such notice. If such Non-Permitted Holder fails to so transfer its Note or interest therein, the Issuer shall have the right, without further notice to the Non-Permitted Holder, to sell such Note
or interest therein to a purchaser selected by the Issuer that is not a Non-Permitted Holder on such terms as the Issuer may choose. The Issuer, or a third party acting on behalf of the Issuer, may select the
purchaser by soliciting one or more bids from one or more brokers or other market professionals that regularly deal in securities similar to the Note, and selling such Note to the highest such bidder. However, the Issuer may select a purchaser by
any other means determined by it in its sole discretion. The Holder of such Note, the Non-Permitted Holder and each other Person in the chain of title from the Holder to the
Non-Permitted Holder, by its acceptance of an interest in the Note, agrees to cooperate with the Issuer and the Note Administrator to effect such transfers. The proceeds of such sale, net of any commissions,
expenses and taxes due in connection with such sale shall be remitted to the Non-Permitted Holder. The terms and conditions of any sale under this Section 2.13(b) shall be determined
in the sole discretion of the Issuer, and the Issuer shall not be liable to any Person having an interest in the Note sold as a result of any such sale of exercise of such discretion. 

Section 2.14 No Gross Up. 

The Issuer shall not be obligated to pay any additional amounts to the Holders or beneficial owners of the Notes as a result of any
withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges. 

Section 2.15 Credit Risk Retention. 

The Sponsor shall timely deliver (or cause to be timely delivered) to the Trustee and the Note Administrator any notices contemplated by
Section 10.10(a)(vi). 
 Section 2.16 Exchangeable Notes; Exchange of MASCOT Notes. 

(a) At any time on or after the Initial MASCOT Note Issuance Date all or a portion of the Class D Notes, the Class E Notes, the
Class F Notes and the Class G Notes may be exchanged for proportionate interests in one or more classes of certain other Notes and vice versa (such Notes received in such an exchange, the “Exchanged Notes”). The
Exchangeable Notes may be exchanged by the Holders thereof for (1) a corresponding MASCOT P&I Note with the same principal balance as the Class D Note, the Class E Note, the Class F Note or the Class G Note, as
applicable, surrendered in the exchange but with a reduced Note Interest Rate, and (2) an MASCOT Interest Only Note that has a notional balance equal to the principal balance of the MASCOT P&I Note received in such exchange with a fixed
interest rate equal to such reduction in Note Interest Rate. Specifically, with respect to the exchange of the Class D Notes, the Class E Notes, the Class F Notes or the Class G Notes for corresponding MASCOT Notes, the per annum
interest rates payable on the MASCOT P&I Notes and the MASCOT Interest Only Notes shall be determined, on the date of such exchange, by the holder of the Class D Notes, the Class E Notes, the Class F Notes or the Class G
Notes, as applicable, surrendered in such exchange. The aggregate interest rates of the Exchanged Notes received in the exchange shall equal the aggregate interest rate of the Exchangeable Notes surrendered for exchange. The MASCOT Interest Only
Notes are not entitled to any payments of principal and shall have an Aggregate Outstanding Amount of zero. 

  
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 (b) (i) With respect to the exchange of the Class D Notes, the Class E Notes, the
Class F Notes or the Class G Notes for corresponding MASCOT Notes, each of (1) the Aggregate Outstanding Amount of the MASCOT P&I Note received in the exchange and (2) the Aggregate Outstanding Notional Amount of the MASCOT
Interest Only Notes received in the exchange shall equal the Aggregate Outstanding Amount of the Class F Notes or the Class G Notes, as applicable, exchanged. The MASCOT Interest Only Notes are not entitled to any payments of principal and
have an Aggregate Outstanding Amount of zero. 
 (ii) The aggregate Note Interest Rates of the Exchanged Notes received in
the exchange must equal the aggregate Note Interest Rate of the Exchangeable Notes surrendered for exchange. 
 (c) Exchanges of the
Class D Notes, the Class E Notes, the Class F Notes or the Class G Notes for MASCOT Notes and any subsequent exchange of such MASCOT Notes for the Class D Notes, the Class E Notes, the Class F Notes or the
Class G Notes may occur repeatedly. 
 (d) With respect to an exchange of some or all of the Class D Notes, the Class E
Notes, the Class F Notes or the Class G Notes, as applicable, the Holders of such MASCOT P&I Notes shall be entitled to exercise all the voting rights (including any rights as the Controlling Class) and objection rights that are
allocated to such exchanged the Class D Notes, the Class E Notes, the Class F Notes or the Class G Notes, as applicable, and the Aggregate Outstanding Amount of such MASCOT P&I Notes shall be used to determine if the
requisite percentage of Holders under this Indenture has voted, consented or otherwise given direction; provided that, in connection with any supplemental indenture that affects a Class of MASCOT Notes in a manner that is
materially different from the effect of such supplemental indenture on the Class D Notes, the Class E Notes, the Class F Notes or the Class G Notes, as applicable, the Holders of the applicable MASCOT Notes shall be entitled to
vote as a separate class. 
 (e) The Class D-X Notes, the
Class E-X Notes, the Class F-X Notes and the Class G-X Notes are interest only notes that receive interest
payments but do not receive principal payments. Interest on the MASCOT Interest Only Notes is calculated on a balance equal to the “Aggregate Outstanding Notional Amount,” which shall, as of any date, equal the Aggregate Outstanding Amount
on such date of the related MASCOT P&I Note. 
 (f) In order to effect an exchange of Exchangeable Notes, the Holder shall submit a duly
executed Officer’s Certificate in the form of Exhibit U to this Indenture to the Note Administrator no earlier than ten (10) Business Days before the proposed exchange date and no later than five (5) Business Days before the
proposed exchange date. Such Officer’s Certificate shall to be in writing, and may be by email to CREBondAdmin@wellsfargo.com. The Officer’s Certificate must be on the Holder’s letterhead and set forth the following information:
(i) the CUSIP number of each Exchangeable Note and Exchanged Note; (ii) the Aggregate Outstanding Amount and the Aggregate Outstanding Notional Amount, as applicable, of the Notes to be exchanged; (iii) the Holder’s DTC
participant number to be debited and credited; and (iv) the 

  
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proposed exchange date. The exchange date with respect to any exchange may be any Business Day other than (1) the first or last Business Day of the month, (2) any Payment Date,
(3) any Record Date or (4) any day between a Record Date and the next Payment Date. Any such notice shall become irrevocable on the second Business Day before the proposed exchange date. The Holder must pay the Note Administrator a fee
equal to $5,000 for each exchange request and such fee must be received by the Note Administrator prior to the exchange date or such exchange shall not be effected. In addition, any Holder wishing to effect such an exchange must pay any other
expenses related to such exchange, including any fees charged by DTC. The Note Administrator shall make the first payment on any Exchanged Note received by a Holder in an exchange transaction on the Payment Date related to the next Record Date
following the effective date of such exchange. 
 Section 2.17 Effect of Benchmark Transition Event. 

(a) The Directing Holder shall be responsible for determining whether a Benchmark Transition Event has occurred with respect to any Benchmark.
The Directing Holder shall provide prompt written notice to the Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Trustee, the Note Administrator, the Calculation Agent (if different from the Note Administrator), the Noteholders
and the Rating Agencies of its determination that a Benchmark Transition Event has occurred. In addition, not less than thirty (30) days prior to any Benchmark Replacement Date, the Directing Holder shall provide prompt written notice to the
Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Trustee, the Note Administrator, the Calculation Agent (if different from the Note Administrator), the Noteholders and the Rating Agencies of such Benchmark Replacement Date and
applicable Benchmark Replacement. 
 (b) After a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, any
Benchmark and the related Benchmark Determination Date shall be replaced for all purposes of this Indenture by the Benchmark Replacement and Benchmark Determination Date determined by the Directing Holder. Notwithstanding the occurrence of a
Benchmark Transition Event, amounts payable on the Notes shall be determined with respect to the then-current Benchmark until the occurrence of the related Benchmark Replacement Date. 

(c) In connection with the occurrence of any Benchmark Transition Event and its related Benchmark Replacement Date, and from time to time
thereafter, the Directing Holder may direct the parties hereto by Issuer Order to enter into a supplemental indenture in accordance with Section 8.1(b)(iv) to make such Benchmark Replacement Conforming Changes, if any, as
the Directing Holder determines may be necessary or desirable to administer, implement or adopt the applicable Benchmark or the Benchmark Replacement. 

(d) Any determination, implementation, adoption, decision, proposal or election that may be made by the Directing Holder with respect to any
Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment or Benchmark Replacement Conforming Changes, including any determination with respect to a tenor, observation period, 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 or any selection, shall be conclusive and binding on the parties hereto and
the Noteholders absent manifest error, may be made in the sole discretion of the Directing Holder and may be relied upon by the Issuer, the Note Administrator, the Trustee, the Calculation Agent and the Servicer without investigation. 

  
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 (e) The Directing Holder may (at the Directing Holder’s expense) assign to another
entity (other than the Trustee, the Note Administrator, the Calculation Agent or the Custodian) any or all of the Directing Holder’s rights to make determinations with respect to the Benchmark Replacement, but only so long as the Directing
Holder has provided advance notice of such assignment to the Issuer, the Advancing Agent, the Servicer, the Trustee, the Note Administrator, the Calculation Agent (if different from the Note Administrator), the Noteholders and the Rating Agencies.
Any out-of-pocket costs and expenses incurred by such assignee in discharging its obligations, and any indemnification amounts or liquidated damages payable to such
assignee will be payable as Company Administrative Expenses in accordance with the Priority of Payments. Any fees of such assignee will be payable by the Directing Holder. 

(f) Notwithstanding anything to the contrary in this Indenture, the Directing Holder may send any notices with respect to any Benchmark
Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment, Benchmark Replacement Conforming Changes or any other determination or selection made under this Section 2.17, by email
(or other electronic communication). 
 (g) The Directing Holder shall not have any liability for the determination or selection with
respect to any Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment, Benchmark Replacement Conforming Changes or any other determination or selection made under this
Section 2.17 (including, without limitation, whether the conditions for such determination or selection have been satisfied). 

Section 2.18 Certain U.S. Federal Income Tax Accounting Applicable to
Sub-REIT’s Treatment of the Class H Notes. 
 (a) Solely
for certain U.S. federal income tax accounting applicable to Sub-REIT, the Class H Notes shall be deemed to be subdivided into each of (i) the “Class H-P Subcomponent”, (ii) the “Class H-X Subcomponent” and the (iii) “Class H-R Subcomponent” (collectively, the “Class H Subcomponents”). 

(b) Deemed Payments to Class H Subcomponents. The Class H-P
Subcomponent shall have a subcomponent note balance from time to time equal to the Aggregate Outstanding Portfolio Balance minus the sum of: (i) the Aggregate Outstanding Amount of all Classes of Notes (other than the Class H Notes) and
(ii) the subcomponent note balances, if any, of the sum of the Class H-X Subcomponent and the Class H-R Subcomponent. The
Class H-P Subcomponent will not be entitled to receive interest. 
 The Class H-X Subcomponent shall have a subcomponent notional balance from time to time equal to the Aggregate Outstanding Portfolio Balance minus the Aggregate Outstanding Amount of all Classes of Notes (other
than the Class H Notes) (the “Class H-X Notional Amount”). The subcomponent note rate on the Class H-X Subcomponent will
equal the difference between (1) the Collateral Net WAC and (2) the total interest accrued on all 

  
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Classes of Notes (other than the Class H Notes) with respect to such Payment Date, such aggregate expressed as an annualized rate at which interest would have to accrue on the Class H-X Notional Amount on an actual/360 basis in order to produce the aggregate amount of interest described in clause (2) to accrue on the Class H-X
Notional Amount. Such subcomponent note rate shall be applied to the Class H-X Notional Amount. 

The Class H-R Subcomponent shall be entitled to any amount remaining after all payments to the Class H-P Subcomponent and the Class H-X Subcomponent have been made in accordance with the priority of payments described herein. 

(i) Interest Proceeds. On each Payment Date, Interest Proceeds shall be deemed paid in the following order of priority:

 (1) to the Class H-X Subcomponent, to the extent of accrued interest thereon;
and 
 (2) to the Class H-R Subcomponent, any remaining Interest Proceeds. 

(ii) Principal Proceeds. On each Payment Date, Principal Proceeds shall be deemed paid in the following order of
priority: 
 (1) to the Class H-P Subcomponent, until the subcomponent note
balance of the Class H-P Subcomponent has been reduced to zero; and 
 (2) to
the Class H-R Subcomponent, any remaining Principal Proceeds. 
 For the avoidance of doubt, the
Note Administrator shall make computations, distributions and reports with respect to the Class H Notes without regard to the Class H Subcomponents and the payments described in this Section 2.18. Furthermore, the
Note Administrator shall not be responsible for any tax filings or reporting in respect of the Class H Notes. 
 ARTICLE 3 

CONDITIONS PRECEDENT; PLEDGED COLLATERAL INTERESTS 

Section 3.1 General Provisions. 

The Notes to be issued on the Closing Date shall be executed by the Issuer upon compliance with Section 3.2 and
shall be delivered to the Authenticating Agent for authentication and thereupon the same shall be authenticated and delivered by the Authenticating Agent upon Issuer Request. The Issuer shall cause the following items to be delivered to the Trustee
on or prior to the Closing Date: 
 (a) an Officer’s Certificate of the Issuer (i) evidencing the authorization by resolution of
the Issuer’s sole member of the execution and delivery of this Indenture, the Servicing Agreement and the Placement Agreement and related documents, the execution, authentication and delivery of the Notes and specifying the Stated Maturity Date
of each Class of Notes, the 

  
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principal amount of each Class of Notes and the applicable Note Interest Rate of each Class of Notes to be authenticated and delivered, and (ii) certifying that (A) the
attached copy of the resolutions of the Issuer’s sole member is a true and complete copy thereof, (B) such resolutions have not been rescinded and are in full force and effect on and as of the Closing Date and (C) the individuals
authorized to execute and deliver such documents hold the offices and have the signatures indicated thereon; 
 (b) an opinion of
Cadwalader, Wickersham & Taft LLP, special counsel to the Issuer, the Seller, the Advancing Agent, the Retention Holder, the Special Servicer and certain Affiliates thereof (which opinions may be limited to the laws of the State of New York
and the federal law of the United States and may assume, among other things, the correctness of the representations and warranties made or deemed made by the owners of Notes pursuant to Sections 2.5(h), (i) and (j)) dated the
Closing Date, as to certain enforceability matters of New York law and certain 1940 Act issues, United States federal income tax and securities law matters, in a form satisfactory to the Placement Agents; 

(c) an opinion of Cadwalader, Wickersham & Taft LLP, special counsel to the Issuer, dated the Closing Date, relating to the validity
of the Grant hereunder, the perfection of the Trustee’s security interest in the Collateral and certain matters of Minnesota law with respect to the Minnesota Collateral in a form satisfactory to the Placement Agents; 

(d) an opinion of Cadwalader, Wickersham & Taft LLP, counsel to the Issuer, dated the Closing Date, relating to certain bankruptcy
matters, in a form satisfactory to the Placement Agents; 
 (e) an opinion of Cadwalader, Wickersham & Taft LLP, counsel to
Sponsor, dated the Closing Date, relating to certain Credit Risk Retention Rules, in a form satisfactory to the Placement Agents; 
 (f) an
opinion of Cadwalader, Wickersham & Taft LLP, special counsel to Sub-REIT, dated the Closing Date, regarding its qualification and taxation as a REIT in a form satisfactory to the Placement Agents;

 (g) an opinion of in-house counsel to FS Credit REIT, dated the Closing Date, in a form
satisfactory to the Placement Agents; 
 (h) an opinion of Richards, Layton & Finger P.A., special Delaware counsel to the Issuer,
dated the Closing Date, regarding certain issues of Delaware law; 
 (i) opinions of Richards, Layton & Finger P.A., special
Delaware counsel to the Issuer, dated the Closing Date, regarding certain issues of Delaware law and regarding authority to file bankruptcy in a form satisfactory to the Placement Agents; 

(j) an opinion of Richards, Layton & Finger P.A., special Delaware counsel to the Retention Holder, dated the Closing Date, regarding
certain issues of Delaware law in a form satisfactory to the Placement Agents; 

  
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 (k) opinions of Richards, Layton & Finger P.A., special Delaware counsel to the
Retention Holder, dated the Closing Date, regarding certain issues of Delaware law and regarding authority to file bankruptcy in a form satisfactory to the Placement Agents; 

(l) an opinion of Richards, Layton & Finger P.A., special Delaware counsel to the Special Servicer, Seller and Sub-REIT, dated the Closing Date, regarding certain issues of Delaware law in a form satisfactory to the Placement Agents; 

(m) an opinion of Mayer Brown LLP, counsel to the Servicer, and an opinion of in-house counsel to the
Servicer, each dated the Closing Date, regarding certain issues of New York and United States law; 
 (n) an opinion of Bass,
Berry & Sims PLC, counsel to the Operating Advisor; 
 (o) an opinion of Aini & Associates PLLC, counsel to Trustee; 

(p) an opinion of (i) in-house counsel of the Note Administrator, and (ii) Aini &
Associates PLLC, counsel to the Note Administrator, each dated as of the Closing Date; 
 (q) an Officer’s Certificate given on behalf
of the Issuer and without personal liability, stating that the Issuer is not in Default under this Indenture and that the issuance of the Notes by the Issuer will not result in a breach of any of the terms, conditions or provisions of, or constitute
a Default under, the Governing Documents of the Issuer, any indenture or other agreement or instrument to which the Issuer is a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which the
Issuer is a party or by which it may be bound or to which it may be subject; that all conditions precedent provided in this Indenture relating to the authentication and delivery of the Notes applied for have been complied with and that all expenses
due or accrued with respect to the offering or relating to actions taken on or in connection with the Closing Date have been paid; 
 (r)
executed counterparts of the Collateral Interest Purchase Agreement, the Servicing Agreement, the Participation Agreements relating to the Closing Date Collateral Interests, the Future Funding Agreement, the Placement Agreement, the Securities
Account Control Agreement, the U.S. Risk Retention Agreement, the UK Risk Retention Letter and the Future Funding Reserve Account Control Agreement; 

(s) (i) an Accountants’ Report on applying agreed-upon procedures with respect to certain information concerning the Closing Date
Collateral Interests in the data tape, dated November 7, 2022, (ii) an Accountants’ Report on applying agreed-upon procedures with respect to certain information concerning the Closing Date Collateral Interests in the Preliminary Offering
Memorandum of the Issuer, dated November 14, 2022, and the Structural and Collateral Term Sheet dated November 14, 2022, and (iii) an Accountants’ Report on applying agreed-upon procedures with respect to certain information
concerning the Closing Date Collateral Interests in the Offering Memorandum; 

  
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 (t) evidence of preparation for filing at the appropriate filing office in the State of
Delaware of a financing statement, on behalf of the Issuer, relating to the perfection of the lien of this Indenture in that Collateral in which a security interest may be perfected by filing under the UCC; 

(u) an Issuer Order executed by the Issuer directing the Authenticating Agent to (i) authenticate the Notes specified therein, in the
amounts set forth therein and registered in the name(s) set forth therein and (ii) deliver the authenticated Notes as directed by the Issuer; and 

(v) the Future Funding Indemnitor certification pursuant to Section 12.5(b). 

Section 3.2 Security for Secured Notes. Prior to the issuance of the Notes on the Closing Date, the Issuer shall cause the
following conditions to be satisfied: 
 (a) Grant of Security Interest; Delivery of Collateral Interests. The Grant pursuant to the
Granting Clause of this Indenture of all of the Issuer’s right, title and interest in and to the Collateral and the transfer of all Closing Date Collateral Interests acquired in connection therewith purchased by the Issuer on the Closing Date
(as set forth in Schedule A hereto) to the Trustee, without recourse (except as expressly provided in each applicable Collateral Interest Purchase Agreement), in the manner provided in Section 3.3(a). 

(b) Certificate of the Issuer. A certificate of an Authorized Officer of the Issuer given on behalf of the Issuer and without personal
liability, dated as of the Closing Date, delivered to the Trustee and the Note Administrator, to the effect that, in the case of each Closing Date Collateral Interest pledged to the Trustee for inclusion in the Collateral on the Closing Date and
immediately prior to the delivery thereof on the Closing Date: 
 (i) the Issuer is the owner of such Closing Date Collateral
Interest free and clear of any liens, claims or encumbrances of any nature whatsoever except for those which are being released on the Closing Date; 

(ii) the Issuer has acquired its ownership in such Closing Date Collateral Interest in good faith without notice of any adverse
claim, except as described in paragraph (i) above; 
 (iii) the Issuer has not assigned, pledged or otherwise encumbered
any interest in such Closing Date Collateral Interest (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant to this Indenture; 

(iv) the Loan Documents with respect to such Closing Date Collateral Interest do not prohibit the Issuer from Granting a
security interest in and assigning and pledging such Closing Date Collateral Interest to the Trustee; 
 (v) the information
set forth with respect to each such Closing Date Collateral Interest on Schedule A is true and correct; 
 (vi) the
Closing Date Collateral Interests included in the Collateral satisfy the requirements of Section 3.2(a); 

  
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 (vii) (1) the Grant pursuant to the Granting Clause of this Indenture shall,
upon execution and delivery of this Indenture by the parties hereto, result in a valid and continuing security interest in favor of the Trustee for the benefit of the Secured Parties in all of the Issuer’s right, title and interest in and to
the Closing Date Collateral Interests pledged to the Trustee for inclusion in the Collateral on the Closing Date; and 
 (2)
upon the delivery of each mortgage note evidencing the obligations of the borrowers under each Collateral Interest to the Custodian on behalf of the Trustee, at the Custodian’s office in Minneapolis, Minnesota, the Trustee’s security
interest in all Collateral Interests shall be a validly perfected, first priority security interest under the UCC as in effect in the State of Minnesota. 

(c) Rating Letters. The Issuer’s receipt of a signed letter from the Rating Agencies confirming that (i) the Class A
Notes have been issued with a rating of at least “Aaa(sf)” by Moody’s and “AAA(sf)” by KBRA, (ii) the Class A-S Notes be issued with a rating of “AAA(sf)” by KBRA,
(iii) the Class B Notes be issued with a rating of at least “AA-(sf)” by KBRA, (iv) the Class C Notes be issued with a rating of at least
“A-(sf)” by KBRA, (v) the Class D Notes be issued with a rating of at least “BBB(sf)” by KBRA, (vi) the Class E Notes be issued with a rating of at least “BBB-(sf)” by KBRA, (vii) the Class F Notes be issued with a rating of at least “BB-(sf)” by KBRA, and (viii) the Class G Notes be
issued with a rating of at least “B-(sf)” by KBRA, and that such ratings are in full force and effect on the Closing Date. 

(d) Accounts. Evidence of the establishment of the Payment Account, the Funded Companion Participation Acquisition Account, the
Custodial Account, the Collection Account, the Future Funding Reserve Account and the Participated Loan Collection Account. 

Section 3.3 Transfer of Collateral. 

(a) Computershare Trust Company, National Association, acting through its document custody division, as document custodian (in such capacity,
the “Custodian”), is hereby appointed as Custodian to hold all of the mortgage notes or participation certificates required to be delivered to it by the Issuer in accordance with this Section 3.3 on the
Closing Date, at its office in Minneapolis, Minnesota. Any successor to the Custodian shall be a U.S. state or national bank or trust company that is not an Affiliate of the Issuer and has capital and surplus of at least $200,000,000 and whose
long-term unsecured debt is rated at least “Baa1” by Moody’s and “BBB” by KBRA (if rated by KBRA, or if not rated by KBRA, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s)). Subject
to the limited right to relocate Collateral set forth in Section 7.5(b), the Custodian shall hold all Loan Documents at its Corporate Trust Office. 

(b) All Eligible Investments and other investments purchased in accordance with this Indenture in the respective Accounts in which the funds
used to purchase such investments shall be held in accordance with Article 10 and, in respect of each Indenture Account, the Trustee on behalf of the Secured Parties shall have entered into a securities account control
agreement with the Issuer, as debtor and Computershare Trust Company, National Association, as “securities intermediary” (within the meaning of Section 8-102(a)(14) of the UCC as in effect in
the State of New York) (together with its permitted successors and assigns in the trusts hereunder, 

  
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the “Securities Intermediary”), and the Trustee, as secured party (the “Securities Account Control Agreement”) providing, inter alia, that the establishment and
maintenance of such Indenture Account will be governed by the law of the State of New York. The security interest of the Trustee in Collateral shall be perfected and otherwise evidenced as follows: 

(i) in the case of Collateral consisting of Security Entitlements, by the Issuer (A) causing the Securities Intermediary,
in accordance with the Securities Account Control Agreement, to indicate by book entry that a Financial Asset has been credited to the Custodial Account and (B) causing the Securities Intermediary to agree pursuant to the Securities Account
Control Agreement that it will comply with Entitlement Orders originated by or on behalf of the Trustee with respect to each such Security Entitlement without further consent by the Issuer; 

(ii) in the case of Collateral consisting of Instruments or Certificated Securities (the “Minnesota
Collateral”), to the extent that any such Minnesota Collateral does not constitute a Financial Asset forming the basis of a Security Entitlement acquired by the Trustee pursuant to clause (i), by the Issuer causing (A) the
Custodian, on behalf of the Trustee, to acquire possession of such Minnesota Collateral in the State of Minnesota or (B) another Person (other than the Issuer or a Person controlling, controlled by, or under common control with, the
Issuer) (1) to (x) take possession of such Minnesota Collateral in the State of Minnesota and (y) authenticate a record acknowledging that it holds such possession for the benefit of the Trustee or (2) to (x) authenticate a record
acknowledging that it will hold possession of such Minnesota Collateral for the benefit of the Trustee and (y) take possession of such Minnesota Collateral in the State of Minnesota; 

(iii) in the case of Collateral consisting of General Intangibles and all other Collateral of the Issuer in which a security
interest may be perfected by filing a financing statement under Article 9 of the UCC as in effect in the State of Delaware, filing or causing the filing of a UCC financing statement naming the Issuer as debtor and the Trustee as secured party,
which financing statement reasonably identifies all such Collateral, with the Secretary of State of the State of Delaware; 

(iv) in the case of Collateral consisting of General Intangibles, causing the registration of the security interests granted
under this Indenture in the register of mortgages and charges of the Issuer maintained at the Issuer’s registered office; and 

(v) in the case of Collateral consisting of Cash on deposit in any Servicing Account managed by the Servicer or Special
Servicer pursuant to the terms of the Servicing Agreement, to deposit such Cash in a Servicing Account, which Servicing Account is in the name of the Servicer or Special Servicer on behalf of the Trustee. 

(c) The Issuer hereby authorizes the filing of UCC financing statements describing as the collateral covered thereby “all of the
debtor’s personal property and Collateral,” or words to that effect, notwithstanding that such wording may be broader in scope than the Collateral described in this Indenture. 

  
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 (d) Without limiting the foregoing, the Trustee shall cause the Note Administrator to take
such different or additional action as the Trustee may be advised by advice of counsel to the Trustee, Note Administrator or the Issuer (delivered to the Trustee and the Note Administrator) is reasonably required in order to maintain the perfection
and priority of the security interest of the Trustee in the event of any change in applicable law or regulation, including Articles 8 and 9 of the UCC and Treasury Regulations governing transfers of interests in Government Items (it being understood
that the Note Administrator shall be entitled to rely upon an Opinion of Counsel, including an Opinion of Counsel delivered in accordance with Section 3.1(c), as to the need to file any financing statements or continuation
statements, the dates by which such filings are required to be made and the jurisdictions in which such filings are required to be made). 

(e) Without limiting any of the foregoing, in connection with each Grant of a Collateral Interest hereunder as of the date such Collateral
Interest is acquired, the Issuer shall deliver (or cause to be delivered by the Seller) to the Custodian the following documents (collectively, the “Collateral Interest File”): 

(i) if such Collateral Interest is a Mortgage Loan: 

(1) the original mortgage notes bearing, or accompanied by, all intervening endorsements, endorsed in blank or endorsed
“Pay to the order of FS Rialto 2022-FL7 Issuer, LLC, a Delaware limited liability company, without recourse, except as expressly set forth in that certain Collateral Interest Purchase Agreement, dated as
of December 7, 2022” and signed in the name of the last endorsee by an authorized Person and if endorsed to the Issuer, an assignment in blank from the Issuer; 

(2) the original mortgage (or a recorded copy thereof or a copy thereof certified from the applicable recording office) and, if
applicable, the originals of all intervening assignments of mortgage (or recorded copies thereof or copies thereof certified from the applicable recording office), in each case, with evidence of recording thereon, showing an unbroken chain of title
from the originator thereof to the last endorsee; 
 (3) the original assignment of leases and rents (or a recorded copy
thereof or a copy thereof certified from the applicable recording office), if any, and, if applicable, the originals of all intervening assignments of assignment of leases and rents (or recorded copies thereof or copies thereof certified from the
applicable recording office), in each case, with evidence of recording thereon, showing an unbroken chain of recordation from the originator thereof to the last endorsee; 

(4) an original blanket assignment of all unrecorded documents (including a complete chain of intervening assignments, if
applicable) in favor of the Issuer; 
 (5) a filed copy of the UCC-1 financing
statements with evidence of filing thereon, and UCC-3 assignments showing a complete chain of assignment from the secured party named in such UCC-1 financing statement
to the Issuer, with evidence of filing thereon; 

  
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 (6) originals or copies of all assumption, modification, consolidation or
extension agreements, with evidence of recording thereon, together with any other recorded document relating to such Collateral Interest; 

(7) an original or a copy (which may be in electronic form) of the mortgagee policy of title insurance or a conformed version
of the mortgagee’s title insurance commitment either marked as binding for insurance or attached to an escrow closing letter, countersigned by the title company or its authorized agent if the original mortgagee’s title insurance policy has
not yet been issued; 
 (8) the original or copy of any security agreement, chattel mortgage or equivalent document, if any;

 (9) the original or copy of any related loan agreement as well as any related letter of credit, lockbox agreement, cash
management agreement and construction contract; 
 (10) the original or copy of any related guarantee; 

(11) the original or copy of any related environmental indemnity agreement; 

(12) copies of any property management agreements; 

(13) a copy of a survey of the related Mortgaged Property, together with the surveyor’s certificate thereon; 

(14) a copy of any power of attorney relating to such Mortgage Loan; 

(15) with respect to any Collateral Interest secured in whole or in part by a ground lease, copies of any ground leases; 

(16) a copy of any related environmental insurance policy and environmental report with respect to the related Mortgaged
Properties; 
 (17) with respect to any Mortgage Loan secured by a hospitality property, a copy of any related franchise
agreement, an original or copy of any comfort letter related thereto, and if, pursuant to the terms of such comfort letter, the general assignment of the Mortgage Loan is not sufficient to transfer or assign the benefits of such comfort letter to
the Issuer, if any, a copy of the notice by the Seller to the franchisor of the transfer of such Mortgage Loan and/or a copy of the request for the issuance of a new comfort letter in favor of the Issuer (in each case, as and to the extent required
pursuant to the terms of such comfort letter as determined by the Issuer or Seller); 

  
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 (18) the following additional original documents, (a) allonge, endorsed
in blank; (b) assignment of mortgage, in blank, in form and substance acceptable for recording; (c) if applicable, assignment of leases and rents, in blank, in form and substance acceptable for recording; and (d) assignment of
unrecorded documents. 
 (ii) if such Collateral Interest is a Participation: 

(1) (a) with respect to any Collateral Interest related to a Serviced Commercial Real Estate Loan, each of the documents
specified in clause (i) above (other than the documents specified in (i)(18) with respect to such Participated Loan and, with respect to clause (i)(1), the endorsement will instead be in blank or to “Pay to the order of FS Rialto 2022-FL7 Issuer, LLC, a Delaware limited liability company, for the benefit of itself, and for the benefit of any companion participation holder(s), without recourse, except as expressly set forth in that certain
Collateral Interest Purchase Agreement, dated as of December 7, 2022, and subject to the rights and obligations of any companion participation holder(s) under any related participation agreement(s)”) and (b) with respect to any
Collateral Interest related to a Non-Serviced Commercial Real Estate Loan, unless the Custodian is custodian for the Non-Serviced Commercial Real Estate Loan, a copy of
each of the documents specified in clause (i) above; 
 (2) in the case of a Participation, an original
participation certificate evidencing such Participation in the name of the Issuer; 
 (3) an original assignment of the
participation certificate evidencing such Participation from the Issuer to blank; 
 (4) a copy of the participation
certificate evidencing each related Companion Participation(s); and 
 (5) a copy of the related Participation Agreement.

 With respect to any documents which have been delivered or are being delivered to recording offices for recording and have not been returned to the
Issuer (or the Seller) in time to permit their delivery hereunder at the time required, the Issuer (or the Seller) shall deliver such original recorded documents to the Custodian promptly when received by the Issuer (or the Seller) from the
applicable recording office. Any document in the Collateral Interest File may be electronically signed or signed with a signature stamp. As used in this definition, the term “original” shall include any documents electronically signed or
signed with a signature stamp. 
 (f) The execution and delivery of this Indenture by the Custodian shall constitute certification that, in
connection with each Closing Date Collateral Interest, (i) each original note and participation certificate, if applicable, required to be delivered to the Custodian on behalf of the Trustee by the Issuer (or the Seller) and all allonges
thereto, if any, and a copy of the participation agreement have been received by the Custodian (directly or through a bailee); and (ii) such original note and participation certificate, if applicable, has been reviewed by the Custodian
(provided that with respect to the participation certificates, the Custodian will receive 

  
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PDF copies on the Closing Date of such original participation certificate and the original participation certificates will be provided no later than two (2) Business Days following the
Closing Date) and (A) appears regular on its face (handwritten additions, changes or corrections shall not constitute irregularities if initialed by the borrower), (B) appears to have been executed and (C) purports to relate to the related
Collateral Interest. The Custodian agrees to review or cause to be reviewed the Collateral Interest Files within sixty (60) days after the Closing Date, and to deliver to the Issuer, the Note Administrator, the Servicer, the Special Servicer,
the Trustee and McCoy & Orta a certification in the form of Exhibit L attached hereto, indicating, subject to any exceptions found by it in such review (and any related exception report and any subsequent reports thereto shall be
delivered to the other parties hereto, the Servicer and the Operating Advisor in electronic format, including Excel-compatible format), (A) those documents referred to in Section 3.3(e) that have been received, and
(B) that such documents have been executed, appear on their face to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn, mutilated or otherwise defaced, and appear on their faces to relate to the
Collateral Interest. The Custodian shall have no responsibility for reviewing the Collateral Interest File except as expressly set forth in this Section 3.3(f). None of the Trustee, the Note Administrator, and the Custodian
shall be under any duty or obligation to inspect, review, or examine any such documents, instruments or certificates to independently determine that they are valid, genuine, enforceable, legally sufficient, duly authorized, or appropriate for the
represented purpose, whether the text of any assignment or endorsement is in proper or recordable form (except to determine if the endorsement conforms to the requirements of Section 3.3(e)), whether any document has been
recorded in accordance with the requirements of any applicable jurisdiction, to independently determine that any document has actually been filed or recorded in the appropriate office, that any document is other than what it purports to be on its
face, or whether the title insurance policies relate to the Mortgaged Property. 
 (g) No later than the one hundred twentieth (120th) day
after the Closing Date, and every quarter thereafter until all exceptions are cleared, the Custodian shall (i) deliver to the Issuer, with a copy to the Note Administrator, the Trustee, McCoy & Orta, the Operating Advisor, the Servicer
and the Special Servicer an exception report (which report and any updates or modifications thereto shall be delivered in electronic format, including Excel-compatible format) as to any remaining documents that are required to be, but are not in the
Collateral Interest File and (ii) request that the Issuer cause such document deficiency to be cured. 
 (h) Without limiting the
generality of the foregoing: 
 (i) from time to time upon the request of the Trustee, Servicer or Special Servicer, the
Issuer shall deliver (or cause to be delivered) to the Custodian any Loan Document in the possession of the Issuer and not previously delivered hereunder (including originals of Loan Documents not previously required to be delivered as originals)
and as to which the Trustee, Servicer or Special Servicer, as applicable, shall have reasonably determined, or shall have been advised, to be necessary or appropriate for the administration of such Collateral Interest hereunder or under the
Servicing Agreement or for the protection of the security interest of the Trustee under this Indenture; 
 (ii) in connection
with any delivery of documents to the Custodian pursuant to clause (i) above, the Custodian shall deliver to the Servicer, on behalf of the Issuer, a certification in the form of Exhibit L acknowledging the receipt of such
documents by the Custodian and that it is holding such documents subject to the terms of this Indenture; and 

  
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 (iii) from time to time upon request of the Servicer or the Special
Servicer, the Custodian shall, upon delivery by the Servicer or Special Servicer, as applicable, of a request for release in the form of Exhibit M hereto (such request, a “Request for Release”), release to the Servicer or the
Special Servicer, as applicable, such of the Loan Documents then in its custody as the Servicer or Special Servicer, as applicable, reasonably so requests. By submission of any such Request for Release, the Servicer or the Special Servicer, as
applicable, shall be deemed to have represented and warranted that it has determined in accordance with the Servicing Standard set forth in the Servicing Agreement that the requested release is necessary for the administration of such Collateral
Interest hereunder or under the Servicing Agreement or for the protection of the security interest of the Trustee under this Indenture. The Servicer or the Special Servicer shall return to the Custodian each Loan Document released from custody
pursuant to this clause (iii) within twenty (20) Business Days of receipt thereof (except such Loan Documents as are released in connection with a sale, exchange or other disposition, in each case only as permitted
under this Indenture, of the related Collateral Interest that is consummated within such twenty (20)-day period). Notwithstanding the foregoing provisions of this clause (iii), any note, participation
certificate or other instrument evidencing a Pledged Collateral Interest shall be released only for the purpose of (1) a sale, exchange or other disposition of such Pledged Collateral Interest that is permitted in accordance with the terms of
this Indenture, (2) presentation, collection, renewal or registration of transfer of such Collateral Interest or (3) in the case of any note, in connection with a payment in full of all amounts owing under such note. The Custodian shall
not be responsible for the contents of any Collateral Interest File while not in the Custodian’s possession pursuant to a Request for Release. In connection with any Request for Release, unless otherwise specified in such request, the
participation certificate shall be released along with the Collateral Interest loan files for the requested Collateral Interest. 
 (i) As
of the Closing Date (with respect to the Collateral owned or existing as of the Closing Date) and each date on which any Collateral is acquired (only with respect to each Collateral so acquired or arising after the Closing Date), the Issuer
represents and warrants as follows: 
 (i) this Indenture creates a valid and continuing security interest (as defined in the
UCC) in the Collateral in favor of the Trustee for the benefit of the Secured Parties, which security interest is prior to all other liens, and is enforceable as such against creditors of and purchasers from the Issuer; 

(ii) the Issuer owns and has good and marketable title to such Collateral free and clear of any lien, claim or encumbrance of
any Person; 
 (iii) in the case of each Collateral, the Issuer has acquired its ownership in such Collateral in good faith
without notice of any adverse claim as defined in Section 8-102(a)(1) of the UCC as in effect on the date hereof; 

  
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 (iv) other than the security interest granted to the Trustee for the benefit
of the Secured Parties pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral; 

(v) the Issuer has not authorized the filing of, and is not aware of, any financing statements against the Issuer that include
a description of collateral covering the Collateral other than any financing statement (x) relating to the security interest granted to the Trustee for the benefit of the Secured Parties hereunder or (y) that has been terminated; the
Issuer is not aware of any judgment lien, Pension Benefit Guarantee Corporation lien or tax lien filings against the Issuer; 

(vi) the Issuer has received all consents and approvals required by the terms of each Collateral and the Transaction Documents
to grant to the Trustee its interest and rights in such Collateral hereunder; 
 (vii) the Issuer has caused or will have
caused, within ten (10) days, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral granted to the
Trustee for the benefit of the Secured Parties hereunder; 
 (viii) all of the Collateral constitutes one or more of the
following categories: an Instrument, a General Intangible, a Certificated Security or an uncertificated security, or a Financial Asset in which a Security Entitlement has been created and that has been or will have been credited to a Securities
Account and proceeds of all the foregoing; 
 (ix) the Securities Intermediary has agreed to treat all Collateral credited to
the Custodial Account as a Financial Asset; 
 (x) the Issuer has delivered a fully executed Securities Account Control
Agreement pursuant to which the Securities Intermediary has agreed to comply with all instructions originated by the Trustee relating to the Indenture Accounts without further consent of the Issuer; none of the Indenture Accounts is in the name of
any Person other than the Issuer, on behalf of the Trustee, for the benefit of the Secured Parties; the Issuer has not consented to the Securities Intermediary to comply with any Entitlement Orders in respect of the Indenture Accounts and any
Security Entitlement credited to any of the Indenture Accounts originated by any Person other than the Trustee or the Note Administrator on behalf of the Trustee; 

(xi) (A) all original executed copies of each promissory note, participation certificate or other writings that constitute or
evidence any pledged obligation that constitutes an Instrument have been delivered to the Custodian for the benefit of the Trustee and (B) none of the promissory notes, participation certificates or other writings that constitute or evidence
such collateral has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed by the Issuer to any Person other than the Trustee; 

(xii) each of the Indenture Accounts constitutes a Securities Account in respect of which Computershare Trust Company, National
Association, has agreed to be Securities Intermediary pursuant to the Securities Account Control Agreement on behalf of the Trustee as secured party under this Indenture. 

(j) The Note Administrator shall cause all Eligible Investments delivered to the Note Administrator on behalf of the Issuer (upon receipt by
the Note Administrator thereof) to be promptly credited to the applicable Account. 

  
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 ARTICLE 4 

SATISFACTION AND DISCHARGE 

Section 4.1 Satisfaction and Discharge of Indenture. 

This Indenture shall be discharged and shall cease to be of further effect except as to (i) rights of registration of transfer and
exchange, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) the rights, protections, indemnities and immunities of
the Note Administrator (in each of its capacities), the Custodian and the Trustee and the specific obligations set forth below hereunder, (v) the rights, obligations and immunities of the Servicer and Special Servicer hereunder and under the
Servicing Agreement, and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property deposited with the Custodian or Securities Intermediary (on behalf of the Trustee) and payable to all or any of them (and the Trustee,
on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture) when: 

(a) (i) either: 

(1) all Notes theretofore authenticated and delivered to Noteholders (other than (A) Notes which have been mutilated,
defaced, destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.6 and (B) Notes for which payment has theretofore irrevocably been deposited in trust and thereafter repaid to the Issuer
or discharged from such trust, as provided in Section 7.3) have been delivered to the Notes Registrar for cancellation; or 

(2) all Notes not theretofore delivered to the Notes Registrar for cancellation (A) have become due and payable, or
(B) shall become due and payable at their Stated Maturity Date within one year, or (C) are to be called for redemption pursuant to Article 9 under an arrangement satisfactory to the Note Administrator for the
giving of notice of redemption by the Issuer pursuant to Section 9.3 and either (x) the Issuer has irrevocably deposited or caused to be deposited with the Note Administrator, Cash or
non-callable direct obligations of the United States of America; which obligations are entitled to the full faith and credit of the United States of America or are debt obligations which are rated
“Aaa” by Moody’s and the equivalent by KBRA (if then rated by KBRA) in an amount sufficient to pay and discharge the entire indebtedness (including, in the case of a redemption pursuant to Section 9.1, the
Redemption Price) on such Notes not theretofore delivered to the Note Administrator for cancellation, for principal and 

  
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interest to the date of such deposit (in the case of Notes which have become due and payable), or to the respective Stated Maturity Date or the respective Redemption Date, as the case may be or
(y) in the event all of the Collateral is liquidated following the satisfaction of the conditions specified in Article 5, the Issuer shall have deposited or caused to be deposited with the Note Administrator, all
proceeds of such liquidation of the Collateral, for payment in accordance with the Priority of Payments; 
 (ii) the Issuer
has paid or caused to be paid all other sums then due and payable hereunder (including any amounts then due and payable pursuant to the Servicing Agreement) by the Issuer and no other amounts are scheduled to be due and payable by the Issuer other
than Dissolution Expenses; and 
 (iii) the Issuer has delivered to the Trustee and the Note Administrator Officer’s
Certificates and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with; 

provided, however, that in the case of clause (a)(i)(2)(x) above, the Issuer has delivered to the Trustee and Note Administrator an
opinion of Cadwalader, Wickersham & Taft LLP or an opinion of another tax counsel of nationally recognized standing in the United States experienced in such matters to the effect that the Noteholders would recognize no income gain or loss
for U.S. federal income tax purposes as a result of such deposit and satisfaction and discharge of this Indenture; or 
 (b) (i) the Issuer
has delivered to the Trustee and Note Administrator a certificate stating that (1) there is no Collateral (other than (x) the Servicing Agreement and the Servicing Accounts related thereto and the Securities Account Control Agreement and
the Indenture Accounts related thereto and (y) Cash in an amount not greater than the Dissolution Expenses) that remain subject to the lien of this Indenture, and (2) all funds on deposit in or to the credit of the Accounts have been
distributed in accordance with the terms of this Indenture or have otherwise been irrevocably deposited with the Servicer under the Servicing Agreement for such purpose; and 

(ii) the Issuer has delivered to the Note Administrator and the Trustee Officer’s Certificates and an Opinion of Counsel,
each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the rights and obligations of the Issuer, the Trustee, the Note
Administrator, and, if applicable, the Noteholders, as the case may be, under Sections 2.7, 4.2, 5.4(d), 5.9, 5.18, 6.7, 7.3 and 14.12 shall survive. 

Section 4.2 Application of Amounts Held in Trust. 

All amounts deposited with the Note Administrator pursuant to Section 4.1 shall be held in trust and applied by it
in accordance with the provisions of the Notes and this Indenture (including, without limitation, the Priority of Payments) to the payment of the principal and interest, either directly or through any Paying Agent, as the Note Administrator may
determine, and such amounts shall be held in a segregated account identified as being held in trust for the benefit of the Secured Parties. 

  
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 Section 4.3 Repayment of Amounts Held by Paying Agent. 

In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all amounts then held by any Paying Agent, upon
demand of the Issuer shall be remitted to the Note Administrator to be held and applied pursuant to Section 7.3 and, in the case of amounts payable on the Notes, in accordance with the Priority of Payments and thereupon
such Paying Agent shall be released from all further liability with respect to such amounts. 
 Section 4.4 Limitation on Obligation
to Incur Company Administrative Expenses. 
 If at any time after an Event of Default has occurred and the Notes have been declared
immediately due and payable, the sum of (i) Eligible Investments, (ii) Cash and (iii) amounts reasonably expected to be received by the Issuer with respect to the Collateral Interests in Cash during the current Due Period (as
certified by the Servicer in accordance with the Servicing Standard) is less than the sum of Dissolution Expenses and any accrued and unpaid Company Administrative Expenses, then notwithstanding any other provision of this Indenture, the Issuer
shall no longer be required to incur Company Administrative Expenses as otherwise required by this Indenture to any Person, other than with respect to fees and indemnities of, and other payments, charges and expenses incurred in connection with
opinions, reports or services to be provided to or for the benefit of, the Trustee, the Note Administrator, or any of their respective Affiliates. Any failure to pay such amounts or provide or obtain such opinions, reports or services no longer
required hereunder shall not constitute a Default hereunder. 
 ARTICLE 5 

REMEDIES 
 Section 5.1
Events of Default. 
 “Event of Default,” wherever used herein, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be 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): 
 (a) a default in the payment of any interest on any of the Class A Notes, the
Class A-S Notes or the Class B Notes (or, if none of the Class A Notes, the Class A-S Notes or the Class B Notes are Outstanding, any Note of
the most senior Class Outstanding) when the same becomes due and payable and the continuation of any such default for three (3) Business Days after a Trust Officer of the Note Administrator has actual knowledge or receives notice from any
holder of Notes of such payment default; provided that in the case of a failure to disburse funds due to an administrative error or omission by the Note Administrator, the Trustee or any paying agent, such failure continues for five
(5) Business Days after a Trust Officer of the Note Administrator receives written notice or has actual knowledge of such administrative error or omission; 

  
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 (b) a default in the payment of principal (or the related Redemption Price, if applicable)
of any Class of Notes when the same becomes due and payable, at its Stated Maturity Date or any Redemption Date; provided, in each case, that in the case of a failure to disburse funds due to an administrative error or omission by the
Note Administrator, the Trustee or any paying agent, such failure continues for five (5) Business Days after a Trust Officer of the Note Administrator receives written notice or has actual knowledge of such administrative error or omission;

 (c) the failure on any Payment Date to disburse amounts in excess of $100,000 available in the Payment Account in accordance with the
Priority of Payments set forth under Section 11.1(a) (other than a default in payment described in clause (a) or (b) above), which failure continues for a period of three (3) Business Days or, in the
case of a failure to disburse such amounts due to an administrative error or omission by the Note Administrator, Trustee or Paying Agent, which failure continues for five (5) Business Days; 

(d) either the Issuer or the pool of Collateral becomes an investment company required to be registered under the 1940 Act; 

(e) a default in the performance, or breach, of any other covenant or other agreement of the Issuer (other than the covenant to make the
payments described in clauses (a), (b) or (c) above or to satisfy the Note Protection Tests) or any representation or warranty of the Issuer hereunder or in any certificate or other writing delivered pursuant hereto or in
connection herewith proves to be incorrect in any material respect when made, and the continuation of such default or breach for a period of 30 days (or, if such default, breach or failure has an adverse effect on the validity, perfection or
priority of the security interest granted hereunder, 15 days) after the Issuer has actual knowledge thereof or after notice thereof to the Issuer by the Trustee or to the Issuer and the Trustee by Holders of at least 25% of the Aggregate Outstanding
Amount of the Controlling Class; 
 (f) the entry of a decree or order by a court having competent jurisdiction adjudging the Issuer as
bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer under the Bankruptcy Code or any other similar applicable law, or appointing a receiver,
liquidator, assignee, or sequestrator (or other similar official) of the Issuer or of any substantial part of its property, respectively, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order
unstayed and in effect for a period of 60 consecutive days; 
 (g) the institution by the Issuer of proceedings to be adjudicated as
bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the Bankruptcy Code or any other similar
applicable law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of the Issuer or of any substantial part of its property,
respectively, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of any action by the Issuer in furtherance of any such
action; 

  
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 (h) one or more final judgments being rendered against the Issuer which exceed, in the
aggregate, $1,000,000 and which remain unstayed, undischarged and unsatisfied for 30 days after such judgment(s) becomes nonappealable, unless adequate funds have been reserved or set aside for the payment thereof, and unless (except as otherwise
specified in writing by the Rating Agencies) a No Downgrade Confirmation has been received from the Rating Agencies; or 
 (i) the Issuer
loses its status as a Qualified REIT Subsidiary or other disregarded entity of Sub-REIT or another REIT for U.S. federal income tax purposes, unless (A) within 90 days, the Issuer either (1) delivers
an opinion of tax counsel of nationally recognized standing in the United States experienced in such matters to the effect that, notwithstanding the Issuer’s loss of Qualified REIT Subsidiary or disregarded entity status for U.S. federal income
tax purposes, the Issuer is not, and has not been, subject to U.S. federal income tax on a net income basis and the Noteholders are not otherwise materially adversely affected by the loss of Qualified REIT Subsidiary or disregarded entity status for
U.S. federal income tax purposes or (2) receives an amount from the Holders of the Class H Notes sufficient to discharge in full the amounts then due and unpaid on the Notes and amounts and expenses described in clauses
(1) through (3) and clause (18) under Section 11.1(a)(i) in accordance with the Priority of Payments or (B) all Classes of the Notes are subject to a Tax Redemption announced by the Issuer
in compliance with this Indenture, and such redemption has not been rescinded. 
 Upon becoming aware of the occurrence of an Event of
Default, the Issuer, shall promptly notify (or shall procure the prompt notification of) the Trustee, the Note Administrator, the Servicer, the Special Servicer, the Operating Advisor and the Holders of the Class H Notes in writing. If the Note
Administrator has actual knowledge of the occurrence of an Event of Default, the Note Administrator shall promptly notify, in writing, the Trustee, the Noteholders and the Rating Agencies of the occurrence of such Event of Default. 

Section 5.2 Acceleration of Maturity; Rescission and Annulment. 

(a) If an Event of Default shall occur and be continuing (other than the Events of Default specified in
Section 5.1(f) or 5.1(g)), the Trustee may (and shall at the direction of a Majority, by outstanding principal amount, of each Class of Offered Notes, voting as a separate Class (excluding any Notes owned by the
Seller or any of its Affiliates), or if no Class of Offered Notes is outstanding, a majority, by outstanding principal amount, of the Class F Notes and the Class F-E Notes, or, if no
Class of Offered Notes and no Class F Notes or Class F-E Notes are outstanding, a majority by outstanding principal amount, of the Class G Notes and the
Class G-E Notes, or, if no Class of Offered Notes and no Class F Notes, Class F-E Notes, Class G Notes or
Class G-E Notes are outstanding, a majority by outstanding principal amount, of the Class H Notes), declare the principal of and accrued and unpaid interest on all the Notes to be immediately due and
payable. Upon any such declaration such principal, together with all accrued and unpaid interest thereon, and other amounts payable thereunder in accordance with the Priority of Payments will become immediately due and payable (except that if an
Event of Default described in Section 5.1(f) or 5.1(g) above occurs, such an acceleration shall occur automatically and without any further action). If the Notes are accelerated, payments shall be made in the order
and priority set forth in Section 11.1(a). 

  
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 (b) At any time after such a declaration of acceleration of Maturity of the Notes has been
made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as hereinafter provided in this Article 5, a Majority of each Class of Offered Notes (voting as a separate Class),
or if no Class of Offered Notes is outstanding, a majority by outstanding principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i), by written notice to the Issuer and the
Trustee, may rescind and annul such declaration and its consequences if: 
 (i) the Issuer has paid or deposited with the
Note Administrator a sum sufficient to pay: 
 (A) all unpaid installments of interest on and principal on the Notes that
would be due and payable hereunder if the Event of Default giving rise to such acceleration had not occurred; 
 (B) all
unpaid taxes of the Issuer, Company Administrative Expenses and other sums paid or advanced by or otherwise due and payable to the Note Administrator or to the Trustee hereunder; 

(C) with respect to the Advancing Agent, the Backup Advancing Agent and the Trustee, any amount due and payable for
unreimbursed Interest Advances and Reimbursement Interest; and 
 (D) any Company Administrative Expense due and payable; and

 (ii) the Trustee has received notice that all Events of Default, other than the
non-payment of the interest and principal on the Notes that have become due solely by such acceleration, have been cured and a Majority of the Controlling Class, by written notice to the Trustee, has agreed
with such notice (which agreement shall not be unreasonably withheld or delayed) or waived as provided in Section 5.14. 

At any such time that the Trustee, subject to Section 5.2(b), shall rescind and annul such declaration and its
consequences as permitted hereinabove, the Collateral shall be preserved in accordance with the provisions of Section 5.5 with respect to the Event of Default that gave rise to such declaration; provided,
however, that if such preservation of the Collateral is rescinded pursuant to Section 5.5, the Notes may be accelerated pursuant to the first paragraph of this Section 5.2, notwithstanding
any previous rescission and annulment of a declaration of acceleration pursuant to this paragraph. 
 No such rescission shall affect any
subsequent Default or impair any right consequent thereon. 

  
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 (c) Subject to Sections 5.4 and 5.5, a Majority of the Controlling
Class shall have the right to direct the Trustee in the conduct of any Proceedings for any remedy available to the Trustee or in the sale of any or all of the Collateral; provided that (i) such direction will not conflict with any
rule of law or this Indenture; (ii) the Trustee may take any other action not inconsistent with such direction; (iii) the Trustee has received security or indemnity satisfactory to it; and (iv) any direction to undertake a sale of the
Collateral may be made only as described in Section 5.17. The Trustee shall be entitled to refuse to take any action absent such direction. 

(d) As security for the payment by the Issuer of the compensation and expenses of the Trustee, the Note Administrator, and any sums the
Trustee or Note Administrator shall be entitled to receive as indemnification by the Issuer, the Issuer hereby grants the Trustee a lien on the Collateral, which lien is senior to the lien of the Holders of the Secured Notes. The Trustee’s lien
shall be subject to the Priority of Payments and exercisable by the Trustee only if the Notes have been declared due and payable following an Event of Default and such acceleration has not been rescinded or annulled. 

(e) A Majority of each Class of Notes may, prior to the time a judgment or decree for the payment of amounts due has been obtained by the
Trustee, waive any past Default on behalf of the holders of all the Notes and its consequences in accordance with Section 5.14. 

Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee. 

(a) The Issuer covenants that if a Default shall occur in respect of the payment of any interest on any Class A Note, the payment of
principal on any Class A Note (but only after interest with respect to the Class A Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of
interest on any Class A-S Note (but only after interest and principal with respect to the Class A Notes and any amounts payable pursuant to Section 11.1(a) having a higher
priority have been paid in full), the payment of principal on any Class A-S Note (but only after interest and principal with respect to the Class A Notes and interest with respect to the Class A-S Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of interest on any Class B Note (but only after
interest with respect to the Class A Notes and the Class A-S Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the
payment of principal on any Class B Note (but only after interest and principal with respect to the Class A Notes and the Class A-S Notes and interest with respect to the Class B Notes and
any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of interest on any Class C Note (but only after interest with respect to the Class A Notes, the Class A-S Notes and Class B Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of principal on any
Class C Note (but only after interest and principal with respect to the Class A Notes, the Class A-S Notes and the Class B Notes and interest with respect to the Class C Notes and any
amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of interest on any Class D Note, the Class D-E Note and the Class D-X Note (but only after interest with respect to the Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes and any
amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of principal on any Class D Note or the Class D-E Note (but only
after interest and principal with respect to the Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes and interest with respect to the Class D Notes, the Class D-E Notes and the Class D-X Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have

  
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been paid in full), the payment of interest on any Class E Note, the Class E-E Note and the
Class E-X Note (but only after interest with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the
Class D Notes, the Class D-E Notes, the Class D-X Notes and any amounts payable pursuant to Section 11.1(a) having a higher
priority have been paid in full), the payment of principal on any Class E Note or the Class E-E Note (but only after interest and principal with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes the Class D-E Notes, the
Class D-X Notes and interest with respect to the Class E Notes, the Class E-E Notes, the Class E-X Notes and
any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of interest on any Class F Note, the Class F-E Note and the Class F-X Note (but only after interest with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D
Notes, the Class D-E Notes, the Class D-X Notes, the Class E Notes, the Class E-E Notes and the Class E-X Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of principal on any Class F Note or the Class F-E Note (but only after interest and principal with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes,
the Class D Notes, the Class D-E Notes, the Class D-X Notes, the Class E Notes, the Class E-E Notes and
the Class E-X Notes and interest with respect to the Class F Notes, the Class F-E Notes, the Class F-X Notes
and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of interest on any Class G Note, the Class G-E Note and the
Class G-X Note (but only after interest with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the
Class D Notes, the Class D-E Notes, the Class D-X Notes, the Class E Notes, the Class E-E Notes, the Class E-X Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes and any amounts payable pursuant to
Section 11.1(a) having a higher priority have been paid in full), the payment of principal on any Class G Note or the Class G-E Note (but only after interest and principal
with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class D-E Notes, the Class D-X Notes, the Class E Notes, the Class E-E Notes, the Class E-X Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes and interest with respect to the Class G Notes, the Class G-E Notes and the Class G-X Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the Issuer, with respect to the Offered Notes, the Class F
Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, shall, upon demand of the Trustee or any affected Noteholder, pay to the Note Administrator on behalf of the Trustee, for the benefit of the Holder of such Note, the whole amount, if any, then
due and payable on such Note for principal and interest or other payment with interest on the overdue principal and, to the extent that payments of such interest shall be legally enforceable, upon overdue installments of interest, at the applicable
interest rate and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Note Administrator, the Trustee and
such Noteholder and their respective agents and counsel. 
 If the Issuer fails to pay such amounts forthwith upon such demand, the Trustee,
as Trustee of an express trust, and at the expense of the Issuer, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the
Issuer, or any other obligor upon the Notes and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the Collateral. 

  
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 If an Event of Default occurs and is continuing, the Trustee shall proceed to protect and
enforce its rights and the rights of the Noteholders by such Proceedings (x) as directed by a Majority of the Controlling Class or (y) in the absence of direction by a Majority of the Controlling Class, as determined by the Trustee
acting in good faith; provided that (a) such direction must not conflict with any rule of law or with any express provision of this Indenture, (b) the Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction, (c) the Trustee has been provided with security or indemnity satisfactory to it, and (d) notwithstanding the foregoing, any direction to the Trustee to undertake a sale of Collateral may be given only in
accordance with the preceding paragraph, in connection with any sale and liquidation of all or a portion of the Collateral, the preceding sentence, and, in all cases, the applicable provisions of this Indenture. Such Proceedings shall be used for
the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by this Indenture or by law. Any
direction to the Trustee to undertake a sale of Collateral shall be forwarded to the Special Servicer, and the Special Servicer shall conduct any such sale in accordance with the terms of the Servicing Agreement. 

In the case where (x) there shall be pending Proceedings relative to the Issuer under the Bankruptcy Code or any other applicable
bankruptcy, insolvency or other similar law, (y) a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property, or
(z) there shall be any other comparable Proceedings relative to the Issuer, or the creditors or property of the Issuer, regardless of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration, or
otherwise and regardless of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.3, the Trustee shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

(i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes
and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents,
attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence or bad faith) and of the Noteholders allowed in any
Proceedings relative to the Issuer or other obligor upon the Notes or to the creditors or property of the Issuer or such other obligor; 

(ii) unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee or
a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or of a Person performing similar functions in comparable Proceedings; and 

(iii) to collect and receive (or cause the Note Administrator to collect and receive) any amounts or other property payable to
or deliverable on any such claims, and to distribute (or cause the Note Administrator to distribute) all amounts received with respect to the claims of the Noteholders and of the Trustee on their behalf; the Secured Parties, and any trustee,
receiver or liquidator, custodian or other similar official is hereby 

  
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authorized by each of the Noteholders to make payments to the Trustee (or the Note Administrator on its behalf), and, in the event that the Trustee shall consent to the making of payments
directly to the Noteholders, to pay to the Trustee and the Note Administrator such amounts as shall be sufficient to cover reasonable compensation to the Trustee and the Note Administrator, each predecessor trustee and note administrator, and their
respective agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Backup Advancing Agent and each predecessor backup advancing agent. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize, consent to, vote for, accept or adopt, on behalf of any
Noteholder, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Noteholder in any such Proceeding except, as
aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 All rights of action and of asserting claims under this
Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any action or Proceedings instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment, shall be applied as set forth in Section 5.7. 

Notwithstanding anything in this Section 5.3 to the contrary, the Trustee may not sell or liquidate the Collateral
or institute Proceedings in furtherance thereof pursuant to this Section 5.3 unless the conditions specified in Section 5.5(a) are met and any sale of Collateral contemplated to be conducted by the
Trustee under this Indenture shall be effected by the Special Servicer pursuant to the terms of the Servicing Agreement, and the Trustee shall have no liability or responsibility for or in connection with any such sale. 

Section 5.4 Remedies. 

(a) If an Event of Default has occurred and is continuing, and the Notes have been declared due and payable and such declaration and its
consequences have not been rescinded and annulled, the Issuer agrees that the Trustee, or, with respect to any sale of any Collateral Interests, the Special Servicer, may, after notice to the Note Administrator and the Noteholders, and shall, upon
direction by a Majority of the Controlling Class, to the extent permitted by applicable law, exercise one or more of the following rights, privileges and remedies: 

(i) institute Proceedings for the collection of all amounts then payable on the Notes or otherwise payable under this Indenture
(whether by declaration or otherwise), enforce any judgment obtained and collect from the Collateral any amounts adjudged due; 

(ii) sell all or a portion of the Collateral or rights of interest therein, at one or more public or private sales called and
conducted in any manner permitted by law and in accordance with Section 5.17 (provided that any such sale shall be conducted by the Special Servicer pursuant to the Servicing Agreement); 

(iii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the
Collateral; 

  
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 (iv) exercise any remedies of a secured party under the UCC and take any
other appropriate action to protect and enforce the rights and remedies of the Secured Parties hereunder; and 
 (v) exercise
any other rights and remedies that may be available at law or in equity; 
 provided, however, that no sale or liquidation of the Collateral
or institution of Proceedings in furtherance thereof pursuant to this Section 5.4 may be effected unless either of the conditions specified in Section 5.5(a) are met. 

The Issuer shall, at the Issuer’s expense, upon request of the Trustee or the Special Servicer, obtain and rely upon an opinion of an
Independent investment banking firm as to the feasibility of any action proposed to be taken in accordance with this Section 5.4 and as to the sufficiency of the proceeds and other amounts expected to be received with
respect to the Collateral to make the required payments of principal of and interest on the Notes and other amounts payable hereunder, which opinion shall be conclusive evidence as to such feasibility or sufficiency. 

(b) If an Event of Default as described in Section 5.1(e) shall have occurred and be continuing, the Trustee may,
and at the request of the Holders of not less than 25% of the Aggregate Outstanding Amount of the Controlling Class shall, institute a Proceeding solely to compel performance of the covenant or agreement or to cure the representation or
warranty, the breach of which gave rise to the Event of Default under such Section, and enforce any equitable decree or order arising from such Proceeding. 

(c) Upon any Sale in connection with an Event of Default, whether made under the power of sale hereby given or by virtue of judicial
proceedings, any Noteholder, the Servicer or the Special Servicer or any of their respective Affiliates may bid for and purchase the Collateral or any part thereof and, upon compliance with the terms of Sale, may hold, retain, possess or dispose of
such property in its or their own absolute right without accountability; and any purchaser at any such Sale may, in paying the purchase money, turn in any of the Notes in lieu of Cash equal to the amount which shall, upon distribution of the net
proceeds of such sale, be payable on the Notes so turned in by such Holder (taking into account the Class of such Notes). Such Notes, in case the amounts so payable thereon shall be less than the amount due thereon, shall either be returned to
the Holders thereof after proper notation has been made thereon to show partial payment or a new note shall be delivered to the Holders reflecting the reduced interest thereon. 

Upon any Sale, whether made under the power of sale hereby given or by virtue of judicial proceedings, the receipt of the Note Administrator
or of the Officer making a sale under judicial proceedings shall be a sufficient discharge to the purchaser or purchasers at any sale for its or their purchase money and such purchaser or purchasers shall not be obliged to see to the application
thereof. 
 Any such Sale, whether under any power of sale hereby given or by virtue of judicial proceedings, shall (x) bind the
Issuer, the Trustee, the Note Administrator and the Noteholders, shall operate to divest all right, title and interest whatsoever, either at law or in equity, of each of them in and to the property sold and (y) be a perpetual bar, both at law
and in equity, against each of them and their successors and assigns, and against any and all Persons claiming through or under them. 

  
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 (d) Notwithstanding any other provision of this Indenture or any other Transaction Document,
none of the Advancing Agent, the Trustee, the Note Administrator or any other Secured Party, any other party to any Transaction Document, the Holder of the Notes and the holders of the equity in the Issuer or third party beneficiary of this
Indenture may, prior to the date which is one year and one day, or, if longer, the applicable preference period then in effect after the payment in full of all Notes, institute against, or join any other Person in instituting against, the Issuer or
any Permitted Subsidiary, any petition for bankruptcy, reorganization, arrangement, moratorium, liquidation or other similar proceedings under federal or State bankruptcy or similar laws of any jurisdiction. Nothing in this
Section 5.4 shall preclude, or be deemed to stop, the Advancing Agent, the Trustee, the Note Administrator, or any other Secured Party or any other party to any Transaction Document (i) from taking any action prior to
the expiration of the aforementioned one year and one day period, or, if longer, the applicable preference period then in effect in (A) any case or proceeding voluntarily filed or commenced by the Issuer or (B) any involuntary insolvency
proceeding filed or commenced by a Person other than the Trustee, the Note Administrator or any other Secured Party or any other party to any Transaction Document, or (ii) from commencing against the Issuer or any of its properties any legal
action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceeding. 
 Section 5.5
Preservation of Collateral. 
 (a) Notwithstanding anything to the contrary herein, if an Event of Default shall have occurred and be
continuing when any of the Notes are Outstanding, the Trustee and the Note Administrator, as applicable, shall (except as otherwise expressly permitted or required under this Indenture) retain the Collateral securing the Secured Notes, collect and
cause the collection of the proceeds thereof and make and apply all payments and deposits and maintain all accounts in respect of the Collateral and the Notes in accordance with the Priority of Payments and the provisions of Articles 10,
12 and 13 and shall not sell or liquidate the Collateral, unless either: 
 (i) the Note Administrator,
pursuant to Section 5.5(c), determines (based upon information delivered to it in accordance with this Indenture) that the anticipated proceeds of a sale or liquidation of the Collateral (after deducting the reasonable
expenses of such sale or liquidation) would be sufficient to discharge in full the amounts then due and unpaid on the Notes, Company Administrative Expenses due and payable pursuant to the Priority of Payments and amounts due and payable to the
Advancing Agent, the Backup Advancing Agent and the Trustee, in respect of unreimbursed Interest Advances and Reimbursement Interest, for principal and interest, and, upon receipt of information from Persons to whom fees and expenses are payable,
all other amounts payable prior to payment of principal on the Notes due and payable pursuant to Section 11.1(a)(iii) and the holders of a Majority of the Controlling Class agrees with such determination; or 

(ii) a Supermajority of each Class of Notes (each voting as a separate Class and excluding any Notes held by the
Seller or any of its affiliates) directs, subject to the provisions of this Indenture, the sale and liquidation of all or a portion of the Collateral. 

  
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 In the event of a sale of all or a portion of the Collateral pursuant to clause (ii) above, the
Special Servicer on behalf of the Trustee shall sell that portion of the Collateral identified by the requisite Noteholders and all proceeds of such sale shall be remitted to the Note Administrator for distribution in the order set forth in
Section 11.1(a). The Note Administrator shall give written notice of the retention of the Collateral by the Custodian to the Issuer, the Trustee, the Servicer, the Special Servicer, the Operating Advisor and the Rating
Agencies. So long as such Event of Default is continuing, any such retention pursuant to this Section 5.5(a) may be rescinded at any time when the conditions specified in clause (i) or (ii) above exist.

 (b) Nothing contained in Section 5.5(a) shall be construed to require a sale of the Collateral securing the
Secured Notes if the conditions set forth in Section 5.5(a) are not satisfied. Nothing contained in Section 5.5(a) shall be construed to require the Trustee to preserve the Collateral securing the
Secured Notes if prohibited by applicable law. 
 (c) In determining whether the condition specified in
Section 5.5(a)(i) exists, the Special Servicer shall obtain bid prices with respect to each Collateral Interest from two dealers at the time making a market in such Collateral Interests that, at that time, engage in the
trading, origination or securitization of whole loans or participations similar to the Collateral Interests (or, if only one such dealer can be engaged, then the Special Servicer shall obtain a bid price from such dealer or, if no such dealer can be
engaged, from a pricing service). The Special Servicer shall compute the anticipated proceeds of sale or liquidation on the basis of the lowest of such bid prices for each such Collateral Interest and provide the Trustee and the Note Administrator
with the results thereof. For the purposes of determining issues relating to the market value of any Collateral Interest and the execution of a sale or other liquidation thereof, the Special Servicer may, but need not, retain at the expense of the
Issuer and rely on an opinion of an Independent investment banking firm of national reputation or other appropriate advisors (the cost of which shall be payable as a Company Administrative Expense) in connection with a determination as to whether
the condition specified in Section 5.5(a)(i) exists. 
 The Note Administrator shall promptly deliver to the
Noteholders and the Servicer, and the Note Administrator shall post to the Note Administrator’s Website, a report stating the results of any determination required to be made pursuant to Section 5.5(a)(i). 

Section 5.6 Trustee May Enforce Claims Without Possession of Notes. 

All rights of action and claims under this Indenture or under any of the Notes may be prosecuted and enforced by the Trustee without the
possession of any of the Notes or the production thereof in any trial or other Proceeding relating thereto, and any such action or Proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust. Any recovery of
judgment in respect of the Notes shall be applied as set forth in Section 5.7. 
 In any Proceedings brought by
the Trustee (and in any Proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) in respect of the Notes, the Trustee shall be deemed to represent all the Holders of the Notes. 

  
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 Section 5.7 Application of Amounts Collected. 

Any amounts collected by the Note Administrator with respect to the Notes pursuant to this Article 5 and any amounts
that may then be held or thereafter received by the Note Administrator with respect to the Notes hereunder shall be applied subject to Section 13.1 and in accordance with the Priority of Payments set forth in
Section 11.1(a)(iii), at the date or dates fixed by the Note Administrator. 
 Section 5.8 Limitation on
Suits. 
 No Holder of any Notes shall have any right to institute any Proceedings (the right of a Noteholder to institute any
proceeding with respect to this Indenture or the Notes is subject to any non-petition covenants set forth in this Indenture or the Notes), judicial or otherwise, with respect to this Indenture or the Notes, or
for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (a) such Holder has previously given to the
Trustee written notice of an Event of Default; 
 (b) except as otherwise provided in Section 5.9, the Holders of
at least 25% of the then Aggregate Outstanding Amount of the Controlling Class shall have made written request to the Trustee to institute Proceedings in respect of such Event of Default in its own name as Trustee hereunder and such Holders
have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; 

(c) the Trustee for 30 days after its receipt of such notice, request and offer of indemnity has failed to institute any such Proceeding; and

 (d) no direction inconsistent with such written request has been given to the Trustee during such
30-day period by a Majority of the Controlling Class; it being understood and intended that no one or more Holders of Notes shall have any right in any manner whatsoever by virtue of, or by availing of, any
provision of this Indenture or the Notes to affect, disturb or prejudice the rights of any other Holders of Notes of the same Class or to obtain or to seek to obtain priority or preference over any other Holders of the Notes of the same
Class or to enforce any right under this Indenture or the Notes, except in the manner herein or therein provided and for the equal and ratable benefit of all the Holders of Notes of the same Class subject to and in accordance with
Section 13.1 and the Priority of Payments. 
 In the event the Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Holders of the Controlling Class, each representing less than a Majority of the Controlling Class, the Trustee shall not be required to take any action until it shall have received the direction of a
Majority of the Controlling Class. 
 Section 5.9 Unconditional Rights of Noteholders to Receive Principal and Interest. 

  
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 Notwithstanding any other provision in this Indenture (except for
Section 2.7(e) and 2.7(n)), the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note as such principal, interest and other
amounts become due and payable in accordance with the Priority of Payments and Section 13.1, and, subject to the provisions of Sections 5.4 and 5.8 to institute Proceedings for the enforcement of any such
payment, and such right shall not be impaired without the consent of such Holder; provided, however, that the right of such Holder to institute proceedings for the enforcement of any such payment shall not be subject to the 25%
threshold requirement set forth in Section 5.8(b). 
 Notwithstanding the foregoing, at any time when the
Retention Holder holds 100% of the Class H Notes, the Retention Holder may designate all or any portion of the available funds that would otherwise be distributed by the Paying Agent for payment on the Class H Notes, for deposit into the
Payment Account as a contribution to the Issuer. Any such amounts paid to the Issuer as a contribution shall be deemed for all purposes as having been paid by the Paying Agent pursuant to the Priority of Payments in this Indenture. 

Section 5.10 Restoration of Rights and Remedies. 

If the Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has
been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Noteholder, then (and in every such case) the Issuer, the Trustee, and the Noteholder shall, subject to any determination in such Proceeding,
be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 

Section 5.11 Rights and Remedies Cumulative. 

No right or remedy herein conferred upon or reserved to the Trustee, the Note Administrator or to the Noteholders is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 5.12 Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein or a waiver of a subsequent Event of Default. Every right and remedy given by this Article 5 or by law to the Trustee, or
to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee, or by the Noteholders, as the case may be. 

Section 5.13 Control by the Controlling Class. 

Subject to Sections 5.2(a) and (b), but notwithstanding any other provision of this Indenture, if an Event of Default shall have
occurred and be continuing when any of the Notes are Outstanding, a Majority of the Controlling Class shall have the right to cause the institution of, and direct the time, method and place of conducting, any Proceeding for any remedy available
to the Trustee and for exercising any trust, right, remedy or power conferred on the Trustee in respect of the Notes; provided that: 

(a) such direction shall not conflict with any rule of law or with this Indenture; 

  
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 (b) the Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction; provided, however, that, subject to Section 6.1, the Trustee need not take any action that it determines might involve it in liability (unless the Trustee has received
indemnity satisfactory to it against such liability as set forth below); 
 (c) the Trustee shall have been provided with indemnity
satisfactory to it; and 
 (d) notwithstanding the foregoing, any direction to the Trustee to undertake a Sale of the Collateral shall be
performed by the Special Servicer on behalf of the Trustee, and must satisfy the requirements of Section 5.5. 

Section 5.14 Waiver of Past Defaults. 

Prior to the time a judgment or decree for payment of the amounts due has been obtained by the Trustee, as provided in this
Article 5, a Majority of each and every Class of Notes (voting as a separate Class) may, on behalf of the Holders of all the Notes, waive any past Default in respect of the Notes and its consequences, except a Default:

 (a) in the payment of principal of any Note; 

(b) in the payment of interest in respect of the Controlling Class; 

(c) in respect of a covenant or provision hereof that, under Section 8.2, cannot be modified or amended without the
waiver or consent of the Holder of each Outstanding Note adversely affected thereby; or 
 (d) in respect of any right, covenant or
provision hereof for the individual protection or benefit of the Trustee or the Note Administrator, without the Trustee’s or the Note Administrator’s express written consent thereto, as applicable. 

In the case of any such waiver, the Issuer, the Trustee, and the Holders of the Notes shall be restored to their respective former positions
and rights hereunder, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 
 Upon any
such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any
right consequent thereto. Any such waiver shall be effectuated upon receipt by the Trustee and the Note Administrator of a written waiver by such Majority of each Class of Notes. 

  
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 Section 5.15 Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may
in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall not apply to any suit instituted by (x) the Trustee, (y) any Noteholder, or group of Noteholders, holding in the
aggregate more than 10% of the Aggregate Outstanding Amount of the Controlling Class or (z) any Noteholder for the enforcement of the payment of the principal of or interest on any Note or any other amount payable hereunder on or after the
Stated Maturity Date (or, in the case of redemption, on or after the applicable Redemption Date). 
 Section 5.16 Waiver of Stay or
Extension Laws. 
 The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, 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 (including but not limited to filing a voluntary petition under Chapter 11 of the Bankruptcy Code and
by the voluntary commencement of a proceeding or the filing of a petition seeking winding up, liquidation, reorganization or other relief under any bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar
laws now or hereafter in effect), which may affect the covenants, the performance of or any remedies under this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law,
and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 5.17 Sale of Collateral. 

(a) The power to effect any sale (a “Sale”) of any portion of the Collateral pursuant to Sections 5.4 and 5.5
shall not be exhausted by any one or more Sales as to any portion of such Collateral remaining unsold, but shall continue unimpaired until all amounts secured by the Collateral shall have been paid or if there are insufficient proceeds to pay such
amount until the entire Collateral shall have been sold. The Special Servicer may, upon notice to the Noteholders, and shall, upon direction of a Majority of the Controlling Class, from time to time postpone any Sale by public announcement made at
the time and place of such Sale; provided, however, that if the Sale is rescheduled for a date more than three (3) Business Days after the date of the determination by the Special Servicer pursuant to
Section 5.5(a)(i), such Sale shall not occur unless and until the Special Servicer has again made the determination required by Section 5.5(a)(i). The Trustee hereby expressly waives its rights to
any amount fixed by law as compensation for any Sale; provided that the Special Servicer shall be authorized to deduct the reasonable costs, charges and expenses incurred by it, or by the Trustee or the Note Administrator in connection
with such Sale from the proceeds thereof notwithstanding the provisions of Section 6.7. 

  
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 (b) The Notes need not be produced in order to complete any such Sale, or in order for the
net proceeds of such Sale to be credited against amounts owing on the Notes. 
 (c) The Trustee shall execute and deliver an appropriate
instrument of conveyance transferring its interest in any portion of the Collateral in connection with a Sale thereof, which, in the case of any Collateral Interests, shall be upon request and delivery of any such instruments by the Special
Servicer. In addition, the Special Servicer, with respect to Collateral Interests, and the Trustee, with respect to any other Collateral, is hereby irrevocably appointed the agent and attorney in fact of the Issuer to transfer and convey its
interest in any portion of the Collateral in connection with a Sale thereof, and to take all action necessary to effect such Sale. No purchaser or transferee at such a Sale shall be bound to ascertain the Trustee’s or Special Servicer’s
authority, to inquire into the satisfaction of any conditions precedent or to see to the application of any amounts. 
 (d) In the event of
any Sale of the Collateral pursuant to Section 5.4 or 5.5, payments shall be made in the order and priority set forth in Section 11.1(a) in the same manner as if the Notes had been
accelerated. 
 (e) Notwithstanding anything herein to the contrary, any sale by the Trustee of any portion of the Collateral shall be
executed by the Special Servicer on behalf of the Issuer, and the Trustee shall have no responsibility or liability therefor. 

Section 5.18 Action on the Notes. 

The Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the application for or
obtaining of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Trustee against the
Issuer or by the levy of any execution under such judgment upon any portion of the Collateral or upon any of the Collateral of the Issuer. 

ARTICLE 6 
 THE TRUSTEE
AND NOTE ADMINISTRATOR 
 Section 6.1 Certain Duties and Responsibilities. 

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

(i) each of the Trustee and the Note Administrator undertakes to perform such duties and only such duties as are set forth in
this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee or the Note Administrator; and any permissive right of the Trustee or the Note Administrator contained herein shall not be construed as a
duty; and 
 (ii) in the absence of manifest error, or bad faith on its part, each of the Note Administrator and the Trustee
may conclusively rely, as to the truth of the statements and 

  
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the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and the Note Administrator, as the case may be, and conforming to the requirements of
this Indenture; provided, however, that in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee or the Note Administrator, the Trustee and the Note
Administrator shall be under a duty to examine the same to determine whether or not they substantially conform to the requirements of this Indenture and shall promptly notify the party delivering the same if such certificate or opinion does not
conform. If a corrected form shall not have been delivered to the Trustee or the Note Administrator within 15 days after such notice from the Trustee or the Note Administrator, the Trustee or the Note Administrator, as applicable, shall notify the
party providing such instrument and requesting the correction thereof. 
 (b) In case an Event of Default actually known to a Trust Officer
of the Trustee has occurred and is continuing, the Trustee shall, prior to the receipt of directions, if any, from a Majority of the Controlling Class (or other Noteholders to the extent provided in Article 5 hereof),
exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

(c) If, in performing its duties under this Indenture, the Trustee or the Note Administrator is required to decide between alternative courses
of action, the Trustee and the Note Administrator may request written instructions from, prior to an Event of Default, the Directing Holder, and after an Event of Default has occurred and is continuing, the Controlling Class, as to courses of action
desired by it. If the Trustee and the Note Administrator does not receive such instructions within three (3) Business Days after it has requested them, it may, but shall be under no duty to, take or refrain from taking such action. The Trustee
and the Note Administrator shall act in accordance with instructions received after such three (3) Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions. The
Trustee and the Note Administrator shall be entitled to request and rely on the advice of legal counsel and Independent accountants in performing its duties hereunder and be deemed to have acted in good faith and shall not be subject to any
liability if it acts in accordance with such advice. 
 (d) No provision of this Indenture shall be construed to relieve the Trustee or the
Note Administrator from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that neither the Trustee nor the Note Administrator shall be liable: 

(i) for any error of judgment made in good faith by a Trust Officer, unless it shall be proven that it was negligent in
ascertaining the pertinent facts; or 
 (ii) with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Issuer, the Directing Holder, and/or a Majority of the Controlling Class relating to the time, method and place of conducting any Proceeding for any remedy available to the Trustee or the Note Administrator
in respect of any Note or exercising any trust or power conferred upon the Trustee or the Note Administrator under this Indenture. 

  
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 (e) No provision of this Indenture shall require the Trustee or the Note Administrator 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 contemplated hereunder, 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 unless such risk or liability relates to its ordinary services under this Indenture, except where this Indenture provides otherwise.

 (f) Neither the Trustee nor the Note Administrator shall be liable to the Noteholders for any action taken or omitted by it at the
direction of the Issuer, the Directing Holder, the Servicer, the Special Servicer, the Operating Advisor, the Controlling Class, the Trustee (in the case of the Note Administrator), the Note Administrator (in the case of the Trustee) and/or a
Noteholder under circumstances in which such direction is required or permitted by the terms of this Indenture. 
 (g) Neither the Trustee
nor the Note Administrator shall have any obligations to confirm the compliance by the Issuer, the UK Retention Holder or the Retention Holder with the Credit Risk Retention Rules or the UK Risk Retention Letter. 

(h) Neither the Trustee nor the Note Administrator shall have any liability or responsibility for the determination or selection of an
alternative or successor base rate to the Benchmark (including, without limitation, whether the conditions for the designation of such rate have been satisfied). 

(i) For all purposes under this Indenture, neither the Trustee nor the Note Administrator shall be deemed to have notice or knowledge of any
Event of Default, unless a Trust Officer of either the Trustee or the Note Administrator, as applicable, has actual knowledge thereof or unless written notice of any event which is in fact such an Event of Default or Default is received by the
Trustee or the Note Administrator, as applicable at the respective Corporate Trust Office, and such notice references the Notes and this Indenture. For purposes of determining the Trustee’s and Note Administrator’s responsibility and
liability hereunder, whenever reference is made in this Indenture to such an Event of Default or a Default, such reference shall be construed to refer only to such an Event of Default or Default of which the Trustee or Note Administrator, as
applicable, is deemed to have notice as described in this Section 6.1. 
 (j) The Trustee and the Note
Administrator shall, upon reasonable prior written notice, permit the Issuer and its designees, during its normal business hours, to review all books of account, records, reports and other papers of the Trustee relating to the Notes and to make
copies and extracts therefrom (the reasonable out-of-pocket expenses incurred in making any such copies or extracts to be reimbursed to the Trustee or the Note
Administrator, as applicable, by such Person). 
 (k) The Note Administrator and the Trustee shall be entitled to rely upon the notices
provided by the Directing Holder facilitating or specifying the Benchmark Replacement, Benchmark Replacement Date, Benchmark Replacement Conforming Changes and such other administrative procedures with respect to the calculation of any Benchmark
Replacement. Further, to the extent the Note Administrator in its capacity as Calculation Agent is unable to calculate the Benchmark Replacement based on the methodology chosen by the Directing Holder, then the Directing Holder shall provide to the
Calculation Agent, on a monthly basis, the rate calculated using the Benchmark Replacement. 

  
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 (l) None of the Trustee, Note Administrator, Paying Agent or Calculation Agent shall be
under any obligation (i) to monitor, determine or verify the unavailability or cessation of Term SOFR (or other applicable Benchmark), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of,
any Benchmark Transition Event or Benchmark Replacement Date, (ii) to select or designate any Benchmark Replacement or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been
satisfied, or (iii) to select or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) to determine whether or what Benchmark Replacement Conforming Changes are necessary or
advisable, if any, in connection with any of the foregoing. None of the Trustee, Note Administrator, Paying Agent, nor Calculation Agent shall be liable for any inability, failure or delay on its part to perform any of its duties set forth in this
Indenture as a result of the unavailability of Term SOFR (or other applicable Benchmark) and absence of a designated replacement Benchmark, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction
party, including without limitation the Directing Holder, in providing any direction, instruction, notice or information required or contemplated by the terms of this Indenture and reasonably required for the performance of such duties. The
Calculation Agent shall, in respect of any Determination Date, have no liability for the application of Term SOFR as determined on the previous Determination Date if so required under the definition of Term SOFR. None of the Trustee, Note
Administrator, Paying Agent or Calculation Agent shall be responsible or liable for the actions or omissions of the Directing Holder, or any failure or delay in the performance of its duties or obligations, nor shall they be under any obligation to
oversee or monitor its performance; and each of the Trustee, Note Administrator, Paying Agent or Calculation Agent shall be entitled to rely conclusively upon, any determination made, and any instruction, notice, officer certificate, or other
instrument or information provided, by the Directing Holder, without independent verification, investigation or inquiry of any kind by the Trustee, Note Administrator, Paying Agent or Calculation Agent. 

(m) Upon written request, the Trustee and the Note Administrator shall provide to the Issuer, the Placement Agents or any agent thereof any
information specified by such parties regarding the Holders of the Notes and payments on the Notes that is reasonably available to the Trustee or the Note Administrator, as the case may be, and may be necessary for compliance with FATCA, subject in
all cases to confidentiality provisions. 
 (n) For the avoidance of doubt, the Note Administrator will have no responsibility for the
preparation of any tax returns or related reports on behalf of or for the benefit of the Issuer or any Noteholder, or the calculation of any original issue discount on the Notes. 

Section 6.2 Notice of Default. 

Promptly (and in no event later than three (3) Business Days) after the occurrence of any Default actually known to a Trust Officer of
the Trustee or after any declaration of acceleration has been made or delivered to the Trustee pursuant to Section 5.2, the Trustee shall transmit by mail to the 17g-5 Information
Provider and to the Note Administrator (who shall post such notice the Note Administrator’s Website) and the Note Administrator shall deliver to all Holders of Notes as their names and addresses appear on the Notes Register, notice of such
Default, unless such Default shall have been cured or waived. 

  
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 Section 6.3 Certain Rights of Trustee and Note Administrator. 

Except as otherwise provided in Section 6.1: 

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

(b) any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order, as the case
may be; 
 (c) whenever in the administration of this Indenture the Trustee or the Note Administrator shall deem it desirable that a matter
be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee and the Note Administrator (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an
Officer’s Certificate; 
 (d) as a condition to the taking or omitting of any action by it hereunder, the Trustee and the Note
Administrator may consult with counsel and the advice of such counsel or any Opinion of Counsel (including with respect to any matters, other than factual matters, in connection with the execution by the Trustee or the Note Administrator of a
supplemental indenture pursuant to Section 8.3) shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in reliance thereon; 

(e) neither the Trustee nor the Note Administrator shall be under any obligation to exercise or to honor any of the rights or powers vested in
it by this Indenture at the request or direction of any of the Noteholders pursuant to this Indenture, or to make any investigation of matters arising hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the
request, order or direction of any of the Noteholders unless such Noteholders shall have offered to the Trustee and the Note Administrator, as applicable indemnity acceptable to it against the costs, expenses and liabilities which might reasonably
be incurred by it in compliance with such request or direction; 
 (f) neither the Trustee nor the Note Administrator shall 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, note or other paper documents and shall be entitled to rely conclusively thereon;

 (g) each of the Trustee and the Note Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys, and upon any such appointment of an agent or attorney, such agent or attorney shall be conferred with all the same rights, indemnities, and immunities as the Trustee or Note Administrator, as
applicable; 

  
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 (h) neither the Trustee nor the Note Administrator shall be liable for any action it takes
or omits to take in good faith that it reasonably and prudently believes to be authorized or within its rights or powers hereunder; 
 (i)
neither the Trustee nor the Note Administrator shall be responsible for the accuracy of the books or records of, or for any acts or omissions of, the Depository, any Transfer Agent (other than the Note Administrator itself acting in that capacity),
Clearstream, Luxembourg, Euroclear, any Calculation Agent (other than the Note Administrator itself acting in that capacity) or any Paying Agent (other than the Note Administrator itself acting in that capacity); 

(j) neither the Trustee nor the Note Administrator shall be liable for the actions or omissions of the Issuer, the Directing Holder, the
Servicer, the Special Servicer, the Trustee (in the case of the Note Administrator), the Note Administrator (in the case of the Trustee) or the Operating Advisor; and without limiting the foregoing, neither the Trustee nor the Note Administrator
shall be under any obligation to verify compliance by any party hereto with the terms of this Indenture (other than itself) to verify or independently determine the content, completeness or accuracy of information received by it from the Servicer or
Special Servicer (or from any selling institution, agent bank, trustee or similar source) with respect to the Collateral Interest; 
 (k) to
the extent any defined term hereunder, or any calculation required to be made or determined by the Trustee or Note Administrator hereunder, is dependent upon or defined by reference to generally accepted accounting principles in the United States in
effect from time to time (“GAAP”), the Trustee and Note Administrator shall be entitled to request and receive (and rely upon) instruction from the Issuer or accountants appointed by the Issuer as to the application of GAAP in such
connection, in any instance; 
 (l) neither the Trustee nor the Note Administrator shall have any responsibility to the Issuer or the
Secured Parties hereunder to make any inquiry or investigation as to, and shall have no obligation in respect of, the terms of any engagement of Independent accountants by the Issuer; provided, however, that the Trustee and Note
Administrator shall be authorized, upon receipt of an Issuer Order directing the same, to execute any acknowledgement or other agreement with the Independent accountants required for the Trustee and Note Administrator to receive any of the reports
or instructions provided for herein, which acknowledgement or agreement may include, among other things, (i) acknowledgement that the Issuer has agreed that the “agreed upon procedures” between the Issuer and the Independent
accountants are sufficient for its purposes, (ii) releases by each of the Trustee and Note Administrator (on behalf of itself and the Holders) of claims and acknowledgement of other limitation of liability in favor of the Independent
accountants, and (iii) restrictions or prohibitions on the disclosure of information or documents provided to it by such firm of Independent accountants (including to the Holders). Notwithstanding the foregoing, in no event shall the Trustee or
Note Administrator be required to execute any agreement in respect of the Independent accountants that the Trustee or Note Administrator determines adversely affects it in its individual capacity; 

  
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 (m) the Trustee and the Note Administrator shall be entitled to all of the same rights,
protections, immunities and indemnities afforded to it as Trustee or as Note Administrator, as applicable, in each capacity for which it serves hereunder and under the Future Funding Agreement, the Future Funding Reserve Account Control Agreement,
the Servicing Agreement and the Securities Account Control Agreement (including, without limitation, as Secured Party, Paying Agent, Authenticating Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent
and Notes Registrar); 
 (n) in determining any affiliations of Noteholders with any party hereto or otherwise, each of the Trustee and the
Note Administrator shall be entitled to request and conclusively rely on a certification provided by a Noteholder; 
 (o) in no event shall
the Trustee or Note Administrator be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee or Note Administrator has been advised of the
likelihood of such loss or damage and regardless of the form of action; 
 (p) neither the Trustee nor the Note Administrator shall be
required to give any bond or surety in respect of the execution of the trusts created hereby or the powers granted hereunder; 
 (q) in no
event shall the Trustee or the Note Administrator be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to acts of God, flood, war (whether declared
or undeclared), terrorism, fire, riot, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like which restrict or prohibit the providing of the services contemplated by this
Indenture, inability to obtain material, equipment, or communications or computer facilities, or the failure of equipment or interruption of communications or computer facilities, and other causes beyond the Trustee’s or the Note
Administrator’s control, as applicable, whether or not of the same class or kind as specifically named above; 
 (r) except as
otherwise expressly set forth in this Indenture, Computershare Trust Company, National Association, acting in any particular capacity hereunder will not be deemed to be imputed with knowledge of (a) Computershare Trust Company, National
Association, acting in a capacity that is unrelated to the transactions contemplated by this Indenture, or (b) Computershare Trust Company, National Association, acting in any other capacity hereunder or under the Servicing Agreement, except,
in the case of either clause (a) or (b), where some or all of the obligations performed in such capacities are performed by one or more employees within the same group or division of Computershare Trust Company, National
Association, or the groups or divisions responsible for performing the obligations in such capacities have one or more of the same Responsible Officers; provided, however, the knowledge of employees performing special servicing
functions shall not be imputed to employees performing master servicing functions, and the knowledge of employees performing master servicing functions shall not be imputed to employees performing special servicing functions; 

  
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 (s) neither the Trustee nor the Note Administrator shall be under any obligation to take any
action in the performance of its respective duties hereunder that would be in violation of applicable law; 
 (t) the Trustee and the Note
Administrator may request, and are entitled to rely on, the written direction of the Directing Holder with respect to the matters described in Section 2.17 of this Indenture. 

(u) Each of the Note Administrator and the Trustee shall be entitled to disclose and furnish any information, reports or findings in its
possession only as may be required pursuant to applicable law, subpoena or court order. 
 Section 6.4 Not Responsible for Recitals
or Issuance of Notes. 
 The recitals contained herein and in the Notes, other than the Certificate of Authentication thereon, shall be
taken as the statements of the Issuer, and neither the Trustee nor the Note Administrator assumes any responsibility for their correctness. Neither the Trustee nor the Note Administrator makes any representation as to the validity or sufficiency of
this Indenture, the Collateral or the Notes. Neither the Trustee nor the Note Administrator shall be accountable for the use or application by the Issuer of the Notes or the proceeds thereof or any amounts paid to the Issuer pursuant to the
provisions hereof. 
 Section 6.5 May Hold Notes. 

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

Section 6.6 Amounts Held in Trust. 

Amounts held by the Note Administrator hereunder shall be held in trust to the extent required herein. The Note Administrator shall be under
no liability for interest on any amounts received by it hereunder except to the extent of income or other gain on investments received by the Note Administrator on Eligible Investments. 

Section 6.7 Compensation and Reimbursement. 

(a) The Issuer agrees: 

(i) to pay the Trustee and Note Administrator on each Payment Date in accordance with the Priority of Payments the Trustee and
Note Administrator Fee 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 or note administrator of an express trust); 

 

  
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 (ii) except as otherwise expressly provided herein, to reimburse the
Trustee, Custodian and Note Administrator in a timely manner upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee, Custodian or Note Administrator in connection with its performance of its
obligations under, or otherwise in accordance with any provision of this Indenture, the Servicing Agreement, the Future Funding Agreement, the Future Funding Reserve Account Control Agreement and the Securities Account Control Agreement; 

(iii) to indemnify the Trustee, Custodian or Note Administrator and their respective Officers, directors, employees and agents
for, and to hold them harmless against, any loss, liability, cost or expense (including reasonable attorneys’ fees), including in connection with its enforcement of the indemnity in this Section 6.7(a)(iii), incurred
without negligence, willful misconduct or bad faith on their respective parts, arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending themselves against any claim or
liability in connection with the exercise or performance of any of their powers or duties hereunder and under the Future Funding Agreement, the Future Funding Reserve Account Control Agreement and the Securities Account Control Agreement, including
any costs and expenses (including reasonable attorneys’ fees) incurred in connection with the enforcement of any indemnity afforded to them hereunder; and 

(iv) to pay the Trustee and Note Administrator reasonable additional compensation together with its expenses (including
reasonable counsel fees) for any collection action taken pursuant to Section 6.13. 
 (b) The Issuer may remit
payment for such fees and expenses to the Trustee and Note Administrator or, in the absence thereof, the Note Administrator may from time to time deduct payment of its and the Trustee’s fees and expenses hereunder from amounts on deposit in the
Payment Account in accordance with the Priority of Payments. 
 (c) The Note Administrator, in its capacity as Note Administrator, Paying
Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent and Notes Registrar, hereby agrees not to institute against, or join any other Person in institution against, the Issuer or any Permitted Subsidiary
any bankruptcy, reorganization, arrangement, insolvency, moratorium, liquidation or other similar proceedings under federal or State bankruptcy or similar laws of any jurisdiction until at least one year (or, if longer, the applicable preference
period then in effect) and one day after the payment in full of all Notes issued under this Indenture. This Section 6.7(c) shall survive termination of this Indenture and resignation or removal of the Trustee or the Note
Administrator. 
 (d) The Trustee and Note Administrator agree that the payment of all amounts to which it is entitled pursuant to
Sections 6.7(a)(i), (a)(ii), (a)(iii) and (a)(iv) shall be subject to the Priority of Payments, shall be payable only to the extent funds are available in accordance with such Priority of Payments, shall be payable solely
from the Collateral and following realization of the Collateral, any such claims of the Trustee or Note Administrator against the Issuer, and all obligations of the Issuer, shall be extinguished. The Trustee will have a lien upon the Collateral to
secure the payment of such payments to it in accordance with the Priority of Payments; provided that the Trustee shall not institute any proceeding for enforcement of such lien except in connection with an action taken pursuant to
Section 5.3 for enforcement of the lien of this Indenture for the benefit of the Noteholders. 

  
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 The Trustee and Note Administrator shall receive amounts pursuant to this
Section 6.7 and Section 11.1(a) only to the extent that such payment is made in accordance with the Priority of Payments and the failure to pay such amounts to the Trustee and Note Administrator
will not, by itself, constitute an Event of Default. Subject to Section 6.9, the Trustee and Note Administrator shall continue to serve under this Indenture notwithstanding the fact that the Trustee and Note Administrator
shall not have received amounts due to it hereunder; provided that the Trustee and Note Administrator shall not be required to expend any funds or incur any expenses unless reimbursement therefor is reasonably assured to it. No
direction by a Majority of the Controlling Class shall affect the right of the Trustee and Note Administrator to collect amounts owed to it under this Indenture. 

If on any Payment Date, an amount payable to the Trustee and Note Administrator pursuant to this Indenture is not paid because there are
insufficient funds available for the payment thereof, all or any portion of such amount not so paid shall be deferred and payable on any later Payment Date on which sufficient funds are available therefor in accordance with the Priority of Payments.

 Section 6.8 Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee and a Note Administrator hereunder which shall be (i) a corporation, national bank, national
banking association or trust company, organized and doing business under the laws of the United States of America or of any State thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at
least $200,000,000 and subject to supervision or examination by federal or State authority and, in each case, having an office in the United States and (ii) (a) with respect to the Note Administrator, has a long-term senior unsecured debt
rating or an issuer credit rating of at least “Baa3” by Moody’s and at least “BBB+” by KBRA (or, if not rated by KBRA, an equivalent rating by any two other NRSROs, which may include Moody’s), except in the case of
Computershare Trust Company, National Association, it may maintain a long-term senior unsecured debt rating or an issuer credit rating of at least “BBB” by KBRA (or if not rated by KBRA, an equivalent rating by any other NRSRO, which may
include Moody’s), (b) with respect to the Trustee and the Backup Advancing Agent, each having a long-term counterparty risk rating of “A2(cr)” by Moody’s or a long-term senior unsecured debt rating or an issuer credit rating of
at least “A2” by Moody’s and “A” by KBRA (or, if not rated by KBRA, an equivalent rating by any two other NRSROs (which may include Moody’s)); provided that with respect to the Backup Advancing Agent, it may
maintain a long-term senior unsecured debt rating or an issuer credit rating of at least “Baa3” by Moody’s and “BBB-” by KBRA (or, if not rated by KBRA, at least an equivalent (or
higher) rating by any other NRSRO, including Moody’s) for so long as the Trustee is eligible pursuant to this Section 6.8, or (c) with respect to each of (a) and (b) above, any other rating as
to which a No Downgrade Confirmation is provided by each Rating Agency with respect to such party serving in the applicable role despite having lower ratings. If such corporation publishes reports of condition at least annually, pursuant to law or
to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 6.8, the combined capital and surplus of such corporation 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 or the Note Administrator shall cease to be eligible in accordance with the provisions of this Section 6.8, the Trustee or the
Note Administrator, as applicable, shall resign immediately in the manner and with the effect hereinafter specified in this Article 6. 

  
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 Section 6.9 Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Note Administrator or the Trustee and no appointment of a successor Note Administrator or Trustee, as
applicable, pursuant to this Article 6 shall become effective until the acceptance of appointment by such successor Note Administrator or Trustee under Section 6.10. 

(b) Each of the Trustee and the Note Administrator may resign at any time by giving written notice thereof to the Issuer, the Servicer, the
Special Servicer, the Operating Advisor, the Noteholders, the Note Administrator (in the case of the Trustee), the Trustee (in the case of the Note Administrator), and the Rating Agencies. Upon receiving such notice of resignation, the Issuer shall
promptly appoint a successor trustee or trustees, or a successor Note Administrator, as the case may be, by written instrument, in duplicate, executed by an Authorized Officer of the Issuer, one copy of which shall be delivered to the Note
Administrator or the Trustee so resigning and one copy to the successor Note Administrator, Trustee or Trustees, together with a copy to each Noteholder, the Servicer, the parties hereto and the Rating Agencies; provided that such
successor Note Administrator and Trustee shall be appointed only upon the written consent of a Majority of the Notes or, at any time when an Event of Default shall have occurred and be continuing or when a successor Note Administrator and Trustee
has been appointed pursuant to Section 6.10, by Act of a Majority of the Controlling Class. If no successor Note Administrator and Trustee shall have been appointed and an instrument of acceptance by a successor Trustee or
Note Administrator shall not have been delivered to the Trustee or the Note Administrator within 30 days after the giving of such notice of resignation, the resigning Trustee or Note Administrator, as the case may be, the Controlling Class of
Notes or any Holder of a Note, on behalf of himself and all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Trustee or a successor Note Administrator, as the case may be and in the case
of such a petition by the Trustee or the Note Administrator, at the expense of the Issuer. No resignation or removal of the Note Administrator or the Trustee and no appointment of a successor Note Administrator or Trustee will become effective until
the acceptance of appointment by the successor Note Administrator or Trustee, as applicable. To the extent the Trustee or Note Administrator is removed without cause, the expenses incurred in connection with transferring such party’s
responsibilities hereunder shall be reimbursed by the Issuer. 
 (c) The Note Administrator and Trustee may be removed at any time by Act of
a Supermajority of the Notes or when a successor Trustee has been appointed pursuant to Section 6.10, by Act of a Majority of the Controlling Class, in each case, upon at least thirty (30) days’ prior written
notice delivered to the parties hereto. If no successor Note Administrator and Trustee shall have been appointed and an instrument of acceptance by a successor Trustee or Note Administrator shall not have been delivered to the Trustee or the Note
Administrator within 30 days after the giving of such notice of removal, the removed Trustee or Note Administrator, as the case may be, may, at the expense of the Issuer, petition a court of competent jurisdiction for the appointment of a successor.

  
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 (d) If at any time: 

(i) the Trustee or the Note Administrator shall cease to be eligible under Section 6.8 and shall fail
to resign after written request therefor by the Issuer or by any Holder; or 
 (ii) the Trustee or the Note Administrator
shall become incapable of acting or there shall be instituted any proceeding pursuant to which it could be adjudged as bankrupt or insolvent or a receiver or liquidator of the Trustee or the Note Administrator or of its respective property shall be
appointed or any public officer shall take charge or control of the Trustee or the Note Administrator or of its respective property or affairs for the purpose of rehabilitation, conservation or liquidation; 

then, in any such case (subject to Section 6.9(a)), (a) the Issuer, by Issuer Order, may remove the Trustee or the Note
Administrator, as applicable, or (b) subject to Section 5.15, a Majority of the Controlling Class or any Holder may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee or the Note Administrator, as the case may be, and the appointment of a successor thereto. 

(e) If the Trustee or the Note Administrator shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office
of the Trustee or the Note Administrator for any reason, the Issuer, by Issuer Order, shall promptly appoint a successor Trustee or Note Administrator, as applicable, and the successor Trustee or Note Administrator so appointed shall, forthwith upon
its acceptance of such appointment, become the successor Trustee or the successor Note Administrator, as the case may be. If the Issuer shall fail to appoint a successor Trustee or Note Administrator within 30 days after such resignation, removal or
incapability or the occurrence of such vacancy, a successor Trustee or Note Administrator may be appointed by Act of a Majority of the Controlling Class delivered to the Servicer and the parties hereto, including the retiring Trustee or the
retiring Note Administrator, as the case may be, and the successor Trustee or Note Administrator so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee or Note Administrator, as applicable, and supersede
any successor Trustee or Note Administrator proposed by the Issuer. If no successor Trustee or Note Administrator shall have been so appointed by the Issuer or a Majority of the Controlling Class and shall have accepted appointment in the
manner hereinafter provided, subject to Section 5.15, the Controlling Class or any Holder may, on behalf of itself or himself and all others similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee or Note Administrator. 
 (f) The Issuer shall give prompt notice of each resignation and each removal of
the Trustee or Note Administrator and each appointment of a successor Trustee or Note Administrator by mailing written notice of such event by first class mail, postage prepaid, to the Rating Agencies, the Servicer, the parties hereto, and to the
Holders of the Notes as their names and addresses appear in the Notes Register. Each notice shall include the name of the successor Trustee or Note Administrator, as the case may be, and the address of its respective Corporate Trust Office. If the
Issuer fails to mail such notice within ten days after acceptance of appointment by the successor Trustee or Note Administrator, the successor Trustee or Note Administrator shall cause such notice to be given at the expense of the Issuer. 

  
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 (g) The resignation or removal of the Note Administrator in any capacity in which it is
serving hereunder, including Note Administrator, Paying Agent, Authenticating Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent and Notes Registrar, shall be deemed a resignation or removal, as
applicable, in each of the other capacities in which it serves. 
 Section 6.10 Acceptance of Appointment by Successor. 

Every successor Trustee or Note Administrator appointed hereunder shall execute, acknowledge and deliver to the Servicer, and the parties
hereto including the retiring Trustee or the retiring Note Administrator, as the case may be, an instrument accepting such appointment. Upon delivery of the required instruments, the resignation or removal of the retiring Trustee or the retiring
Note Administrator shall become effective and such successor Trustee or Note Administrator, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of the retiring Trustee or Note
Administrator, as the case may be; but, on request of the Issuer or a Majority of the Controlling Class or the successor Trustee or Note Administrator, such retiring Trustee or Note Administrator shall, upon payment of its fees, indemnities and
other amounts then unpaid, execute and deliver an instrument transferring to such successor Trustee or Note Administrator all the rights, powers and trusts of the retiring Trustee or Note Administrator, as the case may be, and shall duly assign,
transfer and deliver to such successor Trustee or Note Administrator all property and amounts held by such retiring Trustee or Note Administrator hereunder, subject nevertheless to its lien, if any, provided for in
Section 6.7(d). Upon request of any such successor Trustee or Note Administrator, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee or Note
Administrator all such rights, powers and trusts. 
 No successor Trustee or successor Note Administrator shall accept its appointment
unless (a) at the time of such acceptance such successor shall be qualified and eligible under this Article 6, (b) such successor shall have a long-term unsecured debt rating satisfying the requirements set forth in
Section 6.8, and (c) the Rating Agency Condition is satisfied. If the outgoing Trustee or outgoing Note Administrator, as applicable, is terminated for cause, the same shall be responsible (i) for any reasonable out-of-pocket expenses (excluding successor Trustee fees or Note Administrator fees) incurred by the Issuer and such successor (including the reasonable expenses of counsel of
such Person) in connection with the appointment of a successor Trustee or successor Note Administrator, as applicable, and (ii) for the reasonable out-of-pocket
expenses to assign the Collateral Interests to such successor (as agreed to in advance by the outgoing Trustee). 
 Section 6.11
Merger, Conversion, Consolidation or Succession to Business of Trustee and Note Administrator. 
 Any entity into which the Trustee
or the Note Administrator may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee or the Note Administrator, shall be a party, or any entity
succeeding to all or substantially all of the corporate trust business of the Trustee or the Note Administrator, shall be the successor of the Trustee or the Note Administrator, as applicable, hereunder; provided that with respect to
the Trustee, such entity shall be otherwise qualified and 

  
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eligible under this Article 6, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any of the Notes have
been authenticated, but not delivered, by the Note Administrator then in office, any successor by merger, conversion or consolidation to such authenticating Note Administrator may adopt such authentication and deliver the Notes so authenticated with
the same effect as if such successor Note Administrator had itself authenticated such Notes. 
 Section 6.12 Co-Trustees and Separate Trustee. 
 At any time or times, including for the purpose of meeting the
legal requirements of any jurisdiction in which any part of the Collateral may at the time be located, for enforcement actions, or where a conflict of interest exists, the Issuer and the Trustee shall have power to appoint, one or more Persons to
act as co-trustee jointly with the Trustee or as a separate trustee of all or any part of the Collateral, with the power to file such proofs of claim and take such other actions pursuant to
Section 5.6 herein and to make such claims and enforce such rights of action on behalf of the Holders of the Notes as such Holders themselves may have the right to do, subject to the other provisions of this
Section 6.12. 
 The Issuer shall join with the Trustee in the execution, delivery and performance of all
instruments and agreements necessary or proper to appoint a co-trustee. If the Issuer does not join in such appointment within 15 days after the receipt of a request to do so, the Trustee shall have power to
make such appointment on its own. 
 Should any written instrument from the Issuer be required by any
co-trustee, so appointed, more fully confirming to such co-trustee such property, title, right or power, any and all such instruments shall, on request, be executed,
acknowledged and delivered by the Issuer. The Issuer agrees to pay (but only from and to the extent of the Collateral) to the extent funds are available therefor under the Priority of Payments, for any reasonable fees and expenses in connection with
such appointment. 
 Every co-trustee, shall, to the extent permitted by law, but to such extent
only, be appointed subject to the following terms: 
 (a) all rights, powers, duties and obligations hereunder in respect of the custody of
securities, Cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised solely by the Trustee; 

(b) the rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any property covered by the
appointment of a co-trustee shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee jointly in the case of the
appointment of a co-trustee as shall be provided in the instrument appointing such co-trustee, except to the extent that under any law of any jurisdiction in which any
particular act is to be performed, the Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by a
co-trustee; 

  
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 (c) the Trustee at any time, by an instrument in writing executed by it, with the
concurrence of the Issuer evidenced by an Issuer Order, may accept the resignation of, or remove, any co-trustee appointed under this Section 6.12, and in case an Event of Default has
occurred and is continuing, the Trustee shall have the power to accept the resignation of, or remove, any such co-trustee without the concurrence of the Issuer. A successor to any co-trustee so resigned or removed may be appointed in the manner provided in this Section 6.12; 

(d) no co-trustee hereunder shall be personally liable by reason of any act or omission of the Trustee
hereunder, and any co-trustee hereunder shall be entitled to all the privileges, rights and immunities under Article 6 hereof, as if it were named the Trustee hereunder; and 

(e) any Act of Noteholders delivered to the Trustee shall be deemed to have been delivered to each
co-trustee. 
 Section 6.13 Direction to Enter into the Servicing Agreement. 

The Issuer hereby directs the Trustee and the Note Administrator to enter into the Servicing Agreement. Each of the Trustee and the Note
Administrator shall be entitled to the same rights, protections, immunities and indemnities afforded to each herein in connection with any matter contained in the Servicing Agreement. 

Section 6.14 Representations and Warranties of the Trustee. 

The Trustee represents and warrants for the benefit of the other parties to this Indenture and the parties to the Servicing Agreement that:

 (a) the Trustee is a national banking association with trust powers, duly and validly existing under the laws of the United States of
America, with corporate power and authority to execute, deliver and perform its obligations under this Indenture and the Servicing Agreement, and is duly eligible and qualified to act as Trustee under this Indenture and the Servicing Agreement; 

(b) this Indenture and the Servicing Agreement have each been duly authorized, executed and delivered by the Trustee and each constitutes the
valid and binding obligation of the Trustee, enforceable against it in accordance with its terms except (i) as limited by bankruptcy, fraudulent conveyance, fraudulent transfer, insolvency, reorganization, liquidation, receivership, moratorium
or other similar laws now or hereafter in effect relating to creditors’ rights generally and by general equitable principles, regardless of whether considered in a proceeding in equity or at law, and (ii) that the remedy of specific
performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought; 

(c) neither the execution, delivery and performance of this Indenture or the Servicing Agreement, nor the consummation of the transactions
contemplated by this Indenture or the Servicing Agreement, (i) is prohibited by, or requires the Trustee to obtain any consent, authorization, approval or registration under, any law, statute, rule, regulation, or any judgment, order, writ,
injunction or decree that is binding upon the Trustee or any of its properties or Collateral or (ii) will violate the provisions of the Governing Documents of the Trustee; and 

  
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 (d) there are no proceedings pending or, to the best knowledge of the Trustee, threatened
against the Trustee before any Federal, state or other governmental agency, authority, administrator or regulatory body, arbitrator, court or other tribunal, foreign or domestic, which could have a material adverse effect on the Collateral or the
performance by the Trustee of its obligations under this Indenture or the Servicing Agreement. 
 Section 6.15 Representations and
Warranties of the Note Administrator. 
 The Note Administrator represents and warrants for the benefit of the other parties to this
Indenture and the parties to the Servicing Agreement that: 
 (a) the Note Administrator is a national banking association with trust
powers, duly and validly existing under the laws of the United States of America, with corporate power and authority to execute, deliver and perform its obligations under this Indenture and the Servicing Agreement, and is duly eligible and qualified
to act as Note Administrator under this Indenture and the Servicing Agreement; 
 (b) this Indenture and the Servicing Agreement have each
been duly authorized, executed and delivered by the Note Administrator and each constitutes the valid and binding obligation of the Note Administrator, enforceable against it in accordance with its terms except (i) as limited by bankruptcy,
fraudulent conveyance, fraudulent transfer, insolvency, reorganization, liquidation, receivership, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally and by general equitable principles,
regardless of whether considered in a proceeding in equity or at law, and (ii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court
before which any proceeding therefor may be brought; 
 (c) neither the execution, delivery and performance of this Indenture of the
Servicing Agreement, nor the consummation of the transactions contemplated by this Indenture or the Servicing Agreement, (i) is prohibited by, or requires the Note Administrator to obtain any consent, authorization, approval or registration
under, any law, statute, rule, regulation, or any judgment, order, writ, injunction or decree that is binding upon the Note Administrator or any of its properties or Collateral or (ii) will violate the provisions of the Governing Documents of
the Note Administrator; and 
 (d) there are no proceedings pending or, to the best knowledge of the Note Administrator, threatened against
the Note Administrator before any Federal, state or other governmental agency, authority, administrator or regulatory body, arbitrator, court or other tribunal, foreign or domestic, which could have a material adverse effect on the Collateral or the
performance by the Note Administrator of its obligations under this Indenture or the Servicing Agreement. 
 Section 6.16 Requests
for Consents. 
 In the event that the Trustee and Note Administrator receives written notice of any offer or any request for a waiver,
consent, amendment or other modification with respect to any Collateral Interest (before or after any default) or in the event any action is required to be taken in respect to a Loan Document, the Note Administrator shall promptly forward such
notice to the Issuer, the Servicer and the Special Servicer. The Special Servicer shall take such action as required under the Servicing Agreement as described in Section 10.9(f). 

  
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 Section 6.17 Withholding. 

(a) If any amount is required to be deducted or withheld from any payment to any Noteholder or payee, such amount shall reduce the amount
otherwise distributable to such Noteholder or payee. The Note Administrator is hereby authorized to withhold or deduct from amounts otherwise distributable to any Noteholder or payee sufficient funds for the payment of any tax that is legally
required to be withheld or deducted (but such authorization shall not prevent the Note Administrator from contesting any such tax in appropriate proceedings and legally withholding payment of such tax, pending the outcome of such proceedings). The
amount of any withholding tax imposed with respect to any Noteholder or payee shall be treated as Cash distributed to such Noteholder or payee at the time it is deducted or withheld by the Issuer or the Note Administrator, as applicable, and
remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution, the Note Administrator may in its sole discretion withhold such amounts in accordance with this
Section 6.17. The Issuer agrees to timely provide to the Trustee accurate and complete copies of all documentation received from Noteholders or payee pursuant to Sections 2.7(c) and 2.11(c). Solely with
respect to FATCA compliance and reporting, nothing herein shall impose an obligation on the part of the Note Administrator to determine the amount of any tax or withholding obligation on the part of the Issuer or in respect of the Notes. In
addition, initial purchasers and transferees of Definitive Notes shall provide the Issuer, the Trustee, the Note Administrator or their agents, all information, documentation or certifications reasonably required to permit the Issuer to comply with
its tax reporting obligations under applicable law, including any applicable cost basis reporting obligation. 
 (b) For the avoidance of
doubt, the Note Administrator shall reasonably cooperate with Issuer, at Issuer’s direction and expense, to permit Issuer to fulfill its obligations under FATCA; provided that the Note Administrator shall have no independent
obligation to cause or maintain Issuer’s compliance with FATCA and shall have no liability for any withholding on payments to Issuer as a result of Issuer’s failure to achieve or maintain FATCA compliance. 

ARTICLE 7 
 COVENANTS

 Section 7.1 Payment of Principal and Interest. 

The Issuer shall duly and punctually pay the principal of and interest on each Class of Notes in accordance with the terms of this
Indenture. Amounts properly withheld under the Code or other applicable law by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer for all purposes of this Indenture. 

The Note Administrator shall, unless prevented from doing so for reasons beyond its reasonable control, give notice to each Noteholder of any
such withholding requirement no later than ten days prior to the related Payment Date from which amounts are required (as directed by the Issuer) to be withheld; provided that, despite the failure of the Note Administrator to give such
notice, amounts withheld pursuant to applicable tax laws shall be considered as having been paid by the Issuer, as provided above. 

  
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 Section 7.2 Maintenance of Office or Agency. 

The Issuer hereby appoints the Note Administrator as a Paying Agent for the payment of principal of and interest on the Notes and where Notes
may be surrendered for registration of transfer or exchange and the Issuer hereby appoints CT Corporation System, 28 Liberty Street, New York, New York 10005, as its agent where notices and demands to or upon the Issuer in respect of the Notes or
this Indenture may be served. 
 The Issuer may at any time and from time to time vary or terminate the appointment of any such agent or
appoint any additional agents for any or all of such purposes; provided, however, that the Issuer will maintain in the Borough of Manhattan, The City of New York, an office or agency where notices and demands to or upon the Issuer in
respect of the Notes and this Indenture may be served; provided, further, that no paying agent shall be appointed in a jurisdiction which subjects payments on the Notes to withholding tax. The Issuer shall give prompt written notice to
the Trustee, the Note Administrator, the Rating Agencies and the Noteholders of the appointment or termination of any such agent and of the location and any change in the location of any such office or agency. 

If at any time the Issuer shall fail to maintain any such required office or agency in the Borough of Manhattan, The City of New York, or
shall fail to furnish the Trustee and the Note Administrator with the address thereof, presentations and surrenders may be made (subject to the limitations described in the preceding paragraph) at and notices and demands may be served on the Issuer
and Notes may be presented and surrendered for payment to the appropriate Paying Agent at its main office and the Issuer hereby appoints the same as their agent to receive such respective presentations, surrenders, notices and demands. 

Section 7.3 Amounts for Note Payments to be Held in Trust. 

(a) All payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Payment Account
shall be made on behalf of the Issuer by the Note Administrator or a Paying Agent (in each case, from and to the extent of available funds in the Payment Account and subject to the Priority of Payments). 

When the Paying Agent is not also the Notes Registrar, the Issuer shall furnish, or cause the Notes Registrar to furnish, no later than the
fifth calendar day after each Record Date a list, if necessary, in such form as such Paying Agent may reasonably request, of the names and addresses of the Holders of Notes and of the certificate numbers of individual Notes held by each such Holder
together with wiring instructions, contact information, and such other information reasonably required by the paying agent. 
 Whenever the
Paying Agent is not also the Note Administrator, the Issuer and such Paying Agent shall, on or before the Business Day next preceding each Payment Date or Redemption Date, as the case may be, direct the Note Administrator to deposit on such Payment
Date with such Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then 

  
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becoming due pursuant to the terms of this Indenture (to the extent funds are then available for such purpose in the Payment Account, and subject to the Priority of Payments), such sum to be held
for the benefit of the Persons entitled thereto and (unless such Paying Agent is the Note Administrator) the Issuer shall promptly notify the Note Administrator of its action or failure so to act. Any amounts deposited with a Paying Agent (other
than the Note Administrator) in excess of an amount sufficient to pay the amounts then becoming due on the Notes with respect to which such deposit was made shall be paid over by such Paying Agent to the Note Administrator for application in
accordance with Article 11. Any such Paying Agent shall be deemed to agree by assuming such role not to institute against, or join any other Person in instituting against, the Issuer or any Permitted Subsidiary, any
petition for bankruptcy, reorganization, arrangement, moratorium, liquidation or other similar proceedings under federal or State bankruptcy or similar laws of any jurisdiction for the non-payment to the
Paying Agent of any amounts payable thereto until at least one year (or, if longer, the applicable preference period then in effect) and one day after the payment in full of all Notes issued under this Indenture. 

The initial Paying Agent shall be as set forth in Section 7.2. Any additional or successor Paying Agents shall be
appointed by Issuer Order of the Issuer and at the sole cost and expense (including such Paying Agent’s fee) of the Issuer, with written notice thereof to the Note Administrator; provided, however, that so long as any
Class of the Notes are rated by a Rating Agency and with respect to any additional or successor Paying Agent for the Notes, either (i) such Paying Agent has a long-term senior unsecured debt rating of “Aa3” or higher by
Moody’s or (ii) each of the Rating Agencies confirms that employing such Paying Agent shall not adversely affect the then-current ratings of the Notes. In the event that such successor Paying Agent ceases to have a long-term senior
unsecured debt rating of “Aa3” or higher by Moody’s, the Issuer shall promptly remove such Paying Agent and appoint a successor Paying Agent. The Issuer shall not appoint any Paying Agent that is not, at the time of such appointment,
a depository institution or trust company subject to supervision and examination by federal and/or state and/or national banking authorities. The Issuer shall cause the Paying Agent other than the Note Administrator to execute and deliver to the
Note Administrator an instrument in which such Paying Agent shall agree with the Note Administrator (and if the Note Administrator acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section 7.3,
that such Paying Agent shall: 
 (i) allocate all sums received for payment to the Holders of Notes in accordance with the
terms of this Indenture; 
 (ii) hold all sums held by it for the payment of amounts due with respect to the Notes for the
benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(iii) if such Paying Agent is not the Note Administrator, immediately resign as a Paying Agent and forthwith pay to the Note
Administrator all sums held by it for the payment of Notes if at any time it ceases to satisfy the standards set forth above required to be met by a Paying Agent at the time of its appointment; 

  
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 (iv) if such Paying Agent is not the Note Administrator, immediately give
the Note Administrator notice of any Default by the Issuer (or any other obligor upon the Notes) in the making of any payment required to be made; and 

(v) if such Paying Agent is not the Note Administrator at any time during the continuance of any such Default, upon the written
request of the Note Administrator, forthwith pay to the Note Administrator all sums so held by such Paying Agent. 
 The Issuer may at any
time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer Order direct the Paying Agent to pay, to the Note Administrator all sums held by the Issuer or held by the Paying Agent
for payment of the Notes, such sums to be held by the Note Administrator in trust for the same Noteholders as those upon which such sums were held by the Issuer or the Paying Agent; and, upon such payment by the Paying Agent to the Note
Administrator, the Paying Agent shall be released from all further liability with respect to such amounts. 
 Except as otherwise required
by applicable law, any amounts deposited with the Note Administrator in trust or deposited with the Paying Agent for the payment of the principal of or interest on any Note and remaining unclaimed for two years after such principal or interest has
become due and payable shall be paid to the Issuer on request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment of such amounts and all liability of the Note Administrator or the
Paying Agent with respect to such amounts (but only to the extent of the amounts so paid to the Issuer) shall thereupon cease. The Note Administrator or the Paying Agent, before being required to make any such release of payment, may, but shall not
be required to, adopt and employ, at the expense of the Issuer, any reasonable means of notification of such release of payment, including, but not limited to, mailing notice of such release to Holders whose Notes have been called but have not been
surrendered for redemption or whose right to or interest in amounts due and payable but not claimed is determinable from the records of the Paying Agent, at the last address of record of each such Holder. 

Section 7.4 Existence of the Issuer. 

(a) So long as any Note is Outstanding, the Issuer shall, to the maximum extent permitted by applicable law, maintain in full force and effect
its existence and rights as a limited liability company organized under the laws of Delaware; provided that the Issuer shall be entitled to change its jurisdiction of formation from Delaware to any other jurisdiction reasonably selected by
the Issuer so long as (i) such change is not disadvantageous in any material respect to the Holders of the Notes, (ii) it delivers written notice of such change to the Note Administrator for delivery to the Holders of the Notes and the
Rating Agencies and (iii) on or prior to the fifteenth (15th) Business Day following delivery of such notice by the Note Administrator to the Noteholders, the Note Administrator shall not have received written notice from a Majority of the
Controlling Class objecting to such change. So long as any rated Notes are Outstanding, the Issuer will maintain at all times at least one director who is Independent of the Special Servicer and its Affiliates. 

  
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 (b) So long as any Note is Outstanding, the Issuer shall ensure that all limited liability
company formalities or other formalities regarding its existence are followed (including correcting any known misunderstanding regarding its separate existence). So long as any Note is Outstanding, the Issuer shall not take any action or conduct its
affairs in a manner that is likely to result in its separate existence being ignored or its Collateral and liabilities being substantively consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding. So long as
any Note is Outstanding, the Issuer shall maintain and implement administrative and operating procedures reasonably necessary in the performance of the Issuer’s obligations hereunder, and the Issuer shall at all times keep and maintain, or
cause to be kept and maintained, separate books, records, accounts and other information customarily maintained for the performance of the Issuer’s obligations hereunder. Without limiting the foregoing, so long as any Note is Outstanding, the
Issuer shall not (A) have any subsidiaries (other than a Permitted Subsidiary), (B) guarantee any obligation of any Person, including any Affiliate, or become obligated for the debts of any other Person, (C) join in any transaction with
any member that is not permitted under the terms of the Servicing Agreement or this Indenture, (D) pay dividends other than in accordance with the terms of this Indenture, (E) commingle its funds or Collateral with those of any other
Person, or (F) enter into any contract or agreement with any of its Affiliates, except upon terms and conditions that are commercially reasonable and substantially similar to those available in
arm’s-length transactions with an unrelated party. 
 Section 7.5 Protection of
Collateral. 
 (a) The Note Administrator, at the expense of the Issuer and pursuant to any Opinion of Counsel received pursuant to
Section 7.5(e), shall execute and deliver all such Financing Statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action as may be necessary or advisable or
desirable to secure the rights and remedies of the Holders and to: 
 (i) Grant more effectively all or any portion of the
Collateral; 
 (ii) maintain or preserve the lien (and the priority thereof) of this Indenture or to carry out more
effectively the purposes hereof; 
 (iii) perfect, publish notice of or protect the validity of any Grant made or to be made
by this Indenture (including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations); 

(iv) instruct the Special Servicer with respect to enforcement on any of the Collateral Interests or enforce on any other
instruments or property included in the Collateral; 
 (v) instruct the Special Servicer to preserve and defend title to the
Collateral Interests and preserve and defend title to the other Collateral and the rights of the Trustee, the Holders of the Notes in the Collateral against the claims of all persons and parties; and 

(vi) pursuant to Sections 11.1(a)(i)(1) and 11.1(a)(ii)(1), pay or cause to be paid any and all taxes levied or
assessed upon all or any part of the Collateral. 

  
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 The Issuer hereby designates the Note Administrator as its agent and attorney-in-fact to execute any Financing Statement, continuation statement or other instrument required pursuant to this Section 7.5. The Note
Administrator agrees that it will from time to time execute and cause such Financing Statements and continuation statements to be filed (it being understood that the Note Administrator shall be entitled to rely upon an Opinion of Counsel described
in Section 7.5(e) below, at the expense of the Issuer, as to the need to file such Financing Statements and continuation statements, the dates by which such filings are required to be made and the jurisdictions in which
such filings are required to be made). 
 (b) Neither the Trustee nor the Note Administrator shall (except in accordance with
Section 10.10(a), (b) or (c) and except for payments, deliveries and distributions otherwise expressly permitted under this Indenture) cause or permit the Custodial Account or the Custodian to be located
in a different jurisdiction from the jurisdiction in which the Custodian was located on the Closing Date, unless the Trustee or the Note Administrator, as applicable, shall have first received an Opinion of Counsel to the effect that the lien and
security interest created by this Indenture with respect to such property will continue to be maintained after giving effect to such action or actions. 

(c) The Issuer shall (i) pay or cause to be paid taxes, if any, levied on account of the beneficial ownership by the Issuer of any
Collateral that secure the Secured Notes and timely file all tax returns and information statements as required, (ii) take all actions necessary or advisable to prevent the Issuer from becoming subject to any withholding or other taxes or
assessments and to allow the Issuer to comply with FATCA, including, appointing any agent or representative to perform due diligence, withholding or reporting obligations of the Issuer pursuant to FATCA and (iii) if required to prevent the
withholding or imposition of United States income tax, deliver or cause to be delivered an IRS Form W-9 (or the applicable IRS Form W-8, if appropriate) or successor
applicable form, to each borrower, counterparty or paying agent with respect to (as applicable) an item included in the Collateral at the time such item is purchased or entered into and thereafter prior to the expiration or obsolescence of such
form. 
 (d) The Issuer (or an agent acting on its behalf) shall take such reasonable actions, including hiring agents or advisors,
consistent with law and its obligations under this Indenture, as are necessary for compliance with FATCA, including appointing any agent or representative to perform due diligence, withholding or reporting obligations of the Issuer to enable
compliance with FATCA, and any other action that the Issuer would be permitted to take under this Indenture necessary for compliance with FATCA. The Issuer shall provide any certification or documentation (including an IRS Form W-9 or the applicable IRS Form W-8, if appropriate, or any successor form) to any payor (as defined in FATCA) from time to time as provided by law to minimize U.S. withholding
tax or backup withholding tax or to ensure compliance with FATCA. 
 (e) For so long as the Notes are Outstanding, within the six-month period preceding the fifth anniversary of the Closing Date and every 60 months thereafter, the Issuer shall deliver to the Trustee and the Note Administrator, for the benefit of the Trustee, the Note
Administrator and the Rating Agencies, at the expense of the Issuer, an Opinion of Counsel stating what is required, in the opinion of such counsel, as of the date of such opinion, to maintain the lien and security interest created by this Indenture
with respect to the Collateral, and confirming the matters set forth in the Opinion of Counsel, furnished pursuant to Section 3.1(c), with regard to the perfection and priority of such security interest (and such Opinion of
Counsel may likewise be subject to qualifications and assumptions similar to those set forth in the Opinion of Counsel delivered pursuant to Section 3.1(c)). 

  
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 Section 7.6 Notice of Any Amendments. 

The Issuer shall give notice to the 17g-5 Information Provider of, and satisfy the Rating Agency
Condition with respect to, any amendments to its Governing Documents. 
 Section 7.7 Performance of Obligations. 

(a) The Issuer shall not take any action, and shall use commercially reasonable efforts not to permit any action to be taken by others, that
would release any Person from any of such Person’s covenants or obligations under any Instrument included in the Collateral, except in the case of enforcement action taken with respect to any Defaulted Collateral Interest in accordance with the
provisions hereof and as otherwise required hereby. 
 (b) The Issuer may, with the prior written consent of the Majority of the Notes,
contract with other Persons, including the Servicer, the Special Servicer, the Note Administrator, the Operating Advisor or the Trustee, for the performance of actions and obligations to be performed by the Issuer, hereunder by such Persons and the
performance of the actions and other obligations with respect to the Collateral of the nature set forth in this Indenture. Notwithstanding any such arrangement, the Issuer, shall remain primarily liable with respect thereto. In the event of such
contract, the performance of such actions and obligations by such Persons shall be deemed to be performance of such actions and obligations by the Issuer; and the Issuer shall punctually perform, and use commercially reasonable efforts to cause the
Servicer, the Special Servicer or such other Person to perform, all of their obligations and agreements contained in this Indenture or such other agreement. 

(c) Unless the Rating Agency Condition is satisfied with respect thereto, the Issuer shall maintain the Servicing Agreement in full force and
effect so long as any Notes remain Outstanding and shall not terminate the Servicing Agreement with respect to any Collateral Interest except upon the sale or other liquidation of such Collateral Interest in accordance with the terms and conditions
of this Indenture. 
 (d) If the Issuer receives a notice from the Rating Agencies stating that they are not in compliance with Rule 17g-5, the Issuer shall take such action as mutually agreed between the Issuer and the Rating Agencies in order to comply with Rule 17g-5. 

Section 7.8 Negative Covenants. 

(a) The Issuer shall not: 

(i) sell, assign, participate, transfer, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise
encumber (or permit such to occur or suffer such to exist), any part of the Collateral, except as otherwise expressly permitted by this Indenture or the Servicing Agreement; 

  
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 (ii) claim any credit on, make any deduction from, or dispute the
enforceability of, the payment of the principal or interest payable in respect of the Notes (other than amounts required to be paid, deducted or withheld in accordance with any applicable law or regulation of any governmental authority) or assert
any claim against any present or future Noteholder by reason of the payment of any taxes levied or assessed upon any part of the Collateral; 

(iii) (A) incur or assume or guarantee any indebtedness, other than the Notes and this Indenture and the transactions
contemplated hereby; (B) issue any additional class of securities, other than the Notes and the Membership Interests; or (C) issue any additional beneficial ownership interests in the Issuer; 

(iv) (A) permit the validity or effectiveness of this Indenture or any Grant hereunder to be impaired, or permit the lien of
this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Indenture or the Notes, except as may be expressly permitted hereby;
(B) permit any lien, charge, adverse claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof, any
interest therein or the proceeds thereof, except as may be expressly permitted hereby; or (C) take any action that would permit the lien of this Indenture not to constitute a valid first priority security interest in the Collateral, except as
may be expressly permitted hereby; 
 (v) amend the Servicing Agreement, except pursuant to the terms thereof; 

(vi) to the maximum extent permitted by applicable law, dissolve or liquidate in whole or in part, except as permitted
hereunder; 
 (vii) make or incur any capital expenditures, except as reasonably required to perform its functions in
accordance with the terms of this Indenture; 
 (viii) become liable in any way, whether directly or by assignment or as a
guarantor or other surety, for the obligations of the lessee under any lease, hire any employees or pay any dividends to its shareholders; 

(ix) maintain any bank accounts other than the Accounts in which (inter alia) the proceeds of the Issuer’s issued
share capital and the transaction fees paid to the Issuer for agreeing to issue the Notes will be kept; 
 (x) conduct
business under an assumed name, or change its name without first delivering at least 30 days’ prior written notice to the Trustee, the Note Administrator, the Noteholders and the Rating Agencies and an Opinion of Counsel to the effect that such
name change will not adversely affect the security interest hereunder of the Trustee or the Secured Parties; 
 (xi) take any
action that would result in it failing to qualify as a Qualified REIT Subsidiary or other disregarded entity of Sub-REIT for U.S. federal income tax purposes (including, but not limited to, an election to
treat the Issuer as a “taxable REIT subsidiary,” 

  
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as defined in Section 856(l) of the Code), unless based on an Opinion of Counsel of Cadwalader, Wickersham & Taft LLP or another nationally-recognized tax counsel experienced in
such matters, (A) the Issuer will be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT, or (B) the Issuer will not be treated as an association taxable as a corporation, a “taxable mortgage pool” or a
“publicly traded partnership” for U.S. federal income tax purposes; 
 (xii) except for any agreements involving
the purchase and sale of Collateral Interests having customary purchase or sale terms and documented with customary loan trading documentation, enter into any agreements unless such agreements contain
“non-petition” and “limited recourse” provisions; or 
 (xiii)
amend their respective organizational documents without satisfaction of the Rating Agency Condition in connection therewith. 
 (b) Neither
the Issuer nor the Trustee shall sell, transfer, exchange or otherwise dispose of Collateral, or enter into or engage in any business with respect to any part of the Collateral, except as expressly permitted or required by this Indenture or the
Servicing Agreement. 
 (c) For so long as any of the Notes are Outstanding, the Issuer shall not issue any limited liability company
membership interests of the Issuer to any Person other than Sub-REIT or a wholly-owned subsidiary of Sub-REIT. 

(d) The Issuer shall not enter into any material new agreements (other than any Collateral Interest Purchase Agreement or other agreement
contemplated by this Indenture), including, without limitation, in connection with the sale of Collateral by the Issuer, without the prior written consent of the Holders of at least a Majority of the Notes and shall provide notice of all new
agreements (other than the Collateral Interest Purchase Agreement or other agreement specifically contemplated by this Indenture) to the Holders of the Notes. The foregoing notwithstanding, the Issuer may agree to any material new agreements;
provided that (i) the Issuer determines that such new agreements would not, upon becoming effective, adversely affect the rights or interests of any Class or Classes of Noteholders and (ii) subject to satisfaction of the
Rating Agency Condition. 
 (e) As long as any Note is Outstanding, the Advancing Agent shall not permit the Retention Holder and Sub-REIT to transfer (whether by means of an actual transfer or a transfer of beneficial ownership for U.S. federal income tax purposes), pledge or hypothecate any retained or repurchased Notes, any of the Retained
Notes and the Membership Interests to any other Person (except to an affiliate that is wholly-owned by Sub-REIT or a subsequent REIT that holds all equity interests in the Issuer and is disregarded as a
separate entity for U.S. federal income tax purposes) unless the Issuer receives an opinion from Cadwalader, Wickersham & Taft LLP or another nationally recognized tax counsel experienced in such matters that the Issuer will be treated as a
Qualified REIT Subsidiary or other disregarded entity of a REIT with respect to such transfer, pledge or hypothecation; provided that no opinion shall be required with respect to a transfer to an Affiliate that is directly or indirectly
wholly-owned by Sub-REIT or a subsequent REIT and is disregarded for U.S. federal income tax purposes into Sub-REIT or such subsequent REIT. 

  
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 Section 7.9 Statement as to Compliance. 

On or before January 31, in each calendar year, commencing in 2023 or immediately if there has been a Default in the fulfillment of an
obligation under this Indenture, the Issuer shall deliver to the Trustee, the Note Administrator and the 17g-5 Information Provider an Officer’s Certificate given on behalf of the Issuer and without
personal liability stating, as to each signer thereof, that, since the date of the last certificate or, in the case of the first certificate, the Closing Date, to the knowledge, information and belief of such Officer, the Issuer has fulfilled all of
its obligations under this Indenture or, if there has been a Default in the fulfillment of any such obligation, specifying each such Default known to them and the nature and status thereof. 

Section 7.10 Issuer May Consolidate or Merge Only on Certain Terms. 

(a) The Issuer shall not consolidate or merge with or into any other Person or transfer or convey all or substantially all of its Collateral
to any Person, unless permitted by the Governing Documents and unless: 
 (i) the Issuer shall be the surviving entity, or
the Person (if other than the Issuer) formed by such consolidation or into which the Issuer is merged or to which all or substantially all of the Collateral of the Issuer is transferred shall be an entity organized and existing under the laws of
Delaware or such other jurisdiction approved by a Majority of each and every Class of the Notes (each voting as a separate Class); provided that no such approval shall be required in connection with any such transaction undertaken
solely to effect a change in the jurisdiction of formation pursuant to Section 7.4; and provided, further, that the surviving entity shall expressly assume, by an indenture supplemental hereto, executed and
delivered to the Trustee, the Note Administrator, and each Noteholder, the due and punctual payment of the principal of and interest on all Notes and other amounts payable hereunder and under the Servicing Agreement and the performance and
observance of every covenant of this Indenture and the Servicing Agreement on the part of the Issuer to be performed or observed, all as provided herein; 

(ii) the Rating Agency Condition shall be satisfied; 

(iii) if the Issuer is not the surviving entity, the Person formed by such consolidation or into which the Issuer is merged or
to which all or substantially all of the Collateral of the Issuer is transferred shall have agreed with the Trustee and the Note Administrator (A) to observe the same legal requirements for the recognition of such formed or surviving entity as
a legal entity separate and apart from any of its Affiliates as are applicable to the Issuer with respect to its Affiliates and (B) not to consolidate or merge with or into any other Person or transfer or convey all or substantially all of the
Collateral or all or substantially all of its Collateral to any other Person except in accordance with the provisions of this Section 7.10, unless in connection with a sale of the Collateral pursuant to
Article 5, Article 9 or Article 12; 

  
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 (iv) if the Issuer is not the surviving entity, the Person formed by such
consolidation or into which the Issuer is merged or to which all or substantially all of the Collateral of the Issuer is transferred shall have delivered to the Trustee, the Note Administrator, the Servicer, the Special Servicer, the Operating
Advisor and the Rating Agencies an Officer’s Certificate and an Opinion of Counsel each stating that such Person is duly organized, validly existing and in good standing in the jurisdiction in which such Person is organized; that such Person
has sufficient power and authority to assume the obligations set forth in Section 7.10(a)(i) above and to execute and deliver an indenture supplemental hereto for the purpose of assuming such obligations; that such Person
has duly authorized the execution, delivery and performance of an indenture supplemental hereto for the purpose of assuming such obligations and that such supplemental indenture is a valid, legal and binding obligation of such Person, enforceable in
accordance with its terms, subject only to bankruptcy, reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and to general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law); that, immediately following the event which causes such Person to become the successor to the Issuer, (A) such Person has good and marketable title, free and clear of any lien, security
interest or charge, other than the lien and security interest of this Indenture, to the Collateral securing, in the case of a consolidation or merger of the Issuer, all of the Secured Notes or, in the case of any transfer or conveyance of the
Collateral securing any of the Notes, such Notes, (B) the Trustee continues to have a valid perfected first priority security interest in the Collateral securing, in the case of a consolidation or merger of the Issuer, all of the Secured Notes,
or, in the case of any transfer or conveyance of the Collateral securing any of the Notes, such Notes and (C) such other matters as the Trustee, the Note Administrator, the Servicer, the Special Servicer, the Operating Advisor or any Noteholder
may reasonably require; 
 (v) immediately after giving effect to such transaction, no Default or Event of Default shall have
occurred and be continuing; 
 (vi) the Issuer shall have delivered to the Trustee, the Note Administrator and each
Noteholder, an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger, transfer or conveyance and such supplemental indenture comply with this Article 7 and that all conditions
precedent in this Article 7 provided for relating to such transaction have been complied with; 

(vii) the Issuer has received an opinion from Cadwalader, Wickersham & Taft LLP or another nationally recognized tax
counsel experienced in such matters that the Issuer or the Person referred to in clause (a) will be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes; and 

(viii) after giving effect to such transaction, (A) the Issuer shall not be required to register as an investment company
under the 1940 Act and (B) none of the Issuer or the pool of Collateral will constitute a “covered fund” for purposes of the regulations adopted to implement Section 619 of Dodd-Frank (79 F.R. 77601). 

  
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 Section 7.11 Successor Substituted. 

Upon any consolidation or merger, or transfer or conveyance of all or substantially all of the Collateral of the Issuer, in accordance with
Section 7.10, the Person formed by or surviving such consolidation or merger (if other than the Issuer), or the Person to which such consolidation, merger, transfer or conveyance is made, shall succeed to, and be
substituted for, and may exercise every right and power of, the Issuer, as the case may be, under this Indenture with the same effect as if such Person had been named as the Issuer, herein. In the event of any such consolidation, merger, transfer or
conveyance, the Person named as the “Issuer” in the first paragraph of this Indenture or any successor which shall theretofore have become such in the manner prescribed in this Article 7 may be dissolved, wound-up and liquidated at any time thereafter, and such Person thereafter shall be released from its liabilities as obligor and maker on all the Notes and from its obligations under this Indenture. 

Section 7.12 No Other Business. 

The Issuer shall not engage in any business or activity other than issuing and selling the Notes pursuant to this Indenture and any
supplements thereto, and acquiring, owning, holding, disposing of and pledging the Collateral in connection with the Notes and such other activities which are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or
connected therewith. 
 Section 7.13 Reporting. 

At any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Holder or beneficial owner of a Note, the Issuer shall promptly furnish or cause to be furnished “Rule 144A Information” (as defined below) to such
Holder or beneficial owner, to a prospective purchaser of such Note designated by such Holder or beneficial owner or to the Note Administrator for delivery to such Holder or beneficial owner or a prospective purchaser designated by such Holder or
beneficial owner, as the case may be, in order to permit compliance by such Holder or beneficial owner with Rule 144A under the Securities Act in connection with the resale of such Note by such Holder or beneficial owner. “Rule 144A
Information” shall be such information as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto). The Note Administrator shall reasonably cooperate with the Issuer in mailing or otherwise
distributing (at the Issuer’s expense) to such Noteholders or prospective purchasers, at and pursuant to the Issuer’s written direction the foregoing materials prepared by or on behalf of the Issuer; provided, however, that
the Note Administrator shall be entitled to prepare and affix thereto or enclose therewith reasonable disclaimers to the effect that such Rule 144A Information was not assembled by the Note Administrator, that the Note Administrator has not reviewed
or verified the accuracy thereof, and that it makes no representation as to such accuracy or as to the sufficiency of such information under the requirements of Rule 144A or for any other purpose. 

Section 7.14 Calculation Agent. 

(a) The Issuer hereby agrees that for so long as any Notes remain Outstanding there shall at all times be an agent appointed to calculate the
Benchmark in respect of each Interest Accrual Period in accordance with the terms of Schedule B attached hereto (the “Calculation Agent”). The Issuer initially has appointed the Note Administrator as Calculation Agent for
purposes of determining the Benchmark for each Interest Accrual Period. The Calculation Agent 

  
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may be removed by the Issuer at any time upon 30 days’ written notice delivered to the Calculation Agent. The Calculation Agent may resign at any time by giving written notice thereof to the
Issuer, the Noteholders and the Rating Agencies. If the Calculation Agent is unable or unwilling to act as such, or if the Calculation Agent fails to determine the rate using the Benchmark or the Interest Distribution Amount for any Class of
Notes for any Interest Accrual Period, the Issuer shall promptly appoint as a replacement Calculation Agent a leading bank that does not control or is not controlled by or under common control with the Issuer or its affiliates. If the Calculation
Agent is removed without cause, the expenses incurred in connection with transferring the Calculation Agent’s responsibilities hereunder shall be reimbursed by the Issuer. The Calculation Agent may not resign its duties without a successor
having been duly appointed. If no successor Calculation Agent shall have been appointed within 30 days after giving of a notice of resignation, the resigning Calculation Agent or the Majority Class H Noteholder with regard to the determination
that a Benchmark Transition Event has occurred, may petition a court of competent jurisdiction for the appointment of a successor Calculation Agent, and if such petition is commenced by the Calculation Agent, then such petition will be at the
expense of the Issuer. 
 (b) The Calculation Agent shall calculate, on each Benchmark Determination Date, the Benchmark for the related
Interest Accrual Period and will communicate such information to the Note Administrator, who shall include such calculation on the next Monthly Report following such Benchmark Determination Date. The Calculation Agent shall notify the Issuer and the
Directing Holder before 5:00 p.m. (New York time) on each Benchmark Determination Date if it has not determined and is not in the process of determining the Benchmark and the Interest Distribution Amounts for each Class of Notes, together with
the reasons therefor. The determination of the Note Interest Rates and the related Interest Distribution Amounts, respectively, by the Calculation Agent shall, absent manifest error, be final and binding on all parties to this Indenture and the
Noteholders. 
 Section 7.15 REIT Status. 

(a) Sub-REIT shall not take any action that results in the Issuer failing to qualify as a Qualified
REIT Subsidiary or other disregarded entity of Sub-REIT for U.S. federal income tax purposes, unless based on an Opinion of Counsel, the Issuer will be treated as a Qualified REIT Subsidiary or other
disregarded entity of a REIT; provided that no such opinion shall be required with respect to a transfer to an affiliate that is directly or indirectly wholly-owned by Sub-REIT or a subsequent REIT and
is disregarded for U.S. federal income tax purposes from Sub-REIT or such subsequent REIT. 
 (b)
Without limiting the generality of Section 7.15(a), if the Issuer is no longer a Qualified REIT Subsidiary or other disregarded entity of a REIT, prior to the time that: 

(i) any Collateral Interest would cause the Issuer become subject to U.S. federal income tax on a net income basis; 

(ii) the Issuer would acquire or receive any asset in connection with a workout or restructuring of a Collateral Interest that
could cause the Issuer to become subject to U.S. federal income tax on a net income basis; 

  
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 (iii) the Issuer would acquire the real property underlying any Collateral
Interest pursuant to a foreclosure or deed-in-lieu of foreclosure; or 

(iv) any Collateral Interest is modified in such a manner that could cause the Issuer to become subject to U.S. federal income
tax on a net income basis, 
 the Issuer will either (x) organize one or more Permitted Subsidiaries and contribute the subject property to such
Permitted Subsidiary, (y) contribute such Collateral Interest to an existing Permitted Subsidiary, or (z) sell such Collateral Interest in accordance with Section 12.1; provided that such Permitted
Subsidiary shall be an entity treated as a corporation for U.S. federal income tax purposes. 
 Section 7.16 Permitted
Subsidiaries. 
 Notwithstanding any other provision of this Indenture, the Special Servicer on behalf of the Issuer shall, following
delivery of an Issuer Order to the parties hereto, be permitted to sell or transfer to a Permitted Subsidiary at any time any Sensitive Asset for consideration consisting entirely of the equity interests of such Permitted Subsidiary (or for an
increase in the value of equity interests already owned). Such Issuer Order shall certify that the sale of a Sensitive Asset is being made in accordance with satisfaction of all requirements of this Indenture. The Custodian shall, upon receipt of a
Request for Release with respect to a Sensitive Asset, release such Sensitive Asset and shall deliver such Sensitive Asset as specified in such Request for Release. The following provisions shall apply to all Sensitive Asset and Permitted
Subsidiaries: 
 (a) For all purposes under this Indenture, any Sensitive Asset transferred to a Permitted Subsidiary shall be treated as if
it were an asset owned directly by the Issuer. 
 (b) Any distribution of Cash by a Permitted Subsidiary to the Issuer shall be
characterized as Interest Proceeds or Principal Proceeds to the same extent that such Cash would have been characterized as Interest Proceeds or Principal Proceeds if received directly by the Issuer and each Permitted Subsidiary shall cause all
proceeds of and collections on each Sensitive Asset owned by such Permitted Subsidiary to be deposited into the Payment Account. 
 (c) To
the extent applicable, the Issuer shall form one or more Securities Accounts with the Securities Intermediary for the benefit of each Permitted Subsidiary and shall, to the extent applicable, cause Sensitive Asset to be credited to such Securities
Accounts. 
 (d) Notwithstanding the complete and absolute transfer of a Sensitive Asset to a Permitted Subsidiary, the ownership interests
of the Issuer in a Permitted Subsidiary or any property distributed to the Issuer by a Permitted Subsidiary shall be treated as a continuation of its ownership of the Sensitive Asset that was transferred to such Permitted Subsidiary (and shall be
treated as having the same characteristics as such Sensitive Asset). 
 (e) If the Special Servicer on behalf of the Trustee, or any other
authorized party takes any action under this Indenture to sell, liquidate or dispose of all or substantially all of the Collateral, the Issuer shall cause each Permitted Subsidiary to sell each Sensitive Asset and all other Collateral held by such
Permitted Subsidiary and distribute the proceeds of such sale, net of any amounts necessary to satisfy any related expenses and tax liabilities, to the Issuer in exchange for the equity interest in such Permitted Subsidiary held by the Issuer. 

  
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 Section 7.17 Repurchase Requests. 

If the Issuer, the Trustee, the Note Administrator, the Servicer or the Special Servicer receives any request or demand that a Collateral
Interest be repurchased or replaced arising from any Material Breach of a representation or warranty made with respect to such Collateral Interest or any Material Document Defect (any such request or demand, a “Repurchase Request”)
or a withdrawal of a Repurchase Request from any Person other than the Special Servicer, then the Issuer, the Servicer, the Trustee or the Note Administrator, as applicable, shall promptly forward such notice of such Repurchase Request or withdrawal
of a Repurchase Request, as the case may be, to the Special Servicer and include the following statement in the related correspondence: “This is a “[Repurchase Request]/[withdrawal of a Repurchase Request]” under Section 3.19 of
the Servicing Agreement relating to FS Rialto 2022-FL7 Issuer, LLC, requiring action from you as the “Repurchase Request Recipient” thereunder.” Upon receipt of such Repurchase Request or
withdrawal of a Repurchase Request by the Special Servicer pursuant to the prior sentence, the Special Servicer shall be deemed to be the Repurchase Request Recipient in respect of such Repurchase Request or withdrawal of a Repurchase Request, as
the case may be, and shall be responsible for complying with the procedures set forth in Section 3.19 of the Servicing Agreement with respect to such Repurchase Request. 

Section 7.18 Servicing of Commercial Real Estate Loans and Control of Servicing Decisions. 

The Commercial Real Estate Loans (other than the Non-Serviced Commercial Real Estate Loans) will be
serviced by the Servicer and the Special Servicer, in each case pursuant to the Servicing Agreement, subject to the consultation, consent and direction rights of the Directing Holder, the Operating Advisor and other Persons, as set forth in the
Servicing Agreement, and subject to any consent and/or consultation rights of the holder of the related Companion Participation under the related Participation Agreement, subject to those conditions, restrictions or termination events expressly
provided therein. Nothing in this Indenture shall be interpreted to limit in any respect the rights of the Directing Holder under the Servicing Agreement and none of the Issuer, Note Administrator and Trustee shall take any action under this
Indenture inconsistent with the rights of the Directing Holder or other Persons set forth under the Servicing Agreement. 
 ARTICLE 8

 SUPPLEMENTAL INDENTURES 

Section 8.1 Supplemental Indentures Without Consent of Noteholders. 

(a) Without the consent of the Holders of any Notes, and without satisfaction of the Rating Agency Condition, the Issuer, the Trustee and the
Note Administrator, at any time and from time to time subject to the requirement provided below in this Section 8.1, may enter into one or more indentures supplemental hereto, in form satisfactory to the parties thereto,
for any of the following purposes: 
 (i) evidence the succession of any Person to the Issuer and the assumption by any such
successor of the covenants of the Issuer herein and in the Notes; 

  
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 (ii) add to the covenants of the Issuer, the Note Administrator or the
Trustee for the benefit of the Holders of the Notes or to surrender any right or power herein conferred upon the Issuer; 

(iii) convey, transfer, assign, mortgage or pledge any property to or with the Trustee, or add to the conditions, limitations
or restrictions on the authorized amount, terms and purposes of the issue, authentication and delivery of the Notes; 
 (iv)
evidence and provide for the acceptance of appointment hereunder of a successor Trustee or a successor Note Administrator and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the
trusts hereunder by more than one Trustee, pursuant to the requirements of Sections 6.9, 6.10 and 6.12; 

(v) correct or amplify the description of any property at any time subject to the lien of this Indenture, or to better assure,
convey and confirm unto the Trustee any property subject or required to be subject to the lien of this Indenture (including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations) or to subject
any additional property to the lien of this Indenture; 
 (vi) modify the restrictions on and procedures for resales and
other transfers of Notes to reflect any changes in applicable law or regulation (or the interpretation thereof) or to enable the Issuer to rely upon any exemption or exclusion from registration under the Securities Act, the Exchange Act or the 1940
Act (including, without limitation, (A) to prevent any Class of Notes from being considered an “ownership interest” under Section 619 of Dodd-Frank (such statutory provision together with such implementing regulations, the
“Volcker Rule”) or (B) to prevent the Issuer or the pool of Collateral from being considered a “covered fund” under the Volcker Rule) or to remove restrictions on resale and transfer to the extent not required
thereunder; 
 (vii) accommodate the issuance, if any, of Notes in global or book-entry form through the facilities of DTC or
otherwise; 
 (viii) take any action commercially reasonably necessary or advisable as required for the Issuer to comply with
the requirements of FATCA; or to prevent the Issuer from failing to qualify as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes or to prevent the Issuer or the Trustee from being subject to
withholding or other taxes, fees or assessments or from otherwise being subject to U.S. federal, state, local or foreign income or franchise tax on a net income basis; 

(ix) amend or supplement any provision of this Indenture to the extent necessary to maintain the then-current ratings assigned
to the Notes; 
 (x) accommodate the settlement of the Notes in book-entry form through the facilities of DTC, Euroclear or
Clearstream, Luxembourg or otherwise; 

  
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 (xi) authorize the appointment of any listing agent, transfer agent, paying
agent or additional registrar for any Class of Notes required or advisable in connection with the listing of any Class of Notes on any stock exchange, and otherwise to amend this Indenture to incorporate any changes required or requested
by any governmental authority, stock exchange authority, listing agent, transfer agent, paying agent or additional registrar for any Class of Notes in connection therewith; 

(xii) evidence changes to applicable laws and regulations; 

(xiii) to modify, eliminate or add to any of the provisions of this Indenture in the event the Credit Risk Retention Rules, or
the UK Securitization Laws (as defined in the UK Risk Retention Letter) are amended or repealed, in order to modify or eliminate the risk retention requirements (or, in respect of the UK Securitization Laws, other requirements, including those
relating to transparency, disclosure and credit-granting) in the event of such amendment or repeal; provided that (x) in relation to the Credit Risk Retention Rules, the Trustee has received an opinion of counsel or (y) in
relation to the the UK Securitization Laws, the Sponsor certifies to the Trustee that it has received written legal advice, in each case, to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention Rules
or the UK Securitization Laws (as applicable); 
 (xiv) reduce the minimum denominations required for transfer of the Notes;

 (xv) modify the provisions of this Indenture with respect to reimbursement of Nonrecoverable Interest Advances if
(a) the Special Servicer determines that the commercial mortgage securitization industry standard for such provisions has changed, in order to conform to such industry standard and (b) such modification does not adversely affect the status
of Issuer for U.S. federal income tax purposes, as evidenced by an Opinion of Counsel; 
 (xvi) modify the procedures set
forth in this Indenture relating to compliance with Rule 17g-5 of the Exchange Act; provided that the change would not materially increase the obligations of the Note Administrator, Trustee, any
paying agent, the Operating Advisor, the Servicer or the Special Servicer (in each case, without such party’s consent) and would not adversely affect in any material respect the interests of any Noteholder; provided, further, that
the Note Administrator must provide a copy of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Website and provide notice of any such
amendment to the Rating Agencies; 
 (xvii) make any change to any other provisions with respect to matters or questions
arising under this Indenture; provided that the party requesting the supplemental indenture represents that it believes the required action will not adversely affect in any material respect the interests of any Noteholder not
consenting thereto, as evidenced by an Opinion of Counsel; 
 (xviii) providing for and/or facilitating the exchange of
Exchangeable Notes for Exchanged Notes to the extent permitted by this Indenture and to extend to such Exchanged Notes (to the extent explicitly provided herein) the benefits and provisions of this Indenture; and 

  
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 (xix) make any modification or amendment determined by the Issuer (in
consultation with legal counsel of national reputation experienced in such matters and independent of the Issuer and any of its affiliates) as necessary or advisable (A) for any Class of Notes to not be considered an “ownership
interest” as defined for purposes of the Volcker Rule or (B) (1) to enable the Issuer to rely upon the exemption or exclusion from registration as an investment company provided by
Rule 3a-7 under the 1940 Act or another exemption or exclusion from registration as an investment company under the 1940 Act (other than Section 3(c)(1) or Section 3(c)(7) thereof) or
(2) for the Issuer to not otherwise be considered a “covered fund” as defined for purposes of the Volcker Rule, in each case so long as any such modification or amendment would not have a material adverse effect on any Class of
Notes. 
 The Note Administrator and Trustee are each hereby authorized to join in the execution of any such supplemental indenture and to
make any further appropriate agreements and stipulations which may be therein contained, but the Note Administrator and Trustee shall not be obligated to enter into any such supplemental indenture which affects the Note Administrator’s or
Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise, except to the extent required by law. 
 (b)
Notwithstanding Section 8.1(a) or any other provision of this Indenture, without prior notice to, and without the consent of the Holders of any Notes, and without satisfaction of the Rating Agency Condition, the Issuer, the
Trustee and the Note Administrator, may enter into one or more indentures supplemental hereto for any of the following purposes: 

(i) to conform this Indenture to the provisions described in the Offering Memorandum (or any supplement thereto); 

(ii) to correct any defect or ambiguity in this Indenture in order to address any manifest error, omission or mistake in any
provision of this Indenture; 
 (iii) to make Benchmark Replacement Conforming Changes at the direction of the Directing
Holder; and/or 
 (iv) to provide for the Notes of each Class to bear interest based on the applicable Benchmark
Replacement from and after the related Benchmark Replacement Date. 
 (c) In the event that any or all restrictions and/or limitations under
the Credit Risk Retention Rules or the UK Securitization Laws (as defined in the UK Risk Retention Letter) are withdrawn, repealed or modified to be less restrictive on the Sponsor, at the request of the Sponsor and, in the case of the UK
Securitization Laws, the UK Retention Holder, the Retention Holder, the Issuer, the Trustee and the Note Administrator agree to modify any corresponding terms of this Indenture in accordance with Section 8.1(a)(xiii) hereto
to reflect any such withdrawal, repeal or modification. 

  
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 Section 8.2 Supplemental Indentures with Consent of Noteholders. 

Except as set forth below, the Note Administrator, the Trustee and the Issuer may enter into one or more indentures supplemental hereto to add
any provisions to, or change in any manner or eliminate any of the provisions of, this Indenture or modify in any manner the rights of the Holders of any Class of Notes under this Indenture only with (x) the written consent of the holders
of at least a Majority of the Notes of each Class materially and adversely affected thereby (excluding any Notes owned by the Issuer, the Seller or any of its Affiliates as identified in the Beneficial Holder Information Form submitted along
with the related Noteholder’s consent) by Act of said Noteholders delivered to the Trustee, the Note Administrator and the Issuer and (y) satisfaction of the Rating Agency Condition, notice of which may be in electronic form. In connection
with any such supplemental indenture, the holders of at least a Majority of the Notes of each Class may determine whether the Holders of any Class of Notes (evaluated individually on a Class-by-Class basis) will be materially and adversely affected by a supplemental indenture. Such determination shall be conclusive and binding on all present and future Noteholders. 

Notwithstanding the foregoing, any supplemental indenture to add or modify any of the provisions of this Indenture with respect to
(a) the definitions of “Controlling Class,” “Majority” and “Supermajority” and (b) the Funded Companion Participation Acquisition Criteria and the Note Protection Tests, shall require the consent of the
holders of at least a Supermajority of the Notes of each Class. 
 Without the consent of all of the Holders of each Outstanding
Class of Notes materially adversely affected, no supplemental indenture may: 
 (a) change the Stated Maturity Date of the principal of
or the due date of any installment of interest on any Note, reduce the principal amount thereof or the Note Interest Rate thereon or the Redemption Price with respect to any Note, change the earliest date on which any Note may be redeemed at the
option of the Issuer, change the provisions of this Indenture that apply proceeds of any Collateral to the payment of principal of or interest on Notes or change any place where, or the coin or currency in which, any Note or the principal thereof or
interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity Date thereof (or, in the case of redemption, on or after the applicable Redemption Date); 

(b) reduce the percentage of the Aggregate Outstanding Amount of Holders of Notes of each Class of the Holders thereof whose consent is
required for the authorization of any such supplemental indenture or for any waiver of compliance with certain provisions of this Indenture or certain Defaults hereunder or their consequences provided for in this Indenture; 

(c) impair or adversely affect the Collateral except as otherwise permitted in this Indenture; 

(d) permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Collateral
or terminate such lien on any property at any time subject hereto or deprive the Holder of any Secured Note of the security afforded by the lien of this Indenture; 

  
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 (e) reduce the percentage of the Aggregate Outstanding Amount of Holders of Notes of each
Class whose consent is required to request the Trustee to preserve the Collateral or rescind any election to preserve the Collateral pursuant to Section 5.5 or to sell or liquidate the Collateral pursuant to
Section 5.4 or 5.5; 
 (f) modify any of the provisions of Section 8.1 and this
Section 8.2, except to increase the percentage of Outstanding Notes whose holders’ consent is required for any such action or to provide that other provisions of this Indenture cannot be modified or waived without the
consent of the Holder of each Outstanding Note affected thereby; 
 (g) modify the definitions of the terms “Outstanding” or
“Funded Companion Participation Acquisition Period” or the provisions of Section 11.1(a) or Section 13.1; 

(h) modify any of the provisions in this Indenture in such a manner as to affect the requirement that the Issuer be treated as a Qualified
REIT Subsidiary or disregarded entity of a REIT for U.S. federal income tax purposes; 
 (i) modify any of the provisions of this Indenture
in such a manner as to affect the calculation of the amount of any payment of interest on or principal of any Note on any Payment Date (or any other date) or to affect the rights of the Holders of Notes to the benefit of any provisions for the
redemption of such Notes contained herein; 
 (j) reduce the permitted minimum denominations of the Notes below the minimum denomination
necessary to maintain an exemption from the registration requirements of the Securities Act or the 1940 Act; or 
 (k) modify any provisions
regarding non-recourse or non-petition covenants with respect to the Issuer; 

provided that the holders of each Class of Notes will be deemed to be materially adversely affected by any supplemental indenture with respect to
clauses (b) and (f) above. 
 The Trustee and Note Administrator shall be entitled to rely upon an Officer’s
Certificate of the Issuer in determining whether or not the Holders of Notes would be materially or adversely affected by such change (after giving notice of such change to the Holders of Notes). Such determination shall be conclusive and binding on
all present and future Holders of Notes. Neither the Trustee nor the Note Administrator shall be liable for any such determination made in good faith. 

Section 8.3 Execution of Supplemental Indentures. 

In executing or accepting the additional trusts created by any supplemental indenture permitted by this Article 8 or
the modifications thereby of the trusts created by this Indenture, the Note Administrator and Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture and that all conditions precedent thereto have been satisfied (which Opinion of Counsel may rely upon an Officer’s Certificate as to whether or not the Noteholders would be materially and
adversely affected by such supplemental indenture). The Note Administrator and Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects its own rights, duties or immunities under this Indenture or
otherwise. 

  
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 The Servicer and Special Servicer will be bound to follow any amendment or supplement to
this Indenture of which it has received written notice at least ten (10) Business Days prior to the execution and delivery of such amendment or supplement; provided, however, that with respect to any amendment or supplement to
this Indenture which may, in the judgment of the Servicer or Special Servicer adversely affect the Servicer or Special Servicer, the Servicer or Special Servicer, as applicable, shall not be bound (and the Issuer agrees that it will not permit any
such amendment to become effective) unless the Servicer or Special Servicer, as applicable, gives written consent to the Note Administrator, the Trustee and the Issuer to such amendment. The Issuer, the Trustee and the Note Administrator shall give
written notice to the Servicer and Special Servicer of any amendment made to this Indenture pursuant to its terms. In addition, the Servicer or Special Servicer’s written consent, as applicable, shall be required prior to any amendment to this
Indenture by which it is adversely affected. 
 The Sponsor’s written consent shall be required prior to any amendment to this
Indenture by which the Sponsor is adversely affected. 
 At the cost of the Issuer, the Note Administrator shall provide to each Noteholder
and, for so long as any Class of Notes shall remain Outstanding and is rated, the Note Administrator shall provide to the 17g-5 Information Provider and the Rating Agencies a copy of any proposed
supplemental indenture at least fifteen (15) Business Days prior to the execution thereof by the Note Administrator, and following execution shall provide to the 17g-5 Information Provider and the Rating
Agencies a copy of the executed supplemental indenture. 
 Neither the Trustee nor the Note Administrator shall enter into any such
supplemental indenture unless the Trustee and the Note Administrator have received an Opinion of Counsel from Cadwalader, Wickersham & Taft LLP or another nationally recognized tax counsel experienced in such matters that the proposed
supplemental indenture will not cause the Issuer to fail to be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes or otherwise become subject to U.S. federal income tax on a net income
basis. The Trustee and the Note Administrator shall be entitled to rely upon (i) the receipt of notice from the Rating Agencies or the Requesting Party, which may be in electronic form, that the Rating Agency Condition has been satisfied and
(ii) receipt of an Opinion of Counsel forwarded to the Trustee and Note Administrator certifying that, following provision of notice of such supplemental indenture to the Noteholders, that the Holders of Notes would not be materially and
adversely affected by such supplemental indenture. Such determination shall be conclusive and binding on all present and future Holders of Notes. Neither the Trustee nor the Note Administrator shall be liable for any such determination made in good
faith and in reliance upon such Opinion of Counsel, as the case may be. 
 It shall not be necessary for any Act of Noteholders under this
Section 8.3 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

  
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 Promptly after the execution by the Issuer, the Note Administrator and the Trustee of any
supplemental indenture pursuant to this Section 8.3, the Note Administrator, at the expense of the Issuer, shall mail to the Noteholders, the Servicer, the Special Servicer, the Operating Advisor and, so long as the Notes
are Outstanding and so rated, the Rating Agencies a copy thereof based on an outstanding rating. Any failure of the Trustee and the Note Administrator to publish or mail such notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such supplemental indenture. 
 Section 8.4 Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article 8, this Indenture shall be modified in
accordance therewith, such supplemental indenture shall form a part of this Indenture for all purposes and every Holder of Notes theretofore and thereafter authenticated and delivered hereunder, shall be bound thereby. 

Section 8.5 Reference in Notes to Supplemental Indentures. 

Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article 8 may,
and if required by the Note Administrator shall, bear a notice in form approved by the Note Administrator as to any matter provided for in such supplemental indenture. If the Issuer shall so determine, new Notes, so modified as to conform in the
opinion of the Note Administrator and the Issuer to any such supplemental indenture, may be prepared and executed by the Issuer and authenticated and delivered by the Note Administrator in exchange for Outstanding Notes. Notwithstanding the
foregoing, any Note authenticated and delivered hereunder shall be subject to the terms and provisions of this Indenture, and any supplemental indenture. 

ARTICLE 9 
 REDEMPTION OF
NOTES; REDEMPTION PROCEDURES 
 Section 9.1 Clean-up Call; Tax Redemption; Optional
Redemption; and Auction Call Redemption. 
 (a) The Notes shall be redeemable by the Issuer, in whole but not in part, at the option of
and upon written notice which shall be delivered in accordance with Section 9.3(a), at their applicable Redemption Prices on any Payment Date on or after the Payment Date on which the Aggregate Outstanding Amount of the
Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices (such redemption, a “Clean-up Call”); provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

(b) The Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and upon at the written notice by the Majority
Class H Noteholder (which shall be delivered in accordance with Section 9.3(a)), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their
applicable Redemption Prices (such redemption, a “Tax Redemption”); provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

  
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 (c) The Notes shall be redeemable by the Issuer, in whole but not in part, at the option of
and upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with Section 9.3(a)), on any Payment Date after the end of the Non-call Period
at a price equal to their applicable Redemption Prices (such redemption, an “Optional Redemption”); provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the
Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Seller or any Affiliate of the Seller other than the Retention Holder in connection with an Optional Redemption. 

(d) From and after the Payment Date in December 2032, the Special Servicer will be required to conduct an auction prior to each Payment Date
occurring in March, June, September and December in accordance with the requirements set forth in this Indenture. Notes shall be redeemed by the Issuer, in whole but not in part, at their respective Redemption Prices if a Successful Auction is
completed pursuant to the procedures set forth on Exhibit N hereto (each, an “Auction Call Redemption”). An Auction Call Redemption may only occur on a Payment Date in March, June, September and December. 

(e) In connection with any redemption pursuant to Section 9.1(a), (b) or (c), if the Holders of the
Class H Notes and/or one or more affiliates thereof own any Notes, such holder(s) may elect to include such Notes as part of the consideration for such redemption and the Total Redemption Price shall be reduced by the outstanding principal
balance of such Notes (plus the interest accrued thereon). If such holder(s) own less than 100% of the Notes of any such Class, the Note Administrator shall cooperate with such holder(s) in order to effect such redemption (including, if necessary,
converting such Notes into definitive form). 
 (f) A redemption pursuant to Section 9.1(a), (b) or
(c) shall not occur unless at least six (6) Business Days prior to the scheduled Redemption Date, the Majority Class H Noteholder certifies to the Trustee and the Note Administrator that: 

(i) the Special Servicer, on behalf of the Issuer, has entered into a binding commitment or agreement (which may be an
agreement with an affiliate of any holder of the Class H Notes) to sell (directly, by participation or other arrangement) all or part of the Collateral not later than the Business Day immediately preceding the scheduled Redemption Date or FS
Credit REIT (or an Affiliate or agent thereof) has priced but not yet closed another securitization transaction; 
 (ii) the
related Sale Proceeds (in immediately available funds), together with all other available funds (including proceeds from the sale of the Collateral Interests, Eligible Investments maturing on or prior to the scheduled Redemption Date, all amounts in
the Accounts and available Cash), shall be an aggregate amount sufficient to pay the Total Redemption Price; and 
 (iii) all
of the other conditions for such redemption, as applicable, have been satisfied. 

  
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 (g) In connection with an Optional Redemption, a
Clean-Up Call, a Tax Redemption or an Auction Call Redemption, the Issuer, at the direction of the Majority Class H Noteholder, shall sell such Collateral Interests and may at any time direct the Trustee
in writing by Issuer Order to execute any transfer documents required in order to effectuate the sale of such Collateral Interests, in the manner determined by the Majority Class H Noteholder without regard to any of the limitations in
Section 12.1(a). Upon any such sale, the Trustee shall release any such Collateral Interest pursuant to Section 10.11. 

Section 9.2 Record Date for Redemption. 

In connection with a Clean-up Call pursuant to Section 9.1(a), a Tax
Redemption pursuant to Section 9.1(b), an Optional Redemption pursuant to Section 9.1(c) or an Auction Call Redemption pursuant to Section 9.1(d), the Note Administrator shall
set the applicable Record Date ten (10) Business Days prior to the proposed Redemption Date. 
 Section 9.3 Notice of
Redemption or Maturity. 
 (a) Notice of redemption (or a withdrawal thereof) or Clean-up Call
pursuant to Section 9.1 or the Maturity of any Notes shall be given by first class mail, postage prepaid, mailed not less than ten (10) Business Days (or four (4) Business Days (or promptly thereafter upon receipt
of written notice, if later) where the notice of an Optional Redemption, an Auction Call Redemption, a Clean-up Call or a Tax Redemption is withdrawn pursuant to Section 9.3(c)) prior
to the applicable Redemption Date or Maturity, to the Trustee, the Note Administrator, the Servicer, the Special Servicer, the Operating Advisor, the Rating Agencies, and each Holder of Notes to be redeemed, at its address in the Notes Register. If
any Notes are held as Definitive Notes when called for redemption, such Notes must be surrendered at the office of the Paying Agent. 
 All
notices of redemption shall state: 
 (i) the applicable Redemption Date; 

(ii) the applicable Redemption Price; 

(iii) that all the Notes are being paid in full and that interest on the Notes shall cease to accrue on the Redemption Date
specified in the notice; and 
 (iv) the place or places where any Notes held as Definitive Notes to be redeemed in whole are
to be surrendered for payment of the Redemption Price which shall be the office or agency of the Paying Agent as provided in Section 7.2. 

(b) Notice of redemption shall be given by the Issuer, or at its request, by the Note Administrator in its name, and at the expense of the
Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Notes. 

  
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 (c) Any such notice of an Optional Redemption, an Auction Call Redemption, a Clean-up Call or Tax Redemption may be withdrawn by the Issuer at the direction of the Majority Class H Noteholder up to the Business Day prior to the scheduled Redemption Date by written notice to the Trustee,
the Note Administrator, the Servicer, the Special Servicer, the Operating Advisor and each Holder of Notes to be redeemed, and the Directing Holder. The failure of any Optional Redemption, Auction Call Redemption,
Clean-up Call or Tax Redemption that is withdrawn in accordance with this Indenture shall not constitute an Event of Default. 

(d) The Redemption Price shall be determined no earlier than sixty (60) days prior to the proposed Redemption Date. 

Section 9.4 Notes Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Notes to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after the Redemption Date (unless the Issuer shall Default in the payment of the Redemption Price and accrued interest thereon) the Notes shall cease to bear interest on the Redemption Date. Upon
final payment on a Note to be redeemed, the Holder shall present and surrender such Note at the place specified in the notice of redemption on or prior to such Redemption Date; provided, however, that if there is delivered to the
Issuer, the Note Administrator and the Trustee such security or indemnity as may be required by them to hold each of them harmless and an undertaking thereafter to surrender such Note, then, in the absence of notice to the Issuer, the Note
Administrator and the Trustee that the applicable Note has been acquired by a bona fide purchaser, such final payment shall be made without presentation or surrender. Payments of interest on Notes of a Class to be so redeemed whose Maturity is
on or prior to the Redemption Date shall be payable to the Holders of such Notes, or one or more predecessor Notes, registered as such at the close of business on the relevant Record Date according to the terms and provisions of
Section 2.7(j). 
 If any Note called for redemption shall not be paid upon surrender thereof for redemption, the
principal thereof shall, until paid, bear interest from the Redemption Date at the applicable Note Interest Rate for each successive Interest Accrual Period the Note remains Outstanding. Subject to applicable escheatment law, any funds not
distributed to any Noteholder on the Payment Date because of the failure of such Holder or Holders to tender their Notes, shall, on such date, be set aside and held for the benefit of the appropriate
non-tendering Holder or Holders. 
 Section 9.5 Mandatory Redemption. 

On any Payment Date on which either of the Note Protection Tests is not satisfied as of any Determination Date, the Offered Notes shall be
redeemed (a “Mandatory Redemption”), from Interest Proceeds as set forth in Section 11.1(a)(i)(14) in an amount necessary, and only to the extent necessary, for such Note Protection Test to be satisfied or,
if sooner, until the Offered Notes have been paid in full. On or promptly after such Mandatory Redemption, the Issuer shall certify or cause to be certified to the Rating Agencies and the Note Administrator whether the Note Protection Tests have
been satisfied. 

  
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 ARTICLE 10 

ACCOUNTS, ACCOUNTINGS AND RELEASES 

Section 10.1 Collection of Amounts; Custodial Account. 

(a) Except as otherwise expressly provided herein, the Note Administrator may demand payment or delivery of, and shall receive and collect,
directly and without intervention or assistance of any fiscal agent or other intermediary, all amounts and other property payable to or receivable by the Note Administrator pursuant to this Indenture, including all payments due on the Collateral in
accordance with the terms and conditions of such Collateral. The Note Administrator shall segregate and hold all such amounts and property received by it in an Eligible Account in trust for the Secured Parties, and shall apply such amounts as
provided in this Indenture. Any Indenture Account may include any number of subaccounts deemed necessary or appropriate by the Note Administrator for convenience in administering such account. 

(b) The Note Administrator shall credit all Collateral Interests and Eligible Investments to an Eligible Account in the name of the Issuer for
the benefit of the Secured Parties designated as the “Custodial Account,” except that Mortgage Notes and Participations may be held by the Custodian in the State of Minnesota pursuant to Section 3.3 of this
Indenture. 
 Section 10.2 [Reserved]. 

Section 10.3 Payment Account. 

(a) The Issuer shall cause the Securities Intermediary to establish, on or prior to the Closing Date, a single, segregated trust account which
shall be designated as the “Payment Account,” which shall be held in trust in the name of the Issuer, on behalf of the Trustee, for the benefit of the Secured Parties and over which the Note Administrator shall have exclusive control and
the sole right of withdrawal. All funds received by the Note Administrator from the Servicer on each Remittance Date shall be credited to the Payment Account. Any and all funds at any time on deposit in, or otherwise to the credit of, the Payment
Account shall be held in trust by the Note Administrator, in its capacity as Securities Intermediary, in the name of the Issuer on behalf of the Trustee for the benefit of the Secured Parties. Except as provided in Sections 11.1 and
11.2, the only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Payment Account shall be (i) to pay the interest on and the principal of the Notes and make other payments in respect of
the Notes in accordance with their terms and the provisions of this Indenture, (ii) upon Issuer Order, to pay other amounts specified therein, and (iii) otherwise to pay amounts payable pursuant to and in accordance with the terms of this
Indenture, each in accordance with the Priority of Payments. 
 (b) The Note Administrator may direct the Securities Intermediary to invest
the funds on deposit in the Payment Account in one or more Eligible Investments; provided that (i) any amounts held in the Payment Account that are invested shall be (x) invested only in short-term Eligible Investments and
(y) sold no later than each Payment Date and prior to the operation of the Priority of Payments, and (ii) in all cases, such funds shall be either (x) immediately available or (y) available in accordance with a schedule which
will permit the Note Administrator to meet its 

  
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payment obligations hereunder. The Note Administrator shall be entitled to all income and gain realized from the investment of funds deposited in the Payment Account (such amount,
“Additional Note Administrator Compensation”) in accordance with the Priority of Payments. The Note Administrator shall deposit from its own funds in the Payment Account the amount of any loss incurred in respect of any such
investment of funds immediately upon the realization of such loss; provided that the Note Administrator shall not be required to deposit the amount of any loss on any investment of funds if such loss is incurred solely as a result of the
insolvency of the federal or state-chartered depository institution or trust company that holds the Payment Account, so long as such depository institution or trust company satisfied the qualifications set forth in the definition of “Eligible
Account” in the month in which the loss occurred and at the time such investment was made. 
 Section 10.4 Funded Companion
Participation Acquisition Account. 
 (a) The Issuer shall cause the Securities Intermediary to establish, on or prior to the Closing
Date, a single, segregated trust account that shall be designated as the “Funded Companion Participation Acquisition Account” and shall be held in trust in the name of the Issuer, on behalf of the Trustee, for the benefit of the Secured
Parties and over which the Note Administrator shall have exclusive control and the sole right of withdrawal. All amounts credited to the Funded Companion Participation Acquisition Account pursuant to this Indenture shall be held by the Note
Administrator as part of the Collateral and shall be applied to the purposes herein provided. 
 (b) Upon receipt of Permitted Principal
Proceeds by the Issuer, if so directed by the Retention Holder, the Issuer shall deposit such funds, or cause the Note Administrator to deposit such funds, into the Funded Companion Participation Acquisition Account. 

(c) The Note Administrator agrees to give the Issuer prompt notice if it becomes aware that the Funded Companion Participation Acquisition
Account or any funds on deposit therein, or otherwise to the credit of the Funded Companion Participation Acquisition Account, becomes subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Issuer shall have
no legal, equitable or beneficial interest in the Funded Companion Participation Acquisition Account other than in accordance with the Priority of Payments. The Funded Companion Participation Acquisition Account shall remain at all times an Eligible
Account. 
 (d) The only permitted withdrawals from or application of Permitted Principal Proceeds on deposit in, or otherwise standing to
the credit of, the Funded Companion Participation Acquisition Account shall be (i) to acquire Funded Companion Participations in accordance with Section 12.2 and (ii) to withdraw amounts for deposit into the
Payment Account for application pursuant to Section 11.1(a)(ii) as Principal Proceeds. Any Permitted Principal Proceeds deposited into the Funded Companion Participation Acquisition Account will be available for use to
acquire Funded Companion Participations in accordance with Section 12.2 until the earlier of (a) 180 days from the date of deposit and (b) the end of the Funded Companion Participation Acquisition Period. If the Issuer
fails to acquire Funded Companion Participations with such specified Permitted Principal Proceeds within such time period, or if the Issuer is directed by the Retention Holder on any Payment Date prior to the expiration of such time period, upon the
direction of the Directing 

  
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Holder, such Permitted Principal Proceeds (“Excluded Permitted Principal Proceeds”) shall be withdrawn by the Note Administrator from the Funded Companion Participation
Acquisition Account and deposited into the Payment Account for application pursuant to Section 11.1(a)(ii) as Principal Proceeds and the Issuer shall not be permitted to cause any Excluded Permitted Principal Proceeds to be
re-deposited into the Funded Companion Participation Acquisition Account. In addition, the Issuer may (at the direction of the Retention Holder) direct the Note Administrator to, and upon such direction, the
Note Administrator shall, transfer any amounts on deposit in the Funded Companion Participation Acquisition Account to the Payment Account for application pursuant to Section 11.1(a)(ii) as Principal Proceeds. Upon the
expiration of the Funded Companion Participation Acquisition Period, the Note Administrator shall transfer all amounts on deposit in the Funded Companion Participation Acquisition Account to the Payment Account for application pursuant to
Section 11.1(a)(ii) as Principal Proceeds. The Funded Companion Participation Acquisition Account shall be invested in accordance with Section 11.2. 

Section 10.5 [Reserved]. 

Section 10.6 Interest Advances. 

(a) With respect to each Payment Date for which the sum of Interest Proceeds and, if applicable, Principal Proceeds, collected during the
related Due Period and remitted to the Note Administrator that are available to pay interest on the Class A Notes, the Class A-S Notes and the Class B Notes in accordance with the Priority of
Payments, are insufficient to remit the interest due and payable with respect to the Class A Notes, the Class A-S Notes and the Class B Notes on such Payment Date as a result of interest
shortfalls on the Collateral Interests (or the application of interest received on the Collateral Interests to pay certain expenses in accordance with the terms of the Servicing Agreement) (the amount of such insufficiency, an “Interest
Shortfall”), the Note Administrator shall provide the Advancing Agent with email notice of such Interest Shortfall no later than 12:00 p.m. (New York time) on the Business Day preceding such Payment Date, at the following addresses:
FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com, or such other email address as provided by the Advancing Agent to the Note Administrator. The Note Administrator shall provide the Advancing
Agent with additional email notice, prior to any funding of an Interest Advance by the Advancing Agent, of any additional interest remittances received by the Note Administrator after delivery of such initial notice that reduces such Interest
Shortfall. No later than 10:00 a.m. (New York time) on the related Payment Date, the Advancing Agent shall advance the difference between such amounts (each such advance, an “Interest Advance”) by deposit of an amount equal to such
Interest Advance in the Payment Account, subject to a determination of recoverability by the Advancing Agent as described in Section 10.6(b), and subject to a maximum limit in respect of any Payment Date equal to the lesser
of (i) the aggregate amount of the Interest Shortfalls that would otherwise occur on the Class A Notes, the Class A-S Notes and the Class B Notes on such Payment Date and (ii) the
aggregate amount of the interest payments not received in respect of Collateral Interests with respect to such Payment Date (including, for such purpose, interest payments received on the Collateral Interests but applied to pay certain expenses in
accordance with the terms of the Servicing Agreement). 

  
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 Notwithstanding the foregoing, in no circumstance will the Advancing Agent be required to
make an Interest Advance in respect of a Collateral Interest to the extent that the aggregate outstanding amount of all unreimbursed Interest Advances would exceed the Aggregate Outstanding Amount of the Class A Notes, the Class A-S Notes and the Class B Notes. In addition, in no event will the Advancing Agent, the Backup Advancing Agent or the Trustee be required to advance any payments in respect of (i) interest on
any Class of Notes other than the Class A Notes, the Class A-S Notes and the Class B Notes or (ii) principal of any Note. Any Interest Advance made by the Advancing Agent with respect
to a Payment Date that is in excess of the actual Interest Shortfall for such Payment Date shall be refunded to the Advancing Agent by the Note Administrator on the next Business Day (or, if such Interest Advance is made prior to final determination
by the Note Administrator of such Interest Shortfall, on the Business Day of such final determination). 
 The Advancing Agent shall provide
the Note Administrator written notice of a determination by the Advancing Agent that a proposed Interest Advance would constitute a Nonrecoverable Interest Advance no later than 10:00 a.m. (New York time) on the related Payment Date. If the
Advancing Agent shall fail to make any required Interest Advance no later than 10:00 a.m. (New York time) on the Payment Date upon which distributions are to be made pursuant to Section 11.1(a)(i), the Note Administrator
shall remove the Advancing Agent in its capacity as advancing agent hereunder as required under Section 17.5(d) and the Backup Advancing Agent shall be required to make such Interest Advance no later than 11:00 a.m. (New
York time) on the Payment Date, subject to a determination of recoverability by the Backup Advancing Agent as described in Section 10.6(b). If the Backup Advancing Agent fails to make any required Interest Advance by 12:00
p.m. on the Payment Date, then the Backup Advancing Agent shall notify the Trustee, via email at cmbstrustee@wilmingtontrust.com no later than 12:00 p.m. on the Payment Date and shall furnish to the Trustee any information requested by the Trustee
to determine recoverability of such Interest Advance. The Trustee shall, based on its determination of recoverability, make such Interest Advance no later than 3:00 p.m. on the Payment Date. The Trustee shall be entitled to conclusively rely on any
notice given by the Advancing Agent or Backup Advancing Agent with respect to a Nonrecoverable Interest Advance hereunder. Based upon available information at the time, the Backup Advancing Agent or the Advancing Agent, as applicable, will provide
fifteen (15) days prior notice to the Rating Agencies if recovery of a Nonrecoverable Interest Advance would result in an Interest Shortfall on the next succeeding Payment Date. No later than the close of business on the Determination Date
related to a Payment Date on which the recovery of a Nonrecoverable Interest Advance would result in an Interest Shortfall, the Backup Advancing Agent or the Advancing Agent, as applicable, shall provide the Rating Agencies with notice of such
recovery. 
 (b) Notwithstanding anything herein to the contrary, neither the Advancing Agent, the Backup Advancing Agent nor the Trustee,
as applicable, shall be required to make any Interest Advance unless such Person determines, in its sole discretion, exercised in good faith that such Interest Advance, or such proposed Interest Advance, plus interest expected to accrue
thereon at the Reimbursement Rate, will not be a Nonrecoverable Interest Advance. In determining whether any proposed Interest Advance will be, or whether any Interest Advance previously made is, a Nonrecoverable Interest Advance, the Advancing
Agent, the Backup Advancing Agent or the Trustee, as applicable, will take into account: 
 (i) amounts that may be realized
on each Mortgaged Property in its “as is” or then-current condition and occupancy; 

  
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 (ii) the potential length of time before such Interest Advance may be
reimbursed and the resulting degree of uncertainty with respect to such reimbursement; and 
 (iii) the possibility and
effects of future adverse changes with respect to the Mortgaged Properties, and 
 (iv) the fact that Interest Advances are
intended to provide liquidity only and not credit support to the Holders of the Notes. 
 For purposes of any such determination of whether
an Interest Advance constitutes or would constitute a Nonrecoverable Interest Advance, an Interest Advance will be deemed to be nonrecoverable if the Advancing Agent, the Backup Advancing Agent or the Trustee, as applicable, determines that future
Interest Proceeds and Principal Proceeds may be ultimately insufficient to fully reimburse such Interest Advance, plus interest thereon at the Reimbursement Rate within a reasonable period of time. The Backup Advancing Agent and the Trustee
will be entitled to conclusively rely on any affirmative determination by the Advancing Agent that an Interest Advance would have been a Nonrecoverable Interest Advance. Absent bad faith, the determination by the Advancing Agent, the Backup
Advancing Agent or the Trustee, as applicable, as to the nonrecoverability of any Interest Advance shall be conclusive and binding on the Holders of the Class A Notes, the Class A-S Notes and the
Class B Notes. 
 (c) Each of the Advancing Agent, the Backup Advancing Agent and the Trustee may recover any previously unreimbursed
Interest Advance made by it (including any Nonrecoverable Interest Advance), together with interest thereon, first, from Interest Proceeds and second (to the extent that there are insufficient Interest Proceeds for such reimbursement), from
Principal Proceeds to the extent that such reimbursement would not trigger an additional Interest Shortfall; provided that if at any time an Interest Advance is determined to be a Nonrecoverable Interest Advance, the Advancing Agent,
the Backup Advancing Agent or the Trustee shall be entitled to recover all outstanding Interest Advances from the Collection Account pursuant to the Servicing Agreement on any Business Day during any Interest Accrual Period prior to the related
Determination Date. The Advancing Agent or Backup Advancing Agent, as the case may be, shall be permitted (but not obligated) to defer or otherwise structure the timing of recoveries of Nonrecoverable Interest Advances in such manner as the
Advancing Agent or Backup Advancing Agent, as the case may be, determines is in the best interest of the Holders of the Notes, as a collective whole, which may include being reimbursed for Nonrecoverable Interest Advances in installments. 

(d) The Advancing Agent, the Backup Advancing Agent and the Trustee will each be entitled with respect to any Interest Advance made by it
(including Nonrecoverable Interest Advances) to interest accrued on the amount of such Interest Advance for so long as it is outstanding at the Reimbursement Rate. 

(e) The obligations of the Advancing Agent, the Backup Advancing Agent and the Trustee to make Interest Advances in respect of the
Class A Notes, the Class A-S Notes and the Class B Notes will continue through the Stated Maturity Date, unless such Notes are previously redeemed or repaid in full. 

  
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 (f) In no event shall the Advancing Agent, in its capacity as such hereunder, the Note
Administrator, in its capacity as Backup Advancing Agent hereunder, or the Trustee, in its capacity as backup advancing agent hereunder, be required to advance any amounts in respect of payments of principal of any Notes, nor payments in respect of
interest, other than with respect to the Class A Notes, the Class A-S Notes and the Class B Notes. Additionally, in no event will the Advancing Agent, in its capacity as such hereunder, or the
Note Administrator, in its capacity as Backup Advancing Agent hereunder, be required to advance any amounts in respect of payments of principal or interest, or any other amounts, of any Collateral Interest. 

(g) In consideration of the performance of its obligations hereunder, the Advancing Agent shall be entitled to receive, at the times set forth
herein and subject to the Priority of Payments, to the extent funds are available therefor, the Advancing Agent Fee. For so long as (i) FS Credit REIT (or any of its Affiliates) is the Advancing Agent and (ii) any of FS Credit REIT’s
affiliates owns the Class H Notes, FS Credit REIT hereby agrees, on behalf of itself and its affiliates, to waive its rights to receive the Advancing Agent Fee and any Reimbursement Interest. In the event that the Advancing Agent fails to make
an Interest Advance required to be made by the Advancing Agent pursuant to the terms of this Indenture, (x) the Advancing Agent shall be in default of its obligations under this Indenture, (y) the Backup Advancing Agent shall be required
to make such Interest Advance and shall be entitled to receive, in consideration thereof, the Advancing Agent Fee in accordance with the Priority of Payments and (z) the Note Administrator shall terminate the Advancing Agent and use
commercially reasonable efforts for up to 90 days following such termination to replace the Advancing Agent with a successor advancing agent that satisfies the requirements set forth in this Indenture. If the Advancing Agent is terminated for
failing to make an Interest Advance hereunder (as provided in Section 17.5(d)) (or for failing to make a Servicing Advance under the Servicing Agreement) that the Advancing Agent did not determine to be nonrecoverable, any
applicable subsequent successor advancing agent will be entitled to receive the Advancing Agent Fee (plus Reimbursement Interest on any Interest Advance made by the applicable subsequent successor advancing agent). 

(h) The determination by the Advancing Agent, the Backup Advancing Agent or the Trustee (in its capacity as successor Advancing Agent), as
applicable, (i) that it has made a Nonrecoverable Interest Advance (together with Reimbursement Interest thereon) or (ii) that any proposed Interest Advance, if made, would constitute a Nonrecoverable Interest Advance, shall be evidenced
by an Officer’s Certificate delivered promptly to the Trustee, the Note Administrator, the Issuer and the 17g-5 Information Provider, setting forth the basis for such determination; provided
that failure to give such notice, or any defect therein, shall not impair or affect the validity of, or the Advancing Agent, the Backup Advancing Agent or the Trustee, entitlement to reimbursement with respect to, any Interest Advance. 

(i) With respect to any Interest Advance made by the Trustee, the Trustee shall succeed to all of the Backup Advancing Agent’s rights,
protections and immunities hereunder, including, without limitation, the Backup Advancing Agent’s rights of reimbursement and interest on each Interest Advance at the reimbursement rate, the Advancing Agent Fee and the right to determine that a
proposed Interest Advance is a Nonrecoverable Interest Advance. Without limiting the generality of the foregoing, all references to “Backup Advancing Agent” in Section 11.1 relating to reimbursing the Backup
Advancing Agent for any Interest Advance or interest thereon shall include the “Trustee” so the Note Administrator shall be entitled to withdraw from 

  
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the Payment Account any amounts available to pay the Trustee, reimburse the Trustee for such Interest Advances and other items and use such amounts instead to reimburse the Trustee for such
Interest Advances; provided that the Trustee shall have priority over the Backup Advancing Agent for such reimbursements. 
 (j) The
Trustee will remain eligible to act as Backup Advancing Agent for so long as it maintains its eligibility requirements as Trustee under Section 6.8. 

Section 10.7 Reports by Parties. 

The Note Administrator shall supply, in a timely fashion, to the Issuer, the Trustee, the Special Servicer, the Servicer and the Directing
Holder any information regularly maintained by the Note Administrator that the Issuer, the Trustee, the Special Servicer, the Servicer or the Directing Holder may from time to time request in writing with respect to the Collateral or the Indenture
Accounts and provide any other information reasonably available to the Note Administrator by reason of its acting as Note Administrator hereunder and required to be provided by Section 10.8. Each of the Issuer, the
Servicer, and the Special Servicer shall promptly forward to the Trustee and the Note Administrator any information in their possession or reasonably available to them concerning any of the Collateral that the Trustee or the Note Administrator
reasonably may request or that reasonably may be necessary to enable the Note Administrator to prepare any report or to enable the Trustee or the Note Administrator to perform any duty or function on its part to be performed under the terms of this
Indenture. 
 Section 10.8 Reports; Accountings. 

(a) Based on the CREFC® Loan Periodic Update File prepared by the Servicer with
respect to the Serviced Commercial Real Estate Loans and delivered by the Servicer to the Note Administrator no later than 2:00 p.m. (New York time) on the 2nd Business Day prior to each Remittance Date, the Note Administrator shall prepare and make
available on the Note Administrator’s Website, on each Payment Date to Privileged Persons, a report substantially in the form of Exhibit P hereto (the “Monthly Report”), setting forth the following information: 

(i) the amount of the distribution of principal and interest on such Payment Date to the Noteholders and any reduction of the
Aggregate Outstanding Amount of the Notes; 
 (ii) the aggregate amount of compensation paid to the Note Administrator, the
Trustee and servicing compensation paid to the Servicer during the related Due Period; 
 (iii) the Aggregate Outstanding
Portfolio Balance outstanding immediately before and immediately after the Payment Date; 
 (iv) the number, Aggregate
Outstanding Portfolio Balance, weighted average remaining term to maturity and weighted average interest rate of the Collateral Interests as of the end of the related Due Period; 

  
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 (v) the number and aggregate principal balance of Collateral Interests that
are (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent 90 days or more and (D) current but Specially Serviced Loans or in
foreclosure but not an REO Property; 
 (vi) the value of any REO Property owned by the Issuer or any Permitted Subsidiary as
of the end of the related Due Period, on an individual Collateral Interest basis, based on the most recent appraisal or valuation; 

(vii) the amount of Interest Proceeds and Principal Proceeds received in the related Due Period; 

(viii) the amount of any Interest Advances made by the Advancing Agent, the Backup Advancing Agent or the Trustee, as
applicable; 
 (ix) the payments due pursuant to the Priority of Payments with respect to each clause thereof; 

(x) the number and related principal balances of any Collateral Interests that have been (or are related to Participated Loans
that have been) extended or modified during the related Due Period on an individual basis; 
 (xi) the amount of any
remaining unpaid Interest Shortfalls as of the close of business on the Payment Date; 
 (xii) a listing of each Collateral
Interest that was the subject of a principal prepayment during the related collection period and the amount of principal prepayment occurring; 

(xiii) the aggregate unpaid principal balance of the Collateral Interests outstanding as of the close of business on the
related Determination Date; 
 (xiv) with respect to any Collateral Interest as to which a liquidation occurred during the
related Due Period (other than through a payment in full), (A) the number thereof and (B) the aggregate of all liquidation proceeds which are included in the Payment Account and other amounts received in connection with the liquidation
(separately identifying the portion thereof allocable to distributions of the Notes); 
 (xv) with respect to any REO
Property owned by the Issuer or any Permitted Subsidiary thereof, as to which the Special Servicer determined that all payments or recoveries with respect to the related property have been ultimately recovered during the related collection period,
(A) the related Collateral Interest and (B) the aggregate of all liquidation proceeds and other amounts received in connection with that determination (separately identifying the portion thereof allocable to distributions on the Notes);

 (xvi) [Reserved]; 

  
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 (xvii) the aggregate amount of interest on monthly debt service advances in
respect of the Collateral Interests paid to the Advancing Agent, the Backup Advancing Agent and/or the Trustee since the prior Payment Date; 

(xviii) a listing of each material modification, extension or waiver made with respect to each Collateral Interest; 

(xix) an itemized listing of any Special Servicing Fees received from the Special Servicer or any of its affiliates during the
related Due Period; 
 (xx) the Net Outstanding Portfolio Balance; and 

(xxi) confirmation that the Trustee has received, within the preceding month, a certificate from FS Credit REIT and the
Retention Holder in accordance with Section 1(d)(i) of the UK Risk Retention Letter. 
 (b) The Note Administrator will post on the
Note Administrator’s Website, any report received from the Servicer or Special Servicer detailing any breach of the representations and warranties with respect to any Collateral Interest by the Seller or any of its affiliates and the steps
taken by the Seller or any of its affiliates to cure such breach; a listing of any breach of the representations and warranties with respect to any Collateral Interest by the Seller or any of its affiliates and the steps taken by the Seller or any
of its affiliates to cure such breach. 
 (c) All information made available on the Note Administrator’s Website will be restricted and
the Note Administrator will only provide access to such reports to Privileged Persons in accordance with this Indenture. In connection with providing access to its website, the Note Administrator may require registration and the acceptance of a
disclaimer. 
 (d) Not more than five (5) Business Days after receiving an Issuer Request requesting information regarding an Auction
Call Redemption, a Clean-up Call, a Tax Redemption, or an Optional Redemption as of a proposed Redemption Date, the Note Administrator shall, subject to its timely receipt of the necessary information to the
extent not in its possession, compute the following information and provide such information in a statement delivered to the Holders of the Class H Notes: 

(i) the Aggregate Outstanding Amount of the Notes of the Class or Classes to be redeemed as of such Redemption Date; 

(ii) the amount of accrued interest due on such Notes as of the last day of the Due Period immediately preceding such
Redemption Date; 
 (iii) the Redemption Price; 

(iv) the sum of all amounts due and unpaid under Section 11.1(a) (other than amounts payable on the
Notes being redeemed or to the Noteholders thereof); and 
 (v) the amounts in the Collection Account and the Indenture
Accounts available for application to the redemption of such Notes. 

  
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 (e) Commencing after the quarter ending on March 31, 2023, the Issuer shall use its
reasonable best efforts to provide quarterly updates on the status of the business plan for each Collateral Interest, which reports shall be posted to the Note Administrator’s Website. Such reports shall be delivered by the Issuer via email to
the Note Administrator at CREBondAdmin@wellsfargo.com. 
 (f) Commencing in January 2023, the Issuer shall provide monthly updates
with respect to any Commercial Real Estate Loan where the related obligors have formally requested any forbearance and/or material monetary modification, which reports will be posted to the Note Administrator’s Website. No such report will be
required for any month in which no such request has been made and no previously reported request (including any request disclosed in the Offering Memorandum) is resolved or remains under consideration. Such reports shall be delivered by the Issuer
via email to the Note Administrator at CREBondAdmin@wellsfargo.com. 
 Section 10.9 Release of Collateral Interests; Release
of Collateral. 
 (a) If no Event of Default has occurred and is continuing and subject to Article 12 hereof,
the Issuer may direct the Trustee to release a Pledged Collateral Interest from the lien of this Indenture, by Issuer Order delivered to the Trustee and the Custodian at least two (2) Business Days prior to the settlement date for any sale of a
Pledged Collateral Interest, which Issuer Order shall be accompanied by a certification (i) that the Pledged Collateral Interest has been sold pursuant to and in compliance with Article 12 or (ii) in the case of a
redemption pursuant to Section 9.1, that the Pledged Collateral Interest has been sold in compliance with Section 9.1(g), and, upon receipt of a Request for Release of such Collateral Interest from
the Servicer or the Special Servicer, the Custodian shall deliver any such Pledged Collateral Interest, if in physical form, duly endorsed to the broker or purchaser designated in such Issuer Order or to the Issuer if so requested in the Issuer
Order, or, if such Pledged Collateral Interest is represented by a Security Entitlement, cause an appropriate transfer thereof to be made, in each case against receipt of the sales price therefor as set forth in such Issuer Order. If requested, the
Custodian may deliver any such Pledged Collateral Interest in physical form for examination (prior to receipt of the sales proceeds) in accordance with street delivery custom. The Custodian shall (i) deliver any agreements and other documents
in its possession relating to such Pledged Collateral Interest and (ii) the Trustee, if applicable, duly assign each such agreement and other document, in each case, to the broker or purchaser designated in such Issuer Order or to the Issuer if
so requested in the Issuer Order. 
 (b) The Issuer (or the Special Servicer on behalf of the Issuer) may deliver to the Trustee and
Custodian at least three (3) Business Days prior to the date set for redemption or payment in full of a Pledged Collateral Interest, an Issuer Order certifying that such Pledged Collateral Interest is being paid in full. Thereafter, the
Servicer or the Special Servicer, by delivery of a Request for Release, may direct the Custodian to deliver such Pledged Collateral Interest and the related Collateral Interest File therefor on or before the date set for redemption or payment, to
the Servicer or the Special Servicer for redemption against receipt of the applicable redemption price or payment in full thereof. 

  
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 (c) With respect to any Collateral Interest subject to a workout or restructuring, the
Issuer (or the Special Servicer on behalf of the Issuer) may, by Issuer Order delivered to the Trustee and Custodian at least two (2) Business Days prior to the date set for an exchange, tender or sale, certify that a Collateral Interest is
subject to a workout or restructuring and setting forth in reasonable detail the procedure for response thereto. Thereafter, the Servicer or the Special Servicer may, in accordance with the terms of, and subject to any required consent and
consultation obligations set forth in the Servicing Agreement, direct the Custodian, by delivery to the Custodian of a Request for Release, to deliver any Collateral to the Servicer or the Special Servicer in accordance with such Request for
Release. 
 (d) The Special Servicer shall remit to the Servicer for deposit into the Collection Account any proceeds received by it from
the disposition of a Pledged Collateral Interest and treat such proceeds as Principal Proceeds, for remittance by the Servicer to the Note Administrator on the first Remittance Date occurring thereafter. None of the Trustee, the Note Administrator
or the Securities Intermediary shall be responsible for any loss resulting from delivery or transfer of any such proceeds prior to receipt of payment in accordance herewith. 

(e) The Trustee shall, upon receipt of an Issuer Order declaring that there are no Notes Outstanding and all obligations of the Issuer
hereunder have been satisfied, release the Collateral from the lien of this Indenture. 
 (f) Upon receiving actual notice of any offer or
any request for a waiver, consent, amendment or other modification with respect to any Collateral Interest, or in the event any action is required to be taken in respect to a Loan Document, the Special Servicer on behalf of the Issuer will promptly
notify the Directing Holder, the Operating Advisor and the Servicer of such request, and the Special Servicer shall grant any waiver or consent, and enter into any amendment or other modification pursuant to the Servicing Agreement in accordance
with the Servicing Standard. In the case of any modification or amendment that results in the release of the related Collateral Interest, notwithstanding anything to the contrary in Section 5.5(a), the Custodian, upon
receipt of a Request for Release, shall release the related Collateral Interest File upon the written instruction of the Special Servicer. 

Section 10.10 Information Available Electronically. (a) The Note Administrator shall make available to any Privileged Person
(in each case, as applicable, to the extent received by it) by means of the Note Administrator’s Website the following items (to the extent such items were prepared by or delivered to the Note Administrator in electronic format): 

(i) the following documents, which will initially be available under a tab or heading designated “deal documents”:

 (1) the final Offering Memorandum related to the Offered Notes; 

(2) the Servicing Agreement, and any schedules, exhibits and supplements thereto; 

(3) this Indenture, and any schedules, exhibits and supplements thereto; and 

(4) the CREFC® Loan Setup file; 

  
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 (ii) the following documents will initially be available under a tab or
heading designated “periodic reports”: 
 (1) the Monthly Reports prepared by the Note Administrator pursuant to
Section 10.8(a); and 
 (2) certain information and reports specified in the Servicing Agreement
(including the collection of reports specified by CRE Finance Council or any successor organization reasonably acceptable to the Note Administrator and the Servicer) known as the “CREFC®
Investor Reporting Package” relating to the Collateral Interests to the extent that the Note Administrator receives such information and reports from the Servicer and the Special Servicer from time to time; 

(iii) the following documents, which will initially be available under a tab or heading designated “additional
documents”: 
 (1) inspection reports delivered to the Note Administrator under the terms of the Servicing Agreement;

 (2) appraisals delivered to the Note Administrator under the terms of the Servicing Agreement; 

(3) any quarterly updates on the status of the business plan for each Collateral Interest delivered by the Issuer to the Note
Administrator; 
 (4) any monthly updates on the status of borrower requests for forbearance and/or material monetary
modification relating to each Collateral Interest delivered by the Issuer to the Note Administrator; and 
 (5) upon
direction of the Issuer, the Servicer or the Special Servicer, any reports or such other information that, from time to time, the Issuer, the Servicer or the Special Servicer provides to the Note Administrator to be made available on the Note
Administrator’s Website; 
 (iv) the following documents, which will initially be available under a tab or heading
designated “special notices”: 
 (1) notice of final payment on the Notes delivered to the Note Administrator
pursuant to Section 2.7(e); 
 (2) notice of termination of the Servicer or the Special Servicer;

 (3) notice of a servicer termination event (with respect to the Servicer or the Special Servicer, as applicable), as
defined in the Servicing Agreement and delivered to the Note Administrator under the terms of the Servicing Agreement; 

  
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 (4) notice of the resignation of any party to this Indenture and notice of
the acceptance of appointment of a replacement for any such party, to the extent such notice is prepared or received by the Note Administrator; 

(5) officer’s certificates supporting the determination that any Interest Advance was (or, if made, would be) a
Nonrecoverable Interest Advance delivered to the Note Administrator pursuant to Section 10.6(b); 

(6) any direction received by the Note Administrator from the Directing Holder for the termination of the Special Servicer
during any period when such person is entitled to make such a direction and any direction of the Majority Class H Noteholder to terminate the Special Servicer in response to the recommendation of the Operating Advisor; 

(7) any direction received by the Note Administrator from a Majority of the Controlling Class or a Supermajority of the
Notes for the termination of the Note Administrator or the Trustee pursuant to Section 6.9(c); 

(8) any notices from the Directing Holder with respect to any Benchmark Transition Event, Benchmark Replacement Date, Benchmark
Replacement, Benchmark Replacement Adjustment or any supplemental indenture implementing Benchmark Replacement Conforming Changes; 

(9) any notice or documents provided to the Note Administrator by the Servicer directing the Note Administrator to post to the
“special notices” tab; and 
 (10) any notice of a proposed supplement, amendment or modification to this
Indenture. 
 (v) Any notices required pursuant to the UK Risk Retention Letter and provided by the UK Retention Holder or
the Retention Holder to the Note Administrator, which will initially be available under a tab or heading designated “UK Risk Retention”; 

(vi) The following notices provided by the Sponsor to the Note Administrator, if any, which will initially be available under a
tab or heading designated “U.S. Risk Retention Special Notices”: 
 (1) any changes to the fair values set forth in
the “Credit Risk Retention” section of the Offering Memorandum between the date of the Offering Memorandum and the Closing Date; 

(2) any material differences between the valuation methodology or any of the key inputs and assumptions that were used in
calculating the fair value or range of fair values prior to the pricing of the Notes and the Closing Date; and 
 (3) any
noncompliance by the Sponsor with the Credit Risk Retention Rules; 

  
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 (vii) the “Investor Q&A Forum” pursuant to
Section 10.11; and 
 (viii) solely to Noteholders, the “Investor Registry” pursuant to
Section 10.11. 
 (b) Privileged Persons who execute Exhibit Q-2
shall only be entitled to access the Monthly Report, and shall not have access to any other information on the Note Administrator’s Website. 

(c) The Note Administrator’s Website shall initially be located at www.ctslink.com. The foregoing information shall be made
available by the Note Administrator on the Note Administrator’s Website promptly following receipt. The Note Administrator may change the titles of the tabs and headings on portions of its website, and may
re-arrange the files as it deems proper. The Note Administrator shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is accurate, complete,
conforms to the transaction, or otherwise is or is not anything other than what it purports to be. In the event that any such information is delivered or posted in error, the Note Administrator may remove it from the Note Administrator’s
Website. The Note Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the Note Administrator’s Website to the extent such information was not produced by the Note Administrator.
In connection with providing access to the Note Administrator’s Website, the Note Administrator may require registration and the acceptance of a disclaimer. The Note Administrator shall not be liable for the dissemination of information in
accordance with the terms of this Indenture, makes no representations or warranties as to the accuracy or completeness of such information being made available, and assumes no responsibility for such information. Assistance in using the Note
Administrator’s Website can be obtained by calling (866) 846-4526. 
 Section 10.11
Investor Q&A Forum; Investor Registry. 
 (a) The Note Administrator shall make the “Investor Q&A Forum”
available to Privileged Persons and prospective purchasers of Notes that are Privileged Persons by means of the Note Administrator’s Website, where Noteholders (including beneficial owners of Notes) may (i) submit inquiries to the Note
Administrator relating to the Monthly Reports, and submit inquiries to the Servicer or the Special Servicer or, after the occurrence of a Control Termination Event, the Operating Advisor (each, a “Q&A Respondent”) relating to
any servicing reports prepared by that party, the Collateral Interests, or the properties related thereto (each, an “Inquiry” and collectively, “Inquiries”), and (ii) view Inquiries that have been previously
submitted and answered, together with the answers thereto. Upon receipt of an Inquiry for a Q&A Respondent, the Note Administrator shall forward the Inquiry to the applicable Q&A Respondent, in each case via email within a commercially
reasonable period of time following receipt thereof. Following receipt of an Inquiry, the Note Administrator and the applicable Q&A Respondent, unless such party determines not to answer such Inquiry as provided below, shall reply to the
Inquiry, which reply of the applicable Q&A Respondent shall be by email (or such other method as to which the Note Administrator, the Operating Advisor, the Servicer and the Special Servicer may mutually agree) to the Note Administrator. The
Note Administrator shall post (within a commercially reasonable period of time following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer to the Note Administrator’s Website. If the Note
Administrator or the applicable Q&A Respondent determines, in its respective sole discretion, that (i) any Inquiry is 

  
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not of a type described above, (ii) answering any Inquiry would not be in the best interests of the Issuer or the Noteholders, (iii) answering any Inquiry would be in violation of
applicable law, the Loan Documents, this Indenture or the Servicing Agreement, (iv) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Note Administrator, the Servicer, the
Special Servicer or the Operating Advisor, as applicable or (v) answering any such Inquiry would reasonably be expected to result in the waiver of an attorney client privilege or the disclosure of attorney work product, or is otherwise not
advisable to answer, it shall not be required to answer such Inquiry and shall promptly notify the Note Administrator of such determination. The Note Administrator shall notify the Person who submitted such Inquiry in the event that the Inquiry
shall not be answered in accordance with the terms of this Indenture. Any notice by the Note Administrator to the Person who submitted an Inquiry that shall not be answered shall include the following statement: “Because the Indenture and the
Servicing Agreement provides that the Note Administrator, the Servicer, the Special Servicer or the Operating Advisor shall not answer an Inquiry if it determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope of
the topics described in the Indenture, (ii) answering any Inquiry would not be in the best interests of the Issuer and/or the Noteholders, (iii) answering any Inquiry would be in violation of applicable law or the Loan Documents, the
Indenture or the Servicing Agreement, (iv) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Note Administrator, the Servicer, the Special Servicer or the Operating
Advisor, as applicable, or (v) answering any such Inquiry would reasonably be expected to result in the waiver of an attorney client privilege or the disclosure of attorney work product, or is otherwise not advisable to answer, no inference
shall be drawn from the fact that the Note Administrator, the Servicer, the Special Servicer or the Operating Advisor has declined to answer the Inquiry.” Answers posted on the Investor Q&A Forum shall be attributable only to the
respondent, and shall not be deemed to be answers from any of the Issuer, the Placement Agents or any of their respective Affiliates. None of the Placement Agents, the Issuer, the Seller, the Operating Advisor, the Advancing Agent, the Future
Funding Indemnitor, the Retention Holder, the Servicer, the Special Servicer, the Note Administrator or the Trustee, or any of their respective Affiliates shall certify to any of the information posted in the Investor Q&A Forum and no such party
shall have any responsibility or liability for the content of any such information. The Note Administrator shall not be required to post to the Note Administrator’s Website any Inquiry or answer thereto that the Note Administrator determines,
in its sole discretion, is administrative or ministerial in nature. The Investor Q&A Forum shall not reflect questions, answers and other communications that are not submitted via the Note Administrator’s Website. Additionally, the Note
Administrator may require acceptance of a waiver and disclaimer for access to the Investor Q&A Forum. 
 (b) The Note Administrator
shall make available to any Noteholder and any beneficial owner of a Note, the Investor Registry. The “Investor Registry” shall be a voluntary service available on the Note Administrator’s Website, where Noteholders and
beneficial owners of Notes can register and thereafter obtain information with respect to any other Noteholder or beneficial owner that has so registered. Any Person registering to use the Investor Registry shall be required to certify that
(i) it is a Noteholder or a beneficial owner of a Note and (ii) it grants authorization to the Note Administrator to make its name and contact information available on the Investor Registry for at least 45 days from the date of such
certification to other registered Noteholders and registered beneficial owners or Notes. Such Person shall then be asked to enter certain mandatory fields such as the individual’s name, the company name and email address, as

  
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well as certain optional fields such as address, and phone number. If any Noteholder or beneficial owner of a Note notifies the Note Administrator that it wishes to be removed from the Investor
Registry (which notice may not be within forty-five (45) days of its registration), the Note Administrator shall promptly remove it from the Investor Registry. The Note Administrator shall not be responsible for verifying or validating any
information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon. The Note Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry. 

(c) Certain information concerning the Collateral and the Notes, including the Monthly Reports, CREFC® reports and supplemental notices, shall be provided by the Note Administrator to certain market data providers upon receipt by the Note Administrator from such persons of a certification in the
form of Exhibit R hereto, which certification may be submitted electronically via the Note Administrator’s Website. The Issuer hereby authorizes the provision of such information to Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc.,
Markit Group Limited, Interactive Data Corp., BlackRock Financial Management, Inc., CMBS.com, Inc., Moody’s Analytics, Inc., KBRA Analytics, LLC, MBS Data, LLC, RealInsight, Thomson Reuters Corporation and PricingDirect Inc. 

(d) The 17g-5 Information Provider will make the “Rating Agency Q&A Forum and Servicer
Document Request Tool” available to NRSROs via the 17g-5 Information Providers Website, where NRSROs may (i) submit inquiries to the Trustee or Note Administrator relating to the Monthly Report,
(ii) submit inquiries to the Servicer or the Special Servicer relating to servicing reports, or the Collateral, except to the extent already obtained, (iii) submit requests for loan-level reports and information, and (iv) view
previously submitted inquiries and related answers or reports, as the case may be. The Trustee, the Note Administrator, the Servicer or the Special Servicer, as applicable, will be required to answer each inquiry, unless it determines that
(a) answering the inquiry would be in violation of applicable law, the Servicing Standard, this Indenture, the Servicing Agreement or the applicable Loan Documents, (b) answering the inquiry would or is reasonably expected to result in a
waiver of an attorney-client privilege or the disclosure of attorney work product, or (c) answering the inquiry would materially increase the duties of, or result in significant additional cost or expense to, such party, and the performance of
such additional duty or the payment of such additional cost or expense is beyond the scope of its duties under this Indenture or the Servicing Agreement, as applicable. In the event that any of the Trustee, the Note Administrator, the Servicer or
the Special Servicer declines to answer an inquiry, it shall promptly email the 17g-5 Information Provider with the basis of such declination. The 17g-5 Information
Provider will be required to post the inquiries and the related answers (or reports, as applicable) on the Rating Agency Q&A Forum and Servicer Document Request Tool promptly upon receipt, or in the event that an inquiry is unanswered, the
inquiry and the basis for which it was unanswered. The Rating Agency Q&A Forum and Servicer Document Request Tool may not reflect questions, answers, or other communications which are not submitted through the
17g-5 Website. Answers and information posted on the Rating Agency Q&A Forum and Servicer Document Request Tool will be attributable only to the respondent, and will not be deemed to be answers from any
other Person. No such other Person will have any responsibility or liability for, and will not be deemed to have knowledge of, the content of any such information. 

  
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 Section 10.12 Certain Procedures. 

(a) For so long as the Notes may be transferred only in accordance with Rule 144A, the Issuer will ensure that any Bloomberg screen
containing information about the Rule 144A Global Notes includes the following (or similar) language: 
 (i) the “Note
Box” on the bottom of the “Security Display” page describing the Rule 144A Global Notes will state: “Iss’d Under 144A”; 

(ii) the “Security Display” page will have the flashing red indicator “See Other Available Information”;
and 
 (b) the indicator will link to the “Additional Security Information” page, which will state that the Offered Notes
“are being offered in reliance on the exemption from registration under Rule 144A of the Securities Act to persons who are qualified institutional buyers (as defined in Rule 144A under the Securities Act).” 

ARTICLE 11 
 APPLICATION
OF FUNDS 
 Section 11.1 Disbursements of Amounts from Payment Account. 

(a) Notwithstanding any other provision in this Indenture, but subject to the other subsections of this
Section 11.1, on each Payment Date, the Note Administrator shall disburse amounts transferred to the Payment Account in accordance with the following priorities (the “Priority of Payments”): 

(i) Interest Proceeds. On each Payment Date that is not a Redemption Date, the Stated Maturity Date or a Payment Date
following an acceleration of the Notes due to the occurrence and continuation of an Event of Default, Interest Proceeds with respect to the related Due Period shall be distributed in the following order of priority: 

(1) to the payment of taxes and filing fees (including any registered office and government fees) owed by the Issuer, if any;

 (2) (a) first, to the extent not previously reimbursed, to the Trustee, the Backup Advancing Agent and the
Advancing Agent, in that order, the aggregate amount of any Nonrecoverable Interest Advances due and payable to such party; (b) second, to the Advancing Agent (or to the Backup Advancing Agent or the Trustee, as applicable), the
Advancing Agent Fee and any previously due but unpaid Advancing Agent Fee (with respect to amounts owed to the Advancing Agent, unless waived by the Advancing Agent) (provided that the Advancing Agent, the Backup Advancing Agent or the
Trustee, as applicable, has not failed to make any Interest Advance required to be made in respect of any Payment Date pursuant to the terms of this Indenture); and (c) third, to the Trustee, the Backup Advancing Agent and the Advancing
Agent, in that order, and to the extent due and payable to such party, Reimbursement Interest and reimbursement of any outstanding Interest Advances not to exceed, in each case, the amount that would result in an Interest Shortfall with respect to
such Payment Date; 

  
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 (3) (a) first, to the payment to the Note Administrator and
the Trustee of the accrued and unpaid fees in respect of their services equal to, in the aggregate, $4,750 per month, and to the Note Administrator, the Additional Note Administrator Compensation, (b) second, to the payment of
other accrued and unpaid Company Administrative Expenses of the Note Administrator, the Trustee, the Custodian and the Paying Agent and (c) third, to the payment of any other accrued and unpaid Company Administrative Expenses, the
aggregate of all such amounts in this clause (c) (other than amounts payable to the Servicer or the Special Servicer) per Expense Year not to exceed $150,000 per annum for the Note Administrator and $100,000 per annum for the
Trustee; 
 (4) to the payment of the Class A Interest Distribution Amount, plus, any Class A
Defaulted Interest Amount; 
 (5) to the payment of the Class A-S Interest
Distribution Amount, plus, any Class A-S Defaulted Interest Amount; 

(6) to the payment of the Class B Interest Distribution Amount, plus, any Class B Defaulted Interest Amount;

 (7) to the payment of the Class C Interest Distribution Amount, plus, any Class C Defaulted Interest
Amount; 
 (8) to the payment of the Class C Deferred Interest (in reduction of the Aggregate Outstanding Amount of the
Class C Notes); 
 (9) pro rata, based on entitlement, to the payment of the Class D Interest Distribution
Amount, the Class D-E Interest Distribution Amount and the Class D-X Interest Distribution Amount, plus, any Class D Defaulted Interest Amount, any
Class D-E Defaulted Interest Amount and any Class D-X Defaulted Interest Amount; 

(10) pro rata, based on entitlement, to the payment of the Class D Deferred Interest (in reduction of the Aggregate
Outstanding Amount of the Class D Notes) and the Class D-E Deferred Interest (in reduction of the Aggregate Outstanding Amount of the Class D-E Notes);

 (11) pro rata, based on entitlement, to the payment of the Class E Interest Distribution Amount, the Class E-E Interest Distribution Amount and the Class E-X Interest Distribution Amount, plus, any Class E Defaulted Interest Amount, any Class E-E Defaulted Interest Amount and any Class E-X Defaulted Interest Amount; 

  
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 (12) pro rata, based on entitlement, to the payment of the
Class E Deferred Interest (in reduction of the Aggregate Outstanding Amount of the Class E Notes) and the Class E-E Deferred Interest (in reduction of the Aggregate Outstanding Amount of the Class E-E Notes); 
 (13) if either of the Note Protection Tests is not satisfied as
of the Determination Date relating to such Payment Date, to the payment of, (i) first, principal on the Class A Notes, (ii) second, principal on the Class A-S Notes,
(iii) third, principal on the Class B Notes, (iv) fourth, principal on the Class C Notes, (v) fifth, principal on the Class D Notes, and (vi) sixth, principal on the
Class E Notes, in each case to the extent necessary to cause each of the Note Protection Tests to be satisfied or, if sooner, until the Class A Notes, the Class A-S Notes, the Class B
Notes, the Class C Notes, the Class D Notes and the Class E Notes have been paid in full; 
 (14) pro
rata, based on entitlement, to the payment of the Class F Interest Distribution Amount, the Class F-E Interest Distribution Amount and the Class F-X
Interest Distribution Amount, plus, any Class F Defaulted Interest Amount, any Class F-E Defaulted Interest Amount and any Class F-X Defaulted
Interest Amount; 
 (15) pro rata, based on entitlement, to the payment of the Class F Deferred Interest (in
reduction of the Aggregate Outstanding Amount of the Class F Notes) and the Class F-E Deferred Interest (in reduction of the Aggregate Outstanding Amount of the
Class F-E Notes); 
 (16) pro rata, based on entitlement, to the payment
of the Class G Interest Distribution Amount, the Class G-E Interest Distribution Amount and the Class G-X Interest Distribution Amount, plus, any
Class G Defaulted Interest Amount, any Class G-E Defaulted Interest Amount and any Class G-X Defaulted Interest Amount; 

(17) pro rata, based on entitlement, to the payment of the Class G Deferred Interest (in reduction of the Aggregate
Outstanding Amount of the Class G Notes) and the Class G-E Deferred Interest (in reduction of the Aggregate Outstanding Amount of the Class G-E Notes);

 (18) to the payment of any Company Administrative Expenses not paid pursuant to clause (3) above in the order
specified therein; and 
 (19) any remaining Interest Proceeds to be paid to the Holders of the Class H Notes. 

(ii) Principal Proceeds. On each Payment Date that is not a Redemption Date, the Stated Maturity Date or a Payment Date
following an acceleration of the Notes due to the occurrence and continuation of an Event of Default, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of priority: 

  
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 (1) to the payment of the amounts referred to in clauses
(1) through (4) of Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full
thereunder; 
 (2) to the payment of principal of the Class A Notes until the Class A Notes have been paid in full;

 (3) to the payment of the Class A-S Interest Distribution Amount plus
any Class A-S Defaulted Interest Amount, to the extent not paid pursuant to clause (5) of Section 11.1(a)(i) above; 

(4) to the payment of principal of the Class A-S Notes until the Class A-S Notes have been paid in full; 
 (5) to the payment of the Class B
Interest Distribution Amount plus any Class B Defaulted Interest Amount, to the extent not paid pursuant to clause (6) of Section 11.1(a)(i) above; 

(6) to the payment of principal of the Class B Notes until the Class B Notes have been paid in full; 

(7) to the payment of the Class C Interest Distribution Amount plus any Class C Defaulted Interest Amount, to
the extent not paid pursuant to clause (7) of Section 11.1(a)(i) above; 

(8) to the payment of principal of the Class C Notes (including any Class C Deferred Interest) until the Class C
Notes have been paid in full; 
 (9) pro rata, based on entitlement, to the payment of the Class D Interest
Distribution Amount, the Class D-E Interest Distribution Amount and the Class D-X Interest Distribution Amount, plus, any Class D Defaulted
Interest Amount, any Class D-E Defaulted Interest Amount and any Class D-X Defaulted Interest Amount, to the extent not paid pursuant to
clause (9) of Section 11.1(a)(i) above; 
 (10) pro rata, based on
Aggregate Outstanding Amount, to the payment of principal of the Class D Notes (including any Class D Deferred Interest) and the Class D-E Notes (including any
Class D-E Deferred Interest) until the Class D Notes and the Class D-E Notes have been paid in full; 

(11) pro rata, based on entitlement, to the payment of the Class E Interest Distribution Amount, the Class E-E Interest Distribution Amount and the Class E-X Interest Distribution Amount, plus, any Class E Defaulted Interest Amount, any Class E-E Defaulted Interest Amount and any Class E-X Defaulted Interest Amount, to the extent not paid pursuant to clause (11) of
Section 11.1(a)(i) above; 
 (12) pro rata, based on Aggregate Outstanding Amount, to the
payment of principal of the Class E Notes (including any Class E Deferred Interest) and the Class E-E Notes (including any Class E-E Deferred
Interest) until the Class E Notes and the Class E-E Notes have been paid in full; 

  
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 (13) pro rata, based on entitlement, to the payment of the
Class F Interest Distribution Amount, the Class F-E Interest Distribution Amount and the Class F-X Interest Distribution Amount, plus, any
Class F Defaulted Interest Amount, any Class F-E Defaulted Interest Amount and any Class F-X Defaulted Interest Amount, to the extent not paid pursuant to
clause (14) of Section 11.1(a)(i) above; 
 (14) pro rata, based on Aggregate
Outstanding Amount, to the payment of principal of the Class F Notes (including any Class F Deferred Interest) and the Class F-E Notes (including any
Class F-E Deferred Interest) until the Class F Notes and the Class F-E Notes have been paid in full; 

(15) pro rata, based on entitlement, to the payment of the Class G Interest Distribution Amount, the Class G-E Interest Distribution Amount and the Class G-X Interest Distribution Amount, plus, any Class G Defaulted Interest Amount, any Class G-E Defaulted Interest Amount and any Class G-X Defaulted Interest Amount, to the extent not paid pursuant to clause (16) of
Section 11.1(a)(i) above; 
 (16) pro rata, based on Aggregate Outstanding Amount, to the
payment of principal of the Class G Notes (including any Class G Deferred Interest) and the Class G-E Notes (including any Class G-E Deferred
Interest) until the Class G Notes and the Class G-E Notes have been paid in full; and 

(17) any remaining Principal Proceeds to be paid to the Holders of the Class H Notes. 

(iii) Redemption Dates and Payment Dates During Events of Default. On any Redemption Date, the Stated Maturity Date or a
Payment Date following an acceleration of the Notes due to the occurrence and continuation of an Event of Default, Interest Proceeds and Principal Proceeds with respect to the related Due Period will be distributed in the following order of
priority: 
 (1) to the payment of the amounts referred to in clauses (1) through (3) of
Section 11.1(a)(i) in the same order of priority specified therein, but without giving effect to any limitations on amounts payable set forth therein; 

(2) to the payment of any out-of-pocket fees
and expenses of the Issuer, the Note Administrator, Custodian and Trustee (including legal fees and expenses) incurred in connection with an acceleration of the Notes following an Event of Default, including in connection with sale and liquidation
of any of the Collateral in connection therewith, to the extent not previously paid or withheld; 
 (3) to the payment of the
Class A Interest Distribution Amount plus any Class A Defaulted Interest Amount; 
 (4) to the payment in
full of principal of the Class A Notes; 

  
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 (5) to the payment of the
Class A-S Interest Distribution Amount plus any Class A-S Defaulted Interest Amount; 

(6) to the payment in full of principal of the Class A-S Notes; 

(7) to the payment of the Class B Interest Distribution Amount plus any Class B Defaulted Interest Amount;

 (8) to the payment in full of principal of the Class B Notes; 

(9) to the payment of the Class C Interest Distribution Amount plus any Class C Defaulted Interest Amount;

 (10) to the payment in full of principal of the Class C Notes (including any Class C Deferred Interest); 

(11) pro rata, based on entitlement, to the payment of the Class D Interest Distribution Amount, the Class D-E Interest Distribution Amount and the Class D-X Interest Distribution Amount, plus, any Class D Defaulted Interest Amount, any Class D-E Defaulted Interest Amount and any Class D-X Defaulted Interest Amount; 

(12) pro rata, based on Aggregate Outstanding Amount, to the payment in full of principal of the Class D Notes and
the Class D-E Notes (including any Class D Deferred Interest and any Class D-E Deferred Interest); 

(13) pro rata, based on entitlement, to the payment of the Class E Interest Distribution Amount, the Class E-E Interest Distribution Amount and the Class E-X Interest Distribution Amount, plus, any Class E Defaulted Interest Amount, any Class E-E Defaulted Interest Amount and any Class E-X Defaulted Interest Amount; 

(14) pro rata, based on Aggregate Outstanding Amount, to the payment in full of principal of the Class E Notes and
the Class E-E Notes (including any Class E Deferred Interest and any Class E-E Deferred Interest); 

(15) pro rata, based on entitlement, to the payment of the Class F Interest Distribution Amount, the Class F-E Interest Distribution Amount and the Class F-X Interest Distribution Amount, plus, any Class F Defaulted Interest Amount, any Class F-E Defaulted Interest Amount and any Class F-X Defaulted Interest Amount; 

(16) pro rata, based on Aggregate Outstanding Amount, to the payment in full of principal of the Class F Notes and
the Class F-E Notes (including any Class F Deferred Interest and any Class F-E Deferred Interest); 

(17) pro rata, based on entitlement, to the payment of the Class G Interest Distribution Amount, the Class G-E Interest Distribution Amount and the Class G- X Interest Distribution Amount, plus, any Class G Defaulted Interest Amount, any Class G-E
Defaulted Interest Amount and any Class G-X Defaulted Interest Amount; 

  
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 (18) pro rata, based on Aggregate Outstanding Amount, to the payment
in full of principal of the Class G Notes and the Class G-E Notes (including any Class G Deferred Interest and any Class G-E Deferred Interest); and

 (19) any remaining Interest Proceeds and Principal Proceeds to be paid to the Class H Noteholders. 

(b) On or before the Business Day prior to each Payment Date, the Issuer shall, pursuant to Section 10.3, remit or
cause to be remitted to the Note Administrator for deposit in the Payment Account an amount of Cash sufficient to pay the amounts described in Section 11.1(a) required to be paid on such Payment Date. 

(c) If on any Payment Date the amount available in the Payment Account from amounts received in the related Due Period are insufficient to
make the full amount of the disbursements required by any clause of Sections 11.1(a)(i), (a)(ii) or (a)(iii), such payments will be made to Noteholders of each applicable Class, as to each such clause, ratably
in accordance with the respective amounts of such disbursements then due and payable to the extent funds are available therefor. 
 (d) In
connection with any required payment by the Issuer to the Servicer or the Special Servicer pursuant to the Servicing Agreement of any amount scheduled to be paid from time to time between Payment Dates from amounts received with respect to the
Collateral Interests, the Servicer or the Special Servicer, as applicable, shall be entitled to retain or withdraw such amounts from the Collection Account and the Participated Loan Collection Account pursuant to the terms of the Servicing
Agreement. 
 (e) In connection with any required payment by the Issuer to the Operating Advisor pursuant to the Servicing Agreement of any
amount scheduled to be paid from time to time between Payment Dates from amounts received with respect to the Collateral Interests, such amounts shall be paid to the Operating Advisor pursuant to the terms of the Servicing Agreement. 

Section 11.2 Securities Accounts. 

The Issuer hereby directs the Note Administrator to invest all amounts held by, or deposited with, the Securities Intermediary in the Funded
Companion Acquisition Account pursuant to the provisions of this Indenture and such amounts shall be invested in Eligible Investments as directed in writing by the Issuer and credited to the Funded Companion Acquisition Account. Absent such
direction, all amounts deposited with the Note Administrator in the Funded Companion Acquisition Account shall be invested in Goldman Sachs Government Money Market Fund #465 (Institutional Class – FGTXX), so long as such investment continues to
be an Eligible Investment. Amounts held by or deposited with the Securities Intermediary in the Payment Account may be invested pursuant to Section 10.3(c). Any amounts not invested in Eligible Investments as herein
provided shall be credited to one or more Securities Accounts established and maintained pursuant to the Securities Account Control Agreement with the Securities Intermediary. The Custodial Account held by the Note Administrator shall be held
uninvested. 

  
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 ARTICLE 12 

SALE OF COLLATERAL INTERESTS; ACQUISITION OF RELATED FUNDED COMPANION PARTICIPATIONS; FUTURE FUNDING ESTIMATES 

Section 12.1 Sales of Collateral Interests. 

(a) Except as otherwise expressly permitted or required by this Indenture, the Issuer shall not sell or otherwise dispose of any Collateral
Interest. Collateral Interests may be sold in the following circumstances: 
 (i) in the event that a Collateral Interest is
a Defaulted Collateral Interest and the Special Servicer determines in accordance with the Servicing Standard that the sale of such Collateral Interest is in the best interest of the Noteholders, the Special Servicer may, on behalf of the Issuer,
sell such Collateral Interest or the related Commercial Real Estate Loan; 
 (ii) in the event that the Majority Class H
Noteholder (or its assignee) notifies the Issuer, the Trustee, the Note Administrator, the Servicer and the Special Servicer that it is exercising its right under Section 12.1(f) to purchase a Defaulted Collateral Interest
or a Credit Risk Collateral Interest at the Par Purchase Price for such Collateral Interest, the Special Servicer shall, on behalf of the Issuer, sell such Collateral Interest to such Holder; 

(iii) in the event the Seller is required to repurchase such Collateral Interest for the par value thereof plus accrued
and unpaid interest thereon as a result of a Material Document Defect or Material Breach of representation or warranty set forth in the related Collateral Interest Purchase Agreement, the Special Servicer shall, on behalf of the Issuer, sell such
Collateral Interest to the Seller; and 
 (iv) in the event of a Clean-up Call, Tax
Redemption, Optional Redemption or Auction Call Redemption pursuant to Sections 9.1(a), (b), (c) or (d), respectively, the Special Servicer shall, on behalf of the Issuer, sell such Collateral Interest. 

(b) In the event that any Notes remain Outstanding as of the Payment Date occurring six months prior to the Stated Maturity Date of the Notes,
the Special Servicer will be required to determine whether the proceeds expected to be received on the Collateral prior to the Stated Maturity Date of the Notes will be sufficient to pay in full the principal amount of (and accrued interest on) the
Notes on the Stated Maturity Date. If the Special Servicer determines, in its sole discretion, that such proceeds will not be sufficient to pay the outstanding principal amount of and accrued interest on the Notes (a “Note Liquidation
Event”) on the Stated Maturity Date of the Notes, the Issuer shall be obligated to liquidate the portion of Collateral Interests sufficient to pay the remaining principal amount of and interest on the Notes on or before the Stated Maturity
Date. The Collateral Interests to be liquidated will be selected by the Special Servicer. 

  
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 (c) Notwithstanding anything herein to the contrary, the Special Servicer on behalf of the
Issuer shall be permitted to sell to a Permitted Subsidiary any Sensitive Asset for consideration consisting of equity interests in such Permitted Subsidiary (or an increase in the value of equity interests already owned). 

(d) Under no circumstance shall the Trustee in its individual capacity be required to acquire any Collateral Interests or any property related
thereto. 
 (e) Any Collateral Interest sold pursuant to this Section 12.1 shall be released from the lien of this
Indenture. 
 (f) The Majority Class H Noteholder shall have the right to purchase any Defaulted Collateral Interest or Credit Risk
Collateral Interest for a Cash purchase price equal to the Par Purchase Price. In connection with the sale of a Credit Risk Collateral Interest or a Defaulted Collateral Interest pursuant to this Section 12.1(f), the
Majority Class H Noteholder may also cause the Issuer to create one or more participation interests in such Credit Risk Collateral Interest or a Defaulted Collateral Interest and direct the Trustee to sell one or more of such participation
interests. 
 (g) Pursuant to the terms of this Indenture, any time when the Retention Holder holds 100% of the Class H Notes, it may
contribute additional Cash and Eligible Investments to the Issuer. 
 (h) Notwithstanding anything herein to the contrary, in the event a
Collateral Interest (and the underlying Commercial Real Estate Loan) is evidenced by more than one mortgage or promissory or mezzanine note, any sale or disposition of such Collateral Interest shall include all of the related mortgages or promissory
notes or mezzanine notes, as applicable. 
 Section 12.2 Acquisition of Funded Companion Participations. 

(a) With respect to the Funded Companion Participation Acquisition Account, during the period ending on the earlier of (1) 180 days from the
date of deposit and (2) the end of the Funded Companion Participation Acquisition Period, the Issuer shall, if directed by the Retention Holder, acquire Funded Companion Participations as identified by the Retention Holder (which shall be, and
hereby are upon acquisition by the Issuer, Granted to the Trustee pursuant to the Granting Clause of this Indenture) with funds on deposit in such account as directed by the Retention Holder, subject to the satisfaction of the Funded Companion
Participation Acquisition Criteria as of the date of the acquisition of such Funded Companion Participation as evidenced by the delivery to the Note Administrator of an officer’s certificate of the Retention Holder confirming the satisfaction
of the Funded Companion Participation Acquisition Criteria. Additionally, the Issuer shall provide written notice of such acquisition to the Servicer and the Rating Agencies (via the 17g-5 Information
Provider) at least five (5) Business Days prior to the related acquisition date. 

  
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 (b) The acquisition by the Issuer of any Funded Companion Participation, and the remittance
by the Note Administrator of amounts from the Funded Companion Participation Acquisition Account, as applicable, as consideration for such acquisition shall be conditioned upon (i) receipt by the Note Administrator of the officer’s
certificate of the Retention Holder confirming satisfaction of the Funded Companion Participation Acquisition Criteria (upon which the Note Administrator may conclusively rely) substantially in the form of Exhibit S hereto,
(ii) receipt by the Custodian of a copy of the Subsequent Transfer Instrument substantially in the form of Exhibit T hereto with respect to the transfer of the applicable Funded Companion Participation, which Subsequent Transfer
Instrument shall, as of the date of such transfer, (1) list the purchase price for the Funded Companion Participations, (2) warrant and confirm the satisfaction of the conditions precedent specified in Section 3 of the related
Collateral Interest Purchase Agreement and (3) reaffirm the representations and warranties made in Section 4 of the related Collateral Interest Purchase Agreement, subject only to such exceptions, if any, as were taken by the Seller with
respect to the related Participation (which are also set forth in Schedule 2 to such transfer instrument) and (iii) if the Funded Companion Participation is fully funded, then receipt by the Custodian of such original certificate
together with an original endorsement to the Issuer and an endorsement in blank. In connection with any acquisition, the Custodian shall receive the Collateral Interest File no later than one (1) Business Day prior to the acquisition of the
applicable Collateral Interest, along with a Subsequent Transfer Instrument in accordance with this Section 12.2, and shall review such Collateral Interest File in accordance with Section 3.3(f).

 (c) After the termination of the Funded Companion Participation Acquisition Period, the Issuer may not acquire any Funded Companion
Participations. 
 (d) If the acquisition by the Issuer of all or a portion of a Future Funding Participation results, in and of itself, in
a downgrade of the ratings of any Class of Notes by Moody’s or KBRA, then the Seller shall promptly repurchase such Funded Companion Participation at the same price as the Issuer paid to acquire it. 

Section 12.3 [Reserved] 

Section 12.4 Future Funding Agreement. 

(a) The Note Administrator and the Trustee, on behalf of the Noteholders, are hereby directed by the Issuer to (i) enter into the Future
Funding Agreement and the Future Funding Reserve Account Control Agreement, pursuant to which FS Credit REIT will agree to cause the Seller to pledge certain collateral described therein in order to secure certain future funding obligations of
affiliates of the Seller as holders of the related Future Funding Participations under the Participation Agreements and (ii) administer the rights of the Note Administrator and the secured party, as applicable, under the Future Funding
Agreement and the Future Funding Reserve Account Control Agreement. In the event an Access Termination Notice (as defined in the Future Funding Agreement) has been sent by the Note Administrator to the related account bank and for so long as such
Access Termination Notice is not withdrawn by the Note Administrator, the Note Administrator shall direct the use of funds on deposit in the Future Funding Reserve Account in accordance with written instructions delivered pursuant to the terms of
the Future Funding Agreement. Neither the Trustee nor the Note Administrator shall have any obligation to ensure that FS Credit REIT and the Seller are depositing or causing to be deposited all amounts into the Future Funding Reserve Account that
are required to be deposited therein pursuant to the Future Funding Agreement. 

  
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 (b) The 17g-5 Information Provider shall promptly
post to the 17g-5 Website pursuant to Section 14.12(d), any certification with respect to the holder of the related Future Funding Participations that is delivered to it in accordance
with the Future Funding Agreement. 
 Section 12.5 Cross-Collateralized and Cross-Defaulted Collateral Interests. 

With respect to any Collateral Interests that are cross-collateralized and cross-defaulted with each other, if one of such Collateral
Interests is to be sold or exchanged in any manner described herein, the Issuer will be obligated to dispose of such Collateral Interest and all of the related cross-collateralized and cross-defaulted Collateral Interests, unless the related
borrower satisfies the conditions in the related Loan Documents for the uncrossing of such Collateral Interests. 
 ARTICLE 13 

NOTEHOLDERS’ RELATIONS 

Section 13.1 Subordination. 

(a) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders
of the Class A Notes, that the rights of the Holders of the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the
Class D-E Notes, the Class D-X Notes, the Class E Notes, the Class E-E Notes, the Class E-X Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes shall be subordinate and junior to the Class A Notes to the extent and in the manner set forth
in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event
of Default, all accrued and unpaid interest on and outstanding principal on the Class A Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class A Notes
consent, other than in Cash, before any further payment or distribution is made on account of any other Class of Notes, to the extent and in the manner provided in Section 11.1(a)(iii). 

(b) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders
of the Class A-S Notes, that the rights of the Holders of the Class B Notes, the Class C Notes, the Class D Notes, the Class D-E Notes, the Class D-X Notes, the Class E Notes, the Class E-E Notes, the Class E-X Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the
Class G-X Notes and the Class H Notes shall be subordinate and junior to the Class A-S Notes to the extent and in the manner set forth in
Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of
Default, all accrued and unpaid interest on and outstanding principal on the Class A-S Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100%
of Holders of the Class A-S Notes consent, other than in Cash, before any further payment or distribution is made on account of any of the Class B Notes, the Class C Notes, the Class D
Notes, the Class D-E Notes, the Class D-X Notes, the Class E Notes, the Class E-E Notes, the Class E-X Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes to the extent and in the manner provided in Section 11.1(a)(iii). 

  
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 (c) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and
the Holders agree, for the benefit of the Holders of the Class B Notes, that the rights of the Holders of the Class C Notes, the Class D Notes, the Class D-E Notes, the Class D-X Notes, the Class E Notes, the Class E-E Notes, the Class E-X Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the
Class G-X Notes and the Class H Notes shall be subordinate and junior to the Class B Notes to the extent and in the manner set forth in Article 11 of this Indenture;
provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and
outstanding principal on the Class B Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class B Notes consent, other than in Cash, before any further
payment or distribution is made on account of any of the Class C Notes, the Class D Notes, the Class D-E Notes, the Class D-X Notes, the Class E
Notes, the Class E-E Notes, the Class E-X Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes to the
extent and in the manner provided in Section 11.1(a)(iii). 
 (d) Anything in this Indenture or the Notes to the
contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the Class C Notes, that the rights of the Holders of the Class D Notes, the Class D-E Notes, the Class D-X Notes, the Class E Notes, the Class E-E Notes, the Class E-X Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the
Class G-X Notes and the Class H Notes shall be subordinate and junior to the Class C Notes to the extent and in the manner set forth in Article 11 of this Indenture;
provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and
outstanding principal on the Class C Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class C Notes consent, other than in Cash, before any further
payment or distribution is made on account of any of the Class D Notes, the Class D-E Notes, the Class D-X Notes, the Class E Notes, the Class E-E Notes, the Class E-X Notes, the Class F Notes, the Class F-E Notes, the
Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes to
the extent and in the manner provided in Section 11.1(a)(iii). 
 (e) Anything in this Indenture or the Notes to
the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the Class D Notes, the Class D-E Notes and the Class D-X
Notes that the rights of the Holders of the Class E Notes, the Class E-E Notes, the Class E-X Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the
Class G-X Notes and the Class H Notes shall be subordinate and junior to the Class D Notes, the Class D-E Notes and the Class D-X Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the
occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class D Notes, the
Class D-E Notes and the Class D-X Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of
Holders of the Class D Notes, the 

  
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Class D-E Notes and the Class D-X Notes consent, other than in Cash, before any further payment or
distribution is made on account of any of the Class E Notes, the Class E-E Notes, the Class E-X Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the
Class G-X Notes and the Class H Notes to the extent and in the manner provided in Section 11.1(a)(iii). 

(f) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders
of the Class E Notes, the Class E-E Notes and the Class E-X Notes that the rights of the Holders of the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the
Class G-X Notes and the Class H Notes shall be subordinate and junior to the Class E Notes, the Class E-E Notes and the Class E-X Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the
occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class E Notes, the
Class E-E Notes and the Class E-X Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of
Holders of the Class E Notes, the Class E-E Notes and the Class E-X Notes consent, other than in Cash, before any further payment or distribution is made
on account of any of the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the
Class G-E Notes, the Class G-X Notes and the Class H Notes to the extent and in the manner provided in Section 11.1(a)(iii).

 (g) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the
Holders of the Class F Notes, the Class F-E Notes and the Class F-X Notes, that the rights of the Holders of the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes shall be subordinate and junior to the Class F Notes, the
Class F-E Notes and the Class F-X Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided
that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on
the Class F Notes, the Class F-E Notes and the Class F-X Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash
or, to the extent 100% of Holders of the Class F Notes, the Class F-E Notes and the Class F-X Notes consent, other than in Cash, before any further
payment or distribution is made on account of any of the Class G Notes, the Class G-E Notes and the Class G-X Notes or the Class H Notes to the
extent and in the manner provided in Section 11.1(a)(iii). 
 (h) Anything in this Indenture or the Notes to the
contrary notwithstanding, the Issuer and the Holders agree that, for the benefit of the Holders of the Class G Notes, the Class G-E Notes and the
Class G-X Notes that the rights of the Holders of the Class H Notes shall be subordinate and junior to the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence
and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class G Notes, the Class G-E
Notes and the Class G-X Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class G Notes, the
Class G-E Notes, the Class G-X Notes and the Class H Notes consent, other than in Cash, before any further payment or distribution is made on account of
any of the Class H Notes, to the extent and in the manner provided in Section 11.1(a)(iii). 

  
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 (i) In the event that notwithstanding the provisions of this Indenture, any Holders of any
Class of Notes shall have received any payment or distribution in respect of such Class contrary to the provisions of this Indenture, then, unless and until all accrued and unpaid interest on and outstanding principal of all more senior
Classes of Notes have been paid in full in accordance with this Indenture, such payment or distribution shall be received and held in trust for the benefit of, and shall forthwith be paid over and delivered to, the Note Administrator, which shall
pay and deliver the same to the Holders of the more senior Classes of Notes in accordance with this Indenture. 
 (j) Each Holder of any
Class of Notes agrees with the Note Administrator on behalf of the Secured Parties that such Holder shall not demand, accept, or receive any payment or distribution in respect of such Notes in violation of the provisions of this Indenture
including Section 11.1(a) and this Section 13.1; provided, however, that after all accrued and unpaid interest on, and principal of, each Class of Notes senior to such
Class have been paid in full, the Holders of such Class of Notes shall be fully subrogated to the rights of the Holders of each Class of Notes senior thereto. Nothing in this Section 13.1 shall affect the
obligation of the Issuer to pay Holders of such Class of Notes any amounts due and payable hereunder. 
 (k) The Holders of each
Class of Notes agree, for the benefit of all Holders of the Notes, not to institute against, or join any other Person in instituting against, the Issuer or any Permitted Subsidiary, any petition for bankruptcy, reorganization, arrangement,
moratorium, liquidation or other similar proceedings under the laws of any jurisdiction before one year and one day or, if longer, the applicable preference period then in effect and one day, have elapsed since the final payments to the Holders of
the Notes. 
 Section 13.2 Standard of Conduct. 

In exercising any of its or their voting rights, rights to direct and consent or any other rights as a Noteholder under this Indenture, a
Noteholder or Noteholders shall not have any obligation or duty to any Person or to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by it or them or at its or their direction or
any failure by it or them to act or to direct that an action be taken, without regard to whether such action or inaction benefits or adversely affects any Noteholder, the Issuer, or any other Person, except for any liability to which such Noteholder
may be subject to the extent the same results from such Noteholder’s taking or directing an action, or failing to take or direct an action, in bad faith or in violation of the express terms of this Indenture. 

  
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 ARTICLE 14 

MISCELLANEOUS 

Section 14.1 Form of Documents Delivered to the Trustee and Note Administrator. 

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 Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such Authorized Officer knows, or in the exercise of
reasonable care should know, 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 of an Authorized Officer of the Issuer or Opinion of
Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, the Issuer or any other Person, stating that the information with respect to such factual matters is in the possession of the
Issuer or such other Person, unless such Authorized Officer of the Issuer or such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. Any Opinion of Counsel also may be based, insofar as it
relates to factual matters, upon a certificate or opinion of, or representations by, an Authorized Officer of the Issuer, or the Servicer or the Special Servicer on behalf of the Issuer, certifying as to the factual matters that form a basis for
such Opinion of Counsel and stating that the information with respect to such matters is in the possession of the Issuer, 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. 
 Whenever in this Indenture it is
provided that the absence of the occurrence and continuation of a Default or Event of Default is a condition precedent to the taking of any action by the Trustee or the Note Administrator at the request or direction of the Issuer, then
notwithstanding that the satisfaction of such condition is a condition precedent to the Issuer’s rights to make such request or direction, the Trustee or the Note Administrator shall be protected in acting in accordance with such request or
direction if it does not have knowledge of the occurrence and continuation of such Default or Event of Default as provided in Section 6.1(i). 

  
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 Section 14.2 Acts of Noteholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent 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 the Note Administrator, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action or actions embodied therein
and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders 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 conclusive in favor of the Trustee, the Note Administrator and the Issuer, if made in the manner provided in this Section 14.2. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner which the Trustee or the
Note Administrator deems sufficient. 
 (c) The principal amount and registered numbers of Notes held by any Person, and the date of his
holding the same, shall be proved by the Notes Register. Notwithstanding the foregoing, the Trustee and Note Administrator may conclusively rely on an Investor Certification to determine ownership of any Notes. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Noteholder shall bind such Noteholder (and
any transferee thereof) of such Note and of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee, the Note Administrator or the Issuer
in reliance thereon, whether or not notation of such action is made upon such Note. 
 Section 14.3 Notices, etc., to the Trustee,
the Note Administrator, the Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Operating Advisor, the Placement Agents, the Directing Holder and the Rating Agencies. 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this
Indenture shall be in writing and addressed in each case as follows: 
 (a) if to the Trustee, addressed to Wilmington Trust, National
Association, 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee – FS Rialto 2022-FL7, Facsimile number: (302) 636-6196, with a copy by
email to cmbstrustee@wilmingtontrust.com, or at any other address previously furnished in writing to the parties hereto and the Servicing Agreement, and to the Noteholders; 

(b) if to the Note Administrator, addressed to Computershare Trust Company, National Association, Corporate Trust Office, 9062 Old Annapolis
Road, Columbia, Maryland 21045 Attention: Corporate Trust Services—FS Rialto 2022-FL7, e-mail: trustadministrationgroup@wellsfargo.com with a copy to
CREBondAdmin@wellsfargo.com and, with respect to any certification sent by the UK Retention Holder with respect to UK Compliance, to eurrcompliance@wellsfargo.com, or at any other address previously furnished in writing to the parties hereto
and the Servicing Agreement, and to the Noteholders; 

  
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 (c) if to the Issuer, addressed to FS Rialto
2022-FL7 Issuer, LLC, c/o FS Credit Real Estate Income Trust, Inc., 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112, Attention: Legal Department, email: FSCREIT_TEAM@fsinvestments.com,
credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com; with copies to FS Investments, 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112, Attention: Legal Department, email: FSCREIT_TEAM@fsinvestments.com,
credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com; Rialto Capital Management, LLC, 600 Madison Avenue, 12th Floor, New York, New York 10022, Attention: Philip Orban, Managing
DirectorE-mail: philip.orban@rialtocapital.com; and Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York, New York 10281, Attention: Jeffrey Rotblat, or at any other address previously
furnished in writing to the Trustee and the Note Administrator by the Issuer, with a copy to the Special Servicer; 
 (d) if to the
Advancing Agent, addressed to FS Credit Real Estate Income Trust, Inc., 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112, Attention: Legal Department, email: FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com and
Portfolio_finance@fsinvestments.com, with copies to Rialto Capital Management, LLC, 600 Madison Avenue, 12th Floor, New York, New York 10022, Attention: Philip Orban, Managing Director, E-mail:
philip.orban@rialtocapital.com and Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York, New York 10281, Attention: Jeffrey Rotblat, or at any other address previously furnished in writing to the Trustee, the Note Administrator,
and the Issuer, with a copy to the Special Servicer at its address set forth below; 
 (e) if to the Servicer, addressed to Wells Fargo
Bank, National Association, Commercial Mortgage Servicing, 550 South Tryon Street, 23rd Floor, MAC D1086-23A, Charlotte, North Carolina 28202, Attention: FS
Rialto 2022-FL7 Asset Manager, Fax: (704) 715-0036, email: commercial.servicing@wellsfargo.com, with a copy to Mayer Brown LLP, 300 South Tryon Street, Suite 1800,
Charlotte, North Carolina 28202, Attention: Christopher J. Brady, Esq., Fax: (704) 377-2033, with a copy by email to cbrady@mayerbrown.com, or at any other address previously furnished in writing to the
Issuer, the Note Administrator and the Trustee; 
 (f) if to the Special Servicer, addressed to Rialto Capital Advisors, LLC, Rialto Capital
Advisors, LLC, 200 S. Biscayne Blvd., Suite 3550, Miami, Florida 33131, Attention: Adam Singer, Managing Director, E-mail: adam.singer@rialtocapital.com, with copies to Rialto Capital Advisors, LLC, 200 S.
Biscayne Blvd., Suite 3550, Miami, Florida 33131, Attention: Liat Heller, General Counsel, E-mail: liat.heller@rialtocapital.com and Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York,
New York 10281, Attention: Jeffrey Rotblat, or at any other address previously furnished in writing to the Issuer, the Note Administrator and the Trustee; 

(g) if to the Operating Advisor, addressed to Pentalpha Securities LLC, 501 John James Audubon Parkway, Suite 401, Amherst, New York 14228,
with a copy to: notices@pentalphasurveillance.com (with FS Rialto 2022-FL7 in the subject line), or at any other address previously furnished in writing to the Issuer, the Note Administrator and the Trustee;

 (h) if to the Rating Agencies, addressed to them at (i) with respect to KBRA, Inc., 805 Third Avenue, 4th Floor, New York, New York
10022, Attention: CMBS Surveillance, Email: cmbssurveillance@kbra.com and (ii) with respect to Moody’s Investor Services, Inc., 7 

  
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World Trade Center, 250 Greenwich Street, New York, New York 10007, Attention: CRE CDO Surveillance, (or by electronic mail at moodys_cre_cdo_monitoring@moodys.com), or such other address that
any Rating Agency shall designate in the future; provided that any request, demand, authorization, direction, order, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture to be made
upon, given or furnished to, or filed with the Rating Agencies shall be given in accordance with, and subject to, the provisions of Section 14.12; 

(i) if to WFS as a Placement Agent, addressed to Wells Fargo Securities, LLC, 30 Hudson Yards, New York, New York 10001, Attention: A.J.
Sfarra, email: CMBSNOTICES@wellsfargo.com, with copies to Troy Stoddard, Esq., Wells Fargo Legal Department, 401 S. Tryon Street, 26th Floor, MAC D1050-266, Charlotte, North Carolina 28202, email:
troy.stoddard@wellsfargo.com and Dechert LLP, Three Bryant Park, 1095 Avenue of the Americas, New York, New York 10036, Attention: Laura Swihart, email: laura.swihart@dechert.com, or at any other address furnished in writing to the Issuer, the Note
Administrator and the Trustee; 
 (j) if to Barclays as a Placement Agent, addressed to Barclays Capital Inc., 745 7th Avenue, New York, New
York 10019, Attention: Daniel Vinson, email: Daniel.vinson@barclays.com (with a copy by email to: lillian.tillman@barclays.com), with a copy to Dechert LLP, Three Bryant Park, 1095 Avenue of the Americas, New York, New York 10036, Attention: Laura
Swihart, email: laura.swihart@dechert.com, or at any other address furnished in writing to the Issuer, the Note Administrator and the Trustee; 

(k) if to Goldman Sachs as a Placement Agent, addressed to Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282,
Attention: Leah Nivison, email: Leah.Nivison@gs.com and gs-refgsecuritization@gs.com, with copies to: Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attention: Structured Finance
Legal (REFG), email: gs-refglegal@gs.com, and Dechert LLP, Three Bryant Park, 1095 Avenue of the Americas, New York, New York 10036, Attention: Laura Swihart, email: laura.swihart@dechert.com, or at any other
address furnished in writing to the Issuer, the Note Administrator and the Trustee; 
 (l) if to M&T Securities as a Placement agent,
addressed to M&T Securities, Inc., 1 Light Street, Baltimore, Maryland 21202, email: MTSDebtCapitalMarkets@mtb.com; morrino@mtb.com; 

(m) if to the initial Directing Holder, addressed to FS Rialto 2022-FL7 Holder, LLC, c/o FS Credit
Real Estate Income Trust, Inc., 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112, with copies to Rialto Capital Management, LLC, 600 Madison Avenue, 12th Floor, New York, New York 10022, Attention: Philip Orban, Managing Director, E-mail: philip.orban@rialtocapital.com and Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York, New York 10281, Attention: Jeffrey Rotblat, or at any other address furnished in writing to the
Issuer, the Note Administrator and the Trustee; and 
 (n) if to the Note Administrator, (i) for purposes of note transfers, addressed
to 600 South 4th Street, Minneapolis, Minnesota 55415, Attention: CTS—Note Transfer Services—FS Rialto 2022-FL7, or (ii) otherwise, addressed to the Note Administrator at the Corporate Trust
Office of the Note Administrator. 

  
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 Section 14.4 Notices to Noteholders; Waiver. 

Except as otherwise expressly provided herein, where this Indenture or the Servicing Agreement provides for notice to Holders of Notes of any
event, 
 (a) such notice shall be sufficiently given to Holders of Notes if in writing and mailed, first class postage prepaid, to each
Holder of a Note affected by such event, at the address of such Holder as it appears in the Notes Register, not earlier than the earliest date and not later than the latest date, prescribed for the giving of such notice; and 

(b) such notice shall be in the English language. 

The Note Administrator shall deliver to the Holders of the Notes any information or notice in its possession, requested to be so delivered by
at least 25% of the Holders of any Class of Notes. 
 Neither the failure to mail any notice, nor any defect in any notice so mailed,
to any particular Holder of a Note shall affect the sufficiency of such notice with respect to other Holders of Notes. 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 to Holders of Notes shall be made with the approval of the Note Administrator and shall constitute sufficient notification to such Holders of Notes for every purpose hereunder. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any 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 Noteholders shall be filed with the Trustee and with the Note Administrator, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver. 
 In the event that, by reason of the suspension of the regular mail service as
a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice
as shall be satisfactory to the Trustee and the Note Administrator shall be deemed to be a sufficient giving of such notice. 

Section 14.5 Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 14.6 Successors and Assigns. 

All covenants and agreements in this Indenture by the Issuer shall bind its successors and assigns, whether so expressed or not. 

  
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 Section 14.7 Severability. 

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 14.8 Benefits of Indenture. 

Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than (i) the parties hereto and their
successors hereunder and (ii) the Servicer, the Special Servicer, the Operating Advisor, the Notes Registrar and the Noteholders (each of whom shall be an express third party beneficiary hereunder), any benefit or any legal or equitable right,
remedy or claim under this Indenture. 
 Section 14.9 Governing Law; Waiver of Jury Trial. 

THIS INDENTURE AND EACH NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE
AND TO BE PERFORMED THEREIN WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 
 THE PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 14.10 Submission to Jurisdiction. 

The Issuer hereby irrevocably submits to the nonexclusive jurisdiction of any New York State or federal court sitting in the Borough of
Manhattan in The City of New York in any action or proceeding arising out of or relating to the Notes or this Indenture, and the Issuer hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in
such New York State or federal court. The Issuer hereby irrevocably waives, to the fullest extent that it may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The Issuer irrevocably consents to the
service of any and all process in any action or proceeding by the mailing or delivery of copies of such process to it at the office of the Issuer’s agent set forth in Section 7.2. The Issuer agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

Section 14.11 Counterparts. 

This Indenture may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken
together shall constitute one and the same instrument, and the words “executed,” “signed,” “signature,” and words of like import as used above and elsewhere in this Indenture or in any other certificate, agreement or
document related to this transaction shall include, in addition to manually executed signatures, images of 

  
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manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”) and other electronic signatures (including, without limitation,
any electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record). The use of electronic signatures and electronic records
(including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a
paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable
law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. 

Section 14.12 17g-5 Information. 

(a) The Issuer shall comply with its obligations under Rule 17g-5 promulgated under the Exchange Act
(“Rule 17g-5”), by its or its agent’s posting on the 17g-5 Website, no later than the time such information is provided to the Rating Agencies, all
information that the Issuer or other parties on its behalf, including the Trustee, the Note Administrator, the Servicer and the Special Servicer, provide to the Rating Agencies for the purposes of determining the initial credit rating of the Notes
or undertaking credit rating surveillance of the Notes (the “17g-5 Information”); provided that no party other than the Issuer, the Trustee, the Note Administrator, the
Servicer or the Special Servicer may provide information to the Rating Agencies on the Issuer’s behalf without the prior written consent of the Issuer. At all times while any Notes are rated by any Rating Agency or any other NRSRO, the Issuer
shall engage a third party to post 17g-5 Information to the 17g-5 Website. The Issuer hereby engages the Note Administrator (in such capacity, the “17g-5 Information Provider”), to post 17g-5 Information it receives from the Issuer, the Trustee, the Note Administrator, the Servicer or the Special Servicer to the 17g-5 Website in accordance with this Section 14.12, and the Note Administrator hereby accepts such engagement. 

(b) Any information required to be delivered to the 17g-5 Information Provider by any party under this
Indenture or the Servicing Agreement shall be delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “17g-5 – FS Rialto 2022-FL7 Issuer, LLC” and an identification of the type of information being provided in the body of such electronic mail, or via any alternative electronic mail address following notice to the parties hereto
or any other delivery method established or approved by the 17g-5 Information Provider. 
 Upon
delivery by the Issuer to the 17g-5 Information Provider (in an electronic format mutually agreed upon by the Issuer and the 17g-5 Information Provider) of information
designated by the Issuer as having been previously made available to NRSROs by the Issuer (the “Pre-Closing 17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing 17g-5 Information available only to the Issuer and to NRSROs via the 17g-5 Information Provider’s Website pursuant this Section 14.12(b). The Issuer shall not be entitled to direct the 17g-5 Information Provider
to provide access to the Pre-Closing 17g-5 Information or any other information on the 17g-5 Information Provider’s Website
to any designee or other third party. 

  
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 (c) The 17g-5 Information Provider shall make
available, solely to NRSROs, the following items to the extent such items are delivered to it via email at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “17g-5
– FS-Rialto 2022-FL7 Issuer, LLC” and an identification of the type of information being provided in the body of the email, or via any alternate email address
following notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial; provided that such
information is not locked or corrupted and is otherwise received in a readable and uploadable format: 
 (i) any statements
as to compliance and related Officer’s Certificates delivered under Section 7.9; 
 (ii) any
information requested by the Issuer or the Rating Agencies (it being understood the 17g-5 Information Provider shall not disclose on the Note Administrator’s Website which Rating Agencies requested such
information as provided in Section 14.12); 
 (iii) any notice to the Rating Agencies relating to
the Special Servicer’s determination to take action without satisfaction of the Rating Agency Condition; 
 (iv) any
requests for satisfaction of the Rating Agency Condition that are delivered to the 17g-5 Information Provider pursuant to Section 14.13; 

(v) any summary of oral communications with the Rating Agencies that are delivered to the
17g-5 Information Provider pursuant to Section 14.12(c); provided that the summary of such oral communications shall not disclose which Rating Agencies the communication
was with; 
 (vi) any amendment or proposed supplemental indenture to this Indenture pursuant to
Section 8.3; and 
 (vii) the “Rating Agency Q&A Forum and Servicer Document Request
Tool” pursuant to Section 10.11(d). 
 The foregoing information shall be made available by the 17g-5 Information Provider on the 17g-5 Website or such other website as the Issuer may notify the parties hereto in writing. 

(d) Information shall be posted on the same Business Day of receipt; provided that such information is received by 2:00
p.m. (New York time) or, if received after 2:00 p.m., on the next Business Day. The 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the
information being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be. In the event that any information is delivered or posted in error, the 17g-5 Information Provider may remove it from the website. The 17g-5 Information Provider (and the Trustee) has not obtained and shall not be deemed to have obtained actual
knowledge of any information posted to the 17g-5 Website to the extent such information was not produced by it. Access will be provided by the 17g-5 Information Provider
to NRSROs upon receipt of an NRSRO Certification in the form of Exhibit O hereto (which certification may be submitted electronically via the 17g-5 Website). 

  
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 (e) Upon request of the Issuer or a Rating Agency, the
17g-5 Information Provider shall post on the 17g-5 Website any additional information requested by the Issuer or such Rating Agency to the extent such information is
delivered to the 17g-5 Information Provider electronically in accordance with this Section 14.12. In no event shall the 17g-5 Information
Provider disclose on the 17g-5 Website the Rating Agency or NRSRO that requested such additional information. 

(f) The 17g-5 Information Provider shall provide a mechanism to notify each Person that has signed-up for access to the 17g-5 Website in respect of the transaction governed by this Indenture each time an additional document is posted to the 17g-5 Website. 
 (g) Any other information required to be delivered to the Rating Agencies pursuant to
this Indenture shall be furnished to the Rating Agencies so long as such information (x) was previously provided to the 17g-5 Information Provider or (y) is simultaneously delivered to the 17g-5 Information Provider in accordance with this Section 14.12. 
 (h)
Notwithstanding anything to the contrary in this Indenture, a breach of this Section 14.12 shall not constitute a Default or Event of Default. 

(i) If any of the parties to this Indenture receives a Form ABS Due Diligence-15E from any party in
connection with any third-party due diligence services such party may have provided with respect to the Collateral Interests (“Due Diligence Service Provider”), such receiving party shall promptly forward such Form ABS Due Diligence-15E to the 17g-5 Information Provider for posting on the 17g-5 Website. The 17g-5
Information Provider shall post on the 17g-5 Website any Form ABS Due Diligence-15E it receives directly from a Due Diligence Service Provider or from another party to
this Indenture, promptly upon receipt thereof. It being understood that no party to this Indenture shall be required to make a determination as to whether any material provided to such party is Form ABS Due
Diligence-15E and any Form ABS Due Diligence-15E shall be labeled as such. 

Section 14.13 Rating Agency Condition. 

Any request for satisfaction of the Rating Agency Condition made by a Requesting Party pursuant to this Indenture, shall be made in writing,
which writing shall contain a cover page indicating the nature of the request for satisfaction of the Rating Agency Condition, and shall contain all back-up material necessary for the Rating Agencies to
process such request. Such written request for satisfaction of the Rating Agency Condition shall be provided in electronic format to the 17g-5 Information Provider in accordance with
Section 14.12 and after receiving actual knowledge of such posting (which may be in the form of an automatic email notification of posting delivered by the 17g-5 Website to such
party), the Requesting Party shall send the request for satisfaction of such Rating Agency Condition to the Rating Agencies in accordance with the instructions for notices set forth in Section 14.3. 

Section 14.14 Patriot Act Compliance. 

In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Trustee and Note Administrator may be 

  
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required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Trustee or Note Administrator, as the case may be.
Accordingly, each of the parties agrees to provide to the Trustee and the Note Administrator, upon its request from time to time, such identifying information and documentation as may be available for such party in order to enable the Trustee and
the Note Administrator, as applicable, to comply with Applicable Law. 
 ARTICLE 15 

ASSIGNMENT OF THE COLLATERAL INTEREST PURCHASE AGREEMENT 

Section 15.1 Assignment of Collateral Interest Purchase Agreement. 

(a) The Issuer, in furtherance of the covenants of this Indenture and as security for the Secured Notes and amounts payable to the Secured
Parties hereunder and the performance and observance of the provisions hereof, hereby collaterally assigns, transfers, conveys and sets over to the Trustee, for the benefit of the Noteholders (and to be exercised on behalf of the Issuer by persons
responsible therefor pursuant to this Indenture and the Servicing Agreement), all of the Issuer’s estate, right, title and interest in, to and under the Collateral Interest Purchase Agreement (now or hereafter entered into) (an
“Article 15 Agreement”), including, without limitation, (i) the right to give all notices, consents and releases thereunder, (ii) the right to give all notices of termination and to take any legal action
upon the breach of an obligation of the Seller thereunder, including the commencement, conduct and consummation of proceedings at law or in equity, (iii) the right to receive all notices, accountings, consents, releases and statements
thereunder and (iv) the right to do any and all other things whatsoever that the Issuer is or may be entitled to do thereunder; provided, however, that the Issuer reserves for itself a license to exercise all of the Issuer’s
rights pursuant to the Article 15 Agreement without notice to or the consent of the Trustee or any other party hereto (except as otherwise expressly required by this Indenture, including, without limitation, as set forth in
Section 15.1(f)) which license shall be and is hereby deemed to be automatically revoked upon the occurrence of an Event of Default hereunder until such time, if any, that such Event of Default is cured or waived. 

(b) The assignment made hereby is executed as collateral security, and the execution and delivery hereby shall not in any way impair or
diminish the obligations of the Issuer under the provisions of each of the Article 15 Agreement, nor shall any of the obligations contained in each of the Article 15 Agreement be imposed on the Trustee. 

(c) Upon the retirement of the Notes and the release of the Collateral from the lien of this Indenture, this assignment and all rights herein
assigned to the Trustee for the benefit of the Noteholders shall cease and terminate and all the estate, right, title and interest of the Trustee in, to and under each of the Article 15 Agreement shall revert to the Issuer and no further
instrument or act shall be necessary to evidence such termination and reversion. 
 (d) The Issuer represents that it has not executed any
assignment of the Article 15 Agreement other than this collateral assignment. 

  
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 (e) The Issuer agrees that this assignment is irrevocable, and that it shall not take any
action which is inconsistent with this assignment or make any other assignment inconsistent herewith. The Issuer shall, from time to time upon the request of the Trustee, execute all instruments of further assurance and all such supplemental
instruments with respect to this assignment as the Trustee may specify. 
 (f) The Issuer hereby agrees, and hereby undertakes to obtain the
agreement and consent of the Seller in the Collateral Interest Purchase Agreement to the following: 
 (i) the Seller
consents to the provisions of this collateral assignment and agrees to perform any provisions of this Indenture made expressly applicable to the Seller pursuant to the applicable Article 15 Agreement; 

(ii) the Seller acknowledges that the Issuer is collaterally assigning all of its right, title and interest in, to and under
the Collateral Interest Purchase Agreement to the Trustee for the benefit of the Noteholders, and the Seller agrees that all of the representations, covenants and agreements made by the Seller in the Article 15 Agreement are also for the
benefit of, and enforceable by, the Trustee and the Noteholders; 
 (iii) the Seller shall deliver to the Trustee duplicate
original copies of all notices, statements, communications and instruments delivered or required to be delivered to the Issuer pursuant to the applicable Article 15 Agreement; and 

(iv) none of the Issuer or the Seller shall enter into any agreement amending, modifying or terminating the applicable
Article 15 Agreement, (other than in respect of an amendment or modification to cure any inconsistency, ambiguity or manifest error) or selecting or consenting to a successor without notifying the Rating Agencies and without the prior written
consent and written confirmation of the Rating Agencies that such amendment, modification or termination will not cause its then-current ratings of the Notes to be downgraded or withdrawn. 

ARTICLE 16 
 [RESERVED]

 ARTICLE 17 

ADVANCING AGENT 

Section 17.1 Liability of the Advancing Agent. 

The Advancing Agent shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken by
the Advancing Agent. 

  
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 Section 17.2 Merger or Consolidation of the Advancing Agent. 

(a) The Advancing Agent will keep in full effect its existence, rights and franchises as a corporation under the laws of the jurisdiction in
which it was formed, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture to
perform its duties under this Indenture. 
 (b) Any Person into which the Advancing Agent may be merged or consolidated, or any corporation
resulting from any merger or consolidation to which the Advancing Agent shall be a party, or any Person succeeding to the business of the Advancing Agent shall be the successor of the Advancing Agent, hereunder, without the execution or filing of
any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding (it being understood and agreed by the parties hereto that the consummation of any such transaction by the Advancing Agent shall
have no effect on the Backup Advancing Agent’s obligations under Section 10.6, which obligations shall continue pursuant to the terms of Section 10.6). 

Section 17.3 Limitation on Liability of the Advancing Agent and Others. 

None of the Advancing Agent or any of its affiliates, directors, officers, employees or agents shall be under any liability for any action
taken or for refraining from the taking of any action in good faith pursuant to this Indenture, or for errors in judgment; provided, however, that this provision shall not protect the Advancing Agent against liability to the Issuer or
Noteholders for any breach of warranties or representations made herein or any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of negligent disregard of
obligations and duties hereunder. The Advancing Agent and any director, officer, employee or agent of the Advancing Agent may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any
matters arising hereunder. The Advancing Agent and any director, officer, employee or agent of the Advancing Agent shall be indemnified by the Issuer pursuant to the priorities set forth in Section 11.1(a) and held harmless
against any loss, liability or expense incurred in connection with any legal action relating to this Indenture or the Notes, other than any loss, liability or expense (i) specifically required to be borne by the Advancing Agent pursuant to the
terms hereof or otherwise incidental to the performance of obligations and duties hereunder (except as any such loss, liability or expense shall be otherwise reimbursable pursuant to this Indenture); or (ii) incurred by reason of any breach of
a representation, warranty or covenant made herein, any misfeasance, bad faith or negligence by the Advancing Agent in the performance of or negligent disregard of, obligations or duties hereunder or any violation of any state or federal securities
law. 
 Section 17.4 Representations and Warranties of the Advancing Agent. 

The Advancing Agent represents and warrants that: (a) the Advancing Agent (i) has been duly organized, is validly existing and is in
good standing under the laws of the State of Maryland, (ii) has full power and authority to transact the business in which it is currently engaged, and (iii) is duly qualified and in good standing under the laws of each jurisdiction where
the Advancing Agent’s ownership or lease of property or the conduct of the Advancing Agent’s 

  
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business requires, or the performance of this Indenture would require, such qualification, except for failures to be so qualified that would not in the aggregate have a material adverse effect on
the business, operations or financial condition of the Advancing Agent or the ability of the Advancing Agent to perform its obligations under, or on the validity or enforceability of, the provisions of this Indenture applicable to the Advancing
Agent; 
 (b) the Advancing Agent has full power and authority to execute, deliver and perform this Indenture; this Indenture has been duly
authorized, executed and delivered by the Advancing Agent and constitutes a legal, valid and binding agreement of the Advancing Agent, enforceable against it in accordance with the terms hereof, except that the enforceability hereof may be subject
to (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights and (ii) general principles of equity (regardless of whether such enforcement is considered in a
proceeding in equity or at law); 
 (c) neither the execution and delivery of this Indenture nor the performance by the Advancing Agent of
its duties hereunder conflicts with or will violate or result in a breach or violation of any of the terms or provisions of, or constitutes a default under: (i) the Articles of Incorporation and bylaws of the Advancing Agent, (ii) the
terms of any indenture, contract, lease, mortgage, deed of trust, note agreement or other evidence of indebtedness or other agreement, obligation, condition, covenant or instrument to which the Advancing Agent is a party or is bound, (iii) any
law, decree, order, rule or regulation applicable to the Advancing Agent of any court or regulatory, administrative or governmental agency, body or authority or arbitrator having jurisdiction over the Advancing Agent or its properties, and which
would have, in the case of any of (i), (ii) or (iii) of this Section 17.4(c), either individually or in the aggregate, a material adverse effect on the business, operations or financial condition of the Advancing Agent
or the ability of the Advancing Agent to perform its obligations under this Indenture; 
 (d) no litigation is pending or, to the best of
the Advancing Agent’s knowledge, threatened, against the Advancing Agent that would materially and adversely affect the execution, delivery or enforceability of this Indenture or the ability of the Advancing Agent to perform any of its
obligations under this Indenture in accordance with the terms hereof; and 
 (e) no consent, approval, authorization or order of or
declaration or filing with any government, governmental instrumentality or court or other Person is required for the performance by the Advancing Agent of its duties hereunder, except such as have been duly made or obtained. 

Section 17.5 Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Advancing Agent and no appointment of a successor Advancing Agent pursuant to this
Article 17 shall become effective until the acceptance of appointment by the successor Advancing Agent under Section 17.6. 

(b) The Advancing Agent may, subject to Section 17.5(a), resign at any time by giving written notice thereof to the
Issuer, the Operating Advisor, the Note Administrator, the Trustee, the Servicer, the Noteholders and the Rating Agencies. 

  
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 (c) The Advancing Agent may be removed at any time by Act of Supermajority of the
Class H Notes upon written notice delivered to the Trustee and to the Issuer. 
 (d) If the Advancing Agent fails to make a required
Interest Advance and it has not determined such Interest Advance to be a Nonrecoverable Interest Advance, (i) the Advancing Agent will be in default under this Indenture, (ii) the Backup Advancing Agent, and if the Backup Advancing Agent
fails to make such Interest Advance, the Trustee, shall be required to make such Interest Advance, subject to a determination of recoverability, and (iii) the Note Administrator shall terminate such Advancing Agent and use commercially
reasonable efforts for up to 90 days following such termination to replace such Advancing Agent with a successor Advancing Agent, subject to the satisfaction of the Rating Agency Condition. Following the termination of the Advancing Agent, the
Backup Advancing Agent or the Trustee (as applicable) will be required to make Interest Advances until a successor advancing agent is appointed. 

(e) Subject to Section 17.5(d), if the Advancing Agent shall resign or be removed, upon receiving such notice of
resignation or removal, the Issuer shall promptly appoint a successor advancing agent by written instrument, in duplicate, executed by an Authorized Officer of the Issuer, one copy of which shall be delivered to the Advancing Agent so resigning and
one copy to the successor Advancing Agent, together with a copy to each Noteholder, the Operating Advisor, the Trustee, the Note Administrator, the Servicer and the Special Servicer; provided that such successor Advancing Agent shall
be appointed only subject to satisfaction of the Rating Agency Condition, upon the written consent of the Majority Class H Noteholder. If no successor Advancing Agent shall have been appointed and an instrument of acceptance by a successor
Advancing Agent shall not have been delivered to the Advancing Agent within 30 days after the giving of such notice of resignation, the resigning Advancing Agent, the Trustee, the Note Administrator, or the Majority Class H Noteholder, on
behalf of himself and all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Advancing Agent. 

(f) The Issuer shall give prompt notice of each resignation and each removal of the Advancing Agent and each appointment of a successor
Advancing Agent by mailing written notice of such event by first class mail, postage prepaid, to the Rating Agencies, the Trustee, the Note Administrator, and to the Holders of the Notes as their names and addresses appear in the Notes Register.

 Section 17.6 Acceptance of Appointment by Successor Advancing Agent. 

(a) Every successor Advancing Agent appointed hereunder shall execute, acknowledge and deliver to the Issuer, the Operating Advisor, the
Servicer, the Special Servicer, the Trustee, the Note Administrator, and the retiring Advancing Agent an instrument accepting such appointment hereunder and under the Servicing Agreement. Upon delivery of the required instruments, the resignation or
removal of the retiring Advancing Agent shall become effective and such successor Advancing Agent, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of the retiring Advancing
Agent hereunder and under the Servicing Agreement. 

  
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 (b) Except with respect to the Backup Advancing Agent as set forth in
Section 17.5(d), no appointment of a successor Advancing Agent shall become effective unless (1) the Rating Agency Condition has been satisfied with respect to the appointment of such successor Advancing Agent and
(2) such successor has a long-term unsecured debt rating of at least “A2” by Moody’s, and whose short-term unsecured debt rating is at least “P-1” from Moody’s. 

Section 17.7 Removal and Replacement of Backup Advancing Agent. 

The Note Administrator shall replace any such successor Advancing Agent (excluding the Trustee or the Note Administrator in its capacity as
Backup Advancing Agent) upon receiving notice that such successor Advancing Agent’s long-term unsecured debt rating at any time becomes lower than “A2” by Moody’s and whose short-term unsecured debt rating becomes lower than “P-1” by Moody’s, with a successor Advancing Agent that satisfies the foregoing rating requirements. 

  
 -190- 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Indenture as of the
day and year first above written. 
  

			
	FS RIALTO 2022-FL7 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:
	
	FS CREDIT REAL ESTATE INCOME TRUST, INC., as Advancing Agent
		
	By:	 	  

		 	Name:
		 	Title:
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:
	
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as Note Administrator
		
	By:	 	  

		 	Name:
		 	Title:

  
 FS RIALTO 2022-FL7 -
Indenture 

 
			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as Custodian
		
	By:	 	  

		 	Name:
		 	Title:

  
 FS RIALTO 2022-FL7 -
Indenture 

 SCHEDULE A 

COLLATERAL INTEREST SCHEDULE 
  

									
	 Collateral Interest Name
	  	Collateral Interest
Cut-off
Date Balance	 	  	Collateral Interest Type	 
	 Encore 202 and 59 Roosevelt
	  	$	79,375,000	 	  	 	Participation	 
	 Bronx Multifamily Portfolio
	  	$	72,080,000	 	  	 	Participation	 
	 San Xavier Casitas Portfolio
	  	$	63,340,000	 	  	 	Participation	 
	 1001 Brickell
	  	$	60,000,000	 	  	 	Participation	 
	 Eagle Landing
	  	$	54,000,000	 	  	 	Participation	 
	 Array Apartments
	  	$	53,017,000	 	  	 	Participation	 
	 Courtyard Marriott Hudson Yards
	  	$	50,000,000	 	  	 	Participation	 
	 Marram Hotel
	  	$	41,354,196	 	  	 	Participation	 
	 Hilton Nola
	  	$	34,500,000	 	  	 	Participation	 
	 NYC Multifamily Portfolio
	  	$	18,286,949	 	  	 	Participation	 
	 NYC Midtown West Multifamily Portfolio
	  	$	15,753,514	 	  	 	Participation	 
	 Washington Pointe and Landings at 56th
	  	$	32,000,000	 	  	 	Participation	 
	 Brook Highland Plaza
	  	$	32,000,000	 	  	 	Participation	 
	 Amazon Middletown
	  	$	31,000,000	 	  	 	Participation	 
	 Plaza Mexico
	  	$	30,000,000	 	  	 	Participation	 
	 Parkway Vista Apartments
	  	$	30,000,000	 	  	 	Participation	 
	 Sage Canyon Apartment Homes
	  	$	29,520,097	 	  	 	Participation	 
	 Spectrum Center
	  	$	27,853,389	 	  	 	Participation	 
	 Lawrence Station
	  	$	24,726,891	 	  	 	Participation	 
	 Southwind Office Center
	  	$	22,739,858	 	  	 	Participation	 
	 Fairmont Grand Del Mar
	  	$	13,267,459	 	  	 	Participation	 

  
 Sch. A-1 

 SCHEDULE B 

BENCHMARK 
 Calculation of the Benchmark

 For purposes of calculating the Benchmark (which shall initially be Term SOFR), the Issuer shall initially appoint the Note
Administrator as calculation agent (in such capacity, the “Calculation Agent”). 
 Term SOFR with respect to any Interest
Accrual Period shall be determined by the Calculation Agent in accordance with the following provisions: 
 1. On each Benchmark
Determination Date, Term SOFR shall equal the rate, as obtained by the Calculation Agent, identified as “1 Month CME Term SOFR,” as reported on the Term SOFR Source as of the Reference Time. 

2. If, on any Benchmark Determination Date, Term SOFR does not appear on the Term SOFR Source by 5:00 p.m. (New York City time), then Term
SOFR shall be the rate published on the last SOFR Business Day preceding such Benchmark Determination Date for which Term SOFR was published. 

3. In no event shall Term SOFR be less than zero. 

In making the above calculations, all percentages resulting from the calculation shall be rounded, if necessary, to the nearest one hundred
thousandth of a percentage point (0.00001%). 

  
 Sch. B-1Exhibit 10.1

 

Execution Version

 

BORROWING BASE REDETERMINATION
AGREEMENT

AND SEVENTH AMENDMENT TO CREDIT AGREEMENT

 

This BORROWING BASE REDETERMINATION
AGREEMENT AND SEVENTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of December 9, 2022,
is by and among Amplify Energy Operating LLC, a Delaware limited liability company (the
 “Borrower”), Amplify Acquisitionco LLC, a Delaware limited liability
company (the “Parent”), each of the other undersigned guarantors (together with the Borrower, and the Parent,
collectively, the “Loan Parties”), each of the Lenders that is a signatory hereto and KEYBANK NATIONAL ASSOCIATION
(“KeyBank”), as administrative agent for the Lenders (in such capacity, together with its successors, the “Administrative
Agent”).

 

Recitals

 

A.            The
Borrower, the Parent (as successor by conversion to Amplify Acquisitionco Inc.), Bank of Montreal, as the initial administrative
agent and predecessor to KeyBank, as Administrative Agent, thereunder, and certain Lenders from time to time parties thereto, entered
into that certain Credit Agreement dated as of November 2, 2018 (as amended by that certain First Amendment to Credit Agreement
dated as of May 5, 2019, that certain Second Amendment to Credit Agreement dated as of July 16, 2019, that certain
Borrowing Base Redetermination Agreement and Third Amendment to Credit Agreement dated as of June 12, 2020, that certain Borrowing
Base Redetermination Agreement and Fourth Amendment to Credit Agreement dated as of November 17, 2020, that certain Borrowing
Base Redetermination Agreement and Fifth Amendment to Credit Agreement dated as of November 10, 2021, and that certain Borrowing
Base Redetermination Agreement and Sixth Amendment to Credit Agreement dated as of June 20, 2022, and as further amended, restated,
amended and restated, modified or otherwise supplemented from time to time prior to the date hereof, the “Credit Agreement”),
pursuant to which the Lenders have, subject to the terms and conditions set forth therein, made certain credit available to and on behalf
of the Borrower.

 

B.            The
Borrower has provided the necessary Engineering Report in order for the Administrative Agent and the Lenders to complete the fall 2022
Scheduled Determination of the Borrowing Base and, after reviewing such Engineering Report, the Administrative Agent and the Lenders
have recommended (i) reducing the Borrowing Base to $215,000,000, (ii) reducing the Aggregate Commitments to $215,000,000,
and (iii) implementing an automatic monthly reduction in the Borrowing Base and the Aggregate Commitments commencing December 31, 2022.

 

C.            The
Borrower, the Parent, the Administrative Agent and the Lenders party hereto desire to enter into this Amendment, to among other things,
make certain amendments to the Credit Agreement.

 

     

     

    

 

D.            NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, 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 Amendment, shall have the meaning
ascribed such term in the Credit Agreement, as modified hereby. Unless otherwise indicated, all section and exhibit references in this
Amendment refer to the respective sections and exhibits in the Credit Agreement.

 

Section 2.          Redetermination
of the Borrowing Base; Reduction of Aggregate Commitments; Automatic Monthly Borrowing Base Reduction.

 

(a)            In
accordance with Section 2.05(b)(i) of the Credit Agreement, on and as of the Effective Date (defined below) the Borrowing Base
shall be reduced to $215,000,000, provided that on and as of December 31, 2022, and on the last day of each calendar month
thereafter (each date, a “Borrowing Base Reduction Date”), the Borrowing Base then in effect shall automatically reduce
by $5,000,000 per month. The Borrowing Base, as reduced on the Effective Date and as thereafter further reduced on each Borrowing Base
Reduction Date pursuant to the foregoing sentence, shall remain in effect until otherwise redetermined or adjusted in accordance with
the provisions of the Credit Agreement.

 

(b)            Both
the Borrower, on the one hand, and the Administrative Agent and the Lenders party hereto, on the other hand, agree that the foregoing
redetermination of the Borrowing Base pursuant to Section 2(a) above shall constitute the regularly scheduled fall 2022 Scheduled
Determination of the Borrowing Base and shall not constitute a Special Determination.

 

(c)            In
accordance with Section 2.07(b) of the Credit Agreement, on the Effective Date and upon each automatic monthly reduction of
the Borrowing Base pursuant to Section 2(a) above, the Aggregate Commitments shall be automatically and permanently reduced
(subject to any increases of the Aggregate Commitments in accordance with Section 2.04 of the Credit Agreement) ratably among the
Lenders in accordance with each Lender’s Commitment contemporaneously with each such reduction in the Borrowing Base such that
the Aggregate Commitments equal the Borrowing Base as reduced.

 

(d)            Notwithstanding
anything to the contrary in Section 2.06(b) of the Credit Agreement, the Borrower hereby covenants and agrees to eliminate
any Borrowing Base Deficiency that results from a decrease in the Borrowing Base pursuant to Section 2(a) of this Amendment
on the applicable Borrowing Base Reduction Date on which such Borrowing Base Deficiency occurred, by prepaying on such Borrowing Base
Reduction Date the Loans in an aggregate principal amount equal to such Borrowing Base Deficiency, together with interest on the principal
amount paid accrued to the date of such prepayment and any funding indemnification amounts required by Section 3.05 of the Credit
Agreement (as amended hereby). For the avoidance of doubt, Section 2.06(b)(ii) of the Credit Agreement shall not apply or be
available to cure a Borrowing Base Deficiency that results from a decrease in the Borrowing Base pursuant to Section 2(a) above.

 

Section 3.          Amendments
to Credit Agreement.

 

3.1           On
the Effective Date, the body of the Credit Agreement is hereby amended by deleting the stricken text (indicated textually in the same
manner as the following example: stricken text) and by inserting the double-underlined
text (indicated textually in the same manner as the following example: inserted
text) as set forth in the Credit Agreement attached as Exhibit A hereto.

 

    2 

     

    

  

3.2           Notwithstanding
the implementation of the amendments to the Credit Agreement pursuant hereto, the parties hereto acknowledge and agree that: (a) any
Committed Borrowings of Eurodollar Rate Loans (as defined in the Credit Agreement prior to the effectiveness of this Amendment) outstanding
immediately prior to the Effective Date shall remain outstanding as Committed Borrowings of Eurodollar Rate Loans bearing interest at
the same Eurodollar Rate (as defined in the Credit Agreement prior to the effectiveness of this Amendment) applicable thereto immediately
prior to the Effective Date until the expiration of the interest period applicable thereto, and the related provisions of the Credit
Agreement prior to the effectiveness of this Amendment shall continue in effect solely with respect to such Committed Borrowings of Eurodollar
Rate Loans until such time for the limited purposes set forth in this Section 3.2, (b) if any such Committed Borrowings
of Eurodollar Rate Loans remain outstanding upon the expiration of the interest period applicable thereto, then such Committed Borrowings
of Eurodollar Rate Loans shall be converted, at the election of the Borrower, into Committed Borrowings consisting of Base Rate Loans,
Term SOFR Loans or Daily Simple SOFR Loans (provided, that if no election as to the Type of Borrowing is specified, the Borrower shall
be deemed to have requested a Base Rate Loan), and (c) no such Eurodollar Rate Loans may be continued as (and no other Loans may
be converted into) Eurodollar Rate Loans pursuant to Section 2.02 of the Credit Agreement after the Effective Date, and no new Eurodollar
Rate Loans may be requested by the Borrower (and no Lender shall advance any new Eurodollar Rate Loans), after the Effective Date.

 

Section 4.           Effectiveness.
This Amendment shall become effective on the date (the “Effective Date”) on which each of the following conditions
is satisfied:

 

4.1           The
Administrative Agent shall have received counterparts of this Amendment from the Parent, the other Loan Parties and each Lender.

 

4.2           The
Administrative Agent shall have received a certificate executed by a Responsible Officer of each Loan Party dated as of the Effective
Date, on which the Administrative Agent and the Lenders may conclusively rely until the Administrative Agent receives notice in writing
from the Parent, the Borrower or each other Loan Party to the contrary, certifying that attached to each such certificate is a true and
complete copy of resolutions duly adopted by the board of directors (or other governing body) of such Person, as applicable, authorizing
the execution, delivery and performance of this Amendment.

 

4.3           The
Administrative Agent shall have received, on behalf of itself and the Lenders, customary written opinions of Kirkland & Ellis,
LLP, counsel for the Loan Parties (or such other counsel selected by the Borrower and reasonably acceptable to the Administrative Agent),
in form and substance satisfactory to the Administrative Agent, covering such matters relating to the Loan Parties and this Amendment
as the Administrative Agent shall reasonably request.

 

4.4           The
Administrative Agent shall have received the monthly certificate of a Responsible Officer specified in Section 6.19(ii) of
the Credit Agreement concerning the Borrower’s required minimum hedging for the calendar month ending November 30, 2022, demonstrating
or otherwise confirming the Borrower’s compliance with Section 6.19(ii) of the Credit Agreement as of the end of such
calendar month.

 

    3 

     

    

 

4.5           Each
of the Parent, the Borrower and each other Loan Party shall have confirmed and acknowledged to the Administrative Agent and the Lenders,
and by its execution and delivery of this Amendment, each of the Parent, the Borrower and each other Loan Party does hereby confirm and
acknowledge to the Administrative Agent and the Lenders, that (a) the execution, delivery and performance of this Amendment has
been duly authorized by all requisite corporate or limited liability company action, as applicable, on the part of the Parent, the Borrower
and each other Loan Party, (b) the Credit Agreement and each other Loan Document to which it is a party constitute valid and legally
binding agreements enforceable against each of the Parent, the Borrower and each other Loan Party in accordance with their respective
terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other
similar laws relating to or affecting the enforcement of creditors’ rights generally and by general principles of equity, and (c) the
representations and warranties by each of the Parent, the Borrower and each other Loan Party contained in Article V of the Credit
Agreement or any other Loan Document to which such entity is a party are true and correct on and as of the Effective Date in all material
respects (or if such representation or warranty is qualified by or subject to a “materiality”, “material adverse effect”,
 “material adverse change” or any similar term or qualification, such representation or warranty shall be true and correct
in all respects) as though made on and as of the date hereof, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case was true and correct, in all material respects (or if such representation or warranty is qualified
by or subject to a “materiality”, “material adverse effect”, “material adverse change” or any similar
term or qualification, such representation or warranty shall continue to be true and correct in all respects) as of such earlier date,
and (d) no Default or Event of Default exists under the Credit Agreement or any of the other Loan Documents.

 

Section 5.           Post-Closing.
The Borrower shall have delivered to the Administrative Agent not later than sixty (60) days after the Effective Date (or such later
date as the Administrative Agent shall agree in its reasonable discretion): (a) duly authorized and executed amendments to certain
of the existing mortgages, in form and substance reasonably acceptable to the Administrative Agent (in a sufficient number of counterparts
to permit the recording or filing thereof in each applicable jurisdiction), extending the maturity date set forth in such existing mortgages
to May 31, 2024, and (b) duly authorized and executed Mortgages, in form and substance reasonably acceptable to the Administrative
Agent sufficient to grant, evidence and perfect first-priority Liens covering at and at least 90% of the PV9 Value of the Proved Reserves
and at least 90% of the PV9 Value of the Proved Developed Producing Reserves attributable to the Engineered Oil and Gas Properties included
in the Borrower’s most recent Engineering Report provided to the Administrative Agent and the Lenders pursuant to the terms and
conditions of Section 6.12(b) of the Credit Agreement, and any opinions or related financing statements and such other matters
as the Administrative Agent shall reasonably request.

 

Section 6.           Fees.
Concurrently with the effectiveness of this Amendment, the Borrower shall pay (i) to the Administrative Agent for the account of
each Lender an extension fee equal to thirty-five (35) basis points on each such Lender’s Applicable Percentage of the Borrowing
Base as redetermined by this Amendment and (ii) any and all other fees then due and payable pursuant to any fee letter in connection
with this Amendment.

 

    4 

     

    

  

Section 7.           Waiver.
The Administrative Agent and each Lender hereby waives any breach (if any) of the Credit Agreement or any other Loan Document arising
directly or indirectly from the Borrower’s failure to deliver any required minimum hedging certificate pursuant to Section 6.19(ii) of
the Credit Agreement for any calendar month ending prior to November 30, 2022.

 

Section 8.           Miscellaneous.

 

8.1           Confirmation
and Effect and No Waiver. The provisions of the Credit Agreement (as modified by this Amendment) shall remain in full force and effect
in accordance with its terms following the effectiveness of this Amendment. Each reference in the Credit Agreement to “this Agreement”,
 “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the Credit
Agreement as modified hereby, and each reference to the Credit Agreement in any other document, instrument or agreement executed and/or
delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as modified hereby. This Amendment
is a Loan Document for all purposes under the Loan Documents. Except as expressly set forth in Section 7, the execution, delivery
and effectiveness of this Amendment shall not operate as a waiver of any default of the Public Parent, the Parent, the Borrower or any
other Loan Party or any right, power or remedy of the Administrative Agent or the Lenders under any of the Loan Documents, nor constitute
a waiver of any provision of any of the Loan Documents. This Amendment shall serve as a modification to the Credit Agreement, but shall
not extinguish or novate the Loans or any other Obligation under the Credit Agreement.

 

8.2           Ratification
and Affirmation of Loan Parties. Each of the Loan Parties hereby expressly (a) acknowledges the terms of this Amendment, (b) ratifies
and affirms all of their respective Obligations and each of their other obligations under the Credit Agreement and the other Loan Documents
to which it is a party, as modified hereby, (c) acknowledges, renews and extends its continued liability under the Credit Agreement
and the other Loan Documents to which it is a party, as modified hereby, (d) ratifies and affirms all Liens granted by it pursuant
to the Loan Documents to secure the Secured Obligations (except to the extent that such Liens have been released in accordance with the
Loan Documents) and affirms that after giving effect to this Amendment, the terms of the Security Instruments secure, and will continue
to secure, all Secured Obligations thereunder, and (e) agrees that its guarantee under the Guaranty, if applicable, and the other
Loan Documents to which it is a party, as modified hereby, remains in full force and effect with respect to the Obligations.

 

8.3           Counterparts.
This Amendment may be executed in counterparts (and by different parties hereto in 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 Amendment by facsimile or electronic (e.g., pdf) transmission shall be effective as delivery of a manually executed
original counterpart hereof.

 

8.4           No
Oral Agreement. This written Agreement, the Credit Agreement and the other Loan Documents
executed in connection herewith and therewith represent the final agreement among the parties 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 

     

    

 

8.5           Governing
Law. This 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.

 

8.6           Payment
of Expenses. The Borrower agrees to pay or reimburse the Administrative Agent for fees and expenses in connection with this Amendment
pursuant to the terms and conditions of Section 10.04 of the Credit Agreement.

 

8.7           Severability.
If any provision of this Amendment is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Amendment shall not be affected or impaired thereby and (b) the parties shall endeavor in good
faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes
as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

8.8           Successors
and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns as permitted under Section 10.06 of the Credit Agreement.

 

[Signature pages follow]

 

    6 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be duly executed effective as of the date first written above.

 

	BORROWER:	AMPLIFY ENERGY OPERATING LLC,
	 	a Delaware limited liability company,

    as the Borrower
	 	
	 	By:	/s/
    Jason McGlynn
	 	Name:	Jason McGlynn
	 	Title: 	Senior Vice President and Chief Financial Officer
	 	
	PARENT:	AMPLIFY ACQUISITIONCO LLC,
	 	a Delaware limited liability company,

    as the Parent
	 	
	 	By:	/s/ Jason McGlynn
	 	Name:	Jason McGlynn
	 	Title: 	Senior Vice President and Chief Financial Officer

 

[Signature
Page to Seventh Amendment to Credit Agreement

Amplify
Energy Operating LLC]

 

    

     

    

 

	GUARANTORS:	AMPLIFY ENERGY SERVICES LLC,
	 	a Delaware limited liability company
	 	
	 	By:	/s/
    Jason McGlynn
	 	Name:	Jason McGlynn
	 	Title:	Senior Vice President and Chief Financial Officer
	 	
	 	BETA OPERATING COMPANY, LLC,
	 	a Delaware limited liability company
	 	
	 	By:	/s/ Jason McGlynn
	 	Name:	Jason McGlynn
	 	Title:	Senior Vice President and Chief Financial Officer
	 	
	 	SAN PEDRO BAY PIPELINE COMPANY,
	 	a California corporation
	 	
	 	By:	/s/ Jason McGlynn
	 	Name:	Jason McGlynn
	 	Title:	Senior Vice President and Chief Financial Officer
	 	
	 	AMPLIFY OKLAHOMA OPERATING LLC,
	 	a Delaware limited liability company
	 	
	 	By:	/s/ Jason McGlynn
	 	Name:	Jason McGlynn
	 	Title:	Senior Vice President and Chief Financial Officer

 

[Signature
Page to Seventh Amendment to Credit Agreement

Amplify
Energy Operating LLC]

 

    

     

    

 

	ADMINISTRATIVE AGENT 

    AND LENDER:	KEYBANK NATIONAL ASSOCIATION, as

    Administrative Agent and as a Lender
	 	 
	 	By:	/s/ David M. Bornstein
	 	Name:	David M. Bornstein
	 	Title:	Senior Vice President

 

[Signature
Page to Seventh Amendment to Credit Agreement

Amplify
Energy Operating LLC]

    

     

    

 

	LENDER:	BANK OF MONTREAL, as a Lender
	 	 
	 	By:	/s/
    Radhika Kapur
	 	Name:	Radhika Kapur
	 	Title:	Vice President

 

[Signature
Page to Seventh Amendment to Credit Agreement

Amplify
Energy Operating LLC]

 

    

     

    

 

	LENDER:	BANK OF AMERICA, N.A., as a Lender
	 	
	 	By:	/s/
    Christopher Baethge
	 	Name:	Christopher Baethge
	 	Title:	Vice President

 

[Signature
Page to Seventh Amendment to Credit Agreement

Amplify
Energy Operating LLC]

 

    

     

    

 

	LENDER: 	CITIBANK, N.A., as a Lender
	 	
	 	By:	/s/
    Cliff Vaz
	 	Name:	Cliff Vaz
	 	Title:	Vice President

 

[Signature
Page to Seventh Amendment to Credit Agreement

Amplify
Energy Operating LLC]

 

    

     

    

 

	LENDER:	DNB CAPITAL LLC, as a Lender
	 	
	 	By:	/s/ Kevin Utsey
	 	Name:	Kevin Utsey
	 	Title:	Senior Vice President

 

	 	By:	/s/
    Scott Joyce
	 	Name:	Scott Joyce
	 	Title:	Senior Vice President

 

[Signature
Page to Seventh Amendment to Credit Agreement

Amplify
Energy Operating LLC]

 

    

     

    

 

	LENDER:	REGIONS BANK, as a Lender
	 	 
	 	By:	/s/
    J. Patrick Carrigan
	 	Name:	J. Patrick Carrigan
	 	Title:	Senior Vice President

 

[Signature
Page to Seventh Amendment to Credit Agreement

Amplify
Energy Operating LLC]

 

    

     

    

 

	LENDER:	U.S. BANK NATIONAL ASSOCIATION,

    as a Lender
	 	
	 	By:	/s/
    John C. Lozano
	 	Name:	John C. Lozano
	 	Title:	Senior Vice President

 

[Signature
Page to Seventh Amendment to Credit Agreement

Amplify
Energy Operating LLC]

 

    

     

    

 

	LENDER:	TRUIST BANK,
 as a Lender
	 	
	 	By:	/s/
    William S Krueger
	 	Name:	William S Krueger
	 	Title:	Senior Vice President

 

[Signature
Page to Seventh Amendment to Credit Agreement

Amplify
Energy Operating LLC]

 

    

     

    

 

	LENDER:	CANADIAN IMPERIAL BANK OF COMMERCE,

    NEW YORK BRANCH, as a Lender
	 	 
	 	By:	/s/
    Kevin A. James
	 	Name:	Kevin A. James
	 	Title:	Authorized Signatory
	 	 
	 	By:	/s/ Donovan C.
    Broussard
	 	Name:	Donovan C. Broussard
	 	Title:	Authorized Signatory

 

    

     

    

 

	LENDER:	OCM ENGY Holdings, LLC, as a Lender
	 	 
	 	By:	Oaktree Fund GP, LLC
	 	Its: 	Manager
	 	 
	 	By:	Oaktree Fund GP I, L.P.
	 	Its: 	Managing Member
	 	 
	 	By:	/s/ Allen Li
	 	Name:	Allen Li
	 	Title:	Authorized Signatory
	 	 
	 	By:	/s/ Jared Parker
	 	Name:	Jared Parker
	 	Title:	Authorized Signatory

 

    

     

    

 

	LENDER:	UBS AG, STAMFORD BRANCH, as a Lender
	 	 
	 	By:	/s/
    Danielle Calo
	 	Name:	Danielle Calo
	 	Title:	Associate Director
	 	 
	 	By:	/s/ Houssem Daly
	 	Name:	Houssem Daly
	 	Title:	Director

 

    

     

    

 

	LENDER:	GOLDMAN SACHS BANK USA, as a Lender
	 	 
	 	By:	/s/
    Andrew Vernon
	 	Name:	Andrew Vernon
	 	Title:	Authorized Signatory

 

    

     

    

 

EXHIBIT A

 

(see attached)

 

     

     

    

 

Exhibit A

to Borrowing Base Redetermination Agreement

and Seventh Amendment to Credit Agreement

 

CREDIT AGREEMENT

 

Dated as of November 2,
2018

 

among

 

AMPLIFY ENERGY OPERATING
LLC

as the Borrower,

 

AMPLIFY ACQUISITIONCO
INC.,

as Parent

 

BANK OF MONTREAL,

as Administrative Agent

 

and

 

an L/C Issuer,

 

BANK OF AMERICA,
N.A. and CITIBANK, N.A.,

as Co-Syndication Agents

 

REGIONS BANK and
U.S. BANK, NATIONAL ASSOCIATION,

as Co-Documentation Agents

 

and

 

The Other Lenders
Party Hereto

 

 

BMO CAPITAL MARKETS
CORP.,

MERRILL LYNCH, PIERCE, FENNER & SMITH, INCORPORATED,

CITIBANK N.A.

REGIONS CAPITAL MARKETS, a division of Regions Bank

U.S. BANK, NATIONAL ASSOCIATION,

as Joint Lead Arrangers

 

and

 

BMO CAPITAL MARKETS
CORP.,

as Sole Bookrunner

 

     

     

    

  

TABLE OF CONTENTS

 

	 	 	 	 	 	Page
	ARTICLE I	DEFINITIONS
                                            AND ACCOUNTING TERMS	 	 	7
	 	 	 	 	 
	Section 1.01	 	Defined
    Terms	 	 	7
	Section 1.02	 	Other
    Interpretive Provisions	 	 	52
	Section 1.03	 	Accounting
    Terms	 	 	53
	Section 1.04	 	Petroleum
    Terms	 	 	54
	Section 1.05	 	Rounding	 	 	54
	Section 1.06	 	Times
    of Day	 	 	54
	Section 1.07	 	Letter
    of Credit Amounts	 	 	54
	Section 1.08	 	Divisions	 	 	54
	Section 1.09	 	Benchmark
    Notification	 	 	54
	 	 	 	 	 	 
	ARTICLE II	THE
                                            COMMITMENTS AND CREDIT EXTENSIONS	 	 	55
	 	 	 	 	 
	Section 2.01	 	Committed
    Loans	 	 	55
	Section 2.02	 	Committed
    Borrowings, Conversions and Continuations of Committed Loans	 	 	56
	Section 2.03	 	Letters
    of Credit	 	 	57
	Section 2.04	 	Increases
    of Aggregate Commitments	 	 	66
	Section 2.05	 	Borrowing
    Base	 	 	67
	Section 2.06	 	Prepayments	 	 	70
	Section 2.07	 	Termination
    or Reduction of Commitments	 	 	72
	Section 2.08	 	Repayment
    of Loans	 	 	73
	Section 2.09	 	Interest	 	 	73
	Section 2.10	 	Fees	 	 	74
	Section 2.11	 	Computation
    of Interest and Fees	 	 	74
	Section 2.12	 	Evidence
    of Debt	 	 	75
	Section 2.13	 	Payments
    Generally; Administrative Agent’s Clawback	 	 	75
	Section 2.14	 	Sharing
    of Payments by Lenders	 	 	77
	Section 2.15	 	Defaulting
    Lenders	 	 	77
	 	 	 	 	 	 
	ARTICLE III	TAXES,
                                            YIELD PROTECTION AND ILLEGALITY	 	 	80
	 	 	 	 	 
	Section 3.01	 	Taxes	 	 	80
	Section 3.02	 	Illegality	 	 	83
	Section 3.03	 	Inability
    to Determine Rates; Benchmark Replacement Settings	 	 	84
	Section 3.04	 	Increased
    Costs; Reserves on EurodollarSOFR
    Rate Loans	 	 	87
	Section 3.05	 	Compensation
    for Losses	 	 	89

 

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	Section 3.06	 	Mitigation
    Obligations; Replacement of Lenders	 	 	89
	Section 3.07	 	Survival	 	 	90
	 	 	 	 	 	 
	ARTICLE IV	CONDITIONS
                                            PRECEDENT TO CREDIT EXTENSIONS	 	 	90
	 	 	 	 	 
	Section 4.01	 	Conditions
    to Initial Credit Extension	 	 	90
	Section 4.02	 	Conditions
    to All Credit Extensions	 	 	94
	 	 	 	 	 	 
	ARTICLE V	REPRESENTATIONS
                                            AND WARRANTIES	 	 	96
	 	 	 	 	 
	Section 5.01	 	Existence,
    Qualification and Power	 	 	96
	Section 5.02	 	Authorization;
    No Contravention	 	 	96
	Section 5.03	 	Governmental
    Authorization; Other Consents	 	 	96
	Section 5.04	 	Binding
    Effect	 	 	96
	Section 5.05	 	Financial
    Statements; No Material Adverse Effect	 	 	97
	Section 5.06	 	Litigation	 	 	97
	Section 5.07	 	No
    Default	 	 	98
	Section 5.08	 	Ownership
    of Property; Liens	 	 	98
	Section 5.09	 	Environmental
    Compliance	 	 	98
	Section 5.10	 	Insurance	 	 	99
	Section 5.11	 	Taxes	 	 	99
	Section 5.12	 	ERISA
    Compliance	 	 	99
	Section 5.13	 	Subsidiaries;
    Equity Interests; Loan Parties	 	 	100
	Section 5.14	 	Margin
    Regulations; Investment Company Act	 	 	100
	Section 5.15	 	Disclosure	 	 	100
	Section 5.16	 	Compliance
    with Laws	 	 	101
	Section 5.17	 	Solvency	 	 	101
	Section 5.18	 	Casualty,
    Etc.	 	 	101
	Section 5.19	 	Labor
    Matters	 	 	101
	Section 5.20	 	Security
    Instruments	 	 	101
	Section 5.21	 	Engineered
    Oil and Gas Properties	 	 	102
	Section 5.22	 	Sale
    of Production	 	 	103
	Section 5.23	 	OFAC;
    Sanctions	 	 	103
	Section 5.24	 	Anti-Corruption
    Laws	 	 	103
	Section 5.25	 	PATRIOT
    Act	 	 	104
	 	 	 	 	 	 
	ARTICLE VI	AFFIRMATIVE
                                            COVENANTS	 	 	104
	 	 	 	 	 
	Section 6.01	 	Financial
    Statements	 	 	104

 

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	Section 6.02	 	Certificates;
    Other Information	 	 	106
	Section 6.03	 	Notices	 	 	108
	Section 6.04	 	Payment
    of Obligations	 	 	109
	Section 6.05	 	Preservation
    of Existence, Etc.	 	 	110
	Section 6.06	 	Maintenance
    of Properties	 	 	110
	Section 6.07	 	Maintenance
    of Insurance	 	 	110
	Section 6.08	 	Compliance
    with Laws	 	 	111
	Section 6.09	 	Books
    and Records	 	 	111
	Section 6.10	 	Inspection
    Rights	 	 	111
	Section 6.11	 	Use
    of Proceeds	 	 	111
	Section 6.12	 	Covenant
    to Guarantee Obligations and Give Security	 	 	111
	Section 6.13	 	Compliance
    with Environmental Laws	 	 	114
	Section 6.14	 	Further
    Assurances	 	 	114
	Section 6.15	 	Production
    Proceeds	 	 	114
	Section 6.16	 	Anti-Corruption,
    Anti-Terrorism; Anti-Money Laundering Laws; and Sanctions	 	 	115
	Section 6.17	 	Post-Closing
    Changes	 	 	115
	Section 6.18	 	Deposit
    Accounts, Securities Accounts and Commodities Accounts	 	 	115
	Section 6.19	 	Minimum
    Hedging Requirements	 	 	116
	Section 6.20	 	Post-Closing
    Covenants - Supplemental Title Information	 	 	116
	 	 	 	 	 	 
	ARTICLE VII	NEGATIVE
                                            COVENANTS	 	 	117
	 	 	 	 	 
	Section 7.01	 	Liens	 	 	117
	Section 7.02	 	Investments	 	 	119
	Section 7.03	 	Indebtedness	 	 	120
	Section 7.04	 	Fundamental
    Changes	 	 	123
	Section 7.05	 	Dispositions	 	 	124
	Section 7.06	 	Restricted
    Payments	 	 	125
	Section 7.07	 	Change
    in Nature of Business	 	 	126
	Section 7.08	 	Transactions
    with Affiliates	 	 	127
	Section 7.09	 	Burdensome
    Agreements	 	 	127
	Section 7.10	 	Use
    of Proceeds	 	 	127
	Section 7.11	 	Financial
    Covenants	 	 	128

 

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	Section 7.12	 	Hedge
    Transactions	 	 	128
	Section 7.13	 	Sanctions	 	 	129
	Section 7.14	 	Anti-Corruption
    Laws	 	 	130
	Section 7.15	 	Prepayment
    of Restricted Debt	 	 	130
	Section 7.16	 	Limitation
    on Leases	 	 	130
	Section 7.17	 	Take-or-Pay
    or Other Prepayments	 	 	130
	Section 7.18	 	Marketing
    Activities	 	 	130
	Section 7.19	 	No
    Foreign Subsidiaries or Foreign Operations	 	 	131
	Section 7.20	 	Amendments
    to Organization Documents	 	 	131
	Section 7.21	 	Holding
    Company	 	 	131
	 	 	 	 	 	 
	ARTICLE VIII	EVENTS
                                            OF DEFAULT AND REMEDIES	 	 	131
	 	 	 	 	 
	Section 8.01	 	Events
    of Default	 	 	131
	Section 8.02	 	Remedies
    Upon Event of Default	 	 	134
	Section 8.03	 	Application
    of Funds	 	 	134
	 	 	 	 	 	 
	ARTICLE IX	ADMINISTRATIVE
                                            AGENT	 	 	135
	 	 	 	 	 
	Section 9.01	 	Appointment
    and Authority	 	 	135
	Section 9.02	 	Rights
    as a Lender	 	 	136
	Section 9.03	 	Exculpatory
    Provisions	 	 	136
	Section 9.04	 	Reliance
    by Administrative Agent	 	 	137
	Section 9.05	 	Delegation
    of Duties	 	 	137
	Section 9.06	 	Resignation
    of Administrative Agent	 	 	138
	Section 9.07	 	Non-Reliance
    on Administrative Agent and Other Lenders	 	 	139
	Section 9.08	 	No
    Other Duties, Etc.	 	 	139
	Section 9.09	 	Administrative
    Agent May File Proofs of Claim	 	 	139
	Section 9.10	 	Collateral
    and Guaranty Matters	 	 	140
	Section 9.11	 	Flood
    Insurance	 	 	141
	Section 9.12	 	Intercreditor
    Agreements	 	 	141
	Section 9.13	 	Enforcement	 	 	141
	Section 9.14	 	Credit
    Bidding	 	 	142
	Section 9.15	 	Certain
    ERISA Matters	 	 	143
	Section 9.16	 	Payments
    in Error	 	 	144

 

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	ARTICLE X	MISCELLANEOUS	 	 	146
	 	 	 	 	 
	Section 10.01	 	Amendments,
    Etc	 	 	146
	Section 10.02	 	Notices;
    Effectiveness; Electronic Communication	 	 	148
	Section 10.03	 	No
    Waiver; Cumulative Remedies	 	 	150
	Section 10.04	 	Expenses;
    Indemnity; Damage Waiver	 	 	150
	Section 10.05	 	Payments
    Set Aside	 	 	153
	Section 10.06	 	Successors
    and Assigns	 	 	153
	Section 10.07	 	Treatment
    of Certain Information; Confidentiality	 	 	158
	Section 10.08	 	Right
    of Setoff	 	 	159
	Section 10.09	 	Interest
    Rate Limitation	 	 	159
	Section 10.10	 	Counterparts;
    Integration; Effectiveness	 	 	159
	Section 10.11	 	Survival
    of Representations and Warranties	 	 	161
	Section 10.12	 	Severability	 	 	161
	Section 10.13	 	Replacement
    of Lenders	 	 	161
	Section 10.14	 	Governing
    Law; Jurisdiction; Etc.	 	 	162
	Section 10.15	 	Waiver
    of Jury Trial	 	 	163
	Section 10.16	 	No
    Advisory or Fiduciary Responsibility	 	 	164
	Section 10.17	 	USA
    PATRIOT Act Notice	 	 	164
	Section 10.18	 	Electronic
    Execution of Assignments and Certain Other Documents	 	 	164
	Section 10.19	 	Keepwell	 	 	165
	Section 10.20	 	Acknowledgement
    Regarding Any Supported QFCs	 	 	165

 

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Schedules and
Exhibits

 

	Schedule 2.01	 	Commitments and Applicable Percentages
	Schedule 5.03	 	Governmental Authorizations
	Schedule 5.06	 	Litigation
	Schedule 5.09	 	Environmental Matters
	Schedule 5.13	 	Subsidiaries, Other Equity Investments and Loan Party
    Information
	Schedule 5.22	 	Sale of Production
	Schedule 7.01	 	Existing Liens
	Schedule 7.02	 	Existing Investments
	Schedule 7.03	 	Existing Indebtedness
	Schedule 10.02	 	Administrative Agent’s Office; Certain Addresses
    for Notices
	 	 	 
	Exhibit A	 	Form of Committed Loan Notice
	Exhibit B	 	Form of Prepayment Notice
	Exhibit C	 	Form of Note
	Exhibit D	 	Form of Compliance Certificate
	Exhibit E	 	Form of Assignment and Assumption
	Exhibit F	 	Form of Solvency Certificate
	Exhibit G	 	Form of Guaranty
	Exhibit H	 	Form of Mortgage
	Exhibit I	 	Form of Security Agreement
	Exhibit J	 	Form of Junior Lien Intercreditor Agreement
	Exhibit K	 	Form of Public Parent Pledge Agreement
	Exhibit L	 	Form of Commitment Increase Agreement
	Exhibit M	 	Form of Additional Lender Agreement
	Exhibit N	 	Form of Intermediate Parent Pledge Agreement

 

    vi 

     

    

 

CREDIT AGREEMENT

 

This CREDIT AGREEMENT is entered
into as of November 2, 2018 among AMPLIFY ENERGY OPERATING LLC, a Delaware limited liability company (the “Borrower”),
AMPLIFY ACQUISITIONCO INC., as Delaware corporation (the “Parent”), each LENDER from time to time party hereto (collectively,
the “Lenders” and individually, a “Lender”) and BANK OF MONTREAL, as Administrative Agent and an
L/C Issuer.

 

PRELIMINARY STATEMENTS:

 

WHEREAS, the Borrower, as
borrower, and Parent have heretofore entered into that certain Amended and Restated Credit Agreement dated as of May 4, 2017, with
Wells Fargo Bank, N.A., as administrative agent, and the other banks and financial institutions party thereto, pursuant to which
the Borrower incurred certain Indebtedness as loans or reimbursement obligations in respect of letters of credit issued for its benefit
or the benefit of one or more of its Subsidiaries;

 

WHEREAS, the Borrower has
requested that (i) on the Closing Date, the Lenders provide Committed Loans to the Borrower (but subject to compliance with Section 4.01(k) regarding
the minimum remaining Available Commitment) and (ii) at any time and from time to time after the Closing Date, the Lenders provide
Committed Loans to the Borrower subject to the Available Commitment, and the Borrower has requested that each L/C Issuer issue Letters
of Credit (subject to the Available Commitment) at any time and from time to time prior to the Letter of Credit Expiration Date (including
on the Closing Date to back stop and/or replace any existing letter of credit, in an aggregate stated amount at any time outstanding not
in excess of $50,000,000;

 

WHEREAS, on the Closing Date,
the proceeds of the Committed Loans will be used by the Borrower to refinance the Indebtedness under the Existing Credit Agreement and
following the Closing Date, the proceeds of the Committed Loans will be used by the Borrower for the acquisition, development and exploration
of Oil and Gas Properties and for working capital and other general corporate purposes of the Borrower and the other Loan Parties and
Restricted Subsidiaries and to make Investments and Restricted Payments (in each case, to the extent permitted under this Agreement),
and the Letters of Credit will be used by the Borrower and the other Loan Parties and Restricted Subsidiaries for general corporate purposes,
including to secure any surety and bonding requirements and to support deposits required under purchase agreements pursuant to which the
Borrower and the other Loan Parties and Restricted Subsidiaries may acquire Oil and Gas Properties and other assets;

 

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

 

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

 

Section 1.01     Defined
Terms. As used in this Agreement, the following terms shall have the meanings set forth below:

 

“Adjusted
Daily Simple SOFR” means with respect to a Daily Simple SOFR Loan, the
greater of (1) the sum of (a) Daily Simple SOFR and (b) the applicable SOFR Index Adjustment and (2) the Floor.

 

    7

     

    

 

“Adjusted
Term SOFR” means for any Available Tenor and Interest Period with respect to a SOFR Rate Loan, the greater of (1) sum of (a) Term
SOFR for such Interest Period and (b) the applicable SOFR Index Adjustment and (2) the Floor.

 

“Administrative Agent”
means Bank of Montreal in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

 

“Administrative Agent
Fee Letter” means that certain Administrative Agent Fee Letter, dated as of October 12, 2018, among the Administrative
Agent and the Borrower.

 

“Administrative Agent’s
Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02,
or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders.

 

“Administrative Questionnaire”
means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

“Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affiliate”
means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled
by or is under common Control with the Person specified.

 

“Agent Parties”
has the meaning specified in Section 10.02(c).

 

“Aggregate Commitments”
means the Commitments of all the Lenders. As of the ClosingSeventh
Amendment Effective Date, the amount of the Aggregate Commitments is $425,000,000215,000,000.

 

“Aggregate Exposure”
means, with respect to any Lender, at any time, the sum of (a) the aggregate Outstanding Amount of the Committed Loans of such Lender
plus (b) such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations.

 

“Agreement”
means this Credit Agreement, as the same may be further amended from time to time.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Parent, the Borrower or its Subsidiaries
from time to time concerning or relating to bribery or corruption.

 

“Applicable Percentage”
means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented
by such Lender’s Commitment at such time. If the commitment of each Lender to make Committed Loans and the obligation of each L/C
Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02 or if the Aggregate Commitments have expired,
then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect,
giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender
on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

 

    8

     

    

 

“Applicable
Rate” means,

 

Prior
to the Beta Properties Recommencement Date, the applicable percentage per
annum set forth below, based upon the Borrowing Base Utilization Ratio at such date:

 

	 	 	Applicable Rate*	 	 
	Borrowing Base

Utilization Ratio	 	Base Rate	 	SOFR Rate +

Letters of Credit	 	Commitment Fee
	> 90%	 	3.750%	 	4.750%	 	.500%
	> 75% and ≤ 90%	 	3.500%	 	4.500%	 	.500%
	> 50% and ≤ 75%	 	3.250%	 	4.250%	 	.500%
	> 25% and ≤ 50%	 	3.000%	 	4.000%	 	.500%
	≤ 25%	 	2.750%	 	3.7500%	 	.500%

 

    9

     

    

 

“Applicable
Rate” means, at any dateAfter
the Beta Properties Recommencement Date, the applicable percentage per annum set forth below, based upon the Borrowing Base
Utilization Ratio at such date:

 

	 	 	Applicable Rate*	 	 
	Borrowing Base

Utilization Ratio	 	Base Rate	 	EurodollarSOFR Rate +

Letters of Credit	 	Commitment Fee
	> 90%	 	2.5003.000%	 	3.5004.000%	 	0.500%
	> 75% and ≤ 90%	 	2.2502.725%	 	3.2503.725%	 	0.500%
	> 50% and ≤ 75%	 	2.0002.500%	 	3.0003.500%	 	0.500%
	> 25% and ≤ 50%	 	1.7252.250%	 	2.7253.250%	 	0.500%
	≤ 25%	 	1.5002.000%	 	2.5003.000%	 	0.500%

 

Each change in the Applicable
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 Parent or the Borrower fails to deliver an Engineering
Report pursuant to Section 6.01(e) or (f) and such failure continues for more than 30 days from the date
when such Engineering Report is due, then the “Applicable Rate” and the “Commitment Fee” means the rate per annum
set forth on the applicable grid when the applicable Borrowing Base Utilization Ratio is at its highest level; provided further
that the Applicable Rate and Commitment Fee shall revert to the previous Applicable Rate and Commitment Fee upon the delivery by the Parent
or the Borrower of such Engineering Report.

 

“Approved Counterparty”
means (a) any Lender or any Affiliate of a Lender, (b) any other Person that has a long term senior unsecured debt rating of
BBB+/Baa1 by S&P or Moody’s (or their equivalent) or higher at the time the relevant Hedge Transaction is entered into (including,
for the sake of clarity, any other Person the obligations of which under Hedge Transactions with Loan Parties are guaranteed by a credit
support provider that has a long term senior unsecured debt rating of BBB+/Baa1 by S&P or Moody’s (or their equivalent) or higher
at the time such Hedge Transaction is entered into) or (c) any other Person that is a Lender Counterparty under the second prong
of the definition thereof.

 

“Approved Fund”
means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate
of an entity that administers or manages a Lender.

 

“Approved Petroleum
Engineers” means (a) DeGolyer and MacNaughton, (b) Netherland, Sewell & Associates, Inc., (c) Ryder
Scott Company, L.P., and (d) at the Borrower’s option, any other independent petroleum engineers selected by the Borrower and
reasonably acceptable to the Administrative Agent.

 

“Arranger”
means each of BMO Capital Markets Corp., Merrill Lynch, Pierce, Fenner & Smith, Incorporated (or any other registered broker-dealer
wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’
investment banking, commercial lending services or related businesses may be transferred following the Closing Date), Citibank N.A., Regions
Capital Markets, a division of Regions Bank, and U.S. Bank, National Association, in the capacity of joint lead arranger in respect of
this Agreement.

 

    10

     

    

 

“Assignee Group”
means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor.

 

“Assignment and Assumption”
means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required
by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit E or any
other form approved by the Administrative Agent.

 

“Attributable Indebtedness”
means, on any date, (a) in respect of any Capital Lease of any Person, the capitalized amount thereof that would appear on a balance
sheet of such Person prepared as of such date in accordance with GAAP and (b) in respect of any Synthetic Lease Obligation, the capitalized
amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such
date in accordance with GAAP if such lease were accounted for as a Capital Lease.

 

“Auto-Extension Letter
of Credit” has the meaning specified in Section 2.03(c)(iii).

 

“Auto-Reinstatement
Letter of Credit” has the meaning specified in Section 2.03(c)(iv).

 

“Availability Period”
means the period from and including the Closing Date to the earliest of (a) the Maturity Date, (b) the date of termination of
the Aggregate Commitments pursuant to Section 2.07 and (c) the date of termination of the commitment of each Lender to
make Committed Loans and of the obligation of the L/C Issuers to make L/C Credit Extensions pursuant to Section 8.02.

 

“Available Commitment”
means, at any time of determination, the remainder of (a) the Facility Limit at such time minus (b) the Total Outstandings.

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable,
(x) if the then-currentsuch
Benchmark is a term rate, any tenor for such Benchmark (or component thereof)
that is or may be used for determining the length of an Interest Periodinterest
period pursuant to this Agreement, or (y) otherwise, any payment period for interest calculated with reference to such
Benchmark, as applicable, pursuant to this Agreement as of such date. (or
component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such
Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed
from the definition of “Interest Period” pursuant to Section 3.03(b)(iv).

 

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

 

“Bail-In
Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the
European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA
Member Country from time to time that is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom,
Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation, rule or requirement
applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions
or their affiliates (other than through liquidation, administration or other insolvency proceedings).

 

    11

     

    

 

“Bankruptcy Code”
means Title 11 of the United States Code, or any similar federal or state law for the relief of debtors.

 

“Base
Rate” means, for any day,
a fluctuating rate per annum equal to the highest of (i) the Federal Funds Rate in
effect on such day plus 1/2 of 1.000.50%,
(ii) the rate of interest in effect for such day as publicly announced from time to time by the Administrative Agent as its “prime
rate” and (iii) the Eurodollar Rate,
which interest rate may or may not be the lowest rate charged by it for commercial loans or other extensions of credit, and (iii) Adjusted
Term SOFR for a one month Interest Periodtenor
in effect on such day (after giving effect to clause (ii) of
the final paragraph of the definition thereof) plus 1.00% per annum; provided that if at any time the Base Rate shall
be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement. The “prime rate” is a rate set by the
Administrative Agent based upon various factors including the Administrative Agent’s costs and desired return, general economic
conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced
rate. Any change in such prime rate announced by the Administrative Agent shall take effect at the opening of business on the day specified
in the public announcement of such change.or if such day
is not a Business Day, the immediately preceding Business Day) plus 1.00%. Any change in the Base Rate due to a change in the prime rate,
the Federal Funds Rate or Adjusted Term SOFR shall be effective from and including the effective date of such change in the prime rate,
the Federal Funds Rate or Adjusted Term SOFR, respectively.

 

“Base Rate Loan”
means a Committed Loan that bears interest based on the Base Rate.

 

“Benchmark”
means, initially, LIBORwith
respect to (a) any Daily Simple SOFR Loan, Daily Simple SOFR, and (b) any Term SOFR Loan, Term SOFR; provided
that if a replacement for the Benchmark Transition
Event has occurred pursuant to Section 3.03with
respect to the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent
that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to “Benchmark”
shall include, as applicable, the published component used in the calculation thereof pursuant
to Section 3.03(b).

 

“Benchmark
Replacement” means, for any Available Tenor:

 

(1)            for
purposes of clause (b) of Section 3.03, the first alternative set forth below that
can be determined by the Administrative Agent:

 

(a)            the
sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, 0.26161%
(26.161 basis points) for an Available Tenor of three-months’ duration, and 0.42826% (42.826 basis points) for an Available Tenor
of six-months’ duration; provided, that, if the Borrower has provided a notification to the Administrative Agent in writing on or
prior to the date on which the Benchmark Replacement will become effective that the Borrower has a Hedge Transaction in place with respect
to any of the Loans as of the date of such notice (which such notification the Administrative Agent shall be entitled to rely upon and
shall have no duty or obligation to ascertain the correctness or completeness of), then the Administrative Agent, in its sole discretion,
may decide not to determine the Benchmark Replacement pursuant to this clause (1)(a) for such Benchmark Transition Event or Early
Opt-in Election, as applicable; or

 

    12

     

    

 

(b)            the
sum of: (i) Daily Simple SOFR and (ii) the spread adjustment for an Available Tenor of one-month’s duration (0.11448%
(11.448 basis points));

 

provided, however,
that if an Early Opt-in Election has been made, the Benchmark Replacement will be the benchmark selected in connection with such Early
Opt-in Election; and

 

(2)            for
purposes of clause (c) Section 3.03“Benchmark
Replacement” means, with respect to any Benchmark Transition
Event for the then-current Benchmark, the sum of: (ai)
the alternate benchmark rate and (b) an adjustment (which may be a positive or negative value, or
zero), in each case, that has been selected pursuant to this clause (2) by
the Administrative Agent and the Borrower as the replacement for such Available Tenor of such Benchmark
giving due consideration to (A) any selection or recommendation of
a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any
evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant
Governmental Body, for U.S. dollar-denominated syndicated credit facilities for
determining a benchmark rate as a replacement for such Benchmark for syndicated credit facilities denominated in U.S. Dollars
at such time and (ii) the related Benchmark Replacement Adjustment,
if any;

 

provided
that, if thesuch
Benchmark Replacement as so determined pursuant
to clause (1) or (2) above would be less than the Floor, thesuch
Benchmark Replacement will be deemed to be the Floor for allthe
purposes of this Agreement and the other Loan Documents.

 

“Benchmark
Replacement Conforming ChangesAdjustment”
means, with respect to any replacement of any then-current Benchmark with
an Unadjusted Benchmark Replacement, for
any technical, administrative or operational changes (including changes to the definition of “Base
Rate,” the definition of “Business Day ,” the definition of “Interest Period,” timing and frequency of determining
rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability
and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational 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 such 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 and the other Loan
Documents).applicable Available Tenor, the spread adjustment,
or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero), if any, 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 such Benchmark 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 such Benchmark with the applicable
Unadjusted Benchmark Replacement for U.S. Dollar denominated syndicated credit facilities.

 

    13

     

    

 

“Benchmark
Replacement Date” means the earlier to occur of the following events with respect to the then-current Benchmark:

 

(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 such Benchmark
(or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such
Benchmark (or such component thereof); or

 

(b)            in
the case of clause (c) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or
the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator
of such Benchmark (or such component thereof) to be non-representative; provided that such non-representativeness will be determined by
reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark
(or such component thereof) continues to be provided on such date.

 

For
the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or
(b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current
Available Tenors of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark
Transition Event” means, with respect to the then-current Benchmark, the occurrence of one or more of the following events with
respect to such Benchmark:

 

		(a)	a public statement or publication of information
by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such
administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely,
provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available
Tenor of such Benchmark (or such component thereof);

 

    14

     

    

 

“Benchmark
Transition Event” means, with respect to any then-current Benchmark (other than LIBOR), the occurrence of (b)a
public statement or publication of information by or on behalf of the administrator of the then-current
Benchmark, the regulatory supervisor for the administrator of such Benchmark, the (or
the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York,
an insolvency official with jurisdiction over the administrator for such Benchmark (or
such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or
such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark,
announcing or stating that (a) such (or such component),
which states that the administrator of such Benchmark (or such
component) has ceased or will cease on a specified date to provide all Available
Tenors of such Benchmark, (or
such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there
is no successor administrator that will continue to provide any Available Tenor of such Benchmark or
(b) all Available Tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality
that such Benchmark is intended to measure and that representativeness will not be restored.(or
such component thereof); or

 

		(c)	a public statement or publication of information
by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) or the regulatory
supervisor for the administrator of such Benchmark (or such component thereof) announcing that all Available Tenors of such Benchmark
(or such component thereof) are not, or as of a specified future date will not be, representative.

 

For
the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a
public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such
Benchmark (or the published component used in the calculation thereof).

 

“Benchmark
Transition Start Date” means, with respect to any Benchmark, 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).

 

“Benchmark
Unavailability Period” means, with respect to any then-current Benchmark, the period (if any) (i) beginning at the time that
a Benchmark Replacement Date with respect to such Benchmark pursuant to clauses (a) or (b) of that definition has occurred if,
at such time, no Benchmark Replacement has replaced such Benchmark for all purposes hereunder and under any Loan Document in accordance
with Section 3.03(a) and (ii) ending at the time that a Benchmark Replacement has replaced such Benchmark for all purposes
hereunder and under any Loan Document in accordance with Section 3.03(b).

 

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

 

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

 

    15

     

    

 

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

 

“Beta Decommissioning
Trust” means that certain Supplemental Bond for Decommissioning Liabilities Trust Agreement (as the same has been amended or
supplemented from time to time), dated as of March 1, 2007 among U.S. Bank National Association, as trustee, Rise Energy Beta, LLC,
SP Beta Properties, LLC, and Beta Operating Company, LLC, as successor in interest to Pacific Energy Resources LTD., as settlor and Minerals
Management Service of the United States Department of Interior, as beneficiary.

 

“Beta Properties”
means the Oil and Gas Properties comprising the three Pacific Outer Continental Shelf lease blocks (P-0300, P-0301 and P-0306), referred
to as the Beta Unit, in the Beta Field located in federal waters approximately 11 miles offshore the Port of Long Beach, California.

 

“Beta
Properties Recommencement Date” means, the date on which both Beta Operating Company, LLC and San Pedro Bay Pipeline Company, have
received all necessary permits and approvals from each applicable Governmental Authority, and have completed all required testing, in
order to recommence, and have in fact recommenced and reasonably expect to continue on an ongoing basis, commercial production of Hydrocarbons
from the Beta Properties, which date shall be certified by the Borrower in a written notice delivered to the Administrative Agent.

 

“BHC Act Affiliate”
of a party shall mean an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k))
of such party.

 

“Board”
means the Board of Governors of the Federal Reserve System of the United States (or any successor thereto).

 

“Borrower”
has the meaning specified in the introductory paragraph hereto.

 

“Borrower Materials”
has the meaning specified in Section 6.02.

 

“Borrowing Base”
means, on any date, either the amount provided for in Section 2.05(a) or the amount determined in accordance with the
provisions of Section 2.05(b), as the same may be reduced from time to time pursuant to Sections 2.05(c) and
(d).

 

“Borrowing Base Deficiency”
means, as of any date, the amount, if any, by which the Total Outstandings on such date exceeds the Borrowing Base in effect on such date.

 

“Borrowing
Base Reduction Date” shall have the meaning assigned to such term in the Seventh Amendment.

 

“Borrowing Base Utilization
Ratio” means at any time the ratio (expressed as a percentage) determined by taking the Total Outstandings and dividing
by the Borrowing Base.

 

    16

     

    

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws
of, or are in fact closed in, Houston, Texas and Chicago, Illinois, and, if such day relates to any Eurodollar
Rate Loan, means any such day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar
marketSOFR Rate Loan, a
SOFR Business Day.

 

“Capital Lease”
means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as a lessee that, in conformity
with GAAP, is, or is required to be, accounted for as a capital lease on the balance sheet of that Person; provided that leases
that are recharacterized as Capital Leases due to a change in GAAP after the Closing Date shall not be treated as Capital Leases for any
purposes under this Agreement but shall instead be treated as they would have been in accordance with GAAP as in effect on the Closing
Date.

 

“Cash Collateral”
has the meaning specified in Section 2.03(h).

 

“Cash Collateralize”
has the meaning specified in Section 2.03(h).

 

“Cash Equivalents”
means, at any date of determination, any of the following types of Investments:

 

(a)            readily
marketable obligations issued or directly and fully guaranteed or insured by the United States or any state, territory or commonwealth
of the United States or any political subsidizations of any such state, territory of commonwealth of the United States, including any
agency or instrumentality thereof, in each case, having maturities of not more than 24 months from the date of acquisition thereof; provided
that the full faith and credit of the United States is pledged in support thereof; provided, further, that, for the avoidance
of doubt, treasury securities issued by the United States shall be deemed to be Cash Equivalents for purposes of this clause (a);

 

(b)            time
deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (A) is a Lender or (B)(i) is
organized under the laws of the United States, any state thereof or the District of Columbia or is the principal banking subsidiary of
a bank holding company organized under the laws of the United States, any state thereof or the District of Columbia, and is a member of
the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (c) of
this definition and (iii) has combined capital and surplus of at least $500,000,000;

 

(c)            commercial
paper issued by any Person organized under the laws of any state of the United States and rated at least “Prime-1” (or the
then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each case with maturities
of not more than 12 months from the date of acquisition thereof;

 

(d)            Investments,
classified in accordance with GAAP as current assets of the Borrower or any of its Restricted Subsidiaries, in money market investment
programs registered under the Investment Company Act of 1940, that are administered by financial institutions that have the highest rating
assigned at that time from either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character,
quality and maturity described in clauses (a), (b) and (c) of this definition;

 

    17

     

    

 

(e)            readily
marketable direct obligations issued by any foreign government or any political subdivision or public instrumentality thereof, in each
case rated at least “Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent
grade) by S&P, in each case with maturities of 24 months or less from the date of acquisition;

 

(f)            repurchase
obligations for underlying securities of the types described in clauses (a) and (b) entered into with any
financial institution or recognized securities dealer meeting the qualifications specified in clause (b) above; and

 

(g)            investment
funds investing at least 90.0% of their assets in funds or securities of the types described in clauses (a) through (f) above.

 

“Casualty Event”
means any loss, casualty or other insured damage to, or any nationalization, taking under power of eminent domain or by condemnation or
similar proceeding of, any Engineered Oil and Gas Property of the Borrower or any other Loan Party or Restricted Subsidiary.

 

“CERCLIS”
means the Comprehensive Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental Protection
Agency.

 

“Change in Law”
means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any Law, rule,
regulation or treaty; (b) any change in any Law, rule, regulation or treaty or in the administration, interpretation, implementation
or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether
or not having the force of law) by any Governmental Authority or quasi-Governmental Authority; provided that notwithstanding anything
herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, orders,
regulations and directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines, orders, regulations
or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar
authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to
be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

“Change of Control”
means an event or series of events by which:

 

(a) (1) any
Person (other than any Permitted Holder), or Persons (other than one or more of the Permitted Holders) constituting a “group”
(as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit
plan of such Person or its Subsidiaries, and any Person or entity acting in its capacity as trustee, agent or other fiduciary or administrator
of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act
of 1934, except that such Person or group shall be deemed to have “beneficial ownership” of all securities that such Person
or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option
right”)), directly or indirectly, of more than 35% of the Equity Interests of the Public Parent entitled to vote for members
of the board of directors or equivalent governing body of the Public Parent, on a fully-diluted basis (and taking into account all such
securities that such “Person” or “group” has the right to acquire pursuant to any option right); provided
that the transactions contemplated by the Merger Agreement shall not constitute a Change of Control pursuant to this clause (a);
or

 

    18

     

    

 

(b)            during
any period of 12 consecutive months, a majority of the seats (other than vacant seats) on (i) the Board of Directors of the Parent
are occupied by individuals who were neither (A) nominated, appointed or approved by the Board of Directors of the Parent nor (B) appointed
by directors so nominated, appointed or approved or (ii) the Board of Directors of the Public Parent are occupied by individuals
who were neither (A) nominated, appointed or approved by the Board of Directors of the Public Parent nor (B) appointed by directors
so nominated, appointed or approved; or

 

(c)            the
Public Parent shall at any time cease to own, directly or indirectly, 100% of the Equity Interests of the Parent; or

 

(d)            the
Parent shall at any time cease to own 100% of the Equity Interests of the Borrower; or

 

(e)            the
Borrower or another Loan Party ceases to own 100% of the Equity Interests of each Guarantor (other than the Parent); or

 

(f)            a
 “change in control” (as such term or other similar term is defined in any indenture or other agreement evidencing any Junior
Lien Debt or unsecured Indebtedness incurred by the Parent or the Borrower in accordance with Section 7.03(l)) shall have
occurred.

 

“Closing Date”
means November 2, 2018.

 

“CME”
means CME Group Benchmark Administration Ltd.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Collateral”
means all of the “Collateral” and “Mortgaged Property” referred to in the Security Instruments and all of the
other property that is or is intended under the terms of the Security Instruments to be subject to Liens in favor of the Administrative
Agent for the benefit of the Secured Parties.

 

“Commitment”
means, as to each Lender, its obligation to (a) make Committed Loans to the Borrower pursuant to Section 2.01 and (b) purchase
participations in L/C Obligations, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite
such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto,
as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

 

“Commitment Fee”
means has the meaning specified in Section 2.10(a).

 

“Committed Borrowing”
means a borrowing consisting of simultaneous Committed Loans of the same Type and, in the case of Eurodollar
RateTerm SOFR Loans, having the same Interest
Period made by each of the Lenders pursuant to Section 2.02.

 

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“Committed Loan”
has the meaning specified in Section 2.01.

 

“Committed Loan Notice”
means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one Type to the other, or (c) a continuation
of Eurodollar Rate Loans,a
Term SOFR Loan pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit A or
such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission
system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

 

“Commodity Account”
has the meaning assigned to such term in the UCC.

 

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

 

“Compliance Certificate”
means a certificate substantially in the form of Exhibit D.

 

“Conforming
Changes” means, with respect to either the use or administration of Daily Simple SOFR or Term SOFR, or the use, administration,
adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the
definition of “Base Rate,” the definition of “Business Day,” the definition of “SOFR Business Day,”
the definition of “Interest Period” or any similar or analogous definition (or the addition of a concept of “interest
period”), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment,
conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 3.05 and other
technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and
implementation of any such rate or to permit the use and 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 any such rate exists, in such other
manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement
and the other Loan Documents).

 

“Consolidated”
refers to the consolidation of any Person, in accordance with GAAP, with its properly consolidated subsidiaries. References herein to
a Person’s Consolidated financial statements, financial position, financial condition, liabilities, etc. refer to the consolidated
financial statements, financial position, financial condition, liabilities, etc., of such Person and its properly consolidated subsidiaries.

 

    20

     

    

 

“Consolidated
EBITDAX” means, with respect to the Parent and the Consolidated Restricted Subsidiaries, for any period, Consolidated Net Income
for such period plus, without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for
such period, the sum of (a) interest expense (including realized and unrealized losses on interest rate derivative contracts); (b) income
tax expense; (c) depreciation, depletion and amortization expense; (d) impairment of goodwill and long-lived assets (including
Oil and Gas Properties); (e) accretion of asset retirement obligations; (f) unrealized losses on commodity derivative contracts;
(g) realized losses upon the early termination or other monetization of commodity derivative contracts; (h) losses on sale of
assets; (i) noncash stock-based compensation expenses; (j) exploration costs; (k) fees and expenses expensed and paid in
cash in connection with any registered offering of Equity Interests in the Parent; and (l) one time transaction costs, fees and expenses
paid or accrued in connection with debt financings, capital-raising transactions, acquisitions, investments, divestitures and other non-recurring
corporate transactions, whether or not consummated, in an aggregate amount for this clause (l) not to exceed $20,000,000
during any period of four consecutive fiscal quarters; provided that clauses (a) through (j) shall
exclude noncash items to the extent they represent an accrual of or reserve for cash expenditures in any future period; minus,
without duplication and to the extent included in the statement of such Consolidated Net Income for such period, the sum of interest income
(including realized and unrealized gains on interest rate derivative contracts); income tax benefit; unrealized gains on commodity derivative
contracts; realized gains upon the early termination or other monetization of commodity derivative contracts; and gains on sales of assets.
For the purposes of calculating Consolidated EBITDAX for any period of four consecutive fiscal quarters (each, a “Reference Period”)
pursuant to any determination of the financial covenants contained in Section 7.11, (x) if during such Reference Period,
the Parent or any Consolidated Restricted Subsidiary shall have made a Material Disposition or Material Acquisition, the Consolidated
EBITDAX for such Reference Period shall be calculated after giving pro forma effect thereto as if such Material Disposition or (if elected
by the Parent or the Borrower) such Material Acquisition, as applicable, occurred on the first day of such Reference Period and (y) notwithstanding
the occurrence of a Hedge Liquidation in respect of any Hedge Transaction, the Consolidated EBITDAX for such Reference Period shall be
calculated giving pro forma effect to any gain (or loss) that would be attributable during such Reference Period to the applicable Hedge
Transaction in the event such Hedge Liquidation had not been consummated prior to the scheduled maturity of such Hedge Transaction. As
used in this definition, “Material Acquisition” means any acquisition of property or series of related acquisitions
of property that involves (x) the payment of consideration by the Parent and the Consolidated Restricted Subsidiaries or (y) the
acquisition by the Parent and the Consolidated Restricted Subsidiaries of such property with a fair market value, in each case, in excess
of (1) $20,000,000 in the aggregate during a fiscal quarter or (2) $20,000,000 for any single acquisition or series of related
acquisitions of Property; and “Material Disposition” means any disposition of property or series of related dispositions
of property that yields gross proceeds to the Parent or any of the Consolidated Restricted Subsidiaries in excess of (1) $20,000,000
in the aggregate during a fiscal quarter or (2) $20,000,000 for any single disposition or series of related dispositions of property.

 

“Consolidated Net
Debt” means, as of any date of determination, all Indebtedness of the Parent and the Consolidated Restricted Subsidiaries on
a Consolidated basis other than (a) contingent obligations in respect of Indebtedness described in clause (b) of
the definition of “Indebtedness” (excluding letters of credit), (b) Indebtedness described in clauses (d),
(i), (j) and (k) of the definition of “Indebtedness”, and (c) Indebtedness described in
clause (e) of the definition of “Indebtedness” in respect of Indebtedness of others described in clauses (a) or
(b) of this definition, minus (b) up to $25,000,000 of the aggregate amount of cash and Cash Equivalents of the
Parent, the Borrower and the other Loan Parties on such date.

 

“Consolidated Net
Income” means, with respect to the Parent and the Consolidated Restricted Subsidiaries, for any period, the aggregate of the
net income (or loss) of the Parent and the Consolidated Restricted Subsidiaries for such period determined on a consolidated basis in
accordance with GAAP; provided that there shall be excluded from such net income (to the extent otherwise included therein) the following:
(a) the net income of any Person in which the Parent or any Consolidated Restricted Subsidiary has an interest (which interest does
not cause the net income of such other Person to be consolidated with the net income of the Parent and the Consolidated Restricted Subsidiaries
in accordance with GAAP), except to the extent of the amount of dividends or distributions actually paid in cash during such period by
such other Person to the Parent or to a Consolidated Restricted Subsidiary, as the case may be; (b) the net income (or loss) of any
Person acquired in a pooling-of-interests transaction for any period prior to the date of such transaction so long as the assets of such
Person are not included in the calculation of the Borrowing Base; (c) any extraordinary gains or losses during such period; and (d) any
gains or losses attributable to writeups or writedowns of assets, including ceiling test writedowns.

 

    21

     

    

 

“Continue,”
 “Continuation” and “Continued” each refers to a continuation of a SOFR Rate Loan for an additional Interest Period
as provided in Section 2.02.

 

“Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which
such Person is a party or by which it or any of its property is bound.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Control Agreement”
means a control agreement, in form and substance reasonably satisfactory to Administrative Agent, providing for the Administrative Agent’s
exclusive control of a Deposit Account, Securities Account or Commodity Account, as applicable, executed and delivered by the Parent,
the Borrower or any Restricted Subsidiary, as applicable, and the applicable securities intermediary (with respect to a Securities Account),
bank (with respect to a Deposit Account) or commodity intermediary (with respect to a Commodity Account), in each case, at which such
relevant account is maintained.

 

“COPAS”
means the Council of Petroleum Accountants Societies.

 

“Covered Entity”
shall mean any of the following:

 

(a)            a
 “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(b)            a
 “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(c)            a
 “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Covered Party”
shall have the meaning provided in Section 10.20.

 

    22

     

    

 

“Credit Extension”
means each of the following: (a) a Committed Borrowing and (b) an L/C Credit Extension.

 

“Daily
Simple SOFR” means, for any day, (a
 “SOFR, with the conventions for this rate (which will include a lookback) being
established by the Administrative Agent in accordance with the conventions for this rate recommended by the Relevant Governmental Body
for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the Administrative Agent decides that
any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another
convention in its reasonable discretion. Rate Day”),
a rate per annum (rounded in accordance with the Administrative Agent’s customary practice) equal to the SOFR for the day (such
day, the “SOFR Determination Day”) that is five (5) SOFR Business Days prior to (i) if such SOFR Rate Day is a SOFR
Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a SOFR Business Day, the SOFR Business Day immediately preceding
such SOFR Rate Day, in each case, as and when SOFR for such SOFR Rate Day is published by the Daily Simple SOFR Administrator on the SOFR
Administrator’s Website. If by 5:00 pm (New York City time) on the second (2nd) SOFR Business Day immediately following
any SOFR Determination Day, SOFR in respect of such SOFR Determination Day has not been published on the SOFR Administrator’s Website
and a Benchmark Replacement Date with respect to Daily Simple SOFR has not occurred, then SOFR for such SOFR Determination Day will be
SOFR as published in respect of the first preceding SOFR Business Day for which such SOFR was published on the SOFR Administrator’s
Website; provided, that any SOFR determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple SOFR
for no more than three (3) consecutive SOFR Rate Days. Any change in Daily Simple SOFR due to a change in SOFR shall be effective
from and including the effective date of such change in SOFR without notice to the Borrower.

 

“Daily
Simple SOFR Borrowing” means a Committed Borrowing comprised of Daily Simple SOFR Loans.

 

“Daily
Simple SOFR Loan” means each Loan bearing interest at a rate based upon Daily Simple SOFR.

 

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

 

“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both,
would be an Event of Default.

 

“Default Rate”
means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate
plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2.00% per annum; provided,
however, that with respect to a EurodollarSOFR
Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable
to such Committed Loan plus 2.00% per annum and (b) when used with respect to Letter of Credit Fees, a rate equal to
the Applicable Rate plus 2.00% per annum.

 

    23

     

    

 

“Default Right”
shall have the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1,
as applicable.

 

“Defaulting
Lender” means any Lender that (a) has failed to fund any portion of (i) the Committed Loans within two Business Days
of the date such Committed Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and
the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to
funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has
not been satisfied or (ii) the participations in L/C Obligations required to be funded by it hereunder within two Business Days of
the date required to be funded by it hereunder unless such failure has been cured, (b) has otherwise failed to pay over to the Administrative
Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, unless the
subject of a good faith dispute or unless such failure has been cured, (c) has notified the Borrower, the Administrative Agent or
any L/C Issuer in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to
that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Committed Loan hereunder and
states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent,
together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (d) has
failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative
Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (d) upon receipt of such written confirmation by the Administrative
Agent and the Borrower) or (e) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding
under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the
benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit
Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of
a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any
equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership
interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the
enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate,
disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is
a Defaulting Lender under any one or more of clauses (a) through (e) above shall be conclusive and binding
absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.15(e)) upon delivery
of written notice of such determination to the Borrower, each L/C Issuer and each Lender.

 

“Deposit Account”
has the meaning assigned to such term in the UCC.

 

“Designated Jurisdiction”
means any country, region or territory to the extent that such country, region or territory itself is the subject of any Sanction.

 

“Determination Date”
has the meaning specified in Section 2.05(b).

 

    24

     

    

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction
but excluding all events described in the definition of “Casualty Event” regardless of the value thereof) of any property
by any Person (or the granting of any option or other right to do any of the foregoing), including any sale, assignment, transfer or other
disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. The issuance of
Equity Interests by any Restricted Subsidiary to any Person other than the Borrower or a wholly-owned Restricted Subsidiary shall be deemed
a Disposition by the Borrower of its direct or indirect Equity Interest in such Restricted Subsidiary to the extent of the resulting dilution.

 

“Disqualified Stock”
means any capital stock that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable)
or upon the happening of any event (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise,
or redeemable at the option of the holder thereof (other than customary offers to purchase upon a change in control, asset sale or casualty
or condemnation event and customary acceleration rights after an event of default so long as any rights of the holders thereof upon the
occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations
(other than contingent indemnification obligations as to which no claim has been asserted)), in whole or in part, on or prior to the date
that is 91 days after the Maturity Date, except to the extent that such capital stock is redeemable with, or solely exchangeable for,
any capital stock of such Person that is not Disqualified Stock, (b) provide for the scheduled payment of dividends in cash or (c) is
or becomes convertible into or exchangeable for Indebtedness or any Equity Interests that would constitute Disqualified Stock, in each
case, prior to the date that is 91 days after the Maturity Date; provided that, if such capital stock is issued to any plan for
the benefit of employees of the Public Parent, any Intermediate Parent, the Parent, the Borrower or its Subsidiaries or by any such plan
to such employees, such capital stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the
Public Parent, any Intermediate Parent, the Parent, the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations; provided, further, that any capital stock held by any future, present or former employee, director, manager
or consultant of the Public Parent, any Intermediate Parent, the Parent, the Borrower, any of its Subsidiaries or any of its direct or
indirect parent companies or any other entity in which the Public Parent, any Intermediate Parent, the Parent, the Borrower or a Subsidiary
has an Investment and is designated in good faith as an “affiliate” by the board of directors or managers of the Parent or
the Borrower, in each case pursuant to any equity holders’ agreement, management equity plan or stock incentive plan or any other
management or employee benefit plan or agreement shall not constitute Disqualified Stock solely because it may be required to be repurchased
by the Parent or the Borrower or its Subsidiaries.

 

“Dollar”
and “$” mean lawful money of the United States.

 

“Early
Opt-in Effective Date” means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after
the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00
p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the
Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders.

 

    25

     

    

 

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

 

(1)            a
notification by the Administrative Agent to each of the other parties hereto that at least five currently outstanding U.S. dollar-denominated
syndicated credit facilities at such time incorporate or adopt (as a result of amendment or as originally executed) either a SOFR-based
rate (including SOFR or Term SOFR or any other rate based upon SOFR) as a benchmark rate or an alternate benchmark interest rate to replace
LIBOR (and such syndicated credit facilities are identified in such notice and are publicly available for review), and

 

(2)            the
joint election by the Administrative Agent and the Borrower to trigger a fallback from LIBOR and the provision by the Administrative Agent
of written notice of such election to the Lenders.

 

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

 

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

 

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

 

“Election Notice”
has the meaning specified in Section 2.06(b)(ii).

 

“Electronic Signature”
means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with
the intent to sign, authenticate or accept such contract or record.

 

“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 10.06(b)(iii), (v), (vi) and
(vii) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)).

 

“Engineered Oil and
Gas Property” means any Oil and Gas Property listed in the most recent Engineering Report other than any Oil and Gas Property
that has been Disposed of as part of or in connection with any Disposition to a Person other than a Loan Party that is permitted hereunder
or under any other Loan Document.

 

“Engineering Report”
means the Initial Engineering Report and each engineering report delivered pursuant to Section 2.05 or Section 6.01
setting forth, as of each December 31 (or January 1) and June 30 (or July 1), as applicable, the Proved Reserves attributable
to the Oil and Gas Properties of the Borrower, the other Loan Parties, together with a projection of the rate of production of future
net income, taxes, operating expenses and capital expenditures with respect thereto as of such date, based upon the economic assumptions
consistent with the Administrative Agent’s lending requirements at the time, and reflecting any Oil and Gas Hedge Transactions that
are in place with respect to such production. To the extent that two or more engineering firms prepare reports as of the same date for
portions of the properties required to be reported on, such reports will collectively constitute a single “Engineering Report”
for the purposes hereof.

 

    26

     

    

 

“Environmental Laws”
means any and all Federal, state, local and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits,
concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment
or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges
to waste or public systems.

 

“Environmental Liability”
means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties
or indemnities), of the Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or
based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous
Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed
or imposed with respect to any of the foregoing.

 

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

 

“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all
of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership
or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership
or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests
therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on
any date of determination. For the avoidance of doubt, debt instruments that are convertible into Equity Interests shall not be deemed
to be Equity Interests until they are so converted.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b) or
(c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of
the Code).

 

“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by the Borrower or any ERISA Affiliate from a
Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of
ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete
or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan; (d) the filing of a notice of intent to terminate,
the treatment of a Pension or Multiemployer Plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement
of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition that constitutes grounds
under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer
Plan; or (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007
of ERISA, upon the Borrower or any ERISA Affiliate.

 

    27

     

    

 

“Erroneous
Payment” has the meaning assigned to it in Section 9.16(a).

 

“Erroneous
Payment Deficiency Assignment” has the meaning assigned to it in Section 9.16(d).

 

“Erroneous
Payment Impacted Class” has the meaning assigned to it in Section 9.16(d).

 

“Erroneous
Payment Return Deficiency” has the meaning assigned to it in Section 9.16(d).

 

“Erroneous
Payment Subrogation Rights” has the meaning assigned to it in Section 9.16(d).

 

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

 

“Eurodollar
Rate” means:

 

(a)            for
any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the greater of (i) 0% and (b) the
ICE Benchmark Administration Limited LIBOR rate (“LIBOR”) or a comparable or successor
rate that rate is approved by the Administrative Agent, as published on the applicable Reuters screen page (or, if such Reuters screen
page is not available, any successor or substitute page for such service providing such quotations comparable to those currently
provided on such page of such service, as may be designated by the Administrative Agent from time to time for purposes of providing
quotations of interest rates applicable to dollar deposits in the London Interbank eurodollar market) at approximately 11:00 a.m., London
time, two (2) Business Days prior to the commencement of such Interest Period, for Dollar Deposits (for delivery on the first day
of such Interest Period) with a term equivalent to such Interest Period, provided that if such rate is not available at such time for
any reason, then the “Eurodollar Rate” with respect to such Eurodollar Rate Loan shall be the rate (rounded upwards, if necessary,
to the next 1/100 of 1%) at which dollar deposits of an amount comparable to such Loan and for a term equivalent to such Interest Period
are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at
approximately 11:00 a.m. on such day (or if such day is not a Business Day, then the immediately preceding Business Day); and

 

(b)            for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m.,
London time determined on such day (or if such day is not a Business Day, then the immediately preceding Business Day) prior to such date
for Dollar deposits with a term of one month commencing that day.

 

    28

     

    

 

Notwithstanding
the foregoing, (i) if the Eurodollar Rate shall be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement
and (ii) if the circumstances described in Section 3.03(b) have occurred, each
reference to the Eurodollar Rate shall be deemed to refer to the applicable alternative rate that is implemented in accordance with Section 3.03(b).

 

“Eurodollar
Rate Loan” means a Committed Loan that bears interest at a rate based on the Eurodollar Rate.

 

“Event of Default”
has the meaning specified in Section 8.01.

 

“Excess Cash”
means, at any time, the aggregate cash and Cash Equivalents of the Parent, the Borrower and their respective Restricted Subsidiaries (other
than Excluded Cash) in excess of $25,000,000.

 

“Excluded Accounts”
means (a) each account in which all of the deposits consist solely of amounts utilized to fund payroll, employee benefits (including
medical, dental and employee benefits claims) or tax obligations of the Parent, the Borrower or the Restricted Subsidiaries, (b) any
segregated account to the extent such account consists solely of amounts in respect of oil and gas royalty interests held in a fiduciary,
trust or similar capacity for one or more third parties and (c) other accounts with funds on deposit not to exceed $2,500,000 in
the aggregate for all such accounts at any time; provided that in no event shall any of the principal operating accounts of the
Parent, the Borrower or its Restricted Subsidiaries constitute an Excluded Account.

 

“Excluded Cash”
means (a) any cash or Cash Equivalents of the Parent, the Borrower or any of their respective Restricted Subsidiaries in an Excluded
Account, (b) any cash or Cash Equivalents held by the Administrative Agent as cash collateral pursuant to this Agreement or any other
Loan Documents and (c) checks issued, wires initiated, or automated clearing house transfers initiated, in each case (i) solely
to the extent issued or initiated to satisfy bona fide expenditures of the Parent, the Borrower or any of their respective Restricted
Subsidiary and (ii) on account of transactions not prohibited under this Agreement and in the ordinary course of business.

 

“Excluded Subsidiary”
shall mean (a) each Unrestricted Subsidiary, (b) each Immaterial Subsidiary, (c) any Restricted Subsidiary that is a captive
insurance company, (d) each Subsidiary that is prohibited by any applicable Contractual Obligation (not entered into in contemplation
of the exclusionary consequence afforded hereby) or requirement of Law from guaranteeing or granting Liens to secure the Obligations at
the time such Subsidiary becomes a Restricted Subsidiary (and for so long as such restriction or any replacement or renewal thereof is
in effect) or that would require consent, approval, license or authorization of a Governmental Authority to guarantee or grant Liens to
secure the Obligations at the time such Subsidiary becomes a Restricted Subsidiary (unless such consent, approval, license or authorization
has been received), and (e) any other Subsidiary with respect to which, (x) in the reasonable judgment of the Administrative
Agent and the Parent or the Borrower (and confirmed in writing), the cost or other consequences of providing a Guarantee of the Obligations
shall be excessive in view of the benefits to be obtained by the Lenders therefrom or (y) providing such a Guarantee would result
in material adverse Tax consequences as reasonably determined by the Borrower; provided that notwithstanding anything herein to
the contrary, no Subsidiary owning Oil and Gas Properties included in the Borrowing Base shall be an Excluded Subsidiary.

 

    29

     

    

 

“Excluded Swap Obligation”
means, with respect to any Guarantor, (a) any Hedge Obligation in respect of a Hedge Transaction if, and to the extent that, and
only for so long as, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to
secure, as applicable, such Hedge Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any
rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by
virtue of such Guarantor’s failure to constitute an “eligible contract participant”, as defined in the Commodity Exchange
Act and the regulations thereunder, at the time the guarantee of (or grant of such security interest by, as applicable) such Guarantor
becomes or would become effective with respect to such Hedge Obligation or (b) any other Hedge Obligation designated as an “Excluded
Swap Obligation” of such Guarantor as specified in any agreement between the relevant Loan Parties and counterparty applicable to
such Hedge Obligations, and agreed by the Administrative Agent. If a Hedge Obligation arises under a master agreement governing more than
one Hedge Transaction, such exclusion shall apply only to the portion of such Hedge Obligation that is attributable to Hedge Transactions
for which such Guarantee or security interest is or becomes illegal.

 

“Excluded Taxes”
means, with respect to the Administrative Agent, any Lender, any L/C Issuer or any other recipient of any payment to be made by or on
account of any obligation of the Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated),
and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the
laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable
Lending Office is located, (b) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction
in which the recipient is located, (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower
under Section 10.13), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign
Lender becomes a party hereto (or designates a new Lending Office) or is attributable to such Foreign Lender’s failure or inability
(other than as a result of a Change in Law) to comply with Section 3.01(f), except to the extent that such Foreign Lender
(or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment), to receive additional amounts
from the Borrower with respect to such withholding tax pursuant to Section 3.01(a), and (d) any withholding Taxes imposed
under FATCA.

 

“Existing Credit
Agreement” means the Amended and Restated Credit Agreement, dated as of May 4, 2017, among the Borrower, the Parent,
each lender party thereto from time to time and Wells Fargo Bank, N.A., as administrative agent and L/C Issuer.

 

“Facility Limit”
means, at any time, the lesser of (a) the Aggregate Commitments at such time and (b) the Borrowing Base at such time.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future Treasury Regulations promulgated thereunder or official
interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, any fiscal or regulatory legislation,
rules or practices adopted pursuant to any of the foregoing, and any intergovernmental agreement, treaty or convention among Governmental
Authorities entered into in connection with the implementation of any of the foregoing.

 

    30

     

    

 

“Federal Funds Rate”
means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York
on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate
for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business
Day and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the
average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1.00%) charged to the Administrative Agent on such day on
such transactions as determined by the Administrative Agent.

 

“Flood Insurance
Regulations” means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor
statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the
National Flood Insurance Reform Act of 1994 (amending 42 USC 4001, et seq.), as the same may be amended or recodified from time to time
and (iv) the Flood Insurance Reform Act of 2004 and any regulations promulgated thereunder.

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of
this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to LIBOR.a
rate of interest equal to 0% per annum.

 

“Foreign Lender”
means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.
For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single
jurisdiction.

 

“Fronting Exposure”
means, at any time there is a Defaulting Lender, with respect to any L/C Issuer, such Defaulting Lender’s Applicable Percentage
of the outstanding L/C Obligations with respect to Letters of Credit issued by such L/C Issuer other than L/C Obligations as to which
such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with
the terms hereof.

 

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

 

“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles
Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are
applicable to the circumstances as of the date of determination, consistently applied.

 

    31

     

    

 

“Governmental Authority”
means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any
agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the
European Union or the European Central Bank).

 

“Granting Lender”
has the meaning specified in Section 10.06(g).

 

“Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of
guaranteeing any Indebtedness payable or performable by another Person (the “primary obligor”) in any manner, whether
directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply
funds for the purchase or payment of) such Indebtedness, (ii) to purchase or lease property, securities or services for the purpose
of assuring the obligee in respect of such Indebtedness of the payment or performance of such Indebtedness, (iii) to maintain working
capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor
so as to enable the primary obligor to pay such Indebtedness or (iv) entered into for the purpose of assuring in any other manner
the obligee in respect of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole
or in part) or (b) any Lien on any assets of such Person securing any Indebtedness of any other Person, whether or not such Indebtedness
is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount
of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion
thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in
respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding
meaning.

 

“Guarantors”
means, collectively, the Parent, each Restricted Subsidiary on the Closing Date that is not an Excluded Subsidiary on such date, and each
other Person that becomes a Guarantor after the Closing Date pursuant to Section 6.12.

 

“Guaranty”
means the Guaranty executed by the Parent, the Borrower and the Guarantors in favor of the Administrative Agent and the other Secured
Parties in substantially the form attached hereto as Exhibit G, as the same may be amended, modified or supplemented from
time to time in accordance with the terms hereof and thereof.

 

“Hazardous Materials”
means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum
or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes
and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

 

“Hedge Liquidation”
means the sale, assignment, novation (excluding novations between Lenders and/or affiliates of Lenders), liquidation, unwind or termination
(other than at its scheduled expiry) of all or any part of any Hedge Transaction.

 

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“Hedge Obligation”
means, with respect to any Person, any obligation to pay or perform under any Hedge Transaction.

 

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

 

“Hedge Transaction”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options
or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions,
cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter
into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, pursuant to which a
Person hedges risks related to commodity prices, interest rates, currency exchange rates, securities prices or financial market conditions
and (b) any and all transactions of any kind, and the related confirmations, that are subject to the terms and conditions of, or
governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International
Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master Agreement. Hedge Transactions expressly include
Oil and Gas Hedge Transactions.

 

“Honor Date”
has the meaning specified in Section 2.03(d)(i).

 

“Hydrocarbons”
means oil, gas, casinghead gas, drip gasolines, natural gasoline, condensate, distillate and all other liquid and gaseous hydrocarbons
produced or to be produced in conjunction therewith, and all products, by-products and all other substances derived therefrom or the processing
thereof, and all other minerals and substances, including, but not limited to, 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.

 

“Immaterial Subsidiary”
means any Restricted Subsidiary of the Borrower with less than $5,000,000 in total assets on a Consolidated basis.

 

“Immaterial Title
Deficiencies” means, with respect to specified Engineered Oil and Gas Properties, defects or clouds on title, discrepancies
in reported net revenue and working interest ownership percentages, inaccuracies of representations and warranties in Sections 5.21
and 5.22 that are qualified by reference to this definition, and other Liens, defects, discrepancies and similar matters that do
not, in the aggregate, reduce the PV9 Value of all Engineered Oil and Gas Properties of the Borrower and the other Loan Parties by more
than 2.5% of PV9 Value of all such Engineered Oil and Gas Properties.

 

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“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities
in accordance with GAAP:

 

(a)            all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments;

 

(b)            all
direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances,
bank guaranties, surety bonds and similar instruments;

 

(c)            net
obligations of such Person under any Hedge Transaction;

 

(d)            all
obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary
course of business and, in each case, not past due for more than 90 days after the date on which such trade account payable was created);

 

(e)            indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising
under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person
or is limited in recourse;

 

(f)            Capital
Leases and Synthetic Lease Obligations;

 

(g)            the
mandatory redemption price of all Disqualified Stock of such Person;

 

(h)            all
Guarantees of such Person in respect of any of the foregoing;

 

(i)            obligations
to deliver commodities, goods or services, including, without limitation, Hydrocarbons, in consideration of one or more advance payments,
other than gas balancing arrangements in the ordinary course of business;

 

(j)            obligations
to pay for goods or services even if such goods or services are not actually received or utilized by such Person; and

 

(k)            the
undischarged balance of any production payment created by such Person or for the creation of which such Person directly or indirectly
received payment.

 

For all purposes hereof, the
Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself
a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is
expressly made non-recourse to such Person. The amount of any net obligation under any Hedge Transaction on any date shall be deemed to
be the Hedge Termination Value thereof as of such date. The amount of any Capital Lease or Synthetic Lease Obligation as of any date shall
be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. The amount of any non-recourse Indebtedness
described in clause (e) of this definition shall, for the purposes of this Agreement, be deemed to be equal to the lesser
of (i) the aggregate unpaid amount of such Indebtedness and (ii) the fair market value of the property or asset encumbered,
as determined by such Person in good faith.

 

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“Indemnified Taxes”
means Taxes imposed on or with respect to any payment by or on account of any obligations of any Loan Party hereunder or under any other
Loan Document other than Excluded Taxes.

 

“Indemnitees”
has the meaning specified in Section 10.04(b).

 

“Information”
has the meaning specified in Section 10.07.

 

“Initial Engineering
Report” means the engineering report concerning Oil and Gas Properties of Loan Parties dated as of July 1, 2018, prepared
internally by the Borrower.

 

“Initial Financial
Statements” means (a) audited consolidated balance sheet and related Consolidated income statements and statements of cash
flows of the Public Parent, the Parent and its Subsidiaries as of, and for the fiscal year ended, December 31, 2017 and (b) the
unaudited consolidated balance sheet and related consolidated income statements and statements of cash flows of the Public Parent, the
Parent and its Subsidiaries as of, and for the fiscal quarter ended June 30, 2018.

 

“Intermediate Parent”
means, Amplify Energy Corp., a Delaware corporation, and its successors, together with any other Person (if any) that both (i) is
owned directly or indirectly by Public Parent and (ii) directly or indirectly owns any Equity Interests of the Parent.

 

“Intermediate Parent
Pledge Agreement” means a Non-Recourse Pledge Agreement between any Intermediate Parent and the Administrative Agent in substantially
the form of Exhibit N (or otherwise in form and substance reasonably acceptable to the Administrative Agent) granting Liens
on and a security interest in such Intermediate Parent’s personal property constituting Collateral (as defined therein) in favor
of the Administrative Agent for the benefit of the Secured Parties to secure the Secured Obligations, as the same may be amended, modified,
supplemented or restated from time to time.

 

“Interest Payment
Date” means,  (a) aswith
respect to any Committed Loan other than a Base Rate Loan
or any Daily Simple SOFR Loan, the last day of each Interest Period applicable to such Committed
Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months,
the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and
(b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and
the Maturity Date., and (b) with respect to any Term
SOFR Loan, the last day of the Interest Period applicable to the Committed Borrowing of which such Loan is a part and, in the case of
a Term SOFR Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest
Period that occurs at intervals of three months’ duration after the first day of such Interest Period.

 

“Interest
Period” means, aswith
respect to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate
Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the dateTerm
SOFR Borrowing, a period of one, three or six months thereafter, as selected
by the Borrower in its Committed Loan Notice, or such other period that is twelve months or less requested
by the Borrower and commercially available to all the Lenders; provided that:

 

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;
provided, however, that (i) the initial Interest Period for any Committed Borrowing of a SOFR Rate Loan shall commence on
the date of such Committed Borrowing (the date of a Committed Borrowing resulting from a Conversion or Continuation shall be the date
of such Conversion or Continuation) and each Interest Period occurring thereafter in respect of such Committed Borrowing shall commence
on the first day after the last day of the next preceding Interest Period; (i)     any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless
such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

 

(ii) if
any Interest Period that begins on the last Business
Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the
end of such Interest Period),
such Interest Period shall end on the last Business Day of thesuch
calendar month at the end of;
(iii) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period;
and shall expire on the next succeeding Business Day; provided,
however, that if any Interest Period would otherwise expire on a day that is not a Business Day but is a day of the month after which
no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (iv) no Interest
Period for any SOFR Rate Loan may be selected that would end after the Maturity Date and (v) if, upon the expiration of any Interest
Period, the Borrower has failed to (or may not) elect a new Interest Period to be applicable to the respective Committed Borrowing of
SOFR Rate Loans as provided above, the Borrower shall be deemed to have elected to Convert such Committed Borrowing to Base Rate Loans
effective as of the expiration date of such current Interest Period.

 

(iii)            no
Interest Period shall extend beyond the Maturity Date.

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or
other acquisition of capital stock or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee
or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including
any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness
of such other Person or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another
Person that constitute a business unit. For purposes of covenant compliance, the amount of any Investment shall be the amount actually
invested, without adjustment for subsequent increases or decreases in the value of such Investment.

 

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

 

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“Issuer Documents”
means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered
into by the applicable L/C Issuer and the Borrower (or any other Loan Party) or in favor the applicable L/C Issuer and relating to such
Letter of Credit.

 

“Junior Lien Debt”
means Indebtedness (i) of the Public Parent, any Intermediate Parent, the Borrower and the other Loan Parties secured by the Collateral
on a junior lien basis on the terms and conditions set forth in (and with a Junior Lien Representative at all times party to) a Junior
Lien Intercreditor Agreement and not secured by any property or assets of the Borrower or any of its Subsidiaries other than the Collateral
(on such junior basis) and (ii) as to which a representative of the holders of such Indebtedness, acting on behalf of such holders,
shall have become party to the Junior Lien Intercreditor Agreement as a Junior Lien Representative (or, to the extent no Junior Lien Intercreditor
Agreement exists at the time of the incurrence of such Junior Lien Debt, shall have entered into a Junior Lien Intercreditor Agreement
with the Administrative Agent).

 

“Junior Lien Financing
Documentation” means any documentation governing any Junior Lien Debt including, without limitation, any Junior Lien Intercreditor
Agreement.

 

“Junior Lien Intercreditor
Agreement” means an Intercreditor Agreement executed by representative for the holders of the Junior Lien Debt (the “Junior
Lien Representative”), the Administrative Agent and the Parent, the Borrower and the Guarantors, in substantially the form attached
hereto as Exhibit J, as the same may be amended, restated, amended and restated, modified or supplemented from time to time
in accordance with the terms hereof and thereof.

 

“Junior Lien Representative”
has the meaning set forth in the definition of “Junior Lien Intercreditor Agreement”.

 

“L/C Advance”
means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable
Percentage.

 

“L/C Borrowing”
means an extension of credit resulting from a drawing under any Letter of Credit that has not been reimbursed on the date when made or
refinanced as a Committed Borrowing.

 

“L/C Credit Extension”
means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount
thereof.

 

“L/C Issuer”
means (a) Bank of Montreal and (b) any other Lender satisfactory to the Borrower and the Administrative Agent that may agree
to issue Letters of Credit hereunder pursuant to an instrument in form reasonably satisfactory to such L/C Issuer and the Borrower, in
the case of clauses (a) and (b), in their respective capacities as issuers of Letters of Credit hereunder, or
any successor issuers of Letters of Credit hereunder.

 

“L/C Obligations”
means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus
the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under
any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.07. For all purposes
of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder
by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the
amount so remaining available to be drawn.

 

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“Laws”
means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, regulations, ordinances, codes and
administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority
charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, licenses, authorizations
and permits of, and agreements with, any Governmental Authority.

 

“Lender”
or “Lenders” has the meaning specified in the introductory paragraph hereto.

 

“Lender Counterparty”
means (i) any counterparty under a Hedge Transaction that was a Lender (or an Affiliate of a Lender) at the time such Hedge Transaction
was entered into or became a Lender (or an Affiliate of a Lender) after the time such Hedge Transaction was entered into, (ii) with
respect to any Hedge Transaction in existence on the Closing Date, ING Capital Markets LLC, JPMorgan Chase Bank, N.A. and Natixis,
and/or (iii) any counterparty under a Treasury Management Services Agreement that was a Lender (or an Affiliate of a Lender) at the
time such Treasury Management Services Agreement was entered into or became a Lender (or an Affiliate of a Lender) after the time such
Treasury Management Services Agreement was entered into.

 

“Lender-Related Person”
shall mean any of the Administrative Agent, the Arranger, any Syndication Agent, any Documentation Agent, any L/C Issuer, and any Lender,
and any Related Party of any of the foregoing Persons.

 

“Lending
Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative
Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent.
A Lender may have a different Lending Office for Base Rate Loans and SOFR
Rate Loans.

 

“Letter of Credit”
means any standby letter of credit issued hereunder providing for the payment of cash upon the honoring of a presentation thereunder.

 

“Letter of Credit
Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to
time in use by the applicable L/C Issuer. In the event of any inconsistency between the provisions of any Letter of Credit Application
and the provisions of this Agreement, the provisions of this Agreement shall prevail.

 

“Letter of Credit
Expiration Date” means the day that is five (5) Business Days prior to the Maturity Date then in effect (or, if such day
is not a Business Day, the next preceding Business Day).

 

“Letter of Credit
Fee” has the meaning specified in Section 2.03(j).

 

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“Letter of Credit
Sublimit” means an amount equal to $50,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate
Commitments.

 

“Liabilities”
means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.

 

“LIBOR”
has the meaning set forth in the definition of “Eurodollar Rate”.

 

“Lien”
means any interest in property securing an obligation owed to, or a claim by, a Person other than the owner of the property, including
the lien or security arising from any mortgage, pledge, hypothecation, assignment, encumbrance, lien (statutory or other), charge, or
other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any
conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any
financing lease having substantially the same economic effect as any of the foregoing).

 

“Loan”
means an extension of credit by a Lender to the Borrower under Article II in the form of a Committed Loan.

 

“Loan Documents”
means this Agreement, each Note, each Issuer Document, the Guaranty, the Security Instruments and any Junior Lien Intercreditor Agreement;
provided that for the avoidance of doubt, neither any agreement evidencing a Hedge Transaction (including any Master Agreement)
between a Loan Party and a Lender Counterparty, nor any Treasury Management Services Agreement with a Lender Counterparty shall constitute
a Loan Document.

 

“Loan Parties”
means, collectively, the Parent, the Borrower and each Guarantor.

 

“Majority Lenders”
means, as of any date of determination, Lenders having more than 50% of the Aggregate Commitments or, if the commitment of each Lender
to make Loans and the obligation of the L/C Issuers to make L/C Credit Extensions have been terminated pursuant to Section 8.02,
Lenders holding in the aggregate more than 50% of the Total Outstandings (with the aggregate amount of each Lender’s risk participation
and funded participation in L/C Obligations being deemed “held” by such Lender for purposes of this definition); provided
that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for
purposes of making a determination of Majority Lenders.

 

“Master Agreement”
has the meaning set forth in the definition of “Hedge Transaction”.

 

“Material Acquisition”
has the meaning set forth in the definition of “Consolidated EBITDAX”.

 

“Material Adverse
Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business, assets, properties,
liabilities or condition (financial or otherwise) of the Borrower, the other Loan Parties or the Restricted Subsidiaries taken as a whole;
(b) a material impairment of (i) the rights and remedies of the Administrative Agent or the Lenders under the Loan Documents
or (ii) the ability of the Loan Parties to perform their obligations under the Loan Documents; or (c) a material adverse effect
upon the legality, validity, binding effect or enforceability against the Loan Parties of the Loan Documents.

 

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“Material Disposition”
has the meaning set forth in the definition of “Consolidated EBITDAX”.

 

“Maturity Date”
means November 2May 31, 20232024;
provided that if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

 

“Maximum Rate”
has the meaning set forth in Section 10.09.

 

“Merger
Agreement” means that certain Agreement and Plan of Merger dated on or about May 5, 2019 by and among Amplify Energy
Corp., a Delaware corporation, Midstates Holdings, Inc., a Delaware corporation and wholly owned Subsidiary of the Public Parent,
and the Public Parent, substantially in the form provided to the Administrative Agent on May 2, 2019, together with any amendments
or other modifications thereto not materially adverse to the interests of the Administrative Agent or the Lenders, taken as a whole.

 

“Minimum
Required Conditions” means, with respect to any applicable transaction to which the Minimum Required Conditions apply in accordance
with this Agreement, that (a) no Default or Event of Default shall have occurred and be continuing immediately prior to such applicable
transaction or shall result from the applicable transaction; (b) the Parent’s (or, if the financial statements delivered
pursuant to Section 6.01(a) or Section 6.01(b) for such fiscal quarter is in respect of the Public Parent,
the Public Parent’s) ratio of Consolidated Net Debt after giving effect to such transaction to Consolidated EBITDAX for the four
fiscal quarter period ended most recently ended on or prior to such date for which financial statements have been, or were required to
be, delivered pursuant to Section 6.01(a) or (b), as applicable, as adjusted to give pro forma effect (if
any) to such transaction, does not exceed 2.50 to 1.00; and (c) after giving effect to such transaction, the Available Commitment
shall not be less than 25.0% of the Facility Limit.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

“Mortgage”
means a mortgage or a deed of trust, deed to secure debt, trust deed, assignment of as-extracted collateral, fixture filing or other security
documented entered into by the owner of Mortgaged Property and the Administrative Agent for the benefit of the Secured Parties in respect
of that Mortgaged Property, substantially in the form of Exhibit H hereto (with such changes as may be necessary to account
for local law matters) or otherwise in such form as agreed between the Borrower and the Administrative Agent, as the same may be amended,
modified or supplemented from time to time in accordance with the terms hereof and thereof.

 

“Mortgaged Property”
means real property (including Oil and Gas Properties that constitute real property under applicable Law) and improvements thereto with
respect to which a Mortgage is required to be granted pursuant to Section 4.01(b)(iv), Section 6.12 or Section 6.14
hereof.

 

“Multiemployer Plan”
means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate
makes or is obligated to make contributions, or during the preceding five plan years has made or been obligated to make contributions.

 

“Non-Defaulting Lender”
means each Lender that is not, at such time, a Defaulting Lender.

 

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“Non-Extension Notice
Date” has the meaning set forth in Section 2.03(c)(iii).

 

“Non-Reinstatement
Deadline” has the meaning set forth in Section 2.03(c)(iv).

 

“Note”
means a promissory note made by the Borrower in favor of a Lender evidencing Committed Loans made by such Lender, substantially in the
form of Exhibit C.

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or
otherwise with respect to any Committed Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the
commencement by or against the Public Parent, any Intermediate Parent, the Borrower, any other Loan Party or any Restricted Subsidiary
thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such
interest and fees are allowed claims in such proceeding; provided that the term “Obligations” shall not, with respect
to any Guarantor, include any Excluded Swap Obligation with respect to such Guarantor.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Oil and Gas Business”
means the business of acquiring, exploring, or developing and operating Oil and Gas Properties and the production, marketing, processing
and transporting of Hydrocarbons therefrom, and providing services to the oil and gas upstream and midstream segments.

 

“Oil and Gas Hedge
Transaction” means a Hedge Transaction pursuant to which any Person hedges the price (including the price basis or any other
basis element related to price) to be received by it for future sales of production of Hydrocarbons.

 

“Oil and Gas Properties”
means all oil, gas and/or mineral leases, oil, gas or mineral properties, mineral servitudes and/or mineral rights of any kind (including,
without limitation, mineral fee interests, lease interests, farm-out interests, overriding royalty and royalty interests, net profits
interests, oil payment interests, production payment interests and other types of mineral interests), and all oil and gas gathering, treating,
storage, processing, monitoring and handling assets and all other assets directly related thereto.

 

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

 

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“Other Taxes”
means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any
payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to,
this Agreement or any other Loan Document; provided that such term shall not include Taxes resulting from an assignment, grant
of a participation pursuant to Section 10.06(d) or transfer or assignment to or designation of a new lending office or
other office for receiving payments under any Loan Document (“Assignment Taxes”) to the extent such Assignment Taxes
are imposed as a result of a present or former connection between the assignor/participating Lender and/or the assignee/Participant and
the taxing jurisdiction (other than a connection arising solely from such assignee/Participant having executed, delivered, become a party
to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction
pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document), unless any action described
in this proviso is requested or required by the Borrower.

 

“Outstanding Amount”
means (i) with respect to Committed Loans, on any date, the aggregate outstanding principal amount thereof after giving effect to
any borrowings and prepayments or repayments of Committed Loans occurring on such date; and (ii) with respect to any L/C Obligations
on any date, the amount by which such L/C Obligations exceed the Cash Collateral held by the Administrative Agent on such date after giving
effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such
date, including as a result of any reimbursements by the Borrower of Unreimbursed Amounts.

 

“Parent”
has the meaning specified in the introductory paragraph hereto.

 

“Participant”
has the meaning specified in Section 10.06(d).

 

“Participant Register”
has the meaning specified in Section 10.06(d).

 

“Passive Holding
Company” means a holding company that does not (a) incur, create, assume or suffer to exist any Indebtedness or other liabilities
(other than liabilities arising from (i) those incidental to its ownership in, and status as a parent company of, its Subsidiaries
(and, in the case of the Public Parent, its ownership of any Intermediate Parent, the Parent and their respective Subsidiaries only),
(ii) the maintenance of its legal existence (including the ability to incur fees, costs and expenses relating to such maintenance)
and status as a public company, (iii) any public offering of its common stock or any other issuance of its Equity Interests; provided
that, the net cash proceeds from such offerings or issuances are contributed to the Parent, (iv) the contributions to the capital
of its Subsidiaries, (v) participating in tax, accounting and other administrative matters as a member of the consolidated group
of the Public Parent, any Intermediate Parent, the Parent and the Borrower and (vi) providing compensation and indemnification to
officers and directors); (b) create, incur, assume or suffer to exist any Lien upon any of its property, whether now owned or hereafter
acquired, except, in the case of the Public Parent or any Intermediate Parent, Liens created pursuant to the Public Parent Pledge Agreement
or the Intermediate Parent Pledge Agreement, as applicable, and Liens permitted thereunder; (c) have any income other than income
incidental to its ownership in its Subsidiaries; (d) own, lease, manage or otherwise operate any properties or assets other than
its ownership in its Subsidiaries; and (e) conduct, transact or otherwise engage in, or commit, transact or otherwise engage in,
any business, operations or activities other than those permitted by clauses (a) through (d) above.

 

    42

     

    

 

“PATRIOT Act”
has the meaning specified in Section 5.25.

 

“Payment Recipient”
has the meaning assigned to it in Section 9.16(a).

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

“PCAOB”
means the Public Company Accounting Oversight Board.

 

“Pension Plan”
means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer
Plan, that is subject to Title IV of ERISA or Section 412 of the Code and is sponsored or maintained by the Borrower or any ERISA
Affiliate or to which the Borrower or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple
employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding
five plan years.

 

“Permitted Debt Restrictions”
means, an instrument or instruments governing indebtedness that imposes limitations on or requirements with respect to Indebtedness, Restricted
Payments or Liens of the type described in Section 7.09 that are substantially the same as or less restrictive than the corresponding
limitations or requirements, if any, with respect to such matters contained in any of the Principal Debt Obligations.

 

“Permitted
Holders” means any of Brigade Capital Management LP, Citadel Advisors LLC, Fir Tree Inc., Trust Asset Management LLC, York
Capital Management Global Advisors, LLC, their respective Affiliates or any funds or partnerships managed or advised by any
of the foregoing (including those funds or partnerships managed or advised by the Affiliates of any of the foregoing).

 

“Permitted Refinancing”
means, in respect of any Indebtedness otherwise permitted hereunder (the “Refinanced Indebtedness”), any refinancing,
refunding, renewal or extension (any of the foregoing, a “Refinancing “, and any such new Indebtedness, “Refinancing
Indebtedness”) of such Refinanced Indebtedness; provided that (i) the amount of such Refinanced Indebtedness is
not increased at the time of such Refinancing except by an amount equal to a reasonable premium or other reasonable amount paid, and fees
and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder
and the direct or any contingent obligor with respect thereto is not changed, as a result of or in connection with such Refinancing, (ii) the
terms relating to principal amount, amortization, collateral (if any) and subordination (if any), and other material terms taken as a
whole, of any such Refinancing Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith, are
no less favorable taken as a whole in any material respect to the Loan Parties, as reasonably determined by the Borrower in good faith,
than the terms of any agreement or instrument governing the Refinanced Indebtedness, (iii) no Event of Default would result from
such Refinancing after giving effect thereto and (iv) such Refinancing Indebtedness does not mature and requires no scheduled amortization
prior to 91 days following the Maturity Date.

 

    43

     

    

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

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

 

“Plan”
means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) established by the Borrower
or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate, and including
any Pension Plan.

 

“Platform”
has the meaning specified in Section 6.02.

 

“Pledged Equity”
has the meaning specified in the Security Agreement, each Intermediate Parent Pledge Agreement or the Public Parent Pledge Agreement,
as applicable.

 

“Principal Debt Obligations”
means all long-term debt issued by the Parent or the Borrower including, without limitation, any Junior Lien Debt or unsecured Indebtedness
incurred by the Parent or the Borrower in accordance with Section 7.03(l).

 

“Proceeding”
has the meaning specified in Section 10.04(b).

 

“Proved Developed
Producing Reserves” means, oil and gas reserves that, in accordance with Petroleum Industry Standards, are classified as both
 “proved reserves” and “developed producing reserves”.

 

“Proved Reserves”
means, collectively, oil and gas reserves that, in accordance with Petroleum Industry Standards, are classified as “proved developed
nonproducing reserves”, “proved developed producing reserves” and/or “proved undeveloped reserves”.

 

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

 

“Public Parent”
means Midstates Petroleum Company, Inc., a Delaware corporation.

 

“Public Parent Pledge
Agreement” means Non-Recourse Pledge Agreement between the Public Parent and the Administrative Agent in substantially the form
of Exhibit K (or otherwise in form and substance reasonably acceptable to the Administrative Agent) granting Liens on and
a security interest in the Public Parent’s personal property constituting Collateral (as defined therein) in favor of the Administrative
Agent for the benefit of the Secured Parties to secure the Secured Obligations, as the same may be amended, modified, supplemented or
restated from time to time.

 

    44

     

    

 

“PV9 Value”
means, with respect to any Engineered Oil and Gas Properties or other Oil and Gas Properties becoming Engineered Oil and Gas Properties,
the net present value, discounted at 9% per annum, of the future net revenues expected to accrue to the Borrower’s and the
other Loan Parties’ collective interests in such reserves expected to be produced from such Oil and Gas Properties during the remaining
expected economic lives of such reserves made in accordance with the then existing standards of the Society of Petroleum Engineers (with
appropriate adjustments made for hedging operations) as follows:

 

(a)            for
anticipated sales of oil and gas that are fixed in a firm fixed price sales contract with an investment grade counterparty or a counterparty
guaranteed, or for whom a letter of credit has been issued, by an investment grade party (or another counterparty approved by the Administrative
Agent), the fixed price or prices provided for in such sales contract during the term thereof; and

 

(b)            for
anticipated sales of oil and gas, if such sales are not under a sales contract that is described in clause (a) above,
for the date of calculation (or, if such date is not a Business Day, for the first Business Day thereafter), the prices provided in the
most recent price deck provided to the Borrower by the Administrative Agent, adjusted in each case for historical location and quality
differentials during the twelve months preceding such date of determination.

 

“QFC” shall
have the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

“QFC Credit Support”
shall have the meaning assigned to it in Section 10.20.

 

“Qualified ECP Guarantor”
means, in respect of any Hedge Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee
or grant of the relevant security interest becomes effective with respect to such Hedge Obligation or such other person as constitutes
an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause
another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of
the Commodity Exchange Act.

 

“Qualified Stock”
means Equity Interests that are not Disqualified Stock.

 

“Reference Period”
has the meaning specified in the definition of “Consolidated EBITDAX”.

 

“Refinanced Indebtedness”
has the meaning set forth in the definition of “Permitted Refinancing”.

 

“Refinancing”
has the meaning set forth in the definition of “Permitted Refinancing”.

 

“Refinancing Indebtedness”
has the meaning set forth in the definition of “Permitted Refinancing”.

 

“Register”
has the meaning specified in Section 10.06(c).

 

“Regulation T”
means Regulation T of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

 

“Regulation U”
means Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

 

    45

     

    

 

“Regulation X”
means Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

 

“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators and advisors of such Person and of such Person’s Affiliates.

 

“Relevant Governmental
Body” means the Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board or
the Federal Reserve Bank of New York, or any successor thereto.

 

“Reportable Event”
means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been
waived.

 

“Request for Credit
Extension” means (a) with respect to a Committed Borrowing, conversion or continuation of Committed Loans, a Committed
Loan Notice and (b) with respect to an L/C Credit Extension, a Letter of Credit Application.

 

“Required Lenders”
means, as of any date of determination, Lenders having at least 66-2/3% of the Aggregate Commitment or, if the commitment of each Lender
to make Committed Loans and the obligation of the L/C Issuers to make L/C Credit Extensions have been terminated pursuant to Section 8.02,
Lenders holding in the aggregate at least 66-2/3% of the Total Outstandings (with the aggregate amount of each Lender’s risk participation
and funded participation in L/C Obligations being deemed “held” by such Lender for purposes of this definition); provided
that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for
purposes of making a determination of Required Lenders.

 

“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Responsible Officer”
means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of a Loan Party, and
solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any assistant secretary
of a Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the applicable
Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer of employee of
the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent. Any
document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized
by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively
presumed to have acted on behalf of such Loan Party.

 

“Restricted Debt”
has the meaning set forth in Section 7.15(a).

 

“Restricted Debt
Documentation” means any documentation governing any Restricted Debt (including, in the case of Junior Lien Debt, Junior Lien
Financing Documentation).

 

    46

     

    

 

“Restricted Payment”
means any dividend or other distribution (whether in cash, securities or other property) with respect to any capital stock or other Equity
Interest of the Borrower or any Restricted Subsidiary, or any payment (whether in cash, securities or other property), including any sinking
fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such capital
stock or other Equity Interest, or on account of any return of capital to the Borrower’s stockholders, partners or members (or the
equivalent Person thereof). For the avoidance of doubt, any payment of interest (including payment-in-kind interest) made in respect of
any Indebtedness convertible into Equity Interests of the Borrower permitted hereunder shall not constitute a Restricted Payment.

 

“Restricted Subsidiary”
means any Subsidiary of the Parent or the Borrower that is not an Unrestricted Subsidiary.

 

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

 

“Sanctions”
means any economic or financial sanction or trade embargoes imposed, administered or enforced from time to time by the United States Government
(including without limitation, OFAC or the United States Department of State), the United Nations Security Council, the European Union,
Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority.

 

“Sarbanes-Oxley”
means the Sarbanes-Oxley Act of 2002.

 

“Scheduled Determination”
has the meaning specified in Section 2.05(b)(i).

 

“SEC” means
the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Secured
Obligations” means all Obligations and all advances to, and debts, liabilities, obligations, covenants, Erroneous Subrogation
Payment Rights pursuant to Section 9.16, and duties of, any Loan Party or any Restricted Subsidiary arising under any Hedge
Transaction or Treasury Management Services Agreement with a Lender Counterparty, whether direct or indirect (including those acquired
by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue
after the commencement by or against the Public Parent, any Intermediate Parent, the Borrower, any other Loan Party or any Restricted
Subsidiary thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether
such interest and fees are allowed claims in such proceeding; provided that the term “Secured Obligations” shall not,
with respect to any Guarantor, include any Excluded Swap Obligation with respect to such Guarantor.

 

“Secured Parties”
means, collectively, the Administrative Agent, the Lenders, the L/C Issuers, the Lender Counterparties, each co-agent or sub-agent appointed
by the Administrative Agent from time to time pursuant to Section 9.05, and the other Persons the Secured Obligations owing
to which are or are purported to be secured by the Collateral under the terms of the Security Instruments.

 

    47

     

    

 

“Securities Account”
has the meaning assigned to such term in the UCC.

 

“Security Agreement”
means the Pledge and Security Agreement entered into by the Parent, the Borrower, the other Loan Parties party thereto as grantors and
the Administrative Agent, for the benefit of the Secured Parties, substantially in the form of Exhibit I hereto, as the same
may be amended, modified or supplemented from time to time in accordance with the terms hereof and thereof.

 

“Security Agreement
Supplement” has the meaning specified in the Security Agreement.

 

“Security Instruments”
means, collectively, the Guaranty, the Security Agreement, the Public Parent Pledge Agreement, any Intermediate Parent Pledge Agreement,
the Mortgages, each Control Agreement, each of the mortgages, collateral assignments, Security Agreement Supplements, security agreements,
pledge agreements or other similar agreements delivered to the Administrative Agent pursuant to the Security Agreement or Sections 4.01,
6.12 or 6.14 hereof, and each of the other agreements, instruments or documents that creates or purports to create a Lien
in favor of the Administrative Agent for the benefit of the Secured Parties, as such agreements may be amended, modified, supplemented
or restated from time to time.

 

“Seventh
Amendment” means, that certain Borrowing Base Redetermination Agreement and Seventh Amendment to Credit Agreement dated as of December 9,
2022, by and among the Borrower, the Parent, certain other Loan Parties thereto, the Lenders party thereto, and the Administrative Agent.

 

“Seventh
Amendment Effective Date” means, December 9, 2022.

 

“SOFR”
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

 

“SOFR”
means, for any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by
Administrator” means the Federal Reserve Bank of New York
(or a successor administrator of the secured overnight financing rate) on .

 

“SOFR
Administrator’s Website” means the website of the Federal Reserve Bank of New York,
currently at http://www.newyorkfed.org. ( http://www.newyorkfed.org, or
any successor source for the secured overnight financing rate identified as such by the administrator
of the secured overnight financing rateSOFR Administrator
from time to time), on the immediately succeeding Business Day.

 

“SOFR
Borrowing” means a Term SOFR Borrowing and/or a Daily Simple SOFR Borrowing, as the context may require.

 

“SOFR
Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry
and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes
of trading in United States government securities.

 

“SOFR
Determination Day” has the meaning specified in the definition of “Daily Simple SOFR”.

 

    48

     

    

 

“SOFR
Index Adjustment” means for any calculation with respect to a Daily Simple SOFR Loan or a Term SOFR Loan, a percentage per annum
as set forth below for the applicable Type of such Loan and (if applicable) Interest Period therefor:

 

	Daily
    Simple SOFR Loans	 	 	0.10%	 
	Term
    SOFR Interest Period	 	 	Percentage	 
	One
    month	 	 	0.10%	 
	Three
    months	 	 	0.15%	 
	Six
    months	 	 	0.25%	 

 

“SOFR
Rate Loan” means each Loan bearing interest at a rate based upon (a) Adjusted Term SOFR (other than pursuant to clause (iii) of
the definition of “Base Rate”) or (b) Adjusted Daily Simple SOFR.

 

“SOFR
Rate Day” has the meaning specified in the definition of “Daily Simple SOFR”.

 

“Solvent”
means, with respect to any Person on any date of determination, that on such date (a) the fair value of the property of such Person
is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value
of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts
as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities
beyond such Person’s ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or
a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably
small capital and (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they
mature in the ordinary course of business. The amount of contingent liabilities at any time shall be computed as the amount that, in the
light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual
or matured liability.

 

“SPC” has
the meaning specified in Section 10.06(g).

 

“Special Determination”
has the meaning specified in Section 2.05(b)(ii).

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of
the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or
the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.
Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary
or Subsidiaries of the Borrower.

 

“Subsidiary Redesignation”
has the meaning set forth in the definition of “Unrestricted Subsidiary”.

 

    49

     

    

 

“Supported QFC”
shall have the meaning assigned to it in Section 10.20.

 

“Synthetic Lease
Obligation” means the monetary obligation of a Person under (a) a so called synthetic, off—balance sheet or tax retention
lease or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such
Person but that, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without
regard to accounting treatment).

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any
Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term
SOFR” means for any calculation with respect to a Term SOFR Loan, the Term
SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Lookback Day”) that
is two SOFR Business Days prior to the first day of such Interest Period (and rounded in accordance with the Administrative Agent’s
customary practice), as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York
City time) on any Lookback Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator
and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference
Rate for such tenor as published by the Term SOFR Administrator on the first preceding SOFR Business Day for which such Term SOFR Reference
Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding SOFR Business Day is not more than three
SOFR Business Days prior to such Lookback Day, and for any calculation with respect to a Base Rate Loan, the Term SOFR Reference Rate
for a tenor of one month on the day that is two SOFR Business Days prior to the date the Base Rate is determined, subject to the proviso
provided above.

 

“Term
SOFR Administrator” means CME (or a successor administrator of the Term SOFR Reference Rate, as selected by the Administrative Agent
in its reasonable discretion).

 

“Term
SOFR Borrowing” means a Committed Borrowing comprised of Term SOFR Loans.

 

“Term
SOFR Loan” means each Loan bearing interest at a rate based upon Adjusted Term SOFR (other than pursuant to clause (iii) of
the definition of Base Rate).

 

“Term
SOFR” means, for the applicable corresponding tenor, Reference
Rate” means the forward-looking term rate based on SOFR that has been selected or recommended
by the Relevant Governmental Body.

 

“Type”
means any type of Loan determined with respect to the interest option applicable thereto, which in each case shall be a Base Rate Loan,
a Daily Simple SOFR Loan or a Term SOFR Loan.

 

“Threshold Amount”
means $20,000,000.

 

“Total Outstandings”
means the aggregate Outstanding Amount of all Committed Loans and all L/C Obligations.

 

    50

     

    

 

“Transactions”
means, collectively, (a) the entering into and effectiveness of the senior credit facility under this Agreement (including in respect
of any amendment, restatement, amendment and restatement, supplement or modification of this Agreement), (b) the other transactions
related to each of the foregoing and (c) the payment of the fees and expenses incurred in connection with the consummation of the
foregoing.

 

“Treasury Management
Services Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit,
debit or purchasing card, electronic funds transfer and other cash management arrangements to the Parent, the Borrower or any Restricted
Subsidiary.

 

“Type”
means, with respect to a Committed Loan, its character as a Base Rate Loan or a EurodollarSOFR
Rate Loan.

 

“UCC” means
the Uniform Commercial Code as in effect in the State of New York; provided that, if perfection or the effect of perfection or
non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such
other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.

 

“UK
Financial Institutions” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time
to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook
(as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions
and investment firms, and certain affiliates of such credit institutions or investment firms.

 

“UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution.

 

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

 

“Unfunded Pension
Liability” means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the
current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant
to Section 412 of the Code for the applicable plan year.

 

“United States”
and “U.S.” mean the United States of America.

 

“Unreimbursed Amount”
has the meaning specified in Section 2.03(d)(i).

 

    51

     

    

 

“Unrestricted
Subsidiary” means (1) any Subsidiary of the Parent or the Borrower designated by the Parent or the Borrower, respectively,
as an Unrestricted Subsidiary hereunder by written notice to the Administrative Agent; provided that the Parent and the Borrower
shall only be permitted to so designate a Subsidiary as an Unrestricted Subsidiary so long as (a) no Event of Default has occurred
or is continuing after giving effect to such designation, (b) such Unrestricted Subsidiary shall be capitalized (to the extent capitalized
by the Parent, the Borrower or any of its Restricted Subsidiaries) through Investments as permitted by, and in compliance with, Section 7.02(h),
(c) for purposes of clause (b) such designation shall be deemed an Investment in an amount equal to the fair market
value of the total investment of the Parent, the Borrower and the Restricted Subsidiaries in such Unrestricted Subsidiary, (d) if
the Subsidiary that is designated as an Unrestricted Subsidiary owns any Oil and Gas Properties with Proved Reserves that are included
in the Borrowing Base, such designation shall constitute a Disposition of such Oil and Gas Properties for purposes of Section 2.05(d) and
(e) the Parent or the Borrower shall have delivered to the Administrative Agent an officer’s certificate executed by a Responsible
Officer of the Parent or the Borrower, certifying compliance with the requirements of preceding clauses (a) through (d),
and containing the calculations and information required by the preceding clause (b) and (2) any Subsidiary of an
Unrestricted Subsidiary. The Borrower may designate any Unrestricted Subsidiary to be a Restricted Subsidiary for purposes of this Agreement
(each, a “Subsidiary Redesignation”); provided that (i) no Event of Default has occurred and is continuing
or would result therefrom, (ii) immediately after giving effect to such Subsidiary Redesignation, the Parent and the Borrower shall
be in compliance on a pro forma basis with each financial covenant set forth in Section 7.11 and (iii) the Parent and
the Borrower shall have delivered to the Administrative Agent an officer’s certificate executed by a Responsible Officer of the
Parent and the Borrower, certifying compliance with the requirements of preceding clauses (i) and (ii), and containing
the information required by the preceding clause (ii).

 

“U.S. Special Resolution
Regimes” shall have the meaning assigned to it in Section 10.20.

 

“Write-Down
and Conversion Powers” shall mean, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers
of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any
UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into
shares, securities or obligations of that Person or any other Person, to provide that any such contract or instrument is to have effect
as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In
Legislation that are related to or ancillary to any of those powers.

 

Section 1.02     Other
Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such
other Loan Document:

 

(a)            The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes”
and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will”
shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise, (i) any
definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as
referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to
any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein”,
 “hereof” and “hereunder”, and words of similar import when used in any Loan Document, shall be construed to refer
to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document
in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating,
amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such
law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including
cash, securities, accounts and contract rights.

 

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

 

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

 

Section 1.03     Accounting
Terms.

 

(a)            Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the
audited financial statements described in clause (a) of the definition of “Initial Financial Statements”,
except as otherwise specifically prescribed herein.

 

(b)            Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan
Document, and either the Parent or the Majority Lenders shall so request, the Administrative Agent, the Lenders and the Parent shall negotiate
in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the
approval of the Majority Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed
in accordance with GAAP prior to such change therein and (ii) the Parent shall provide to the Administrative Agent and the Lenders
financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation
between calculations of such ratio or requirement made before and after giving effect to such change in GAAP; provided, further,
that all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred
to herein shall be made without giving effect to (i) any election under Accounting Standards Codification 825-10-25 (previously referred
to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard
having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”,
as defined therein and (ii) any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification
470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any
such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full
stated principal amount thereof.

 

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Section 1.04     Petroleum
Terms. As used herein, the terms “proved reserves”, “proved developed reserves”, “proved developed producing
reserves”, “proved developed nonproducing reserves” and “proved undeveloped reserves” shall be determined
in accordance with Petroleum Industry Standards.

 

Section 1.05     Rounding.
Any financial ratios required to be maintained by the Parent or the Borrower, as applicable, pursuant to this Agreement shall be calculated
by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by
which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest
number).

 

Section 1.06     Times
of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard,
as applicable).

 

Section 1.07     Letter
of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated
amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that,
by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof,
the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all
such increases, whether or not such maximum stated amount is in effect at such time.

 

Section 1.08     Divisions.
For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event
under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent
Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the
first date of its existence by the holders of its Equity Interests at such time.

 

Section 1.09     Benchmark
NotificationRates. The interest rate
on Loans denominated in Dollars may be determined by reference to a benchmark rate that is, or may in the future become, the subject of
regulatory reform or cessation. The Administrative Agent does not warrant or accept any
responsibility for, and shall not have any liability with respect to, (a) the
continuation of, administration of,
submission of, calculation of or any other matter related to
LIBOR or with respect tothe
Base Rate, Daily Simple SOFR, Adjusted Daily Simple SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or any component
definition thereof or rates referred to in the definition thereof, or any alternative or,
successor benchmark thereto, or replacement rate therefor
or thereofthereto (including any Benchmark Replacement),
including, without limitation,  whether the composition or characteristics of any such
alternative, successor or replacement reference rate,
as it may or may not be adjusted pursuant to Section 3.03, (including
any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, LIBOR
or any other benchmark or have the same volume or liquidity as did LIBOR or any other
benchmark rate, the Base Rate, Daily Simple SOFR, Adjusted
Daily Simple SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR or any other Benchmark prior to its discontinuance
or unavailability., or
(b) the effect, implementation or composition of any Conforming Changes. The Administrative Agent and its affiliates or other related
entities may engage in transactions that affect the calculation of the Base Rate, Daily Simple SOFR, Adjusted Daily Simple SOFR, the Term
SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement)
or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information
sources or services in its reasonable discretion to ascertain the Base Rate, Daily Simple SOFR, Adjusted Daily Simple SOFR, the Term SOFR
Reference Rate, Adjusted Term SOFR or Term SOFR or any other Benchmark, in each case pursuant to the terms of this Agreement, and shall
have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special,
punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or
in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. The
Administrative Agent will, in keeping with industry practice, continue using its current rounding practices in connection with the Base
Rate, Daily Simple SOFR, Adjusted Daily Simple SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR. In connection with
the use or administration of Daily Simple SOFR and Term SOFR, the Administrative Agent will have the right to make Conforming Changes
from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such
Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan
Document. The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in
connection with the use or administration of Daily Simple SOFR and Term SOFR.

 

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ARTICLE II

THE COMMITMENTS AND CREDIT EXTENSIONS

 

Section 2.01     Committed
Loans. Subject to the terms and conditions set forth herein, each Lender severally, but not jointly, agrees to make loans denominated
in Dollars (each such loan, a “Committed Loan”) to the Borrower from time to time, on any Business Day during the Availability
Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided, however,
that after giving effect to any Committed Borrowing and the application by the Administrative Agent of the proceeds thereof, (i) the
Total Outstandings shall not exceed the Facility Limit and (ii) the Aggregate Exposure of any Lender shall not exceed the lesser
of such Lender’s (A) Commitment and (B) Applicable Percentage of the Facility Limit. Within the limits of each Lender’s
Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01, repay under
Section 2.06, and reborrow under this Section 2.01. Committed Loans may be Base Rate Loans or EurodollarSOFR
Rate Loans, as further provided herein.

 

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Section 2.02     Committed
Borrowings, Conversions and Continuations of Committed Loans.

 

(a)            Each
Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of Eurodollar
RateTerm SOFR Loans shall be made upon the Borrower’s
irrevocable notice to the Administrative Agent in the form of a Committed Loan Notice. Each such Committed Loan Notice must be received
by the Administrative Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of any Committed Borrowing
of, conversion to or continuation of EurodollarSOFR
Rate Loans or of any conversion of EurodollarSOFR
Rate Loans to Base Rate Loans and (ii) on the Business Day prior to any Committed Borrowing of Base Rate Loans. Each Committed Borrowing
of, conversion to or continuation of EurodollarSOFR
Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Except as provided in Section 2.03(d),
each Committed Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000
in excess thereof. Each Committed Loan Notice shall specify (i) whether the Borrower is requesting a Committed Borrowing, a conversion
of Committed Loans from one Type to the other, or a continuation of Eurodollar Rate Loansa
Term SOFR Loan, (ii) the requested date of the Committed Borrowing, conversion or continuation, as the case may be (which
shall be a Business Day), (iii) the principal amount of Committed Loans to be borrowed, converted or continued, (iv) the Type
of Committed Loans to be borrowed (including whether a Base Rate Loan, Daily
Simple SOFR Loan or a Term SOFR Loan) or to which existing Committed Loans are to be converted and (v) if applicable,
the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Committed Loan in a Committed Loan
Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Committed Loans shall
be made as, or converted to, Base Rate Loans. If no election is specified
as to whether a SOFR Borrowing is to be a Term SOFR Loan or Daily Simple SOFR Loan, then the requested Committed Borrowing shall be a
Daily Simple SOFR Loan. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest
Period then in effect with respect to the applicable EurodollarSOFR
Rate Loans. If the Borrower requests a Committed Borrowing of, conversion to, or continuation of Eurodollar
Rate LoansTerm SOFR Loan in any such Committed
Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

  

(b)            Following
receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage
of the applicable Committed Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative
Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans described in the preceding clause (a).
In the case of a Committed Borrowing, each Lender shall make the amount of its Committed Loan available to the Administrative Agent in
immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in
the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02, the Administrative
Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by (i) crediting
the account of the Borrower on the books of the Administrative Agent with the amount of such funds or (ii) wire transfer of such
funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower.

 

(c)            Except
as otherwise provided herein, a Eurodollar RateTerm
SOFR Loan may be continued or a SOFR Rate Loan converted
only on the last day of an Interest Period for such EurodollarSOFR
Rate Loan. During the existence of an Event of Default, no Committed Loans may be requested as, converted to or continued as EurodollarSOFR
Rate Loans without the consent of the Majority Lenders.

 

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(d)            The
Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for EurodollarSOFR
Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall
notify the Borrower and the Lenders of any change in the Administrative Agent’s prime rate used in determining the Base Rate promptly
following the public announcement of such change.

 

(e)            After
giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations of Committed
Loans as the same Type, there shall not be more than tenfive
(105) Interest
Periods in effect with respect to Committed Borrowings of
SOFR Rate Loans outstanding hereunder.

 

Section 2.03     Letters
of Credit.

 

(a)            The
Letter of Credit Commitment.

 

(i)            Subject
to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth
in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter
of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously
issued by it, in accordance with clause (c) below and (2) to honor drawings under the Letters of Credit; and (B) the
Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided
that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not exceed
the Facility Limit, (y) the Aggregate Exposure of any Lender, shall not exceed the lesser of such Lender’s (I) Commitment
and (II) the Applicable Percentage of the Facility Limit and (z) the Outstanding Amount of the L/C Obligations shall not exceed
the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be
a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the
preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain
Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to
replace Letters of Credit that have expired or that have been drawn upon and reimbursed.

 

(ii)            The
L/C Issuers shall not issue any Letter of Credit, if:

 

(A)            subject
to Section 2.03(c)(iii), the expiry date of such requested Letter of Credit would occur more than twelve months after the
date of issuance or last extension, unless the Majority Lenders have approved such expiry date; or

 

(B)            the
expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Lenders have approved
such expiry date.

 

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(iii)            An
L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

 

(A)            any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the applicable
L/C Issuer from issuing such Letter of Credit, or any Law applicable to the applicable L/C Issuer or any request or directive (whether
or not having the force of law) from any Governmental Authority with jurisdiction over the applicable L/C Issuer shall prohibit, or request
that the applicable L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall
impose upon the applicable L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which
the applicable L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the applicable
L/C Issuer any unreimbursed loss, cost or expense that was not applicable on the Closing Date and that the applicable L/C Issuer in good
faith deems material to it;

 

(B)            the
issuance of such Letter of Credit would violate one or more policies of the applicable L/C Issuer applicable to letters of credit generally;

 

(C)            except
as otherwise agreed by the Administrative Agent and the applicable L/C Issuer, such Letter of Credit is in an initial stated amount less
than $50,000;

 

(D)            such
Letter of Credit is to be denominated in a currency other than Dollars; or

 

(E)            a
default of any Lender’s obligations to fund under Section 2.01 exists or any Lender is at such time a Defaulting Lender
hereunder, unless the applicable L/C Issuer has entered into arrangements, including delivery of Cash Collateral, satisfactory to the
applicable L/C Issuer (in its sole discretion) either with the Borrower or such Lender to eliminate the applicable L/C Issuer’s
risk with respect to such Lender’s Applicable Percentage of the Letter of Credit then requested to be issued.

 

(iv)            Each
L/C Issuer shall not amend any Letter of Credit if such L/C Issuer would not be permitted at such time to issue such Letter of Credit
in its amended form under the terms hereof.

 

(v)            The
L/C Issuers shall be under no obligation to amend any Letter of Credit if (A) the applicable L/C Issuer would have no obligation
at such time to issue such Letter of Credit in its amended form under the terms hereof or (B) the beneficiary of such Letter of Credit
does not accept the proposed amendment to such Letter of Credit.

 

(vi)            Each
L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith,
and the L/C Issuers shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article IX
with respect to any acts taken or omissions suffered by the applicable L/C Issuer in connection with Letters of Credit issued by it or
proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent”
as used in Article IX included the applicable L/C Issuer with respect to such acts or omissions and (B) as additionally
provided herein with respect to the applicable L/C Issuer.

 

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(b)            [Reserved].

 

(c)            Procedures
for Issuance and Amendment of Letters of Credit; Auto-Extension and Auto-Reinstatement Letters of Credit.

 

(i)            Each
Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the applicable L/C Issuer
(with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible
Officer of the Borrower. Such Letter of Credit Application must be received by the applicable L/C Issuer and the Administrative Agent
not later than 11:00 a.m. at least three Business Days (or such later date and time as the Administrative Agent and the applicable
L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the
case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in
form and detail satisfactory to the applicable L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which
shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary
thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate
to be presented by such beneficiary in case of any drawing thereunder; and (G) such other matters as the applicable L/C Issuer may
require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify
in form and detail satisfactory to the applicable L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of
amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the
applicable L/C Issuer may require. Additionally, the Borrower shall furnish to the applicable L/C Issuer and the Administrative Agent
such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents,
as the applicable L/C Issuer or the Administrative Agent may require.

 

(ii)            Promptly
after receipt of any Letter of Credit Application, the applicable L/C Issuer will confirm with the Administrative Agent (in writing) that
the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, the applicable L/C Issuer
will provide the Administrative Agent with a copy thereof. Unless the applicable L/C Issuer has received written notice from any Lender,
the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable
Letter of Credit, that one or more applicable conditions contained in Section 4.02 shall not then be satisfied, then, subject
to the terms and conditions hereof, the applicable L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of
the Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the applicable L/C Issuer’s
usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby
irrevocably and unconditionally agrees to, purchase from the applicable L/C Issuer a risk participation in such Letter of Credit in an
amount equal to the product of such Lender’s Applicable Percentage times the amount of such Letter of Credit.

 

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(iii)            If
the Borrower so requests in any applicable Letter of Credit Application, the applicable L/C Issuer may, in its sole and absolute discretion,
agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”);
provided that any such Auto-Extension Letter of Credit must permit the applicable L/C Issuer to prevent any such extension at least
once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary
thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at
the time such Letter of Credit is issued. Unless otherwise directed by the applicable L/C Issuer, the Borrower shall not be required to
make a specific request to the applicable L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued,
the Lenders shall be deemed to have authorized (but may not require) the applicable L/C Issuer to permit the extension of such Letter
of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the
applicable L/C Issuer shall not permit any such extension if (A) the applicable L/C Issuer has determined that it would not be permitted,
or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by
reason of the provisions of clause (ii) or (iii) of Section 2.03(a) or otherwise) or (B) it
has received notice (in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the
Administrative Agent that the Majority Lenders have elected not to permit such extension or (2) from the Administrative Agent, any
Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and
in each such case directing the applicable L/C Issuer not to permit such extension.

 

(iv)            If
the Borrower so requests in any applicable Letter of Credit Application, the applicable L/C Issuer may, in its sole and absolute discretion,
agree to issue a Letter of Credit that permits the automatic reinstatement of all or a portion of the stated amount thereof after any
drawing thereunder (each, an “Auto-Reinstatement Letter of Credit”). Unless otherwise directed by the applicable L/C
Issuer, the Borrower shall not be required to make a specific request to the applicable L/C Issuer to permit such reinstatement. Once
an Auto-Reinstatement Letter of Credit has been issued, except as provided in the following sentence, the Lenders shall be deemed to have
authorized (but may not require) the applicable L/C Issuer to reinstate all or a portion of the stated amount thereof in accordance with
the provisions of such Letter of Credit. Notwithstanding the foregoing, if such Auto-Reinstatement Letter of Credit permits the applicable
L/C Issuer to decline to reinstate all or any portion of the stated amount thereof after a drawing thereunder by giving notice of such
non-reinstatement within a specified number of days after such drawing (the “Non-Reinstatement Deadline”), the applicable
L/C Issuer shall not permit such reinstatement if it has received a notice (in writing) on or before the day that is five Business Days
before the Non-Reinstatement Deadline (A) from the Administrative Agent that the Majority Lenders have elected not to permit such
reinstatement or (B) from the Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions specified
in Section 4.02 is not then satisfied (treating such reinstatement as an L/C Credit Extension for purposes of this clause (iv))
and, in each case, directing the applicable L/C Issuer not to permit such reinstatement.

 

(v)            Promptly
after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary
thereof, the applicable L/C Issuer will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter
of Credit or amendment. On a monthly basis, each L/C Issuer shall deliver to the Administrative Agent (with a copy to the Borrower) a
complete list of all outstanding Letters of Credit issued by such L/C Issuer.

 

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(d)            Drawings
and Reimbursements; Funding of Participations.

 

(i)            Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable L/C Issuer
shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the Business Day immediately following
the date of any payment by the applicable L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the
Borrower shall reimburse the applicable L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing.
If the Borrower fails to so reimburse the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each Lender
of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s
Applicable Percentage thereof. In such event, the Borrower shall be deemed to have requested a Committed Borrowing of Base Rate Loans
to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to (A) the minimum and multiples
specified in Section 2.02 for the principal amount of Base Rate Loans and (B) the conditions set forth in Section 4.02,
but subject to the amount of the unutilized portion (calculated after giving effect to the application by the Administrative Agent of
the proceeds of such Committed Borrowing) of the Aggregate Commitments. Any notice given by the applicable L/C Issuer or the Administrative
Agent pursuant to this Section 2.03(d)(i) may be given by telephone if immediately confirmed in writing; provided
that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

 

(ii)            Each
Lender shall upon any notice pursuant to Section 2.03(d)(i) make funds available to the Administrative Agent for the
account of the applicable L/C Issuer at the Administrative Agent’s Office in an amount equal to its Applicable Percentage of the
Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon,
subject to the provisions of Section 2.03(d)(iii), each Lender that so makes funds available shall be deemed to have made
a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the applicable L/C Issuer.

 

(iii)            With
respect to any Unreimbursed Amount that is not fully refinanced by a Committed Borrowing of Base Rate Loans because the conditions set
forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the
applicable L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be
due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Lender’s payment
to the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.03(d)(ii) shall be deemed
payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of
its participation obligation under this Section 2.03.

 

(iv)            Until
each Lender funds its Committed Loan or L/C Advance pursuant to this Section 2.03(d) to reimburse the applicable L/C
Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount
shall be solely for the account of the applicable L/C Issuer.

 

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(v)            Each
Lender’s obligation to make Committed Loans or L/C Advances to reimburse the L/C Issuers for amounts drawn under Letters of Credit,
as contemplated by this Section 2.03(d), shall be absolute and unconditional and shall not be affected by any circumstance,
including (A) any setoff, counterclaim, recoupment, defense or other right that such Lender may have against the applicable L/C Issuer,
the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default; or (C) any other
occurrence, event or condition, whether or not similar to any of the foregoing. Each Lender’s obligation to make Committed Loans
pursuant to this Section 2.03(d) shall not be subject to the conditions set forth in Section 4.02. No such
making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the applicable L/C Issuer for the
amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided herein.

 

(vi)            If
any Lender fails to make available to the Administrative Agent for the account of the applicable L/C Issuer any amount required to be
paid by such Lender pursuant to the foregoing provisions of this Section 2.03(d) by the time specified in Section 2.03(d)(ii),
the applicable L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount
with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available
to the applicable L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the applicable
L/C Issuer in accordance with banking industry rules on interbank compensation. If such Lender pays such amount (with interest and
fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing
or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the applicable L/C Issuer submitted to any
Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive
absent manifest error.

 

(vii)            In
the event the Borrower or any Lender shall have entered into the arrangements contemplated pursuant to Section 2.03(a)(iii)(E) with
respect to the applicable L/C Issuer’s risk with respect to another Lender’s Applicable Percentage of any Letter of Credit,
the applicable L/C Issuer shall be entitled immediately to exercise its rights under any such arrangement and apply any funds received
by it as a result thereof to such Lender’s Applicable Percentage of any Unreimbursed Amount with respect to such Letter of Credit.

 

(e)            Repayment
of Participations.

 

(i)            At
any time after an L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such Lender’s L/C Advance
in respect of such payment in accordance with Section 2.03(d), if the Administrative Agent receives for the account of such
L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise,
including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender
its Applicable Percentage thereof in the same funds as those received by the Administrative Agent.

 

(ii)            If
any payment received by the Administrative Agent for the account of an L/C Issuer pursuant to Section 2.03(d)(i) is required
to be returned under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into
by such L/C Issuer in its discretion), each Lender shall pay to the Administrative Agent for the account of such L/C Issuer its Applicable
Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount
is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of
the Lenders under this clause (ii) shall survive the payment in full of the Obligations and the termination of this Agreement.

 

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(f)            Obligations
Absolute. The obligation of the Borrower to reimburse the L/C Issuers for each drawing under each Letter of Credit and to repay each
L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement
under all circumstances, including the following:

 

(i)            any
lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 

(ii)            the
existence of any claim, counterclaim, setoff, defense or other right that the Borrower, any other Loan Party or any Subsidiary may have
at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such
transferee may be acting), the applicable L/C Issuer or any other Person, whether in connection with this Agreement, the transactions
contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii)            any
draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient
in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise
of any document required in order to make a drawing under such Letter of Credit;

 

(iv)            any
payment by an L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with
the terms of such Letter of Credit; or any payment made by an L/C Issuer under such Letter of Credit to any Person purporting to be a
trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or
successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under
any Debtor Relief Law; or

 

(v)            any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might
otherwise constitute a defense available to, or a discharge of, the Borrower or any Subsidiary.

 

The Borrower shall promptly
examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance
with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the applicable L/C Issuer. The Borrower
shall be conclusively deemed to have waived any such claim against the applicable L/C Issuer and its correspondents unless such notice
is given as aforesaid.

 

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(g)            Role
of L/C Issuer. Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the applicable L/C Issuer
shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by
the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing
or delivering any such document. None of the L/C Issuers, the Administrative Agent, any of their respective Related Parties nor any correspondent,
participant or assignee of the L/C Issuers shall be liable to any Lender for (i) any action taken or omitted in connection herewith
at the request or with the approval of the Lenders or the Majority Lenders, as applicable; (ii) any action taken or omitted in the
absence of gross negligence or willful misconduct, each as determined in a final, non-appealable judgment by a court of competent jurisdiction;
or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit
or Issuer Document. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its
use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower’s
pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the
L/C Issuers, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the applicable
L/C Issuer shall be liable or responsible for any of the matters described in clauses (i) through (v) of
Section 2.03(f); provided, however, that anything in such clauses to the contrary notwithstanding, the Borrower
may have a claim against the applicable L/C Issuer, and the applicable L/C Issuer may be liable to the Borrower, to the extent, but only
to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower that the Borrower proves were
caused by the applicable L/C Issuer’s willful misconduct or gross negligence or such L/C Issuer’s willful failure, in each
case as determined in a final, non-appealable judgment by a court of competent jurisdiction, to pay under any Letter of Credit after the
presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter
of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuers may accept documents that appear on their face to be
in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the L/C Issuers
shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign
a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, that may prove to be invalid or ineffective
for any reason.

 

(h)            Cash
Collateral. Upon the request of the Administrative Agent, (i) if an L/C Issuer has honored any full or partial drawing request
under any Letter of Credit and such drawing has resulted in an L/C Borrowing or (ii) if, as of the Letter of Credit Expiration Date,
any L/C Obligation for any reason remains outstanding, the Borrower shall, in each case, immediately Cash Collateralize the then Outstanding
Amount of all L/C Obligations. Sections 2.06 and 8.02(c) set forth certain additional requirements to deliver
Cash Collateral hereunder. For purposes of this Section 2.03 and Section 2.06 and Section 8.02(c),
 “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the
applicable L/C Issuer and the Lenders, as collateral for the L/C Obligations, cash or deposit account balances pursuant to documentation
in form and substance satisfactory to the Administrative Agent and the applicable L/C Issuer (which documents are hereby consented to
by the Lenders). Such cash and deposit account balances are referred to herein, collectively, as the “Cash Collateral”.
Derivatives of such term have corresponding meanings. The Borrower hereby grants to the Administrative Agent, for the benefit of the applicable
L/C Issuer and the Lenders, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing.
Cash Collateral shall be maintained in blocked, non-interest bearing deposit accounts at the Administrative Agent.

 

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(i)            Applicability
of ISP and UCP. Unless otherwise expressly agreed by the applicable L/C Issuer and the Borrower when a Letter of Credit is issued,
the rules of the ISP shall apply to each Letter of Credit.

 

(j)            Letter
of Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable
Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate
for SOFR Rate Loans in effect on such day times the daily
amount available to be drawn under such Letter of Credit; provided that, in the event the Borrower has entered into an arrangement
with the applicable L/C Issuer with respect to the applicable L/C Issuer’s risk with respect to any Lender’s obligation to
fund its Applicable Percentage of the Unreimbursed Amount with respect to such Letter of Credit as contemplated in Section 2.03(a)(iii)(E) hereof,
no such Letter of Credit Fee shall accrue or be deemed to have accrued, or be owing or payable by the Borrower to the Administrative Agent
for the account of such Lender with respect to such Lender’s Applicable Percentage of such Letter of Credit Fee until such time
as the applicable L/C Issuer determines in its reasonable discretion that such Lender is no longer a Defaulting Lender. For purposes of
computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in
accordance with Section 1.07. Letter of Credit Fees shall be (i) due and payable on the fifth Business Day after the
end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of
Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there
is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed
and multiplied by the Applicable Rate for SOFR Rate Loans separately
for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein,
(A) upon the request of the Majority Lenders, while any Event of Default exists and (B) automatically, upon any Event of Default
under Section 8.01(f), all Letter of Credit Fees shall accrue at the Default Rate.

 

(k)            Fronting
Fee and Documentary and Processing Charges Payable to L/C Issuers. The Borrower shall pay directly to the applicable L/C Issuer for
its own account a fronting fee with respect to each Letter of Credit, at the rate of 0.125% per annum (but in no event less than
$500.00 per annum or $125.00 per quarter) with respect to each Letter of Credit, computed on the daily amount available to be drawn
under such Letter of Credit on a quarterly basis in arrears, and due and payable on the fifth Business Day after the end of each March,
June, September and December in respect of the most recently-ended quarterly period (or portion thereof, in the case of the
first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration
Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount
of such Letter of Credit shall be determined in accordance with Section 1.07. In addition, the Borrower shall pay directly
to the applicable L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other
standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard
costs and charges are due and payable on demand and are nonrefundable.

 

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

 

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Section 2.04     Increases
of Aggregate Commitments.

 

(a)            Subject
to the conditions set forth in Section 2.04(b), the Borrower may increase the Aggregate Commitments then in effect by increasing
the Commitment of a Lender or by causing a Person that is acceptable to the Administrative Agent and each L/C Issuer (such consent not
to be unreasonably withheld) that at such time is not a Lender to become a Lender (any such Person that is not at such time a Lender and
becomes a Lender, an “Additional Lender”). Notwithstanding anything to the contrary contained in this Agreement, in
no case shall an Additional Lender be the Public Parent, an Intermediate Parent, the Parent, an Affiliate of the Parent, any Permitted
Holder or a natural person.

 

(b)            Any
increase in the Aggregate Commitments shall be subject to the following additional conditions:

 

(i)            such
increase shall not be less than $25,000,000 unless the Administrative Agent otherwise consents, and no such increase shall be permitted
if after giving effect thereto the Aggregate Commitments exceed the lesser of (x) the Borrowing Base then in effect and (y) $1,000,000,000;

 

(ii)            following
any Scheduled Determination, the Borrower may not increase the Aggregate Commitments more than once before the next Scheduled Determination
(for the sake of clarity, all increases in the Aggregate Commitments effective on a single date shall be deemed a single increase in the
Aggregate Commitments for purposes of this Section 2.04(b)(ii));

 

(iii)            no
Default or Event of Default shall have occurred and be continuing on the effective date of such increase;

 

(iv)            on
the effective date of such increase, either no EurodollarSOFR
Rate Loans shall be outstanding or if any EurodollarSOFR
Rate Loans are outstanding, then the effective date of such increase shall be the last day of the Interest Period in respect of such EurodollarSOFR
Rate Loans unless the Borrower pays compensation required by Section 3.05;

 

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

 

(vi)            if
the Borrower elects to increase the Aggregate Commitments by increasing the Commitment of a Lender, the Borrower and such Lender shall
execute and deliver to the Administrative Agent an agreement substantially in the form of Exhibit L (a “Commitment
Increase Agreement”); and

 

(vii)            if
the Borrower elects to increase the Aggregate Commitments by causing an Additional Lender to become a party to this Agreement, then the
Borrower and such Additional Lender shall execute and deliver to the Administrative Agent a certificate substantially in the form of Exhibit M
(an “Additional Lender Agreement”), together with an Administrative Questionnaire and a processing and recordation
fee of $3,500, and the Borrower shall (1) if requested by the Additional Lender, deliver a Note payable to the order of such Additional
Lender in a principal amount equal to its Commitment, and otherwise duly completed and (2) pay any applicable fees as may have been
agreed to between the Borrower, the Additional Lender and/or the Administrative Agent.

 

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(c)            Subject
to acceptance and recording thereof pursuant to Section 2.04(d), from and after the effective date specified in the Commitment
Increase Agreement or the Additional Lender Agreement: (A) the amount of the Aggregate Commitments shall be increased as set forth
therein, and (B) in the case of an Additional Lender Agreement, any Additional Lender party thereto shall be a party to this Agreement
and have the rights and obligations of a Lender under this Agreement and the other Loan Documents. In addition, the Lender or the Additional
Lender, as applicable, shall purchase a pro rata portion of the outstanding Loans (and participation interests in Letters of Credit) of
each of the other Lenders (and such Lenders hereby agree to sell and to take all such further action to effectuate such sale) such that
each Lender (including any Additional Lender, if applicable) shall hold its Applicable Percentage of the outstanding Committed Loans (and
participation interests) after giving effect to the increase in the Aggregate Commitments (and the resulting modifications of each Lender’s
Commitment pursuant to Section 2.04(e)).

 

(d)            Upon
its receipt of a duly completed Commitment Increase Agreement or an Additional Lender Agreement, executed by the Borrower and the Lender
or by the Borrower and the Additional Lender party thereto, as applicable, the processing and recording fee referred to in Section 2.04(b),
the Administrative Questionnaire referred to in Section 2.04(b) and the break-funding payments from the Borrower, if
any, required by Section 3.05, if applicable, the Administrative Agent shall accept such Commitment Increase Agreement or
Additional Lender Agreement and record the information contained therein in the Register required to be maintained by the Administrative
Agent pursuant to Section 10.06(c). No increase in the Aggregate Commitments shall be effective for purposes of this Agreement
unless it has been recorded in the Register as provided in this Section 2.04(d).

 

(e)            Upon
any increase in the Aggregate Commitments pursuant to this Section 2.04, (A) each Lender’s Commitment shall be
automatically deemed amended to the extent necessary so that each such Lender’s Applicable Percentage equals the percentage of the
Aggregate Commitments represented by such Lender’s Commitment, in each case after giving effect to such increase, and (B) Schedule 2.01
to this Agreement shall be deemed amended to reflect the Commitment of each Lender (including any Additional Lender) as thereby increased,
any changes in the Lenders’ Commitments pursuant to the foregoing clause (A), and any resulting changes in the Lenders’
Applicable Percentages.

 

Section 2.05            Borrowing
Base.

 

(a)            Initial
Borrowing Base. During the period from the ClosingSeventh
Amendment Effective Date until the next DeterminationBorrowing
Base Reduction Date the Borrowing Base shall be $425,000,000,215,000,000,
and it shall thereafter be reduced each month on the applicable Borrowing Base Reduction Date in accordance with the terms and conditions
of the Seventh Amendment or as it may otherwise be subject to adjustment or reduction, as applicable, as set forth in Sections 2.05(c) and
2.05(d) of this Agreement.

 

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(b)            Subsequent
Determinations of the Borrowing Base. Upon each designation of a new Borrowing Base on a Scheduled Determination or a Special Determination,
the Administrative Agent shall notify the Borrower of the new Borrowing Base which designation shall take effect immediately on the date
such notice is sent (each such date (including the Closing Date), a “Determination Date”) and shall remain in effect
until, but not including, the next Determination Date. The Borrowing Base shall be determined in accordance with the following methodology:

 

(i)            By
March 1 and September 1 of each year beginning March 1, 2019, the Borrower shall furnish to the Administrative Agent
(with sufficient copies for each Lender of any information provided on paper, computer disks, or other tangible media) the Engineering
Report then required under Section 6.01(e) or Section 6.01(f), together with all information, reports and
data that the Administrative Agent requests concerning the businesses and properties of the Borrower and the other Loan Parties (including
their Oil and Gas Properties and the reserves and production relating thereto). As promptly as reasonably practicable after receiving
such Engineering Report, information, reports and data, the Administrative Agent shall propose a Borrowing Base following the procedures
set forth in Section 2.05(b)(iii) below. Each such determination of the Borrowing Base is herein called a “Scheduled
Determination”. If the Borrower does not furnish all such information, reports and data by the date specified in the first sentence
of this clause (i), the Administrative Agent may nonetheless designate the Borrowing Base at any amount that Required Lenders
determine (or, in the case of an increase, that all the Lenders determine) and the Borrowing Base may similarly be designated from time
to time thereafter until each Lender receives all such information, reports and data, whereupon the Lenders shall designate a new Borrowing
Base as described above.

 

(ii)            In
addition to Scheduled Determinations, the Borrower may request the Lenders to make additional determinations of the Borrowing Base once
between consecutive Scheduled Determinations, and the Administrative Agent also may (and at the request of the Required Lenders must)
request the Lenders to make an additional determination of the Borrowing Base once between consecutive Scheduled Determinations. The Administrative
Agent shall give notice to the Borrower of any such request made by the Administrative Agent to the Lenders. The Borrower shall submit
any such request made by the Borrower to the Administrative Agent and each Lender and, at the time of such request, the Borrower shall
(A) deliver to the Administrative Agent and each Lender an updated Engineering Report prepared either by the Borrower or any Approved
Petroleum Engineer and (B) notify the Administrative Agent and each Lender of the Borrowing Base requested by the Borrower. Any determination
of the Borrowing Base made pursuant to a request under this clause (ii) is herein called a “Special Determination”.
Any Special Determination shall be made by Lenders in accordance with the procedures set forth in Section 2.05(b)(iii); provided,
however, that the Borrower shall not be required to deliver an updated Engineering Report to the Administrative Agent and Lenders
in connection with any Special Determination requested by the Administrative Agent. In addition to, and not including and/or limited by
the foregoing provisions of this clause (ii), the Borrower may, by notifying the Administrative Agent thereof, at any time
between Scheduled Determinations, request additional Special Determinations of the Borrowing Base in the event the Borrower or any other
Loan Party acquires Oil and Gas Properties with Proved Reserves that are to be included in the Borrowing Base having a PV9 Value (calculated
at the time of acquisition) in excess of 5% of the Borrowing Base in effect immediately prior to such acquisition.

 

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(iii)            The
Administrative Agent shall propose to the Lenders a specific Borrowing Base amount for the Lenders to approve or disapprove, (x) in
the case of a Scheduled Determination, (A) if the Administrative Agent shall have received the Engineering Report and all information,
reports and data requested by it in connection therewith in a timely manner, then on or before March 15th and September 15th
of such year following the date of delivery or (B) if the Administrative Agent shall not have received the Engineering Report and
all information, reports and data requested by it in connection therewith in a timely manner, then promptly after the Administrative Agent
has received such Engineering Report and all information, reports and data requested by it in connection therewith and has had a reasonable
opportunity to determine the Borrowing Base in accordance with Section 2.05(b)(i); and (y) in the case of a Special Determination,
promptly, and in any event, within 15 days after the Administrative Agent shall have received the Engineering Report and all information,
reports and data requested by it in connection therewith. Within 15 days after the date referred to in the foregoing clause (iii)(x) or
(iii)(y), as applicable, each Lender shall respond to the Administrative Agent in writing, either approving such proposed amount
or setting out a reasonable alternative amount (based on the criteria described in clause (iv) below), and any Lender’s
failure to respond to such proposal within such time will be deemed (x) with respect to any proposed Borrowing Base amount that would
constitute an increase in the Borrowing Base then in effect, a rejection of such proposed Borrowing Base amount, and (y) with respect
to any proposed Borrowing Base amount that would constitute a decrease or reaffirmation of the Borrowing Base then in effect, an approval
of the proposed amount. After receiving such responses or deemed responses from all Lenders, the Administrative Agent will designate the
new Borrowing Base at the highest amount approved (I) by all Lenders, in the case of an increase to the then current Borrowing Base,
or (II) at the highest amount approved by the Required Lenders, in the case of a reduction to or continuation of the then current
Borrowing Base.

 

(iv)            Each
redetermination of the Borrowing Base pursuant to this Section 2.05 shall be made in good faith by the Lenders and the Administrative
Agent, in the exercise of their reasonable discretion and in accordance with their respective customary and prudent standards for oil
and gas lending and credit transactions as they exist at such time and taking into account any Oil and Gas Hedge Transactions that are
in place with respect to the production of Hydrocarbons from the Oil and Gas Properties owned by the Borrower and the other Loan Parties.
Without limiting such discretion, Borrower acknowledges and agrees that the Administrative Agent and the Lenders (A) may make such
assumptions regarding appropriate existing and projected pricing for Hydrocarbons as they deem appropriate in their discretion, (B) may
make such assumptions regarding projected rates and quantities of future production of Hydrocarbons from the Oil and Gas Properties owned
by the Borrower and the other Loan Parties as they deem appropriate in their discretion, (C) may consider the projected cash requirements
of the Borrower and its Restricted Subsidiaries, (D) are not required to consider any asset other than Proved Reserves owned by the
Borrower and the other Loan Parties and (E) may make such other assumptions, considerations and exclusions as they deem appropriate
in the exercise of their discretion. It is further acknowledged and agreed that the Administrative Agent and the Lenders may consider
such other credit factors as they deem appropriate in the exercise of their discretion (including, without limitation, the status of title
information with respect to the Oil and Gas Properties described in the Engineering Reports, the existence of any other Indebtedness and
the quality and sufficiency of the assets and other credit support securing anticipated decommissioning costs, expenses and other liabilities
associated with the Beta Properties (including the aggregate cash balance in the Beta Decommissioning Trust accounts)).

 

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(c)            Reduction
of Borrowing Base Upon Incurrence of Junior Lien Debt and Unsecured Indebtedness. Upon the issuance or incurrence by the Borrower
or any Restricted Subsidiary of any Junior Lien Debt and/or unsecured Indebtedness in accordance with Section 7.03(l) (other
than to the extent constituting Refinanced Indebtedness incurred to refinance such Indebtedness, but only to the extent that the aggregate
principal amount of Refinanced Indebtedness incurred to refinance such Indebtedness does not result in beyond any amounts permitted pursuant
to clause (i) of the proviso to the definition of “Refinanced Indebtedness”), then, in each case, the Borrowing
Base then in effect shall immediately and automatically be reduced by an amount equal to the product of 0.25 multiplied by the
aggregate principal face amount of such Junior Lien Debt or unsecured Indebtedness, as applicable.

 

(d)            Reduction
of Borrowing Base Upon Dispositions, Casualty Events and Hedge Terminations. Upon the completion of (i) any Disposition of, or
Casualty Event with respect to, any assets included in the current Borrowing Base on the immediately preceding Determination Date or (ii) any
early termination or unwinding of, or the creation of any off-setting position in respect of, any Hedge Transaction used in determining
the current Borrowing Base on the immediately preceding Determination Date, the PV9 Value of which Disposition, Casualty Event or termination,
unwinding or off-setting position, when combined with the aggregate PV9 Value of (x) each other Disposition and/or Casualty Event
any assets included in the Borrowing Base that has occurred since the immediately preceding Determination Date and (y) each other
such termination, unwinding and/or off-setting position that has occurred since the immediately preceding Determination Date, would equal
or exceed 5.0% or more on a pro forma basis of the Borrowing Base then in effect (and giving effect to any concurrent acquisitions
of assets or new Hedge Transactions for which the Borrower has previously delivered to the Administrative Agent reasonably acceptable
reserve information and data), the Borrowing Base then in effect shall immediately and automatically be reduced by the Borrowing Base
contribution of such assets or such Hedge Transactions contemporaneously with the consummation of such Disposition, Casualty Event or
termination, unwinding or off-setting position transaction.

 

Section 2.06            Prepayments.

 

(a)            Optional.
The Borrower may, upon written notice to the Administrative Agent, at any time or from time to time voluntarily prepay Committed Loans
in whole or in part without premium or penalty; provided that (i) such notice must be received by the Administrative Agent
not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment of EurodollarSOFR
Rate Loans and (B) one Business Day prior to the date of any prepayment of Base Rate Loans; (ii) any prepayment of EurodollarSOFR
Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof; and (iii) any prepayment
of Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof or, in each case, if
less, the entire principal amount thereof then outstanding; provided, further, that any such notice may state that such
notice is conditioned upon effectiveness of other financing or the occurrence of other events, in which case such notice may be revoked
by the Borrower, by notice to the Administrative Agent on or prior to the date specified therein if such condition is not satisfied. Each
such notice shall be substantially in the form of Exhibit B hereto and specify the date and amount of such prepayment and
the Type(s) of Committed Loans to be prepaid and, if EurodollarSOFR
Rate Loans are to be prepaid, the Interest Period(s) of such Committed Loans. The Administrative Agent will promptly notify each
Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such
notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due
and payable on the date specified therein. Any prepayment of a EurodollarSOFR
Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to
Section 3.05. Each such prepayment shall be applied to the Committed Loans of the Lenders in accordance with their respective
Applicable Percentages.

 

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(b)            Mandatory.

 

(i)            If
for any reason the Total Outstandings at any time exceed the Aggregate Commitments then in effect, the Borrower shall immediately (x) prepay
Committed Loans in an aggregate principal amount equal to such excess and (y) if any excess remains after prepaying all Committed
Loans as a result of outstanding L/C Obligations, pay to the Administrative Agent, on behalf of the L/C Issuers and the Lenders, an aggregate
amount equal to such excess in order to Cash Collateralize such outstanding L/C Obligations.

 

(ii)            Upon
any determination of or adjustment to the amount of the Borrowing Base pursuant to Section 2.05 (other than pursuant to Section 2.05(c) or
2.05(d)), if a Borrowing Base Deficiency exists, the Borrower shall, within ten (10) days after being notified of such Borrowing
Base Deficiency, provide an irrevocable written notice (the “Election Notice”) to Lender stating the action that Borrower
proposes to take to remedy such Borrowing Base Deficiency, and the Borrower shall thereafter do one or a combination of the following
(as elected by the Borrower pursuant to the Election Notice) in an aggregate amount sufficient to eliminate such Borrowing Base Deficiency:

 

(A)            within
thirty (30) days following the delivery (or required delivery) of such Election Notice, make a prepayment of the Committed Loans (and,
if a Borrowing Base Deficiency remains after prepaying all of the Committed Loans as a result of outstanding L/C Obligations, pay to the
Administrative Agent, on behalf of the L/C Issuers and the Lenders, an aggregate amount equal to such remaining deficiency in order to
Cash Collateralize such outstanding L/C Obligations);

 

(B)            pay
in six equal monthly installments of the Outstanding Amount of the Committed Loans (and, if a Borrowing Base Deficiency remains after
prepaying all of the Committed Loans as a result of outstanding L/C Obligations, pay to the Administrative Agent, on behalf of the L/C
Issuers and the Lenders, an aggregate amount equal to such remaining deficiency in order to Cash Collateralize such outstanding L/C Obligations)
over a term and in an amount satisfactory to the Administrative Agent (but in any event, with the first such monthly installment to be
due on the thirtieth day following delivery of the Election Notice and each subsequent installment being equal to 1/6 of the aggregate
amount of such Borrowing Base Deficiency due and payable on the dame date in each applicable subsequent calendar month), by immediately
dedicating a sufficient amount of monthly cash flow from the Oil and Gas Properties of the Borrower and the other Loan Parties; and/or

 

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(C)            within
thirty (30) days following the delivery of the Election Notice, grant the Administrative Agent, on behalf of the Secured Parties, a first-priority
Lien, pursuant to Collateral in form and substance satisfactory to the Administrative Agent, on additional Oil and Gas Properties not
evaluated in the most recently delivered Engineering Report to the Administrative Agent and with an aggregate PV9 Value attributable thereto
sufficient to eliminate such deficiency.

 

Notwithstanding anything herein
to the contrary, all payments required to be made pursuant to this Section 2.06(b)(ii) must, in any event, be made on
or prior to the Maturity Date. In the event the Borrower fails to provide an Election Notice to the Administrative Agent within the ten
(10) day period referred to above, the Borrower shall be deemed to have irrevocably elected the option set forth in clause (ii)(B).
The failure of the Borrower to comply with any of the options elected (including any deemed election) pursuant to the provisions of this
Section 2.06(b)(ii) and specified in such Election Notice (or relating to such deemed election) shall constitute an immediate
Event of Default.

 

(iii)            Upon
any adjustment to the amount of the Borrowing Base pursuant to Section 2.05(c) or 2.05(d), if a Borrowing Base
Deficiency exists, then the Borrower shall, in each case, within two (2) Business Days after the consummation or occurrence of the
event or events giving rise to such Borrowing Base adjustment, prepay Committed Loans in an aggregate principal amount equal to such deficiency
and (y) if any deficiency remains after prepaying all Committed Loans as a result of outstanding L/C Obligations, pay to the Administrative
Agent, on behalf of the L/C Issuers and the Lenders, an aggregate amount equal to such excess in order to Cash Collateralize such outstanding
L/C Obligations; provided that, notwithstanding anything herein to the contrary, all payments required to be made pursuant to this
Section 2.06(b)(iii) must, in any event, be made on or prior to the Maturity Date.

 

(iv)            If
the Parent, the Borrower and their Restricted Subsidiaries have any Excess Cash outstanding for more than five (5) consecutive Business
Days, the Borrower shall prepay the Committed Loans on the next succeeding Business Day, which prepayment shall be in a principal amount
equal to or greater than the amount of such Excess Cash as of such fifth (5th) Business Day.

 

Section 2.07            Termination
or Reduction of Commitments.

 

(a)            Voluntary.
The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce
the Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than
11:00 a.m. three Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an
aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrower shall not terminate or
reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would
exceed the Aggregate Commitments and (iv) if, after giving effect to any reduction of the Aggregate Commitments, the Letter of Credit
Sublimit exceeds the amount of the Aggregate Commitments, such Letter of Credit Sublimit shall be automatically reduced by the amount
of such excess; provided, further, that any such notice may state that such notice is conditioned upon effectiveness of
other financing or the occurrence of other events, in which case such notice may be revoked by the Borrower by notice to the Administrative
Agent on or prior to the date specified therein if such condition is not satisfied. The Administrative Agent will promptly notify the
Lenders of any such notice of termination or reduction of the Aggregate Commitments. Any reduction of the Aggregate Commitments shall
be applied to the Commitment of each Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination
of the Aggregate Commitments shall be paid on the effective date of such termination.

 

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(b)            Mandatory.
If any reduction in the Borrowing Base pursuant to Section 2.05 would result in the Borrowing Base being less than the Aggregate
Commitments, the Aggregate Commitments shall be automatically and permanently reduced (subject to any increases in the Aggregate Commitments
in accordance with Section 2.04), without premium or penalty, contemporaneously with such reduction in the Borrowing Base
so that the Aggregate Commitments equal the Borrowing Base as reduced. Concurrently with, and effective on, the effective date of any
such reduction in the Borrowing Base, (i) Schedule 2.01 and the Register shall each be amended to reflect the decrease in
the Aggregate Commitments and the Commitment of each Lender and (ii) the Administrative Agent shall promptly distribute to the Borrower,
the Administrative Agent, the L/C Issuers and each Lender the revised Schedule 2.01.

 

Section 2.08            Repayment
of Loans. The Borrower hereby promises to repay to the Lenders on the Maturity Date the aggregate principal amount of Committed Loans
outstanding on such date, together with all accrued but unpaid interest thereon.

 

Section 2.09            Interest.

 

(a)            Subject
to the provisions of clause (b) below, (i) each Eurodollar RateDaily
Simple SOFR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per
annum equal to the Eurodollar RateAdjusted
Daily Simple SOFR for such Interest Period plus the Applicable Rate, and (ii) each
Term SOFR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal
to the Adjusted Term SOFR for such Interest Period plus the Applicable Rate and (iii) each Base Rate Loan shall
bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base
Rate plus the Applicable Rate.

 

(b)            (i)            If
any amount of principal of any Committed Loan is not paid when due (without regard to any applicable grace periods), whether at stated
maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at
all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(ii)            If
any amount (other than principal of any Committed Loan) payable by the Borrower under any Loan Document is not paid when due (without
regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Majority
Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default
Rate to the fullest extent permitted by applicable Laws.

 

(iii)            (A) Upon
the request of the Majority Lenders, while any Event of Default exists or (B) automatically, while any Event of Default under Section 8.01(f) exists,
the Borrower shall pay interest on the principal amount of all outstanding Committed Loans hereunder at a fluctuating interest rate per
annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

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(iv)            Accrued
and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

(c)            Interest
on each Committed Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as
may be specified herein. Interest hereunder (including, for the avoidance of doubt, at the Default Rate) shall be due and payable in accordance
with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

 

Section 2.10            Fees.
In addition to certain fees described in clauses (j) and (k) of Section 2.03:

 

(a)            Commitment
Fee. The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage,
a commitment fee (the “Commitment Fee”) equal to the Applicable Rate times the daily amount of the Available
Commitment. The Commitment Fee shall accrue at all times during the Availability Period, including at any time during which one or more
of the conditions in Section 4.02 is not met, and shall be due and payable quarterly in arrears on the last Business Day of
each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day
of the Availability Period. The Commitment Fee shall be calculated quarterly in arrears, and if there is any change in the Applicable
Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period
during such quarter that such Applicable Rate was in effect.

 

(b)            Other
Fees. (i) The Borrower shall pay to the Arranger and the Administrative Agent for their own respective accounts fees in the amounts
and at the times specified in the Administrative Agent Fee Letter. Such fees shall be fully earned when paid and shall not be refundable
for any reason whatsoever.

 

(ii)            The
Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified.
Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

Section 2.11            Computation
of Interest and Fees. All computations of interest for Base Rate Loans (if the Base Rate is determined in reliance on clause (ii) of
the definition thereof) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All computation
of SOFR Rate Loans and any other computations of fees and interest shall be made on the
basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on
the basis of a 365-day year). Interest shall accrue on each Committed Loan for the day on which the Committed Loan is made, and shall
not accrue on a Committed Loan, or any portion thereof, for the day on which the Committed Loan or such portion is paid; provided
that any Committed Loan that is repaid on the same day on which it is made shall, subject to Section 2.13(a), bear interest
for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for
all purposes, absent manifest error.

 

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Section 2.12            Evidence
of Debt.

 

(a)            The
Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative
Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive
absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest and payments thereon.
Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder
to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any
Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative
Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower
shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Committed
Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable),
amount and maturity of its Committed Loans and payments with respect thereto.

 

(b)            In
addition to the accounts and records referred to in clause (a), each Lender and the Administrative Agent shall maintain in
accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters
of Credit. In the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts and records
of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest
error.

 

Section 2.13            Payments
Generally; Administrative Agent’s Clawback.

 

(a)            General.
All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.
Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the
account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately
available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each
Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer
to such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received
on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower
shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time
shall be reflected in computing interest or fees, as the case may be.

 

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(b)            (i)          Funding
by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to
the proposed date of any Committed Borrowing of EurodollarSOFR
Rate Loans (or, in the case of any Committed Borrowing of Base Rate Loans, prior to 12:00
noon on the date of such Committed Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s
share of such Committed Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in
accordance with Section 2.02 (or, in the case of a Committed Borrowing of Base Rate Loans, that such Lender has made such
share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make
available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Committed
Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including
the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in
the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation and (B) in the case of a payment to be made by the Borrower,
the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent
for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid
by the Borrower for such period. If such Lender pays its share of the applicable Committed Borrowing to the Administrative Agent, then
the amount so paid shall constitute such Lender’s Committed Loan included in such Committed Borrowing. Any payment by the Borrower
shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative
Agent.

 

(ii)            Payments
by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrower prior
to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuers hereunder that the
Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuers, as the case may be, the amount due.
In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the L/C Issuers, as the case may be, severally
agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or L/C Issuer, in immediately
available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the
date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation.

 

A notice of the Administrative
Agent to any Lender or the Borrower with respect to any amount owing under this clause (b) shall be conclusive, absent
manifest error.

 

(c)            Failure
to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Committed Loan to be made
by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower
by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Section 4.02 are not satisfied
or waived in accordance with the terms hereof, the Administrative Agent shall promptly return such funds (in like funds as received from
such Lender) to such Lender, without interest.

 

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(d)            Obligations
of Lenders Several. The obligations of the Lenders hereunder to make Committed Loans, to fund participations in Letters of Credit
and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make any Committed
Loan, to fund any such participation or to make any payment under Section 10.04(c) on any date required hereunder shall
not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure
of any other Lender to so make its Committed Loan, to purchase its participation or to make its payment under Section 10.04(c).

 

(e)            Funding
Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Committed Loan in any particular place or
manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Committed Loan in any particular
place or manner.

 

Section 2.14            Sharing
of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect
of any principal of or interest on any of the Committed Loans made by it, or the participations in L/C Obligations held by it resulting
in such Lender’s receiving payment of a proportion of the aggregate amount of such Committed Loans or participations and accrued
interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion
shall (a) notify the Administrative Agent of such fact and (b) purchase (for cash at face value) participations in the Committed
Loans and subparticipations in L/C Obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the
benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued
interest on their respective Committed Loans and other amounts owing them; provided that:

 

(i)            if
any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest;
and

 

(ii)            the
provisions of this Section 2.14 shall not be construed to apply to (x) any payment made by the Borrower pursuant to and
in accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment
of or sale of a participation in any of its Committed Loans or subparticipations in L/C Obligations to any assignee or participant, other
than to the Borrower or any Subsidiary thereof (as to which the provisions of this Section 2.14 shall apply).

 

The Borrower consents to the
foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation pursuant
to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as
fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

 

Section 2.15            Defaulting
Lenders. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until
such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:

 

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(a)            Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of
such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by
the Administrative Agent from a Defaulting Lender pursuant to Section 10.08 shall be applied at such time or times as may
be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the
Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender
to any L/C Issuer hereunder; third, to Cash Collateralize the L/C Issuers’ Fronting Exposure with respect to such Defaulting
Lender; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Committed
Loans in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by
the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account
and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect
to Committed Borrowings under this Agreement and (y) Cash Collateralize the L/C Issuers’ future Fronting Exposure with respect
to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement; sixth, to the payment of any amounts
owing to the Lenders or the L/C Issuers as a result of any judgment of a court of competent jurisdiction obtained by any Lender or any
L/C Issuer against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement;
seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any
judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Committed Loan or L/C Advance
in respect of which such Defaulting Lender has not fully funded its appropriate share and (y) such Committed Loans were made or the
related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such
payment shall be applied solely to pay the Committed Loans of, and L/C Advance owed to, all Non-Defaulting Lenders on a pro rata
basis prior to being applied to the payment of any Committed Loans of, or L/C Advances owed to, such Defaulting Lender until such time
as all Committed Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata in accordance
with the Commitments under the facility without giving effect to Section 2.15(d). Any payments, prepayments or other amounts
paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral
pursuant to this Section 2.15(a) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably
consents hereto.

 

(b)            Certain
Fees.

 

(i)            No
Defaulting Lender shall be entitled to receive any Commitment Fee for any period during which that Lender is a Defaulting Lender (and
the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

 

(ii)            Each
Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only
to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral
pursuant to Section 2.15(e).

 

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(iii)            With
respect to any fee not required to be paid to any Defaulting Lender pursuant to clause (i) or (ii) above,
the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender
with respect to such Defaulting Lender’s participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender
pursuant to clause (c) below, (y) pay to each L/C Issuer the amount of any such fee otherwise payable to such Defaulting
Lender to the extent allocable to such L/C Issuer’s Fronting Exposure to such Defaulting Lender, and (z) not be required to
pay the remaining amount of any such fee.

 

(c)            Reallocation
of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in L/C Obligations
shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard
to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not cause the Aggregate Exposure of any
Non-Defaulting Lender to exceed the lesser of such Non-Defaulting Lender’s (i) Commitment and (ii) Applicable Percentage
of the Facility Limit. Subject to Section 2.15(g) below, no reallocation hereunder shall constitute a waiver or release
of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including
any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(d)            Cash
Collateral. If the reallocation described in clause (c) above cannot, or can only partially, be effected, the Borrower
shall, without prejudice to any right or remedy available to it hereunder or under Law, Cash Collateralize the L/C Issuers’ Fronting
Exposure in accordance with the procedures set forth in Section 2.03(h).

 

(e)            Defaulting
Lender Cure. If the Borrower, the Administrative Agent and each L/C Issuer agree in writing that a Lender is no longer a Defaulting
Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject
to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent
applicable, purchase at par that portion of outstanding Committed Loans of the other Lenders or take such other actions as the Administrative
Agent may determine to be necessary to cause the Committed Loans and funded and unfunded participations in Letters of Credit to be held
pro rata by the Lenders in accordance with the Commitments under the applicable facility (without giving effect to Section 2.15(c)),
whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect
to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; provided, further,
that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will
constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

(f)            New
Letters of Credit. So long as any Lender is a Defaulting Lender, no L/C Issuer shall be required to issue, extend, renew or increase
any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

 

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(g)            Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected
Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and
Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(i)            the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(ii)            the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(A)            a
reduction in full or in part or cancellation of any such liability;

 

(B)            a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document;
or

 

(C)            the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.

 

ARTICLE III

TAXES, YIELD PROTECTION AND ILLEGALITY

 

Section 3.01            Taxes.

 

(a)            Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document
shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes; provided that if
the Borrower shall be required by applicable Law to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then
(i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable
to additional sums payable under this Section 3.01) the Administrative Agent, Lender or L/C Issuer, as the case may be, receives
an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions
and (iii) the Borrower shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable
Law.

 

(b)            Payment
of Other Taxes by the Borrower. Without limiting the provisions of clause (a) above, the Borrower shall timely pay
any Other Taxes to the relevant Governmental Authority in accordance with applicable Law.

 

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(c)            Indemnification
by the Borrower. Without duplication of amounts paid under Section 3.01(a) or 3.01(b), the Borrower shall
indemnify the Administrative Agent, each Lender and the L/C Issuers, within ten (10) days after demand therefor, for the full amount
of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts
payable under this Section 3.01) payable or paid by the Administrative Agent, such Lender or L/C Issuer, as the case may be,
and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, in each case, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to the Borrower by a Lender or L/C Issuer (with a copy to the Administrative Agent), or by the
Administrative Agent on its own behalf or on behalf of a Lender or an L/C Issuer, shall be conclusive absent manifest error.

 

(d)            Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for
(i) any Indemnified Taxes attributable to such Lender (but only to the extent that Borrower has not already indemnified the Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such
Lender’s failure to comply with the provisions of Section 10.06(d) relating to the maintenance of a Participant
Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent
in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes
the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise
payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this
clause (d).

 

(e)            Evidence
of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority,
the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the
Administrative Agent.

 

(f)            Status
of Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction
in which the Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder
or under any other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed
by applicable Law or reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation
prescribed by applicable Law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition,
any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable
Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine
whether or not such Lender is subject to backup withholding or information reporting requirements.

 

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Without limiting the generality
of the foregoing, in the event that the Borrower is resident for tax purposes in the United States, any Foreign Lender shall deliver to
the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on
which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Borrower or
the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable:

 

(i)            duly
completed copies of Internal Revenue Service Forms W-8BEN, W-8BEN-E or applicable W-8 claiming eligibility for benefits of an income tax
treaty to which the United States is a party;

 

(ii)            duly
completed copies of Internal Revenue Service Form W-8ECI;

 

(iii)            in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of
the Code, (B) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the
Code or (C) a “controlled foreign corporation” related to the Borrower described in Section 881(c)(3)(C) of
the Code and (y) duly completed copies of Internal Revenue Service Forms W-8BEN, W-8BEN-E or applicable W-8; or

 

(iv)            any
other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in United States Federal withholding tax
duly completed together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower to determine
the withholding or deduction required to be made.

 

Without limiting the generality
of the foregoing, in the event that the Borrower is resident for tax purposes in the United States, if a payment made to a Lender under
any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable
reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such
Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Law and at such time or times reasonably
requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of
the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the
Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with
such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. For purposes of determining
withholding Taxes imposed under FATCA, from and after the Closing Date, the Borrower and the Administrative Agent shall treat (and the
Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying as a “grandfathered obligation”
within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

Any Lender that is a United
States person under Section 7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent (in such number of
copies as shall be requested by the recipient) Internal Revenue Service Form W-9 certifying its exemption from U.S. federal backup
withholding on or prior to the date on which such Lender becomes a Lender under this Agreement.

 

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(g)            Treatment
of Certain Refunds. If the Administrative Agent, any Lender or an L/C Issuer determines, in its sole discretion, that it has received
a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid
additional amounts pursuant to this Section 3.01, it shall pay to the Borrower an amount equal to such refund (but only to
the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 3.01 with respect to
the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent, such Lender or such
L/C Issuer, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect
to such refund); provided that the Borrower, upon the request of the Administrative Agent, such Lender or such L/C Issuer, agrees
to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) to the Administrative Agent, such Lender or such L/C Issuer in the event the Administrative Agent, such Lender or such L/C
Issuer is required to repay such refund to such Governmental Authority. This clause (g) shall not be construed to require
the Administrative Agent, any Lender or any L/C Issuer to make available its tax returns (or any other information relating to its taxes
that it deems confidential) to the Borrower or any other Person. Notwithstanding anything to the contrary in this clause (g),
in no event will the Administrative Agent or any Lender be required to pay any amount to the Borrower pursuant to this clause (g),
the payment of which would place the Administrative Agent or such Lender in a less favorable net after-Tax position than the Administrative
Agent or such Lender would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld
or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.

 

(h)            Status
of Administrative Agent. On or prior to the date on which the Administrative Agent becomes the Administrative Agent under this Agreement
(and from time to time thereafter upon the reasonable request of the Borrower), if the Administrative Agent is not a United States person
under Section 7701(a)(30), the Administrative Agent will deliver to the Borrower, with respect to any amounts received for or on
account of any Lender, an executed copy of Internal Revenue Service Form W-8IMY certifying that the Administrative Agent is entitled
to receive payments of such amounts without deduction or withholding for any U.S. federal withholding Taxes.

 

Section 3.02            Illegality.
If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any
Lender or its applicable Lending Office to make, maintain or fund EurodollarSOFR
Rate Loans, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental
Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the
London interbank marketSOFR Rate, then, on notice
thereof by such Lender to the Borrower through the Administrative Agent, any obligation of such Lender to make or continue EurodollarSOFR
Rate Loans or to convert Base Rate Loans to EurodollarSOFR
Rate Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise
to such determination no longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the
Administrative Agent), prepay or, if applicable, convert all EurodollarSOFR
Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue
to maintain such EurodollarSOFR
Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such EurodollarSOFR
Rate Loans. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.
Notwithstanding the foregoing, the provisions of Section 3.03(b) of
this Agreement shall apply with respect to a Benchmark Transition Event.

 

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Section 3.03            Inability
to Determine Rates; Benchmark Replacement Settings. Notwithstanding anything to the contrary herein or in any other Loan Document:

 

(a)            Temporary
Inability to Ascertain Rates. If (A) the MajorityAdministrative
Agent determines (which determination shall be conclusive and binding absent manifest error) that Adjusted Daily Simple SOFR or Adjusted
Term SOFR cannot be determined pursuant to the definition thereof or (B) the Required Lenders determine that for any reason
in connection with any request for a EurodollarSOFR
Rate Loan or a conversion to orthereto
or a continuation thereof that (i) Dollar deposits are not being offered to banks in
the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, (ii) adequate
and reasonable means do not exist for determining the Eurodollar RateAdjusted
Daily Simple SOFR or Adjusted Term SOFR for any requested Interest Period with respect to a proposed Eurodollar
Rate Loan or (iii) the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar RateSOFR
Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Committed
Loan, and no Benchmark Transition Event shall have occurred at such timethe
Required Lenders have provided notice of such determination to the Administrative Agent, in each case of (A) and (B), on or prior
to the first day of any Interest Period, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter,
theUpon notice thereof by the Administrative Agent to the
Borrower, (i) any obligation of the Lenders to make or maintain Eurodollarcontinue
the applicable SOFR Rate Loans or to convert Base Rate Loans to SOFR Rate Loans shall be suspended (to
the extent of the affected Interest Periods) until the Administrative Agent (upon the instruction
of the Majority Lenders)revokes such notice and (ii) if
such determination affects the calculation of the Base Rate, the Administrative Agent shall during the period of such suspension compute
the Base Rate without reference to clause (iii) of the definition of “Base Rate” until the Administrative Agent
revokes such notice. Upon receipt of such notice, (i) the
Borrower may revoke any pending request for a Committed Borrowingborrowing
of, conversion to or continuation of Eurodollarany
applicable SOFR Rate Loans (to the extent of the affected SOFR Rate Loans or affected
Interest Periods) or, failing that, the Borrower will
be deemed to have converted any such request into a request for
a Committed Borrowing of or conversion to Base Rate Loans in
the amount specified therein. and
(ii) any outstanding affected SOFR Rate Loans will be deemed to have been converted into Base Rate Loans at the end of the applicable
Interest Period. Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted, together with any
additional amounts required pursuant to Section 3.05. If the Administrative Agent determines (which determination shall be conclusive
and binding absent manifest error) that “Adjusted Term SOFR” cannot be determined pursuant to the definition thereof on any
given day, the interest rate on Base Rate Loans shall be determined by the Administrative Agent without reference to clause (iii) of
the definition of “Base Rate” until the Administrative Agent revokes such determination.

 

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(b)            Permanent
Inability to Determine Rate; Benchmark Replacement

 

(i)            Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition
Event, the Administrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark 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 Required Lenders. No replacement
of the then-current Benchmark with a Benchmark Replacement pursuant to this Section 3.03(b) will occur prior to the applicable
Benchmark Transition Start Date. Unless and until a Benchmark Replacement is effective in accordance with this clause (i), all Loans
shall be converted into Base Rate Loans in accordance with the provisions of Section 3.03(a) above.

 

(b) Replacing
LIBOR. On March 5, 2021, the Financial Conduct Authority (“FCA”),
the regulatory supervisor of LIBOR’s administrator (“IBA”), announced in a
public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-month, 3-month, 6-month and 12-month LIBOR
tenor settings. On the earliest of (i) July 1, 2023, (ii) the date that all Available Tenors of LIBOR have either
permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication
of information to be no longer representative and (iii) the Early Opt-in Effective Date, if the then-current Benchmark is LIBOR,
the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any setting
of such Benchmark on such day and all subsequent settings without any amendment to, or further action by or consent of any other party
to, this Agreement or any other Loan Document. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable
on a monthly basis.

 

(c) Replacing
Future Benchmarks. If any Benchmark Transition Event occurs after the date hereof (other than as described above
with respect to LIBOR), the then-current Benchmark will be replaced with the Benchmark Replacement for all purposes hereunder and under
any Loan Document in respect of any Benchmark setting on the later of (i) as of 5:00 p.m. (New York City time) on the fifth
(5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders and the Borrower (together, if applicable,
with an amendment to this Agreement implementing such Benchmark Replacement and any applicable Benchmark Replacement Conforming Changes)
or (ii) such other date as may be determined by the Administrative Agent, in each case, without any further action or consent of
any other party to this Agreement or any other Loan Document, so long as the Administrative Agent has not received, by such time (or,
in the case of clause (ii) above, such time as may be specified by the Administrative Agent as a deadline to receive objections,
but in any case, no less than five (5) Business Days after the date such notice is provided to the Lenders and the Borrower), written
notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders ;provided, however, that in the event that
the then-current Benchmark is not a SOFR-based rate, then the Benchmark Replacement shall be determined in accordance with clause (1) of
the definition of “Benchmark Replacement” unless the Administrative Agent has determined that neither of such alternative
rates is available. At any time that the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide
such Benchmark or such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public
statement or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark
is intended to measure and that representativeness will not be restored, the Borrower may revoke any request for a borrowing of, conversion
to or continuation of Loans to be made, converted or continued that would bear interest by reference to such Benchmark until the Borrower’s
receipt of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark, and, failing that, the Borrower
will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans. During the period
referenced in the foregoing sentence, the component of Base Rate based upon the Benchmark will not be used in any determination of Base
Rate.

 

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(ii)            (d) Benchmark
Replacement Conforming Changes. In connection with the implementation anduse,
administration, adoption or implementation of a Benchmark Replacement
(whether in connection with the replacement of LIBOR or any future Benchmark), 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 or any other Loan Document.

 

(iii)            (e) Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) theany
occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date and (ii) the implementation of any
Benchmark Replacement and (ii) the effectiveness of any Benchmark
Replacement Conforming Changes. The Administrative Agent
will notify the Borrower and the removal or reinstatement of any tenor of a Benchmark. Any determination, decision or election
that may be made by the Administrative Agent or Lenders pursuant
to this Section 3.03(b), including,
without limitation,  any determination with respect to a tenor, rate or adjustment, or
implementation of any Benchmark Replacement Conforming Changes, the timing of implementation of any Benchmark Replacement 
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 on all parties hereto absent manifest error and may be made
in its or their sole discretion and without consent from any
other party to this Agreement or any other Loan Documenthereto,
except, in each case, as expressly required pursuant to this Section 3.03, and shall not
be a basis of any claim of liability of any kind or nature by any party hereto, all such claims being hereby waived individually by each
party hereto(b).

 

(iv)            (f) Unavailability
of Tenor of Benchmark. AtNotwithstanding
anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation
of a Benchmark Replacement), (i) if theany
then-current Benchmark is a term rate (including the Term SOFR
or LIBOR or any alternate rate selected in an Early Opt-in Election), then the Administrative Agent may
remove any tenor of such Benchmark that is unavailable or non-representative for such Benchmark (including any Benchmark Replacement)
settings and (ii) if such tenor becomes available or representative, the Administrative Agent may reinstate anyReference
Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate
from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the administrator of such Benchmark
or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing
that any tenor for such Benchmark is not or will not be representative or in compliance with or aligned with the International Organization
of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then the Administrative Agent may modify the definition of “Interest
Period” (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable, non-representative,
non-compliant or non-aligned tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently
displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer,
subject to an announcement that it is not or will not be representative or incompliance with or aligned with the International Organization
of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark (including a Benchmark Replacement), then the Administrative
Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for all Benchmark settings at
or after such time to reinstate such previously removed tenor for such Benchmark (including
any Benchmark Replacement) settings.

 

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(v)            Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower
may revoke any request for the applicable SOFR Borrowing of, conversion to or continuation of SOFR Rate 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 Base Rate Loans. During any Benchmark Unavailability Period or at any time that a tenor
for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon Adjusted Term SOFR (or then-current Benchmark)
will not be used in any determination of Base Rate.

 

Section 3.04            Increased
Costs; Reserves on EurodollarSOFR
Rate Loans.

 

(a)            Increased
Costs Generally. If any Change in Law shall:

 

(i)            impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits
with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e))
or any L/C Issuer;

 

(ii)            subject
any Lender or any L/C Issuer to any tax of any kind whatsoever with respect to its loans, loan principal, letters of credit, commitments
or other obligations, or its deposits, reserves or other liabilities attributable thereto (except for Indemnified Taxes or Other Taxes
covered by Section 3.01 and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender or L/C
Issuer); or

 

(iii)            impose
on any Lender or any L/C Issuer or the London interbank market any other condition, cost or expense affecting this Agreement or EurodollarSOFR
Rate Loans made by such Lender or any Letter of Credit or participation therein;

 

and the result of any of the foregoing shall be
to increase the cost to such Lender of making, continuing, converting to or maintaining any EurodollarSOFR
Rate Loan (or of maintaining its obligation to make any such Committed Loan), or to increase the cost to such Lender or such L/C Issuer
of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter
of Credit), or to reduce the amount of any sum received or receivable by such Lender or such L/C Issuer hereunder (whether of principal,
interest or any other amount) then, upon request of such Lender or such L/C Issuer, the Borrower will pay to such Lender or such L/C Issuer,
as the case may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer, as the case may be, for such
additional costs incurred or reduction suffered.

 

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(b)            Capital
or Liquidity Requirements. If any Lender or any L/C Issuer determines that any Change in Law affecting such Lender or such L/C Issuer
or any Lending Office of such Lender or such Lender’s or such L/C Issuer’s holding company, if any, regarding capital or liquidity
requirements has or would have the effect of reducing the rate of return on such Lender’s or such L/C Issuer’s capital or
liquidity, or on the capital or liquidity of such Lender’s or such L/C Issuer’s holding company, if any, as a consequence
of this Agreement, the Commitments of such Lender or the Committed Loans made by, or participations in Letters of Credit held by, such
Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or such L/C Issuer or such Lender’s
or such L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s
or such L/C Issuer’s policies and the policies of such Lender’s or such L/C Issuer’s holding company with respect to
capital adequacy), then from time to time the Borrower will pay to such Lender or such L/C Issuer, as the case may be, such additional
amount or amounts as will compensate such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company
for any such reduction suffered.

 

(c)            Certificates
for Reimbursement. A certificate of a Lender or an L/C Issuer setting forth the amount or amounts necessary to compensate such Lender
or such L/C Issuer or its holding company, as the case may be, as specified in clause (a) or (b) of this
Section 3.04 and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or
such L/C Issuer, as the case may be, the amount shown as due on any such certificate within 10 Business Days after receipt thereof.

 

(d)            Delay
in Requests. Failure or delay on the part of any Lender or any L/C Issuer to demand compensation pursuant to the foregoing provisions
of this Section 3.04 shall not constitute a waiver of such Lender’s or such L/C Issuer’s right to demand such
compensation; provided that the Borrower shall not be required to compensate a Lender or an L/C Issuer pursuant to the foregoing
provisions of this Section 3.04 for any increased costs incurred or reductions suffered more than 180 days prior to the date
that such Lender or such L/C Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs
or reductions and of such Lender’s or such L/C Issuer’s intention to claim compensation therefor (except that, if the Change
in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to
include the period of retroactive effect thereof).

 

(e)            Reserves
on EurodollarSOFR
Rate Loans. The Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities
or assets consisting of or including Eurocurrency funds or deposits, additional interest on the unpaid principal amount of each EurodollarSOFR
Rate Loan equal to the actual costs of such reserves allocated to such Committed Loan by such Lender (as determined by such Lender in
good faith, which determination shall be conclusive absent manifest error), which shall be due and payable on each date on which interest
is payable on such Committed Loan; provided that the Borrower shall have received at least 10 Business Days’ prior notice
(with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give notice 10 Business Days
prior to the relevant Interest Payment Date, such additional interest shall be due and payable 10 Business Days from receipt of such notice.

 

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Section 3.05            Compensation
for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate
such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

 

(a)            any
continuation, conversion, payment or prepayment of any Committed Loan other than a BaseSOFR
Rate Loan on a day other than the last day of the Interest Period for such Committed Loan (whether voluntary, mandatory, automatic, by
reason of acceleration, or otherwise) (including, for avoidance of doubt, any payments pursuant to Section 2.04 or clause (b) of
Section 2.06);

 

(b)            any
failure by the Borrower (for a reason other than the failure of such Lender to make a Committed Loan) to prepay, borrow, continue or convert
any Committed Loan other than a BaseSOFR
Rate Loan on the date or in the amount notified by the Borrower (including by reason of a revocation of notice of prepayment pursuant
to the further proviso in the first sentence of Section 2.06(a)); or

 

(c)            any
assignment of a EurodollarSOFR
Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 10.13;
including any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Committed Loan or
from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative
fees charged by such Lender in connection with the foregoing.;
or

 

(d)            any
other default by the Borrower to repay or prepay any SOFR Rate Loans when required by the terms of this Agreement.

 

For purposes of calculating amounts payable by
the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each EurodollarSOFR
Rate Loan made by it at the Eurodollarapplicable
SOFR Rate for such Committed Loan by a matching deposit or other borrowing in the London interbank
eurodollar market for a comparable amount and for a comparable period, whether or not such EurodollarSOFR
Rate Loan was in fact so funded.

 

Section 3.06     Mitigation
Obligations; Replacement of Lenders.

 

(a)            Designation
of a Different Lending Office. If any Lender requests compensation under Section 3.04, or the Borrower is required to
pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01,
or if any Lender gives a notice pursuant to Section 3.02, then such Lender shall use reasonable efforts to designate a different
Lending Office for funding or booking its Committed Loans hereunder or to assign its rights and obligations hereunder to another of its
offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to Section 3.01 or Section 3.04, as the case may be, in the future, or eliminate the
need for the notice pursuant to Section 3.02, as applicable and (ii) in each case, would not subject such Lender to any
unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable
costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

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(b)            Replacement
of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, the Borrower may
replace such Lender in accordance with Section 10.13.

 

Section 3.07            Survival.
All of the Borrower’s obligations, and any corresponding Lenders’ obligations, under this Article III shall survive
termination of the Aggregate Commitments, the repayment of all other Obligations hereunder, the resignation or replacement of the Administrative
Agent, and any assignment of rights by, or the replacement of, a Lender.

 

ARTICLE IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

Section 4.01            Conditions
to Initial Credit Extension. The initial Credit Extension under this Agreement shall become available and this Agreement shall become
effective on the date that each of the following conditions shall have been satisfied (or waived by each Lender party hereto on the Closing
Date):

 

(a)            Loan
Documents. The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly
by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party or, with respect to
the Public Parent Pledge Agreement, the Public Parent, each dated the Closing Date (or, in the case of certificates of governmental officials,
a recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent and each of the Lenders:
(i) this Agreement, (ii) the Guaranty, (iii) the Security Agreement, (iv) the Public Parent Pledge Agreement and (v) a
Note executed by the Borrower in favor of each Lender requesting a Note, in each case, executed by the relevant parties.

 

(b)            Collateral
Matters; Title. The Administrative Agent shall have received:

 

(i)            all
certificates, agreements or instruments representing or evidencing the Pledged Equity, if any, accompanied by instruments of transfer
and undated stock powers endorsed in blank;

 

(ii)            UCC
financing statements in appropriate form for filing under the UCC;

 

(iii)            certified
copies of UCC, tax and judgment lien searches, bankruptcy and pending lawsuit searches or equivalent reports or searches, each of a recent
date listing all effective financing statements, lien notices or comparable documents that name any Loan Party or the Public Parent as
debtor and that are filed in those states in which any Loan Party or the Public Parent is organized and such other searches that are required
by the Security Agreement or that the Administrative Agent deems necessary or appropriate, none of which encumber the Collateral covered
or intended to be covered by the Security Instruments (other than Liens permitted by Section 7.01);

 

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(iv)            duly
authorized and executed Mortgages, supplements or assignments of mortgages, in each case, in form and substance reasonably acceptable
to the Administrative Agent sufficient to grant, evidence and perfect first-priority Liens with respect to at least 85% of the PV9 Value
of the Proved Reserves and 85% of the PV9 Value of the Proved Developed Producing Reserves, in each case, attributable to the Engineered
Oil and Gas Properties included in the Initial Engineering Report (without taking into account any adjustments for hedging, together with
such other assignments, conveyances, amendments, agreements and other writings each duly authorized and executed) and all or substantially
all of the midstream assets held by the Borrower’s and the Restricted Subsidiaries on the Closing Date, and such certificates and
opinions of counsel with respect thereto, in each case as the Administrative Agent shall deem necessary or appropriate;

 

(v)            title
information consistent with usual and customary standards for the geographic regions in which the Engineered Oil and Gas Properties are
located, taking into account the size, scope and number of leases and wells of the Borrower and the other Loan Parties; provided
that after giving effect to its receipt of the title information to be provided pursuant to this clause (b)(v), the Administrative
Agent shall be reasonably satisfied with the title information covering Engineered Oil and Gas Properties comprising at least 50% of the
total PV9 Value of the Proved Reserves and 50% of the PV9 Value of the Proved Developed Producing Reserves, in each case, attributable
to the Engineered Oil and Gas Properties included in the Initial Engineering Report (without taking into account any adjustments for hedging,
together with such other assignments, conveyances, amendments, agreements and other writings each duly authorized and executed); and

 

(vi)            duly
authorized and executed counterparts of an Environmental Undertaking and Indemnity with respect to the Borrower’s and the other
Loan Parties’ Oil and Gas Properties (including, for the avoidance of doubt, any midstream assets) located in or offshore adjacent
to the State of California.

 

(c)            Corporate
Documents; Certificates. The Administrative Agent’s receipt of the following, in each case, in form and substance reasonably
satisfactory to the Administrative Agent and each of the Lenders:

 

(i)            a
duly authorized and executed certificate of a Responsible Officer of each Loan Party and the Public Parent dated the Closing Date, certifying
(x) that attached thereto is a true and complete copy of each Organization Document of such Loan Party or the Public Parent, as applicable,
certified (to the extent applicable) as of a recent date by the Secretary of State of the state of its organization, (y) that attached
thereto is a true and complete copy of resolutions duly adopted by such Loan Party or the Public Parent, as applicable, authorizing the
execution, delivery and performance of the Loan Documents to which such Loan Party or the Public Parent is a party and, in the case of
the Borrower, the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and
effect and (z) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered
in connection herewith on behalf of such Loan Party or the Public Parent (together with a certificate of another Responsible Officer as
to the incumbency and specimen signature of the Responsible Officer executing the certificate in this clause (c)(i));

 

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(ii)            a
certificate as to the good standing of each Loan Party and the Public Parent (in so-called “long-form” (if available)) as
of a recent date, from the applicable Secretary of State (or other applicable Governmental Authority) for the jurisdiction of each such
Loan Party’s or the Public Parent’s incorporation or organization;

 

(iii)            a
certificate dated the Closing Date and signed by a Responsible Officer of the Borrower, confirming compliance with the conditions precedent
set forth in Sections 4.01(h), (i), (j) and (k); and

 

(iv)            a
solvency certificate in the form of Exhibit F, dated the Closing Date and signed by the chief financial officer of the Parent.

 

(d)            Financial
Statements; Pro Forma Balance Sheet; Projections. The Administrative Agent and the Lenders shall have received and shall be satisfied
with the form and substance of the Initial Financial Statements. The Administrative Agent shall have received a financial model and budget
provided by the Parent and the Borrower, in form and substance satisfactory of the Administrative Agent, that sets forth a pro forma consolidated
balance sheet, income statement and cash flow statement of the Parent and the Borrower as at the Closing Date, adjusted to give effect
to this Agreement, consistent in all material respects with the sources and uses of cash as previously described to the Lenders and the
forecasts previously provided to the Lenders.

 

(e)            Initial
Engineering Report. The Administrative Agent and the Lenders shall have received the Initial Engineering Report accompanied by a certificate
from an Responsible Officer of the Parent and the Borrower certifying on behalf of the Parent and the Borrower that in all material respects:
(i) except as set forth on an exhibit to the certificate, on a net basis there are no gas imbalances, take or pay or other prepayments
exceeding 2% of the annual production of natural gas of the Borrower and the Restricted Subsidiaries for the most recent calendar year
of gas (on an mcf equivalent basis) in the aggregate with respect to its oil and gas properties evaluated in the Initial Engineering Report
that would require the Borrower or any Restricted Subsidiary to deliver Hydrocarbons either generally or produced from such Oil and Gas
Properties at some future time without then or thereafter receiving full payment therefor, (ii) except as set forth on an exhibit
to the certificate, there are no material agreements that are not cancelable on ninety (90) days’ notice or less without penalty
or detriment for the sale of production from the Borrower’s or the Restricted Subsidiaries’ Hydrocarbons (including calls
on or other rights to purchase, production, whether or not the same are currently being, or are expected to be, exercised) that pertain
to the sale of production at a fixed price and (iii) attached thereto is a schedule of the Oil and Gas Properties evaluated by the
Initial Engineering Report that will be mortgaged properties as of the Closing Date and demonstrating the percentage of the PV9 Value
of the Proved Reserves and Proved Developed Producing Reserves evaluated in the Initial Engineering Report that the value of such mortgaged
properties represent in compliance with clause (b)(iv) above.

 

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(f)            Opinions
of Counsel. The Administrative Agent shall have received, on behalf of itself and the Lenders, customary written opinions of (i) Kirkland &
Ellis, LLP, counsel for the Loan Parties and (ii) local counsel for the Loan Parties in the States of California, Texas and Wyoming,
in each case, (x) dated the Closing Date, (y) addressed to the Administrative Agent and the Lenders and (z) covering such
matters relating to the Loan Parties, the Loan Documents and the Transactions as the Administrative Agent shall reasonably request.

 

(g)            Evidence
of Insurance. The Administrative Agent shall have received evidence that all insurance required to be maintained pursuant to the Loan
Documents has been obtained and is in effect, together with the certificates of insurance, naming the Administrative Agent, on behalf
of the Lenders, as an additional insured or lender loss payee, as the case may be, under all insurance policies maintained with respect
to the assets and properties of the Loan Parties that constitutes Collateral.

 

(h)            Repayment
of Existing Credit Facility; Other Indebtedness. The Administrative Agent shall have received duly executed mortgage releases and
terminations, terminations of any financing statements and terminations of control agreements, with respect to any and all Liens, in each
case, encumbering the properties or assets (including Oil and Gas Properties) of the Public Parent, the Parent, the Borrower or the Restricted
Subsidiaries, including, without limitation, any mortgages, financing statements, control agreements and other security documents securing
the Existing Credit Agreement, except to the extent any such Lien are permitted to remain in effect pursuant to Section 7.01.
After giving effect to the Transactions and the other transactions contemplated hereby, the Parent, the Borrower and the Restricted Subsidiaries
shall not have any outstanding Indebtedness other than (i) the Obligations pursuant to the Loan Documents and (ii) other Indebtedness
permitted to be incurred and remain outstanding pursuant to Section 7.03.

 

(i)            Representations
and Warranties. Each of the representations and warranties of the Borrower and each other Loan Party contained in Article V
of this Agreement or in any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith
or therewith, shall be true and correct in all material respects (or if such representation or warranty is qualified by or subject to
a “materiality”, “material adverse effect”, “material adverse change” or any similar term or qualification,
such representation or warranty shall be true and correct in all respects) on and as of the date of the Closing Date (and immediately
after giving effect to the Transactions), except to the extent that such representations and warranties specifically refer to an earlier
date, in which case they shall be true and correct, in all material respects (or if such representation or warranty is qualified by or
subject to a “materiality”, “material adverse effect”, “material adverse change” or any similar term
or qualification, such representation or warranty shall be true and correct in all respects), as of such earlier date.

 

(j)            No
Default. At the time of, and immediately after giving effect to the Transactions on the Closing Date and the application of the proceeds
of any Credit Extension pursuant to this Agreement, no Default or Event of Default shall have occurred and be continuing on such date.

 

(k)            Minimum
Committed Availability. On the Closing Date and after giving effect to the initial Borrowing and the other transactions to occur on
or before the initial Borrowing, the Borrower and the Restricted Subsidiaries will have an Available Commitment under this Agreement of
at least $100,000,000.

 

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(l)            Payment
of Fees. The Administrative Agent, the Arrangers and the Lenders shall have received payment of all commitment, arrangement, upfront
and agency fees and all other fees and amounts due and payable on or prior to the Closing Date, including under any fee letters, and to
the extent invoiced in reasonable detail at least three (3) business days prior to the Closing Date, reimbursement or payment of
all out-of-pocket expenses required to be reimbursed or paid by the Parent or the Borrower under this Agreement or other Loan Documents
(including, without limitation, the reasonable and documented fees and expenses of Mayer Brown LLP, counsel to the Administrative Agent),
which amounts may be netted in whole or in part from or otherwise funded by any Loans made on the Closing Date.

 

(m)            Beneficial
Ownership Certificate. To the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership
Regulation, any Lender that has requested, in a written notice to the Borrower at least three (3) days prior to the Closing Date,
a Beneficial Ownership Certification in relation to the Borrower shall have received such Beneficial Ownership Certification (provided
that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (ii) shall
be deemed to be satisfied).

 

(n)            Know
Your Customer; USA PATRIOT Act; Etc. The Administrative Agent and the Lenders shall have received at least three (3) Business
Days prior to the Closing Date, the documentation and information required under applicable “know your customer” and anti-money
laundering rules and regulations, including without limitation, the information required under Section 10.17; provided
that the Administrative Agent or any such Lender shall have requested such documentation and information at least seven days prior to
the Closing Date.

 

Without limiting the generality
of the provisions of Section 9.04, for purposes of determining compliance with the conditions specified in this Section 4.01,
each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document
or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative
Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

 

Section 4.02     Conditions
to All Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension (other than a Committed Loan Notice
requesting only a conversion of Committed Loans to the other Type, or a continuation of Eurodollar RateTerm
SOFR Loans) is subject to the following conditions precedent:

 

(a)            After
giving effect to such Credit Extension and the application by the Administrative Agent of the proceeds thereof, (i) the Total Outstandings
shall not exceed the Facility Limit, (ii) the Aggregate Exposure of any Lender shall not exceed the lesser of such Lender’s
(x) Commitment and (y) Applicable Percentage of the Facility Limit and (iii) the Outstanding Amount of the L/C Obligations
shall not exceed the Letter of Credit Sublimit.

 

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(b)            The
representations and warranties of the Parent, the Borrower, each other Loan Party, each Intermediate Parent and the Public Parent contained
in Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection
herewith or therewith, shall be true and correct in all material respects (or if such representation or warranty is qualified by qualified
by or subject to a “materiality”, “material adverse effect”, “material adverse change” or any similar
term or qualification, such representation or warranty shall be true and correct in all respects) on and as of the date of such Credit
Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall
be true and correct, in all material respects(or if such representation or warranty is qualified by or subject to a “materiality”,
 “material adverse effect”, “material adverse change” or any similar term or qualification, such representation
or warranty shall be true and correct in all respects), as of such earlier date, and except that for purposes of this Section 4.02,
the representations and warranties contained in clause (a) of Section 5.05 shall be deemed, from and after
the first delivery of financial statements pursuant thereto, to refer to the most recent statements furnished pursuant to clause (a) of
Section 6.01.

 

(c)            No
Default or Event of Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof.

 

(d)            The
Administrative Agent and, if applicable, the L/C Issuers shall have received a Request for Credit Extension in accordance with the requirements
hereof.

 

(e)            The
Parent, Borrower and their Restricted Subsidiaries shall not have any Excess Cash immediately before or after giving effect to such Committed
Borrowing, in each case determined after giving effect to any intended use of proceeds on or before the date that is five consecutive
(5) Business Days after the date the Borrower receives the funds from such Committed Borrowing, nor may such Committed Borrowing,
after giving effect to any such intended use of proceeds, be in an amount that would trigger a mandatory prepayment under Section 2.06(b)(iv) and
after giving effect to the time periods set forth therein, and such Loans shall be funded in accordance with Section 2.13
and thereafter maintained (until used in accordance with this Agreement) in (i) an account of the Borrower over which the Administrative
Agent has “control” (within the meaning of Section 9-104 of the Uniform Commercial Code) or (ii) an Excluded Account
to the extent permitted in accordance with the definition thereof.

 

Each Request for Credit Extension
(other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type or a continuation of Eurodollar
RateTerm SOFR Loans) submitted by the Borrower
shall be deemed to be a representation and warranty that the conditions specified in Section 4.02(a), Section 4.02(b),
Section 4.02(c), Section 4.02(d) and Section 4.02(e) have been satisfied on and as of the
date of the applicable Credit Extension.

 

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ARTICLE V

REPRESENTATIONS AND WARRANTIES

 

Each of the Parent and the
Borrower, on behalf of itself and each Restricted Subsidiary, represents and warrants to the Administrative Agent and the Lenders that:

 

Section 5.01            Existence,
Qualification and Power. Each Loan Party and each of its Restricted Subsidiaries (a) is duly organized or formed, validly existing
and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite
power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its assets
and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party and
consummate the Transactions, and (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each
jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license;
except in each case referred to in clause (b)(i) or (c), to the extent that failure to do so could not reasonably
be expected to have a Material Adverse Effect.

 

Section 5.02            Authorization;
No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is or is to
be a party have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene
the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or
the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation that is material to the Loan
Parties to which such Person is a party or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral
award to which such Person or its property is subject; or (c) violate any Law.

 

Section 5.03            Governmental
Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with,
any Governmental Authority or any other Person is necessary or required in connection with (a) the execution, delivery or performance
by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, or for the consummation of the Transactions,
(b) the grant by any Loan Party of the Liens granted by it pursuant to the Security Instruments, (c) the perfection or maintenance
of the Liens created under the Security Instruments (including the first-priority nature thereof) or (d) the exercise by the Administrative
Agent or the Lenders of their rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Security Instruments,
except for (i) the authorizations, approvals, actions, notices and filings listed on Schedule 5.03, all of which have
been duly obtained, taken, given or made and are in full force and effect, (ii) authorizations, approvals, actions, notices and
filings in connection with the enforcement of pledges of, and the sale of, the Pledged Equity in connection therewith, (iii) authorizations,
approvals, actions, notices and filings required in connection with the additional mortgage and security interests required to be granted
under this Agreement; (iv) routine authorizations, approvals, actions, notices and filings in the ordinary course of business (e.g.
tax filings, annual reports, environmental filings, etc.); (v) the periodic filing of continuation statements under the UCC,
and (vi) authorizations, approvals, actions, notices and filings the failure of which to obtain, take or make could not reasonably
be expected to have a Material Adverse Effect.

 

Section 5.04            Binding
Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered
by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute,
a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with
its terms.

 

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Section 5.05     Financial
Statements; No Material Adverse Effect. (a) The Initial Financial Statements (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present in all material respects
the financial condition of the Parent, the Borrower and the Restricted Subsidiaries as of the date thereof and their results of operations
for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein; and (iii) show, in accordance with and as required by GAAP, all material indebtedness and other material
liabilities, direct or contingent, of the Parent, the Borrower and the Restricted Subsidiaries as of the date thereof, including material
liabilities for taxes, material commitments and material Indebtedness. As of the Closing Date, to the knowledge of the Parent and the
Borrower, the Public Parent does not have any material Indebtedness (including Disqualified Stock) or any material contingent liabilities,
except as referred to or reflected or provided for in the Initial Financial Statements

  

(b)            The
unaudited pro forma financial statements delivered by the Parent and the Borrower pursuant to Section 4.01(d) have,
in each case, been prepared in good faith by the Parent and the Borrower, based on the assumptions stated therein (which assumptions are
believed by the Parent and the Borrower on the Closing Date to be reasonable in light of current conditions and facts then known to the
Parent or the Borrower), are based on the information available to the Parent or the Borrower as of the date of delivery thereof, accurately
reflect all adjustments required to be made to give effect to the Transactions, and present fairly in all material respects the pro
forma consolidated financial position and results of operations of the Parent, the Borrower and the Restricted Subsidiaries as of
such date and for such periods, assuming that the Transactions had occurred on such date or as of the beginning of such period, as the
case may be.

 

(c)            The
forecasts of financial performance of the Parent, the Borrower and the Restricted Subsidiaries delivered by the Borrower pursuant to Section 4.01(d) have,
in each case, been prepared in good faith by the Parent and the Borrower and based on assumptions believed by the Parent and the Borrower
to be reasonable at the time such forecasts were provided (and on the Closing Date in the case of forecasts provided prior to the Closing
Date) (it being recognized, however, that projections as to future events are not to be viewed as facts and that actual results during
the period(s) covered by such projections may differ from the projected results and that such differences may be material and that
the Loan Parties make no representation that such projections will be realized).

 

(d)            Since
December 31, 2017, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably
be expected to have a Material Adverse Effect.

 

Section 5.06     Litigation.
There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Parent or the Borrower after due and
diligent investigation, threatened, at law, in equity, in arbitration or before any Governmental Authority, by or against the Parent,
the Borrower or any of the Restricted Subsidiaries or against any of their properties or revenues that (a) purport to affect or pertain
to this Agreement, any other Loan Document or the consummation of the Transactions or (b) except as specifically disclosed in Schedule 5.06,
either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, and there has been no change
in the status, or financial effect on any Loan Party or any Restricted Subsidiary thereof, of the matters described in Schedule 5.06
that could reasonably be expected to have a Material Adverse Effect.

 

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Section 5.07     No
Default. Neither any Loan Party nor any Restricted Subsidiary thereof is in default under or with respect to, or a party to, any Contractual
Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default or
Event of Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement
or any other Loan Document.

 

Section 5.08     Ownership
of Property; Liens. (a) Each Loan Party and each of its Restricted Subsidiaries has good record and marketable title in fee simple
to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects
in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)            The
property of each Loan Party and each of its Restricted Subsidiaries is subject to no Liens, other than Liens permitted by Section 7.01.

 

Section 5.09     Environmental
Compliance. (a) The Loan Parties and their respective Subsidiaries are in compliance with all existing Environmental Laws and
have not received any claims alleging potential liability or responsibility for violation of any Environmental Law on their respective
businesses, operations and properties, except as specifically disclosed in Schedule 5.09, such Environmental Laws and except
for such non-compliance or claims that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

(b)            As
of the Closing Date and except (i) as otherwise set forth in Schedule 5.09 or (ii) to the extent the same could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect: none of the properties currently or formerly
owned or operated by any Loan Party or any of its Subsidiaries is listed or proposed for listing on the National Priorities List under
42 USC § 9605(a)(8)(B) or on the CERCLIS or any analogous foreign, state or local list or is adjacent to any such property;
and Hazardous Materials have not been released, discharged or disposed of on any property currently or formerly owned or operated by any
Loan Party or any of its Subsidiaries in quantities or in a manner as to create Environmental Liability.

 

(c)            As
of the Closing Date and except (i) as otherwise set forth in Schedule 5.09 or (ii) to the extent the same could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect: neither any Loan Party nor any of its
Subsidiaries is undertaking, and has not completed, either individually or together with other potentially responsible parties, any investigation
or assessment or remedial or response action relating to any actual or threatened release, discharge or disposal of Hazardous Materials
at any site, location or operation, either voluntarily or pursuant to the order of any Governmental Authority or the requirements of any
Environmental Law that is reasonably expected to result in material Environmental Liability to any Loan Party or any of its Subsidiaries;
and all Hazardous Materials generated, used, treated, handled or stored at, or transported to or from, any property currently or formerly
owned or operated by any Loan Party or any of its Subsidiaries have been disposed of in a manner not reasonably expected to result in
material Environmental Liability to any Loan Party or any of its Subsidiaries.

 

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Section 5.10     Insurance.
The properties of the Parent, the Borrower and the Restricted Subsidiaries are insured (a) with financially sound and reputable insurance
companies in such amounts, with such limitations or deductibles, against such risks, and in such form as are customarily maintained by
companies of established repute engaged in the same or similar businesses operating in the same or similar locations and/or (b) through
a system or systems of self-insurance that are in accord with sound practices of similarly situated corporations of established reputation
maintaining such systems and with respect to which the Parent, the Borrower and the Restricted Subsidiaries maintain adequate insurance
reserves in accordance with GAAP and in accordance with sound actuarial and insurance principles. The Administrative Agent and the Lenders
have been named as additional insureds in respect of such liability insurance policies and the Administrative Agent has been named as
lender loss payee with respect to Property loss insurance. No Loan Party owns any material Building (as defined in the applicable Flood
Insurance Regulation) or material Manufactured (Mobile) Home (as defined in the applicable Flood Insurance Regulation) located on a Mortgaged
Property for which such Loan Party has not delivered to the Administrative Agent evidence reasonably satisfactory to the Administrative
Agent that (a) such Loan Party maintains Flood Insurance for such Building or Manufactured (Mobile) Home, or (b) such Building
or Manufactured (Mobile) Home is not located in a special flood hazard area, unless such Building or Manufactured (Mobile) Home has been
excluded from the property that is subject to the mortgage on such Mortgaged Property.

  

Section 5.11     Taxes.
Expect as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, the Parent, the
Borrower and their respective Subsidiaries and, to the knowledge of the Parent and the Borrower, the Public Parent and each Intermediate
Parent have filed all tax returns and reports required to be filed, and have paid all Taxes levied or imposed upon them or their properties,
income or assets otherwise due and payable, except those that are being contested in good faith by appropriate proceedings diligently
conducted and for which adequate reserves have been provided in accordance with GAAP. None of the Parent, the Borrower, any Subsidiary
or, to the knowledge of the Parent and the Borrower, the Public Parent and any Intermediate Parent have received written notice of any
proposed tax assessment against it that could reasonably be expected to have a Material Adverse Effect.

 

Section 5.12     ERISA
Compliance. (a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other
Federal or state Laws except for such events of noncompliance that could not, in the aggregate, reasonably be expected to result in a
Material Adverse Effect.

 

(b)            There
are no pending or, to the best knowledge of the Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority,
with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction
or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to
result in a Material Adverse Effect.

 

(c)            Except
to the extent the same could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect: (i) no
ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension Liability; (iii) neither
the Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect
to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither the Borrower nor
any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred that, with the giving of notice
under Section 4219 of ERISA, would result in such liability) under Section 4201 or 4243 of ERISA with respect to a Multiemployer
Plan; and (v) neither the Parent or the Borrower nor any ERISA Affiliate has engaged in a transaction that could reasonably be expected
to be subject to Section 4069 or 4212(c) of ERISA.

 

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(d)            Each
Loan Party satisfies an exception set forth in 29 C.F.R. Section 2510.3-101 (as modified by Section 3(42) of ERISA) so that
its underlying assets do not constitute assets of a Benefit Plan and the Transactions are not in violation of any state statutes, applicable
to a Loan Party that regulate investments of, and fiduciary obligations with respect to, governmental plans, that are similar to the provisions
of Section 406 of ERISA or Section 4975 of the Code.

 

Section 5.13     Subsidiaries;
Equity Interests; Loan Parties. As of the Closing Date, no Loan Party has any Subsidiaries other than those specifically disclosed
in Part (a) of Schedule 5.13, and all of the outstanding Equity Interests in such Restricted Subsidiaries have been
validly issued, are (in the case of corporate securities) fully paid and non-assessable and are owned by a Loan Party in the amounts specified
on Part (a) of Schedule 5.13 free and clear of all Liens except those created under the Security Instruments or permitted
by Section 7.01. As of the Closing Date, no Loan Party has any equity investments in any other corporation or entity other
than those specifically disclosed in Part (b) of Schedule 5.13. Set forth on Part (c) of Schedule 5.13
is a complete and accurate list of all Loan Parties as of the Closing Date, showing as of the Closing Date (as to each Loan Party) the
jurisdiction of its incorporation, the address of its principal place of business and its U.S. taxpayer identification number. As of the
Closing Date, the Parent has no foreign Subsidiaries.

 

Section 5.14     Margin
Regulations; Investment Company Act. (a) Neither the making of any Credit Extension hereunder nor the use of the proceeds thereof
will violate Regulation T, Regulation U or Regulation X. None of the Parent, the Borrower or any of the Restricted Subsidiaries
is engaged or will engage, principally or as one of its important activities, in the business of purchasing or carrying “margin
stock” (within the meaning of Regulation T, Regulation U or Regulation X) or extending credit for the purpose of purchasing
or carrying “margin stock.”

 

(b)            No
Loan Party or Restricted Subsidiary of a Loan Party is an “investment company” within the meaning of the Investment Company
Act of 1940.

 

Section 5.15     Disclosure.
No report, financial statement, certificate or other information furnished in writing by or on behalf of any Loan Party to the Administrative
Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder
or under any other Loan Document (in each case as modified or supplemented by other information so furnished), when taken together with
all other information previously furnished or that is publicly available, contains as of the date so furnished any material misstatement
of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not materially misleading; provided that, with respect to projected financial information, each of the Parent and the
Borrower represents only that such information was prepared in good faith based upon assumptions believed by it to be reasonable at the
time. There are no statements or conclusions in any Engineering Report that are based upon or include, as of the date of such Engineering
Report, misleading information or fail to take into account, as of the date of such Engineering Report, material information regarding
the matters reported therein, it being understood that projections concerning volumes attributable to the Oil and Gas Properties and production
and cost estimates contained in each Engineering Report are necessarily based upon professional opinions, estimates and projections and
that neither the Parent nor the Borrower warrants that such opinions, estimates and projections will ultimately prove to have been accurate.
As of the Closing Date, all of the information included in the Beneficial Ownership Certification is true and correct.

 

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Section 5.16     Compliance
with Laws. Each Loan Party and each Subsidiary thereof is in compliance in all material respects with the requirements of all Laws
and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such
requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted
or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect.

 

Section 5.17     Solvency.
The Loan Parties are, together with their Restricted Subsidiaries on a Consolidated basis, Solvent.

 

Section 5.18     Casualty,
Etc. Neither the businesses nor the properties of any Loan Party or any of its Restricted Subsidiaries are affected by any fire, explosion,
accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other
casualty (whether or not covered by insurance) that, either individually or in the aggregate, could reasonably be expected to have a Material
Adverse Effect.

 

Section 5.19     Labor
Matters. There are no collective bargaining agreements or Multiemployer Plans covering the employees of the Parent, the Borrower or
any Restricted Subsidiary as of the Closing Date and none of the Parent, the Borrower or any Restricted Subsidiary has suffered any strikes,
walkouts, work stoppages or other material labor difficulty within the last five years that, either individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect.

 

Section 5.20     Security
Instruments. The provisions of the Security Instruments are effective to create in favor of the Administrative Agent for the benefit
of the Secured Parties a legal, valid and enforceable first-priority Lien (subject to Liens permitted by Section 7.01) on
all right, title and interest of the respective Loan Parties in the Collateral described therein.

 

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Section 5.21     Engineered
Oil and Gas Properties.

 

(a)            The
Parent, the Borrower or another Loan Party has good and defensible title to all Engineered Oil and Gas Properties, free and clear of all
Liens except as permitted pursuant to Section 7.01 and Immaterial Title Deficiencies. With the exception of Immaterial Title
Deficiencies, all such Oil and Gas Properties are valid, subsisting, and in full force and effect, and all material rentals, royalties,
and other amounts due and payable in respect thereof have been duly paid. Without regard to any consent or non-consent provisions of any
joint operating agreement covering any of the Loan Parties’ Proved Reserves, and with the exception of Immaterial Title Deficiencies,
the Loan Parties’ share of (a) the costs for each Engineered Oil and Gas Property is not greater than the decimal fraction
set forth in the most recent Engineering Report, before and after payout, as the case may be, and described therein by the respective
designations “working interests”, “WI”, “gross working interest”, “GWI” or similar terms
and (b) production from, allocated to, or attributed to each Engineered Oil and Gas Property is not less than the decimal fraction
set forth in the most recent Engineering Report, before and after payout, as the case may be, and described therein by the designations
 “net revenue interest”, “NRI” or similar terms. Except to the extent constituting an Immaterial Title Deficiency,
each well drilled in respect of each Engineered Oil and Gas Property described in the Engineering Report (y) is capable of, and is
presently, producing Hydrocarbons in commercial quantities, and the applicable Loan Party is currently receiving payments for its share
of production, with no material funds in respect of any thereof being presently held in suspense, other than any such funds being held
in suspense pending delivery of appropriate division orders and other usual and customary suspense accounts, and (z) has been drilled,
bottomed, completed, and operated in compliance in all material respects with all applicable Laws and no such well that is currently producing
hydrocarbons is subject to any penalty in production by reason of such well having produced in excess of its allowable production.

  

(b)            The
Engineered Oil and Gas Properties (and all properties unitized therewith) are, in all material respects, being (and, to the extent the
same could materially and adversely affect the ownership or operation of the Engineered Oil and Gas Properties after the date hereof,
to the applicable Loan Party’s knowledge, have in the past been) maintained, operated and developed in a good and workmanlike manner,
in accordance with prudent industry standards and in conformity with all applicable Laws and in conformity with all oil, gas or other
mineral leases and other contracts and agreements forming a part of the Engineered Oil and Gas Property and in conformity with the Permitted
Encumbrances. No Engineered Oil and Gas Property is subject to having allowable production after the date hereof reduced below the full
and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible
at the time) prior to the date hereof and none of the wells located on the Engineered Oil and Gas Properties (or properties unitized therewith)
are or will be deviated from the vertical more than the maximum permitted by applicable Laws, regulations, rules and orders, and
such wells are bottomed under and producing from, with the well bores wholly within, the Engineered Oil and Gas Properties (or, in the
case of wells located on properties unitized therewith, such unitized properties). There are no dry holes, or otherwise inactive wells,
located on the Engineered Oil and Gas Properties or on lands pooled or unitized therewith, except for wells that have been properly plugged
and abandoned or for which appropriate plugging and abandonment has been scheduled. Each Loan Party has all material governmental licenses
and permits reasonably necessary or appropriate to own and operate its Engineered Oil and Gas Properties, and no Loan Party has received
notice in writing of any material violations in respect of any such licenses or permits, except for the absence of such licenses and permits
as could reasonably be expected to result in a Material Adverse Effect.

 

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Section 5.22     Sale
of Production. Except (x) as of the Closing Date, as set forth in Schedule 5.22, or (y) thereafter, as disclosed
in writing to the Administrative Agent and the Lenders and reflected in the most recent determination of the Borrowing Base, or (z) for
matters that constitute Immaterial Title Deficiencies:

 

(a)            No
Engineered Oil and Gas Property is subject to any material contractual or other arrangement (i) whereby payment for production is
or can be deferred for a substantial period after the month in which such production is delivered (in the case of oil, not in excess of
60 days, and in the case of gas, not in excess of ninety (90) days) or (ii) whereby payments are made to a Loan Party other than
by checks, drafts, wire transfer advises or other similar writings, instruments or communications for the immediate payment of money;

 

(b)            No
Engineered Oil and Gas Property is subject to any material contractual or other arrangement that are not cancelable on ninety (90) days’
notice or less without penalty or detriment for the sale of production from the Borrower’s or the other Loan Parties’ Hydrocarbons
(including, without limitation, calls on or other rights to purchase, production, whether or not the same are currently being exercised)
that (a) pertain to the sale of Hydrocarbons at a fixed price and (b) have a maturity or expiry date of longer than six (6) months
from the date hereof;

 

(c)            On
a net basis there are no gas imbalances that would require the Borrower’s or the other Loan Parties to deliver Hydrocarbons produced
from their Engineered Oil and Gas Properties at some future time without then or thereafter receiving full payment therefor exceeding
one-half bcf of gas (on an mcf equivalent basis) in the aggregate;

 

(d)            No
Loan Party, nor, to such Loan Party’s knowledge, any Loan Party’s predecessors in title, has received prepayments (including
payments for gas not taken pursuant to “take or pay” or other similar arrangements) for any oil, gas or other hydrocarbons
produced or to be produced from any Engineered Oil and Gas Properties after the date hereof; and

 

(e)            No
Engineered Oil and Gas Property is subject to any “take or pay” or other similar arrangement (i) that can be satisfied
in whole or in part by the production or transportation of gas from other properties or (ii) as a result of which production from
any Engineered Oil and Gas Property may be required to be delivered to one or more third parties without payment (or without full payment)
therefor as a result of payments made, or other actions taken, with respect to other properties.

 

Section 5.23     OFAC;
Sanctions.

 

(a)            None
of the Parent, the Borrower or any Restricted Subsidiary, or to its knowledge, the Public Parent or any Intermediate Parent or any director,
officer, employee, agent, affiliate or representative of any thereof, is an individual or entity that is, or is owned or controlled by
any individual or entity that is (i) currently the subject or target of any Sanctions or (ii) located, organized or resident
in a Designated Jurisdiction.

 

(b)            The
Borrower and its Subsidiaries are in compliance in all material respects with Sanctions and have instituted and maintained policies and
procedures designed to promote and achieve compliance with such Sanctions or any Laws related thereto.

 

Section 5.24     Anti-Corruption
Laws. The Borrower and its Subsidiaries are in compliance in all material respects with applicable Anti-Corruption Laws (including
FCPA) and have instituted and maintained policies and procedures designed to promote and achieve compliance with such Laws.

 

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Section 5.25     PATRIOT
Act. The Parent, the Borrower or each Restricted Subsidiary are in compliance in all material respects with all applicable anti-money
laundering Laws and regulations, including without limitation the Bank Secrecy Act, as amended by Title III of the USA PATRIOT Act (the
 “PATRIOT Act”).

 

ARTICLE VI

AFFIRMATIVE COVENANTS

 

So long as any Lender shall
have any Commitment hereunder, any Committed Loan or other Obligation owing to any Lender or to the Administrative Agent hereunder shall
remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding and not fully Cash Collateralized, each of the Parent and
the Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, and 6.03)
cause each Restricted Subsidiary to:

 

Section 6.01     Financial
Statements. Deliver to the Administrative Agent and the Lenders as contemplated by the last paragraph of Section 6.02:

 

(a)            as
soon as available, but in any event in accordance with then applicable law and not later than 90 days after the end of each fiscal year
of the Parent, the Parent’s (or, if the Public Parent is a Passive Holding Company, the Public Parent’s) audited consolidated
balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting
forth in each case in comparative form the figures for the previous fiscal year, all reported on by KPMG LLP or other independent public
accountants of recognized national standing (without a “going concern” or like qualification or exception (other than any
exception or qualification resulting from an upcoming maturity date of any Indebtedness occurring within one year from the date of delivery
of such report or any potential inability to satisfy a financial covenant on a future date or in a future period) and without any qualification
or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects
the financial condition and results of operations of the Parent (or, if the Public Parent is a Passive Holding Company, the Public Parent)
and its Consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; provided that, if the Public Parent
is a Passive Holding Company, the timely filing with the SEC of the Public Parent’s annual report on Form 10-K will satisfy
the reporting requirements of this Section 6.01(a); provided, however, for any period in which such financial statements
were prepared for both the Parent and the Public Parent, the Parent, at the request of the Administrative Agent, shall provide to the
Administrative Agent and each Lender a written reconciliation between the financial statements of the Parent and the Public Parent in
form and with detail reasonably satisfactory to the Administrative Agent,

 

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(b)            For
each of the first three fiscal quarters of the Parent’s fiscal year, as soon as available, but in any event in accordance with then
applicable law and not later than 45 days after the end of each such fiscal quarter of the Parent, the Parent’s (or, if the Public
Parent is a Passive Holding Company, the Public Parent’s) consolidated balance sheet and related statements of operations, stockholders’
equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each
case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of)
the previous fiscal year, all certified by the chief executive officer, chief financial officer, treasurer or controller of the Parent
as presenting fairly in all material respects the financial condition and results of operations of the Parent (or, if the Public Parent
is a Passive Holding Company, the Public Parent) and its Consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently
applied, subject to normal year-end audit adjustments and the absence of footnotes; provided that, if the Public Parent is a Passive Holding
Company, the timely filing with the SEC of the Public Parent’s quarterly reports on Form 10-Q will satisfy the reporting requirements
of this Section 6.01(b); provided, however, for any period in which such financial statements were prepared for both the Parent
and the Public Parent, the Parent, at the request of the Administrative Agent, shall provide to the Administrative Agent and each Lender
a written reconciliation between the financial statements of the Parent and the Public Parent in form and with detail reasonably satisfactory
to the Administrative Agent;

  

(c)            if
there shall be any Unrestricted Subsidiaries at the end of any fiscal period in respect of which any consolidated financial statements
referred to in Sections 6.01(a) and (b) above is delivered, concurrently with such delivery, the related
consolidating financial statements reflecting the adjustments necessary to eliminate the accounts of such Unrestricted Subsidiaries from
such consolidated financial statements certified by the chief executive officer, chief financial officer, treasurer or controller of the
Parent to the effect that such statements are fairly stated in all material respects when considered in relation to the consolidated financial
statements of the Parent, the Borrower and the Restricted Subsidiaries;

 

(d)            as
soon as available, but in any event within 90 days after the end of each fiscal year of the Parent, an annual business plan and budget
of the Parent, the Borrower and the Restricted Subsidiaries on a Consolidated basis, including forecasts prepared by management of the
Borrower, in form satisfactory to the Administrative Agent and the Majority Lenders, of consolidated balance sheets, statements of income
or operations, statements of cash flows and projected capital expenditures, in each case, of the Parent, the Borrower and the Restricted
Subsidiaries on a monthly basis for the immediately following fiscal year;

 

(e)            by
March 1 of each year, commencing March 1, 2019, an Engineering Report prepared as of the preceding January 1 (or December 31)
by, at the option of the Parent and the Borrower, (x) petroleum engineers who are employees of the Parent or the Borrower and audited
by Approved Petroleum Engineers or (y) Approved Petroleum Engineers, concerning all Oil and Gas Properties owned by any Loan Party
that are located within the geographic boundaries of the United States and that have attributable to them Proved Reserves, which report
shall (i) be reasonably satisfactory to the Administrative Agent, (ii) be prepared in a manner that presents the PV9 Value of
the Proved Reserves, (iii) take into account any “overproduced” status under gas balancing arrangements, (iv) contain
information and analysis consistent in form and scope in all material respects to that contained in the Initial Engineering Report, (v) distinguish
(or shall be delivered together with a certificate from an appropriate officer of the Parent or the Borrower that distinguishes) (A) the
Oil and Gas Properties owned by each Loan Party and (B) those properties treated in the report that are Collateral from those properties
treated in the report that are not Collateral, (vi) sets forth in reasonable detail the Parent’s and the Borrower’s good
faith estimate of the plugging, abandonment and other decommissioning costs attributable to the Beta Properties in accordance with GAAP,
and (vii) sets forth the aggregate balance of cash and Cash Equivalents on deposit as of the date of such report in the Beta Decommissioning
Trust accounts and information concerning any surety bonds securing the plugging, abandonment and other decommissioning costs attributable
to the Beta Properties;

 

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(f)            by
September 1 of each year, commencing September 1, 2019, an Engineering Report prepared as of the preceding July 1
(or June 30) (or the last day of the preceding calendar month in the case of a Special Determination) by petroleum engineers who
are employees of the Parent or the Borrower (or, at the option of the Parent and the Borrower, by the independent engineers named above
or selected in accordance with clause (e) above), together with an accompanying report on property sales, property purchases
and changes in categories that have occurred since the date of the prior Engineering Report, both in the same form and scope as the reports
in clause (e) above; and

 

(g)            by
5:00 p.m. New York time on Monday of each week, commencing with November 8, 2021, a report showing in reasonable detail
the actual cash receipts and cash expenditures of the Parent, the Borrower and their Subsidiaries for the immediately preceding seven
day period, together with a projected budget detailing on a weekly basis for a period of not less than thirteen (13) weeks following such
week, the reasonably anticipated cash receipts and cash expenditures of the Parent, the Borrower and their Subsidiaries.

 

Section 6.02     Certificates;
Other Information. Deliver to the Administrative Agent and the Lenders as contemplated by the last paragraph of this Section 6.02:

 

(a)            concurrently
with the delivery of the financial statements referred to in Sections 6.01(a) and (b), a duly completed certificate
signed by the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of the Parent
in substantially the form of Exhibit D hereto (i) certifying as to whether a Default or Event of Default has occurred
and, if a Default or Event of Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect
thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 7.11, (iii) stating
whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in
Section 6.01(a) (or the Initial Financial Statements in the case of the first such certificate) and, if any such change
has occurred, specifying the effect of such change on the financial statements accompanying such certificate, and (iv) certifying
whether the Public Parent is or is not a Passive Holding Company. Each such certificate shall include reasonably detailed information
regarding any Material Disposition or (at the Parent’s election) any Material Acquisition consummated during the period covered
by such certificate and give effect to such Material Disposition or Material Acquisition in the calculation of Consolidated EBITDAX for
the purpose of the financial covenants and other financial metrics required under this Agreement;

 

(b)            promptly
after any request by the Administrative Agent or any Lender, copies of any detailed audit reports, management letters or recommendations
submitted to the board of directors (or the audit committee of the board of directors) of the Parent or the Borrower by independent accountants
in connection with the accounts or books of the Borrower or any Restricted Subsidiary, or any audit of any of them;

 

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(c)            promptly
after the same are available, copies of all annual, regular, periodic and special reports, registration statements and proxy statements
that the Public Parent, any Intermediate Parent or any Loan Party may file or be required to file with the SEC under Sections 13,
14 or 15(d) of the Securities Exchange Act of 1934, or with any national securities exchange, and in any case not otherwise required
to be delivered to the Administrative Agent pursuant hereto; provided that the timely filing with the SEC of any such materials
or the posting of such documents (or providing a link thereto) on the Public Parent’s, any Intermediate Parent’s or such Loan
Party’s website on the Internet at the Public Parent’s, any Intermediate Parent’s or such Loan Party’s website
address will satisfy the reporting requirements of this clause (c);

  

(d)            promptly
after the furnishing thereof, copies of any statement or report furnished to any holder of debt securities of any Loan Party or any Restricted
Subsidiary thereof pursuant to the terms of any indenture, loan or credit or similar agreement relating to Indebtedness with a principal
amount in excess of the Threshold Amount and not otherwise required to be furnished to the Lenders pursuant to Section 6.01
or any other clause of this Section 6.02;

 

(e)            promptly,
and in any event within five Business Days after receipt thereof by the Public Parent, any Intermediate Parent or any Loan Party or any
Restricted Subsidiary thereof, copies of each notice or other correspondence received from the SEC concerning any investigation or possible
investigation by such agency regarding financial or other operational results of the Public Parent, any Intermediate Parent or any Loan
Party or any Restricted Subsidiary thereof;

 

(f)            not
later than five Business Days after receipt thereof by any Loan Party or any Restricted Subsidiary thereof, copies of all notices, requests
and other documents (including amendments, waivers and other modifications) so received under or pursuant to any instrument, indenture,
loan or credit or similar agreement relating to Indebtedness with a principal amount in excess of the Threshold Amount and regarding or
related to any breach or default by any party thereto or any other event that could reasonably be expected to materially impair the value
of the interests or the rights of any Loan Party or otherwise have a Material Adverse Effect and, from time to time upon request by the
Administrative Agent, such information and reports regarding such instruments, indentures and loan and credit and similar agreements as
the Administrative Agent may reasonably request;

 

(g)            promptly
after the assertion or occurrence thereof, notice of any action or proceeding against or of any noncompliance by any Loan Party or any
of its Subsidiaries with any Environmental Law or Environmental Permit that could (i) reasonably be expected to have a Material Adverse
Effect or (ii) cause any property described in the Mortgages to be subject to any materially adverse restrictions on ownership, occupancy,
use or transferability under any Environmental Law;

 

(h)            promptly,
such additional information regarding the business, financial or corporate affairs of the Borrower or any Restricted Subsidiary, or compliance
with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request;

 

(i)            promptly
upon the reasonable request of the Administrative Agent or any Lender, provide the Administrative Agent or such Lender, as the case may
be, any information or documentation requested by it for purposes of complying with the Beneficial Ownership Regulation;
and

 

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(j)            upon
the reasonable request of the Administrative Agent, the Borrower shall provide to the Administrative Agent, no later than two (2) Business
Days following such request, a summary of cash and Cash Equivalents of the Parent, the Borrower and their Restricted Subsidiaries in any
Deposit Account, Securities Account, or Commodities Account maintained with a financial institution other than the Administrative Agent
or its Affiliates as of such date.

 

Documents required to be delivered
pursuant to Section 6.01(a) or (b) or Section 6.02(c) (to the extent any such documents
are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the Public Parent, any Intermediate Parent, the Parent or the Borrower posts such documents, or
provides a link thereto on the Public Parent’s, any Intermediate Parent’s, the Parent’s or the Borrower’s website
on the Internet at the website address listed on Schedule 10.02 or (ii) on which such documents are posted on the Public
Parent’s, any Intermediate Parent’s, the Parent’s or the Borrower’s behalf on an Internet or intranet website,
if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored
by the Administrative Agent); provided that: (A) the Parent or the Borrower shall deliver paper copies of such documents to
the Administrative Agent or any Lender that requests the Parent or the Borrower to deliver such paper copies until a written request to
cease delivering paper copies is given by the Administrative Agent or such Lender and (B) the Parent or the Borrower shall notify
the Administrative Agent and each Lender (by telecopier, facsimile or electronic mail) of the posting of any such documents and provide
to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained
herein, in every instance the Parent or the Borrower shall be required to provide paper copies of the Compliance Certificates required
by Section 6.02(a) to the Administrative Agent. Except for such Compliance Certificates, the Administrative Agent shall
have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility
to monitor compliance by the Parent or the Borrower with any such request for delivery, and each Lender shall be solely responsible for
requesting delivery to it or maintaining its copies of such documents.

 

The Parent and the Borrower
hereby acknowledge that the Administrative Agent will make available to the Lenders and the L/C Issuers materials and/or information provided
by or on behalf of the Parent or the Borrower hereunder (collectively, the “Borrower Materials”) by posting the Borrower
Materials on SyndTrak, Intralinks or another similar electronic system (the “Platform”).

 

Section 6.03     Notices.
Notify the Administrative Agent and each Lender:

 

(a)            Promptly
of the occurrence of any Default or Event of Default known to any Responsible Officer, which notice shall specify the nature thereof,
the period of existence thereof and what action the Parent and the Borrower proposed to take with respect thereto;

 

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(b)            Promptly
of any matter (other than matters of a general economic or industry-specific nature) that has resulted or could reasonably be expected
to result in a Material Adverse Effect, including (i) breach or non-performance of, or any default under, a Contractual Obligation
of the Parent, the Borrower or any Restricted Subsidiary; (ii) any dispute, litigation, investigation, proceeding or suspension between
the Parent, the Borrower or any Restricted Subsidiary and any Governmental Authority; or (iii) the commencement of, or any material
development in, any litigation or proceeding affecting the Parent, the Borrower or any Restricted Subsidiary, including pursuant to any
applicable Environmental Laws;

  

(c)            Promptly
of the occurrence of any ERISA Event that would result in a Material Adverse Effect;

 

(d)            Promptly
of any material change in accounting policies or financial reporting practices by the Parent, the Borrower or any Restricted Subsidiary;

 

(e)            Promptly
of the (i) incurrence or issuance of any Indebtedness that would require an adjustment to the Borrowing Base pursuant to Section 2.05(c) and
(ii) occurrence of any Disposition of, or Casualty Event with respect to, property or assets or early termination or unwinding of,
or the creation of any off-setting position in respect of, any Hedge Transaction, in each case, that would require, or could reasonably
be expected to require, an adjustment to the Borrowing Base pursuant to Section 2.05(d); and

 

(f)            (i) Within
three (3) Business Days after any amount of cash or Cash Equivalents is withdrawn or disbursed from the Beta Decommissioning Trust
account, or the Borrower, the Parent, or any other Loan Party receives notice that an order or instruction directing the withdrawal or
disbursement of cash or Cash Equivalents from such account has been issued, written notice of such withdrawal, disbursement, order or
instruction, together with the Parent’s and the Borrower’s then-current good faith estimate of the plugging, abandonment and
other decommissioning costs attributable to the Beta Properties in accordance with GAAP, the aggregate balance of cash and Cash Equivalents
remaining on deposit in the Beta Decommissioning Trust accounts after giving effect to such withdrawal or disbursement, and information
concerning any surety bonds securing the plugging, abandonment and other decommissioning costs attributable to the Beta Properties, and
(ii) thereafter, promptly following any request from the Administrative Agent or any Lender, such other information as may be reasonably
requested by the Administrative Agent or such Lender with respect to any of the foregoing.

 

Each notice pursuant to this
Section 6.03 (other than Section 6.03(e) and (f)) shall be accompanied by a statement of a Responsible
Officer of the Parent or the Borrower setting forth details of the occurrence referred to therein and stating what action the Parent and
the Borrower have taken and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a) shall describe
with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.

 

Section 6.04     Payment
of Obligations. Pay and discharge, and to the extent that any Loan Party would be liable therefor, procure the payment and discharge
by the Public Parent and any Intermediate Parent of, as the same shall become due and payable, (a) all tax liabilities, assessments
and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate
proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Parent, the Borrower or any
Restricted Subsidiary, except for such amounts that, individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect; (b) all lawful claims that, if unpaid, would by Law become a Lien (other than any Lien permitted exist in accordance
with Section 7.01) upon its property.

  

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Section 6.05     Preservation
of Existence, Etc. (a) Preserve, renew and maintain in full force and effect its legal existence and good standing under the
Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or Section 7.05;
(b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the
normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse
Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation
of which could reasonably be expected to have a Material Adverse Effect.

 

Section 6.06     Maintenance
of Properties. (a) Maintain, preserve and protect all of its material properties and equipment necessary in the operation of
its business in good working order and condition, ordinary wear and tear excepted; (b) make all necessary repairs thereto and renewals
and replacements thereof except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) use
the standard of care typical in the industry in the operation and maintenance of its facilities.

 

Section 6.07     Maintenance
of Insurance. (a) Maintain (at its own expense) insurance for its property with financially sound and reputable insurance companies
in such amounts, with such limitations or deductibles, against such risks, and in such form as are customarily maintained by companies
of established repute engaged in the same or similar businesses operating in the same or similar locations; provided, however,
that in lieu of any such insurance, the Parent, the Borrower or any Restricted Subsidiary may maintain a system or systems of self-insurance
that are in accord with sound practices of similarly situated corporations of established reputation maintaining such systems and with
respect to which the Parent, the Borrower or any Restricted Subsidiary shall maintain adequate insurance reserves in accordance with GAAP
and in accordance with sound actuarial and insurance principles. All insurance policies covering Collateral shall be endorsed (i) to
name the Administrative Agent as “lender loss payee” as its interests may appear, (ii) to provide that such policies
may not be canceled or reduced or affected in any material manner for any reason without ten (10) days prior notice to the Administrative
Agent, and (iii) to provide for any other matters specified in any applicable Security Instrument. Each Loan Party shall at all times
maintain insurance against its liability for injury to persons or property with financially sound and reputable insurers in such amounts,
with such limitations or deductibles, against such risks, and in such form as are customarily maintained by companies of established repute
engaged in the same or similar businesses operating in the same or similar locations and such policies shall name the Administrative Agent
and the Lenders as “additional insureds”.

 

(b)            Reimbursement
under any liability insurance maintained by Loan Parties pursuant to this Section 6.07 may be paid directly to the Person
who has incurred the liability covered by such insurance. With respect to any loss involving damage to Collateral, each Loan Party will
make or cause to be made the necessary repairs to or replacements of such Collateral, and any proceeds of insurance maintained by each
Loan Party pursuant to this Section 6.07 shall be paid to such Loan Party by the Administrative Agent as reimbursement for
the costs of such repairs or replacements as such repairs or replacements are made or acquired; provided that the Administrative
Agent shall be entitled (but not obligated) to retain and apply such proceeds as Collateral during the continuance of any Event of Default.

  

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Section 6.08     Compliance
with Laws. Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable
to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or
decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith could
not reasonably be expected to have a Material Adverse Effect.

 

Section 6.09     Books
and Records. (a) Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP
consistently applied shall be made of all financial transactions and matters involving the assets and business of the Parent, the Borrower
or such Restricted Subsidiary, as the case may be and (b) maintain such books of record and account in material conformity with all
applicable requirements of any Governmental Authority having regulatory jurisdiction over the Parent, the Borrower or such Restricted
Subsidiary, as the case may be.

 

Section 6.10     Inspection
Rights. Permit representatives and independent contractors of the Administrative Agent and each Lender to visit and inspect any of
its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss
its affairs, finances and accounts with its directors, officers, and independent public accountants, all at the expense of the Borrower
and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to
the Borrower; provided, however, that when an Event of Default exists the Administrative Agent or any Lender (or any of
their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during
normal business hours and without advance notice.

 

Section 6.11     Use
of Proceeds. The Borrower shall apply the proceeds of the Credit Extensions for general corporate purposes, including to provide working
capital for the Parent, the Borrower and the Restricted Subsidiaries, the issuance of letters of credit, capital expenditures and acquisitions
by the Borrower and its Restricted Subsidiaries of Oil and Gas Properties and other assets related to the exploration, production and
development of Oil and Gas Properties and related midstream activities.

 

Section 6.12     Covenant
to Guarantee Obligations and Give Security. (a) Upon the formation or acquisition of any new direct or indirect wholly-owned
Restricted Subsidiary (excluding (x) any Unrestricted Subsidiary and (y) any Immaterial Subsidiary) by any Loan Party, then
the Parent and the Borrower shall, at the Borrower’s expense:

 

(i)            within
thirty (30) days after such formation or acquisition (or such longer period as the Administrative Agent may in its discretion approve),
cause such Restricted Subsidiary, and cause each direct and indirect parent of such Restricted Subsidiary (if it has not already done
so), to duly execute and deliver to the Administrative Agent a guaranty or guaranty supplement, in form and substance reasonably satisfactory
to the Administrative Agent, guaranteeing the other Loan Parties’ obligations under the Loan Documents;

 

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(ii)            subject
in the case of Oil and Gas Properties and material midstream assets to Section 6.12(b), within thirty (30) days after such
formation or acquisition (or such longer period as the Administrative Agent may in its discretion approve), cause such Restricted Subsidiary
and each direct and indirect parent of such Restricted Subsidiary (if it has not already done so) to duly execute and deliver to the Administrative
Agent deeds of trust, trust deeds, deeds to secure debt, mortgages, leasehold mortgages, leasehold deeds of trust, Security Agreement
Supplements and other security and pledge agreements, as specified by and in form and substance reasonably satisfactory to the Administrative
Agent (including delivery of all Pledged Equity in and of such Restricted Subsidiary, and other instruments required under the Security
Agreement) securing payment of all the Obligations of such Restricted Subsidiary or such parent, as the case may be, under the Loan Documents
and constituting Liens on all such real and personal properties; provided, however, that notwithstanding the foregoing,
none of the Parent, the Borrower or any Restricted Subsidiary will be required to grant a security interest in the Equity Interest of
any (i) Immaterial Subsidiary or (ii) Unrestricted Subsidiary;

  

(iii)            subject
in the case of Oil and Gas Properties to Section 6.12(b), within thirty (30) days after such formation or acquisition (or
such longer period as the Administrative Agent may in its discretion approve), cause such Restricted Subsidiary and each direct and indirect
parent of such Restricted Subsidiary (if it has not already done so) to take whatever action (including the recording of mortgages, the
filing of UCC financing statements, the giving of notices and the endorsement of notices on title documents) may be necessary or advisable
in the opinion of the Administrative Agent to vest in the Administrative Agent (or in any representative of the Administrative Agent designated
by it) valid and subsisting Liens on the properties purported to be subject to the deeds of trust, trust deeds, deeds to secure debt,
mortgages, leasehold mortgages, leasehold deeds of trust, Security Agreement Supplements and security and pledge agreements delivered
pursuant to this Section 6.12, enforceable against all third parties in accordance with their terms; and

 

(iv)            within
sixty (60) days after such formation or acquisition (or such longer period as the Administrative Agent may in its discretion approve),
deliver to the Administrative Agent, upon the request of the Administrative Agent in its sole discretion, a signed copy of a favorable
opinion, addressed to the Administrative Agent and the other Secured Parties, of counsel for the Loan Parties reasonably acceptable to
the Administrative Agent as to the matters contained in clauses (i), (ii) and (iii) above, and as
to such other matters as the Administrative Agent may reasonably request.

 

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(b)            If
the report or certificate delivered under Section 6.01(e) or Section 6.01(f) does not confirm that the
Secured Obligations are secured by first-priority Liens covering and encumbering at least 90% of the PV9 Value of the Proved Reserves
and at least 90% of the PV9 Value of the Proved Developed Producing Reserves, in each case, attributable to the Engineered Oil and Gas
Properties (without taking into account any adjustments for hedging), together with all or substantially all material midstream assets
necessary to operate the Oil and Gas Properties comprising Proved Developed Producing Reserves in the manner contemplated in the preparation
of the most recently delivered Engineering Report, then (i) within thirty (30) days of the delivery of such report or certificate
(or such longer period as may be appropriate in the sole discretion of the Administrative Agent), the Loan Parties that own Engineered
Oil and Gas Properties shall execute and deliver mortgages and deeds of trust (or supplements with respect thereto) in form and substance
reasonably acceptable to the Administrative Agent, together with such other assignments, conveyances, amendments, agreements and other
writings (each duly authorized and executed) and together with such certificates and opinions of counsel with respect thereto, in each
case as the Administrative Agent shall deem necessary to grant, evidence and perfect the first-priority Liens on such additional properties
comprising Proved Reserves and Proved Developed Producing Reserves such that, after giving effect thereto, the Loan Parties shall have
mortgaged at least 90% of the PV9 Value of the Proved Reserves and at least 90% of the PV9 Value of the Proved Developed Producing Reserves,
in each case, attributable to the Engineered Oil and Gas Properties (without taking into account any adjustments for hedging), together
with all or substantially all material midstream assets necessary to operate the Oil and Gas Properties comprising Proved Developed Producing
Reserves in the manner contemplated in the preparation of the most recently delivered Engineering Report; and (ii) upon the request
of the Administrative Agent, which request shall not be made more than once per calendar year so long as no Default, Event of Default
or Borrowing Base Deficiency is then continuing, evidence of title reasonably satisfactory to the Administrative Agent with respect to
such additional properties, but only to the extent necessary such that the Parent and the Borrower shall have delivered evidence of title
covering Engineered Oil and Gas Properties subject to the Mortgages comprising at least 85% of the total PV9 Value of the Proved Reserves
and at least 85% of the PV9 Value of the Proved Developed Producing Reserves, in each case, attributable to the Engineered Oil and Gas
Properties of the Borrower and the other Loan Parties required by this Section 6.12(b); provided, however, that
the requirements of this Section 6.12(b) shall not apply to any Oil and Gas Properties as to which the Administrative
Agent shall determine in its reasonable discretion, after consultation with the Parent or the Borrower, that the costs and burden of obtaining
such evidence of title are excessive in relation to the value of the benefits afforded thereby.

  

(c)            Notwithstanding
anything to the contrary in this Section 6.12, the “Collateral” shall not include any Building (as defined in
the applicable Flood Insurance Regulation) or Manufactured (Mobile) Home (as defined in the applicable Flood Insurance Regulation) included
in the definition of “Mortgaged Property” and no Building or Manufactured (Mobile) Home shall be encumbered by any Mortgage,
other than the Borrower’s CO2 Gas Processing Plant located in Carbon County, Wyoming, unless (i) the Borrower, the Administrative
Agent and the Required Lenders otherwise agree in writing, (ii) the Lenders have been afforded not less than 45 days to conduct any
necessary diligence with respect to flood hazard area determinations and other compliance analysis and (iii) if the applicable property
is determined to be located in a special flood hazard area, each Lender is reasonably satisfied that the Borrower has complied, or has
caused the applicable Restricted Subsidiary to comply, with the applicable Flood Insurance Regulations (including, if applicable, obtaining
flood insurance from such providers, on such terms and in such amounts as required by the Flood Insurance Regulations).

 

(d)            Notwithstanding
anything to the contrary contained herein, the Public Parent shall only be required to pledge its Equity Interests in any Intermediate
Parent owned directly by the Public Parent (or Parent, if Public Parent directly owns any Equity Interest in Parent), and each Intermediate
Parent shall only be required to pledge its Equity Interests in the Parent (if such Intermediate Parent directly owns any Equity Interest
in Parent) or any other Person owned by such Intermediate Parent that indirectly owns an Equity Interest in the Parent.

 

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Section 6.13     Compliance
with Environmental Laws. Except as could not reasonably be expected to result in a Material Adverse Effect, (a) comply, and cause
all lessees and other Persons operating or occupying its properties to comply with all applicable Environmental Laws and Environmental
Permits; (b) obtain and renew all Environmental Permits necessary for its current operations and properties; and (c) conduct
any investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other action necessary to remove and clean
up all Hazardous Materials from any of its properties, in accordance with the requirements of all applicable Environmental Laws; provided,
however, that none of the Parent, the Borrower or any Restricted Subsidiary shall be required to undertake any such cleanup, removal,
remedial or other action to the extent that its obligation to do so is (x) not required by applicable Environmental Laws or (y) is
being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances
in accordance with GAAP.

  

Section 6.14     Further
Assurances. Promptly upon request by the Administrative Agent, or any Lender through the Administrative Agent, (a) correct any
material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof
and (b) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts,
deeds, certificates, assurances and other instruments as the Administrative Agent, or any Lender through the Administrative Agent, may
reasonably require from time to time in order to (i) to the fullest extent permitted by applicable Law, subject any Loan Party’s
or any Restricted Subsidiaries’ properties, assets, rights or interests to the Liens now or hereafter intended to be covered by
any of the Security Instruments, (ii) perfect and maintain the validity, effectiveness and priority of any of the Security Instruments
and any of the Liens intended to be created thereunder and (iii) assure, convey, grant, assign, transfer, preserve, protect and confirm
more effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured Parties under any
Loan Document or under any other instrument executed in connection with any Loan Document to which any Loan Party or any Restricted Subsidiaries
is or is to be a party, and cause each Restricted Subsidiary to do so.

 

Section 6.15     Production
Proceeds. Notwithstanding that, by the terms of the various Mortgages, certain Guarantors and Borrower are and will be assigning to
the Administrative Agent all of the “Production Proceeds” (as defined therein) accruing to the property covered thereby, so
long as no Event of Default has occurred and is continuing such Loan Parties may continue to receive from the purchasers of production
all such Production Proceeds, provided that such Production Proceeds shall continue to be subject to the Liens created under the Mortgages
and the other Security Instruments. Upon the occurrence of an Event of Default, the Administrative Agent may exercise all rights and remedies
granted under the Mortgages, including the right to obtain possession of all Production Proceeds then held by Loan Parties or to receive
directly from the purchasers of production all other Production Proceeds. In no case shall any failure, whether purposed or inadvertent,
by the Administrative Agent to collect directly any such Production Proceeds constitute in any way a waiver, remission or release of any
of their rights under the Mortgages, nor shall any release of any Production Proceeds by the Administrative Agent to Loan Parties constitute
a waiver, remission, or release of any other Production Proceeds or of any rights of the Administrative Agent to collect other Production
Proceeds thereafter.

 

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Section 6.16     Anti-Corruption,
Anti-Terrorism; Anti-Money Laundering Laws; and Sanctions. Comply in all material respects with all applicable Anti-Corruption Laws,
applicable anti-terrorism Laws, applicable anti-money laundering Laws and Sanctions, and maintain policies and procedures designed to
promote and achieve compliance with such Laws.

  

Section 6.17     Post-Closing
Changes. The Parent or the Borrower shall notify the Administrative Agent within 30 days of any change made to a Loan Party’s
name, type of organization, jurisdiction of organization, organizational identification number or location from those set forth in the
schedules to the Security Agreement.

 

Section 6.18     Deposit
Accounts, Securities Accounts and Commodities Accounts.

 

(a)            Within
60 days after the Closing Date (or such later date as the Administrative Agent shall reasonably agree), the Loan Parties shall execute
and deliver to the Administrative Agent one or more Control Agreements with respect to each Deposit Account, Securities Account and Commodity
Account (other than to the extent constituting an Excluded Account) held or maintained by or for the benefit of a Loan Party on the Closing
Date, executed and delivered by a duly authorized Responsible Officer of such Loan Party in form and substance reasonably satisfactory
to the Administrative Agent.

 

(b)            The
Parent and the Borrower will, and will cause each other Loan Party to, in connection with any Deposit Account, Securities Account and
Commodity Account (other than Excluded Accounts, but only for so long as it is an Excluded Account) established, held, acquired, assumed,
or otherwise maintained after the Closing Date, promptly, but in any event within 45 days of the establishment, acquisition, or assumption
of such account (or, in the case of a Deposit Account or Securities Account that ceases to be an Excluded Account, within 45 days after
cessation of its status as an Excluded Account) or by such later date as the Administrative Agent shall reasonably agree, deliver a Control
Agreement executed by a duly authorized Responsible Officer of such Loan Party in form and substance reasonably satisfactory to the Administrative
Agent; provided that, notwithstanding the foregoing, no Loan Party or Restricted Subsidiary shall be permitted to deposit into
or maintain any assets in any Deposit Account, Securities Account or Commodity Account (other than Excluded Accounts, but only for so
long as it is an Excluded Account) unless such Deposit Account, Securities Account or Commodity Account is subject to such a Control Agreement
or other satisfactory control arrangement; provided further that, the foregoing proviso shall not apply to any Deposit Account,
Securities Account or Commodity Account that is acquired or assumed in connection with the transactions contemplated pursuant to the Merger
Agreement (or upon the contribution of the Equity Interests of any of the Public Parent’s Subsidiaries to the Parent or the Borrower
following the consummation of such transactions), and the Borrower shall not be required to deliver Control Agreements with respect to
such accounts until 120 days after the consummation of such transactions.

 

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Section 6.19     Minimum
Hedging Requirements. From and after June 20, 2022, the Borrower shall (i) enter into from time to time (and thereafter,
the Borrower shall maintain in effect) Hedge Transactions with Approved Counterparties in respect of commodity prices for crude oil and
natural gas such that, as of any date of determination, the aggregate notional monthly volumes of crude oil and natural gas hedged by
the Borrower equal or exceed (but subject at all times to the limitations in Section 7.12) (x) (1) as
of any such date of determination prior to January 31, 2023, sixty percent (60%) and
(2) as of any such date of determination from and after January 31, 2023, seventy-five percent (75%), of the
reasonably projected aggregate monthly production of natural gas and crude oil (calculated on an equivalent basis) from Oil and Gas Properties
comprising Proved Developed Producing Reserves of the Loan Parties evaluated in the then most recently delivered Engineering Report for
each full calendar month during the period of twelve (12) consecutive full calendar months immediately following any such date of determination
(or, if the Maturity Date occurs within any such period, then for each full calendar month during the period through (and including) the
full calendar month in which the Maturity Date occurs), and (y) if the Maturity Date is more than twelve full calendar months after
any such date of determination, fifty percent (50%) of the reasonably projected aggregate production of natural gas and crude oil (calculated
on an equivalent basis) from Oil and Gas Properties comprising Proved Developed Producing Reserves of the Loan Parties evaluated in the
then most recently delivered Engineering Report for each full calendar month during the period of sixtwelve
(612) consecutive
full calendar months immediately following the twelve (12) consecutive full calendar month period described in the foregoing clause (ix) of
this Section 6.19(i) (or, if the Maturity Date occurs
within any such six (6) consecutive full calendar month period, then for each full
calendar month during the period through (and including) the full calendar month in which the Maturity Date occurs), and (ii) no
later than five (5) Business Days after the end of each calendar month, provide to the Administrative Agent evidence reasonably satisfactory
to the Administrative Agent demonstrating the Borrower’s compliance with the foregoing; provided that, in the event that
the Borrower determines in good faith after using commercially reasonable efforts that the Borrower has been unable to enter into all
or a portion of the Hedge Transactions required pursuant to the foregoing clauses (i)(x) and (i)(y), then the
Borrower may deliver to the Administrative Agent on or before the due date for compliance with the applicable clause, a certificate of
a Responsible Officer to that effect in satisfaction of the requirement of the applicable clause with respect to any volumes for which
the Borrower has been unable to enter into Hedging Transactions; provided, further, that from and after the delivery of
any such certificate until the Borrower has delivered reasonably satisfactory evidence demonstrating that the Borrower has entered into
Hedge Transactions in satisfaction of such clauses, the Borrower shall (1) continue to use commercially reasonable efforts to satisfy
the requirements of such clauses and (2) include in each certificate delivered pursuant to Section 6.02(a) an additional
similar certification to the extent applicable.

  

Section 6.20     Post-Closing
Covenants - Supplemental Title Information. To the extent not delivered at or prior to the Closing Date, the Parent and the Borrower
shall deliver to the Administrative Agent not later than ninety (90) days following the Closing Date (or such later date as the Administrative
Agent shall agree in its reasonable discretion) additional title information consistent with usual and customary standards for the geographic
regions in which the Engineered Oil and Gas Properties are located, taking into account the size, scope and number of leases and wells
of the Borrower and the other Loan Parties; provided that after giving effect to its receipt of the additional title information
to be provided pursuant to this clause (b)(v), the Administrative Agent shall be reasonably satisfied with the title information
covering Engineered Oil and Gas Properties comprising at least 85% of the total PV9 Value of the Proved Reserves and 85% of the PV9 Value
of the Proved Developed Producing Reserves, in each case, attributable to the Engineered Oil and Gas Properties included in the Initial
Engineering Report (without taking into account any adjustments for hedging, together with such other assignments, conveyances, amendments,
agreements and other writings each duly authorized and executed).

 

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ARTICLE VII

NEGATIVE COVENANTS

 

So long as any Lender shall
have any Commitment hereunder, any Committed Loan or other Obligation owing to any Lender or to the Administrative Agent hereunder shall
remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding and not fully Cash Collateralized, the Parent and the Borrower
shall not, nor shall they permit any Restricted Subsidiary to, directly or indirectly:

 

Section 7.01     Liens.
Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired,
other than the following:

 

(a)            Liens
pursuant to any Loan Document;

 

(b)            Liens
existing on the date hereof and listed on Schedule 7.01 and any renewals or extensions thereof; provided that (i) the
property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased except as contemplated by
Section 7.03(c), (iii) the direct or any contingent obligor with respect thereto is not changed, and (iv) any renewal
or extension of the obligations secured or benefited thereby is permitted by Section 7.03(c);

 

(c)            Liens
for taxes and other governmental charges not yet due or that are being contested in good faith and by appropriate proceedings diligently
conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

 

(d)            operators’,
carriers’, landlords’, suppliers’, workers’, construction, warehousemen’s, mechanics’, materialmen’s,
repairmen’s or other like Liens arising in the ordinary course of business that are not overdue for a period of more than 90 days
or that are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto
are maintained on the books of the applicable Person;

 

(e)            pledges
or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social
security legislation or other liabilities of a like nature, other than any Lien imposed by ERISA;

 

(f)            Liens
to secure the performance of bids, trade contracts and leases (other than Indebtedness), licenses, statutory obligations, surety and appeal
bonds, performance bonds, regulatory obligations and other obligations of a like nature incurred in the ordinary course of business;

 

(g)            (i) easements,
rights-of-way, restrictions and other similar encumbrances affecting real property that, in the aggregate, are not substantial in amount,
and that do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary
conduct of the business of the applicable Person and (ii) Immaterial Title Deficiencies;

 

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(h)            Liens
securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h);

 

(i)            Liens
on pipelines and pipeline facilities that arise by operation of law or other like Liens arising by operation of law in the ordinary course
of business and incident to the exploration, development, operation and maintenance of Oil and Gas Properties each of which is in respect
of obligations that do not constitute Indebtedness and that are not delinquent or that are being contested in good faith by appropriate
action and for which adequate reserves have been maintained in accordance with GAAP;

 

(j)            customary
contractual Liens under operating lease agreements or that arise in the ordinary course of business under operating agreements, joint
venture agreements, oil and gas partnership agreements, oil and gas leases, farm-out and farm-in agreements, division orders, contracts
for the sale, transportation or exchange of oil and natural gas, unitization and pooling declarations and agreements, area of mutual interest
agreements, overriding royalty agreements, marketing agreements, processing agreements, net profits agreements, development agreements,
gas balancing or deferred production agreements, injection, repressuring and recycling agreements, salt water or other disposal agreements,
seismic or other geophysical permits or agreements, and other agreements that are usual and customary in the Oil and Gas Business and
are for obligations that do not constitute Indebtedness and that are not delinquent or that are being contested in good faith by appropriate
action and for which adequate reserves have been maintained in accordance with GAAP; provided that any such Lien referred to in
this clause (j) does not materially impair the use of the property covered by such Lien for the purposes for which such
property is held by the Borrower or any Restricted Subsidiary or materially impair the value of such property subject thereto;

 

(k)            [reserved];

 

(l)            Liens
existing on assets at the time of acquisition thereof, or Liens existing on assets of any Person at the time such Person became a Subsidiary,
which in each case (i) were not created in contemplation thereof and (ii) do not encumber Oil and Gas Properties to be included
in the Borrowing Base;

 

(m)            UCC
financing statements filed in connection with an operating lease under which the Borrower or a Restricted Subsidiary is the lessee;

 

(n)            [reserved];

 

(o)            [reserved];

 

(p)            [reserved];

 

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(q)            Liens
securing Indebtedness permitted under Section 7.03(f); provided that (i) such Liens attach concurrently with or
within 270 days after the acquisition, lease, repair, replacement, construction or improvement (as applicable) being financed with such
Indebtedness, (ii) such Liens do not at any time encumber any property other than the property financed by such Indebtedness or the
assets subject to such Capital Lease, as applicable, and (iii) the Indebtedness secured thereby does not exceed the cost or fair
market value, whichever is lower, of the property being acquired on the date of acquisition;

  

(r)            Liens
in favor of banking and other financial institutions arising by operation of law or otherwise encumbering deposits held by such banking
institution or securities and other financial assets held by such financial institution (in each case including the right of set-off)
and that are within the general parameters customary in the banking industry or the securities brokerage industry, as applicable;

 

(s)            Liens
not otherwise permitted by this Section 7.01; provided that the aggregate outstanding principal amount of the obligations
secured thereby does not exceed (as to the Parent, the Borrower and the Restricted Subsidiaries) $5,000,000 at any one time; and

 

(t)            Liens
to secure Junior Lien Debt incurred pursuant to Section 7.03(l); provided that any such Lien granted on any property
is only permitted to the extent that it is junior to a valid and enforceable first-priority Lien granted on such property to secure the
Secured Obligations (subject to the applicable Junior Lien Intercreditor Agreement).

 

Section 7.02     Investments.
Make any Investments, except:

 

(a)            Investments
held by the Parent, the Borrower or any Restricted Subsidiary in the form of Cash Equivalents;

 

(b)            advances
to officers, directors and employees of the Parent, the Borrower and Restricted Subsidiaries in an aggregate amount not to exceed $500,000
at any time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes;

 

(c)            Investments
of the Parent or the Borrower in any now existing or hereafter acquired wholly-owned Restricted Subsidiary and Investments of any Restricted
Subsidiary in the Parent, the Borrower or in another now existing or hereafter acquired wholly-owned Restricted Subsidiary; provided,
however, that (i) in the case of any Investment made by a Loan Party in any Restricted Subsidiary that is not a Loan Party,
the Parent and the Borrower shall be in compliance with the Minimum Required Conditions at the time of such Investment and (ii) in
the case of an Investment constituting the acquisition from a third party of a Person that thereby becomes a wholly-owned Restricted Subsidiary,
such Investment is permitted pursuant to another clause of this Section 7.02;

 

(d)            Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in
the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account
debtors to the extent reasonably necessary in order to prevent or limit loss;

 

(e)            Investments
comprising asset acquisitions of additional Oil and Gas Properties;

 

(f)            Guarantees
permitted by Section 7.03;

 

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(g)            Investments
received in connection with bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers,
in each case in the ordinary course of business;

  

(h)            other
Investments (including, without limitation, capital contributions) in Unrestricted Subsidiaries or other Persons made by the Parent, the
Borrower or a Restricted Subsidiary; provided that (i) any such Unrestricted Subsidiary or other Person is engaged primarily in oil
and gas exploration, development, production, processing, services transportation and related activities, (ii) the Investment is
made on fair and reasonable terms, (iii) the Parent and the Borrower shall be in compliance with the Minimum Required Conditions
at the time of such Investment and (iv) the aggregate amount of all such Investments made in reliance on this clause (h) from
and after the Closing Date shall not exceed $10,000,000;

 

(i)            Investments
for consideration consisting of common stock of the Public Parent and any Intermediate Parent;

 

(j)            capital
stock, promissory notes, and other similar non-cash consideration received by the Borrower or any of its Restricted Subsidiaries in connection
with any transaction permitted by Section 7.05;

 

(k)            Investments
expressly permitted by Section 7.06 (other than Section 7.06(f)); and

 

(l)            Investments
in existence on the Closing Date listed on Schedule 7.02, and extensions, renewals, modifications, or restatements or replacements
thereof; provided that no such extension, renewal, modification, restatement or replacement shall (i) increase the amount
of the original Investment or (ii) adversely affect the interest of the Lenders with respect to such original Investment or the interests
of the Lenders under this Agreement and the other Loan Documents in any material respect.

 

(m)            other
Investments in an aggregate amount, as valued at cost at the time each such Investment is made and including all related commitments for
future Investments, not exceeding $2,000,000.

 

Section 7.03     Indebtedness.
Create, incur, assume or suffer to exist any Indebtedness, except:

 

(a)            Indebtedness
under the Loan Documents;

 

(b)            accounts
payable and accrued expenses, liabilities or other obligations to pay the deferred purchase price of Property or services, from time to
time incurred in the ordinary course of business that are not greater than 90 days past the date of invoice or delinquent or that are
being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP;

 

(c)            Indebtedness
outstanding on the date hereof and listed on Schedule 7.03 and any Permitted Refinancing thereof;

 

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(d)            Guarantees
by the Parent, the Borrower or any Guarantor in respect of Indebtedness otherwise permitted hereunder of the Parent, the Borrower or any
Guarantor;

  

(e)            obligations
(contingent or otherwise) of the Parent, the Borrower or any Restricted Subsidiary existing or arising under any Hedge Transaction; provided
that (i) such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly
mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person,
or changes in the value of securities issued by such Person, and not for purposes of speculation or taking a “market view”
and (ii) such Hedge Transaction does not contain any provision exonerating the non-defaulting party from its obligation to make payments
on outstanding transactions to the defaulting party (other than customary netting arrangements);

 

(f)            Indebtedness
in respect of Capital Leases, Synthetic Lease Obligations and purchase money obligations for fixed or capital assets within the limitations
set forth in Section 7.01(q); provided, however, that the aggregate principal amount of all such Indebtedness
incurred pursuant to this clause (f) at any one time outstanding shall not exceed $25,000,000;

 

(g)            Unsecured
Indebtedness of the Borrower or any Restricted Subsidiary owing to the Parent, the Borrower or any (other) Restricted Subsidiary; provided
that (x) such Indebtedness is not held, assigned, transferred, negotiated or pledged to any Person other than a Loan Party (other
than pursuant to the Junior Lien Financing Documentation); (y) any such Indebtedness owed by Loan Party shall be subordinated to
the Secured Obligations on terms set forth in the Guaranty Agreement and (z) any such Indebtedness in an aggregate principal amount
equal to or exceeding $5,000,000 owed by Restricted Subsidiaries that are not Loan Parties shall be evidenced an intercompany promissory
note pledged to the Administrative Agent under the Security Agreement;

 

(h)            [reserved];

 

(i)            [reserved];

 

(j)            other
unsecured Indebtedness in an aggregate principal amount not to exceed $20,000,000 at any time outstanding;

 

(k)            Indebtedness
in respect of surety bonds obtained by the Borrower or a Restricted Subsidiary in the ordinary course of business and supporting other
obligations undertaken by the Parent, the Borrower or a Restricted Subsidiary in the ordinary course of business that do not constitute
Indebtedness;

 

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(l)            Indebtedness
that constitutes (x) Junior Lien Debt in an aggregate principal amount for all Junior Lien Debt not to exceed $300,000,000 at any
time outstanding and (y) senior unsecured, senior subordinated unsecured or subordinated unsecured Indebtedness not otherwise permitted
by this Section 7.03; provided that (i) no Default or Event of Default or Borrowing Base Deficiency has occurred
and is then continuing or would result therefrom (except, in the case of a Borrowing Base Deficiency, the Parent or the Borrower has confirmed
in writing that the proceeds of such Indebtedness will be used to repay in full the amount such Borrowing Base Deficiency), (ii) the
Parent’s (or, if the financial statements delivered pursuant to Section 6.01(a) or Section 6.01(b) for
such fiscal quarter is in respect of the Public Parent, the Public Parent’s) ratio of Consolidated Net Debt on the day of such transaction
to Consolidated EBITDAX for the four fiscal quarter period ended most recently ended on or prior to such date for which financial statements
have been, or were required to be, delivered pursuant to Section 6.01(a) or (b), as applicable, as adjusted to
give pro forma effect to the incurrence of such Indebtedness and the application of the proceeds thereof, shall not exceed 2.50
to 1.00, (iii) the Borrowing Base shall be adjusted as set forth in Section 2.05(c), (iv) such Indebtedness does
not mature and requires no scheduled amortization prior to the 91st day following the Maturity Date, (v) the terms of such Indebtedness
are not materially more onerous, taken as a whole, than the terms of this Agreement and the other Loan Documents, (vi) if any Person
Guarantees such Indebtedness, such Person shall also Guarantee the Secured Obligations by providing a guaranty or guaranty supplement,
in form and substance reasonably satisfactory to the Administrative Agent and (vii) such Indebtedness and any guarantees and Liens
in respect thereof are otherwise on terms and conditions reasonably acceptable to the Administrative Agent;

  

(m)            Indebtedness
of any Person at the time such Person becomes a Restricted Subsidiary of the Parent or the Borrower, or is merged or consolidated with
or into the Parent, the Borrower or any Restricted Subsidiary, in a transaction permitted by this Agreement, and extensions, renewals,
refinancings, refundings and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof (other
than any increase not exceeding the amount of any fees, premium, if any, and financing costs relating to such refinancing); provided
that (i) such Indebtedness (other than any such extension, renewal, refinancing, refunding or replacement) exists at the time such
Person becomes a Restricted Subsidiary and is not created in contemplation of such event, (ii) other than Guarantee obligations permitted
by clause (d) of this Section 7.03, none of the Parent, the Borrower or any Restricted Subsidiary shall be
liable for such Indebtedness, (iii) no Default or Event of Default or Borrowing Base Deficiency has occurred and is then continuing
or would result therefrom, and (iv) the Parent’s (or, if the financial statements delivered pursuant to Section 6.01(a) or
Section 6.01(b) for such fiscal quarter is in respect of the Public Parent, the Public Parent’s) ratio of Consolidated
Net Debt on the day of such transaction to Consolidated EBITDAX for the four fiscal quarter period ended most recently ended on or prior
to such date for which financial statements have been, or were required to be, delivered pursuant to Section 6.01(a) or
(b), as applicable, as adjusted to give pro forma effect to the incurrence of such Indebtedness, shall not exceed 3.50 to
1.00;

 

(n)            Indebtedness
of the Parent, the Borrower or any Restricted Subsidiary to the seller representing all or part of the purchase price of an Investment
or acquisition permitted hereunder, or assumed by the Parent, the Borrower or any Restricted Subsidiary in connection therewith, and extensions,
renewals, refinancings, refundings and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof
(other than any increase not exceeding the amount of any fees, premium, if any, and financing costs relating to such refinancing); provided
that (i) as to any such assumed Indebtedness, such Indebtedness (other than any extension, renewal, refinancing, refunding or replacement
thereof) exists at the time of such acquisition and is not created in contemplation of such event (ii) no Default or Event of Default
or Borrowing Base Deficiency has occurred and is then continuing or would result therefrom, and (iii) the Parent’s (or, if
the financial statements delivered pursuant to Section 6.01(a) or Section 6.01(b) for such fiscal quarter
is in respect of the Public Parent, the Public Parent’s) ratio of Consolidated Net Debt on the day of such transaction to Consolidated
EBITDAX for the four fiscal quarter period ended most recently ended on or prior to such date for which financial statements have been,
or were required to be, delivered pursuant to Section 6.01(a) or (b), as applicable, as adjusted to give pro
forma effect to the incurrence of such Indebtedness, shall not exceed 3.50 to 1.00;

 

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(o)            Indebtedness
arising from judgments or orders in circumstances not constituting an Event of Default under Section 8.01(h);

 

(p)            [reserved];

 

(q)            Indebtedness
arising from or representing deferred compensation to employees of the Parent, the Borrower or the Restricted Subsidiaries that constitute
or are deemed to be Indebtedness under GAAP and that are incurred in the ordinary course of business;

 

(r)            Indebtedness
arising pursuant to clause (e) of the definition thereof as a result of Liens permitted under Sections 7.01(c),
(d), (e), (f) and (j); and

 

(s)            obligations
of the Parent, the Borrower or any Restricted Subsidiary existing or arising under any Treasury Management Services Agreement.

 

Section 7.04     Fundamental
Changes. Merge, dissolve, liquidate, amalgamate, consolidate with or into another Person, or divide into two or more Persons pursuant
to a plan of division, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets
(whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default exists or would result therefrom:

 

(a)            any
Restricted Subsidiary may merge with (i) the Borrower; provided that the Borrower shall be the continuing or surviving Person
or (ii) the Parent or any one or more other Restricted Subsidiaries; provided that when any wholly-owned Restricted Subsidiary
is merging with the Parent or another Restricted Subsidiary, the continuing or surviving Person shall be the Parent or a wholly-owned
Restricted Subsidiary; provided, further, that when any Loan Party is merging with a Restricted Subsidiary that is not a
Loan Party, the continuing or surviving Person shall be a Loan Party;

 

(b)            any
Restricted Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower
or to another Restricted Subsidiary (and thereafter dissolve, liquidate or wind-up its affairs); provided that if the transferor
in such a transaction is a wholly-owned Restricted Subsidiary, then the transferee must either be the Borrower or a wholly-owned Restricted
Subsidiary; provided, further, that if the transferor in such a transaction is a Loan Party, then the transferee must either
be the Borrower or another Loan Party;

 

(c)            any
Disposition of a Restricted Subsidiary expressly permitted by Section 7.05 may be structured as a merger, consolidation or
amalgamation to which such Restricted Subsidiary is a party and as a result of which such Restricted Subsidiary ceases to be a Restricted
Subsidiary;

 

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(d)            any
Investment expressly permitted by Section 7.02 may be structured as a merger, consolidation or amalgamation; provided
that if the Parent or the Borrower is a party thereto, the Parent or the Borrower (as applicable) shall be the continuing or surviving
Person; provided, further, that the continuing or surviving Person shall be the Borrower or a Guarantor to the extent required
by Section 6.12;

  

(e)            any
existing wholly-owned Restricted Subsidiary may divide into two or more new wholly-owned Restricted Subsidiaries; provided that
if such existing Restricted Subsidiary is a Loan Party, each new Restricted Subsidiary shall also be an Loan Party immediately following
such division; and

 

(f)            the
Parent may merge with a wholly-owned Subsidiary of the Public Parent or any Intermediate Parent, change its name, or convert its type
of organization in connection with tax planning activities; provided that the continuing or surviving Person of such merger is
a direct wholly-owned Subsidiary of the Public Parent or any Intermediate Parent.

 

Section 7.05     Dispositions.
Make any Disposition except:

 

(a)            Dispositions
of (i) obsolete or worn out property or assets, whether now owned or hereafter acquired, in the ordinary course of business or (ii) equipment
that is no longer useful in the conduct of the business of the Parent, the Borrower and the Restricted Subsidiaries in the ordinary course
of business;

 

(b)            Dispositions
of inventory (including Hydrocarbons sold after severance) in the ordinary course of business;

 

(c)            Dispositions
of equipment or real property or other assets (other than (x) Oil and Gas Properties or (y) Investments in Restricted Subsidiaries)
to the extent that (i) such equipment, property or other asset is exchanged for credit against the purchase price of similar replacement
equipment, property or other asset or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price
of such replacement equipment, property, or other assets;

 

(d)            Dispositions
of property or assets by any Restricted Subsidiary to the Borrower or to a wholly-owned Restricted Subsidiary or by the Parent or the
Borrower to any wholly-owned Restricted Subsidiary; provided that if the transferor of such property or assets is a Loan Party,
the transferee thereof must be a Loan Party;

 

(e)            Dispositions
permitted by Section 7.04(a) or Section 7.04(b);

 

(f)            so
long as no Default, Event of Default or Borrowing Base Deficiency has occurred and is continuing, Dispositions of Equity Interests in
Unrestricted Subsidiaries;

 

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(g)            (1) Dispositions
of Oil and Gas Properties that are sold or otherwise transferred for fair market value to Persons who are not Affiliates of the Parent
or the Borrower and (2) farm-outs of undeveloped acreage and assignments in connection with such farm-outs or the abandonment, farm-out,
exchange or Disposition of Oil and Gas Properties not containing Proved Reserves; provided that (i) no Default or Event of
Default exists at the time of and after giving effect to any such sale or transfer (other than Defaults that will be cured upon the application
of the proceeds of such sale or other transfer), (ii) the Borrower must first give at least five Business Days’ notice to the
Administrative Agent of any such sale, (iii) no Borrowing Base Deficiency shall exist and be continuing immediately prior to the
consummation of such sale or other transfer, (iv) concurrently with such sale or other transfer the Borrower must pay in full any
Borrowing Base Deficiency that results from the adjustment to the Borrowing Base in connection with such Disposition pursuant to Section 2.05(d),
(v) at least 75% of the consideration received in respect of such Disposition shall be cash or Cash Equivalents and (vi) for
the avoidance of doubt, any Disposition of Oil and Gas Properties pursuant to this Section 7.05(g) may be structured
as a Disposition of Equity Interests in a Person, substantially all of whose assets consist of Oil and Gas Properties;

  

(h)            Dispositions
of Oil and Gas Properties to which no Proved Reserves are attributable or to which no lending value has been assigned by the Administrative
Agent in the then current Borrowing Base;

 

(i)            Dispositions
of interests in Oil and Gas Properties in respect of Immaterial Title Deficiencies in order to discharge such Immaterial Title Deficiencies
or an obligation giving rise thereto;

 

(j)            Dispositions
of overdue accounts receivable arising in the ordinary course of business, but only in connection with the compromise or collection thereof;

 

(k)            Dispositions
of Investments made pursuant to Sections 7.02(a), (d) and (g);

 

(l)            Dispositions
in the form of contributions of Oil and Gas Properties not included in the most recently delivered Engineering Report or to which no value
was attributed in the most recent determination of the Borrowing Base to Unrestricted Subsidiaries or other Person pursuant to Section 7.02(h);
and

 

(m)            other
Dispositions not exceeding $10,000,000 in the aggregate in any fiscal year of the Parent provided that such Dispositions shall
not include any Proved Reserves included in the Borrowing Base.

 

Section 7.06     Restricted
Payments. Declare or make, directly or indirectly, any Restricted Payment except that, so long as no Default shall have occurred and
be continuing at the time of any action described below or would result therefrom:

 

(a)            each
Restricted Subsidiary may make Restricted Payments to the Borrower, the Guarantors and any other Person that owns an Equity Interest in
such Restricted Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted
Payment is being made;

 

(b)            the
Parent and the Borrower shall be permitted to make Restricted Payments to the Public Parent and any Intermediate Parent for the purpose
of permitting the Public Parent, any Intermediate Parent, the Parent and the Restricted Subsidiaries that are required to include in income
any income or gain from the operations, business or assets of the Parent and any of its Restricted Subsidiaries for U.S. federal income
Tax purposes, to pay federal, state and local income Taxes, franchise Taxes, and similar Taxes to the extent attributable to such operations,
business or assets; provided that the amount of payments pursuant to this clause (b) at any time shall not exceed the
Tax liabilities that would have been imposed on the Parent, the Borrower or the applicable Restricted Subsidiaries had such entity(ies)
filed on a stand-alone group basis at such time for the respective period and the Parent had been classified as a corporation for federal
income Tax purposes;

  

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(c)            the
Parent or the Borrower may purchase, redeem or otherwise acquire Equity Interests issued by it with the proceeds received from the substantially
concurrent issuance of new shares of its Qualified Stock (provided that any such issuance shall not constitute a Change of Control);

 

(d)            the
Parent and the Borrower may make Restricted Payments in respect of, and in the amount of, any withholding tax obligation related to the
issuance, vesting, repurchase, forfeiture, transfer, liquidation, or distributions with respect to any equity compensation held by or
for the benefit of the employees, officers or directors of the Public Parent, any Intermediate Parent, the Parent, the Borrower or any
Restricted Subsidiary; provided that the aggregate amount of payments under this clause (d) in any fiscal year
of the Parent shall not exceed $2,500,000;

 

(e)            in
the ordinary course of its business, the Parent and the Borrower may make Restricted Payments to fund amounts payable pursuant to and
in connection with stock option plans or other benefit plans or arrangements for directors, management, employees or consultants of the
Public Parent, any Intermediate Parent, the Parent, the Borrower or any Restricted Subsidiary;

 

(f)            the
Parent and the Borrower may make Restricted Payments to the Public Parent and any Intermediate Parent in an amount actually received directly
or indirectly from any Unrestricted Subsidiary in cash or Cash Equivalents (or, if received in kind, in the same form received);

 

(g)            subject
to satisfaction of the Minimum Required Conditions, the Parent, the Borrower and each Restricted Subsidiary may make Restricted Payments
not otherwise permitted by this Section 7.06[reserved];

 

(h)            so
long as no Borrowing Base Deficiency has occurred and is continuing or would result therefrom, the Parent and the Borrower may make payments
of cash in lieu of the issuance by the Public Parent and any Intermediate Parent of fractional shares upon the exercise of options or
warrants or upon the conversion or exchange of Equity Interests or debt securities that are convertible into, or exchangeable for, Equity
Interests of the Public Parent and such Intermediate Parent in accordance with their terms; or

 

(i)            Restricted
Payments substantially concurrent with the consummation of the transactions contemplated in the Merger Agreement in an amount equal to
the aggregate amount necessary to repay in full and terminate the reserve based credit facility of the Public Parent or its Subsidiaries
as in effect on May 5, 2019.

 

Section 7.07     Change
in Nature of Business. Engage in any material line of business substantially different from those lines of business conducted by the
Parent, the Borrower and the Restricted Subsidiaries on the date hereof or any business substantially related or incidental thereto.

  

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Section 7.08     Transactions
with Affiliates. Enter into any transaction of any kind with any Affiliate of the Parent or the Borrower, whether or not in the ordinary
course of business, other than on fair and reasonable terms substantially as favorable to the Parent, the Borrower or the Restricted Subsidiary
as would be obtainable by the Parent, the Borrower or such Restricted Subsidiary at the time in a comparable arm’s length transaction
with a Person other than an Affiliate; provided that the foregoing restriction shall not apply to (i) transactions between
or among (x) the Parent, the Borrower and any other Loan Party, (y) a Restricted Subsidiary that is a Loan Party and any other
Restricted Subsidiary that is a Loan Party or (z) a Restricted Subsidiary that is not a Loan Party and any other Restricted Subsidiary
that is not a Loan Party, (ii) transactions between or among the Public Parent, any Intermediate Parent and the Parent in connection
with the activities contemplated by Section 7.04(f), (iii) transactions between or among the Public Parent, any Intermediate
Parent, the Parent, the Borrower and their Subsidiaries related to the disposition or transferring of assets in connection with the Merger
Agreement or (iv) payment of customary cash and non-cash compensation, including stock option and similar employee benefit plans,
to directors and officers on an arm’s length basis.

 

Section 7.09     Burdensome
Agreements. After the date of this Agreement, enter into any Contractual Obligation (other than (x) this Agreement or any other
Loan Document and (y) Permitted Debt Restrictions) that (a) limits the ability (i) of any Restricted Subsidiary to make
Restricted Payments to the Borrower or any Guarantor or to otherwise transfer property to the Borrower or any Guarantor, (ii) of
any Restricted Subsidiary to Guarantee the Indebtedness of the Borrower or (iii) of the Parent, the Borrower or any Restricted Subsidiary
to create, incur, assume or suffer to exist Liens on property of such Person to secure any of the Loan Documents or (b) requires
the grant of a Lien to secure an obligation of such Person if a Lien is granted to secure another obligation of such Person, or amend
any Contractual Obligation existing on the date of this Agreement so as to impose or make more restrictive such a limitation, in each
case other than the following: (A) any negative pledge incurred or provided in favor of any holder of Indebtedness permitted under
Section 7.03(b) and Section 7.03(f) solely to the extent any such negative pledge relates to the property
financed by or the subject of such Indebtedness or property subject to a Lien permitted hereunder that secures such Indebtedness; (B) [reserved];
(C) any encumbrances or restrictions imposed by reason of customary provisions contained in leases, licenses, joint ventures agreements
and similar agreements entered into in the ordinary course of business; (D) any encumbrances or restrictions that are or were created
by virtue of any transfer of, agreement to transfer or option or right with respect to any property, assets or capital stock not otherwise
prohibited by this Agreement; (E) any restrictions regarding licenses or sublicenses by the Borrower and its Restricted Subsidiaries
of intellectual property in the ordinary course of business; (F) any restrictions in a Contractual Obligation incurred in the ordinary
course of business and on customary terms that prohibit transfer of assets subject of the applicable Contractual Obligation; (G) restrictions
on cash or other deposits or net worth imposed by customers, suppliers or, in the ordinary course of business, other third parties; and
(H) any restrictions contained in agreements related to Indebtedness permitted by Section 7.03(e), (m) or
(n).

 

Section 7.10     Use
of Proceeds. Use the proceeds of any Credit Extension, in violation of Regulation T, Regulation U or Regulation X.

 

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Section 7.11     Financial
Covenants.

 

(a)       Maximum
Consolidated Net Leverage Ratio. Commencing with the first full fiscal quarter ending after the Closing Date, permit the Parent’s
(or, if the financial statements delivered pursuant to Section 6.01(a) or Section 6.01(b) for such fiscal
quarter is in respect of the Public Parent, the Public Parent’s) ratio of Consolidated Net Debt as of such day to Consolidated EBITDAX
for the four fiscal quarter period ending on such day to exceed 4.003.00
to 1.00.

 

(b)      Minimum
Current Ratio. Commencing with the first full fiscal quarter ending after the Closing Date, permit the Parent’s (or, if the
financial statements delivered pursuant to Section 6.01(a) or Section 6.01(b) for such fiscal quarter
is in respect of the Public Parent, the Public Parent’s) ratio of (i) consolidated current assets (including the unused amount
of the total Commitments (but only to the extent that the Borrower is permitted to borrow such amount under the terms of this Agreement
including, without limitation, Section 4.02 and Section 7.11(a) hereof), and excluding non-cash assets under
ASC 815) to (ii) consolidated current liabilities (excluding non-cash obligations under ASC 815 and current maturities
under this Agreement) of the Parent (or, if the financial statements delivered pursuant to Section 6.01(a) or Section 6.01(b) for
such fiscal quarter is in respect of the Public Parent, the Public Parent) to be less than 1.00 to 1.00; provided that compliance
with the financial ratio set forth in this Section 7.11(b) shall not be required for the fiscal quarter ending June 30, 2020.

 

Section 7.12     Hedge
Transactions.

 

(a)       Enter
into any Hedge Transaction other than Hedge Transactions entered into on any date with an Approved Counterparty related to bona fide
(and not speculative) hedging activities of the Borrower or other Loan Parties with respect to which the aggregate notional volumes covered
thereby do not exceed, when aggregated and netted with all other Hedge Transactions (other than “put” options) of the Borrower
and the other Loan Parties then in effect, (i) for any calendar month during the period from the then-current date until thirty-six
full calendar months after the then-current date, 85% of the Borrower’s and the other Loan Parties’ reasonably anticipated
projected production of crude oil (for crude oil related Hedge Transactions), and 85% of the Borrower’s and the other Loan Parties’
reasonably anticipated projected production of natural gas (for natural gas related Hedge Transactions), and (ii) for any calendar
month during the period from the date that is thirty-seven full calendar months after the then-current date to the date that is sixty
(60) full calendar months after the then-current date, 75% of the Borrower’s and the other Loan Parties’ reasonably anticipated
projected production of crude oil (for crude oil related Hedge Transactions), and 75% of the Borrower’s and the other Loan Parties’
reasonably anticipated projected production of natural gas (for natural gas related Hedge Transactions), in each case, for such calendar
month, from the Borrower’s and the other Loan Parties’ Oil and Gas Properties constituting Proved Developed Producing Reserves.
It is understood that commodity Hedge Transaction that may, from time to time, “hedge” the same volumes, but different elements
of commodity risk thereof (e.g., commodity price risk versus basis risk), shall not be aggregated together when calculating the foregoing
limitations on notional volumes. Notwithstanding anything to the contrary in this Section 7.12, there shall be no prohibition
under this Agreement or any other Loan Document against the Borrower or any other Loan Party entering into “put” options
not otherwise prohibited hereunder, in each case, so long as such agreements are entered into with an Approved Counterparty in the ordinary
course of business for the purpose of hedging against fluctuations of commodity prices. In no event shall any Hedge Transaction contain
any requirement, agreement or covenant for a Loan Party to post collateral or margin to secure their obligations under such Hedge Transaction
or to cover market exposures except to the extent provided pursuant to the Loan Documents.

 

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(b)       If,
after the end of any calendar month, the Borrower determines that the aggregate volume of all commodity Hedge Transactions for which
settlement payments were calculated in such calendar month exceeded 100% of actual production of crude oil and natural gas, calculated
separately, in such calendar month, then the Borrower shall, or shall cause one or more other Loan Parties to, within thirty (30) days
of such determinations, and following the written request of the Administrative Agent, terminate, create off-setting positions, allocate
volumes to other production for which the Borrower and the other Loan Parties are marketing, or otherwise unwind existing Hedge Transactions
such that, at such time, future hedging volumes do not exceed 100% of reasonably anticipated projected production for the then-current
and any succeeding calendar months.

 

(c)       For
purposes of clauses (a), and (b) of this Section 7.12, forecasts of projected production shall equal
the projections for Proved Developed Producing Reserves of each crude oil and natural gas set out in the most recent Engineering Report
delivered to the Administrative Agent, as revised in good faith to account for any increase or reductions therein anticipated based on
information obtained by the Borrower subsequent to the publication of the such Engineering Report, including the Parent’s or the
Borrower’s internal forecasts of production decline rates for existing wells and additions to or deletions from anticipated future
production from new wells and acquisitions coming on stream or failing to come on stream and Dispositions of Oil and Gas Properties, each
as reflected in a separate or supplemental Engineering Report delivered to the Administrative Agent and otherwise satisfactory to the
Administrative Agent.

 

(d)       Hedge
Transactions in respect of interest rates with an Approved Counterparty, as follows: (i) Hedge Transactions effectively converting
interest rates from fixed to floating, the notional amounts of which (when aggregated with all other Hedge Transactions of the Parent,
the Borrower and the other Loan Parties then in effect effectively converting interest rates from fixed to floating) do not exceed 100%
of the then outstanding principal amount of the Loan Parties’ Indebtedness for borrowed money that bears interest at a fixed rate
and (ii) Hedge Transactions effectively converting interest rates from floating to fixed, the notional amounts of which (when aggregated
with all other Hedge Transactions of the Parent, the Borrower and the other Loan Parties then in effect effectively converting interest
rates from floating to fixed) do not exceed 100% of the then outstanding principal amount of the Loan Parties’ Indebtedness for
borrowed money that bears interest at a floating rate.

 

Section 7.13     Sanctions.
Request a Committed Loan or Letter of Credit or directly or, to the Parent’s and the Borrower’s knowledge, indirectly use
the proceeds of any Credit Extension, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner
or other individual or entity, to fund any activities of or business with any individual or entity that, at the time of such funding,
is the subject of Sanctions, or with or in any country that, at the time of such funding, is a Designated Jurisdiction, or in any other
manner that will result in a violation by any individual or entity (including any individual or entity participating in the transaction,
whether as Lender, Arranger, Administrative Agent, L/C Issuers, or otherwise) of Sanctions.

 

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Section 7.14     Anti-Corruption
Laws. Request a Committed Loan or Letter of Credit or directly or, to the Parent’s or the Borrower’s knowledge, indirectly
use the proceeds of any Credit Extension for any purpose that would breach the United States Foreign Corrupt Practices Act of 1977, the
UK Bribery Act 2010, or other similar legislation in other jurisdictions.

 

Section 7.15     Prepayment
of Restricted Debt.

 

(a)       Optionally
prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner (it being understood that
mandatory payments shall be permitted to the extent permitted by the applicable provisions of the intercreditor agreement applicable thereto;
provided that no such mandatory payments shall be made using any funds or proceeds that may otherwise be reinvested by the Borrower),
any Principal Debt Obligations or any other Indebtedness permitted under Section 7.03(l) (collectively, “Restricted
Debt”) or make any payment in violation of any terms of any Restricted Debt Documentation, except (i) with the proceeds
of, or in exchange for, any Refinancing Indebtedness in respect thereof, (ii) the conversion of any Restricted Debt to Equity Interests
(other than Disqualified Stock) of the Public Parent or any Intermediate Parent, (iii) the redemption of any Restricted Debt with
the net cash proceeds of any offering of Equity Interests (other than Disqualified Stock) of the Public Parent or any Intermediate Parent,
(iv) subject to the satisfaction of the Minimum Required Conditions, other prepayments, redemptions, purchases, defeasances and other
payments in respect of Restricted Debt.

 

(b)       Amend,
modify or change in any manner materially adverse to the interests of the Lenders any term or condition of any Restricted Debt Documentation
in any manner materially adverse to the interests of the Lenders without the consent of the Majority Lenders.

 

Section 7.16     Limitation
on Leases. Create, incur, assume or suffer to exist any obligation for the payment of rent or hire of property of any kind whatsoever
(real or personal but excluding Capital Leases to the extent such Capital Leases do not go beyond the value and terms of the leased property
and leases of Oil and Gas Properties), under leases or lease agreements that would cause the aggregate amount of all payments made by
the Borrower and the Restricted Subsidiaries pursuant to all such leases or lease agreements, including, without limitation, any residual
payments at the end of any lease, to exceed $15,000,000 in any period of twelve consecutive calendar months during the life of such leases.

 

Section 7.17     Take-or-Pay
or Other Prepayments. Allow arrangements with respect to the Oil and Gas Properties of the Parent, the Borrower or any Restricted
Subsidiary that would require the Parent, the Borrower or such Restricted Subsidiary to deliver Hydrocarbons at some future time without
then or thereafter receiving full payment therefor to exceed three (3) bcf of gas (on an mcf equivalent basis) in the aggregate.

 

Section 7.18     Marketing
Activities. Engage in marketing activities for any Hydrocarbons or enter into any contracts related thereto other than (i) contracts
for the sale of Hydrocarbons scheduled or reasonably estimated to be produced from their proved Oil and Gas Properties during the period
of such contract, (ii) contracts for the sale of Hydrocarbons scheduled or reasonably estimated to be produced from proved Oil and
Gas Properties of third parties during the period of such contract associated with the Oil and Gas Properties of the Borrower and the
other Loan Party that the Borrower or one of the other Loan Party has the right to market pursuant to joint operating agreements, joint
development agreements, unitization agreements or other similar contracts that are usual and customary in the oil and gas business and
(iii) other contracts for the purchase and/or sale of Hydrocarbons of third parties (A) which have generally offsetting provisions
(i.e., corresponding pricing mechanics, delivery dates and points and volumes) such that no “position” is taken, and (B) for
which appropriate credit support has been taken to alleviate the material credit risks of the counterparty thereto.

 

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Section 7.19     No
Foreign Subsidiaries or Foreign Operations. Create or acquire, directly or indirectly, on or after the Closing Date any Subsidiary
that is not organized under the laws of the United States or a state thereof, or the District of Columbia, or engage in operations or
acquire or own assets or make any expenditure (whether such expenditure is capital, operating or otherwise) in or related to, any Oil
and Gas Properties not located within the geographical boundaries of the United States of America.

 

Section 7.20     Amendments
to Organization Documents. Amend, supplement or otherwise modify (or permit to be amended, supplemented or modified) its Organization
Documents in any manner that would be materially adverse to the Lenders.

 

Section 7.21     Holding
Company. Solely with respect to the Parent, own any Oil and Gas Properties, real property, immovable property or material assets,
incur Indebtedness, Liens or liabilities, make Restricted Payments or engage in any operations or business (other than (a) its direct
or indirect ownership of the Borrower or the Parent’s Subsidiaries, (b) providing employees and related services to the Borrower
or the Parent’s Subsidiaries, (c) making or holding Investments permitted under Section 7.02 (other than Section 7.02(d),
(e) and (h)), (d) incurring Junior Lien Debt or other unsecured Indebtedness under Section 7.03(l),
and providing guarantees of the Indebtedness permitted under Section 7.03(a), (e) making Restricted Payments permitted
under Section 7.06, (f) transactions between or among the Public Parent, any Intermediate Parent and the Parent in connection
with the activities contemplated by Section 7.04(f), (g) the transactions related to the Merger Agreement, and (h) Liens
permitted under Section 7.01(a), (c) and (t)).

 

ARTICLE VIII

EVENTS OF DEFAULT AND REMEDIES

 

Section 8.01     Events
of Default. Any of the following shall constitute an “Event of Default”:

 

(a)       Non-Payment.
The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Committed
Loan or any L/C Obligation; (ii) within five (5) Business Days after the same becomes due, any interest on any Committed Loan
or on any L/C Obligation, or any fee due hereunder; or (iii) within five Business Days that the same has come due, any other amount
payable hereunder or under any other Loan Document; or

 

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(b)       Specific
Covenants. The Parent or the Borrower fails to perform or observe any term, covenant or agreement contained in any of Section 6.03(a),
Section 6.05(a) (with respect to the Borrower only), Section 6.11, Section 6.12, Section 6.18
or Article VII; or

  

(c)       Other
Defaults. Any Loan Party, any Intermediate Parent or the Public Parent fails to perform or observe any other covenant or agreement
(not specified in clause (a) or (b) above) contained in any Loan Document on its part to be performed or
observed and such failure continues for 30 days after receipt of written notice from the Administrative Agent of the occurrence of such
failure; or

 

(d)      Representations
and Warranties. Any representation, warranty, or certification made or deemed made by or on behalf of the Borrower, any other Loan
Party, any Intermediate Parent, or the Public Parent herein, in any other Loan Document, or in any document delivered in connection herewith
or therewith shall be incorrect or misleading in any material respect (or, to the extent that any such representation, warranty or certification
is qualified by materiality, such representation, warranty or certification shall be incorrect in any respect) when made or deemed made;
or

 

(e)       Cross-Default.
(i) The Parent, the Borrower or any Restricted Subsidiary (A) fails to make any payment when due (whether by scheduled maturity,
required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder
and Indebtedness under Hedge Transactions) having an aggregate principal amount (including undrawn committed or available amounts and
including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount or (B) fails
to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument
or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause,
or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent
on behalf of such holder or holders or beneficiary or beneficiaries) to cause, such Indebtedness to be demanded or to become due or to
be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such
Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be
demanded; or (ii) there occurs under any Hedge Transaction an Early Termination Date (as defined in such Hedge Transaction) resulting
from any event of default under such Hedge Transaction as to which the Parent, the Borrower or any Restricted Subsidiary (excluding Immaterial
Subsidiaries) is the Defaulting Party (as defined in such Hedge Transaction) and the Hedge Termination Value owed by the Parent, the
Borrower or such Restricted Subsidiary as a result thereof is greater than the Threshold Amount; or

 

(f)        Insolvency
Proceedings, Etc. Any Loan Party or any Restricted Subsidiary (excluding Immaterial Subsidiaries), any Intermediate Parent or the
Public Parent institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes a general assignment
for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator,
liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues
undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or
any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar
days, or an order for relief is entered in any such proceeding; or

 

 

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(g)      Inability
to Pay Debts; Attachment. (i) Any Loan Party or any Restricted Subsidiary (excluding Immaterial Subsidiaries), any Intermediate
Parent or the Public Parent becomes unable or admits in writing its inability or fails generally to pay its debts as they become due or
(ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the
property of any such Person and is not released, vacated or fully bonded within 30 days after its issue or levy; or

 

(h)       Judgments.
There is entered against the Parent, the Borrower or any Restricted Subsidiary (i) one or more final judgments or orders for the
payment of money in an aggregate amount (as to all such judgments or orders) exceeding the Threshold Amount (to the extent not covered
by independent third-party insurance as to which the insurer does not dispute coverage) or (ii) any one or more non-monetary final
judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either
case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order or (B) there is a period of 30 consecutive
days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

 

(i)        ERISA.
(i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan that has resulted or could reasonably be expected
to result in a Material Adverse Effect, (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of
any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under
a Multiemployer Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect or (iii) a Loan Party’s
assets constitute assets of a Benefit Plan or the Transactions would violate any state statutes, applicable to a Loan Party that regulate
investments of, and fiduciary obligations with respect to, governmental plans, that are similar to the provisions of Section 406
of ERISA or Section 4975 of the Code; or

 

(j)        Invalidity
of Loan Documents. Any material provision of the Loan Documents, at any time after its execution and delivery and for any reason
other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force
and effect; or any Loan Party, any Intermediate Parent, the Public Parent or any other Person contests in any manner the validity or
enforceability of any material provision of the Loan Documents; or any Loan Party, any Intermediate Parent or the Public Parent denies
that it has any material or further liability or obligation under any material provision of the Loan Documents, or purports to revoke,
terminate or rescind any material provision of the Loan Documents; or

 

(k)       Change
of Control. There occurs any Change of Control;

 

(l)       Security
Instruments. Any Security Instrument after delivery thereof pursuant to the Security Agreement or Section 4.01, Section 6.12
or Section 6.14 hereof shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected
first-priority Lien (subject to Liens permitted by Section 7.01) on any material portion of the Collateral purported to be
covered by the Security Instruments; or

 

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(m)       Junior
Lien Financing Documentation. Any of the Obligations of the Loan Parties under the Loan Documents or any other Secured Obligation
for any reason shall cease to be “First Lien Obligations” (or any comparable term) under, and as defined in, the Junior Lien
Intercreditor Agreement under, and as defined in any Junior Lien Financing Documentation or the lien subordination provisions set forth
in any Junior Lien Financing Documentation shall, in whole or in part, cease to be effective or cease to be legally valid, binding and
enforceable against the holders of any Junior Lien Debt, if applicable.

 

Section 8.02     Remedies
Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of Majority
Lenders, take any or all of the following actions:

 

(a)       declare
the commitment of each Lender to make Committed Loans and any obligation of the L/C Issuers to make L/C Credit Extensions to be terminated,
whereupon such commitments and obligation shall be terminated;

 

(b)       declare
the unpaid principal amount of all outstanding Committed Loans, all interest accrued and unpaid thereon, and all other amounts owing
or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other
notice of any kind, all of which are hereby expressly waived by the Borrower;

 

(c)       require
that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and

 

(d)       exercise
on behalf of itself, the Lenders and the L/C Issuers all rights and remedies available to it, the Lenders and the L/C Issuers under the
Loan Documents;

 

provided,
however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy
Code, the obligation of each Lender to make Committed Loans and any obligation of each L/C Issuer to make L/C Credit Extensions shall
automatically terminate, the unpaid principal amount of all outstanding Committed Loans and all interest and other amounts as aforesaid
shall automatically become due and payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid
shall automatically become effective, in each case without further act of, and without the need for notice from, the Administrative Agent
or any Lender.

 

Section 8.03     Application
of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Committed Loans have automatically
become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in
the proviso to Section 8.02), any amounts received on account of the Secured Obligations shall be applied by the Administrative
Agent in the following order:

 

(a)       First,
to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges
and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative
Agent in its capacity as such;

 

(b)      Second,
to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal, interest
and Letter of Credit Fees) payable to the Lenders and the L/C Issuers (including fees, charges and disbursements of counsel to the respective
Lenders and the L/C Issuers (including fees and time charges for attorneys who may be employees of any Lender or any L/C Issuer) and
amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause
Second payable to them;

 

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(c)       Third,
to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Committed
Loans, L/C Borrowings and other Secured Obligations, ratably among the Lenders and the L/C Issuers in proportion to the respective amounts
described in this clause Third payable to them;

 

(d)      Fourth,
to payment of that portion of the Secured Obligations constituting unpaid principal of the Committed Loans and L/C Borrowings, amounts
payable under Hedge Transactions, amounts payable under Treasury Management Services Agreements, and to the Administrative Agent for
the account of each L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters
of Credit, ratably among the Lenders, the L/C Issuers and the Lender Counterparties, in proportion to the respective amounts described
in this clause Fourth held by them; and

 

(e)       Last,
the balance, if any, after all of the Secured Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required
by Law.

 

Subject to Section 2.03(d),
amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied
to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters
of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in
the order set forth above.

 

ARTICLE IX

ADMINISTRATIVE AGENT

 

Section 9.01     Appointment
and Authority.

 

(a)       Each
of the Lenders and each L/C Issuer hereby irrevocably appoints Bank of Montreal to act on its behalf as the Administrative Agent hereunder
and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers
as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental
thereto. Except to the extent Sections 9.01(b) and 9.06 expressly contemplate rights of others, the provisions
of this Article IX are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuers, and the Borrower
shall not have rights as a third party beneficiary of any of such provisions.

 

(b)      The
Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders (in its capacities
as a Lender and potential Lender Counterparty) and each L/C Issuer hereby irrevocably appoints and authorizes the Administrative Agent
to act as the agent of such Lender and such L/C Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral
granted by any of the Loan Parties to secure any of the Secured Obligations, together with such powers and discretion as are reasonably
incidental thereto. In this connection, the Administrative Agent, as “collateral agent” and any co-agents, sub-agents and
attorneys-in-fact appointed by the Administrative Agent pursuant to Section 9.05 for purposes of holding or enforcing any
Lien on the Collateral (or any portion thereof) granted under the Security Instruments, or for exercising any rights and remedies thereunder
at the direction of the Administrative Agent, shall be entitled to the benefits of all provisions of this Article IX and
Article X (including Section 10.04(c), as though such co-agents, sub-agents and attorneys-in-fact were the “collateral
agent” under the Loan Documents) as if set forth in full herein with respect thereto.

 

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Section 9.02     Rights
as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender
as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative
Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial
advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other
Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 

Section 9.03     Exculpatory
Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other
Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent:

 

(a)       shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b)       shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the
Majority Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents);
provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law; and

 

(c)       shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the
failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person
serving as the Administrative Agent or any of its Affiliates in any capacity.

 

The Administrative Agent shall
not be liable for any action taken or not taken by it (i) with the consent or at the request of the Majority Lenders (or such other
number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary,
under the circumstances as provided in Sections 8.02 and 10.01) or (ii) in the absence of its own gross negligence
or willful misconduct, in each case as determined in a final, non-appealable judgment by a court of competent jurisdiction. The Administrative
Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative
Agent by the Borrower, a Lender or an L/C Issuer.

  

The
Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, or any other Loan Document or any other agreement, instrument or document (including,
for the avoidance of doubt, in connection with the Administrative Agent’s reliance on any Electronic Signature transmitted by telecopy,
emailed pdf., or any other electronic means that reproduces an image of an actual executed signature page) or the creation, perfection
or priority of any Lien purported to be created by the Security Instruments, (v) the value or the sufficiency of any Collateral,
or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt
of items expressly required to be delivered to the Administrative Agent.

 

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Section 9.04     Reliance
by Administrative Agent.

 

The Administrative Agent shall
be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument,
document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed
by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely
upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon. In determining compliance with any condition hereunder to the making of a Committed Loan, or the issuance
of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an L/C Issuer, the Administrative Agent
may presume that such condition is satisfactory to such Lender or such L/C Issuer unless the Administrative Agent shall have received
notice to the contrary from such Lender or such L/C Issuer prior to the making of such Committed Loan or the issuance of such Letter of
Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other
experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel,
accountants or experts.

 

Section 9.05     Delegation
of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any
other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The
exculpatory provisions of this Article IX shall apply to any such sub-agent and to the Related Parties of the Administrative
Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities
provided for herein as well as activities as the Administrative Agent.

 

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Section 9.06     Resignation
of Administrative Agent. The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuers and
the Borrower. Upon receipt of any such notice of resignation, the Majority Lenders shall have the right, in consultation with the Borrower,
to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in
the United States. If no such successor shall have been so appointed by the Majority Lenders and shall have accepted such appointment
within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may (in
consultation with the Borrower) on behalf of the Lenders and the L/C Issuers, appoint a successor Administrative Agent meeting the qualifications
set forth above; provided that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person
has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the
retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except
that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the L/C Issuers under any of
the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative
Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the Administrative
Agent shall instead be made by or to each Lender and each L/C Issuer directly, until such time as the Majority Lenders appoint a successor
Administrative Agent as provided for above in this Section 9.06. Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties
of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and
obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section 9.06).
The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise
agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other
Loan Documents, the provisions of this Article IX and Section 10.04 shall continue in effect for the benefit of
such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to
be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.

 

Any resignation by Bank of
Montreal as Administrative Agent pursuant to this Section 9.06 shall also constitute its resignation as an L/C Issuer. Upon
the acceptance of a successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, (b) the retiring L/C Issuer shall be discharged
from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the successor L/C Issuer
shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other
arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to
such Letters of Credit.

 

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Section 9.07     Non-Reliance
on Administrative Agent and Other Lenders. Each Lender and each L/C Issuer acknowledges that it has, independently and without reliance
upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and each L/C Issuer also acknowledges
that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and
based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or
not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder
or thereunder.

 

Section 9.08     No
Other Duties, Etc.. Anything herein to the contrary notwithstanding, the Arranger shall not have any powers, duties or responsibilities
under this Agreement, except in its capacity (and solely in such capacity), as applicable, as the Administrative Agent, a Lender or an
L/C Issuer hereunder.

 

Section 9.09     Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding
relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Committed Loan or L/C Obligation shall
then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall
have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)       to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Committed Loans, L/C Obligations
and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders, the L/C Issuers and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the L/C Issuers and the Administrative Agent and their respective agents and counsel
and all other amounts due the Lenders, the L/C Issuers and the Administrative Agent under Sections 2.03(j) and (k),
2.09 and 10.04) allowed in such judicial proceeding; and

 

(b)       to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer
to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such
payments directly to the Lenders and the L/C Issuers, to pay to the Administrative Agent any amount due for the reasonable compensation,
expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Sections 2.09 and 10.04.

 

Nothing contained herein shall
be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or any L/C Issuer
any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights of any Lender or any
L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or any L/C Issuer in any such proceeding.

 

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Section 9.10     Collateral
and Guaranty Matters. The Lenders and the L/C Issuers irrevocably authorize:

 

(a)       and
instruct the Administrative Agent to release (and the following shall automatically be released without any further action on the part
of any Person): any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon termination
of the Aggregate Commitments and payment in full of all Obligations (other than contingent indemnification obligations and, for the avoidance
of doubt, without regard to whether any obligations with respect to Hedge Transactions and obligations with respect to Treasury Management
Services Agreements have been paid or remain outstanding) and the expiration, termination or Cash Collateralization in full of all Letters
of Credit, (ii) which property is Disposed of or to be Disposed of as part of or in connection with any Disposition permitted hereunder
or under any other Loan Document, (iii) which property is owned by a Subsidiary at the time it is designated an Unrestricted Subsidiary,
or (iv) subject to Section 10.01, if approved, authorized or ratified in writing by the Majority Lenders;

 

(b)       and
instruct the Administrative Agent to release (and the following Guarantors shall automatically be released without any further action
on the part of any Person): (i) any Guarantor from its obligations under the Guaranty or any Security Instruments if such Person
ceases to be a Restricted Subsidiary as a result of a transaction permitted hereunder and (ii) any Restricted Subsidiary from its
obligations under any Security Instrument upon its designation as an Unrestricted Subsidiary; and

 

(c)       the
Administrative Agent to subordinate or release any Lien on any property granted to or held by the Administrative Agent under any Loan
Document to the holder of any Lien on such property that is permitted by Section 7.01(i) or Section 7.01(j).

 

Upon request by the Administrative
Agent at any time, the Majority Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its
interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this
Section 9.10. In each case as specified in this Section 9.10, the Administrative Agent will, at the Borrower’s
expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release
of such item of Collateral from the assignment and security interest granted under the Security Instruments or to subordinate its interest
in such item, or to release such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan
Documents and this Section 9.10.

 

The benefit of the Security
Documents and the provisions of this Agreement and the other Loan Documents relating to the Collateral shall also extend to, secure and
be available on a pro rata basis (as set forth in Section 8.03 of this Agreement) to each Lender Counterparty to a Hedge Transaction
with respect to any obligations of the Borrower or any Loan Party arising under such Hedge Transaction, but only with respect to any Hedge
Transaction, and the transactions thereunder, that were entered into while such Person or its Affiliate was a Lender or prior to such
time, until either (x) such obligations arising under such Hedge Transaction are paid in full or otherwise expire or are terminated
or (y) the Security Instruments are otherwise released in accordance with Section 9.10(a) or terminate; provided
that with respect to any Hedge Transaction that remains secured after the counterparty thereto is no longer a Lender Counterparty or the
outstanding Obligations have been repaid in full and the Aggregate Commitments have terminated, the provisions of this Article IX
shall also continue to apply to such counterparty in consideration of its benefits hereunder and each such counterparty shall, if requested
by the Administrative Agent, promptly execute and deliver to the Administrative Agent all such other documents, agreements and instruments
reasonably requested by the Administrative Agent to evidence the continued applicability of the provisions of this Article IX.

 

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Section 9.11     Flood
Insurance. The Administrative Agent has adopted internal policies and procedures that address requirements placed on federally regulated
lenders under the Flood Insurance Regulations. The Administrative Agent will post on the Platform (or otherwise distribute to each lender
in the syndicate) documents that it receives, if any, in connection with the Flood Insurance Regulations, provided that each Lender and
Participant in the facility acknowledges and agrees that each federally regulated lender (whether acting as a Lender or a Participant
in the facility) is responsible for assuring its own compliance with the Flood Insurance Regulations.

 

Section 9.12     Intercreditor
Agreements. Each Lender (and each Person that becomes a Lender hereunder pursuant Section 10.06) hereby irrevocably authorizes
and directors the Administrative Agent to enter into any other Junior Lien Intercreditor Agreement on behalf of such Lender, in each case,
as needed to effectuate the transactions permitted by this Agreement and agrees that the Administrative Agent may take such actions on
its behalf as is contemplated by the terms of such applicable intercreditor agreement. Without limiting the provisions of Sections 9.03
and 10.04, each Lender hereby consents to the Administrative Agent and any successor serving in such capacity and agrees not to
assert any claim (including as a result of any conflict of interest) against the Administrative Agent, or any such successor, arising
from the role of the Administrative Agent or such successor under the Loan Documents or any such intercreditor agreement so long as it
is either acting in accordance with the terms of such documents and otherwise has not engaged in gross negligence or willful misconduct
(as determined in a final and non-appealable judgment by a court of competent jurisdiction). In addition, the Administrative Agent to,
without any further consent of any Lender (other than the consent as to the form of Junior Lien Intercreditor Agreement contemplated by
the definition of “Junior Lien Intercreditor Agreement”), enter into a Junior Lien Intercreditor Agreement with the collateral
agent or other representatives of the holders of Indebtedness permitted under Section 7.03 that is intended to be secured
on a junior basis to the Liens securing the Secured Obligations, in each case, where such Indebtedness is secured by Liens permitted under
Section 7.01. The Administrative Agent may rely exclusively on a certificate of a Responsible Officer of the Borrower as to
whether any such other Liens are permitted. Any Junior Lien Intercreditor Agreement entered into by the Administrative Agent in accordance
with the terms of this Agreement shall be binding on the Secured Parties.

 

Section 9.13     Enforcement.
Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against any Loan Party shall be vested exclusively in, and all actions and proceedings at
law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with
Section 9.01 for the benefit of all the Lenders and any L/C Issuer; provided that the foregoing shall not prohibit
(a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity
as Administrative Agent) hereunder and under the other Loan Documents, (b) any L/C Issuer from exercising the rights and remedies
that inure to its benefit (solely in its capacity as L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender from
enforcing its right to payment when due of the principal of and interest on its Loans, fees and other amounts owing to such Lender under
the Loan Documents, (d) any Lender from exercising setoff rights AFTER CONSULTATION WITH THE ADMINISTRATIVE AGENT in accordance with
Section 10.08 (subject to the terms of Section 2.13) or (e) any Lender from filing proofs of claim or appearing
and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law.

 

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Section 9.14     Credit
Bidding. During the continuance of an Event of Default, the Secured Parties hereby irrevocably authorize the Administrative Agent,
at the direction of the Majority Lenders, to credit bid all or any portion of the Secured Obligations (including by accepting some or
all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise)
and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at
any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy
Code, or any similar laws in any other jurisdictions to which a Secured Party is subject, or (b) at any other sale, foreclosure or
acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by
judicial action or otherwise) in accordance with any applicable law. In connection with any such credit bid and purchase, the Secured
Obligations owed to the Secured Parties shall be entitled to be credit bid by the Administrative Agent at the direction of the Majority
Lenders on a ratable basis (with Secured Obligations with respect to contingent or unliquidated claims receiving contingent interests
in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount proportional to the liquidated
portion of the contingent claim amount used in allocating the contingent interests) for the asset or assets so purchased (or for the equity
interests or debt instruments of the acquisition vehicle or vehicles that are issued in connection with such purchase). In connection
with any such bid (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles and to assign any successful
credit bid to such acquisition vehicle or vehicles, (ii) each of the Secured Parties’ ratable interests in the Secured Obligations
which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the
purpose of closing such sale, (iii) the Administrative Agent shall be authorized to adopt documents providing for the governance
of the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition vehicle
or vehicles, including any Disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the
governing documents shall provide for, control by the vote of the Majority Lenders or their permitted assignees under the terms of this
Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination
of this Agreement and without giving effect to the limitations on actions by the Majority Lenders contained in Section 10.01
of this Agreement), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue
partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle,
all without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent that Secured
Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason, such Secured Obligations shall
automatically be reassigned to the Secured Parties pro rata and the equity interests and/or debt instruments issued by any acquisition
vehicle on account of such Secured Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition
vehicle to take any further action. Notwithstanding that the ratable portion of the Secured Obligations of each Secured Party are deemed
assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such
documents and provide such information regarding the Secured Party (and/or any designee of the Secured Party that will receive interests
in or debt instruments issued by such acquisition vehicle) as the Administrative Agent may reasonably request in connection with the formation
of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such
credit bid. For the avoidance of doubt, Secured Obligations under a Hedge Transaction shall not be subject to a credit bid without the
prior written consent of the relevant Lender Counterparty thereto.

 

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Section 9.15     Certain
ERISA Matters.

 

(a)       Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, that at least one of the following
is and will be true:

 

(i)            such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Committed Loans, the
Letters of Credit, the Commitments or this Agreement;

 

(ii)            the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by
independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company
general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38
(a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions
determined by in-house asset managers), is applicable, and the conditions of such exemption have been satisfied, with respect to such
Lender’s entrance into, participation in, administration of and performance of the Committed Loans, the Letters of Credit, the Commitments
and this Agreement, or;

 

(iii)            (A) such
Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Committed Loans, the Letters of Credit, the Commitments and this Agreement, and (C) the entrance into,
participation in, administration of and performance of the Committed Loans, the Letters of Credit, the Commitments and this Agreement
satisfies the requirements of sub-sections (a) through (g) of Part I of PTE 84-14.

 

(b)       In
addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to
a Lender, such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of,
the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Parent, the Borrower or any other Loan Party,
that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into,
participation in, administration of and performance of the Committed Loans, the Letters of Credit, the Commitments and this Agreement
(including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document
or any documents related hereto or thereto).

 

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Section 9.16     Payments
in Error.

 

(a)       If
the Administrative Agent notifies a Lender, L/C Issuer or Secured Party, or any Person who has received funds on behalf of a Lender, L/C
Issuer or Secured Party such Lender or L/C Issuer (any such Lender, L/C Issuer, Secured Party or other recipient, a “Payment
Recipient”) that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice
under immediately succeeding clause (b)) that any funds received by such Payment Recipient from the Administrative Agent or any of its
Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not
known to such Lender, L/C Issuer, Secured Party or other Payment Recipient on its behalf) (any such funds, whether received as a payment,
prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous
Payment”) and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times
remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of
the Administrative Agent, and such Lender, L/C Issuer or Secured Party shall (or, with respect to any Payment Recipient who received such
funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter, return
to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same
day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous
Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same
day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under
this clause (a) shall be conclusive, absent manifest error.

 

(b)       Without
limiting immediately preceding clause (a), each Lender, L/C Issuer or Secured Party, or any Person who has received funds on behalf of
a Lender, L/C Issuer or Secured Party such Lender or L/C Issuer, hereby further agrees that if it receives a payment, prepayment or repayment
(whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative
Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice
of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment
or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative
Agent (or any of its Affiliates), or (z) that such Lender, L/C Issuer or Secured Party, or other such recipient, otherwise becomes
aware was transmitted, or received, in error or by mistake (in whole or in part) in each case:

 

(i)            (A) in
the case of immediately preceding clauses (x) or (y), an error shall be presumed to have been made (absent written confirmation from
the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause (z)), in each
case, with respect to such payment, prepayment or repayment; and

 

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(ii)            such
Lender, L/C Issuer or Secured Party shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly
(and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment,
prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this
Section 9.16(b).

 

(c)       Each
Lender, L/C Issuer or Secured Party hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time
owing to such Lender, L/C Issuer or Secured Party under any Loan Document, or otherwise payable or distributable by the Administrative
Agent to such Lender, L/C Issuer or Secured Party from any source, against any amount due to the Administrative Agent under immediately
preceding clause (a) or under the indemnification provisions of this Agreement.

 

(d)       In
the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor
by the Administrative Agent in accordance with immediately preceding clause (a), from any Lender or L/C Issuer that has received such
Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on
its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative Agent’s
notice to such Lender or Issuing Lender at any time, (i) such Lender or L/C Issuer shall be deemed to have assigned its Loans (but
not its Commitments) of the relevant Class with respect to which such Erroneous Payment was made (the “Erroneous Payment
Impacted Class”) in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative
Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the “Erroneous
Payment Deficiency Assignment”) at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative
Agent in such instance), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Assumption (or, to
the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an approved electronic platform
as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment,
and such Lender or L/C Issuer shall deliver any Notes evidencing such Loans to the Borrower or the Administrative Agent, (ii) the
Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such
deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender or L/C Issuer, as applicable, hereunder with
respect to such Erroneous Payment Deficiency Assignment and the assigning Lender or assigning L/C Issuer shall cease to be a Lender or
L/C Issuer, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt,
its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such
assigning Lender or assigning L/C Issuer and (iv) the Administrative Agent may reflect in the Register its ownership interest in
the Loans subject to the Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion, sell any Loans acquired
pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency
owing by the applicable Lender or L/C Issuer shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and
the Administrative Agent shall retain all other rights, remedies and claims against such Lender or L/C Issuer (and/or against any recipient
that receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the
Commitments of any Lender or L/C Issuer and such Commitments shall remain available in accordance with the terms of this Agreement. In
addition, each party hereto agrees that, except to the extent that the Administrative Agent has sold a Loan (or portion thereof) acquired
pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Administrative Agent may be equitably subrogated,
the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Lender, L/C Issuer or Secured
Party under the Loan Documents with respect to each Erroneous Payment Return Deficiency (the “Erroneous Payment Subrogation
Rights”) (provided that the Loan Parties’ Obligations under the Loan Documents in respect of the Erroneous Payment Subrogation
Rights shall not be duplicative of such Obligations in respect of Loans that have been assigned to the Administrative Agent under an
Erroneous Payment Deficiency Assignment).

 

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(e)       The
parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the
Borrower or any other Loan Party, except, in each case, to the extent any such Erroneous Payment is, and solely with respect to the amount
of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan Party
for the purpose of making such Erroneous Payment; provided that this Section 9.16 shall not be interpreted to increase
(or accelerate the due date for), or have the effect of increasing (or accelerating the due date for), the Obligations of the Borrower
relative to the amount (and/or timing for payment) of the Obligations that would have been payable had such Erroneous Payment not been
made by the Administrative Agent.

 

(f)        To
the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives,
and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim
by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based
on “discharge for value” or any similar doctrine.

 

(g)       Each
party’s obligations, agreements and waivers under this Section 9.16 shall survive the resignation or replacement of
the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender or L/C Issuer, the termination of
the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

 

ARTICLE X

MISCELLANEOUS

 

Section 10.01     Amendments,
Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the
Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Majority Lenders and the Borrower or the
applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver
or consent shall:

 

(a)       extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written
consent of such Lender;

 

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(b)       postpone
any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest,
fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each
Lender directly affected thereby;

 

(c)      reduce
the principal of, or the rate of interest specified herein on, any Committed Loan or L/C Borrowing, or (subject to clause (iii) of
the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without
the written consent of each Lender directly affected thereby; provided, however, that only the consent of the Majority
Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest
or Letter of Credit Fees at the Default Rate;

 

(d)       change
Section 2.14 or Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby
without the written consent of each Lender adversely affected thereby;

 

(e)       change
any provision of this Section 10.01 or the definition of “Majority Lenders”, “Required Lenders”, “Applicable
Percentage” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify
any rights hereunder or make any determination or grant any consent hereunder without the written consent of each Lender;

 

(f)        amend,
modify or waive this Agreement (including, without limitation, Section 8.03 hereof) or the Security Agreement so as to alter the
ratable treatment of Secured Obligations arising under the Loan Documents and Secured Obligations arising under Hedge Transactions or
the definition of “Lender Counterparty”, “Hedge Transactions”, “Obligations” or “Secured Obligations”
in a manner adverse to any Lender Counterparty except with the written consent of each affected Lender Counterparty;

 

(g)       release
all or substantially all of the value of the Guaranty (except as permitted in the Security Instruments or this Agreement) without the
written consent of each Lender;

 

(h)       amend
any provision of Section 2.05(c) or Section 2.05(d) relating to the automatic reduction of the Borrowing
Base set forth therein, in each case without the written consent of the Required Lenders; provided that a Scheduled Determination and
the delivery of an Engineering Report may be postponed by the Majority Lenders; or

 

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(i)        release
all or substantially all of the Collateral in any transaction or series of related transactions (except as permitted in the Security Instruments
or this Agreement), without the written consent of each Lender;

 

provided,
further, that (i) no amendment, waiver or consent shall, unless in writing and signed by each L/C Issuer in addition to the
Lenders required above, affect the rights or duties of the L/C Issuers under this Agreement or any Issuer Document relating to any Letter
of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative
Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other
Loan Document; and (iii) Section 10.06(g) may not be amended, waived or otherwise modified without the consent of
each Granting Lender all or any part of whose Committed Loans are being funded by an SPC at the time of such amendment, waiver or other
modification. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder, except as provided in clauses (a), (b), (c) and (to the extent
such Defaulting Lender’s rights are directly and adversely affected thereby) (e) above.

 

Notwithstanding the foregoing,
no Lender consent is required to effect any amendment or supplement to the any Junior Lien Intercreditor Agreement or other intercreditor
agreement or arrangement permitted under this Agreement that is for the purpose of adding any holders of Junior Lien Debt, as expressly
contemplated by the terms of such Junior Lien Intercreditor Agreement or such other intercreditor agreement or arrangement permitted under
this Agreement, as applicable (it being understood that any such amendment or supplement may make such other changes to the applicable
intercreditor agreement as, in the good faith determination of the Administrative Agent, are required to effectuate the foregoing; provided
that such other changes are not adverse, in any material respect, to the interests of the Lenders); provided, further, that
no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder or under any other
Loan Document without the prior written consent of the Administrative Agent.

 

Section 10.02     Notices;
Effectiveness; Electronic Communication.

 

(a)       Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided
in clause (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered
by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows, and all notices and other
communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

 

(i)            if
to the Borrower, the Administrative Agent or an L/C Issuer, to the address, telecopier number, electronic mail address or telephone number
specified for such Person on Schedule 10.02; and

 

(ii)            if
to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative Questionnaire.

 

Notices sent by hand or overnight
courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier
shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed
to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications
to the extent provided in clause (b) below, shall be effective as provided in such clause (b).

 

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(b)       Electronic
Communications. Notices and other communications to the Lenders and the L/C Issuers hereunder may be delivered or furnished by electronic
communication (including e mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided
that the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to Article II if such Lender or
such L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article II
by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications
to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures
may be limited to particular notices or communications.

 

Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal
business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next
business day for the recipient and (ii) notices or communications posted to an Internet or intranet website shall be deemed received
upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification
that such notice or communication is available and identifying the website address therefor.

 

(c)      The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE AGENT PARTIES DO NOT WARRANT THE
ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR
OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE
BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its
Related Parties (collectively, the “Agent Parties”) have any liability to the Parent, the Borrower, any Lender, any
L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise)
arising out of the Parent’s, the Borrower’s or the Administrative Agent’s transmission of Borrower Materials through
the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent
jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party;
provided, however, that in no event shall any Agent Party have any liability to the Parent, the Borrower, any Lender, any
L/C Issuer or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

 

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(d)       Change
of Address, Etc. Each of the Parent, the Borrower, the Administrative Agent and the L/C Issuers may change its address, telecopier
or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change
its address, telecopier or telephone number for notices and other communications hereunder by notice to the Borrower, the Administrative
Agent and each L/C Issuer. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative
Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which
notices and other communications may be sent and (ii) accurate wire instructions for such Lender.

 

(e)       Reliance
by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent, the L/C Issuers and the Lenders shall be entitled to rely
and act upon any notices purportedly given by or on behalf of the Parent or the Borrower even if (i) such notices were not made
in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein or (ii) the
terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify the Administrative
Agent, each L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting
from the reliance by such Person on each notice purportedly given by or on behalf of the Parent or the Borrower. All telephonic notices
to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties
hereto hereby consents to such recording.

 

Section 10.03     No
Waiver; Cumulative Remedies. No failure by any Person to exercise, and no delay by any such Person in exercising, any right, remedy,
power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The
rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges
provided by Law.

 

Section 10.04     Expenses;
Indemnity; Damage Waiver.

 

(a)      Costs
and Expenses. The Borrower shall pay (i) all reasonable and documented out of pocket expenses incurred by the Administrative
Agent and its Affiliates (including the documented reasonable fees, charges and disbursements of Mayer Brown LLP, in its capacity as counsel
for the Administrative Agent and one counsel in each appropriate local jurisdiction (which may include a special counsel acting in multiple
jurisdictions)), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution,
delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and
documented out of pocket expenses incurred by each L/C Issuer in connection with the issuance, amendment, renewal or extension of any
Letter of Credit or any demand for payment thereunder and (iii) all reasonable and documented out of pocket expenses incurred by
the Administrative Agent, any Lender or any L/C Issuer (including the fees, charges and disbursements of any counsel for the Administrative
Agent, any Lender or any L/C Issuer and one counsel in each appropriate local jurisdiction (which may include a special counsel acting
in multiple jurisdictions)), and shall pay all fees and time charges for one counsel of the Administrative Agent, any Lender or any L/C
Issuer and one counsel in each appropriate local jurisdiction (which may include a special counsel acting in multiple jurisdictions),
in connection with the enforcement of its rights (A) in connection with this Agreement and the other Loan Documents, including its
rights under this Section 10.04, or (B) in connection with the Committed Loans made or Letters of Credit issued hereunder,
including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Committed Loans
or Letters of Credit.

 

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(b)       Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and each L/C Issuer,
and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and
hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges
and disbursements of one counsel for all such Persons, taken as a whole, and, if necessary, by a single firm of local counsel in each
appropriate jurisdiction for all such Persons, taken as a whole (unless there is an actual or perceived conflict of interest in which
case, each such Person may, with the consent of the Borrower (not to be unreasonably withheld or delayed) retain its own counsel), and
shall indemnify and hold harmless each Indemnitee from all documented and reasonable out of pocket fees and time charges and disbursements
for one counsel for all such Persons, taken as a whole, and, if necessary, by a single firm of local counsel in each appropriate jurisdiction
for all such Persons, taken as a whole (unless there is an actual or perceived conflict of interest in which case, each such Person may,
with the consent of the Borrower (not to be unreasonably withheld or delayed) retain its own counsel), incurred by any Indemnitee or
asserted against any Indemnitee by any third party or by the Borrower, any other Loan Party, any Intermediate Parent or the Public Parent
arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or
any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder
or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and
any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents, (ii) any
Committed Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any L/C Issuer to honor
a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the
terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property
owned or operated by the Borrower, any other Loan Party or any Restricted Subsidiary, or any Environmental Liability related in any way
to the Borrower, any other Loan Party or any Restricted Subsidiary, or (iv) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party
or by the Borrower, any other Loan Party, any Intermediate Parent or the Public Parent, and regardless of whether any Indemnitee is a
party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY
OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final
and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from
a claim brought by the Borrower, any other Loan Party, any Intermediate Parent or the Public Parent against an Indemnitee for breach
in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower, such Loan Party, any
Intermediate Parent or the Public Parent has obtained a final and nonappealable judgment in its favor on such claim as determined by
a court of competent jurisdiction. No Loan Party will, without the prior written consent of the relevant Indemnitee (which consent shall
not be unreasonably withheld), effect any settlement of any pending or threatened claim, litigation, investigation or proceeding (any
of the foregoing, a “Proceeding”) against an Indemnitee in respect of which indemnity could have been sought hereunder
by such Indemnitee unless (i) such settlement includes an unconditional release of such Indemnitee from all liability or claims
that are the subject matter of such Proceeding and (ii) does not include any statement as to any admission. In the case of an investigation,
litigation or other proceeding to which the indemnity in this Section 10.04(b) applies, such indemnity shall be effective
whether or not such investigation, litigation or proceeding is brought by the Public Parent, any Intermediate Parent the Parent, the
Borrower, any other Loan Party, any of their respective directors, employees, stockholders or creditors, or an Indemnitee or any other
Person.

 

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(c)       Reimbursement
by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under clause (a) or
(b) of this Section 10.04 to be paid by it to the Administrative Agent (or any sub-agent thereof), the applicable
L/C Issuer or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such
sub-agent), the applicable L/C Issuer or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined
as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the
unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted
against the Administrative Agent (or any such sub-agent) or the applicable L/C Issuer in its capacity as such, or against any Related
Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or applicable L/C Issuer in connection with
such capacity. The obligations of the Lenders under this clause (c) are subject to the provisions of Section 2.13(d).

 

(d)       Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, neither the Parent nor the Borrower shall assert,
and each hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Committed Loan or Letter
of Credit or the use of the proceeds thereof. No Indemnitee referred to in clause (b) above shall be liable for any
damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients
by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement
or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from
the gross negligence or willful misconduct of such Indemnitee as determined by a final and non-appealable judgment of a court of competent
jurisdiction.

 

(e)       Payments.
All amounts due under this Section 10.04 shall be payable not later than ten Business Days after demand therefor.

 

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(f)        Survival.
The agreements in this Section 10.04 shall survive the resignation of the Administrative Agent and any L/C Issuer, the replacement
of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

  

Section 10.05     Payments
Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent, the applicable L/C
Issuer or any Lender, or the Administrative Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the
proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by the Administrative Agent, such L/C Issuer or such Lender in its discretion) to be
repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to
the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full
force and effect as if such payment had not been made or such setoff had not occurred and (b) each Lender and each L/C Issuer severally
agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid
by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per
annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders and the L/C Issuers under clause (b) of
the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

 

Section 10.06     Successors
and Assigns.

 

(a)       Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby, except that neither the Parent nor the Borrower may assign or otherwise transfer
any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender
may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions
of clause (b) of this Section 10.06, (ii) by way of participation in accordance with the provisions
of clause (d) of this Section 10.06, (iii) by way of pledge or assignment of a security interest subject
to the restrictions of clause (f) of this Section 10.06, or (iv) to an SPC in accordance with the provisions
of clause (g) of this Section 10.06 (and any other attempted assignment or transfer by any party hereto
shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in clause (d) of
this Section 10.06 and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent,
the L/C Issuers and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)       Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Commitment and the Committed Loans (including for purposes of this clause (b),
participations in L/C Obligations) at the time owing to it); provided that any such assignment shall be subject to the following
conditions:

 

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(i)            Minimum
Amounts.

  

(A)            in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Committed Loans at the time
owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned;
and

 

(B)            in
any case not described in clause (b)(i)(A) of this Section 10.06, the aggregate amount of the Commitment
(which for this purpose includes Committed Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding
balance of the Committed Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to the Administrative Agent or, if a “Trade Date” is specified in the Assignment
and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event
of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed);
provided, however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of
an Assignee Group to a single assignee (or to an assignee and members of its Assignee Group) will be treated as a single assignment for
purposes of determining whether such minimum amount has been met.

 

(ii)          Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement with respect to the Committed Loans or the Commitment assigned;

 

(iii)          Required
Consents. No consent shall be required for any assignment except to the extent required by clause (b)(i)(B) of this
Section 10.06 and, in addition:

 

(A)            the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default
has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or
an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto
by written notice to the Administrative Agent within five Business Days after having received notice thereof;

 

(B)            the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment is
to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and the consent of the
L/C Issuers (such consent not to be unreasonably withheld or delayed) shall be required for any assignment.

 

(iv)            Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee per assignment payable by the assignor (subject to Section 10.13(a)) directly
to the Administrative Agent in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole discretion,
elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to
the Administrative Agent an Administrative Questionnaire.

 

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(v)          No
Assignment to Parent, Borrower or Affiliates. No such assignment shall be made to the Public Parent, any Intermediate Parent, the
Parent, the Borrower, any Permitted Holder, or any of the Parent’s or the Borrower’s Affiliates or Subsidiaries.

 

(vi)            No
Assignment to Natural Persons. No such assignment shall be made to a natural person.

 

(vii)            No
Assignment to Defaulting Lenders. No such assignment shall be made to a Defaulting Lender.

 

Subject to acceptance and
recording thereof by the Administrative Agent pursuant to clause (c) of this Section 10.06, from and after
the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the
extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and
the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its
obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights
and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits
of Sections 3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring prior to the
effective date of such assignment. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender.
Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this clause (b) shall
be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with
clause (d) of this Section 10.06.

 

(c)       Register.
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at the Administrative
Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses
of the Lenders, and the Commitments of, and principal amounts of the Committed Loans and L/C Obligations owing to, each Lender pursuant
to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest
error, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall
be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)       Participations.
Any Lender may at any time, without the consent of, or notice to, the Parent, the Borrower or the Administrative Agent, sell participations
to any Person (other than a natural person or the Borrower, the Parent or any of the Borrower’s or the Parent’s Affiliates
or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under
this Agreement (including all or a portion of its Commitment and/or the Committed Loans (including such Lender’s participations
in L/C Obligations) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the
Parent, the Borrower, the Administrative Agent, the Lenders and the L/C Issuers shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this Agreement.

 

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Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument
may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described
in the first proviso to Section 10.01 that affects such Participant. Subject to clause (e) of this Section 10.06,
the Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04, and 3.05
to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to clause (b) of this
Section 10.06. To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 10.08
as though it were a Lender; provided that such Participant agrees to be subject to Section 2.14 as though it were a
Lender.

 

Each Lender that sells a participation
shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address
of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Committed Loans or other
obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation
to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a
Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person
except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is
in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register
shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register
as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of
doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

(e)       Limitations
upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Section 3.01 or Section 3.04
than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless
the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be
a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the Borrower is notified
of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.01(f) as
though it were a Lender.

 

(f)        Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to
a Federal Reserve Bank or any central bank having jurisdiction over such Lender; provided that no such pledge or assignment shall
release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

 

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(g)            Special
Purpose Funding Vehicles. Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”)
may grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative
Agent and the Borrower (an “SPC”) the option to provide all or any part of any Committed Loan that such Granting Lender
would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment
by any SPC to fund any Committed Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any
part of such Committed Loan, the Granting Lender shall be obligated to make such Committed Loan pursuant to the terms hereof or, if it
fails to do so, to make such payment to the Administrative Agent as is required under Section 2.13(b)(ii). Each party hereto
hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses
or otherwise increase or change the obligations of the Borrower under this Agreement (including its obligations under Section 3.04),
(ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable,
and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any
provision of any Loan Document, remain the lender of record hereunder. The making of a Committed Loan by an SPC hereunder shall utilize
the Commitment of the Granting Lender to the same extent, and as if, such Committed Loan were made by such Granting Lender. In furtherance
of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the
date that is one year and one day after the payment in full of all outstanding commercial paper or other senior debt of any SPC, it will
not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency,
or liquidation proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained
herein, any SPC may (i) with notice to, but without prior consent of the Borrower and the Administrative Agent and with the payment
of a processing fee to the Administrative Agent in the amount of $3,500, assign all or any portion of its right to receive payment with
respect to any Committed Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating
to its funding of Committed Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity
enhancement to such SPC.

 

(h)            Resignation
as an L/C Issuer after Assignment. Notwithstanding anything to the contrary contained herein, if at any time an L/C Issuer assigns
all of its Commitment and Committed Loans pursuant to clause (b) above, such L/C Issuer may, upon 30 days’ notice
to the Borrower and the Lenders, resign as an L/C Issuer. In the event of any such resignation as L/C Issuer, the Borrower shall be entitled
to appoint from among the Lenders a successor L/C Issuer hereunder (and any such appointment shall be subject to the acceptance of such
appointed Lender); provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation
of the exiting L/C Issuer as L/C Issuer. If such L/C Issuer resigns as L/C Issuer, it shall retain all the rights, powers, privileges
and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as
L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk
participations in Unreimbursed Amounts pursuant to Section 2.03(d)). Upon the appointment of a successor L/C Issuer, (i) such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer and (ii) the
successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such
succession or make other arrangements satisfactory to the exiting L/C Issuer to effectively assume the obligations of exiting L/C Issuer
with respect to such Letters of Credit.

 

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Section 10.07     Treatment
of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and each L/C Issuer agrees to maintain the
confidentiality of the Information, except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’
respective partners, directors, officers, employees, agents, advisors and representatives (it being understood that the Persons to whom
such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential),
(b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority,
such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or regulations or by
any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder
or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement
of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section 10.07,
to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under
this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to
the Borrower, the Parent, any Intermediate Parent or the Public Parent and the respective obligations or any of them, (g) to credit
rating agencies, the CUSIP Service Bureau and credit insurers, (h) with the consent of the Parent or the Borrower or (i) to
the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 10.07 or
(y) becomes available to the Administrative Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a non-confidential
basis from a source other than the Borrower.

 

For purposes of this Section 10.07,
 “Information” means all information received from the Parent, the Borrower or any Subsidiary relating to the Parent,
the Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative
Agent, any Lender or any L/C Issuer on a non-confidential basis prior to disclosure by the Parent, the Borrower or any Subsidiary; provided
that, in the case of information received from the Parent, the Borrower or any Subsidiary after the date hereof, such information is clearly
identified at the time of delivery as nonpublic and confidential. Any Person required to maintain the confidentiality of Information as
provided in this Section 10.07 shall be considered to have complied with its obligation to do so if such Person has exercised
the same degree of care to maintain the confidentiality of such Information as such Person would accord to confidential information of
a similar nature.

 

Each
of the Administrative Agent, the Lenders and the L/C Issuers acknowledges that (a) the Information may include material non-public
information concerning the Public Parent, any Intermediate Parent, the Parent, the Borrower or a Subsidiary, as the case may be,
(b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such
material non-public information in accordance with applicable Law, including Federal and state securities Laws.

 

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In addition, the Arranger,
the Administrative Agent and the Lenders may disclose the existence of this Agreement and the substantive terms of this Agreement to market
data collectors, similar service providers to the lending industry and service providers to the Arranger, the Administrative Agent or
a Lender, as applicable, in connection with the administration of this Agreement, the other Loan Documents and the Commitments.

 

Section 10.08     Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each L/C Issuer and each of their respective
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations
(in whatever currency) at any time owing by such Lender, such L/C Issuer or any such Affiliate to or for the credit or the account of
the Parent or the Borrower against any and all of the obligations of the Parent or the Borrower now or hereafter existing under this Agreement
or any other Loan Document to such Lender or such L/C Issuer, irrespective of whether or not such Lender or such L/C Issuer shall have
made any demand under this Agreement or any other Loan Document and although such obligations of the Parent or the Borrower may be contingent
or unmatured or are owed to a branch or office of such Lender or such L/C Issuer different from the branch or office holding such deposit
or obligated on such indebtedness. The rights of each Lender, each L/C Issuer and their respective Affiliates under this Section 10.08
are in addition to other rights and remedies (including other rights of setoff) that such Lender, such L/C Issuer or their respective
Affiliates may have. EACH LENDER AND EACH L/C ISSUER AGREES TO CONSULT WITH THE ADMINISTRATIVE AGENT PRIOR TO EXERCISING ANY SUCH SETOFF
AND APPLICATION. Each Lender and each L/C Issuer agrees to notify the Parent or the Borrower and the Administrative Agent promptly after
any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and
application.

 

Section 10.09     Interest
Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under
the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”).
If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall
be applied to the principal of the Committed Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether
the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to
the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather
than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in
equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

 

Section 10.10     Counterparts;
Integration; Effectiveness.

 

(a)            This
Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by Electronic
Signature transmitted by telecopy, emailed pdf., or any other electronic means that reproduces an image of an actual executed signature
page), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this
Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent.

 

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(b)            Delivery
of an executed counterpart of a signature page of (i) this Agreement, (ii) any other Loan Document and/or (iii) any
document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 10.02),
certificate, request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions
contemplated hereby and/or thereby (each an “Ancillary Document”) that is an Electronic Signature transmitted by telecopy,
emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery
of a manually executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as applicable. The words “execution,”
 “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement, any
other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records
in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual
executed signature page), 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; provided that nothing herein shall require
the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures
approved by it; provided, further, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept
any Electronic Signature, the Administrative Agent and each of the other parties shall be entitled to rely on such Electronic Signature
purportedly given by or on behalf of any party without further verification thereof and without any obligation to review the appearance
or form of any such Electronic Signature and (ii) upon the request of the Administrative Agent or any Lender or the reasonable request
of the Borrower, any Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality
of the foregoing, the Borrower hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout,
restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, the Parent,
the Borrower and the other Loan Parties, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that
reproduces an image of an actual executed signature page and/or any electronic images of this Agreement, any other Loan Document
and/or any Ancillary Document shall be deemed to have the same legal effect, validity and enforceability as any paper original, (ii) acknowledges
that the Administrative Agent and each of the Lenders may, at its option, create one or more copies of this Agreement, any other Loan
Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the
ordinary course of such Person’s business, and destroy the original paper document (and all such electronic records shall be considered
an original for all purposes and shall be deemed to have the same legal effect, validity and enforceability as a paper record), (iii) waives
any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or
any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or such Ancillary
Document, respectively, including with respect to any signature pages thereto and (iv) waives any claim against any Lender-Related
Person for any Liabilities arising solely from the Administrative Agent’s and/or any Lender’s reliance on or use of Electronic
Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed
signature page, including any Liabilities arising as a result of the failure of the Parent, the Borrower and/or any Loan Party to use
any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.

 

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(c)            THIS
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. Except as otherwise provided above or provided in Section 4.01, this Agreement shall become effective when it shall
have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken
together, bear the signatures of each of the other parties hereto. To the extent any inconsistency exists between this Agreement and any
other Loan Document, the terms of this Agreement shall be deemed controlling.

 

Section 10.11     Survival
of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or other document
delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof.
Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation
made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may
have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as
any Committed Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

 

Section 10.12     Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired
thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.
The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 10.13     Replacement
of Lenders. If (i) any Lender requests compensation under Section 3.04, (ii) the Borrower is required to pay
any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01,
(iii) any Lender is a Defaulting Lender, or (iv) any Lender is unwilling to approve an increase in the Borrowing Base or any
amendment to this Agreement requiring all Lenders approval or consent that, in each case, has been approved by the Required Lenders, but
requires approval of such Lender to be effective, then the Borrower may, at its sole expense and effort, upon notice to such Lender and
the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions
contained in, and consents required by, Section 10.06), all of its interests, rights and obligations under this Agreement
and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts
such assignment); provided that:

 

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(a)            the
Borrower shall have paid to the Administrative Agent the assignment fee specified in Section 10.06(b);

 

(b)            such
Lender shall have received payment of an amount equal to the outstanding principal of its Committed Loans and L/C Advances, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other
amounts);

 

(c)            in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made
pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;

 

(d)            in
the case of an assignment resulting from clause (iv) above, such assignment will result in effectiveness of such increase
or amendment; and

 

(e)            such
assignment does not conflict with applicable Laws.

 

A Lender shall not be required
to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
the Borrower to require such assignment and delegation cease to apply.

 

Each Lender hereby grants
to the Administrative Agent an irrevocable power of attorney (which power is coupled with an interest) to execute and deliver, on behalf
of such Lender as assignor, any Assignment and Assumption necessary to effectuate any assignment of such Lender’s interests hereunder
in the circumstances contemplated by this Section 10.13.

 

Section 10.14     Governing
Law; Jurisdiction; Etc.

 

(a)            GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)            SUBMISSION
TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION
OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF
NEW YORK SITTING IN NEW YORK COUNTY, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY
AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK
STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT
A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT
OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT A PARTY HERETO
MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANOTHER PARTY
HERETO OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

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(c)            WAIVER
OF VENUE. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION
THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN CLAUSE (b) OF THIS SECTION 10.14. EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE
OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)            SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

Section 10.15     Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 10.15.

 

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Section 10.16     No
Advisory or Fiduciary Responsibility.

 

In connection with all aspects
of each transaction contemplated hereby, each of the Parent and the Borrower acknowledges and agrees that: (i) the credit facility
provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment,
waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between the Parent,
the Borrower and their Affiliates, on the one hand, and the Administrative Agent, the Arranger and the Lenders, on the other hand, and
the Parent and the Borrower are capable of evaluating and understanding and understands and accepts the terms, risks and conditions of
the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or
thereof); (ii) in connection with the process leading to such transaction, the Administrative Agent, the Arranger and each Lender
is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Parent, the Borrower or any
of its Affiliates, stockholders, creditors or employees or any other Person; (iii) neither the Administrative Agent, the Arranger
nor any Lender has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Borrower with respect to any
of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification
hereof or of any other Loan Document (irrespective of whether the Administrative Agent, the Arranger or any Lender has advised or is currently
advising the Parent, the Borrower or any of their respective Affiliates on other matters) and neither the Administrative Agent nor the
Arranger or any Lender has any obligation to the Parent, the Borrower or any of their respective Affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; (iv) the Administrative
Agent, the Arranger, each Lender and their respective Affiliates may be engaged in a broad range of transactions that involve interests
that differ from those of the Parent, the Borrower and their respective Affiliates, and neither the Administrative Agent nor the Arranger
or any Lender has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the
Administrative Agent, the Arranger and the Lenders have not provided and will not provide any legal, accounting, regulatory or tax advice
with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other
Loan Document) and the Parent and the Borrower have consulted their respective own legal, accounting, regulatory and tax advisors to the
extent it has deemed appropriate. Each of the Parent and the Borrower hereby waives and releases, to the fullest extent permitted by Law,
any claims that it may have against the Administrative Agent, the Arranger and each Lender with respect to any breach or alleged breach
of agency or fiduciary duty in connection with the Transactions.

 

Section 10.17     USA
PATRIOT Act Notice. Each Lender and each L/C Issuer that is subject to the PATRIOT Act and the Administrative Agent (for itself and
not on behalf of any Lender) hereby notifies the Parent and the Borrower that pursuant to the requirements of the PATRIOT Act, it is required
to obtain, verify and record information that identifies the Borrower and the Guarantors, which information includes the name and address
of the Borrower and other information that will allow such Lender, L/C Issuer or the Administrative Agent, as applicable, to identify
the Borrower in accordance with the PATRIOT Act. The Borrower shall promptly provide such additional information and documentation reasonably
requested by any Lender, L/C Issuer or the Administrative Agent as may be necessary for such Lender, L/C Issuer or the Administrative
Agent to comply with its obligations under the PATRIOT Act.

 

Section 10.18     Electronic
Execution of Assignments and Certain Other Documents. The words “execute”, “execution”, “signed”,
 “signature” and words of like import in or related to any document to be signed in connection with this Agreement and the
transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other modifications, Committed
Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and
contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of
which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global
and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is
under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative
Agent pursuant to procedures approved by it.

 

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Section 10.19     Keepwell.
Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally, and irrevocably undertakes to provide such funds
or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under the Guaranty in respect
of any Hedge Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 10.19
for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.19,
or otherwise under this Agreement, voidable under applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for
any greater amount). The obligations of each Qualified ECP Guarantor under this Section 10.19 shall remain in full force and
effect until the payment in full of the Obligations and the termination of this Agreement and the Guaranty. Each Qualified ECP Guarantor
intends that this Section 10.19 constitute, and this Section 10.19 shall be deemed to constitute, a “keepwell,
support, or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of
the Commodity Exchange Act.

 

Section 10.20     Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedging
Transactions or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC
a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal
Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection
Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such
Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC
may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United
States):

 

In the event a Covered Entity
that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution
Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such
Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such
Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the
Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the
United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject
to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported
QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than
such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan t Documents were governed
by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that
rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect
to a Supported QFC or any QFC Credit Support.

 

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