Document:

EX-10.9

 Exhibit 10.9 

EXECUTION VERSION 
  

 
 INTERCREDITOR AGREEMENT 

dated as of October 26, 2015 and 

amended as of March 15, 2017 

among 
 JPMorgan Chase Bank, N.A.,

 as Original Priority Lien Agent, 

and 
 Wilmington Trust, National
Association, 
 as Second Lien Collateral Trustee 

and 
 Wilmington Trust, National
Association, 
 as Original Third Lien Collateral Agent 
  

 
  

THIS IS THE INTERCREDITOR AGREEMENT REFERRED TO (A) IN THE AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF JULY 31, 2013, AS AMENDED,
SUPPLEMENTED, RESTATED OR OTHERWISE MODIFIED FROM TIME TO TIME, AMONG EXCO RESOURCES, INC., AS BORROWER, CERTAIN SUBSIDIARIES THEREOF, AS GUARANTORS, THE LENDERS PARTY THERETO FROM TIME TO TIME AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT,
AND IN THE OTHER LOAN DOCUMENTS REFERRED TO IN SUCH AMENDED AND RESTATED CREDIT AGREEMENT, (B) IN THE INDENTURE DATED AS OF MARCH 15, 2017, AMONG EXCO RESOURCES, INC., AS THE ISSUER, CERTAIN SUBSIDIARIES OF EXCO RESOURCES, INC., AS
GUARANTORS, WILMINGTON TRUST, NATIONAL ASSOCIATION, AS TRUSTEE AND WILMINGTON TRUST, NATIONAL ASSOCIATION, AS COLLATERAL TRUSTEE AND IN THE OTHER NOTE DOCUMENTS REFERRED TO IN SUCH INDENTURE (SUCH INDENTURE RELATING TO THE 8.0% / 11.0% 1.5 LIEN
SENIOR SECURED PIK TOGGLE NOTES DUE 2022), (C) IN THE 1.75 LIEN TERM LOAN CREDIT AGREEMENT DATED AS OF MARCH 15, 2017, AMONG EXCO RESOURCES, INC., AS BORROWER, CERTAIN OF ITS SUBSIDIARIES FROM TIME TO TIME PARTY THERETO, AS GUARANTORS,
WILMINGTON TRUST, NATIONAL ASSOCIATION., AS ADMINISTRATIVE AGENT AND WILMINGTON TRUST, NATIONAL ASSOCIATION, AS COLLATERAL AGENT AND THE OTHER LOAN DOCUMENTS REFERRED TO IN SUCH THIRD LIEN TERM LOAN CREDIT AGREEMENT, AND (D) IN THE TERM
LOAN CREDIT AGREEMENT DATED AS OF OCTOBER 19, 2015, AS AMENDED BY THE FIRST AMENDMENT THERETO DATED AS OF MARCH 15, 2017, AMONG EXCO RESOURCES, INC., AS BORROWER, CERTAIN OF ITS SUBSIDIARIES FROM TIME TO TIME PARTY THERETO, AS GUARANTORS
WILMINGTON TRUST, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT AND WILMINGTON TRUST, NATIONAL ASSOCIATION, AS COLLATERAL AGENT AND THE OTHER LOAN DOCUMENTS REFERRED TO IN SUCH TERM LOAN CREDIT AGREEMENT. 

 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	  

	
	 DEFINITIONS
	  

			
	 SECTION 1.01
	 	 Construction; Certain Defined Terms
	  	 	1	 
	
	 ARTICLE II
	  

	
	 LIEN PRIORITIES
	  

			
	 SECTION 2.01
	 	Relative Priorities	  	 	23	 
	 SECTION 2.02
	 	Prohibition on Marshalling, Etc.	  	 	24	 
	 SECTION 2.03
	 	No New Liens	  	 	24	 
	 SECTION 2.04
	 	Similar Collateral and Agreements	  	 	25	 
	 SECTION 2.05
	 	No Duties of Priority Lien Agent	  	 	26	 
	 SECTION 2.06
	 	No Duties of Second Lien Collateral Trustee	  	 	27	 
	
	 ARTICLE III
	  

	
	 ENFORCEMENT RIGHTS; PURCHASE OPTION
	  

			
	 SECTION 3.01
	 	Limitation on Enforcement Action	  	 	28	 
	 SECTION 3.02
	 	Standstill Periods; Permitted Enforcement Action	  	 	30	 
	 SECTION 3.03
	 	Insurance	  	 	34	 
	 SECTION 3.04
	 	Notification of Release of Collateral, Enforcement Action and Default	  	 	35	 
	 SECTION 3.05
	 	No Interference; Payment Over	  	 	36	 
	 SECTION 3.06
	 	Purchase Option	  	 	40	 
	
	 ARTICLE IV
	  

	
	 OTHER AGREEMENTS
	  

			
	 SECTION 4.01
	 	Release of Liens; Automatic Release of Second Liens and Third Liens	  	 	43	 
	 SECTION 4.02
	 	Certain Agreements With Respect to Insolvency or Liquidation Proceedings	  	 	45	 
	 SECTION 4.03
	 	Reinstatement	  	 	54	 
	 SECTION 4.04
	 	Refinancings; Additional Second Lien Debt; Additional Third Lien Debt	  	 	56	 
	 SECTION 4.05
	 	Amendments to Priority Lien Documents, Second Lien Documents and Third Lien Documents	  	 	59	 
	 SECTION 4.06
	 	Legends  	  	 	62	 

  
 ii 

							
	 SECTION 4.07
	 	Second Lien Secured Parties and Third Lien Secured Parties Rights as Unsecured Creditors; Judgment Lien Creditor	  	 	62	 
	 SECTION 4.08
	 	Postponement of Subrogation	  	 	62	 
	 SECTION 4.09
	 	Acknowledgment by the Secured Debt Representatives	  	 	63	 
	 SECTION 4.10
	 	Right of First Offer of Backstop Commitment Parties	  	 	63	 
	
	 ARTICLE V
	  

	
	 GRATUITOUS BAILMENT FOR PERFECTION OF CERTAIN SECURITY
INTERESTS
	  

			
	 SECTION 5.01
	 	General	  	 	66	 
	 SECTION 5.02
	 	Deposit Accounts	  	 	67	 
	
	 ARTICLE VI
	  

	
	 APPLICATION OF PROCEEDS; DETERMINATION OF
AMOUNTS
	  

			
	 SECTION 6.01
	 	Application of Proceeds	  	 	68	 
	 SECTION 6.02
	 	Determination of Amounts	  	 	69	 
	
	 ARTICLE VII
	  

	
	 NO RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE;

CONSENT OF GRANTORS; ETC.
	  

 

			
	 SECTION 7.01
	 	No Reliance; Information	  	 	69	 
	 SECTION 7.02
	 	No Warranties or Liability	  	 	70	 
	 SECTION 7.03
	 	Obligations Absolute	  	 	71	 
	 SECTION 7.04
	 	Grantors Consent	  	 	72	 
	
	 ARTICLE VIII
	  

	
	 REPRESENTATIONS AND WARRANTIES
	  

			
	 SECTION 8.01
	 	Representations and Warranties of Each Party	  	 	72	 
	 SECTION 8.02
	 	Representations and Warranties of Each Representative	  	 	72	 
	
	 ARTICLE IX
	  

	
	 MISCELLANEOUS
	  

			
	 SECTION 9.01
	 	Notices	  	 	73	 
	 SECTION 9.02
	 	Waivers; Amendment	  	 	74	 
	 SECTION 9.03
	 	Actions Upon Breach; Specific Performance	  	 	74	 
	 SECTION 9.04
	 	Parties in Interest	  	 	75	 
	 SECTION 9.05
	 	Survival of Agreement	  	 	75	 
	 SECTION 9.06
	 	Counterparts	  	 	75	 
	 SECTION 9.07
	 	Severability  	  	 	76	 

  
 iii 

							
	 SECTION 9.08
	 	Governing Law; Jurisdiction; Consent to Service of Process	  	 	76	 
	 SECTION 9.09
	 	WAIVER OF JURY TRIAL	  	 	77	 
	 SECTION 9.10
	 	Headings	  	 	77	 
	 SECTION 9.11
	 	Conflicts	  	 	77	 
	 SECTION 9.12
	 	Provisions Solely to Define Relative Rights	  	 	77	 
	 SECTION 9.13
	 	Certain Terms Concerning the Second Lien Collateral Trustee and the Third Lien Collateral Agent	  	 	77	 
	 SECTION 9.14
	 	Certain Terms Concerning the Priority Lien Agent, the Second Lien Collateral Trustee and the Third Lien Collateral Agent	  	 	79	 
	 SECTION 9.15
	 	Authorization of Secured Agents	  	 	79	 
	 SECTION 9.16
	 	Further Assurances	  	 	80	 
	 SECTION 9.17
	 	Relationship of Secured Parties	  	 	80	 
	 SECTION 9.18
	 	Reciprocal Rights	  	 	80	 

 Annex and Exhibits 
  

			
		
	Annex I	  	 Provision for the Second Lien Indenture, any Additional Second Lien Debt Facility, the Second Lien Documents, the Third Lien Debt Facility,
any Additional Third Lien Debt Facility and the Third Lien Documents
  
 and

 
 Provision for all Priority Lien Security Documents, Second Lien Indenture Security
Documents, any Additional Second Lien Security Documents, the Third Lien Security Documents and the Additional Third Lien Security Documents that Grant a Security Interest in Collateral

		
	Exhibit A	  	Form of Priority Confirmation Joinder
		
	Exhibit B	  	Security Documents

  

  
 iv 

 INTERCREDITOR AGREEMENT, dated as of March 15, 2017 (as amended, supplemented or
otherwise modified from time to time in accordance with the terms hereof, this “Agreement”), among JPMorgan Chase Bank, N.A., as administrative agent for the Priority Lien Secured Parties referred to herein (in such capacity, and
together with its successors and assigns in such capacity, the “Original Priority Lien Agent”), Wilmington Trust, National Association, as Second Lien Collateral Trustee (as hereinafter defined) and Wilmington Trust, National
Association, as collateral agent for the Third Lien Secured Parties referred to herein (in such capacity, and together with its successors in such capacity, the “Original Third Lien Collateral Agent”). 

W I T N E S S E T H 

WHEREAS, reference is made to (a) the Priority Credit Agreement (defined below), (b) the Second Lien Indenture (defined below), (c)
the Additional Second Lien Documents (defined below), (d) the Senior Third Lien Credit Agreement (defined below), (e) the Junior Third Lien Credit Agreement (defined below) and (f) the Additional Third Lien Documents (defined below). 

WHEREAS, from time to time following the date hereof, EXCO Resources, Inc., a Texas corporation (together with its successors and assigns, the
“Company”) may (i) incur Additional Second Lien Obligations (as defined below) to the extent permitted by the Secured Debt Documents (as defined below) and (ii) incur Additional Third Lien Obligations (each as defined
below) to the extent permitted by the Secured Debt Documents (as defined below). 
 NOW, THEREFORE, in consideration of the mutual
agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Priority Lien Agent (for itself and on behalf of the Priority Lien Secured Parties), the Second Lien Collateral
Trustee (for itself and on behalf of the Second Lien Secured Parties) and the Third Lien Collateral Agent (for itself and on behalf of the Third Lien Secured Parties) agree as follows: 

ARTICLE I 
 DEFINITIONS

 SECTION 1.01 Construction; Certain Defined Terms. 

(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 reference herein to any agreement, instrument, other document, statute or regulation
shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended, supplemented or otherwise modified in accordance with the terms of each applicable Secured Debt Document (including,
for the avoidance of doubt, this Agreement), (ii) any reference herein to any Person shall be construed to 

 include such Person’s successors and assigns, but shall not be deemed to include the subsidiaries of such
Person unless express reference is made to such subsidiaries, (iii) the words “herein,” “hereof and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any
particular provision hereof, (iv) all references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement, (v) unless otherwise expressly qualified herein, 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 and (vi) the
term “or” is not exclusive. 
 (b) All terms used in this Agreement that are defined in Article 1, 8 or 9 of the New York UCC
(whether capitalized herein or not) and not otherwise defined herein have the meanings assigned to them in Article 1, 8 or 9 of the New York UCC. If a term is defined in Article 9 of the New York UCC and another Article of the UCC, such
term shall have the meaning assigned to it in Article 9 of the New York UCC. 
 (c) Unless otherwise set forth herein, all references
herein to (i) the Second Lien Collateral Trustee shall be deemed to refer to the Second Lien Collateral Trustee in its capacity as collateral trustee under the Second Lien Collateral Trust Agreement and (ii) the Third Lien Collateral Agent
shall be deemed to refer to the Third Lien Collateral Agent in its capacity as collateral agent under the Third Lien Collateral Trust Agreement. 

(d) As used in this Agreement, the following terms have the meanings specified below: 

“Accounts” has the meaning assigned to such term in Section 3.01(a). 

“Additional Second Lien Debt Facility” means any Indebtedness for which the requirements of
Section 4.04(b) of this Agreement applicable thereto have been satisfied, as amended, restated, modified, renewed, refunded, restated, restructured, increased, supplemented, replaced or refinanced in whole or in part from
time to time in accordance with each applicable Secured Debt Document; provided that neither the Second Lien Indenture nor any Second Lien Substitute Facility shall constitute an Additional Second Lien Debt Facility at any time. 

“Additional Second Lien Documents” means the definitive documentation for any Additional Second Lien Debt Facility and the
Additional Second Lien Security Documents. 
 “Additional Second Lien Obligations” means, with respect to any Grantor, any
obligations of such Grantor owed to any Additional Second Lien Secured Party (or any of its Affiliates) in respect of the Additional Second Lien Documents. 

“Additional Second Lien Secured Parties” means, at any time, the Second Lien Collateral Trustee, the trustee, agent or other
representative of the holders of any Series of Second Lien Debt who maintains the transfer register for such Series of Second Lien Debt, the beneficiaries of each indemnification obligation undertaken by any Grantor under any Additional Second Lien
Document, each other holder of, or obligee in respect of, any Additional Second Lien Obligations outstanding at such time and each holder or lender pursuant to any Additional Second Lien Document; provided that the Second Lien Indenture
Secured Parties shall not be deemed Additional Second Lien Secured Parties. 

  
 2 

 “Additional Second Lien Security Documents” means the definitive documentation
for any Additional Second Lien Debt Facility (insofar as the same grants a Lien on the Collateral) and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control
agreements, or grants or transfers for security, now existing or entered into after the date hereof, executed and delivered by the Company or any other Grantor creating (or purporting to create) a Lien upon the Second Lien Collateral in favor of the
Additional Second Lien Secured Parties, in each case, as amended, modified, renamed, restated or replaced from time to time in accordance with the terms of this Agreement (including, for the avoidance of doubt, Section 4.05(b)) (including any
such agreements, assignments, mortgages, deeds of trust and other documents or instruments associated with any Second Lien Substitute Facility). 

“Additional Third Lien Debt Facility” means any Indebtedness for which the requirements of
Section 4.04(b) of this Agreement applicable thereto have been satisfied, as amended, restated, modified, renewed, refunded, restated, restructured, increased, supplemented, replaced or refinanced in whole or in part from
time to time in accordance with each applicable Secured Debt Document; provided that neither the Third Lien Debt Facility nor any Third Lien Substitute Facility shall constitute an Additional Third Lien Debt Facility at any time. 

“Additional Third Lien Documents” means the definitive documentation for any Additional Third Lien Debt Facility and the
Additional Third Lien Security Documents. 
 “Additional Third Lien Obligations” means, with respect to any Grantor, any
obligations of such Grantor owed to any Additional Third Lien Secured Party (or any of its Affiliates) in respect of the Additional Third Lien Documents. 

“Additional Third Lien Secured Parties” means, at any time, the Third Lien Collateral Agent, the trustee, agent or other
representative of the holders of any Series of Third Lien Debt who maintains the transfer register for such Series of Third Lien Debt, the beneficiaries of each indemnification obligation undertaken by any Grantor under any Additional Third Lien
Document and each other holder of, or obligee in respect of, any holder or lender pursuant to any Series of Third Lien Debt outstanding at such time. 

“Additional Third Lien Security Documents” means the definitive documentation for any Additional Third Lien Debt Facility
(insofar as the same grants a Lien on the Collateral) and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements, or grants or transfers for security, now
existing or entered into after the date hereof, executed and delivered by the Company or any other Grantor creating (or purporting to create) a Lien upon the Third Lien Collateral in favor of the Additional Third Lien Secured Parties), in each case,
as amended, modified, renamed, restated or replaced from time to time in accordance with the terms of this Agreement (including, for the avoidance of doubt, Section 4.05(c)) (including any such agreements, assignments, mortgages, deeds of
trust and other documents or instruments associated with any Third Lien Substitute Facility). 

  
 3 

 “Affiliate” of any specified Person means any other Person, directly or
indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under common
control with” have correlative meanings. 
 “Backstop Commitment Parties” means Hamblin Watsa Investment Counsel Ltd.
and its Affiliates (including Fairfax Financial Holdings Limited), ESAS, OCM EXCO Holdings LLC, and Gen IV and, in each case, their respective Affiliates (excluding, in each case, the Company and its Subsidiaries) and any arranger, representative or
agent appointed by such parties to act on their behalf in their collective capacity as the “Backstop Commitment Parties” under the Second Lien Indenture and the other Second Lien Documents. 

“Bankruptcy Code” means Title 11 of the United States Code. 

“Bankruptcy Law” means the Bankruptcy Code and any similar federal, state or foreign law for the relief of debtors. 

“Borrowing Base” means the maximum amount in dollars determined or redetermined by the lenders under the Priority RBL Credit
Agreement or any Priority Substitute Credit Facility, as applicable, as the aggregate lending value to be ascribed to the Oil and Gas Properties of the Company and the Grantors against which such lenders are prepared to provide loans or other
Indebtedness to the Company and the Grantors under the Priority RBL Credit Agreement, using their customary practices and standards for determining reserve based loans and which are generally applied by lenders to borrowers in the Oil and Gas
Business, as determined semi-annually during each year and/or on such other occasions as may be provided for by the Priority RBL Credit Agreement, and which is based upon, inter alia, the review by such lenders of the Hydrocarbon reserves,
royalty interests and assets and liabilities of the Company and its Subsidiaries. 
 “Business Day” means any day excluding
Saturday, Sunday and any other day on which banking institutions are not required to be open in the State of New York City, or the principal place of payment. 

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

“Cash Management Obligations” means any obligations of the Company or a Grantor owed to any lender (or any Affiliate of any
such lender) as permitted under the Priority RBL Credit Agreement in respect of treasury management arrangements or depositary or other cash management services, including commercial credit card and merchant card services. 

  
 4 

 “Class” means (a) in the case of Priority Lien Debt, the Priority Lien
Debt, taken together, (b) in the case of Second Lien Debt, every Series of Second Lien Debt, taken together and (c) in the case of Third Lien Debt, every Series of Third Lien Debt, taken together. 

“Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, constituting the Priority
Lien Collateral, the Second Lien Collateral and/or the Third Lien Collateral. 
 “Credit Facilities” means, collectively,
one or more debt facilities (including, without limitation, the Priority Credit Agreement), capital markets financings or other financing arrangements (including commercial paper facilities or indentures) providing for revolving credit loans, term
loans, letters of credit, bankers acceptances, notes or other long-term indebtedness, including any mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and
any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof, in whole or in part, and any indentures or credit facilities or commercial paper facilities that replace, refund, supplement or refinance any part
of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding, supplemental or refinancing facility, arrangement or indenture that increases the amount permitted to be borrowed or issued thereunder
or alters the maturity thereof or adds additional borrowers or guarantors thereunder, and whether by the same or any other agent, trustee, lender or group of lenders or holders. 

“DIP Financing” has the meaning assigned to such term in Section 4.02(b). 

“DIP Financing Liens” has the meaning assigned to such term in Section 4.02(b). 

“DIP Lenders” has the meaning assigned to such term in Section 4.02(b). 

“Discharge of Priority Lien Obligations” means the occurrence of all of the following: 

(a) termination or expiration of all commitments to extend credit that would constitute Priority Lien Debt; 

(b) payment in full in cash of the principal of (to the extent such principal does not constitute Excess Priority Lien
Obligations) and interest at the rate provided for in the Priority Lien Documents, including any default interest, (regardless of whether such interest has accrued before or after commencement of an Insolvency or Liquidation Proceeding, and in each
case whether or not allowed or allowable in an Insolvency or Liquidation Proceeding) and premium (if any) (in each case, whether or not allowed or allowable in an Insolvency or Liquidation Proceeding) on all Priority Lien Debt (other than any
undrawn letters of credit); 
 (c) discharge or cash collateralization (at the lower of (i) 105% of the aggregate
undrawn amount and (ii) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Priority Lien Document) of all outstanding letters of credit constituting Priority Lien Debt that are not
Excess Priority Lien Obligations; 

  
 5 

 (d) payment in full in cash of obligations in respect of Hedging Obligations that
are secured by the Priority Liens (and, with respect to any particular Swap Agreement, termination of such agreement and payment in full in cash of all obligations thereunder or such other arrangements as have been made by the counterparty thereto
(and communicated to the Priority Lien Agent) pursuant to the terms of the Priority Credit Agreement) other than such Hedging Obligations that have been novated or collateralized to the extent required by the terms thereof; and 

(e) payment in full in cash of all other Priority Lien Obligations, including without limitation, Cash Management Obligations,
that are outstanding and unpaid at the time the Priority Lien Debt is paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no claim or demand for
payment has been made at or prior to such time); 
 (f) a release in favor of the Priority Lien Secured Parties and the
Priority Lien Agent in form and substance reasonably satisfactory to the Priority Lien Secured Parties and the Priority Lien Agent from the Company and its subsidiaries or the successor thereof; 

provided that, if, at any time after the Discharge of Priority Lien Obligations has occurred, and so long as either (I) no Event of Default under
the Second Lien Documents has occurred and is then continuing or (II) the prior written consent of the Second Lien Collateral Trustee has then been obtained, the Company, any Grantor or any other guarantor enters into any Priority Lien Document
evidencing a Priority Lien Debt which incurrence is not prohibited by the applicable Secured Debt Documents, then such Discharge of Priority Lien Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement with
respect to such new Priority Lien Debt (other than with respect to any actions taken as a result of the occurrence of such first Discharge of Priority Lien Obligations), and, from and after the date on which the Company designates such Indebtedness
as Priority Lien Debt in accordance with this Agreement, the obligations under such Priority Lien Document shall automatically and without any further action be treated as Priority Lien Obligations (subject, however, in all events, to the Priority
Lien Cap) for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth in this Agreement, any Second Lien Obligations shall be deemed to have been at all times Second Lien
Obligations and at no time Priority Lien Obligations and any Third Lien Obligations shall be deemed to have been at all times Third Lien Obligations and at no time Priority Lien Obligations or Second Lien Obligations. For the avoidance of doubt, a
Replacement as contemplated by Section 4.04(a) shall not be deemed to cause a Discharge of Priority Lien Obligations. 

“Discharge of Second Lien Obligations” means the occurrence of all of the following: 

(a) payment in full in cash of the principal of and interest at the rate provided for in the Second Lien Documents, including
any default interest, (regardless of whether such interest has accrued before or after commencement of an Insolvency or Liquidation Proceeding, and, in each case, whether or not allowed or allowable in an Insolvency or Liquidation Proceeding) and
premium (if any) (in each case, whether or not allowed or allowable in an Insolvency or Liquidation Proceeding) on all Second Lien Debt; 

  
 6 

 (b) payment in full in cash of all other Second Lien Obligations that are
outstanding and unpaid at the time the Second Lien Debt is paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been
made at or prior to such time); 
 provided that, if at any time after the Discharge of Second Lien Obligations has occurred, the Company, any
Grantor or any other guarantor enters into any Second Lien Document evidencing a Second Lien Obligation which incurrence is not prohibited by the applicable Secured Debt Documents, then such Discharge of Second Lien Obligations shall automatically
be deemed not to have occurred for all purposes of this Agreement with respect to such new Second Lien Obligations (other than with respect to any actions taken as a result of the occurrence of such first Discharge of Second Lien Obligations), and,
from and after the date on which the Company designates such Indebtedness as Second Lien Debt in accordance with this Agreement, the obligations under such Second Lien Document shall automatically and without any further action be treated as Second
Lien Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth in this Agreement and any Third Lien Obligations shall be deemed to have been at all times Third Lien
Obligations and at no time Second Lien Obligations. For the avoidance of doubt, a Replacement as contemplated by Section 4.04(a) shall not be deemed to cause a Discharge of Second Lien Obligations. 

“Disposition” means any sale, lease, exchange, assignment, license, contribution, transfer or other disposition.
“Dispose” shall have a correlative meaning. 
 “ESAS” means Energy Strategic Advisory Services LLC, a
Delaware limited liability company. 
 “Excess Priority Lien Obligations” means Obligations constituting Priority Lien
Obligations of the type referred to in clause (a) of the definition of “Priority Lien Cap” that are in excess of the amount in clause (a) of the definition of “Priority Lien Cap.” 

“Financial Officer” of any Person means the Chief Financial Officer, Chief Accounting Officer, principal accounting officer,
Controller, Treasurer or Assistant Treasurer of such Person. 
 “Gen IV” means Gen IV Investment Opportunities, LLC and its
Affiliate Vega Asset Partners, LP. 
 “Governmental Authority” means the government of the United States or any other
nation, or any political subdivision thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other Person exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government. 

  
 7 

 “Grantor” means the Company, and each other subsidiary of the Company that shall
have granted any Lien in favor of any of the Priority Lien Agent, the Second Lien Collateral Trustee or the Third Lien Collateral Agent on any of its assets or properties to secure any of the Secured Obligations. 

“Hedging Obligations” means, with respect to any Grantor, (a) the “Lender Hedging Obligations”, as defined in
the Priority RBL Credit Agreement (as in effect on the date hereof and to the extent amended or modified, so long as such amendment or modification is not materially adverse to the interests of the Second Lien Secured Parties or Third Lien Secured
Parties) and (b) under any Priority Substitute Credit Facility, the obligations of such Grantor incurred in the normal course of business and consistent with past practices and not for speculative purposes under any Swap Agreement, including:

 (a) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements entered into with one
of more financial institutions and designed to protect such Grantor or any subsidiary thereof entering into the agreement against fluctuations in interest rates with respect to indebtedness incurred; 

(b) foreign exchange contracts and currency protection agreements entered into with one or more financial institutions and
designed to protect such Grantor or any subsidiary thereof entering into the agreement against fluctuations in currency exchanges rates with respect to indebtedness incurred; 

(c) any commodity futures contract, commodity option or other similar agreement or arrangement designed to protect against
fluctuations in the price of oil, natural gas or other commodities used, produced, processed or sold by that Grantor or any subsidiary thereof at the time; and 

(d) other agreements or arrangements designed to protect such Grantor or any subsidiary thereof against fluctuations in
interest rates, commodity prices or currency exchange rates. 
 “Hydrocarbons” means oil, gas, casinghead gas, drip
gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all products refined or separated therefrom. 

“Indebtedness” has the meaning assigned to such term in the Priority RBL Credit Agreement (as in effect on the date hereof).

 “Junior Third Lien Administrative Agent” means Wilmington Trust, National Association, together with its successors in
such capacity. 
 “Junior Third Lien Collateral Agent” means Wilmington Trust, National Association, together with its
successors in such capacity. 
 “Junior Third Lien Credit Agreement” means the Term Loan Credit Agreement, dated as of
October 19, 2015, as amended by the First Amendment thereto dated as of March 15, 2017, among the Company, the Guarantors party thereto from time to time, the Lenders (as 

  
 8 

 
defined in therein) party thereto from time to time, the Junior Third Lien Collateral Agent and the Junior Third Lien Administrative Agent, in each case, as amended, restated, modified, renewed,
refunded, restated, restructured, increased, supplemented, replaced or refinanced in whole or in part from time to time in accordance with each applicable Secured Debt Document.  

“Junior Third Lien Debt Facility” means the indebtedness and other credit facilities under the Junior Third Lien Credit
Agreement and the other Junior Third Lien Documents. 
 “Junior Third Lien Documents” means the definitive documentation
for the Junior Third Lien Debt Facility (including the Junior Third Lien Credit Agreement) and the Junior Third Lien Security Documents. 

“Junior Third Lien Obligations” means, with respect to any Grantor, any obligations of such Grantor owed to any Junior Third
Lien Secured Party (or any of its Affiliates) in respect of the Junior Third Lien Documents. 
 “Junior Third Lien Secured
Parties” means, at any time, the Junior Third Lien Trustee, the Junior Third Lien Collateral Agent, the trustees, agents and other representatives of the holders of the Junior Third Lien Debt Facility (including any holders of notes
pursuant to supplements executed in connection with the issuance of Series of Junior Third Lien Debt under the Junior Third Lien Debt Facility) who maintains the transfer register for such Junior Third Lien Debt, the beneficiaries of each
indemnification obligation undertaken by any Grantor under any Junior Third Lien Document and each other holder of, or obligee in respect of, any Junior Third Lien Obligations, any holder or lender pursuant to any Junior Third Lien Document
outstanding at such time; provided that the Additional Third Lien Secured Parties shall not be deemed Junior Third Lien Secured Parties. 

“Junior Third Lien Security Documents” means the Junior Third Lien Debt Facility (insofar as the same grants a Lien on the
Collateral), the Third Lien Collateral Trust Agreement, each agreement listed in Part C of Exhibit B hereto, the Security Instruments (as defined in the Third Lien Debt Facility) and any other security agreements,
pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements, or grants or transfers for security, now existing or entered into after the date hereof, executed and delivered by the Company or
any other Grantor creating (or purporting to create) a Lien upon Collateral in favor of the Original Third Lien Collateral Agent, in each case, as amended, modified, renamed, restated or replaced from time to time in accordance with the terms of
this Agreement (including, for the avoidance of doubt, Section 4.05(c)) (including any such agreements, assignments, mortgages, deeds of trust and other documents or instruments associated with any Third Lien Substitute Facility). 

“Junior Third Lien Trustee” means, from and after the date of execution and delivery of the Junior Third Lien Debt Facility,
the agent, collateral agent, trustee or other representative of the lenders or other holders of the indebtedness and other obligations evidenced thereunder or governed thereby, together with its successors in such capacity. 

  
 9 

 “Insolvency or Liquidation Proceeding” means: 

(a) any case commenced by or against the Company or any other Grantor under the Bankruptcy Code or any other Bankruptcy Law,
any other proceeding for the reorganization, arrangement, recapitalization or adjustment or marshalling of the assets or liabilities of the Company or any other Grantor, any receivership or assignment for the benefit of creditors relating to the
Company or any other Grantor or any similar case or proceeding relative to the Company or any other Grantor or its creditors, as such, in each case whether or not voluntary; 

(b) any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the Company or any
other Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or 
 (c) any
other proceeding of any type or nature in which substantially all claims of creditors of the Company or any other Grantor are determined and any payment or distribution is or may be made on account of such claims. 

“Lien” means any mortgage, pledge, security interest or encumbrance, Lien or charge of any kind (including any conditional
sale or other title retention agreement or lease in the nature thereof). 
 “New York UCC” means the Uniform Commercial
Code as from time to time in effect in the State of New York. 
 “Obligations” means, with respect to any Indebtedness, all
obligations for principal, premium, interest, penalties, fees, indemnifications, reimbursements, and other amounts payable pursuant to the documentation governing such Indebtedness. 

“Officers’ Certificate” means a certificate signed by two officers of the Company, one of whom must be either the
principal executive officer or a Financial Officer of the Company. 
 “Oil and Gas Business” means: 

(a) the acquisition, exploration, exploitation, development, operation and disposition of interests in Hydrocarbons; 

(b) the gathering, marketing, distribution, treating, processing, storage, refining, selling and transporting of any production
from such interests or properties and the marketing of Hydrocarbons obtained from unrelated Persons; 
 (c) any business
relating to or arising from exploration for or exploitation, development, production, treatment, processing, storage, refining, transportation, gathering or marketing of Hydrocarbons and products produced in association therewith; 

(d) any other related energy business, including power generation and electrical transmission business where fuel required by
such business is supplied, directly or indirectly, from Hydrocarbons produced substantially from properties in which the Company or the Restricted Subsidiaries, directly or indirectly, participate; 

  
 10 

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

(f) any activity necessary, appropriate or incidental to the activities described in the preceding
clauses (a) through (e) of this definition. 
 “Oil and Gas Properties” means:
(a) direct and indirect interests in and rights with respect to oil, gas, mineral and related properties and assets of any kind and nature, direct or indirect, including, without limitation, wellbore interests, working, royalty and overriding
royalty interests, mineral interests, leasehold interests, production payments, operating rights, net profits interests, other non-working interests, contractual interests,
non-operating interests and rights in any pooled, unitized or communitized acreage by virtue of such interest being a part thereof; (b) interests in and rights with respect to Hydrocarbons other minerals
or revenues therefrom and contracts and agreements in connection therewith and claims and rights thereto (including oil and gas leases, operating agreements, unitization, communitization and pooling agreements and orders, division orders, transfer
orders, mineral deeds, royalty deeds, oil and gas sales, exchange and processing contracts and agreements and, in each case, interests thereunder), and surface interests, fee interests, reversionary interests, reservations and concessions related to
any of the foregoing; (c) easements, rights-of-way, licenses, permits, leases, and other interests associated with, appurtenant to, or necessary for the operation
of any of the foregoing; (d) interests in oil, gas, water, disposal and injection wells, equipment and machinery (including well equipment and machinery), oil and gas production, gathering, transmission, compression, treating, processing and
storage facilities (including tanks, tank batteries, pipelines and gathering systems), pumps, water plants, electric plants, gasoline and gas processing plants, refineries and other tangible or intangible, movable or immovable, real or personal
property and fixtures located on, associated with, appurtenant to, or necessary for the operation of any of the foregoing; and (e) all seismic, geological, geophysical and engineering records, data, information, maps, licenses and
interpretations. 
 “Original Priority Lien Agent” has the meaning assigned to such term in the preamble hereto. 

“Original Third Lien Collateral Agent” has the meaning assigned to such term in the preamble hereto. 

“Permitted Junior DIP Financing” has the meaning assigned to such term Section 4.02(c). 

“Person” means any individual, corporation, partnership, joint venture, association,
joint-stock company, trust, unincorporated organization, limited liability company, government or any agency or political subdivision thereof or other entity. 

“Preferred Stock” as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however
designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such
Person. 

  
 11 

 “Priority Confirmation Joinder” means an agreement substantially in the form of
Exhibit A. 
 “Priority Credit Agreement” means the Priority RBL Credit Agreement. 

“Priority Lien” means a Lien granted by the Company or any other Grantor in favor of the Priority Lien Agent, at any time,
upon any Property of the Company or such other Grantor to secure Priority Lien Obligations (including Liens on such Collateral under the security documents associated with any Priority Substitute Credit Facility). 

“Priority Lien Agent” means the Priority RBL Agent. 

“Priority Lien Cap” means, as of any date, the sum of (a) the aggregate principal amount of all indebtedness plus the
unused portion of the Borrowing Base (plus the unused portion of any other then unutilized facilities thereunder, if any) at such time outstanding at any time under the Priority Credit Agreement (with outstanding letters of credit being deemed to
have a principal amount equal to the stated amount thereof) not in excess of $150,000,000 (inclusive of, Priority Lien Protective Advances), plus (b) the amount of all Cash Management Obligations and Hedging Obligations, to the extent
such Cash Management Obligations or Hedging Obligations are secured by the Priority Liens and to the extent incurred, and outstanding, not in violation of the Second Lien Documents, plus (c) the amount of accrued and unpaid interest at
the rate provided for in the Priority Lien Documents, including default interest, whether incurred before or after commencement of an Insolvency or Liquidation Proceeding, and whether or not allowed or allowable in an Insolvency or Liquidation
Proceeding and outstanding fees, costs, charges, make whole amounts and expenses (including legal fees and expenses) provided for in the Priority Lien Documents (in each case whether incurred before or after commencement of an Insolvency or
Liquidation Proceeding, and whether or not allowed or allowable in an Insolvency or Liquidation Proceeding). 
 “Priority Lien
Collateral” means all “Collateral”, as defined in the Priority Credit Agreement or any other Priority Lien Document, and any other assets of any Grantor now or at any time hereafter subject to Liens which secure, but only to the
extent securing, any Priority Lien Obligation. 
 “Priority Lien Debt” means the indebtedness under the Priority Credit
Agreement (including letters of credit and reimbursement obligations with respect to the Priority RBL Credit Agreement (with outstanding letters of credit being deemed to have a principal amount equal to the stated amount thereof)) that was
permitted to be incurred and secured under the Priority Credit Agreement, the Second Lien Indenture, any Additional Second Lien Debt Facility, any Second Lien Substitute Facility, any Third Lien Debt Facility, any Additional Third Lien Debt Facility
and any Third Lien Substitute Facility (or as to which the lenders under the Priority Credit Agreement obtained an Officers’ Certificate at the time of incurrence to the effect that such indebtedness was permitted to be incurred and secured by
all applicable Secured Debt Documents) and additional indebtedness under any Priority Substitute Credit Facility. 

  
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 “Priority Lien Documents” means the Priority Credit Agreement, the Priority Lien
Security Documents, the other “Loan Documents” (or equivalent term) (as defined in the Priority RBL Credit Agreement) and all other loan documents, notes, guarantees, instruments and agreements governing or evidencing, or executed or
delivered in connection with, the Priority Credit Agreement or any Priority Substitute Credit Facility. 
 “Priority Lien
Obligations” means the Priority Lien Debt and all other Obligations in respect of or in connection with Priority Lien Debt together with Hedging Obligations and the Cash Management Obligations, in each case to the extent that such
Obligations are secured by Priority Liens. For the avoidance of doubt, Hedging Obligations shall only constitute Priority Lien Obligations to the extent that such Hedging Obligations are secured under the terms of the Priority Credit Agreement and
Priority RBL Lien Security Documents. Notwithstanding any other provision hereof, the term “Priority Lien Obligations” will include accrued interest (at the rate provided for in the Priority Lien Documents, including default interest),
fees, costs, make whole amounts, indemnification and reimbursement and other charges incurred under the Priority Credit Agreement and the other Priority Lien Documents, in each case whether incurred before or after commencement of an Insolvency or
Liquidation Proceeding, and in each case whether or not allowed or allowable in an Insolvency or Liquidation Proceeding. To the extent that any payment with respect to the Priority Lien Obligations (whether by or on behalf of any Grantor, as
proceeds of security, enforcement of any right of set-off, or otherwise) is declared to be fraudulent or preferential in any respect, set aside, or required to be paid to a debtor in possession, trustee,
receiver, or similar Person, then the obligation or part thereof originally intended to be satisfied will be deemed to be reinstated and outstanding as if such payment had not occurred. 

“Priority Lien Protective Advances” means any advance made by one or more Priority Lien Secured Parties for the purpose of
(a) maintaining, protecting or preserving the Collateral and/or the Priority Lien Secured Parties’ rights under the Priority Lien Documents or which is otherwise made for the benefit of the Priority Lien Secured Parties, (b) enhancing
the likelihood of, or maximizing the amount of, repayment of any Priority Lien Obligation and/or (c) paying any other amount chargeable to, or required to be paid by, any Grantor hereunder or under any other Priority Lien Document as a result
of the actions described under clauses (a) or (b) above. 
 “Priority Lien Release Notice” has the
meaning assigned to such term in Section 4.01(a). 
 “Priority Lien Secured Parties” means, at any time, the
Priority Lien Agent, each lender, issuing bank or noteholder under the Priority Credit Agreement, each holder, provider or obligee of any Hedging Obligations and Cash Management Obligations that is a lender under the Priority RBL Credit Agreement or
an Affiliate (as defined herein or in the Priority RBL Credit Agreement) thereof and, in each case, that is a secured party (or a party entitled to the benefits of the security) under any Priority Lien Document, the beneficiaries of each
indemnification obligation undertaken by any Grantor under any Priority Lien Document, each other Person that provides letters of credit, guarantees or other credit support related thereto under any Priority Lien Document and each other holder of,
or obligee in respect of, any Priority Lien Obligations (including pursuant to a Priority Substitute Credit Facility), in each case to the extent designated as a secured party (or a party entitled to the benefits of the security) under any Priority
Lien Document outstanding at such time. 

  
 13 

 “Priority Lien Security Documents” means the Priority Credit Agreement (insofar
as the same grants a Lien on the Collateral), each agreement listed in Part A of Exhibit B hereto, and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, control
agreements, or grants or transfers for security, now existing or entered into after the date hereof, executed and delivered by the Company or any other Grantor creating (or purporting to create) a Lien upon Collateral in favor of the Priority Lien
Agent, in each case, as amended, modified, renamed, restated or replaced from time to time in accordance with the terms of this Agreement (including, for the avoidance of doubt, Section 4.05(a)) (including any such agreements, assignments,
mortgages, deeds of trust and other documents or instruments associated with any Priority Substitute Credit Facility). 
 “Priority
RBL Agent” means the Original Priority Lien Agent, and, from and after the date of execution and delivery of a Priority Substitute Credit Facility, the agent, collateral agent, trustee or other representative of the lenders or holders of
the indebtedness and other Obligations evidenced thereunder or governed thereby, in each case, together with its successors in such capacity. 

“Priority RBL Credit Agreement” means the Amended and Restated Credit Agreement, dated as of July 31, 2013, among the
Company, as borrower, subsidiaries thereof party thereto, as guarantors, the Original Priority Lien Agent, and the lenders party thereto from time to time, as amended, restated, adjusted, waived, renewed, extended, supplemented or otherwise modified
from time to time to the extent not otherwise prohibited by the terms hereof with the same and/or different lenders and/or agents and any credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement or
instrument evidencing or governing the terms of any Priority Substitute Credit Facility. 
 “Priority Substitute Credit
Facility” means any Credit Facility with respect to which the requirements contained in Section 4.04(a) of this Agreement have been satisfied and that Replaces the Priority Credit Agreement then in existence. For the avoidance of
doubt, any Priority Substitute Credit Facility shall be required to be a revolving asset-based loan facility; provided that any Priority Lien securing such Priority Substitute Credit Facility shall be subject to the terms of this Agreement
for all purposes (including the Lien priorities as set forth herein as of the date hereof). 
 “Property” means any
interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including, without limitation, cash, securities, accounts and contract rights. 

“Replaces” means, (a) in respect of any agreement with reference to any Priority Credit Agreement or any Priority Lien
Obligations or any Priority Substitute Credit Facility, that such agreement refunds, refinances or replaces such Priority Credit Agreement, the Priority Lien Obligations thereunder or such Priority Substitute Credit Facility in whole (in a
transaction that is in compliance with Section 4.04(a)) and that all commitments thereunder are terminated, or, to the extent permitted by the terms of the Priority Credit Agreement, Priority Lien Obligations or

  
 14 

 
such Priority Substitute Credit Facility, in part, (b) in respect of any agreement with reference to the Second Lien Documents, the Second Lien Obligations or any Second Lien Substitute
Facility, that such indebtedness refunds, refinances or replaces the Second Lien Documents, the Second Lien Obligations or such Second Lien Substitute Facility in whole (in a transaction that is in compliance with
Section 4.04(a)) and that all commitments thereunder are terminated, or, to the extent permitted by the terms of the Second Lien Documents, the Second Lien Obligations or such Second Lien Substitute Facility, in part and
(c) in respect of any agreement with reference to the Third Lien Documents, the Third Lien Obligations or any Third Lien Substitute Facility, that such indebtedness refunds, refinances or replaces the Third Lien Documents, the Third Lien
Obligations or such Third Lien Substitute Facility in whole (in a transaction that is in compliance with Section 4.04(a)) and that all commitments thereunder are terminated, or, to the extent permitted by the terms of the
Third Lien Documents, the Third Lien Obligations, or such Third Lien Substitute Facility, in part. “Replace,” “Replaced” and “Replacement” shall have correlative meanings. 

“Restricted Subsidiary” has the meaning assigned to such term in the Priority Credit Agreement as in effect on the date
hereof, and any component definition used therein has the meaning set forth in the Priority Credit Agreement on the date hereof. 

“Right of First Offer” means the bona fide right, but not the obligation, of the Backstop Commitment Parties to acquire, by
way of assignment, on a ratable basis in accordance with the applicable Backstop Commitment Party’s ROFO Applicable Percentage and in accordance with Section 4.10 of this Agreement, all or a portion of the rights and
obligations of any Lender (as defined in the Priority Credit Agreement) under the Priority Credit Agreement (including all or a portion of its Revolving Commitment and the Loans at the time owing to it (each as defined in the Priority Credit
Agreement)) that are to be assigned by any such Lender pursuant to the terms of the Priority Credit Agreement and Section 4.10 of this Agreement. 

“ROFO Agent” means Hamblin Watsa Investment Counsel Ltd., together with its successors in such capacity. 

“ROFO Applicable Percentage” means, with respect to Hamblin Watsa Investment Counsel Ltd. and its Affiliates (including
Fairfax Financial Holdings Limited), 50.33%, with respect to ESAS, 23.33%, with respect to OCM EXCO Holdings LLC, 13.17% and with respect to Gen IV, 13.17%;; provided that between and among all or any of the Backstop Commitment Parties, from
time to time, such Backstop Commitment Parties may agree to transfer (as between any two Backstop Commitment Parties, whether permanently or temporarily), reduce (unilaterally by any individual Backstop Commitment Parties, whether permanently or
temporarily) or otherwise modify their ROFO Applicable Percentages (as agreed between all Backstop Commitment Parties). 
 “ROFO
Notice” means written notice from a Backstop Commitment Party notifying the Priority RBL Agent that such Backstop Commitment Party intends to exercise its Right of First Offer as to a proposed assignment of Loans and Revolving Commitments
(each as defined in the Priority Credit Agreement) under the Priority Credit Agreement, and which ROFO Notice shall identify, among other things, the material terms and conditions of the proposed offer from the applicable Backstop Commitment Party
(including the amount of the proposed assigned Loans and Revolving Commitments (each as defined in the Priority Credit Agreement) that the applicable Backstop Commitment Party proposes to purchase and the price and form of consideration applicable
thereto). 

  
 15 

 “Second Lien” means a Lien granted by a Second Lien Document to the Second Lien
Collateral Trustee, at any time, upon any Collateral by any Grantor to secure Second Lien Obligations (including Liens on such Collateral under the security documents associated with any Second Lien Substitute Facility). 

“Second Lien Collateral” means all “Collateral”, as defined in any Second Lien Document, and any other assets of
any Grantor now or at any time hereafter subject to Liens which secure, but only to the extent securing, any Second Lien Obligations. 

“Second Lien Collateral Trustee” means Wilmington Trust, National Association, together with its successors in such capacity
appointed pursuant to the Second Lien Collateral Trust Agreement, and, from and after the date of execution and delivery of the Second Lien Substitute Facility, the agent, collateral agent, trustee or other representative of the lenders or other
holders of the indebtedness and other obligations evidenced thereunder or governed thereby, together with its successors in such capacity. 

“Second Lien Collateral Trust Agreement” means that certain Collateral Trust Agreement, dated as of the Effective Date, among
the Company, the Guarantors party thereto, the Second Lien Collateral Trustee and the Senior Secured Notes Trustee, as representative for the Senior Secured Notes, as the same may be amended, restated, amended and restated, supplemented, replaced
(whether upon or after termination or otherwise) or otherwise modified or restated in accordance with the terms. 
 “Second Lien
Debt” means the indebtedness under the Second Lien Indenture and guarantees thereof, and indebtedness under the other Second Lien Indenture Documents, and all additional indebtedness incurred under any Additional Second Lien Documents and
guarantees thereof and all additional indebtedness under the Second Lien Indenture and guarantees thereof, in each case, that was permitted to be incurred and secured in accordance with the Secured Debt Documents and with respect to which the
requirements of Section 4.04(b) have been (or are deemed) satisfied, and all Indebtedness incurred under any Second Lien Substitute Facility. 

“Second Lien DIP Financing” has the meaning assigned to such term in Section 4.02(c). 

“Second Lien Documents” means the Second Lien Indenture Documents and the Additional Second Lien Documents. 

“Second Lien Indenture” means the indenture (with respect to the 8.0%/11.0% 1.5 Lien Senior Secured PIK Toggle Notes due
2022) dated as of March 15, 2017, among Exco Resources, Inc., as the issuer, certain subsidiaries of Exco Resources, Inc., as guarantors, the Second Lien Trustee and the Second Lien Collateral Trustee, as amended, restated, adjusted, waived,
renewed, extended, supplemented or otherwise modified from time to time in accordance with the terms hereof, and any credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement or instrument evidencing or
governing the terms of any Second Lien Substitute Facility. 

  
 16 

 “Second Lien Indenture Documents” means the Second Lien Indenture, the Second
Lien Indenture Security Documents and all other loan documents (including the Notes (as defined in the Second Lien Indenture)), notes, guarantees, instruments and agreements governing or evidencing the Second Lien Indenture Obligations or any Second
Lien Substitute Facility. 
 “Second Lien Indenture Obligations” means, with respect to any Grantor, any obligations of
such Grantor owed to any Second Lien Indenture Secured Party (or any of its Affiliates) in respect of the Second Lien Indenture Documents. 

“Second Lien Indenture Secured Parties” means, at any time, the Second Lien Collateral Trustee, the Second Lien Trustee, the
Holders (as defined in the Second Lien Indenture) and any other trustees, agents and other representatives of the Holders (as defined in the Second Lien Indenture), the beneficiaries of each indemnification obligation undertaken by any Grantor under
any Second Lien Indenture Document and each other holder of, or obligee in respect of, any Second Lien Obligations, any holder pursuant to any Second Lien Indenture Document outstanding at such time; provided that the Additional Second Lien
Secured Parties shall not be deemed Second Lien Indenture Secured Parties. 
 “Second Lien Indenture Security Documents”
means the Second Lien Indenture (insofar as the same grants a Lien on the Collateral), the Second Lien Collateral Trust Agreement, each agreement listed in Part B of Exhibit B hereto, the Security Instruments (as defined in
the Second Lien Indenture) and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements, or grants or transfers for security, now existing or entered into
after the date hereof, executed and delivered by the Company or any other Grantor creating (or purporting to create) a Lien upon Collateral in favor of the Second Lien Collateral Trustee, in each case, as amended, modified, renamed, restated or
replaced from time to time in accordance with the terms of this Agreement (including, for the avoidance of doubt, Section 4.05(b)) (including any such agreements, assignments, mortgages, deeds of trust and other documents or instruments
associated with any Second Lien Substitute Facility). 
 “Second Lien Obligations” means Second Lien Debt and all other
Obligations in respect thereof. Notwithstanding any other provision hereof, the term “Second Lien Obligations” will include accrued interest (at the rate provided for in the Second Lien Documents, including default interest), fees, costs,
make whole amounts, indemnification and reimbursement obligations, and other charges incurred under the Second Lien Indenture and the other Second Lien Documents, in each case, whether incurred before or after commencement of an Insolvency or
Liquidation Proceeding and, in each case, whether or not allowed or allowable in an Insolvency or Liquidation Proceeding. To the extent that any payment with respect to the Second Lien Obligations (whether by or on behalf of any Grantor, as proceeds
of security, enforcement of any right of set-off, or otherwise) is declared to be fraudulent or preferential in any respect, set aside, or required to be paid to a debtor in possession, trustee, receiver, or
similar Person, then the obligation or part thereof originally intended to be satisfied will be deemed to be reinstated and outstanding as if such payment had not occurred. 

  
 17 

 “Second Lien Purchasers” has the meaning assigned to such term in
Section 3.06. 
 “Second Lien Representative” means (a) in the case of the Second Lien
Indenture, the Second Lien Trustee, and (b) in the case of any other Series of Second Lien Debt, the trustee, agent or representative of the holders of such Series of Second Lien Debt that (x) is appointed as a Second Lien Representative
(for purposes related to the administration of the security documents) pursuant to the indenture, credit agreement or other agreement governing such Series of Second Lien Debt, together with its successors in such capacity, and (y) has become
party to the Second Lien Collateral Trust Agreement by executing a joinder in the form required under the Second Lien Collateral Trust Agreement. 

“Second Lien Secured Parties” means the Second Lien Indenture Secured Parties and the Additional Second Lien Secured Parties.

 “Second Lien Security Documents” means the Second Lien Indenture Security Documents and the Additional Second Lien
Security Documents. 
 “Second Lien Standstill Period” has the meaning assigned to such term in
Section 3.02(a)(i). 
 “Second Lien Substitute Facility” means any facility with respect to which
the requirements contained in Section 4.04(a) of this Agreement have been satisfied and that is permitted to be incurred pursuant to the Priority Lien Documents, the proceeds of which are used to, among other things,
Replace the Second Lien Indenture and/or any Additional Second Lien Debt Facility then in existence. For the avoidance of doubt, no Second Lien Substitute Facility shall be required to be evidenced by notes or other instruments and may be a facility
evidenced or governed by a credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement or instrument; provided that any such Second Lien Substitute Facility shall be subject to the terms of this
Agreement for all purposes (including the Lien priority as set forth herein as of the date hereof) as the other Liens securing the Second Lien Obligations are subject to under this Agreement. 

“Second Lien Trustee” means Wilmington Trust, National Association, together with its successors in such capacity appointed
as trustee pursuant to the terms of the Second Lien Indenture. 
 “Section 363 Event” has the meaning
assigned to such term in Section 4.02(d). 
 “Section 363 Notice” has the
meaning assigned to such term in Section 4.02(d). 
 “Section 363 Objections”
has the meaning assigned to such term in Section 4.02(d). 
 “Secured Debt Documents” means the
Priority Lien Documents, the Second Lien Documents and the Third Lien Documents. 

  
 18 

 “Secured Debt Representative” means the Priority Lien Agent, the Second Lien
Collateral Trustee and the Third Lien Collateral Agent. 
 “Secured Obligations” means the Priority Lien Obligations, the
Second Lien Obligations and the Third Lien Obligations. 
 “Secured Parties” means the Priority Lien Secured Parties, the
Second Lien Secured Parties and the Third Lien Secured Parties. 
 “Security Documents” means the Priority Lien Security
Documents, the Second Lien Security Documents and the Third Lien Security Documents. 
 “Senior Third Lien Administrative
Agent” means Wilmington Trust, National Association., together with its successors in such capacity. 
 “Senior Third Lien
Collateral Agent” means Wilmington Trust, National Association, together with its successors in such capacity. 
 “Senior
Third Lien Credit Agreement” means the 1.75 Lien Term Loan Credit Agreement, dated as of March 15, 2017, among the Company, the Guarantors party thereto from time to time, the Lenders (as defined in therein) party thereto from time to
time, the Original Third Lien Collateral Agent and the Senior Third Lien Administrative Agent, in each case, as amended, restated, modified, renewed, refunded, restated, restructured, increased, supplemented, replaced or refinanced in whole or in
part from time to time in accordance with each applicable Secured Debt Document.  

“Senior Third Lien Debt Facility” means the indebtedness and other credit facilities under the Senior Third Lien Credit
Agreement and the other Senior Third Lien Documents. 
 “Senior Third Lien Documents” means the definitive documentation
for the Senior Third Lien Debt Facility (including the Senior Third Lien Credit Agreement) and the Senior Third Lien Security Documents. 

“Senior Third Lien Obligations” means, with respect to any Grantor, any Obligations of such Grantor owed to any Senior Third
Lien Secured Party (or any of its Affiliates) in respect of the Senior Third Lien Documents. 
 “Senior Third Lien Secured
Parties” means, at any time, the Senior Third Lien Trustee, the Senior Third Lien Collateral Agent, the trustees, agents and other representatives of the holders of the indebtedness under the Senior Third Lien Documents including any
holders of notes pursuant to supplements executed in connection with the issuance of Series of Senior Third Lien Debt under the Senior Third Lien Documents) who maintains the transfer register for such Senior Third Lien Debt, the beneficiaries of
each indemnification obligation undertaken by any Grantor under any Senior Third Lien Document and each other holder of, or obligee in respect of, any Senior Third Lien Obligations, any holder or lender pursuant to any Senior Third Lien Document
outstanding at such time; provided that the Senior Third Lien Secured Parties shall not be deemed Junior Third Lien Secured Parties. 

  
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 “Senior Third Lien Security Documents” means the Senior Third Lien Debt Facility
(insofar as the same grants a Lien on the Collateral), the Third Lien Collateral Trust Agreement, each agreement listed in Part D of Exhibit B hereto, the Security Instruments (as defined in the Third Lien Debt
Facility) and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements, or grants or transfers for security, now existing or entered into after the date
hereof, executed and delivered by the Company or any other Grantor creating (or purporting to create) a Lien upon Collateral in favor of the Original Third Lien Collateral Agent, in each case, as amended, modified, renamed, restated or replaced from
time to time in accordance with the terms of this Agreement (including, for the avoidance of doubt, Section 4.05(c)) (including any such agreements, assignments, mortgages, deeds of trust and other documents or instruments associated with any
Third Lien Substitute Facility). 
 “Senior Third Lien Trustee” means, from and after the date of execution and delivery of
the Senior Third Lien Debt Credit Agreement, the agent, collateral agent, trustee or other representative of the lenders or other holders of the indebtedness and other obligations evidenced thereunder or governed thereby, together with its
successors in such capacity. 
 “Series of Second Lien Debt” means, severally, the Second Lien Indenture and each other
issue or series of Second Lien Debt (including any Additional Second Lien Debt Facility) for which a single transfer register is maintained. 

“Series of Secured Debt” means the Priority Lien Debt, each Series of Second Lien Debt and each Series of Third Lien Debt.

 “Series of Third Lien Debt” means, severally, the Third Lien Debt Facility and each other issue or series of Third Lien
Debt (including any Additional Third Lien Debt Facility) for which a single transfer register is maintained. 

“subsidiary” means, with respect to any Person, any corporation, limited liability company, association, partnership or other
business entity of which more than 50% of the total voting power of shares of Voting Stock is at the time owned or controlled, directly or indirectly, by (a) such Person; (b) such Person and one or more subsidiaries of such Person; or
(c) one or more subsidiaries of such Person. 
 “Standstill Period” means the Second Lien Standstill Period, the Third
Lien First Standstill Period and the Third Lien Second Standstill Period, as applicable. 
 “Swap Agreement” means any
agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that in no event shall any (a) phantom stock or similar plan providing
for payments only on account of services provided by current or former directors, officers, employees or consultants of any Grantor or any Restricted Subsidiary or (b) near term spot market purchase and sale of a commodity in the ordinary
course of business based on a price determined by a rate quoted on an organized exchange for actual physical delivery, be a Swap Agreement. 

  
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 “Third Lien” means a Lien granted by a Third Lien Document to the Third Lien
Collateral Agent, at any time, upon any Collateral by any Grantor to secure Third Lien Obligations (including Liens on such Collateral under the security documents associated with any Third Lien Substitute Facility). 

“Third Lien Collateral” means all “Collateral”, as defined in any Junior Third Lien or Senior Third Lien Document,
and any other assets of any Grantor now or at any time hereafter subject to Liens which secure, but only to the extent securing, any Senior Third Lien or Junior Third Lien Obligations. 

“Third Lien Collateral Agent” means the Original Third Lien Collateral Agent, and, from and after the date of execution and
delivery of the Third Lien Substitute Facility, the agent, collateral agent, trustee or other representative of the lenders or other holders of the indebtedness and other obligations evidenced thereunder or governed thereby, together with its
successors in such capacity. 
 “Third Lien Collateral Trust Agreement” means the Collateral Trust Agreement, dated as of
October 26, 2015 (as amended and restated as of March 15, 2017), among the Company, the other Grantors from time to time party thereto, the Senior Third Lien Administrative Agent, the Junior Third Lien Administrative Agent, the other Third
Lien Representatives from time to time party thereto and the Third Lien Collateral Agent, as amended, restated, adjusted, waived, renewed, extended, supplemented or otherwise modified from time to time, in accordance with each applicable Third Lien
Document. 
 “Third Lien Debt” means indebtedness under the Senior Third Lien Credit Agreement and the Junior Third Lien
Debt Credit Agreement and indebtedness incurred under, any Senior Third Lien Documents or Junior Third Lien Documents, any Additional Third Lien Documents and all indebtedness incurred under any Third Lien Substitute Facility.  
 “Third Lien Debt Facilities” means the Senior Third Lien Debt Facility
and the Junior Third Lien Debt Facility. 
 “Third Lien Documents” means the Senior Third Lien Documents and the Junior
Third Lien Documents, the Additional Third Lien Documents and all other loan documents, notes, guarantees, instruments and agreements governing or evidencing any Third Lien Substitute Facility. 

“Third Lien First Standstill Period” has the meaning assigned to such term in Section 3.02(a)(ii).

 “Third Lien Obligations” means Third Lien Debt and all other Obligations in respect thereof. Notwithstanding any other
provision hereof, the term “Third Lien Obligations” will include accrued interest (at the rate provided for in the Third Lien Documents, including default interest, fees, costs, make whole amounts, indemnification and reimbursement
obligations, and other charges incurred under the Senior Third Lien Credit Agreement and the 

  
 21 

 
other Third Lien Documents, whether incurred before or after commencement of an Insolvency or Liquidation Proceeding and whether or not allowed or allowable in an Insolvency or Liquidation
Proceeding). To the extent that any payment with respect to the Third Lien Obligations (whether by or on behalf of any Grantor, as proceeds of security, enforcement of any right of set-off, or otherwise) is
declared to be fraudulent or preferential in any respect, set aside, or required to be paid to a debtor in possession, trustee, receiver, or similar Person, then the obligation or part thereof originally intended to be satisfied will be deemed to be
reinstated and outstanding as if such payment had not occurred. 
 “Third Lien Representative” means (a) in the case
of the Third Lien Debt Facility, the Third Lien Collateral Agent and (b) in the case of any Series of Third Lien Debt, the trustee, agent or representative of the holders of such Series of Third Lien Debt who (i) is appointed as a Third
Lien Representative (for purposes related to the administration of the security documents) pursuant to the indenture, credit agreement or other agreement governing such Series of Third Lien Debt, together with its successors in such capacity, and
(ii) has become party to the Third Lien Collateral Trust Agreement by executing a joinder in the form required under the Third Lien Collateral Trust Agreement. 

“Third Lien Second Standstill Period” has the meaning assigned to such term in Section 3.02(b).

 “Third Lien Secured Parties” means the Senior Third Lien Secured Parties, Junior Third Lien Secured Parties and the
Additional Third Lien Secured Parties. 
 “Third Lien Security Documents” means the Senior Third Lien Security Documents,
Junior Third Lien Security Documents and the Additional Third Lien Security Documents. 
 “Third Lien Substitute Facility”
means any facility with respect to which the requirements contained in Section 4.04(a) of this Agreement have been satisfied and that is permitted to be incurred pursuant to the Priority Lien Documents and the Second Lien
Documents, the proceeds of which are used to, among other things, Replace any Third Lien Debt Facility and/or Additional Third Lien Debt Facility then in existence. For the avoidance of doubt, no Third Lien Substitute Facility shall be required to
be evidenced by notes or other instruments and may be a facility evidenced or governed by a credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement or instrument; provided that any such Third Lien
Substitute Facility shall be subject to the terms of this Agreement for all purposes (including the Lien priority as set forth herein as of the date hereof) as the other Liens securing the Third Lien Obligations are subject to under this Agreement.

 “Third Lien Trustee” means, from and after the date of execution and delivery of the Third Lien Debt Facility or Third
Lien Substitute Facility, the agent, collateral agent, trustee or other representative of the lenders or other holders of the indebtedness and other obligations evidenced thereunder or governed thereby, together with its successors in such capacity.
As of March 15, 2017, the Third Lien Trustee is the Senior Third Lien Trustee. 

  
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 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb) as in effect on the date hereof. 
 “Voting Stock” of a Person
means all classes of Capital Stock of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 

ARTICLE II 
 LIEN
PRIORITIES 
 SECTION 2.01 Relative Priorities. 

(a) The grant of the Priority Liens pursuant to the Priority Lien Documents, the grant of the Second Liens pursuant to the Second Lien
Documents and the grant of the Third Liens pursuant to the Third Lien Documents create three separate and distinct Liens on the Collateral. 

(b) Notwithstanding anything contained in this Agreement, the Priority Lien Documents, the Second Lien Documents, the Third Lien Documents or
any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (i) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise),
(ii) the time, manner, or order of the grant, attachment or perfection of a Lien, (iii) any conflicting provision of the New York UCC or other applicable law, (iv) any defect in, or
non-perfection, setting aside, or avoidance of, a Lien or a Priority Lien Document, a Second Lien Document or a Third Lien Document, (v) the modification of a Priority Lien Obligation, a Second Lien
Obligation or a Third Lien Obligation, and (vi) the subordination of a Lien on Collateral securing a Priority Lien Obligation to a Lien securing another obligation of the Company or other Person that is permitted under the Priority Lien
Documents as in effect on the date hereof or securing a DIP Financing, or the subordination of a Lien on Collateral securing a Second Lien Obligation to a Lien securing another obligation of the Company or other Person (other than a Priority Lien
Obligation) that is permitted under the Second Lien Documents as in effect on the date hereof, each of the Second Lien Collateral Trustee, on behalf of itself and the other Second Lien Secured Parties, and the Third Lien Collateral Agent, on behalf
of itself and the other Third Lien Secured Parties, hereby agrees that (i) any Priority Lien on any Collateral now or hereafter held by or for the benefit of any Priority Lien Secured Party shall be senior in right, priority, operation, effect
and all other respects to (A) any and all Second Liens on any Collateral, in any case, subject to the Priority Lien Cap as provided herein and (B) any and all Third Liens on any Collateral, (ii) any Second Lien on any Collateral now
or hereafter held by or for the benefit of any Second Lien Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens on any Collateral, in any case, subject to
the Priority Lien Cap as provided herein and (B) senior in right, priority, operation, effect and all other respects to any and all Third Liens on any Collateral and (iii) any Third Lien on any Collateral now or hereafter held by or for
the benefit of any Third Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to (A) any and all Priority Liens on any Collateral and (B) any and all Second Liens on any
Collateral. 

  
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 (c) It is acknowledged that (x) subject to the Priority Lien Cap (as provided herein),
(i) the aggregate amount of the Priority Lien Obligations may be increased from time to time pursuant to the terms of the Priority Lien Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that
is revolving in nature, and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) (A) the Priority Lien Documents may be replaced, restated,
supplemented, restructured or otherwise amended or modified from time to time and (B) the Priority Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise
amended or modified from time to time, in the case of the foregoing clauses (A) and (B) all without affecting the subordination of the Second Liens or Third Liens hereunder or the provisions of this Agreement defining the
relative rights of the Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties and (y) (i) the aggregate amount of the Second Lien Obligations may be increased from time to time pursuant to the terms of
the Second Lien Documents, and (ii) (A) the Second Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and (B) the Second Lien Obligations may be increased, extended,
renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of the foregoing clauses (A) and (B) all without affecting the
subordination of the Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties. The Lien priorities provided for
herein shall not be altered or otherwise affected by any amendment, modification, supplement, extension, increase, renewal, restatement or Replacement of either the Priority Lien Obligations (or any part thereof), the Second Lien Obligations (or any
part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or of any guarantees for any Priority Lien Obligations or by any action that any Secured Debt Representative or Secured Party may take or fail to
take in respect of any Collateral. 
 SECTION 2.02 Prohibition on Marshalling, Etc. 

(a) Until the Discharge of Priority Lien Obligations, the Second Lien Collateral Trustee and the Second Lien Secured Parties agree that they
will not (and, until the Discharge of Priority Lien Obligations, hereby waives any right to) assert any marshalling, appraisal, valuation, or other similar right that may otherwise be available to a junior secured creditor. 

(b) Until the Discharge of Priority Lien Obligations and the Discharge of Second Lien Obligations, the Third Lien Collateral Agent and the
Third Lien Secured Parties agree that they will not (and each hereby waives any right to) assert any marshalling, appraisal, valuation, or other similar right that may otherwise be available to a junior secured creditor. 

SECTION 2.03 No New Liens. The parties hereto agree that, (a) so long as the Discharge of Priority Lien Obligations has not
occurred, none of the Grantors shall, nor shall any Grantor permit any of its subsidiaries to, (i) grant or permit any additional Liens on any asset of a Grantor to secure any Third Lien Obligation, or take any action to perfect any additional
Liens, unless it has granted, or substantially concurrently therewith grants (or offers to grant), a Lien on such asset of such Grantor to secure (A) the Priority Lien Obligations and has taken all actions

  
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required to perfect such Liens and (B) the Second Lien Obligations and has taken all actions required to perfect such Liens; provided, however, the refusal or inability of the
Priority Lien Agent or the Second Lien Collateral Trustee to accept such Lien will not prevent the Third Lien Collateral Agent from taking the Lien, (ii) grant or permit any additional Liens on any asset of a Grantor to secure any Second Lien
Obligation, or take any action to perfect any additional Liens, unless it has granted, or substantially concurrently therewith grants (or offers to grant), a Lien on such asset of such Grantor to secure (A) the Priority Lien Obligations and has
taken all actions required to perfect such Liens and (B) the Third Lien Obligations and has taken all actions required to perfect such Liens; provided, however, the refusal or inability of the Priority Lien Agent or the Third Lien
Collateral Agent to accept such Lien will not prevent the Second Lien Collateral Trustee from taking the Lien or (iii) grant or permit any additional Liens on any asset of a Grantor to secure any Priority Lien Obligation, or take any action to
perfect any additional Liens, unless it has granted, or substantially concurrently therewith grants (or offers to grant), a Lien on such asset of such Grantor to secure (A) the Second Lien Obligations and has taken all actions required to
perfect such Liens and (B) the Third Lien Obligations and has taken all actions required to perfect such Liens; provided, however, the refusal or inability of the Second Lien Collateral Trustee or the Third Lien Collateral Agent
to accept such Lien will not prevent the Priority Lien Agent from taking the Lien and (b) after the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations, none of the Grantors shall, nor shall any Grantor
permit any of its subsidiaries to, (i) grant or permit any additional Liens on any asset of a Grantor to secure any Second Lien Obligation, or take any action to perfect any additional Liens, unless it has granted, or substantially concurrently
therewith grants (or offers to grant), a Lien on such asset of such Grantor to secure the Third Lien Obligations and has taken all actions required to perfect such Liens; provided, however, the refusal or inability of the Third Lien
Collateral Agent to accept such Lien will not prevent the Second Lien Collateral Trustee from taking the Lien or (ii) grant or permit any additional Liens on any asset of a Grantor to secure any Third Lien Obligations unless it has granted, or
substantially concurrently therewith grants (or offers to grant), a Lien on such asset of a Grantor to secure the Second Lien Obligations and has taken all actions required to perfect such Liens; provided, however, the refusal or
inability of the Second Lien Collateral Trustee to accept such Lien will not prevent the Third Lien Collateral Agent from taking the Lien, with each such Lien as described in clauses (a) and (b) of this
Section 2.03 to be subject to the provisions of this Agreement. To the extent that the provisions of the immediately preceding sentence are not complied with for any reason, without limiting any other right or remedy
available to the Priority Lien Agent, the other Priority Lien Secured Parties, the Second Lien Collateral Trustee or the other Second Lien Secured Parties, each of the Second Lien Collateral Trustee, for itself and on behalf of the other Second Lien
Secured Parties and the Third Lien Collateral Agent, for itself and on behalf of the other Third Lien Secured Parties, agrees that any amounts received by or distributed to any Second Lien Secured Party or Third Lien Secured Party, as applicable,
pursuant to or as a result of any Lien granted in contravention of this Section 2.03 shall be subject to Section 3.05(b). 

SECTION 2.04 Similar Collateral and Agreements. The parties hereto acknowledge and agree that it is their intention that the
Priority Lien Collateral, the Second Lien Collateral and the Third Lien Collateral be identical. In furtherance of the foregoing, the parties hereto agree (a) to cooperate in good faith in order to determine, upon any reasonable request by the
Priority Lien Agent, the Second Lien Collateral Trustee or the Third Lien Collateral Agent, the specific assets included in the Priority Lien Collateral, the Second Lien Collateral and the 

  
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Third Lien Collateral, the steps taken to perfect the Priority Liens, the Second Liens and the Third Liens thereon and the identity of the respective parties obligated under the Priority Lien
Documents, the Second Lien Documents and the Third Lien Documents in respect of the Priority Lien Obligations, the Second Lien Obligations and the Third Lien Obligations, respectively, (b) that the Second Lien Security Documents creating Liens
on the Collateral shall be in all material respects the same forms of documents as the respective Priority Lien Security Documents creating Liens on the Collateral other than (i) with respect to the priority nature of the Liens created
thereunder in such Collateral, (ii) such other modifications to such Second Lien Security Documents which are less restrictive than the corresponding Priority Lien Security Documents, (iii) provisions in the Second Lien Security Documents
which are solely applicable to the rights and duties of the Second Lien Collateral Trustee or the other Second Lien Secured Parties, and (iv) with such deletions or modifications of representations, warranties and covenants as are customary
with respect to security documents establishing Liens securing debt securities sold in similar private transactions that are not subject to the registration requirements of the Securities Act, (c) that the Third Lien Security Documents creating
Liens on the Collateral shall be in all material respects the same forms of documents as the respective Priority Lien Security Documents and Second Lien Security Documents creating Liens on the Collateral other than (i) with respect to the
priority nature of the Liens created thereunder in such Collateral, (ii) such other modifications to such Third Lien Security Documents which are less restrictive than the corresponding Priority Lien Security Documents and Second Lien Security
Documents, (iii) provisions in the Third Lien Security Documents which are solely applicable to the rights and duties of the Third Lien Collateral Agent and the other Third Lien Secured Parties, and (iv) with such deletions or
modifications of representations, warranties and covenants as are customary with respect to security documents establishing Liens securing debt securities sold in similar private transactions that are not subject to the registration requirements of
the Securities Act, (d) that at no time shall there be any Grantor that is an obligor in respect of the Second Lien Obligations that is not also an obligor in respect of the Priority Lien Obligations and (e) that at no time shall there be
any Grantor that is an obligor in respect of the Third Lien Obligations that is not also an obligor in respect of the Priority Lien Obligations and the Second Lien Obligations. 

SECTION 2.05 No Duties of Priority Lien Agent. Each of the Second Lien Collateral Trustee, for itself and on behalf of each Second
Lien Secured Party, and the Third Lien Collateral Agent, for itself and on behalf of each Third Lien Secured Party, acknowledges and agrees that neither the Priority Lien Agent nor any other Priority Lien Secured Party shall have any duties or other
obligations to any such Second Lien Secured Party or Third Lien Secured Party with respect to any Collateral, other than to transfer to the Second Lien Collateral Trustee any remaining Collateral and any proceeds of the sale or other Disposition of
any such Collateral remaining in its possession following the associated Discharge of Priority Lien Obligations, in each case without recourse, representation or warranty on the part of the Priority Lien Agent or any Priority Lien Secured Party. In
furtherance of the foregoing, each Second Lien Secured Party and Third Lien Secured Party acknowledges and agrees that until the Discharge of Priority Lien Obligations (subject to the terms of Section 3.02, including the
rights of the Second Lien Secured Parties and the Third Lien Secured Parties following the expiration of any applicable Standstill Period), the Priority Lien Agent shall be entitled, for the benefit of the Priority Lien Secured Parties, to sell,
transfer or otherwise Dispose of or deal with such Collateral, as provided herein and in the Priority Lien Documents, without regard to (a) any Second Lien or any rights to which the Second Lien Collateral Trustee or any Second Lien

  
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Secured Party would otherwise be entitled as a result of such Second Lien or (b) any Third Lien or any rights to which the Third Lien Collateral Agent or any Third Lien Secured Party would
otherwise be entitled as a result of such Third Lien. Without limiting the foregoing, each of the Second Lien Collateral Trustee, for itself and on behalf of each Second Lien Secured Party, and the Third Lien Collateral Agent, for itself and on
behalf of each Third Lien Secured Party agrees that neither the Priority Lien Agent nor any other Priority Lien Secured Party shall have any duty or obligation to first appraise or value any of the Collateral, or marshal or realize upon any type of
Collateral, or to sell, Dispose of or otherwise liquidate all or any portion of such Collateral, in any manner that would maximize the return to the Second Lien Secured Parties or the Third Lien Secured Parties, notwithstanding that the order and
timing of any such realization, sale, Disposition or liquidation may affect the amount of proceeds actually received by the Second Lien Secured Parties or the Third Lien Secured Parties, as applicable, from such realization, sale, Disposition or
liquidation. Following the Discharge of Priority Lien Obligations, the Second Lien Collateral Trustee and the other Second Lien Secured Parties may, subject to any other agreements binding on the Second Lien Collateral Trustee or such other Second
Lien Secured Parties, assert their rights under the New York UCC or otherwise to any proceeds remaining following a sale, Disposition or other liquidation of Collateral by, or on behalf of the Second Lien Secured Parties. Each of the Second Lien
Collateral Trustee, for itself and on behalf of each Second Lien Secured Party, and the Third Lien Collateral Agent, for itself and on behalf of each Third Lien Secured Party, hereby waives any claim any Second Lien Secured Party or any Third Lien
Secured Party may now or hereafter have against the Priority Lien Agent or any other Priority Lien Secured Party arising out of any actions which the Priority Lien Agent or any other Priority Lien Secured Parties take or omit to take (including
actions with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the Collateral, and actions with respect
to the collection of any claim for all or any part of the Priority Lien Obligations from any account debtor, guarantor or any other party) in accordance with this Agreement and the Priority Lien Documents or the valuation, use, protection or release
of any security for the Priority Lien Obligations. 
 SECTION 2.06 No Duties of Second Lien Collateral Trustee. The Third Lien
Collateral Agent, for itself and on behalf of each Third Lien Secured Party, acknowledges and agrees that neither the Second Lien Collateral Trustee nor any other Second Lien Secured Party shall have any duties or other obligations to such Third
Lien Secured Party with respect to any Collateral, other than to transfer to the Third Lien Collateral Agent any remaining Collateral and any proceeds of the sale or other Disposition of any such Collateral remaining in its possession following the
associated Discharge of Second Lien Obligations (provided such Discharge of Second Lien Obligations occurs after the Discharge of Priority Lien Obligations), in each case without representation or warranty on the part of the Second Lien Collateral
Trustee or any Second Lien Secured Party. In furtherance of the foregoing, the Third Lien Collateral Agent, for itself and on behalf of each Third Lien Secured Party acknowledges and agrees that after the Discharge of Priority Lien Obligations and
until the Discharge of Second Lien Obligations (subject to the terms of Section 3.02, including the rights of the Third Lien Secured Parties following expiration of the Third Lien Second Standstill Period), the Second Lien
Collateral Trustee shall be entitled, for the benefit of the Second Lien Secured Parties, to sell, transfer or otherwise Dispose of or deal with such Collateral, as provided herein and in the Second Lien Documents, without regard to any Third Lien
or any rights to which the Third Lien Collateral 

  
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Agent or any Third Lien Secured Party would otherwise be entitled as a result of such Third Lien. Without limiting the foregoing, the Third Lien Collateral Agent, for itself and on behalf of each
Third Lien Secured Party, agrees that neither the Second Lien Collateral Trustee nor any other Second Lien Secured Party shall have any duty or obligation first to marshal or realize upon any type of Collateral, or to sell, Dispose of or otherwise
liquidate all or any portion of such Collateral, in any manner that would maximize the return to the Third Lien Secured Parties, notwithstanding that the order and timing of any such realization, sale, Disposition or liquidation may affect the
amount of proceeds actually received by the Third Lien Secured Parties from such realization, sale, Disposition or liquidation. Following the Discharge of Second Lien Obligations, the Third Lien Collateral Agent and the other Third Lien Secured
Parties may, subject to any other agreements binding on the Third Lien Collateral Agent or such other Third Lien Secured Parties, assert their rights under the New York UCC or otherwise to any proceeds remaining following a sale, Disposition or
other liquidation of Collateral by, or on behalf of the Third Lien Secured Parties. The Third Lien Collateral Agent, for itself and on behalf of each Third Lien Secured Party, hereby waives any claim any Third Lien Secured Party may now or hereafter
have against the Second Lien Collateral Trustee or any other Second Lien Secured Party arising out of any actions which the Second Lien Collateral Trustee or the Second Lien Secured Parties take or omit to take (including actions with respect to the
creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the Collateral, and actions with respect to the collection of any
claim for all or any part of the Second Lien Obligations from any account debtor, guarantor or any other party) in accordance with this Agreement and the Second Lien Documents or the valuation, use, protection or release of any security for the
Second Lien Obligations. The Priority Lien Agent, for itself and on behalf of each Priority Lien Secured Party, acknowledges and agrees that neither the Second Lien Collateral Trustee nor any other Second Lien Secured Party shall have any duties or
other obligations to such Priority Lien Secured Party with respect to any Collateral, except as expressly set forth in this Agreement. 

ARTICLE III 

ENFORCEMENT RIGHTS; PURCHASE OPTION 

SECTION 3.01 Limitation on Enforcement Action. 

(a) Prior to the Discharge of Priority Lien Obligations, each of the Second Lien Collateral Trustee, for itself and on behalf of each Second
Lien Secured Party, and the Third Lien Collateral Agent, for itself and on behalf of each Third Lien Secured Party, hereby agrees that, subject to Section 3.02, Section 3.05(b) and
Section 4.07, none of the Second Lien Collateral Trustee, any other Second Lien Secured Party, the Third Lien Collateral Agent or any other Third Lien Secured Party shall commence any judicial or nonjudicial foreclosure
proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to
enforce its interest in or realize upon, or take any other action available to it in respect of, any Collateral under any Second Lien Security Document or Third Lien Security Document, as applicable, applicable law or otherwise (including but not
limited to any right of setoff), it being agreed that only the Priority Lien Agent, acting in accordance with the applicable Priority Lien Documents, shall have the 

  
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exclusive right (and whether or not any Insolvency or Liquidation Proceeding has been commenced), to take any such actions or exercise any such remedies, in each case, without any consultation
with or the consent of the Second Lien Collateral Trustee, any other Second Lien Secured Party, the Third Lien Collateral Agent or any other Third Lien Secured Party. In exercising rights and remedies with respect to the Collateral, the Priority
Lien Agent and the other Priority Lien Secured Parties may enforce the provisions of the Priority Lien Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in their sole discretion and regardless of
whether such exercise and enforcement is adverse to the interest of any Second Lien Secured Party or Third Lien Secured Party. Such exercise and enforcement shall include the rights of an agent appointed by them to Dispose of Collateral upon
foreclosure, to incur expenses in connection with any such Disposition and to exercise all the rights and remedies of a secured creditor under the Uniform Commercial Code, the Bankruptcy Code or any other Bankruptcy Law (including, without
limitation, the right to credit bid for all or a portion of the Collateral). Without limiting the generality of the foregoing, prior to the Discharge of Priority Lien Obligations, the Priority Lien Agent will have the exclusive right to deal with
that portion of the Collateral consisting of deposit accounts and securities accounts (collectively “Accounts”), including exercising rights under control agreements with respect to such Accounts. Each of the Second Lien Collateral
Trustee, for itself and on behalf of the other Second Lien Secured Parties and the Third Lien Collateral Agent, for itself and on behalf of the other Third Lien Secured Parties, hereby acknowledges and agrees that no covenant, agreement or
restriction contained in any Second Lien Security Document, any other Second Lien Document, any Third Lien Security Document or any other Third Lien Document, as applicable, other than this Agreement, shall be deemed to restrict in any way the
rights and remedies of the Priority Lien Agent or the other Priority Lien Secured Parties with respect to the Collateral as set forth in this Agreement. Notwithstanding the foregoing, subject to Section 3.05, each of the
Second Lien Collateral Trustee, on behalf of the Second Lien Secured Parties, and the Third Lien Collateral Agent, on behalf of the Third Lien Secured Parties, may, but will have no obligation to, take all such actions (not adverse to the Priority
Liens or the rights of the Priority Lien Agent and the Priority Lien Secured Parties) it deems necessary to perfect or continue the perfection of the Second Liens in the Collateral or to create, preserve or protect (but not enforce) the Second Liens
in the Collateral or to perfect or continue the perfection of the Third Liens in the Collateral or to create, preserve or protect (but not enforce) the Third Liens in the Collateral, as applicable. Nothing herein shall limit the right or ability of
the Second Lien Secured Parties or, if approved in writing in advance by the Second Lien Collateral Trustee (acting in accordance with the applicable Secured Loan Documents), any Third Lien Secured Parties to (i) purchase (by credit bid or
otherwise) all or any portion of the Collateral in connection with any enforcement of remedies by the Priority Lien Agent to the extent that, and so long as, the Priority Lien Secured Parties receive payment in full in cash of all Priority Lien
Obligations (other than the Excess Priority Lien Obligations, except as provided in Section 6.01) after giving effect thereto or (ii) file a proof of claim with respect to the Second Lien Obligations or the Third Lien
Obligations, as applicable. 
 (b) Following the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien
Obligations, the Third Lien Collateral Agent, for itself and on behalf of each Third Lien Secured Party, hereby agrees that, subject to Section 3.02, Section 3.05(b) and
Section 4.07, neither the Third Lien Collateral Agent nor any other Third Lien Secured Party shall commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have

  
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a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any
action to enforce its interest in or realize upon, or take any other action available to it in respect of, any Collateral under any Third Lien Security Document, applicable law or otherwise (including but not limited to any right of setoff), it
being agreed that only the Second Lien Collateral Trustee, acting in accordance with the applicable Second Lien Documents, shall have the exclusive right (and whether or not any Insolvency or Liquidation Proceeding has been commenced), to take any
such actions or exercise any such remedies, in each case, without any consultation with or the consent of the Third Lien Collateral Agent or any other Third Lien Secured Party. In exercising rights and remedies with respect to the Collateral, the
Second Lien Collateral Trustee and the other Second Lien Secured Parties may enforce the provisions of the Second Lien Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in their sole discretion
and regardless of whether such exercise and enforcement is adverse to the interest of any Third Lien Secured Party. Such exercise and enforcement shall include the rights of an agent appointed by them to Dispose of Collateral upon foreclosure, to
incur expenses in connection with any such Disposition and to exercise all the rights and remedies of a secured creditor under the Uniform Commercial Code, the Bankruptcy Code or any other Bankruptcy Law (including, without limitation, the right to
credit bid for all or a portion of the Collateral).    Without limiting the generality of the foregoing, the Second Lien Collateral Trustee will have the exclusive right to deal with the Accounts, including exercising rights
under control agreements with respect to such Accounts. The Third Lien Collateral Agent, for itself and on behalf of the other Third Lien Secured Parties, hereby acknowledges and agrees that no covenant, agreement or restriction contained in any
Third Lien Security Document or any other Third Lien Document shall be deemed to restrict in any way the rights and remedies of the Second Lien Collateral Trustee or the other Second Lien Secured Parties with respect to the Collateral as set forth
in this Agreement. Notwithstanding the foregoing, subject to Section 3.05, the Third Lien Collateral Agent may, but will have no obligation to, on behalf of the Third Lien Secured Parties, take all such actions (not adverse
to the Second Liens or the rights of the Second Lien Collateral Trustee and the Second Lien Secured Parties) it deems necessary to perfect or continue the perfection of the Third Liens in the Collateral or to create, preserve or protect (but not
enforce) the Third Liens in the Collateral. 
 SECTION 3.02 Standstill Periods; Permitted Enforcement Action. 

(a) Prior to the Discharge of Priority Lien Obligations and notwithstanding the foregoing Section 3.01, both before
and during an Insolvency or Liquidation Proceeding: 
 (i) after a period of 180 days has elapsed (which period will be
tolled during any period in which the Priority Lien Agent is not entitled, on behalf of the Priority Lien Secured Parties, to enforce or exercise any rights or remedies with respect to any Collateral as a result of (A) any injunction issued by
a court of competent jurisdiction or (B) the automatic stay or any other stay in any Insolvency or Liquidation Proceeding) since the date on which the Second Lien Collateral Trustee has delivered to the Priority Lien Agent written notice of an
Event of Default under any Second Lien Document arising from the failure to pay any Second Lien Obligations or the acceleration of any Second Lien Debt (the “Second Lien Standstill Period”), the Second Lien Collateral Trustee and
the other Second Lien Secured Parties may enforce or exercise any 

  
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rights or remedies with respect to any Collateral; provided, however that notwithstanding the expiration of the Second Lien Standstill Period or anything in the Second Lien
Collateral Trust Agreement to the contrary, in no event may the Second Lien Collateral Trustee or any other Second Lien Secured Party enforce or exercise any rights or remedies with respect to any Collateral, or commence, join with any Person at any
time in commencing, or petition for or vote in favor of any resolution for, any such action or proceeding, if the Priority Lien Agent on behalf of the Priority Lien Secured Parties or any other Priority Lien Secured Party shall have commenced, and
shall be diligently pursuing (or shall have sought or requested relief from, or modification of, the automatic stay or any other stay or other prohibition in any Insolvency or Liquidation Proceeding to enable the commencement and pursuit thereof),
the enforcement or exercise of any rights or remedies with respect to the Collateral or any such action or proceeding (prompt written notice thereof to be given to the Second Lien Representatives by the Priority Lien Agent); provided,
further, that, at any time after the expiration of the Second Lien Standstill Period, if neither the Priority Lien Agent nor any other Priority Lien Secured Party shall have commenced and be diligently pursuing (or shall have sought or
requested relief from, or modification of, the automatic stay or any other stay or other prohibition in any Insolvency or Liquidation Proceeding to enable the commencement and pursuit thereof) the enforcement or exercise of any rights or remedies
with respect to any material portion of the Collateral or any such action or proceeding, and the Second Lien Collateral Trustee shall have commenced the enforcement or exercise of any rights or remedies with respect to any material portion of the
Collateral or any such action or proceeding, then for so long as the Second Lien Collateral Trustee is diligently pursuing such rights or remedies, none of any Priority Lien Secured Party, the Priority Lien Agent, any Third Lien Secured Party or the
Third Lien Collateral Agent shall take any action of a similar nature with respect to such Collateral, or commence, join with any Person at any time in commencing, or petition for or vote in favor of any resolution for, any such action or
proceeding; and 
 (ii) after a period of 300 days has elapsed (which period will be tolled during any period in which the
Priority Lien Agent is not entitled, on behalf of the Priority Lien Secured Parties, to enforce or exercise any rights or remedies with respect to any Collateral as a result of (A) any injunction issued by a court of competent jurisdiction or
(B) the automatic stay or any other stay in any Insolvency or Liquidation Proceeding) since the date on which the Third Lien Collateral Agent has delivered to the Priority Lien Agent written notice of the acceleration of any Third Lien Debt or,
if later, the last day of the Second Lien Standstill Period (the “Third Lien First Standstill Period”), the Third Lien Collateral Agent and the other Third Lien Secured Parties may enforce or exercise any rights or remedies with
respect to any Collateral; provided, however that notwithstanding the expiration of the Third Lien First Standstill Period or anything in the Third Lien Collateral Trust Agreement to the contrary, in no event may the Third Lien
Collateral Agent or any other Third Lien Secured Party enforce or exercise any rights or remedies with respect to any Collateral, or commence, join with any Person at any time in commencing, or petition for or vote in favor of any resolution for,
any such action or proceeding, if (I) the Priority Lien Agent on behalf of the Priority Lien Secured Parties or any other Priority Lien Secured Party or (II) the Second Lien Collateral Trustee on behalf of the Second Lien Secured Parties
or any other Second Lien Secured Party 

  
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shall have commenced, and shall be diligently pursuing (or shall have sought or requested relief from, or modification of, the automatic stay or any other stay or other prohibition in any
Insolvency or Liquidation Proceeding to enable the commencement and pursuit thereof), the enforcement or exercise of any rights or remedies with respect to the Collateral or any such action or proceeding (prompt written notice thereof to be given to
the Third Lien Representatives by the Priority Lien Agent or the Second Lien Collateral Trustee, as applicable); provided, further, that, at any time after the expiration of the Third Lien First Standstill Period, if none of any
Priority Lien Secured Party, the Priority Lien Agent, any Second Lien Secured Party or the Second Lien Collateral Trustee shall have commenced and be diligently pursuing (or shall have sought or requested relief from, or modification of, the
automatic stay or any other stay or other prohibition in any Insolvency or Liquidation Proceeding to enable the commencement and pursuit thereof) the enforcement or exercise of any rights or remedies with respect to any material portion of the
Collateral or any such action or proceeding, and the Third Lien Collateral Agent shall have commenced the enforcement or exercise of any rights or remedies with respect to any material portion of the Collateral or any such action or proceeding, then
for so long as the Third Lien Collateral Agent is diligently pursuing such rights or remedies, none of any Priority Lien Secured Party, the Priority Lien Agent, any Second Lien Secured Party or the Second Lien Collateral Trustee shall take any
action of a similar nature with respect to such Collateral, or commence, join with any Person at any time in commencing, or petition for or vote in favor of any resolution for, any such action or proceeding. 

(b) Following the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations and notwithstanding the
foregoing Section 3.01, both before and during an Insolvency or Liquidation Proceeding, after a period of 180 days has elapsed or, if later, the last day of the Second Lien Standstill Period (which period will be tolled
during any period in which the Second Lien Collateral Trustee is not entitled, on behalf of the Second Lien Secured Parties, to enforce or exercise any rights or remedies with respect to any Collateral as a result of (A) any injunction issued
by a court of competent jurisdiction or (B) the automatic stay or any other stay in any Insolvency or Liquidation Proceeding) since the date on which the Third Lien Collateral Agent has delivered to the Second Lien Collateral Trustee written
notice of the acceleration of any Third Lien Debt (the “Third Lien Second Standstill Period”), the Third Lien Collateral Agent and the other Third Lien Secured Parties may enforce or exercise any rights or remedies with respect to
any Collateral; provided, however that notwithstanding the expiration of the Third Lien Second Standstill Period or anything in the Third Lien Collateral Trust Agreement to the contrary, in no event may the Third Lien Collateral Agent
or any other Third Lien Secured Party enforce or exercise any rights or remedies with respect to any Collateral, or commence, join with any Person at any time in commencing, or petition for or vote in favor of any resolution for, any such action or
proceeding, if the Second Lien Collateral Trustee on behalf of the Second Lien Secured Parties or any other Second Lien Secured Party shall have commenced, and shall be diligently pursuing (or shall have sought or requested relief from, or
modification of, the automatic stay or any other stay or other prohibition in any Insolvency or Liquidation Proceeding to enable the commencement and pursuit thereof), the enforcement or exercise of any rights or remedies with respect to the
Collateral or any such action or proceeding (prompt written notice thereof to be given to the Third Lien Representatives by the Second Lien Collateral Trustee); provided, further, that, at any time after the expiration of

  
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the Third Lien Second Standstill Period, if neither the Second Lien Collateral Trustee nor any other Second Lien Secured Party shall have commenced and be diligently pursuing (or shall have
sought or requested relief from, or modification of, the automatic stay or any other stay or other prohibition in any Insolvency or Liquidation Proceeding to enable the commencement and pursuit thereof) the enforcement or exercise of any rights or
remedies with respect to any material portion of the Collateral or any such action or proceeding, and the Third Lien Collateral Agent shall have commenced the enforcement or exercise of any rights or remedies with respect to any material portion of
the Collateral or any such action or proceeding, then for so long as the Third Lien Collateral Agent is diligently pursuing such rights or remedies, neither any Second Lien Secured Party nor the Second Lien Collateral Trustee shall take any action
of a similar nature with respect to such Collateral, or commence, join with any Person at any time in commencing, or petition for or vote in favor of any resolution for, any such action or proceeding. 

(c) Second Lien Permitted Actions. Anything to the contrary in this Article III or in any other provision of this Agreement
notwithstanding, Second Lien Collateral Trustee, any Second Lien Representative and /or any Second Lien Secured Party may, subject to the Second Lien Collateral Trust Agreement: 

(i) if an Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, file a claim or statement of
interest with respect to the Second Lien Debt; 
 (ii) take any action (not adverse to the priority status of the Liens on
the Collateral securing the Priority Lien Debt, or the rights of Priority Lien Agent or any other Priority Lien Secured Party to undertake enforcement actions with respect to the Collateral or otherwise) in order to create or perfect its Lien in and
to the Collateral; 
 (iii) file any necessary responsive or defensive pleadings in opposition to any motion, claim,
adversary proceeding, or other pleading made by any person objecting to or otherwise seeking the disallowance of the claims of the Second Lien Secured Parties, including any claims secured by the Collateral, if any; 

(iv) file any pleadings, objections, motions or agreements which assert rights or interests available to, or exercise rights as
(to the extent not prohibited by Section 4.07), unsecured creditors of the Grantors arising under any Insolvency or Liquidation Proceeding or applicable non-bankruptcy law, in each
case not inconsistent with the terms of this Agreement; 
 (v) vote on any plan of reorganization or liquidation and make any
filings (including proofs of claim) and arguments and motions that are, in each case, not in contravention of the provisions of this Agreement, with respect to the Second Lien Debt and the Collateral; 

(vi) seek to enforce any of the terms of the Second Lien Loan Documents to the extent not expressly prohibited by the terms of
this Agreement; 

  
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 (vii) join (but not exercise any control with respect to) any judicial
foreclosure proceeding or other judicial Lien enforcement proceeding with respect to the Collateral initiated by Priority Lien Agent (or any Priority Lien Secured Parties) or by Third Lien Agent (or any Third Lien Secured Parties) to the extent that
any such action could not reasonably be expected, in any material respect, to restrain, hinder, limit, delay for any material period or otherwise interfere with an enforcement action by Priority Lien Agent (it being understood that neither Second
Lien Collateral Trustee nor any Second Lien Secured Party nor Third Lien Agent nor any Third Lien Secured Party shall be entitled to receive any proceeds of any Collateral unless otherwise expressly permitted herein); 

(viii) bid for or purchase Collateral at any public, private or judicial foreclosure upon such Collateral initiated by Priority
Lien Agent or any Priority Lien Secured Party, or any sale of Collateral during an Insolvency Proceeding; provided that such bid may only include a “credit bid” in respect of any Second Lien Debt to the extent that, and so long as,
the Priority Lien Secured Parties receive payment in full in cash of all Priority Lien Obligations (other than the Excess Priority Lien Obligations) after giving effect thereto; and 

(ix) take or otherwise exercise any enforcement actions after the expiration of the Second Lien Standstill Period to the extent
specifically permitted in the second proviso to Section 3.02(a)(i) or with the consent of the Priority Lien Agent or as required by a court of competent jurisdiction. 

SECTION 3.03 Insurance. 

(a) Unless and until the Discharge of Priority Lien Obligations has occurred (subject to the terms of Section 3.02,
including the rights of the Second Lien Secured Parties and the Third Lien Secured Parties following expiration of any applicable Standstill Period), the Priority Lien Agent shall have the sole and exclusive right, subject to the rights of the
Grantors under the Priority Lien Documents, to adjust and settle claims in respect of Collateral under any insurance policy in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed
in lieu of condemnation) affecting the Collateral. Unless and until the Discharge of Priority Lien Obligations has occurred, and subject to the rights of the Grantors under the Priority Lien Documents, all proceeds of any such policy and any such
award (or any payments with respect to a deed in lieu of condemnation) in respect to the Collateral shall, subject to Section 6.01, be paid to the Priority Lien Agent pursuant to the terms of the Priority Lien Documents (including for purposes
of cash collateralization of commitments, letters of credit and Hedging Obligations). If the Second Lien Collateral Trustee, any Second Lien Secured Party, the Third Lien Collateral Agent or any Third Lien Secured Party shall, at any time, receive
any proceeds of any such insurance policy or any such award or payment in contravention of the foregoing, it shall, subject to Section 6.01, pay such proceeds over to the Priority Lien Agent. In addition, if by virtue of being named as an
additional insured or loss payee of any insurance policy of any Grantor covering any of the Collateral, the Second Lien Collateral Trustee, any other Second Lien Secured Party, the Third Lien Collateral Agent or any other Third Lien Secured Party
shall have the right to adjust or settle any claim under any such insurance policy, then unless and until the Discharge of Priority Lien Obligations has occurred, the Second Lien Collateral Trustee, any such Second Lien Secured Party, the Third Lien
Collateral Agent and any such Third Lien Secured Party shall, until the Discharge of 

  
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Priority Lien Obligations has occurred, follow the instructions of the Priority Lien Agent, or of the Grantors under the Priority Lien Documents to the extent the Priority Lien Documents grant
such Grantors the right to adjust or settle such claims, with respect to such adjustment or settlement (subject to the terms of Section 3.02, including the rights of the Second Lien Secured Parties and the Third Lien
Secured Parties following expiration of any applicable Standstill Period). 
 (b) Following the Discharge of Priority Lien Obligations but
prior to the Discharge of Second Lien Obligations (subject to the terms of Section 3.02, including the rights of the Third Lien Secured Parties following expiration of the Third Lien Second Standstill Period), the Second
Lien Collateral Trustee shall have the sole and exclusive right, subject to the rights of the Grantors under the Second Lien Documents, to adjust and settle claims in respect of Collateral under any insurance policy in the event of any loss
thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting the Collateral. Unless and until the Discharge of Second Lien Obligations has occurred, and subject to the rights
of the Grantors under the Second Lien Documents, all proceeds of any such policy and any such award (or any payments with respect to a deed in lieu of condemnation) in respect to the Collateral shall, subject to Section 6.01, be paid to the
Second Lien Collateral Trustee pursuant to the terms of the Second Lien Documents and, after the Discharge of Second Lien Obligations has occurred, to the Priority Lien Agent to the extent necessary to satisfy the requirements of Section
6.01(a)(iii) and, thereafter, the Third Lien Collateral Agent to the extent required under the Third Lien Documents and then, to the extent no Third Lien Obligations are outstanding, to the owner of the subject property, to such other Person as may
be entitled thereto or as a court of competent jurisdiction may otherwise direct. If the Third Lien Collateral Agent or any Third Lien Secured Party shall, at any time following the Discharge of Priority Lien Obligations but prior to the Discharge
of Second Lien Obligations, receive any proceeds of any such insurance policy or any such award or payment in contravention of the foregoing, it shall, subject to Section 6.01, pay such proceeds over to the Second Lien Collateral Trustee. In
addition, if by virtue of being named as an additional insured or loss payee of any insurance policy of any Grantor covering any of the Collateral, the Third Lien Collateral Agent or any other Third Lien Secured Party shall have the right to adjust
or settle any claim under any such insurance policy, then unless and until the Discharge of Second Lien Obligations has occurred, the Third Lien Collateral Agent and any such Third Lien Secured Party shall, until the Discharge of Second Lien
Obligations has occurred, follow the instructions of the Second Lien Collateral Trustee, or of the Grantors under the Second Lien Documents to the extent the Second Lien Documents grant such Grantors the right to adjust or settle such claims, with
respect to such adjustment or settlement (subject to the terms of Section 3.02, including the rights of the Third Lien Secured Parties following expiration of the Third Lien Second Standstill Period). 

SECTION 3.04 Notification of Release of Collateral, Enforcement Action and Default. 

(a) Each of the Priority Lien Agent, the Second Lien Collateral Trustee and the Third Lien Collateral Agent shall give the other Secured Debt
Representatives prompt written notice of the Disposition by it of, and/or Release by it of the Lien on, any Collateral. Such notice shall describe in reasonable detail the subject Collateral, the parties involved in such Disposition or Release, the
place, time, manner and method thereof, and the consideration, if any, received therefor; provided, however, that the failure to give any such notice shall not in and of itself in any way impair the effectiveness of any such
Disposition or Release. 

  
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 (b) Priority Lien Agent shall provide reasonable prior notice (and, in all events, not less than
five Business Days) to Second Lien Collateral Trustee and to Third Lien Collateral Agent, and on a confidential basis, of its initial material enforcement action against the Collateral, other than any notice sent to a depository bank or the exercise
of any set off rights. Second Lien Collateral Trustee shall provide reasonable prior notice (and, in all events, not less than five Business Days) to Priority Lien Agent (prior to the Discharge of Priority Lien Obligations) and to Third Lien
Collateral Agent of its initial material enforcement action against the Collateral. Third Lien Collateral Agent shall provide reasonable prior notice (and, in all events, not less than five Business Days) to Priority Lien Agent (prior to the
Discharge of Priority Lien Obligations) and to Second Lien Collateral Trustee (prior to the Discharge of Second Lien Obligations) of its initial material enforcement action against the Collateral. Notwithstanding the foregoing, (i) in no event
shall the failure to deliver any notice required pursuant to this clause (b) affect the validity or enforceability of the applicable enforcement action for which notice should have been provided under this clause (b) and (ii)
no party hereto shall object to or challenge (or have any right to object to or challenge), in a proceeding or otherwise, the validity or enforceability of such enforcement action as a result of the failure to deliver such notice. 

(c) Each of the Priority Lien Agent, the Second Lien Collateral Trustee and the Third Lien Collateral Agent shall give the other Secured Debt
Representatives prompt written notice (and, in all events, within 3 Business Days) of any Event of Default (in each case as defined in the applicable Secured Debt Documents) to the extent that notice of such Event of Default is being provided by
such Secured Debt Representative (or any Secured Parties) to any Grantor; provided that, notwithstanding the foregoing, (i) in no event shall the failure to deliver any notice required pursuant to this clause (c) affect the
ability of such Person responsible for delivery of such notice from exercising any rights or remedies available to it hereunder with respect to such Event of Default or the validity or enforceability of any such exercise of rights or remedies and
(ii) no party hereto shall object to or challenge (or have any right to object to or challenge), in a proceeding or otherwise, the validity or enforceability of such exercise of rights or remedies as a result of the failure to deliver such
notice. 
 SECTION 3.05 No Interference; Payment Over. 

(a) No Interference. 

(i) The Second Lien Collateral Trustee, for itself and on behalf of each Second Lien Secured Party, agrees that each Second
Lien Secured Party (A) will not take or cause to be taken any action the purpose or effect of which is, or could be, to make any Second Lien pari passu with, or to give such Second Lien Secured Party any preference or priority relative
to, any Priority Lien with respect to the Collateral or any part thereof, (B) will not (I) challenge or question in any proceeding the validity or enforceability of any Priority Lien Obligations or Priority Lien Document, or the validity
or enforceability of the priorities, rights or duties established by the provisions of this 

  
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Agreement or (II) initiate a challenge or question in any proceeding the validity, attachment, perfection or priority of any Priority Lien, (C) will not take or cause to be taken any
action the purpose or effect of which is to materially interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other Disposition of the Collateral by any Priority Lien Secured Party or the
Priority Lien Agent acting on their behalf, (D) shall have no right to (I) direct the Priority Lien Agent or any other Priority Lien Secured Party to exercise any right, remedy or power with respect to any Collateral or (II) consent
to the exercise by the Priority Lien Agent or any other Priority Lien Secured Party of any right, remedy or power with respect to any Collateral, (E) will not institute any suit or assert in any suit or Insolvency or Liquidation Proceeding any
claim against the Priority Lien Agent or other Priority Lien Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to, and neither the Priority Lien Agent nor any other Priority
Lien Secured Party shall be liable for, any action taken or omitted to be taken by the Priority Lien Agent or other Priority Lien Secured Party with respect to any Priority Lien Collateral, (F) will not seek (or support any party seeking), and
hereby waives any right, to have any Collateral or any part thereof marshaled upon any foreclosure or other Disposition of such Collateral, (G) will not attempt, directly or indirectly, whether by judicial proceedings or otherwise, to challenge
the enforceability of any provision of this Agreement, (H) will not object to forbearance by the Priority Lien Agent or any Priority Lien Secured Party, and (I) will not assert (or support any party asserting), and hereby waives, to the
fullest extent permitted by law, any right to demand, request, plead or otherwise assert or claim the benefit of any marshalling, appraisal, valuation or other similar right that may be available under applicable law with respect to the Collateral
or any similar rights a junior secured creditor may have under applicable law; and 
 (ii) The Third Lien Collateral Agent,
for itself and on behalf of each Third Lien Secured Party, agrees that each Third Lien Secured Party (A) will not take or cause to be taken any action the purpose or effect of which is, or could be, to make any Third Lien pari passu
with, or to give such Third Lien Secured Party any preference or priority relative to, any Priority Lien or Second Lien with respect to the Collateral or any part thereof, (B) will not (I) challenge or question in any proceeding the
validity or enforceability of any Priority Lien Obligations, Priority Lien Document, Second Lien Obligations or Second Lien Document, or the validity or enforceability of the priorities, rights or duties established by the provisions of this
Agreement or (II) initiate a challenge or question in any proceeding the validity, attachment, perfection or priority of any Priority Lien or any Second Lien, (C) will not take or cause to be taken any action the purpose or effect of which
is to materially interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other Disposition of the Collateral by any Priority Lien Secured Party or the Priority Lien Agent acting on their behalf
or by any Second Lien Secured Party or the Second Lien Collateral Trustee acting on their behalf, (D) shall have no right to (I) direct the Priority Lien Agent, any other Priority Lien Secured Party, the Second Lien Collateral Trustee or
any other Second Lien Secured Party to exercise any right, remedy or power with respect to any Collateral or (II) consent to the exercise by the Priority Lien Agent, any other Priority Lien Secured Party, the Second Lien Collateral Trustee or
any other Second Lien Secured Party of any right, remedy or power with respect to any Collateral, (E) will not institute any suit or 

  
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assert in any suit or Insolvency or Liquidation Proceeding any claim against the Priority Lien Agent, any other Priority Lien Secured Party, the Second Lien Collateral Trustee or any other Second
Lien Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to, and none of the Priority Lien Agent, any other Priority Lien Secured Party, the Second Lien Collateral Trustee or any
other Second Lien Secured Party shall be liable for, any action taken or omitted to be taken by the Priority Lien Agent, any other Priority Lien Secured Party, the Second Lien Collateral Trustee or any other Second Lien Secured Party with respect to
any Priority Lien Collateral or Second Lien Collateral, as applicable, (F) will not seek (or support any party seeking), and hereby waives any right, to have any Collateral or any part thereof marshaled upon any foreclosure or other Disposition
of such Collateral, (G) will not attempt, directly or indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement, (H) will not object to forbearance by the Priority Lien
Agent, any Priority Lien Secured Party, the Second Lien Collateral Trustee or any Second Lien Secured Party and (I) will not assert (or support any party asserting), and hereby waives, to the fullest extent permitted by law, any right to
demand, request, plead or otherwise assert or claim the benefit of any marshalling, appraisal, valuation or other similar right that may be available under applicable law with respect to the Collateral or any similar rights a junior secured creditor
may have under applicable law. 
 (b) Payment Over. 

(i) Each of the Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, and the Third
Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, hereby agrees that if any Second Lien Secured Party or Third Lien Secured Party, as applicable, shall obtain possession of any Collateral or shall realize any
proceeds or payment in respect of any Collateral (or any Second Lien Secured Party or Third Lien Secured Party shall receive any distribution of cash, property, or debt or equity securities in full or partial satisfaction or waiver of any of its
claims against any Grantor in any Insolvency or Liquidation Proceeding), pursuant to the exercise of any rights or remedies with respect to the Collateral under any Second Lien Security Document or Third Lien Security Document, as applicable, or by
the exercise of any rights available to it under applicable law or in any Insolvency or Liquidation Proceeding, at any time prior to the Discharge of Priority Lien Obligations secured by such Collateral, then it shall hold such Collateral, proceeds,
distribution or payment in trust for the Priority Lien Agent and the other Priority Lien Secured Parties and transfer such Collateral, proceeds, distributions or payment, as the case may be, to the Priority Lien Agent as promptly as practicable.
Furthermore, the Second Lien Collateral Trustee or the Third Lien Collateral Agent, as applicable, shall, at the Grantors’ expense, promptly send written notice to the Priority Lien Agent upon receipt of such Collateral by any Second Lien
Secured Party or Third Lien Secured Party, as applicable, proceeds or payment and if directed by the Priority Lien Agent within five (5) days after receipt by the Priority Lien Agent of such written notice, shall, to the extent consistent
with Section 6.01(a), deliver such Collateral, proceeds or payment to the Priority Lien Agent in the same form as received, with any necessary endorsements, or as court of competent jurisdiction may otherwise direct. The Priority Lien Agent
is hereby 

  
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authorized to make any such endorsements as agent for the Second Lien Collateral Trustee, any other Second Lien Secured Party, the Third Lien Collateral Agent or any other Third Lien Secured
Party, as applicable. Each of the Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, and the Third Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, agrees that if,
at any time, it obtains written notice that all or part of any payment with respect to any Priority Lien Obligations previously made shall be rescinded for any reason whatsoever, it will, to the extent consistent with Section 6.01(a),
promptly pay over to the Priority Lien Agent any payment received by it and then in its possession or under its direct control in respect of any such Priority Lien Collateral and shall, to the extent consistent with Section 6.01(a), promptly
turn any such Collateral then held by it over to the Priority Lien Agent, and the provisions set forth in this Agreement will be reinstated as if such payment had not been made, until the Discharge of Priority Lien Obligations. All Second Liens and
Third Liens will remain attached to and enforceable against all proceeds so held or remitted, subject to the priorities set forth in this Agreement. Notwithstanding anything to the contrary contained herein, this
Section 3.05(b) shall not apply to any proceeds of Collateral realized in a transaction not prohibited by the Priority Lien Documents and as to which the possession or receipt thereof by the Second Lien Collateral Trustee,
any other Second Lien Secured Party, the Third Lien Collateral Agent or any other Third Lien Secured Party, as applicable, is otherwise permitted by the Priority Lien Documents. 

(ii) The Third Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, hereby agrees that if
any Third Lien Secured Party shall obtain possession of any Collateral or shall realize any proceeds or payment in respect of any Collateral (or shall receive any distribution of cash, property, or debt or equity securities in full or partial
satisfaction or waiver of any of its claims against any Grantor in any Insolvency or Liquidation Proceeding), pursuant to the exercise of any rights or remedies with respect to the Collateral under any Third Lien Security Document or by the exercise
of any rights available to it under applicable law or in any Insolvency or Liquidation Proceeding, at any time following the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations secured, or intended to be
secured, by such Collateral, then it shall hold such Collateral, proceeds, distribution or payment in trust for the Second Lien Collateral Trustee and the other Second Lien Secured Parties and transfer such Collateral, proceeds, distribution or
payment, as the case may be, to the Second Lien Collateral Trustee as promptly as practicable. Furthermore, the Third Lien Collateral Agent shall, at the Grantors’ expense, promptly send written notice to the Second Lien Collateral Trustee upon
receipt of such Collateral by any Third Lien Secured Party, proceeds or payment and if directed by the Second Lien Collateral Trustee within five (5) days after receipt by the Second Lien Collateral Trustee of such written notice, shall
deliver such Collateral, proceeds or payment to the Second Lien Collateral Trustee in the same form as received, with any necessary endorsements, or as court of competent jurisdiction may otherwise direct. The Second Lien Collateral Trustee is
hereby authorized to make any such endorsements as agent for the Third Lien Collateral Agent or any other Third Lien Secured Party. The Third Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, agrees that if, at
any time, it obtains written notice that all or part of any payment with respect to any Second Lien 

  
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Obligations previously made shall be rescinded for any reason whatsoever, it will promptly pay over to the Second Lien Collateral Trustee any payment received by it and then in its possession or
under its direct control in respect of any such Second Lien Collateral and shall promptly turn any such Collateral then held by it over to the Second Lien Collateral Trustee, and the provisions set forth in this Agreement will be reinstated as if
such payment had not been made, until the Discharge of Second Lien Obligations. All Third Liens will remain attached to and enforceable against all proceeds so held or remitted, subject to the priorities set forth in this Agreement. 

SECTION 3.06 Purchase Option. 

(a) Notwithstanding anything in this Agreement to the contrary, on or at any time after (i) the commencement of an Insolvency or
Liquidation Proceeding, (ii) the acceleration of the Priority Lien Obligations or the termination of any commitments under the Priority Credit Agreement (other than by the Company), (iii) the exercise or undertaking of any enforcement action,
or rights of set-off, in respect of any Collateral by any Priority Lien Secured Parties under any Priority Lien Document, (iv) the occurrence of any default or event of default under any Priority Lien
Document (or upon the effectiveness of any amendment, waiver, consent or modification of any Priority Lien Documents, which would prevent the occurrence of, or waive, any default or event of default under any Priority Lien Documents), (v) the
delivery of any Priority Lien Release Notice or any failure of the Priority Lien Agent to deliver any required Priority Lien Release Notice in accordance with this Agreement, (vi) the proposal of any DIP Financing, (vii) the delivery of
any Section 363 Notice or the occurrence of any Section 363 Event, or (viii) the occurrence of any default or termination event under an order approving the use of cash collateral of the Priority Lien Secured Parties or any order
approving a DIP Financing provided by any of the Priority Lien Secured Parties, each of the holders of the Second Lien Debt and each of their respective Affiliates or designees (such holders and their respective Affiliates that make such election,
the “Second Lien Purchasers”) will have the several right, at their respective sole option and election (but will not be obligated) (provided that in the event of a conflicting or inconsistent exercise of such election by
more than one Second Lien Purchaser, the ROFO Agent, in its sole discretion, shall determine which election(s) shall be valid and effective for purposes of this Section 3.06, it being understood that if Hamblin Watsa
Investment Counsel Ltd. (or any its affiliates) shall have exercised such right at any time it shall have preference over any such right of any other Second Lien Purchasers) at any time upon prior written notice from (or on behalf of) the Second
Lien Purchasers to the Priority Lien Agent, to purchase from the Priority Lien Secured Parties (A) all (but not less than all) Priority Lien Obligations (including unfunded commitments) other than any Priority Lien Obligations constituting
Excess Priority Lien Obligations and (B) if applicable, all loans (and related obligations, including interest, fees and reasonable and documented expenses) provided by any of the Priority Lien Secured Parties in connection with a DIP Financing
that are outstanding on the date of such purchase. Promptly following the receipt of such notice, the Priority Lien Agent will deliver to the Second Lien Representatives a statement of the amount of Priority Lien Debt, other Priority Lien
Obligations (other than any Priority Lien Obligations constituting Excess Priority Lien Obligations) and DIP Financing (including interest, fees, expenses and other obligations in respect of such DIP Financing) provided by any of the Priority Lien
Secured Parties, if any, then outstanding and the amount of the cash collateral requested by the Priority Lien Agent to be delivered pursuant to Section 3.06(b)(ii) below. The right to purchase provided

  
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for in this Section 3.06 will expire unless, (1) within 20 Business Days after the receipt by the Second Lien Representatives of such statement of obligations from
the Priority Lien Agent, any Second Lien Representative delivers to the Priority Lien Agent an irrevocable commitment of the Second Lien Purchasers to purchase (A) all (but not less than all) of the Priority Lien Obligations (including unfunded
commitments) other than any Priority Lien Obligations constituting Excess Priority Lien Obligations and (B) if applicable, all loans (and related obligations, including interest, fees and expenses) provided by any of the Priority Lien Secured
Parties in connection with a DIP Financing and to otherwise complete such purchase on the terms set forth under this Section 3.06, and (2) within an additional 10 Business Days, closes such purchases provided below.

 (b) On the date specified by any Second Lien Representative (on behalf of the Second Lien Purchasers) in such irrevocable commitment
(which shall not be less than five Business Days nor more than 15 Business Days, after the receipt by the Priority Lien Agent of such irrevocable commitment), the Priority Lien Secured Parties shall sell to the Second Lien Purchasers (i) all
(but not less than all) Priority Lien Obligations (including unfunded commitments) other than any Priority Lien Obligations constituting Excess Priority Lien Obligations and (ii) if applicable, all loans (and related obligations, including
interest, fees and expenses) provided by any of the Priority Lien Secured Parties in connection with a DIP Financing that are outstanding on the date of such sale, subject to any required approval of any Governmental Authority then in effect, if
any, and only if on the date of such sale, the Priority Lien Agent receives the following: 
 (i) payment, as the purchase
price for all Priority Lien Obligations sold in such sale, of an amount equal to the full amount of (i) all Priority Lien Obligations (other than outstanding letters of credit as referred to in clause (ii) below) other than any
Priority Lien Obligations constituting Excess Priority Lien Obligations and (ii) if applicable, all loans (and related obligations, including interest, fees and expenses) provided by any of the Priority Lien Secured Parties in connection with a
DIP Financing then outstanding (including principal, interest, fees, reasonable attorneys’ fees and legal expenses, but excluding contingent indemnification obligations for which no claim or demand for payment has been made at or prior to such
time); provided that in the case of Hedging Obligations that constitute Priority Lien Obligations the Second Lien Purchasers shall cause the applicable agreements governing such Hedging Obligations to be assigned and novated or, if such
agreements have been terminated, such purchase price shall include an amount equal to the sum of any unpaid amounts then due in respect of such Hedging Obligations, calculated using the market quotation method and after giving effect to any netting
arrangements; 
 (ii) a cash collateral deposit in such amount as the Priority Lien Agent determines is reasonably necessary
to secure the payment of any outstanding letters of credit constituting Priority Lien Obligations that may become due and payable after such sale (but not in any event in an amount greater than one hundred five percent (105%) of the amount then
reasonably estimated by the Priority Lien Agent to be the aggregate outstanding amount of such letters of credit at such time), which cash collateral shall be (A) held by the Priority Lien Agent as security solely to reimburse the issuers of
such letters of credit that become due and payable after such sale and any fees and expenses 

  
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incurred in connection with such letters of credit and (B) returned to the Second Lien Collateral Trustee (except as may otherwise be required by applicable law or any order of any court or
other Governmental Authority) promptly after the expiration or termination from time to time of all payment contingencies affecting such letters of credit (and, in all events, within 5 Business Days after Priority Lien Agent’s knowledge of such
expiration or termination); and 
 (iii) any customary agreements, documents or instruments which the Priority Lien Agent may
reasonably request pursuant to which the applicable Second Lien Representatives (or any other representative appointed by the holders of a majority in aggregate principal amount of the Second Lien Debt then outstanding) and the Second Lien
Purchasers in such sale expressly assume and adopt all of the obligations of the Priority Lien Agent and the Priority Lien Secured Parties under the Priority Lien Documents and in connection with loans (and related obligations, including interest,
fees and expenses) provided by any of the Priority Lien Secured Parties in connection with a DIP Financing on and after the date of the purchase and sale and the applicable Second Lien Representatives (or any other representative appointed by the
holders of a majority in aggregate principal amount of the Second Lien Debt then outstanding) becomes a successor agent thereunder. 
 (c)
Such purchase of the Priority Lien Obligations (including unfunded commitments) and any loans provided by any of the Priority Lien Secured Parties in connection with a DIP Financing shall be made on a pro rata basis among the Second Lien
Purchasers giving notice to the Priority Lien Agent of their interest to exercise the purchase option hereunder according to each such Second Lien Purchaser’s portion of the Second Lien Debt outstanding on the date of purchase or such portion
as such Second Lien Purchasers may otherwise agree among themselves. Such purchase price and cash collateral shall be remitted by wire transfer in federal funds to such bank account of the Priority Lien Agent as the Priority Lien Agent may designate
in writing to the Second Lien Collateral Trustee for such purpose. Interest shall be calculated to but excluding the Business Day on which such sale occurs if the amounts so paid by the Second Lien Purchasers to the bank account designated by the
Priority Lien Agent are received in such bank account prior to 12:00 noon, New York City time, and interest shall be calculated to and including such Business Day if the amounts so paid by the Second Lien Purchasers to the bank account designated by
the Priority Lien Agent are received in such bank account later than 12:00 noon, New York City time. 
 (d) Such sale shall be expressly made
without representation or warranty of any kind by the Priority Lien Secured Parties as to the Priority Lien Obligations, the Collateral or otherwise and without recourse to any Priority Lien Secured Party, except that the Priority Lien Secured
Parties shall represent and warrant severally as to the Priority Lien Obligations (including unfunded commitments) and any loans provided by any of the Priority Lien Secured Parties in connection with a DIP Financing then owing to it: (i) that
such applicable Priority Lien Secured Party own such Priority Lien Obligations (including unfunded commitments) and any loans provided by any of the Priority Lien Secured Parties in connection with a DIP Financing; and (ii) that such applicable
Priority Lien Secured Party has the necessary corporate or other governing authority to assign such interests. 

  
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 (e) After such sale becomes effective, the outstanding letters of credit will remain enforceable
against the issuers thereof and will remain secured by the Priority Liens upon the Collateral in accordance with the applicable provisions of the Priority Lien Documents as in effect at the time of such sale, and the issuers of letters of credit
will remain entitled to the benefit of the Priority Liens upon the Collateral and sharing rights in the proceeds thereof in accordance with the provisions of the Priority Lien Documents as in effect at the time of such sale, as fully as if the sale
of the Priority Lien Debt had not been made, but only the Person or successor agent to whom the Priority Liens are transferred in such sale will have the right to foreclose upon or otherwise enforce the Priority Liens and only the Second Lien
Purchasers in the sale will have the right to direct such Person or successor as to matters relating to the foreclosure or other enforcement of the Priority Liens. 

(f) Each Grantor irrevocably consents to any assignment effected to one or more Second Lien Purchasers pursuant to this
Section 3.06 (so long as they meet all eligibility standards contained in all relevant Priority Lien Documents, other than obtaining the consent of any Grantor to an assignment to the extent required by such Priority Lien
Documents; provided, that for purposes of determining such eligibility standards Fairfax Financial Holdings Limited and its Affiliates and subsidiaries (other than, for the avoidance of doubt, the Company and its Subsidiaries) and ESAS and
its Affiliates and Subsidiaries (other than, for the avoidance of doubt, the Company and its Subsidiaries) shall not be deemed to be Affiliates of the Company and shall, in all events, be deemed to meet all eligibility standards contained in all
relevant Priority Lien Documents) for purposes of all Priority Lien Documents and hereby agrees that no further consent from such Grantor shall be required. 

ARTICLE IV 
 OTHER
AGREEMENTS 
 SECTION 4.01 Release of Liens; Automatic Release of Second Liens and Third Liens. 

(a) Prior to the Discharge of Priority Lien Obligations, each of the Second Lien Collateral Trustee, for itself and on behalf of each other
Second Lien Secured Party, and the Third Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, agrees that, in the event the Priority Lien Agent or the requisite Priority Lien Secured Parties under the Priority Lien
Documents release the Priority Lien on any Collateral, each of the Second Lien and Third Lien on such Collateral shall terminate and be released (automatically and without further action) to the extent that (i) such release is permitted under
the Second Lien Documents and the Third Lien Documents, as applicable, (ii) if the notice required by the penultimate sentence of this Section 4.01(a) has been provided (subject to the proviso therein), such release is effected in
connection with the Priority Lien Agent’s foreclosure upon, or other exercise of rights or remedies with respect to, such Collateral, or (iii) such release is effected in connection with a sale or other Disposition of any Collateral (or
any portion thereof) under Section 363 of the Bankruptcy Code or any other provision of the Bankruptcy Code if the requisite Priority Lien Secured Parties under the Priority Lien Documents shall have consented to such sale or Disposition of
such Collateral; provided that, in the case of each of clauses (i), (ii) and (iii), the Second Liens and Third Liens on such Collateral shall attach to (and shall remain

  
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subject and subordinate to all Priority Liens securing Priority Lien Obligations, subject to the Priority Lien Cap and, in the case of the Third Liens, shall remain subject and subordinate to
(I) all Priority Liens securing Priority Lien Obligations, subject to the Priority Lien Cap and (II) all Second Liens securing Second Lien Obligations) any proceeds of a sale, transfer or other Disposition of Collateral not paid to the
Priority Lien Secured Parties or that remain after the Discharge of Priority Lien Obligations. The Priority Lien Agent agrees to give the Second Lien Collateral Trustee and the Third Lien Collateral Agent not less than 10 Business Days advance
written notice of any proposed release pursuant to clauses (ii) and (iii) (other than pursuant to Section 363 or Section 1129 of the Bankruptcy Code) of this Section 4.01(b) (provided that such notice shall
not be required to the extent extraordinary exigent circumstances shall arise that would irrevocably substantially impair the rights of the Priority Lien Secured Parties if such release were to be delayed by such 10 Business Day period) (each such
notice, a “Priority Lien Release Notice”). Notwithstanding the foregoing in this Section 4.01(c), if the Second Lien Purchasers have exercised their purchase option (or have committed to exercise their purchase option)
pursuant to Section 3.06(d), no release pursuant to clauses (ii) and (iii) of this Section 4.01(e) shall be permitted under this Section 4.01(b) to the extent (and only to the extent) that the Second Lien
Purchasers shall not have defaulted on their obligations to consummate the purchase of the Priority Lien Debt and other amounts contemplated by Section 3.06(a). 

(b) Following the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations, the Third Lien Collateral
Agent, for itself and on behalf of each other Third Lien Secured Party, agrees that, in the event that the Second Lien Collateral Trustee or the requisite Second Lien Secured Parties under the Second Lien Documents release the Second Lien on any
Collateral, the Third Lien on such Collateral shall terminate and be released automatically and without further action if (i) such release is permitted under the Third Lien Documents, (ii) such release is effected in connection with the
Second Lien Collateral Trustee’s foreclosure upon, or other exercise of rights or remedies with respect to, such Collateral, or (iii) such release is effected in connection with a sale or other Disposition of any Collateral (or any portion
thereof) under Section 363 or Section 1129 of the Bankruptcy Code or any other provision of the Bankruptcy Code if the requisite Second Lien Secured Parties under the Second Lien Documents shall have consented to such sale or Disposition
of such Collateral; provided that, in the case of each of clauses (i), (ii) and (iii), the Third Liens on such Collateral shall attach to (and shall remain subject and subordinate to all Second Liens
securing Second Lien Obligations) any proceeds of a sale, transfer or other Disposition of Collateral not paid to the Second Lien Secured Parties or that remain after the Discharge of Second Lien Obligations. 

(c) Upon the receipt of an Officers’ Certificate or any corresponding provision of the Third Lien Collateral Trust Agreement, each of the
Second Lien Collateral Trustee and the Third Lien Collateral Agent agrees to execute and deliver (at the sole cost and expense of the Grantors) all such releases and other instruments as shall reasonably be requested by the Priority Lien Agent or
the Second Lien Collateral Trustee, as applicable, to evidence and confirm any release of Collateral provided for in this Section 4.01. 

  
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 SECTION 4.02 Certain Agreements With Respect to Insolvency or Liquidation
Proceedings. 
 (a) The parties hereto, which for avoidance of doubt includes the Grantors, acknowledge that this Agreement is a
“subordination agreement” under Section 510(a) of the Bankruptcy Code and shall continue in full force and effect, notwithstanding the commencement of any Insolvency or Liquidation Proceeding by or against the Company or any of its
subsidiaries. All references in this Agreement to the Company or any of its subsidiaries or any other Grantor will include such Person or Persons as a
debtor-in-possession and any receiver or trustee for such Person or Persons in an Insolvency or Liquidation Proceeding. For the purposes of this
Section 4.02, unless otherwise expressly provided herein, clauses (b) through and including (o) shall be in full force and effect prior to the Discharge of Priority Lien Obligations and
clauses (g) and (p) through and including (cc) shall be in full force and effect prior to the Discharge of Second Lien Obligations. 

(b) If the Company or any of its subsidiaries shall become subject to any Insolvency or Liquidation Proceeding and shall, as debtor(s)-in-possession, or if any receiver or trustee for such Person or Persons shall, move for approval of financing (“DIP Financing”) to be provided by
one or more lenders, which may include the Priority Lien Secured Parties (with respect to a DIP Financing prior to the Discharge of the Priority Lien Obligations), or the Second Lien Representatives or Second Lien Secured Parties (which, for any DIP
Financing proposed prior to the Discharge of the Priority Lien Obligations, shall be a Permitted Junior DIP Financing or a DIP Financing consented to by the Priority Lien Secured Parties) (the “DIP Lenders”) under Section 364
of the Bankruptcy Code or the use of cash collateral under Section 363 of the Bankruptcy Code, (i) the Second Lien Collateral Trustee, for itself and on behalf of each Second Lien Secured Party, agrees that neither it nor any other Second
Lien Secured Party and (ii) the Third Lien Collateral Agent, for itself and on behalf of each Third Lien Secured Party, agrees that neither it nor any other Third Lien Secured Party, will raise any objection, contest or oppose, and each Second
Lien Secured Party and Third Lien Secured Party will waive any claim such Person may now or hereafter have, to any such financing or to the Liens on the Collateral securing the same (“DIP Financing Liens”), or to any use, sale or
lease of cash collateral that constitutes Collateral or to any grant of administrative expense priority under Section 364 of the Bankruptcy Code, unless (A) the Priority Lien Agent or the Priority Lien Secured Parties oppose or object to
such DIP Financing or cash collateral use or such DIP Financing Liens, (B) the maximum principal amount of indebtedness permitted under such DIP Financing exceeds the sum of (I) the amount of Priority Lien Obligations which shall be
refinanced with the proceeds thereof (not including the amount of any Excess Priority Lien Obligations) and (II) $100,000,000, (C) the terms of such DIP Financing (I) provide for the sale or disposition of a substantial part of the
Collateral and a Discharge of Priority Lien Obligations is not effected substantially contemporaneously with such sale or disposition or (II) require the confirmation of a plan of reorganization or liquidation containing specific terms or
provisions other than repayment in cash of such DIP Financing on the effective date thereof or a Discharge of Priority Lien Obligations on the effective date thereof, (D) the terms of the proposed DIP Financing are not commercially reasonable
under the circumstances (as reasonably determined in good faith by the Board of Directors of the Borrower), (E) the Second Lien Secured Parties or the Third Lien Secured Parties are not permitted to seek adequate protection to the extent permitted
by Section 4.02(f) or (F) such DIP Financing directly or indirectly provides for, or has the effect of providing for, the payment (whether in cash or otherwise) of any Excess Priority Lien Obligations prior to the Discharge of the Second
Lien Obligations. To the extent such DIP Financing Liens are senior to, or rank pari passu with, the Priority Liens, (1) the Second Lien 

  
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Collateral Trustee will, for itself and on behalf of the other Second Lien Secured Parties, subordinate the Second Liens on the Collateral to the Priority Liens and to such DIP Financing Liens,
so long as the Second Lien Collateral Trustee, on behalf of the Second Lien Secured Parties, retains Liens on all the Collateral, including proceeds thereof arising after the commencement of any Insolvency or Liquidation Proceeding, with the same
priority relative to the Priority Liens and the Third Liens as existed prior to the commencement of the case under the Bankruptcy Code and (2) the Third Lien Collateral Agent will, for itself and on behalf of the other Third Lien Secured
Parties, subordinate the Third Liens on the Collateral to the Priority Liens, the Second Liens and to such DIP Financing Liens, so long as the Third Lien Collateral Agent, on behalf of the Third Lien Secured Parties, retains Liens on all the
Collateral, including proceeds thereof arising after the commencement of any Insolvency or Liquidation Proceeding, with the same priority relative to the Priority Liens and the Second Liens as existed prior to the commencement of the case under the
Bankruptcy Code. All Liens granted to Priority Lien Agent or Second Lien Collateral Trustee or Third Lien Collateral Agent in any Insolvency Proceeding, whether as adequate protection or otherwise, are intended by the parties to be and shall be
deemed to be subject to the Lien priorities in Section 2.01 and the other terms and conditions of this Agreement. Notwithstanding anything in this Section 4.02(b) to the contrary, nothing shall preclude (i) the
Priority Lien Secured Parties from proposing a DIP Financing or objecting to or opposing any DIP Financing on the basis that they are willing to provide a DIP Financing, and (ii) nothing shall preclude the Second Lien Representatives or Second
Lien Secured Parties from proposing a Permitted Junior DIP Financing or objecting to or opposing any DIP Financing on the basis that they are willing to provide a Permitted Junior DIP Financing. 

(c) Prior to the Discharge of Priority Lien Obligations, without the consent of the Priority Lien Agent and the Second Lien Collateral Agent,
in their respective sole discretion, the Third Lien Collateral Agent, for itself and on behalf of each Third Lien Secured Party, in each case, agrees not to propose, support or enter into any DIP Financing. Prior to the Discharge of the Priority
Lien Obligations, each of the Priority Lien Agent, for itself and on behalf of each of the Priority Lien Secured Parties, agrees that the Second Lien Representatives and Second Lien Secured Parties shall be entitled to propose to any Grantor a DIP
Financing that (i) provides for Liens that are junior in priority to the Liens securing the Priority Lien Obligations (but senior in priority to the Liens securing the Excess Priority Lien Obligations) and (ii) permits the Priority Lien
Secured Parties to seek adequate protection as set forth in Section 4.02 (a “Permitted Junior DIP Financing”), without the consent of the Priority Lien Collateral Agent or any Priority Lien Secured Party.
The Third Lien Collateral Trustee agrees, for itself and on behalf of each Third Lien Secured Party, that the Second Lien Representatives and the Second Lien Secured Parties shall be entitled to provide any Grantor with DIP Financing (a
“Second Lien DIP Financing”) that is secured by Liens equal or senior in priority to the Liens securing any Second Lien Debt and Third Lien Debt, without the consent of the Third Lien Collateral Trustee or any Third Lien Secured
Party, and that it will raise no objection to and will consent to any such Second Lien DIP Financing. 
 (d) Each of the Second Lien
Collateral Trustee, for itself and on behalf of each Second Lien Secured Party and the Third Lien Collateral Agent, for itself and on behalf of each Third Lien Secured Party, agrees that it will not object to, oppose or contest (or join with or
support any third party objecting to, opposing or contesting) (“Section 363 Objections”) a sale or other Disposition, a motion to sell or Dispose or the bidding procedure for such sale or

  
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Disposition of any Collateral (or any portion thereof) under Section 363 of the Bankruptcy Code or any other provision of the Bankruptcy Code (any such sale or motion, a
“Section 363 Event” and any notice or ruling issued by a court of competent jurisdiction in respect of such Section 363 Event, a “Section 363 Notice”) if (1) the
requisite Priority Lien Secured Parties under the Priority Lien Documents shall have consented to such sale or Disposition, such motion to sell or Dispose or such bidding procedure for such sale or Disposition of such Collateral, and (2) all
Priority Liens, Second Liens and Third Liens will attach to the proceeds of the sale in the same respective priorities as set forth in this Agreement. Notwithstanding the foregoing in this Section 4.02(d), if the Second Lien Purchasers have
exercised their purchase option (or have committed to exercise their purchase option) pursuant to Section 3.06(a), Section 363 Objections shall be permitted to be made by the Second Lien Collateral Trustee or any Second Lien Secured
Party. 
 (e) Each of the Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party and the Third Lien
Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, waives any claim that may be had against the Priority Lien Agent or any other Priority Lien Secured Party arising out of any DIP Financing Liens (that is granted in a
manner that is consistent with this Agreement) or administrative expense priority under Section 364 of the Bankruptcy Code. The Third Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, waives any claim that
may be had against the Second Lien Collateral Trustee or any other Second Lien Secured Party arising out of any DIP Financing Liens (that is granted in a manner that is consistent with this Agreement) or administrative expense priority under
Section 364 of the Bankruptcy Code. 
 (f) The Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien
Secured Party, agrees that neither the Second Lien Collateral Trustee nor any other Second Lien Secured Party and the Third Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, agrees that neither the Third Lien
Collateral Agent nor any other Third Lien Secured Party, will, in any Insolvency or Liquidation Proceeding, accept or retain any form of adequate protection unless they are expressly permitted to seek and obtain such adequate protection by this
Section 4.02(f) (or file or prosecute any motion for adequate protection (or any comparable request for relief)) based upon their interest in the Collateral, nor object to, oppose or contest (or join with or support any third party objecting
to, opposing or contesting) (i) any request by the Priority Lien Agent or any other Priority Lien Secured Party for adequate protection in the form of (w) mandatory prepayments of cash proceeds from the Disposition of any Oil and Gas
Properties in excess of $1,000,000 other than Hydrocarbons produced in the ordinary course of business, (x) cash payments of scheduled interest under the Priority Lien Documents at the then applicable
non-default rate set forth in the Priority Lien Documents, except to the extent relating to Excess Priority Lien Obligations, (y) payment of reasonable fees and expenses under the Priority Lien Documents
and the payment of any regularly scheduled required payments in respect of necessary Hedging Obligations (which payments shall, for the avoidance of doubt, exclude any termination payments in respect of such Hedging Obligations), (z) any additional
or replacement liens, including liens on the Collateral, provided that the Liens of the Second Lien Secured Parties and Third Lien Secured Parties maintain the same relative priority with respect to the Priority Liens as existed prior to the
commencement of an Insolvency or Liquidation Proceeding and provided that to the extent that the Priority Lien Secured Parties receive adequate protection in the form of Liens on additional assets or property (not constituting Collateral), the
Second Lien Secured Parties and the Third Lien Secured Parties receive Liens on 

  
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such additional assets and property with the same relative priority with respect to the Priority Liens as existing prior to the commencement of any Insolvency or Liquidation Proceeding,
(ii) any objection by the Priority Lien Agent or any other Priority Lien Secured Party to any motion, relief, action or proceeding based on the Priority Lien Agent or Priority Lien Secured Parties claiming a lack of adequate protection, unless
and to the extent such request seeks adequate protection other than the forms of adequate protection expressly permitted by Section 4.02 (f)(i) except that: 

(A) the Second Lien Secured Parties may: 

(I) subject to the terms of Section 2.03, freely seek and obtain relief granting adequate protection in the form of an
additional or replacement Lien co-extensive in all respects with, but subordinated (as set forth in Section 2.01) to, and with the same relative priority to the Priority Liens and the
Third Liens as existed prior to the commencement of the Insolvency or Liquidation Proceeding, all Liens granted in the Insolvency or Liquidation Proceeding to, or for the benefit of, the Priority Lien Secured Parties; and 

(II) freely seek and obtain any relief upon a motion for adequate protection (or any comparable relief), without any condition
or restriction whatsoever, at any time after the Discharge of Priority Lien Obligations; and 
 (B) the Third Lien Secured
Parties may: 
 (I) subject to the terms of Section 2.03, if the Priority Lien Secured Parties and Second Lien Secured
Parties are granted adequate protection in the form of an additional or replacement Lien (on existing or future assets of the Grantors) in connection with any DIP Financing or use of cash collateral, seek and obtain relief granting adequate
protection in the form of an additional or replacement Lien co-extensive in all respects with, but subordinated (as set forth in Section 2.01) to, and with the same relative priority
to the Priority Liens and the Second Liens as existed prior to the commencement of the Insolvency or Liquidation Proceeding, all Liens granted in the Insolvency or Liquidation Proceeding to, or for the benefit of, the Priority Lien Secured Parties
and the Second Lien Secured Parties; and 
 (II) freely seek and obtain any relief upon a motion for adequate protection (or
any comparable relief), without any condition or restriction whatsoever, at any time after the Discharge of Priority Lien Obligations and the Discharge of Second Lien Obligations. 

(g) Separate Grants of Security and Separate Classification. Each of the Grantors, the Priority Lien Agent, on behalf of itself and each
of the Priority Lien Secured Parties, the Second Lien Collateral Trustee, on behalf of itself and each of the Second Lien 

  
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Secured Parties, and the Third Lien Collateral Agent, on behalf of itself and each of the Third Lien Secured Parties, acknowledges and agrees that (i) the grants of Liens pursuant to the
Priority Lien Documents, Second Lien Documents and Third Lien Documents constitute three separate and distinct grants of Liens and (ii) because of, among other things, their differing rights in the Collateral, the Priority Lien Debt, the Second
Lien Debt and the Third Lien Debt are fundamentally different from one another and must be separately classified in any plan of reorganization or liquidation proposed or adopted in an Insolvency or Liquidation Proceeding. 

(h) The Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, agrees that in any Insolvency or
Liquidation Proceeding, neither the Second Lien Collateral Trustee nor any other Second Lien Secured Party and the Third Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, agrees that in any Insolvency or
Liquidation Proceeding, neither the Third Lien Collateral Agent nor any other Third Lien Secured Party, shall propose, support or vote to accept any plan of reorganization or liquidation or disclosure statement of the Company or any other Grantor
unless such plan (i) is accepted by the Class of Priority Lien Secured Parties in accordance with Section 1126(c) of the Bankruptcy Code or (ii) provides for the Discharge of Priority Lien Obligations (including all post-petition interest approved by the bankruptcy court, fees, costs, charges, expenses and cash collateralization of all letters of credit payable to the Priority Lien Secured Parties) on or before the effective
date of such plan of reorganization or liquidation and is otherwise acceptable to the Priority Lien Agent in its sole discretion. The Priority Lien Agent agrees that it will support and not oppose or object to, and use its best reasonable efforts to
cause all other Priority Lien Secured Parties to support, and not oppose or object to, any filed plan of reorganization or liquidation with respect to the Company or any other Grantor if such plan of reorganization or liquidation is supported by the
Second Lien Representative and provides for the Discharge of Priority Lien Obligations (including all post-petition interest approved by the bankruptcy court, fees, costs, charges, expenses and cash collateralization of all letters of credit) on the
effective date of such plan of reorganization or liquidation; provided, however, that the Priority Lien Agent’s agreement notwithstanding, nothing herein shall preclude the Priority Lien Agent or any of the Priority Lien Secured Parties from
opposing or objecting to: (1) any request to extend the exclusivity pursuant to Section 1121 of the Bankruptcy Code as to any plan of reorganization or liquidation; or (2) the proposed effective date under any plan of reorganization
or liquidation to the extent the effective date exceeds the first business day following 10 days from the entry of any confirmation order approving a plan. Notwithstanding the Priority Lien Agent’s agreement to support, and not oppose or object
to, any filed plan of reorganization or liquidation as provided for in this Section 4.02(h), the Priority Lien Agent shall retain its rights to receive information, including about the plan of reorganization or liquidation, as provided for in
the Priority Lien Documents or under any law applicable to such Insolvency or Liquidation Proceeding.
 (i) The Second Lien Collateral
Trustee, for itself and on behalf of each other Second Lien Secured Party, agrees that until the Discharge of Priority Lien Obligations has occurred, subject to the provisions of Section 3.02, neither the Second Lien
Collateral Trustee nor any other Second Lien Secured Party, and the Third Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, agrees that until the Discharge of Priority Lien Obligations has occurred, neither the
Third Lien Collateral Agent nor any other Third Lien Secured Party, shall seek relief, pursuant to Section 362(d) of the Bankruptcy Code or otherwise, 

  
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from the automatic stay of Section 362(a) of the Bankruptcy Code or from any other stay in any Insolvency or Liquidation Proceeding in respect of the Collateral if the Priority Lien Agent
has not received relief from the automatic stay (or it has not been lifted for the Priority Lien Agent’s benefit), without the prior written consent of the Priority Lien Agent. 

(j) The Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, agrees that neither the Second Lien
Collateral Trustee nor any other Second Lien Secured Party and the Third Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, agrees that neither the Third Lien Collateral Agent nor any other Third Lien Secured
Party, shall oppose or seek to challenge any claim by the Priority Lien Agent or any other Priority Lien Secured Party for allowance or payment in any Insolvency or Liquidation Proceeding of Priority Lien Obligations consisting of post-petition interest, fees or expenses or cash collateralization of all letters of credit to the extent of the value of the Priority Liens (it being understood that such value will be determined without regard to
the existence of the Second Liens or Third Liens on the Collateral), subject to the Priority Lien Cap. Neither Priority Lien Agent nor any other Priority Lien Secured Party shall oppose or seek to challenge any claim by the Second Lien Collateral
Trustee, any other Second Lien Secured Party, the Third Lien Collateral Agent or any other Third Lien Secured Party for allowance or payment in any Insolvency or Liquidation Proceeding of Second Lien Obligations or Third Lien Obligations, as
applicable, consisting of post-petition interest, fees or expenses to the extent of the value of the Second Liens or the Third Liens, as applicable, on the Collateral; provided that if the Priority Lien
Agent or any other Priority Lien Secured Party shall have made any such claim, such claim (i) shall have been approved or (ii) will be approved contemporaneously with the approval of any such claim by the Second Lien Collateral Trustee or
any Second Lien Secured Party or the Third Lien Collateral Agent or any Third Lien Secured Party, as applicable. 
 (k) Without the express
written consent of the Priority Lien Agent, none of the Second Lien Collateral Trustee, any other Second Lien Secured Party, the Third Lien Collateral Agent or any other Third Lien Secured Party shall (or shall join with or support any third party
in opposing, objecting to or contesting, as the case may be), in any Insolvency or Liquidation Proceeding involving any Grantor, (i) oppose, object to or contest the determination of the extent of any Liens held by any of Priority Lien Secured
Party or the value of any claims of any such holder under Section 506(a) of the Bankruptcy Code or (ii) oppose, object to or contest the payment to the Priority Lien Secured Party of interest, fees or expenses under Section 506(b) of
the Bankruptcy Code. 
 (l) [Reserved]. 

(m) Each of the Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party and the Third Lien Collateral
Agent, for itself and on behalf of each other Third Lien Secured Party, hereby agrees that prior to the Discharge of Priority Lien Obligations or the effectiveness of a purchase by Second Lien Purchasers in accordance with
Section 3.06, whichever occurs first, the Priority Lien Agent shall have the exclusive right to credit bid the Priority Lien Obligations and further that none of the Second Lien Collateral Trustee, any other Second Lien
Secured Party, the Third Lien Collateral Agent or any other Third Lien Secured Party shall (or shall join with or support any third party in opposing, objecting to or contesting, as the case may be) oppose, object to or contest such credit bid of
the Priority Lien Obligations by the Priority Lien Agent. 

  
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 (n) Without the consent of the Priority Lien Agent in its sole discretion, each of the Second
Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party and the Third Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, agrees it will not file an involuntary bankruptcy claim
or seek the appointment of an examiner or a trustee for the Company or any of its subsidiaries. 
 (o) Each of the Second Lien Collateral
Trustee, for itself and on behalf of each other Second Lien Secured Party and the Third Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, waives any right to assert or enforce any claim (or support any party
asserting a claim) under Sections 506(c) or 552 of the Bankruptcy Code as against any Priority Lien Secured Party or any of the Collateral. 

(p) If the Company or any of its subsidiaries shall become subject to any Insolvency or Liquidation Proceeding and shall, as debtor(s)-in-possession, move for approval of DIP Financing to be provided by one or more DIP Lenders, under Section 364 of the Bankruptcy Code or the use of cash
collateral under Section 363 of the Bankruptcy Code, the Third Lien Collateral Agent, for itself and on behalf of each Third Lien Secured Party, agrees that neither it nor any other Third Lien Secured Party will raise any objection, contest or
oppose, and each Third Lien Secured Party will waive any claim such Person may now or hereafter have, to any such financing or cash collateral use (including, without limitation, any DIP Financing or cash collateral use in the nature of a “roll
up” of all or a portion of the Second Lien Obligations or Priority Lien Obligations) or to the DIP Financing Liens on the Collateral securing the same, or to any grant of administrative expense priority under Section 364 of the Bankruptcy
Code, unless (i) the Second Lien Collateral Trustee or the Second Lien Secured Parties oppose or object to such DIP Financing or such DIP Financing Liens or such use of cash collateral, (ii) the maximum principal amount of indebtedness
permitted under such DIP Financing exceeds the sum of (A) the amount of Second Lien Obligations refinanced with the proceeds thereof and (B) $100,000,000, (iii) the DIP Financing does not provide for commercially reasonable terms as
determined in good faith by the Board of Directors of the Company, or (iv) the Third Lien Secured Parties are not permitted to seek adequate protection to the extent permitted by Section 4.02(t). To the extent such DIP Financing Liens
are senior to, or rank pari passu with, the Second Liens, the Third Lien Collateral Agent will, for itself and on behalf of the other Third Lien Secured Parties, subordinate the Third Liens on the Collateral to the Second Liens and to such
DIP Financing Liens, so long as the Third Lien Collateral Agent, on behalf of the Third Lien Secured Parties, retains Liens on all the Collateral, including proceeds thereof arising after the commencement of any Insolvency or Liquidation Proceeding,
with the same priority relative to the Priority Liens and the Second Liens as existed prior to the commencement of the case under the Bankruptcy Code. 

(q) Without the prior written consent of the Second Lien Collateral Trustee in its sole discretion, the Third Lien Collateral Agent, for itself
and on behalf of each Third Lien Secured Party, agrees not to propose, support or enter into any DIP Financing. 

  
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 (r) The Third Lien Collateral Agent, for itself and on behalf of each Third Lien Secured Party,
agrees that it will not object to, oppose or contest (or join with or support any third party objecting to, opposing or contesting) a sale or other Disposition, a motion to sell or Dispose or the bidding procedure for such sale or Disposition of any
Collateral (or any portion thereof) under Section 363 of the Bankruptcy Code or any other provision of the Bankruptcy Code if the requisite Second Lien Secured Parties under the Second Lien Documents shall have consented to such sale or
Disposition, such motion to sell or Dispose or such bidding procedure for such sale or Disposition of such Collateral and all Second Liens and Third Liens will attach to the proceeds of the sale in the same respective priorities as set forth in this
Agreement. 
 (s) The Third Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, waives any claim that may
be had against the Second Lien Collateral Trustee or any other Second Lien Secured Party arising out of any DIP Financing Liens (granted in a manner that is consistent with this Agreement) or administrative expense priority under Section 364 of
the Bankruptcy Code. 
 (t) The Third Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, agrees that
neither the Third Lien Collateral Agent nor any other Third Lien Secured Party will, in any Insolvency or Liquidation Proceeding, accept or retain any form of adequate protection unless they are expressly permitted to seek and obtain such adequate
protection by this Section 4.02(t) (or file or prosecute any motion for adequate protection (or any comparable request for relief) based upon their interest in the Collateral, nor object to, oppose or contest (or join with or support any
third party objecting to, opposing or contesting) (i) any request by the Second Lien Collateral Trustee or any other Second Lien Secured Party for adequate protection in any form or (ii) any objection by the Second Lien Collateral Trustee
or any other Second Lien Secured Party to any motion, relief, action or proceeding based on the Second Lien Collateral Trustee or Second Lien Secured Parties claiming a lack of adequate protection, except that the Third Lien Secured Parties may:

 (A) subject to Section 2.03, if the Second Lien Secured Parties are granted adequate protection in the form of an
additional or replacement Lien (on existing or future assets of Grantors) in connection with any DIP Financing or use of cash collateral, seek and obtain relief granting adequate protection in the form of an additional or replacement Lien co-extensive in all respects with, but subordinated (as set forth in Section 2.01) to, and with the same relative priority to the Second Liens as existed prior to the commencement of the
Insolvency or Liquidation Proceeding, all Liens granted in the Insolvency or Liquidation Proceeding to, or for the benefit of, the Second Lien Secured Parties; and 

(B) freely seek and obtain any relief upon a motion for adequate protection (or any comparable relief), without any condition
or restriction whatsoever, at any time after the Discharge of Second Lien Obligations. 
 (u) The Third Lien Collateral Agent, for itself and
on behalf of each of the other of the Third Lien Secured Parties, waives any claim the Third Lien Collateral Agent or any such other Third Lien Secured Party may now or hereafter have against the Second Lien Collateral

  
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Trustee or any other Second Lien Secured Party (or their representatives) arising out of any election by the Second Lien Collateral Trustee or any Second Lien Secured Parties, in any proceeding
instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code. 
 (v) The Third Lien Collateral Agent,
for itself and on behalf of each other Third Lien Secured Party, agrees that in any Insolvency or Liquidation Proceeding, neither the Third Lien Collateral Agent nor any other Third Lien Secured Party shall propose, support or vote for any plan of
reorganization or liquidation or disclosure statement of the Company or any other Grantor, unless such plan is accepted by the Class of Second Lien Secured Parties in accordance with Section 1126(c) of the Bankruptcy Code or otherwise
provides for the payment in full solely in cash of all Second Lien Obligations (including all post-petition interest at the rate provided for in the Second Lien Documents (including default interest), fees,
costs, charges, make whole amounts, expenses and cash collateralization of all letters of credit payable to the Second Lien Secured Parties) on or before the effective date of such plan of reorganization or liquidation. Except as provided herein,
the Third Lien Secured Parties shall remain entitled to vote their claims in any such Insolvency or Liquidation Proceeding. 
 (w) The Third
Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, hereby agrees that until the Discharge of Second Lien Obligations has occurred, subject to the provisions of Section 3.02, neither
Third Lien Collateral Agent nor any Third Lien Secured Party shall seek relief, pursuant to Section 362(d) of the Bankruptcy Code or otherwise, from the automatic stay of Section 362(a) of the Bankruptcy Code or from any other stay in any
Insolvency or Liquidation Proceeding in respect of the Collateral, without the prior written consent of the Second Lien Collateral Trustee. 

(x) At all times prior to the Discharge of Second Lien Obligations, the Third Lien Collateral Agent, for itself and on behalf of each other
Third Lien Secured Party, agrees that neither Third Lien Collateral Agent nor any other Third Lien Secured Party shall oppose or seek to challenge any claim by the Second Lien Collateral Trustee or any other Second Lien Secured Party for allowance
or payment in any Insolvency or Liquidation Proceeding of Second Lien Obligations consisting of post-petition interest, fees, costs, charges, make whole amounts or expenses. At all times prior to the Discharge
of Second Lien Obligations, neither Second Lien Collateral Trustee nor any other Second Lien Secured Party shall oppose or seek to challenge any claim by the Third Lien Collateral Agent or any other Third Lien Secured Party for allowance or payment
in any Insolvency or Liquidation Proceeding of Third Lien Obligations consisting of post-petition interest, fees or expenses to the extent of the value of the Third Liens on the Collateral; provided
that if the Second Lien Collateral Trustee or any other Second Lien Secured Party shall have made any such claim, such claim (i) shall have been approved or (ii) will be approved contemporaneously with the approval of any such claim by the
Third Lien Collateral Agent or any Third Lien Secured Party. 
 (y) Without the express written consent of the Second Lien Collateral
Trustee, neither Third Lien Collateral Agent nor any other Third Lien Secured Party shall (or shall join with or support any third party in opposing, objecting to or contesting, as the case may be), in any Insolvency or Liquidation Proceeding
involving any Grantor, (i) oppose, object to or contest the determination of the extent of any Liens held by any of Second Lien Secured Party or the value of any claims of any such holder under Section 506(a) of the Bankruptcy Code or
(ii) oppose, object to or contest the payment to the Second Lien Secured Party of interest, fees, costs, charges, make whole amounts or expenses under Section 506(b) of the Bankruptcy Code. 

  
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 (z) Notwithstanding anything to the contrary contained herein, if in any Insolvency or
Liquidation Proceeding a determination is made that any Lien encumbering any Collateral is not enforceable for any reason, then provided the Discharge of Priority Lien Obligations shall have occurred and has not been rescinded, voided or otherwise
modified, the Third Lien Collateral Agent for itself and on behalf of each other Third Lien Secured Party, agrees that, any distribution or recovery they may receive in respect of any Collateral shall be segregated and held in trust and forthwith
paid over, subject to the requirements of Section 6.01(a), to the Second Lien Collateral Trustee for the benefit of the Second Lien Secured Parties in the same form as received without recourse, representation or warranty (other than a
representation of the Third Lien Collateral Agent that it has not otherwise sold, assigned, transferred or pledged any right, title or interest in and to such distribution or recovery) but with any necessary endorsements or as a court of competent
jurisdiction may otherwise direct. The Third Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, hereby appoints the Second Lien Collateral Trustee, and any officer or agent of the Second Lien Collateral Trustee,
with full power of substitution, the attorney-in-fact of each Third Lien Secured Party for the limited purpose of carrying out the provisions of this
Section 4.02(z) and taking any action and executing any instrument that the Second Lien Collateral Trustee may deem necessary or advisable to accomplish the purposes of this Section 4.02(z), which
appointment is irrevocable and coupled with an interest. 
 (aa) The Third Lien Collateral Agent, for itself and on behalf of each other
Third Lien Secured Party, hereby agrees that the Second Lien Collateral Trustee shall have the exclusive right to credit bid the Second Lien Obligations and further that neither the Third Lien Collateral Agent nor any other Third Lien Secured Party
shall (or shall join with or support any third party in opposing, objecting to or contesting, as the case may be) oppose, object to or contest such credit bid by the Second Lien Collateral Trustee, whether in connection with a sale pursuant to
Section 363 of the Bankruptcy Code, a Chapter 11 plan or otherwise. 
 (bb) Without the consent of the Second Lien Collateral Trustee in
its sole discretion, the Third Lien Trustee, for itself and on behalf of each other Third Lien Secured Party, agrees it will not file an involuntary bankruptcy claim or seek the appointment of an examiner or a trustee for the Company or any of its
subsidiaries. 
 (cc) The Third Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, waives any right to
assert or enforce any claim (or support any party asserting a claim) under Sections 506(c) or 552 of the Bankruptcy Code as against any Second Lien Secured Party or any of the Collateral. 

SECTION 4.03 Reinstatement. 

(a) If any Priority Lien Secured Party is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to
the estate of any Grantor any amount (a “Recovery”) for any reason whatsoever, then the Priority Lien Obligations shall 

  
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be reinstated to the extent of such Recovery and the Priority Lien Secured Parties shall be entitled to a reinstatement of Priority Lien Obligations with respect to all such recovered amounts.
Each of the Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, and the Third Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, agrees that if, at any time, a Second
Lien Secured Party or a Third Lien Secured Party, as applicable, receives notice of any Recovery, the Second Lien Collateral Trustee, any other Second Lien Secured Party, the Third Lien Collateral Agent or any other Third Lien Secured Party, as
applicable, shall, to the extent consistent with Section 6.01(a), promptly pay over to the Priority Lien Agent any payment received by it and then in its possession or under its control in respect of any Collateral subject to any Priority
Lien securing such Priority Lien Obligations and shall, to the extent consistent with Section 6.01(a), promptly turn any Collateral subject to any such Priority Lien then held by it over to the Priority Lien Agent, and the provisions set
forth in this Agreement shall be reinstated as if such payment had not been made. If this Agreement shall have been terminated prior to any such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall
not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto from such date of reinstatement. Any amounts received by the Second Lien Collateral Trustee, any other Second Lien Secured Party, the Third Lien
Collateral Agent or any other Third Lien Secured Party and then in its possession or under its control on account of the Second Lien Obligations or Third Lien Obligations, as applicable, after the termination of this Agreement shall, in the event of
a reinstatement of this Agreement pursuant to this Section 4.03 and to the extent consistent with Section 6.01(a), be held in trust for and paid over to the Priority Lien Agent for the benefit of the Priority Lien
Secured Parties for application to the reinstated Priority Lien Obligations until the discharge thereof. 
 (b) If after the Discharge of
Priority Lien Obligations, any Second Lien Secured Party is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of any Grantor a Recovery for any reason whatsoever, then the Second Lien
Obligations shall be reinstated to the extent of such Recovery and the Second Lien Secured Parties shall be entitled to a reinstatement of Second Lien Obligations with respect to all such recovered amounts. The Third Lien Collateral Agent, for
itself and on behalf of each other Third Lien Secured Party, agrees that if, at any time after the Discharge of Priority Lien Obligations, a Third Lien Secured Party, as applicable, receives notice of any Recovery, the Third Lien Collateral Agent or
any other Third Lien Secured Party, as applicable, shall promptly pay over to the Second Lien Collateral Trustee any payment received by it and then in its possession or under its control in respect of any Collateral subject to any Third Lien
securing such Third Lien Obligations and shall promptly turn any Collateral subject to any such Third Lien then held by it over to the Second Lien Collateral Trustee, and the provisions set forth in this Agreement shall be reinstated as if such
payment had not been made. If this Agreement shall have been terminated prior to any such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise
affect the obligations of the parties hereto from such date of reinstatement. Any amounts received by the Third Lien Collateral Agent or any other Third Lien Secured Party and then in its possession or under its control on account of the Third Lien
Obligations, as applicable, after the termination of this Agreement shall, in the event of a reinstatement of this Agreement pursuant to this Section 4.03, be held in trust for and paid over to the Second Lien Collateral
Trustee for the benefit of the Second Lien Secured Parties for application to the reinstated Second Lien Obligations until the discharge thereof. 

  
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 (c) This Section 4.03 shall survive termination of this Agreement. 

SECTION 4.04 Refinancings; Additional Second Lien Debt; Additional Third Lien Debt. 

(a) The Priority Lien Obligations, the Second Lien Obligations and the Third Lien Obligations may be Replaced by any Priority Substitute Credit
Facility, Second Lien Substitute Facility or Third Lien Substitute Facility, as the case may be, in each case, without notice to, or the consent of any Secured Party, all without affecting the Lien priorities provided for herein or the other
provisions hereof; provided, that (i) the Priority Lien Agent, the Second Lien Collateral Trustee and the Third Lien Collateral Agent shall receive on or prior to incurrence of a Priority Substitute Credit Facility, Second Lien
Substitute Facility or Third Lien Substitute Credit Facility (A) an Officers’ Certificate from the Company stating and certifying that (I) the incurrence thereof and the related Liens are permitted to be incurred by each applicable
Secured Debt Document, (II) the requirements of Section 4.06 have been satisfied, and (III) such Priority Substitute Credit Facility, Second Lien Substitute Facility or Third Lien Substitute Facility constitutes
“Priority Lien Debt”, “Second Lien Debt” or “Third Lien Debt”, as applicable, for the purposes of the Secured Debt Documents and this Agreement; provided that no Series of Secured Debt may be designated as more
than one of Priority Lien Debt, Second Lien Debt or Third Lien Debt, (B) a Priority Confirmation Joinder from an authorized agent, trustee or other representative of the holders or lenders of any indebtedness that Replaces any of the Priority
Lien Obligations, the Second Lien Obligations or the Third Lien Obligations and, to the extent necessary or appropriate to facilitate such transaction, a new intercreditor agreement substantially similar to this Agreement, as in effect on the date
hereof and (C) evidence that the Company has duly authorized, executed (if applicable) and recorded (or caused to be recorded) in each appropriate governmental office all relevant filings and recordations deemed necessary by the Company and the
holder of such Replacement, or its Secured Debt Representative, to ensure that such Replacement is secured by the Collateral in accordance with the applicable Security Documents (provided that such filings and recordings may be authorized,
executed and recorded following any incurrence on a post-closing basis if permitted by the applicable Secured Debt Representative), (ii) in the case of a Priority Substitute Credit Facility, the aggregate
outstanding principal amount of the Priority Lien Obligations plus the unused portion of any borrowing base (plus the unused portion of any other then unutilized facilities thereunder, if any) at such time (including any interest paid-in-kind) outstanding at any time under the definitive debt documents for the Priority Substitute Credit Facility and any other Priority Lien Obligations (with outstanding
letters of credit being deemed to have a principal amount equal to the stated amount thereof), after giving effect to such Priority Substitute Credit Facility, shall not exceed the Priority Lien Cap, (iii) in the case of a Second Lien
Substitute Facility, such Indebtedness shall not mature and shall not have any mandatory or scheduled payments or sinking fund obligations prior to 91 days after the latest stated final maturity date of the Second Lien Indenture (and, if applicable,
of any Second Lien Substitute Facility) and, if later, of any Additional Second Lien Obligations (except as a result of a customary change of control or asset sale repurchase offer provisions) and the principal amount of such Indebtedness shall not
exceed the principal amount of, plus any accrued and unpaid interest on, the Second Lien Obligations 

  
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being refinanced or exchanged and (iv) in the case of a Third Lien Substitute Facility, such Indebtedness shall not mature and shall not have any mandatory or scheduled payments or sinking
fund obligations prior to 180 days after the latest maturity date of the Second Lien Debt (except as a result of a customary change of control or asset sale repurchase offer provisions, which shall be no more favorable to the holders thereof
than the corresponding provisions of the Second Lien Documents) and the principal amount of such Indebtedness shall not exceed the sum of (x) the principal amount of the Third Lien Obligations, plus any accrued and unpaid interest thereon,
being refinanced or exchanged and (y) the principal amount of, plus any accrued and unpaid interest on, the Existing Unsecured Notes (as defined in the Second Lien Indenture) being refinanced or exchanged. 

(b) The Company will be permitted to designate hereunder as an additional holder of Second Lien Obligations or as an initial or additional
holder of Third Lien Obligations each Person who is, or who becomes, the registered holder of Second Lien Debt or Third Lien Debt, as applicable, incurred by the Company on or after the date of this Agreement in accordance with the terms of all
applicable Secured Debt Documents. The Company may effect such designation by delivering to the Priority Lien Agent, the Second Lien Collateral Trustee and the Third Lien Collateral Agent, each of the following: 

(i) an Officers’ Certificate (A) stating and certifying that the Company intends to incur (I) Additional Second
Lien Obligations which will be Second Lien Debt and will be secured by a Second Lien equally and ratably with all previously existing and future Second Lien Debt, (II) [RESERVED] or (III) or Additional Third Lien Obligations which will be
Third Lien Debt and will be secured by a Third Lien equally and ratably with all previously existing and future Third Lien Debt, (B) stating and certifying that such Indebtedness and Liens securing such Indebtedness (and all related
obligations) will be permitted to be incurred by each applicable Secured Debt Document, (C) stating and certifying that the requirements of Section 4.06 have been satisfied, and (D) in the case of Additional
Second Lien Obligations (other than the Additional Second Lien Debt Facility described in Section 4.04(e)), stating and certifying that such Indebtedness does not mature and does not have any mandatory or scheduled payments or sinking fund
obligations prior to the date that is 91 days after the latest stated final maturity date of the Second Lien Indenture (and, if applicable, of any Second Lien Substitute Facility) and, if later, of any Additional Second Lien Obligations (except as a
result of a customary change of control or asset sale repurchase offer provisions) and the principal amount of such Indebtedness does not exceed the principal amount of, plus any accrued and unpaid interest on, the Second Lien Obligations being
refinanced or exchanged; 
 (ii) an authorized agent, trustee or other representative on behalf of the holders or lenders of
any Additional Second Lien Obligations or Additional Third Lien Obligations, as applicable, must be designated as an additional holder of Secured Obligations hereunder and must, prior to such designation, sign and deliver on behalf of the holders or
lenders of such Additional Second Lien Obligations or Additional Third Lien Obligations, as applicable, a Priority Confirmation Joinder, and, to the extent necessary or appropriate (as reasonably determined by each of the Priority Lien Agent and the
Second Lien Collateral Trustee) to facilitate such transaction, a new intercreditor agreement substantially similar to this Agreement, as in effect on the date hereof; and 

  
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 (iii) evidence that the Company has duly authorized, executed (if applicable) and
recorded (or caused to be recorded) in each appropriate governmental office all relevant filings and recordations deemed necessary by the Company and the holder of such Additional Second Lien Obligations or Additional Third Lien Obligations, as
applicable, or its Secured Debt Representative, to ensure that the Additional Second Lien Obligations or Additional Third Lien Obligations are secured by the Collateral in accordance with the Second Lien Security Documents or the Third Lien Security
Documents, as applicable (provided that such filings and recordings may be authorized, executed and recorded following any incurrence on a post-closing basis if permitted by the Second Lien
Representatives or Third Lien Representatives for such Additional Second Lien Obligations or Additional Third Lien Obligations, as applicable). 

(c) Notwithstanding anything contained in this Section 4.04, nothing in this Agreement will be construed to allow the
Company or any other Grantor to incur additional indebtedness (or to incur, assume or otherwise permit or allow to exist any Liens) unless otherwise permitted by the terms of each Secured Debt Document. 

(d) Each of the then-exiting Priority Lien Agent, Second Lien Collateral Trustee and the Third Lien
Collateral Agent shall be authorized to execute and deliver such documents and agreements (including amendments or supplements to this Agreement) as such holders, lenders, agent, trustee or other representative may reasonably request to give effect
to any such Replacement or any incurrence of Additional Second Lien Obligations or Additional Third Lien Obligations, it being understood that the Priority Lien Agent, the Second Lien Collateral Trustee and the Third Lien Collateral Agent or (if
permitted by the terms of the applicable Secured Debt Documents) the Grantors, without the consent of any other Secured Party or (in the case of the Grantors) one or more Secured Debt Representatives, may amend, supplement, modify or restate this
Agreement to the extent necessary or appropriate to facilitate such amendments or supplements to effect such Replacement or incurrence all at the expense of the Grantors. Upon the consummation of such Replacement or incurrence and the execution and
delivery of the documents and agreements contemplated in the preceding sentence, the holders or lenders of such indebtedness and any authorized agent, trustee or other representative thereof shall be entitled to the benefits of this Agreement. 

(e) Each Secured Debt Representative, for itself and on behalf of each applicable Secured Party, acknowledges and agrees that the Indenture
(with respect to the 8.0%/11.0% 1.5 Lien Senior Secured PIK Toggle Notes due 2022) dated as of March 15, 2017, among the Company, as the issuer, the Grantors party thereto from time to time, Wilmington Trust, National Association, as trustee
and the Second Lien Collateral Trustee, as amended, restated, adjusted, waived, renewed, extended, supplemented or otherwise modified from time to time in accordance with the terms hereof, and any credit agreement, loan agreement, note agreement,
promissory note, indenture or any other agreement or instrument evidencing or governing the terms of any Second Lien Substitute Facility constitute a Second Lien Debt Facility and the indebtedness and other obligations thereunder and the guarantees
thereof, in each case, as in effect on the date hereof, constitute Second Lien Debt. 

  
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 (f) Each Secured Debt Representative, for itself and on behalf of each applicable Secured Party,
acknowledges and agrees that (i) the Term Loan Credit Agreement, dated as of October 19, 2015, as amended by the First Amendment thereto dated as of March 15, 2017, among the Company, the Grantors party thereto from time to time, the
Lenders (as defined therein) party thereto from time to time, the Junior Third Lien Collateral Agent and Junior Third Lien Administrative Agent, as administrative agent thereunder, as amended, restated, adjusted, waived, renewed, extended,
supplemented or otherwise modified from time to time in accordance with the terms hereof, and (ii) the 1.75 Lien Term Loan Credit Agreement, dated as of March 15, 2017, among the Company, the Grantors party thereto from time to time, the
Lenders (as defined therein) party thereto from time to time, the Senior Third Lien Collateral Agent and Senior Third Lien Administrative Agent, as administrative agent thereunder, as amended, restated, adjusted, waived, renewed, extended,
supplemented or otherwise modified from time to time in accordance with the terms hereof, each constitute a Third Lien Debt Facility and the indebtedness and other obligations, respectively, thereunder and the guarantees, respectively, thereof, in
each case, as in effect on the date hereof, constitute Third Lien Debt. 
 SECTION 4.05 Amendments to Priority Lien Documents,
Second Lien Documents and Third Lien Documents. 
 (a) Prior to the Discharge of Second Lien Obligations, without the prior written
consent of the Second Lien Collateral Trustee, no Priority Lien Document may be amended, supplemented, restated or otherwise modified and/or refinanced or entered into to the extent such amendment, supplement, restatement or modification and/or
refinancing, or the terms of any new Priority Lien Document would (i) adversely affect the Lien priority rights of the Second Lien Secured Parties or Third Lien Secured Parties or the rights of the Second Lien Secured Parties or Third Lien
Secured Parties, as the case may be, to receive required payments that are due and payable (or than are otherwise owed) pursuant to the Second Lien Documents or Third Lien Documents, as applicable, (ii) except as otherwise provided for in this
Agreement, add any Liens securing the Collateral granted under the Priority Lien Security Documents, (iii) confer any additional rights on the Priority Lien Collateral Agent or any other Priority Lien Secured Party in a manner adverse to the
interests of the Second Lien Secured Parties or the Third Lien Secured Parties in any material respects, (iv) contravene the provisions of this Agreement or the Second Lien Documents, (v) increase the outstanding principal amount of the
loans and other extensions of credit and the stated amount of letters of credit under the Priority Credit Agreement and/or any Priority Substitute Credit Facility and/or any other Priority Lien Documents to an aggregate amount being in excess of the
amount set forth in clause (a) of the definition of “Priority Lien Cap”, (vi) provide for the incurrence of incremental facilities or incremental indebtedness (or incremental equivalent facilities or indebtedness) (or analogous
extensions of credit), (vii) change any covenants, defaults, or events of default under any Priority Lien Document (including the addition of covenants, defaults, or events of default not contained in the Priority Credit Agreement or other Priority
Lien Documents as in effect on the date hereof), (viii) change the waterfall provisions or similar order of payment provisions in the Priority Lien Documents or create or otherwise establish layers of Priority Lien Debt or other subordinated
tranches (or sub-tranches) of Priority Lien Debt, (ix) increase the applicable margin or similar component of interest rate (including by increasing any interest rate floor) or add or increase any fees
(excluding any customary one-time fees, whether payable at one time or in multiple installments, payable in connection with an amendment, waiver or similar agreement or

  
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customary fees in connection with an extension of additional credit) or existing premiums in a manner that would increase the total yield on the Priority Lien Debt by more than three percent (3%)
above the total current yield on the Priority Lien Debt as specified in the Priority Lien Documents as in effect on the date hereof or increase the default rate by any margin or increase any (or add any additional) prepayment or other premium, or
“make-whole” or similar premium, or (x) except as otherwise contemplated or required by the Priority Lien Documents (as in effect on the date hereof) or any equivalent terms in any Priority Lien Document entered into after the date
hereof that are no more extensive than the Priority Lien Documents as in effect on the date hereof, and except in connection with any DIP Financing permitted hereunder, expressly subordinate the Lien on the Collateral under the Priority Lien
Documents to Liens on the Collateral securing any other indebtedness. 
 (b) Prior to the Discharge of Priority Lien Obligations, without the
prior written consent of the Priority Lien Agent, no Second Lien Document or Third Lien Document may be amended, supplemented, restated or otherwise modified and/or refinanced or entered into to the extent such amendment, supplement, restatement or
modification and/or refinancing, or the terms of any new Second Lien Document or Third Lien Document, as applicable, would (i) adversely affect the Lien priority rights of the Priority Lien Secured Parties or the rights of the Priority Lien
Secured Parties to receive payments owing pursuant to the Priority Lien Documents, (ii) except as otherwise provided for in this Agreement, add any Liens securing the Collateral granted under the Second Lien Security Documents or the Third Lien
Security Documents, (iii) confer any additional material rights on the Second Lien Collateral Trustee, any other Second Lien Secured Party, the Third Lien Collateral Agent or any other Third Lien Secured Party in a manner adverse to the
Priority Lien Secured Parties (other than for periods following the latest maturity date under the Priority Credit Agreement) unless a similar modification is concurrently made under the Priority Lien Documents, (iv) contravene the provisions
of this Agreement or the Priority Lien Documents, (v) change to earlier dates any dates upon which required payments of principal or interest are due thereon (except to the extent that equivalent changes are implemented under the First Lien
Documents), (vi) change the mandatory redemption, prepayment, repurchase, tender or defeasance provisions thereof in a manner that would require a redemption, prepayment, repurchase, tender or defeasance not required pursuant to the terms of such
Second Lien Document or Third Lien Document, as applicable, as of the date hereof, or in a manner materially adverse to the interests of the Priority Lien Secured Parties, (vii) change any covenants, defaults, or events of default under the
Second Lien Indenture or any other Second Lien Document or under any Third Lien Document (including the addition of covenants, defaults, or events of default not contained in the Second Lien Indenture or other Second Lien Documents or Senior Third
Lien Credit Agreement, Junior Third Lien Credit Agreement or other Third Lien Document as in effect on the date hereof) to restrict any Grantor from making payments of the Priority Lien Debt that would otherwise be permitted under the Second Lien
Documents or Third Lien Documents as in effect on the date hereof, (viii) change any default or event of default thereunder in a manner materially adverse to Grantors thereunder (it being understood that any waiver of any such default or event
of default, in and of itself, shall not be deemed to be materially adverse to Grantors) when taken as a whole, than any corresponding defaults or events of default under the Priority Lien Documents (other than for periods following the Discharge of
Priority Lien Obligations), unless a similar amendment or modification is concurrently made under the Priority Lien Documents, or (ix) increase materially the non-monetary obligations of Grantors
thereunder or confer any additional 

  
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material rights on the Second Lien Secured Parties or Third Lien Secured Parties that would be adverse to the interests of the Priority Lien Secured Parties (other than for periods following the
latest maturity date under the Priority Credit Agreement) unless a similar modification is concurrently made under the Priority Lien Documents. 

(c) Prior to the Discharge of Second Lien Obligations, without the prior written consent of the Second Lien Collateral Trustee, no Third Lien
Document may be amended, supplemented, restated or otherwise modified and/or refinanced or entered into to the extent such amendment, supplement, restatement or modification and/or refinancing, or the terms of any new Third Lien Document, as
applicable, would (i) adversely affect the Lien priority rights of the Second Lien Secured Parties or the rights of the Second Lien Secured Parties to receive payments owing pursuant to the Second Lien Documents, (ii) except as otherwise
provided for in this Agreement, add any Liens securing the Collateral granted under the Third Lien Security Documents, (iii) confer any additional rights or benefits on the Third Lien Collateral Agent or any other Third Lien Secured Party in a
manner adverse to the interests of the Second Lien Secured Parties, (iv) contravene the provisions of this Agreement or the Second Lien Documents, (v) change to earlier dates any dates upon which payments of principal or interest are due
thereon (except to the extent that equivalent changes are implemented under the Priority Lien Documents and Second Lien Documents), (vi) change the mandatory redemption, prepayment, repurchase, tender or defeasance provisions thereof in a manner
materially adverse to the interests of the Second Lien Secured Parties, (vii) change any covenants, defaults, or events of default under the Third Lien Documents (including the addition of covenants, defaults, or events of default not contained
in the Priority Lien Documents or the Second Lien Documents as in effect on the date hereof) to restrict any Grantor from making payments of the Priority Lien Debt or the Second Lien Debt or from making a Disposition of any property or assets
(including Collateral) that would otherwise be permitted under the Third Lien Documents (as in effect on the date hereof), (viii) change any default or event of default thereunder in a manner materially adverse to the interests of the Grantors
thereunder (it being understood that any waiver of any such default or event of default, in and of itself, shall not be deemed to be materially adverse to the interests of the Grantors) when taken as a whole (other than for periods following the
Discharge of Second Lien Obligations), unless a similar amendment or modification is concurrently made under the Second Lien Documents or (ix) increase the non-monetary or monetary obligations of any of
the Grantors thereunder or confer any additional rights on the Third Lien Secured Parties that would be adverse to the interests of the Priority Lien Secured Parties or the Second Lien Secured Parties (other than for periods following the latest
maturity date under the Priority Credit Agreement and the Second Lien Indenture) unless a similar modification is concurrently made under the Priority Lien Documents and the Second Lien Documents. In addition, prior to the Discharge of Second Lien
Obligations, without the prior written consent of the Second Lien Collateral Trustee, the Third Lien Collateral Trust Agreement may not be amended, supplemented, restated or otherwise modified to the extent such amendment, supplement, restatement or
modification would be adverse to the interests of the Priority Lien Secured Parties or the Second Lien Secured Parties. 

  
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 SECTION 4.06 Legends. 

Each of: 
 (a) the Priority Lien
Agent acknowledges with respect to the Priority Credit Agreement and the Priority Lien Security Documents, 
 (b) the Second Lien Collateral
Trustee acknowledges with respect to (i) the Second Lien Indenture and the Second Lien Indenture Security Documents, and (ii) the Additional Second Lien Debt Facility and the Additional Second Lien Security Documents, if any, and 

(c) the Third Lien Collateral Agent acknowledges with respect to (i) the Third Lien Debt Facility and the Third Lien Security Documents
and (ii) the Additional Third Lien Debt Facility and the Additional Third Lien Security Documents, if any, that the Second Lien Indenture, the Third Lien Debt Facility, the Additional Second Lien Debt Facility, the Additional Third Lien Debt
Facility, the Second Lien Documents (other than control agreements to which both the Priority Lien Agent and the Second Lien Collateral Trustee are parties), the Third Lien Documents (other than control agreements to which the Priority Lien Agent or
the Second Lien Collateral Trustee, as applicable, and the Third Lien Collateral Agent are parties) and each associated Security Document (other than control agreements to which both the Priority Lien Agent and the Second Lien Collateral Trustee are
parties or, in the case of Third Lien Security Documents, other than control agreements to which the Priority Lien Agent or the Second Lien Collateral Trustee, as applicable, and the Third Lien Collateral Agent are parties) granting any security
interest in the Collateral will contain the appropriate legend set forth on Annex I. 
 SECTION 4.07
Second Lien Secured Parties and Third Lien Secured Parties Rights as Unsecured Creditors; Judgment Lien Creditor. Both before and during an Insolvency or Liquidation Proceeding, any of the Second Lien Secured Parties and the Third Lien
Secured Parties may take any actions and exercise any and all rights that would be available to a holder of unsecured claims; provided, however, that the Second Lien Secured Parties and the Third Lien Secured Parties may not take any action
inconsistent with this Agreement, provided, further, that in the event that any of the Second Lien Secured Parties or Third Lien Secured Parties becomes a judgment Lien creditor in respect of any Collateral as a result of its enforcement of its
rights as an unsecured creditor with respect to the Second Lien Obligations or the Third Lien Obligations, as applicable, such judgment Lien shall be subject to the terms of this Agreement for all purposes (including in relation to the Priority Lien
Obligations and the Second Lien Obligations, as applicable) as the Second Liens and Third Liens, as applicable, are subject to this Agreement. 

SECTION 4.08 Postponement of Subrogation. 

(a) Each of the Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Secured Party, and the Third Lien Collateral
Agent, for itself and on behalf of each other Third Lien Secured Party, hereby agrees that no payment or distribution to any Priority Lien Secured Party pursuant to the provisions of this Agreement shall entitle any Second Lien Secured Party or
Third Lien Secured Party to exercise any rights of subrogation in respect thereof until, in the case of the Second Lien Secured Parties, the Discharge of Priority Lien Obligations, and in the case of the Third Lien Secured Parties, the Discharge of
Priority Lien Obligations and the Discharge of Second Lien Obligations shall have occurred. Following the Discharge of Priority Lien Obligations, but subject to the reinstatement as provided in Section 4.03, each Priority
Lien Secured Party will execute such documents, agreements, and instruments as any Second Lien Secured Party may reasonably request to evidence the transfer by subrogation to any such Person of an interest in 

  
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the Priority Lien Obligations resulting from payments or distributions to such Priority Lien Secured Party by such Person, so long as all costs and expenses (including all reasonable legal fees
and disbursements) incurred in connection therewith by such Priority Lien Secured Party are paid by such Person upon request for payment thereof. 

(b) Following the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations, the Third Lien Collateral
Agent, for itself and on behalf of each other Third Lien Secured Party, agrees that no payment or distribution to any Second Lien Secured Party pursuant to the provisions of this Agreement shall entitle any Third Lien Secured Party to exercise any
rights of subrogation in respect thereof. Following the Discharge of Second Lien Obligations, but subject to the reinstatement as provided in Section 4.03, each Second Lien Secured Party will execute such documents,
agreements, and instruments as any Third Lien Secured Party may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the Second Lien Obligations resulting from payments or distributions to such Second Lien
Secured Party by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by such Second Lien Secured Party are paid by such Person upon request for payment thereof. 

SECTION 4.09 Acknowledgment by the Secured Debt Representatives. Each of the Priority Lien Agent, for itself and on behalf of the
other Priority Lien Secured Parties, the Second Lien Collateral Trustee, for itself and on behalf of the other Second Lien Secured Parties, and the Third Lien Collateral Agent, for itself and on behalf of the other Third Lien Secured Parties, hereby
acknowledges that this Agreement is a material inducement to enter into a business relationship, that each has relied on this Agreement to enter into the Priority Credit Agreement, the Second Lien Indenture, the Additional Second Lien Documents and
the Third Lien Documents, as applicable, and all documentation related thereto, and that each will continue to rely on this Agreement in their related future dealings. 

SECTION 4.10 Right of First Offer of Backstop Commitment Parties 

(i) Grant. The Priority RBL Agent, on behalf of itself and each Lender (as defined in the Priority Credit Agreement),
and, by its acceptance hereof, the Company, each hereby (x) unconditionally and irrevocably grants to each Backstop Commitment Party, in accordance with its ROFO Applicable Percentage, a Right of First Offer, from and after the date of this
Agreement until the termination of the Priority Credit Agreement and the Discharge of Priority Lien Obligations and (y) agrees that, for purposes of exercising the Right of First Offer provided for in this
Section 4.10, each of the Backstop Commitment Parties and their permitted transferees or assignees shall constitute an “Eligible Assignee” under the Priority Credit Agreement; provided that, notwithstanding
anything to the contrary in the Priority Credit Agreement, (1) so long as, at any applicable date of determination, the Backstop Commitment Parties, in the aggregate, hold Credit Exposures and Unused Commitments (each as defined in the Priority
Credit Agreement) representing less than 33.33% of the Aggregate Credit Exposure (as defined in the Priority Credit Agreement) and Unused Commitments at such time (or, if the Commitments (as defined in the Priority Credit Agreement) have been
terminated, if the Backstop Commitment Parties hold, in the aggregate, Credit Exposures 

  
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representing less than 33.33% the Aggregate Credit Exposure at such time), the Backstop Commitment Parties that have exercised such Right of First Offer shall not have any right to approve any
amendment, modification or waiver of any provision of the Priority Credit Agreement (other than (x) the rights a Defaulting Lender (as defined in the Priority Credit Agreement) would have with respect to any amendment, modification or waiver
described in the first proviso to Section 11.02(b) of the Priority Credit Agreement that affects such Backstop Commitment Party, (y) with respect to any proposed amendment, modification or waiver of any provision of the Priority Credit
Agreement that would require a vote of 100% of the Lenders (as defined in the Priority Credit Agreement) or (z) with respect to any proposed amendment, modification or waiver of any provision of the Priority Credit Agreement that would treat
any Backstop Commitment Party in a manner that is less favorable to such Backstop Commitment Party in any respect than the proposed treatment of the other Lenders (as defined in the Priority Credit Agreement) (and with it being understood and agreed
that the Backstop Commitment Parties will not agree to any proposed amendment, modification or waiver of any provision of the Priority Credit Agreement that would treat any Lender (as defined in the Priority Credit Agreement) that is not a Backstop
Commitment Party in a manner that is less favorable to such Lender (as defined in the Priority Credit Agreement) in any respect than the proposed treatment of the Backstop Commitment Parties), (2) if, at any applicable date of determination, the
Backstop Commitment Parties, in the aggregate, hold Credit Exposures and Unused Commitments (each as defined in the Priority Credit Agreement) representing at least 33.33% of the Aggregate Credit Exposure (as defined in the Priority Credit
Agreement) and all Unused Commitments at such time (or, if the Commitments (as defined in the Priority Credit Agreement) have been terminated, if the Backstop Commitment Parties hold, in the aggregate, Credit Exposures representing at least 33.33%
the Aggregate Credit Exposure at such time), the Backstop Commitment Parties that have exercised such Right of First Offer shall have the same rights to approve any amendment, modification or waiver of any provision of the Priority Credit Agreement
as the other Lenders (as defined in the Priority Credit Agreement) and (3) no assignment (or proposed assignment) of all or a portion of the rights and obligations of a Lender (as defined in the Priority Credit Agreement) under the Priority
Credit Agreement (including all or a portion of its Revolving Commitment and the Loans (each as defined in the Priority Credit Agreement)) may be consummated unless the applicable Lender (as defined in the Priority Credit Agreement), the ROFO Agent,
the Priority RBL Agent and the applicable Backstop Commitment Parties have complied with the provisions of this Section 4.10 (including, for the avoidance of doubt, the notice requirements and notice periods provided for in
Section 4.10(ii)), and any such proposed assignment shall also be subject to compliance with the provisions of this Section 4.10 (including, for the avoidance of doubt, the notice requirements and notice periods
provided for in Section 4.10(ii)). For the avoidance of doubt, it is understood and agreed that compliance by an applicable Lender (as defined in the Priority Credit Agreement) with this Section 4.10 with respect to
a particular assignment or proposed assignment shall not be deemed to mean that such Lender need not comply with this Section 4.10 with respect to any future or separate assignment or proposed assignment. 

  
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 (ii) Notice and Forfeiture. Prior to commencing the consent solicitation
required to be undertaken pursuant to Section 11.04(b) of the Priority Credit Agreement with respect to a proposed assignment of all or a portion of the rights and obligations of a Lender (as defined in the Priority Credit Agreement) under
the Priority Credit Agreement (including all or a portion of its Revolving Commitment and the Loans (each as defined in the Priority Credit Agreement) at the time owing to it)), the Priority RBL Agent shall notify the ROFO Agent and deliver proposed
assignment documentation to the ROFO Agent, who will promptly deliver such documentation to the Backstop Commitment Parties. Such delivered assignment documentation shall consist of an unexecuted Assignment and Assumption (as defined in the Priority
Credit Agreement) that shall contain information as to the aggregate amount of the proposed assignment and the identity of the proposed assigning Lender (as defined in the Priority Credit Agreement). To exercise its Right of First Offer under this
Section 4.10, the applicable Backstop Commitment Party must deliver a ROFO Notice to the ROFO Agent (who will promptly deliver the same to the Priority RBL Agent) within five (5) business days after receipt by the ROFO
Agent of the assignment documentation required to be delivered to the Backstop Commitment Parties under this Section 4.10. If the terms of the ROFO Notice provide for a purchase price for the applicable Loans and Revolving
Commitments (each as defined in the Priority Credit Agreement) that is equal to par, then the Priority RBL Agent (on behalf of itself and the applicable assigning Lender) shall accept the offer set forth in the ROFO Notice. If the terms of the ROFO
Notice provide for a purchase price for the applicable Loans and Revolving Commitments (each as defined in the Priority Credit Agreement) that is less than par, then the Priority RBL Agent shall have a period (not to exceed five (5) business
days) to inform the ROFO Agent whether such offer has been accepted or declined by the proposed assigning Lender (as defined in the Priority Credit Agreement) (and with it being understood and agreed that if the Priority RBL Agent has not provided
the ROFO Agent with a response within such five (5) business day period, such offer shall be deemed to have been declined by the applicable assigning Lender (as defined in the Priority Credit Agreement)).    In the event the
offer provided for in the applicable ROFO Notice is accepted (whether automatically (in the case of an offer at par) or by the applicable assigning Lender (as defined in the Priority Credit Agreement) as provided in the immediately preceding
sentence), the applicable accepting Backstop Commitment Party shall consummate the proposed assignment in accordance with its ROFO Applicable Percentage, within a reasonable period of time following confirmation of the acceptance of its offer from
the Priority RBL Agent. Upon receipt of such ROFO Notice, the ROFO Agent shall deliver a copy of such ROFO Notice to the Priority RBL Agent for delivery to the applicable Lender(s) (as defined in the Priority Credit Agreement). Failure to deliver a
ROFO Notice within the time period provided for in this Section 4.10(b) will result in the forfeiture of the applicable Backstop Commitment Party’s exercise of the Right of First Offer as it applies to the proposed assignment which
occasioned its application and will otherwise authorize the consummation of the proposed assignment, on the terms provided to the Backstop Commitment Parties, between the applicable Lender(s) (as defined in the Priority Credit Agreement) and
proposed assignee(s). 

  
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 ARTICLE V 

GRATUITOUS BAILMENT FOR PERFECTION OF CERTAIN SECURITY 

INTERESTS 

SECTION 5.01 General. Prior to the Discharge of Priority Lien Obligations, the Priority Lien Agent agrees that if it shall at any
time hold a Priority Lien on any Collateral that can be perfected by the possession or control of such Collateral or of any Account in which such Collateral is held, and if such Collateral or any such Account is in fact in the possession or under
the control of the Priority Lien Agent, the Priority Lien Agent will serve as gratuitous bailee for (i) the Second Lien Collateral Trustee for the sole purpose of perfecting the Second Lien of the Second Lien Collateral Trustee on such
Collateral and (ii) the Third Lien Collateral Agent for the sole purpose of perfecting the Third Lien of the Third Lien Collateral Agent on such Collateral. It is agreed that the obligations of the Priority Lien Agent and the rights of the
Second Lien Collateral Trustee, the other Second Lien Secured Parties, the Third Lien Collateral Agent and the other Third Lien Secured Parties in connection with any such bailment arrangement will be in all respects subject to the provisions of
Article II. Notwithstanding anything to the contrary herein, the Priority Lien Agent will be deemed to make no representation as to the adequacy of the steps taken by it to perfect the Second Lien or Third Lien on any such
Collateral and shall have no responsibility, duty, obligation or liability to the Second Lien Collateral Trustee, any other Second Lien Secured Party, the Third Lien Collateral Agent or any other Third Lien Secured Party or any other Person for such
perfection or failure to perfect, it being understood that the sole purpose of this Article is to enable the Second Lien Secured Parties to obtain a perfected Second Lien and the Third Lien Secured Parties to obtain a perfected Third Lien in such
Collateral to the extent, if any, that such perfection results from the possession or control of such Collateral or any such Account by the Priority Lien Agent. The Priority Lien Agent acting pursuant to this Section 5.01
shall not have by reason of the Priority Lien Security Documents, the Second Lien Security Documents, the Third Lien Security Documents, this Agreement or any other document or theory, a fiduciary relationship in respect of any Priority Lien Secured
Party, the Second Lien Collateral Trustee, any Second Lien Secured Party, the Third Lien Collateral Agent or any Third Lien Secured Party. Subject to Section 4.03, from and after the Discharge of Priority Lien Obligations,
the Priority Lien Agent shall take all such actions in its power as shall reasonably be requested by the Grantors and/or the Second Lien Collateral Trustee (at the sole cost and expense of the Grantors) to transfer possession or control of such
Collateral or any such Account (in each case to the extent the Second Lien Collateral Trustee has a Lien on such Collateral or Account after giving effect to any prior or concurrent releases of Liens) to the Second Lien Collateral Trustee for the
benefit of all Second Lien Secured Parties. Following the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations, the Second Lien Collateral Trustee agrees that if it shall at any time hold a Second Lien on any
Collateral that can be perfected by the possession or control of such Collateral or of any Account in which such Collateral is held, and if such Collateral or any such Account is in fact in the possession or under the control of the Second Lien
Collateral Trustee, the Second Lien Collateral Trustee will serve as gratuitous bailee for the Third Lien Collateral Agent for the sole purpose of perfecting the Third Lien of the Third Lien Collateral Agent on such Collateral. It is agreed that the
obligations of the Second Lien Collateral Trustee and the rights of the Third Lien Collateral Agent and the other Third Lien Secured Parties in connection with any such bailment arrangement will be in all respects subject to the provisions of
Article II. 

  
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Notwithstanding anything to the contrary herein, the Second Lien Collateral Trustee will be deemed to make no representation as to the adequacy of the steps taken by it to perfect the Third Lien
on any such Collateral and shall have no responsibility, duty, obligation or liability to the Third Lien Collateral Agent or any other Third Lien Secured Party or any other Person for such perfection or failure to perfect, it being understood that
the sole purpose of this Article is to enable the Third Lien Secured Parties to obtain a perfected Third Lien in such Collateral to the extent, if any, that such perfection results from the possession or control of such Collateral or any such
Account by the Second Lien Collateral Trustee. The Second Lien Collateral Trustee acting pursuant to this Section 5.01 shall not have by reason of the Second Lien Security Documents, the Third Lien Security Documents, this
Agreement or any other document or theory, a fiduciary relationship in respect of any Second Lien Secured Party, the Third Lien Collateral Agent or any Third Lien Secured Party. Subject to Section 4.03, from and after the
Discharge of Second Lien Obligations, the Second Lien Collateral Trustee shall take all such actions in its power as shall reasonably be requested by the Grantors and/or the Third Lien Collateral Agent (at the sole cost and expense of the Grantors)
to transfer possession or control of such Collateral or any such Account (in each case to the extent the Third Lien Collateral Agent has a Lien on such Collateral or Account after giving effect to any prior or concurrent releases of Liens) to the
Third Lien Collateral Agent for the benefit of all Third Lien Secured Parties. 
 SECTION 5.02 Deposit Accounts. 

(a) Prior to the Discharge of Priority Lien Obligations, to the extent that any Account is under the control of the Priority Lien Agent at any
time, the Priority Lien Agent will act as gratuitous bailee for (i) the Second Lien Collateral Trustee for the purpose of perfecting the Liens of the Second Lien Secured Parties and (ii) the Third Lien Collateral Agent for the purpose of
perfecting the Liens of the Third Lien Secured Parties in such Accounts and the cash and other assets therein as provided in Section 3.01 (but will have no duty, responsibility or obligation to the Second Lien Secured
Parties or the Third Lien Secured Parties (including, without limitation, any duty, responsibility or obligation as to the maintenance of such control, the effect of such arrangement or the establishment of such perfection) except as set forth in
the last sentence of this Section 5.02(a)). Unless the Second Liens on such Collateral shall have been or concurrently are released, after the occurrence of Discharge of Priority Lien Obligations, the Priority Lien Agent
shall, at the request of the Grantors and/or the Second Lien Collateral Trustee, cooperate with the Grantors and the Second Lien Collateral Trustee (at the expense of the Grantors) in permitting control of any other Accounts to be transferred to the
Second Lien Collateral Trustee (or for other arrangements with respect to each such Accounts satisfactory to the Second Lien Collateral Trustee to be made). 

(b) Following the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations, to the extent that any Account
is under the control of the Second Lien Collateral Trustee at any time, the Second Lien Collateral Trustee will act as gratuitous bailee for the Third Lien Collateral Agent for the purpose of perfecting the Liens of the Third Lien Secured Parties in
such Accounts and the cash and other assets therein as provided in Section 3.01 (but will have no duty, responsibility or obligation to the Third Lien Secured Parties (including, without limitation, any duty, responsibility
or obligation as to the maintenance of such control, the effect of such arrangement or the establishment of such perfection) except as set forth in the last sentence of this Section 5.02(b)). Unless the Third Liens on such
Collateral shall have been or concurrently are released, after the occurrence of Discharge of Second Lien Obligations, the Second Lien Collateral Trustee shall, at the request of the Grantors and/or the Third Lien Collateral Agent, cooperate with
the Grantors and the Third Lien Collateral Agent (at the expense of the Grantors) in permitting control of any other Accounts to be transferred to the Third Lien Collateral Agent (or for other arrangements with respect to each such Accounts
satisfactory to the Third Lien Collateral Agent to be made). 

  
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 ARTICLE VI 

APPLICATION OF PROCEEDS; DETERMINATION OF AMOUNTS 

SECTION 6.01 Application of Proceeds. 

(a) Prior to the Discharge of Priority Lien Obligations, and regardless of whether an Insolvency or Liquidation Proceeding has been commenced,
Collateral or Proceeds (or any distribution of cash, property or debt or equity securities in full or partial satisfaction or waiver of any claims of any Third Lien Secured Party against any Grantor in any Insolvency or Liquidation Proceeding)
received in connection with the enforcement or exercise of any rights or remedies with respect to any portion of the Collateral or received in connection with an Insolvency or Liquidation Proceeding or with respect to the occurrence of any
“Change of Control” (or similar term) as such term is defined under any Priority Lien Document, the Second Lien Documents or Third Lien Documents, will be applied: 

(i) first, to the payment in full in cash of all Priority Lien Obligations that are not Excess Priority Lien
Obligations, 
 (ii) second, to the payment in full in cash of all Second Lien Obligations, 

(iii) third, to the payment in full in cash of all Third Lien Obligations, 

(iv) fourth, to the payment in full in cash of all Excess Priority Lien Obligations, and 

(v) fifth, to the Company or as otherwise required by applicable law. 

For the avoidance of doubt and notwithstanding anything to the contrary contained in this Section 6.01(a), the provisions of this Section
6.01(a) shall not apply to any payments required to be made by the Company or any of its Subsidiaries in connection with any “Change of Control” offer to purchase indebtedness under (x) any Second Lien Documents or (y) unless
an Event of Default has occurred and is then continuing under either the Priority Lien Documents or the Second Lien Documents and only to the extent permitted by both the terms of the Priority Lien Documents and the Second Lien Documents, the Third
Lien Documents. 
 (b) Following the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations, and
regardless of whether an Insolvency or Liquidation Proceeding has been commenced, Collateral or Proceeds (or, with respect to any Third Lien Secured Party, any distribution of cash, property or debt or equity securities in full or partial
satisfaction or waiver of any claims of any Third Lien Secured Party against any Grantor in any Insolvency or Liquidation Proceeding) received in connection with the enforcement or exercise of any rights or remedies with respect to any portion of
the Collateral or received in connection with an Insolvency or Liquidation Proceeding will be applied: 

  
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 (i) first, to the payment in full in cash of all Second Lien Obligations,

 (ii) second, to the payment in full in cash of all Third Lien Obligations, 

(iii) third, to the payment in full in cash of all Excess Priority Lien Obligations, and 

(iv) fourth, to the Company or as otherwise required by applicable law. 

SECTION 6.02 Determination of Amounts. Whenever a Secured Debt Representative shall be required, in connection with the exercise
of its rights or the performance of its obligations hereunder, to determine the existence or amount of any Priority Lien Obligations (or the existence of any commitment to extend credit that would constitute Priority Lien Obligations), Second Lien
Obligations or Third Lien Obligations, or the existence of any Lien securing any such obligations, or the Collateral subject to any such Lien, it may request that such information be furnished to it in writing by the other Secured Debt
Representatives and shall be entitled to make such determination on the basis of the information so furnished; provided, however, that if a Secured Debt Representative shall fail or refuse reasonably promptly to provide the requested
information, the requesting Secured Debt Representative shall be entitled to make any such determination by such method as it may, in the exercise of its good faith judgment, determine, including by reliance upon a certificate of the Company. Each
Secured Debt Representative may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court of competent
jurisdiction) and shall have no liability to the Company or any of its subsidiaries, any Secured Party or any other Person as a result of such determination. 

ARTICLE VII 
 NO
RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE; 
 CONSENT OF GRANTORS; ETC. 

SECTION 7.01 No Reliance; Information. The Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien
Secured Parties shall have no duty to disclose to any Third Lien Secured Party, Second Lien Secured Party or to any Priority Lien Secured Party, as the case may be, any information relating to the Company or any of the other Grantors, or any other
circumstance bearing upon the risk of non-payment of any of the Priority Lien Obligations, the Second Lien Obligations or the Third Lien Obligations, as the case may be, that is known or becomes known to any
of them or any of their Affiliates. In the event any Priority Lien Secured Party, any Second Lien Secured Party or any Third Lien Secured Party, in its sole discretion, undertakes at any time or from time to time to provide any such information to,
any Third Lien Secured Party, any Second Lien Secured Party or any Priority Lien Secured Party, as the case may be, it shall be under no obligation (a) to make, and shall not make or be deemed to have made, any express or implied representation
or warranty, including with respect to the accuracy, completeness, truthfulness or validity of the information so provided, (b) to provide any additional information or to provide any such information on any subsequent occasion or (c) to
undertake any investigation. 

  
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 SECTION 7.02 No Warranties or Liability. 

(a) The Priority Lien Agent, for itself and on behalf of the other Priority Lien Secured Parties, acknowledges and agrees that, except for the
representations and warranties set forth in Article VIII, (i) neither the Second Lien Collateral Trustee nor any other Second Lien Secured Party has made any express or implied representation or warranty, including
with respect to the execution, validity, legality, completeness, collectability or enforceability of any of the Second Lien Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon and (ii) neither the Third
Lien Collateral Agent nor any other Third Lien Secured Party has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or enforceability of any of the Third
Lien Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. 
 (b) The Second Lien Collateral
Trustee, for itself and on behalf of the other Second Lien Secured Parties, acknowledges and agrees that, except for the representations and warranties set forth in Article VIII, (i) neither the Priority Lien Agent nor
any other Priority Lien Secured Party has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or enforceability of any of the Priority Lien Documents, the
ownership of any Collateral or the perfection or priority of any Liens thereon and (ii) neither the Third Lien Collateral Agent nor any other Third Lien Secured Party has made any express or implied representation or warranty, including with
respect to the execution, validity, legality, completeness, collectability or enforceability of any of the Third Lien Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. 

(c) The Third Lien Collateral Agent, for itself and on behalf of the other Third Lien Secured Parties, acknowledges and agrees that, except
for the representations and warranties set forth in Article VIII, (i) neither the Priority Lien Agent nor any other Priority Lien Secured Party has made any express or implied representation or warranty, including with
respect to the execution, validity, legality, completeness, collectability or enforceability of any of the Priority Lien Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon and (ii) neither the Second
Lien Collateral Trustee nor any other Second Lien Secured Party has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or enforceability of any of the
Second Lien Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. 
 (d) The Priority Lien Agent
and the other Priority Lien Secured Parties shall have no express or implied duty to the Second Lien Collateral Trustee, any other Second Lien Secured Party, the Third Lien Collateral Agent or any other Third Lien Secured Party, the Second Lien
Collateral Trustee and the other Second Lien Secured Parties shall have no express or implied duty to the Priority Lien Agent, any other Priority Lien Secured Party, the Third Lien Collateral Agent or any other Third Lien Secured Party, and the
Third Lien Collateral Agent shall have no express or implied duty to the Priority Lien Agent, any other Priority Lien Secured Party, the Second Lien Collateral Trustee or any other Second Lien Secured Party, to act or refrain from acting in a manner
which allows, or results in, the occurrence or continuance of a default or an event of default under any Priority Lien Document, any Second Lien Document and any Third Lien Document (other than, in each case, this Agreement), regardless of any
knowledge thereof which they may have or be charged with. 

  
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 (e) Each of the Second Lien Collateral Trustee, for itself and on behalf of each other Second
Lien Secured Party and the Third Lien Collateral Agent, for itself and on behalf of each other Third Lien Secured Party, hereby waives any claim that may be had against the Priority Lien Agent or any other Priority Lien Secured Party arising out of
any actions which the Priority Lien Agent or such Priority Lien Secured Party takes or omits to take (including actions with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure
upon, sale, release or depreciation of, or failure to realize upon, any Collateral, and actions with respect to the collection of any claim for all or only part of the Priority Lien Obligations from any account debtor, guarantor or any other party)
in accordance with this Agreement and the Priority Lien Documents or the valuation, use, protection or release of any security for such Priority Lien Obligations. The Third Lien Collateral Agent, for itself and on behalf each other Third Lien
Secured Party, hereby waives any claim that may be had against the Second Lien Collateral Trustee or any other Second Lien Secured Party arising out of any actions which the Second Lien Collateral Trustee or such Second Lien Secured Party takes or
omits to take following the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations (including actions with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to
the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any Collateral, and actions with respect to the collection of any claim for all or only part of the Second Lien Obligations from any account debtor, guarantor or any
other party) in accordance with this Agreement and the Second Lien Documents or the valuation, use, protection or release of any security for such Second Lien Obligations. 

SECTION 7.03 Obligations Absolute. The Lien priorities provided for herein and the respective rights, interests, agreements and
obligations hereunder of the Priority Lien Agent and the other Priority Lien Secured Parties, the Second Lien Collateral Trustee and the other Second Lien Secured Parties, and the Third Lien Collateral Agent and the other Third Lien Secured Parties
shall remain in full force and effect irrespective of: 
 (a) any lack of validity or enforceability of any Secured Debt Document; 

(b) any change in the time, place or manner of payment of, or in any other term of (including the Replacing of), all or any portion of the
Priority Lien Obligations, it being specifically acknowledged that a portion of the Priority Lien Obligations consists or may consist of Indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any time or from
time to time may be increased or reduced and subsequently reborrowed; 
 (c) any amendment, waiver or other modification, whether by course
of conduct or otherwise, of any Secured Debt Document; 
 (d) the securing of any Priority Lien Obligations, Second Lien Obligations or
Third Lien Obligations with any additional collateral or guarantees, or any exchange, release, voiding, avoidance or non-perfection of any security interest in any Collateral or any other collateral or any
release of any guarantee securing any Priority Lien Obligations, Second Lien Obligations or Third Lien Obligations; 

  
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 (e) the commencement of any Insolvency or Liquidation Proceeding in respect of the Company or any
other Grantor; or 
 (f) any other circumstances that otherwise might constitute a defense available to, or a discharge of, the Company or
any other Grantor in respect of the Priority Lien Obligations, the Second Lien Obligations or the Third Lien Obligations. 

SECTION 7.04 Grantors Consent. Each Grantor hereby consents to the provisions of this Agreement and the intercreditor arrangements
provided for herein and agrees that the obligations of the Grantors under the Secured Debt Documents will in no way be diminished or otherwise affected by such provisions or arrangements (except as expressly provided herein). 

ARTICLE VIII 

REPRESENTATIONS AND WARRANTIES 

SECTION 8.01 Representations and Warranties of Each Party. Each party hereto represents and warrants to the other parties hereto
as follows: 
 (a) such party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization
and has all requisite power and authority to enter into and perform its obligations under this Agreement; 
 (b) this Agreement has been
duly executed and delivered by such party and 
 (c) the execution, delivery and performance by such party of this Agreement (i) do not
require any consent or approval of, registration or filing with or any other action by any Governmental Authority of which the failure to obtain could reasonably be expected to have a Material Adverse Effect (as defined in the Priority RBL Credit
Agreement, as in effect on the date hereof), (ii) will not violate any applicable law or regulation or any order of any Governmental Authority or any indenture, agreement or other instrument binding upon such party which could reasonably be expected
to have a Material Adverse Effect (as defined in the Priority RBL Credit Agreement, as in effect on the date hereof) and (iii) will not violate the charter, by-laws or other organizational documents of
such party. 
 SECTION 8.02 Representations and Warranties of Each Representative. Each of the Priority Lien Agent, the Second
Lien Collateral Trustee and the Third Lien Collateral Agent represents and warrants to the other parties hereto that it is authorized under the Priority Credit Agreement, the Second Lien Collateral Trust Agreement and the Third Lien Collateral Trust
Agreement, as the case may be, to enter into this Agreement. 

  
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 ARTICLE IX 

MISCELLANEOUS 

SECTION 9.01 Notices. 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 telecopy, as follows: 
  

	 	(a)	if to the Original Priority Lien Agent, to it at: 

 JPMorgan Chase Bank, N.A. 

10 South Dearborn, Floor L2 

Chicago, IL 60603-2300 

Facsimile: (888) 292-9533 

Attention: April Yebd 
 with a
copy to: 
 JPMorgan Chase Bank, N.A. 

2200 Ross Avenue, 3rd Floor 

Dallas, TX 75201-2787 

Facsimile: (214) 302-8695 

Attention: Michele L. Jones, Managing Director 
  

	 	(b)	if to the Second Lien Collateral Trustee, to it at: 

 Wilmington Trust, National Association

 Rodney Square North 
 1100
North Market Street 
 Wilmington, Delaware 19890 

Attention: EXCO Resources, Inc. Administrator 

Facsimile: 302-636-4145 

 

	 	(c)	if to the Original Third Lien Collateral Agent, to it at: 

 Wilmington Trust, National
Association 
 50 South Sixth Street, Suite 1290 

Minneapolis, MN 55402 

Facsimile: (612) 217-5651 

Attention: Meghan McCauley 
  

	 	(d)	if to any other Secured Debt Representative, to such address as specified in the Priority Confirmation Joinder. 

  
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 Any party hereto may change its address or facsimile number for notices and other communications
hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt (if a business day) and on
the next business day thereafter (in all other cases) if delivered by hand or overnight courier service or sent by telecopy or on the date five business days after dispatch by certified or registered mail if mailed, in each case delivered, sent or
mailed (properly addressed) to such party as provided in this Section 9.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 9.01. As agreed
to in writing among the Company, the Priority Lien Agent, the Second Lien Collateral Trustee and the Third Lien Collateral Agent from time to time, notices and other communications may also be delivered by
e-mail to the e-mail address of a representative of the applicable person provided from time to time by such person. 

SECTION 9.02 Waivers; Amendment. 

(a) No failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and
remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) of this Section 9.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. No notice or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances. 

(b) Neither this Agreement nor any provision hereof may be terminated, waived, amended or modified except pursuant to an agreement or
agreements in writing entered into by each Secured Debt Representative; provided, however, that this Agreement may be amended from time to time as provided in Section 4.04. Any amendment of this Agreement that
is proposed to be effected without the consent of a Secured Debt Representative as permitted by the proviso to the preceding sentence shall be submitted to such Secured Debt Representative for its review at least 5 business days prior to the
proposed effectiveness of such amendment. 
 SECTION 9.03 Actions Upon Breach; Specific Performance. 

(a) Prior to the Discharge of Priority Lien Obligations, if any Second Lien Secured Party or Third Lien Secured Party, contrary to this
Agreement, commences or participates in any action or proceeding against any Grantor or the Collateral, such Grantor, with the prior written consent of the Priority Lien Agent, may interpose as a defense or dilatory plea the making of this
Agreement, and any Priority Lien Secured Party may intervene and interpose such defense or plea in its or their name or in the name of such Grantor and (ii) following the Discharge of Priority Lien Obligations but prior to the Discharge of
Second Lien Obligations, if any Third Lien Secured Party, contrary to this Agreement, commences or participates in any action or proceeding against any Grantor or the Collateral, such Grantor, with the prior written consent of the Second Lien
Collateral Trustee, may interpose as a defense or dilatory plea the making of this Agreement, and any Second Lien Secured Party may intervene and interpose such defense or plea in its or their name or in the name of such Grantor. 

  
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 (b) (i) Prior to the Discharge of Priority Lien Obligations, should any Second Lien Secured
Party or Third Lien Secured Party, contrary to this Agreement, in any way take, attempt to or threaten to take any action with respect to the Collateral (including any attempt to realize upon or enforce any remedy with respect to this Agreement), or
take any other action in violation of this Agreement or fail to take any action required by this Agreement, the Priority Lien Agent or any other Priority Lien Secured Party (in its own name or in the name of the relevant Grantor) or the relevant
Grantor, with the prior written consent of the Priority Lien Agent, (A) may obtain relief against such Second Lien Secured Party or Third Lien Secured Party, as applicable, by injunction, specific performance and/or other appropriate equitable
relief, it being understood and agreed by each of the Second Lien Collateral Trustee on behalf of each Second Lien Secured Party and the Third Lien Collateral Agent on behalf of each Third Lien Secured Party that (I) the Priority Lien Secured
Parties’ damages from its actions may at that time be difficult to ascertain and may be irreparable, and (II) each Second Lien Secured Party and Third Lien Secured Party waives any defense that the Grantors and/or the Priority Lien Secured
Parties cannot demonstrate damage and/or be made whole by the awarding of damages, and (B) shall be entitled to damages, as well as reimbursement for all reasonable and documented costs and expenses incurred in connection with any action to
enforce the provisions of this Agreement and (ii) following the Discharge of Priority Lien Obligations but prior to the Discharge of Second Lien Obligations, should any Third Lien Secured Party, contrary to this Agreement, in any way take,
attempt to or threaten to take any action with respect to the Collateral (including any attempt to realize upon or enforce any remedy with respect to this Agreement), or take any other action in violation of this Agreement or fail to take any action
required by this Agreement, the Second Lien Collateral Trustee or any other Second Lien Secured Party (in its own name or in the name of the relevant Grantor) or the relevant Grantor, with the prior written consent of the Second Lien Collateral
Trustee, (A) may obtain relief against such Third Lien Secured Party by injunction, specific performance and/or other appropriate equitable relief, it being understood and agreed by the Third Lien Collateral Agent on behalf of each Third Lien
Secured Party that (I) the Second Lien Secured Parties damages from its actions may at that time be difficult to ascertain and may be irreparable, and (II) each Third Lien Secured Party waives any defense that the Grantors and/or the
Second Lien Secured Parties cannot demonstrate damage and/or be made whole by the awarding of damages, and (B) shall be entitled to damages, as well as reimbursement for all reasonable and documented costs and expenses incurred in connection
with any action to enforce the provisions of this Agreement. 
 SECTION 9.04 Parties in Interest. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, as well as the other Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of, this Agreement. 

SECTION 9.05 Survival of Agreement. All covenants, agreements, representations and warranties made by any party in this Agreement
shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement. 

SECTION 9.06 Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original but all of
which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

  
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 SECTION 9.07 Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions
hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace
the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 9.08 Governing Law; Jurisdiction; Consent to Service of Process. (a) THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES (BUT GIVING EFFECT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 

(b) Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the
Supreme Court 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, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby 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 extent permitted by 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 shall affect any right that any party hereto may otherwise have to bring any action or proceeding relating to this Agreement in the courts of any jurisdiction. 

(c) Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this
Section 9.08. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

  
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 SECTION 9.09 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY 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. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY 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 BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 9.10 Headings.
Article, Section and Annex headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 9.11 Conflicts. In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions
of any Secured Debt Documents, the provisions of this Agreement shall control; provided, however, that if any of the provisions of the Third Lien Security Documents limit, qualify or conflict with the duties imposed by the provisions
of the TIA, in each case, the TIA shall control. 
 SECTION 9.12 Provisions Solely to Define Relative Rights. The provisions of
this Agreement are and are intended solely for the purpose of defining the distinct and separate relative rights of the Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties. None of the Company, any other
Grantor or any other creditor thereof shall have any rights or obligations hereunder, except as expressly provided in this Agreement (provided that nothing in this Agreement is intended to or will amend, waive or otherwise modify the
provisions of the Priority Credit Agreement, the Second Lien Indenture, the Additional Second Lien Documents or the Third Lien Documents, as applicable), and except as expressly provided in this Agreement neither the Company nor any other Grantor
may rely on the terms hereof (other than Sections 4.01, 4.02, 4.04, or 4.05, Article VII and Article IX). Nothing in this Agreement is intended to or
shall impair the obligations of the Company or any other Grantor, which are absolute and unconditional, to pay the Obligations under the Secured Debt Documents as and when the same shall become due and payable in accordance with their terms.
Notwithstanding anything to the contrary herein or in any Secured Debt Document, the Grantors shall not be required to act or refrain from acting pursuant to this Agreement, any Priority Lien Document, any Second Lien Document or any Third Lien
Document with respect to any Collateral in any manner that would cause a default under any Priority Lien Document. 
 SECTION 9.13
Certain Terms Concerning the Second Lien Collateral Trustee and the Third Lien Collateral Agent. 
 (a) The Second Lien Collateral
Trustee is executing and delivering this Agreement solely in its capacity as such and pursuant to directions set forth in the Second Lien Indenture; and in so doing, the Second Lien Collateral Trustee shall not be responsible for the terms or
sufficiency of this Agreement for any purpose. The Second Lien Collateral Trustee shall have no duties or obligations under or pursuant to this Agreement other than such duties and obligations as may be expressly set forth in this Agreement as
duties and obligations on its part to be performed or observed. Notwithstanding anything to the contrary contained in this 

  
 77 

 
Agreement, for purposes of clarity and avoidance of doubt, the Second Lien Collateral Trustee shall have no duties or obligations with respect to covenants and agreements made by or on behalf of
any other Second Lien Secured Party in this Agreement. In entering into this Agreement, or in taking (or forbearing from) any action under or pursuant to the Agreement, the Second Lien Collateral Trustee shall have and be
protected by all of the rights, immunities, indemnities and other protections granted to it under the Second Lien Indenture and the other Second Lien Documents (including, without limitation, Article 10 of the Second Lien
Indenture and Article 5 of the Second Lien Collateral Trust Agreement). Anything herein to the contrary notwithstanding, whenever reference is made in this Agreement to any action by, consent, designation, specification, requirement or
approval of, notice, request or other communication from, or other direction given or action to be undertaken or to be (or not to be) suffered or omitted by the Second Lien Collateral Trustee or to any election, decision, opinion, acceptance, use of
judgment, expression of satisfaction or other exercise of discretion, rights or remedies to be made (or not to be made) by the Second Lien Collateral Trustee, it is understood that in all cases the Second Lien Collateral Trustee shall be acting,
giving, withholding, suffering, omitting, taking or otherwise undertaking and exercising the same (or shall not be undertaking and exercising the same), in each case in accordance with the Second Lien Documents. This provision is intended solely for
the benefit of the Second Lien Collateral Trustee and its successors and permitted assigns and is not intended to and will not entitle the other parties hereto to any defense, claim or counterclaim, or confer any rights or benefits on any party
hereto. 
 (b) The Third Lien Collateral Agent is executing and delivering this Agreement solely in its capacity as such and pursuant to
directions set forth in the Third Lien Collateral Trust Agreement and other Third Lien Documents; and in so doing, the Third Lien Collateral Agent shall not be responsible for the terms or sufficiency of this Agreement for any purpose. The Third
Lien Collateral Agent shall have no duties or obligations under or pursuant to this Agreement other than such duties and obligations as may be expressly set forth in this Agreement as duties and obligations on its part to be performed or observed.
Notwithstanding anything to the contrary contained in this Agreement, for purposes of clarity and avoidance of doubt, the Third Lien Collateral Agent shall have no duties or obligations with respect to covenants and agreements made by or on behalf
of any Third Lien Secured Party in this Agreement. In entering into this Agreement, or in taking (or forbearing from) any action under or pursuant to the Agreement, the Third Lien Collateral Agent shall have and be protected by all of the rights,
immunities, indemnities and other protections granted to it under the Third Lien Collateral Trust Agreement and other Third Lien Documents. Anything herein to the contrary notwithstanding, whenever reference is made in this Agreement to any action
by, consent, designation, specification, requirement or approval of, notice, request or other communication from, or other direction given or action to be undertaken or to be (or not to be) suffered or omitted by the Third Lien Collateral Agent or
to any election, decision, opinion, acceptance, use of judgment, expression of satisfaction or other exercise of discretion, rights or remedies to be made (or not to be made) by the Third Lien Collateral Agent, it is understood that in all cases the
Third Lien Collateral Agent shall be acting, giving, withholding, suffering, omitting, taking or otherwise undertaking and exercising the same (or shall not be undertaking and exercising the same), in each case in accordance with the Third Lien
Documents. This provision is intended solely for the benefit of the Third Lien Collateral Agent and its successors and permitted assigns and is not intended to and will not entitle the other parties hereto to any defense, claim or counterclaim, or
confer any rights or benefits on any party hereto. 

  
 78 

 SECTION 9.14 Certain Terms Concerning the Priority Lien Agent, the Second Lien Collateral
Trustee and the Third Lien Collateral Agent. 
 (a) Notwithstanding anything to the contrary contained in this Agreement, none of the
Priority Lien Agent, the Second Lien Collateral Trustee or the Third Lien Collateral Agent shall have any liability or responsibility for the actions or omissions of any other Secured Party, or for any other Secured Party’s compliance with (or
failure to comply with) the terms, covenants and agreements set forth in this Agreement. None of the Priority Lien Agent, the Second Lien Collateral Trustee or the Third Lien Collateral Agent shall have individual liability to any Person if it shall
mistakenly pay over or distribute to any Secured Party (or the Company or any other Grantor) any amounts in violation of the terms of this Agreement, so long as the Priority Lien Agent, the Second Lien Collateral Trustee or the Third Lien Collateral
Agent, as the case may be, is acting in good faith. 
 (b) Each party hereto hereby acknowledges and agrees that each of the Priority Lien
Agent, the Second Lien Collateral Trustee and the Third Lien Collateral Agent is entering into this Agreement solely in its capacity under the Priority Lien Documents, the Second Lien Documents and the Third Lien Documents, respectively, and not in
its individual capacity. 
 (c) The Priority Lien Agent shall not be deemed to owe any fiduciary duty to (i) the Second Lien Collateral
Trustee or any Second Lien Representatives or any other Second Lien Secured Party or (ii) the Third Lien Collateral Agent or any other Third Lien Representative or any other Third Lien Secured Party. 

(d) The Second Lien Collateral Trustee shall not be deemed to owe any fiduciary duty to (i) the Priority Lien Agent or any other Priority
Lien Secured Party or (ii) the Third Lien Collateral Agent or any other Third Lien Representative or any other Third Lien Secured Party. 

(e) The Third Lien Collateral Agent shall not be deemed to owe any fiduciary duty to (i) the Priority Lien Agent or any other Priority
Lien Secured Party or (ii) the Second Lien Collateral Trustee or any Second Lien Representatives or any other Second Lien Secured Party. 

SECTION 9.15 Authorization of Secured Agents. By accepting the benefits of this Agreement and the other Priority Lien Security
Documents, each Priority Lien Secured Party authorizes the Priority Lien Agent to enter into this Agreement and to act on its behalf as collateral agent hereunder and in connection herewith. By accepting the benefits of this Agreement and the other
Second Lien Security Documents, each Second Lien Secured Party authorizes the Second Lien Collateral Trustee to enter into this Agreement and to act on its behalf as collateral agent hereunder and in connection herewith. By accepting the benefits of
this Agreement and the other Third Lien Security Documents, each Third Lien Secured Party authorizes the Third Lien Collateral Agent to enter into this Agreement and to act on its behalf as collateral agent hereunder and in connection herewith. 

  
 79 

 SECTION 9.16 Further Assurances. Each of the Priority Lien Agent, for itself and on
behalf of the other Priority Lien Secured Party, the Second Lien Collateral Trustee, for itself and on behalf of the other Second Lien Secured Parties, the Third Lien Collateral Agent, for itself and on behalf of the other Third Lien Secured
Parties, and each Grantor party hereto, for itself and on behalf of its subsidiaries, agrees that it will execute, or will cause to be executed, any and all further documents, agreements and instruments, and take all such further actions, as may be
required under any applicable law, or which the Priority Lien Agent, the Second Lien Collateral Trustee or the Third Lien Collateral Agent may reasonably request, to effectuate the terms of this Agreement, including the relative Lien priorities
provided for herein. 
 SECTION 9.17 Relationship of Secured Parties. Nothing set forth herein shall create or evidence a joint
venture, partnership or an agency or fiduciary relationship among the Secured Parties. None of the Secured Parties nor any of their respective directors, officers, agents or employees shall be responsible to any other Secured Party or to any other
Person for any Grantor’s solvency, financial condition or ability to repay the Priority Lien Obligations, the Second Lien Obligations or the Third Lien Obligations, or for statements of any Grantor, oral or written, or for the validity,
sufficiency or enforceability of the Priority Lien Documents, the Second Lien Documents or the Third Lien Documents, or any security interests granted by any Grantor to any Secured Party in connection therewith. Each Secured Party has entered into
its respective financing agreements with the Grantors based upon its own independent investigation, and none of the Priority Lien Agent, the Second Lien Collateral Trustee or the Third Lien Collateral Agent makes any warranty or representation to
the other Secured Debt Representatives or the Secured Parties for which it acts as agent nor does it rely upon any representation of the other agents or the Secured Parties for which it acts as agent with respect to matters identified or referred to
in this Agreement. 
 SECTION 9.18 Reciprocal Rights 1.1. The parties agree that the provisions of Sections 2.01(c) (but,
for the purposes of this Section 9.18, without giving effect to the reference to the Priority Lien Cap therein), 3 (exercise of remedies), 4 (other than with respect to any Second Lien DIP Financing or any
Permitted Junior DIP Financing), 5.01, 5.02, 7.02(e), and 9.03, including, as applicable, the defined terms referenced therein (but only to the extent used therein), which govern the relationship, and certain rights,
restrictions, and agreements, between the Priority Lien Agent and the other Priority Lien Secured Parties with respect to the Priority Lien Debt, on the one hand, and the Second Lien Collateral Trustee and the other Second Lien Secured Parties with
respect to the Second Lien Debt, on the other hand, shall, from and after the Discharge of Priority Lien Obligations and until the Discharge of the Second Lien Obligations, apply to and govern, mutatis mutandis, the relationship between and
among (A) the Second Lien Collateral Trustee and the other Second Lien Secured Parties with respect to the Second Lien Debt, on the one hand (which, for purposes of this Section 9.18 shall be treated for all purposes
as the Priority Lien Debt, the Priority Lien Agent and the other Priority Lien Secured Parties as referenced in such aforementioned provisions), (B) the Third Lien Collateral Agent and the other Third Lien Secured Parties with respect to the Third
Lien Debt (which, for purposes of this Section 9.18 shall be treated for all purposes as the Second Lien Debt, the Second Lien Agent and the other Second Lien Secured Parties as referenced in such aforementioned provisions)
and (C) Priority Lien Agent and the other Priority Lien Secured Parties with respect to the Excess Priority Lien Obligations (which, for purposes of this Section 9.18 shall, for the avoidance of doubt, remain treated
for all purposes as the Excess Priority Lien Obligations as referenced in such aforementioned provisions). 
 [SIGNATURES BEGIN NEXT PAGE]

  
 80 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

			
	 JPMORGAN CHASE BANK, N.A., as

Original Priority Lien Agent

		
	By:	 	 /s/ David Morris

		 	Name: David Morris
		 	Title: Authorized Officer

  
 Signature page 

Intercreditor Agreement 

 
			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Second Lien Collateral Trustee

		
	By:	 	 /s/ Michael H. Wass

	Name: Michael H. Wass
	Title: Vice President

  
 Signature page 

Intercreditor Agreement 

 
			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Original Third Lien Collateral Agent

		
	By:	 	 /s/ Renee Kuhl

	Name: Renee Kuhl
	Title: Vice President

  
 Signature page to 

Intercreditor Agreement 

 
			
	ACKNOWLEDGED AND AGREED AS OF THE DATE FIRST ABOVE WRITTEN:
	
	GRANTORS:
	
	EXCO RESOURCES, INC.
		
	By:	 	 /s/ Tyler Farquharson

	Name:	 	Tyler Farquharson
	Title: Vice President, Chief Financial Officer and Treasurer
	
	EXCO HOLDING (PA), INC.
	EXCO PRODUCTION COMPANY (PA), LLC
	EXCO PRODUCTION COMPANY (WV), LLC
	EXCO RESOURCES (XA), LLC
	EXCO SERVICES, INC.
	EXCO MIDCONTINENT MLP, LLC
	EXCO PARTNERS GP, LLC
	EXCO PARTNERS OLP GP, LLC
	EXCO HOLDING MLP, INC.
	EXCO LAND COMPANY, LLC
		
	By:	 	 /s/ Tyler Farquharson

	Name:	 	Tyler Farquharson
	Title: Vice President, Chief Financial Officer and Treasurer
	
	EXCO OPERATING COMPANY, LP
		
	By:	 	EXCO Partners OLP GP, LLC,
		 	its general partner
		
	By:	 	 /s/ Tyler Farquharson

	Name:	 	Tyler Farquharson
	Title: Vice President, Chief Financial Officer and Treasurer
	
	EXCO GP PARTNERS OLD, LP
		
	By:	 	EXCO Partners GP, LLC,
		 	its general partner

  
 Signature page to 

Intercreditor Agreement 

 
			
		
	By:	 	 /s/ Tyler Farquharson

	Name:	 	Tyler Farquharson
	Title: Vice President, Chief Financial Officer and Treasurer
	
	RAIDER MARKETING, LP
		
	By:	 	Raider Marketing GP, LLC,
		 	its general partner
		
	By:	 	 /s/ Tyler Farquharson

	Name:	 	Tyler Farquharson
	Title: Vice President, Chief Financial Officer and Treasurer
	
	RAIDER MARKETING GP, LLC
		
	By:	 	 /s/ Tyler Farquharson

	Name:	 	Tyler Farquharson
	Title: Vice President, Chief Financial Officer and Treasurer

  
 Signature page to 

Intercreditor AgreementEX-10.10

 Exhibit 10.10 

EXECUTION VERSION 

COLLATERAL TRUST AGREEMENT 

dated as of March 15, 2017 

among 
 EXCO RESOURCES, INC.,

 as the Company, 
 the
Grantors and Guarantors from time to time party hereto, 
 WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee under the Second Lien Indenture, 

the other Parity Lien Debt Representatives from time to time party hereto 

and 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION, 
 as Collateral Trustee 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	ARTICLE 1	 
	
	DEFINITIONS; PRINCIPLES OF CONSTRUCTION	 
		
	 Section 1.1 Defined Terms
	  	 	2	 
	 Section 1.2 Rules of Interpretation
	  	 	11	 
	
	ARTICLE 2	 
	
	THE TRUST ESTATE	 
		
	 Section 2.1 Declaration of Trust
	  	 	11	 
	 Section 2.2 Collateral Shared Equally and Ratably
	  	 	12	 
	 Section 2.3 Similar Collateral and Agreements
	  	 	13	 
	 Section 2.4 Effectiveness in Insolvency or Liquidation Proceedings
	  	 	13	 
	 Section 2.5 Certain Bankruptcy Matters
	  	 	13	 
	
	ARTICLE 3	 
	
	OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE	 
		
	 Section 3.1 Appointment and Undertaking of the Collateral Trustee
	  	 	14	 
	 Section 3.2 Release or Subordination of Liens
	  	 	15	 
	 Section 3.3 Enforcement of Liens
	  	 	16	 
	 Section 3.4 Application of Proceeds
	  	 	17	 
	 Section 3.5 Powers of the Collateral Trustee
	  	 	19	 
	 Section 3.6 Documents and Communications
	  	 	20	 
	 Section 3.7 For Sole and Exclusive Benefit of Holders of Parity Lien Obligations
	  	 	20	 
	 Section 3.8 Additional Parity Lien Debt
	  	 	20	 
	 Section 3.9 Post-Petition Interest
	  	 	23	 
	 Section 3.10 Reinstatement
	  	 	23	 
	
	ARTICLE 4	 
	
	OBLIGATIONS ENFORCEABLE BY THE COMPANY AND THE OTHER GRANTORS	 
		
	 Section 4.1 Release of Liens on Collateral
	  	 	23	 
	 Section 4.2 Delivery of Copies to Parity Lien Representatives
	  	 	25	 
	 Section 4.3 Collateral Trustee not Required to Serve, File or Record
	  	 	25	 
	 Section 4.4 Release of Liens
	  	 	26	 

					
	ARTICLE 5	 
	
	IMMUNITIES OF THE COLLATERAL TRUSTEE	 
		
	 Section 5.1 No Implied Duty
	  	 	26	 
	 Section 5.2 Appointment of Agents and Advisors
	  	 	26	 
	 Section 5.3 Other Agreements
	  	 	26	 
	 Section 5.4 Solicitation of Instructions
	  	 	27	 
	 Section 5.5 Limitation of Liability
	  	 	27	 
	 Section 5.6 Documents in Satisfactory Form
	  	 	27	 
	 Section 5.7 Entitled to Rely
	  	 	27	 
	 Section 5.8 Parity Lien Debt Default
	  	 	28	 
	 Section 5.9 Actions by Collateral Trustee
	  	 	28	 
	 Section 5.10 Security or Indemnity in favor of the Collateral Trustee
	  	 	28	 
	 Section 5.11 Rights of the Collateral Trustee
	  	 	28	 
	 Section 5.12 Limitations on Duty of Collateral Trustee in Respect of Collateral
	  	 	29	 
	 Section 5.13 Assumption of Rights, Not Assumption of Duties
	  	 	29	 
	 Section 5.14 No Liability for Clean Up of Hazardous Materials
	  	 	30	 
	 Section 5.15 Other Relationships with the Company, Grantors or Guarantors
	  	 	30	 
	 Section 5.16 No Liability for Interest
	  	 	30	 
	 Section 5.17 Non-Reliance on Collateral
Trustee
	  	 	31	 
	
	ARTICLE 6	 
	
	RESIGNATION AND REMOVAL OF THE COLLATERAL TRUSTEE	 
		
	 Section 6.1 Resignation or Removal of Collateral Trustee
	  	 	31	 
	 Section 6.2 Appointment of Successor Collateral Trustee
	  	 	31	 
	 Section 6.3 Succession
	  	 	32	 
	 Section 6.4 Merger, Conversion or Consolidation of Collateral Trustee
	  	 	32	 
	 Section 6.5 Concerning the Collateral Trustee and the Parity Lien Representatives
	  	 	32	 
	
	ARTICLE 7	 
	
	MISCELLANEOUS PROVISIONS	 
		
	 Section 7.1 Amendment
	  	 	33	 
	 Section 7.2 Voting
	  	 	35	 
	 Section 7.3 Further Assurances
	  	 	35	 
	 Section 7.4 Successors and Assigns
	  	 	36	 
	 Section 7.5 Delay and Waiver
	  	 	37	 
	 Section 7.6 Notices
	  	 	37	 
	 Section 7.7 Entire Agreement
	  	 	38	 
	 Section 7.8 Compensation; Expenses
	  	 	38	 
	 Section 7.9 Indemnity
	  	 	39	 
	 Section 7.10 Severability
	  	 	40	 
	 Section 7.11 Headings
	  	 	40	 

  
 ii 

					
	 Section 7.12 Obligations Secured
	  	 	40	 
	 Section 7.13 Governing Law
	  	 	40	 
	 Section 7.14 Consent to Jurisdiction
	  	 	40	 
	 Section 7.15 Waiver of Jury Trial
	  	 	41	 
	 Section 7.16 Counterparts, Electronic Signatures
	  	 	42	 
	 Section 7.17 Effectiveness
	  	 	42	 
	 Section 7.18 Grantors and Additional Grantors
	  	 	42	 
	 Section 7.19 Insolvency
	  	 	42	 
	 Section 7.20 Rights and Immunities of Parity Lien Representatives
	  	 	42	 
	 Section 7.21 Intercreditor Agreement
	  	 	42	 
	 Section 7.22 Force Majeure
	  	 	43	 
	 Section 7.23 U.S.A. Patriot Act
	  	 	43	 

			
		
	 Exhibit A
	  	 [Form of] Additional Parity Lien Debt Certificate

		
	 Exhibit B
	  	 [Form of] Collateral Trust Joinder – Additional Debt

		
	 Exhibit C
	  	 [Form of] Collateral Trust Joinder – Additional Grantor

  
 iii 

 This Collateral Trust Agreement (as amended, supplemented, amended and restated or otherwise
modified form time to time in accordance with Section 7.1 hereof, this “Agreement”) is dated as of as of March 15, 2017, and is by and among EXCO Resources, Inc., a Texas
corporation (the “Company”), the Grantors and Guarantors from time to time party hereto, Wilmington Trust, National Association, as Second Lien Notes Trustee (as defined below), and Wilmington Trust, National Association, as
collateral trustee hereunder (in such capacity and together with its successors in such capacity, the “Collateral Trustee”). 

RECITALS 
 WHEREAS, on the date
hereof the Company issued certain 8.0%/11.0% 1.5 Lien Senior Secured PIK Toggle Notes Due 2022 (the “Initial Second Lien Notes”) in an aggregate principal amount of $300,000,000 and may from time to time thereafter issue PIK
Notes (as defined in the Second Lien Indenture), in each case pursuant to an Indenture dated as of the date hereof (as the same may be amended, supplemented, modified, restated, refinanced or replaced on or prior to the date hereof and as may be
amended, supplemented, modified, restated, refinanced or replaced from time to time after the date hereof in accordance with the Intercreditor Agreement and with the same and/or different noteholders and/or trustees in accordance with the
Intercreditor Agreement “Second Lien Indenture”) among the Company, the guarantors party thereto, Wilmington Trust, National Association, as collateral trustee and the Second Lien Notes Trustee (as defined below), which Notes
will be Parity Lien Debt for purposes of this Agreement. 
 WHEREAS, the Company, the Grantors and the Guarantors intend to secure, and
shall continue to secure, their Obligations under the Second Lien Indenture and any future Parity Lien Debt and any other Parity Lien Obligations with Liens on all present and future Collateral to the extent that such Liens have been provided for in
the applicable Parity Lien Security Documents. 
 WHEREAS, this Agreement sets forth the terms on which each Parity Lien Secured Party
(other than the Collateral Trustee) has appointed the Collateral Trustee to act as the collateral trustee for the present and future holders of the Parity Lien Obligations to receive, hold, maintain, administer and distribute the Collateral at any
time delivered to the Collateral Trustee or the subject of the Parity Lien Security Documents, and to enforce the Parity Lien Security Documents and all interests, rights, powers and remedies of the Collateral Trustee with respect thereto or
thereunder and the proceeds thereof. 
 Capitalized terms used in this Agreement have the meanings assigned to them above or in
Article 1 below. 

 AGREEMENT 

In consideration of the premises and the mutual agreements herein set forth, the receipt and sufficiency of which are hereby acknowledged, the
parties to this Agreement hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS; PRINCIPLES OF CONSTRUCTION 

Section 1.1 Defined Terms. The following terms will have the following meanings: 

“Act of Parity Lien Debtholders” means, as to any matter at any time, a direction in writing delivered to the
Collateral Trustee by or with the written consent of the holders of Parity Lien Debt representing the Required Parity Lien Debtholders. 

“Additional Parity Lien Debt” has the meaning set forth in
Section 3.8(b). 
 “Additional Parity Lien Debt Certificate” means a
notice in substantially the form of Exhibit A. 
 “Additional Secured Debt Designation” means the
written agreement of the Parity Lien Representative of holders of any Series of Parity Lien Debt (in accordance with the terms of the indenture, credit agreement or other agreement governing such Series of Parity Lien Debt), for the benefit of all
holders of existing and future Priority Lien Debt, the Priority Lien Collateral Agent, each existing and future holder of Priority Liens, all holders of each existing and future Series of Parity Lien Debt, the Collateral Trustee and each existing
and future holder of Parity Liens: 
 (1)     that all Parity Lien Obligations will be and are secured
equally and ratably by all Parity Liens at any time granted by the Company, any Grantor or any Guarantor to secure any Obligations in respect of such Series of Parity Lien Debt, whether or not upon property otherwise constituting Collateral for such
Series of Parity Lien Debt, and that all such Parity Liens will be enforceable by the Collateral Trustee for the benefit of all holders of Parity Lien Obligations equally and ratably; 

(2)    that such Parity Lien Representative and the holders of Obligations in respect of such Series of
Parity Lien Debt are bound by the provisions of the Intercreditor Agreement and this Agreement, including the provisions relating to the ranking of Priority Liens, Parity Liens and Junior Liens and the order of application of proceeds from the
enforcement of Priority Liens, Parity Liens and Junior Liens; and 
 (3)    appointing the Collateral
Trustee and consenting to the terms of the Intercreditor Agreement and the performance by the Collateral Trustee of, and directing the Collateral Trustee to perform, its obligations under this Agreement, the Parity Lien Security Documents and the
Intercreditor Agreement, together with all such powers as are reasonably incidental thereto. 
 “Affiliate” means,
with respect to any Person, any other Person directly or indirectly controlling, controlled by or under direct or indirect common control with such Person. For purposes of this definition, a Person shall be deemed to control another Person if such
Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise. For purposes of this definition,
“controlling” and “controlled” shall have meanings correlative thereto. 

  
 2 

 “Agreement” has the meaning set forth in the preamble. 

“Bankruptcy Code” means Title 11 of the United States Code, as amended. 

“Bankruptcy Law” means the Bankruptcy Code and any similar federal, state or foreign law for the relief of debtors.

 “Board of Directors” means: (1) with respect to a corporation, the board of directors of the corporation;
(2) with respect to a partnership, the Board of Directors of the general partner of the partnership; and (3) with respect to any other Person, the board or committee of such Person serving a similar function. 

“Business Day” means any day excluding Saturday, Sunday and any other day on which banking institutions in New York
City or any other place of payment are authorized or required by law or other governmental actions to close. 
 “Capital
Stock” means: 
 (1)    in the case of a corporation, corporate stock or shares in the
capital of such corporation; 
 (2)    in the case of an association or business entity, any and all
shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 

(3)    in the case of a partnership or limited liability company, partnership or membership interests
(whether general or limited); and 
 (4)    any other interest or participation that confers on a Person
the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person; provided that any instrument evidencing Indebtedness convertible or exchangeable into Capital Stock, whether or not such debt
securities include any right of participation with Capital Stock, shall not be deemed to be Capital Stock unless and until such instrument is so converted or exchanged. 

“Collateral” means all assets and property of the Company or a Grantor, whether real, personal or mixed, wherever
located and whether now owned or at any time acquired after the date of the Second Lien Indenture by the Company or a Grantor as to which a Lien has been granted under any of the Parity Lien Security Documents to secure any of the Parity Lien
Obligations. 
 “Collateral Trustee” has the meaning set forth in the preamble. 

“Collateral Trust Joinder” means (1) with respect to the provisions of this Agreement relating to
any Additional Parity Lien Debt, an agreement substantially in the form of Exhibit B and (2) with respect to the provisions of this Agreement relating to the addition of additional Grantors, an agreement substantially in the form
of Exhibit C. 

  
 3 

 “Company” has the meaning set forth in the preamble. 

“Credit Agreement” means the “Priority Credit Agreement” as defined in the Intercreditor Agreement. 

“Discharge of Parity Lien Obligations” means, except to the extent otherwise provided in
Section 3.10, payment in full, in cash (except for contingent indemnities and cost and reimbursement obligations to the extent no claim has been made) constituting Dollars of all Parity Lien Obligations
and the concurrently termination of all commitments to extend credit under the Parity Lien Documents relating thereto; provided that the Discharge of Parity Lien Obligations shall not be deemed to have occurred if such payments are made with
the proceeds of other Parity Lien Obligations that constitute an exchange or replacement for or a Refinancing of such Parity Lien Obligations. 

“Dollars” and the sign “$” shall each mean lawful money of the United States of America. 

“Financial Officer” of any Person means the Chief Financial Officer, Chief Accounting Officer, principal accounting
officer, Controller, Treasurer or Assistant Treasurer of such Person. 
 “Grantor” means each of and
“Grantors” means, collectively, the Company and the Guarantors and any other Person (if any) that at any time provides collateral security for any Parity Lien Obligations. 

“Guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary
course of business), direct or indirect, in any manner (including by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations (and
“Guaranteed” and “Guaranteeing” shall have meanings that correspond to the foregoing). 

“Guarantor” means any Person who has Guaranteed payment of any Parity Lien Obligations, and their respective
successors and assigns. 
 “Indebtedness” has the meaning assigned to such term in the Second Lien Indenture or to
such term or other similar term in any applicable Parity Lien Document. 
 “Indemnified Liabilities” means any and
all liabilities (including all environmental liabilities), obligations, losses, damages, penalties, actions, judgments, suits, costs, taxes, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery,
performance, administration or enforcement of this Agreement or any of the other Parity Lien Security Documents, including any of the foregoing relating to the use of proceeds of any Parity Lien Debt or the violation of, noncompliance with or
liability under, any law (including environmental laws) applicable to or enforceable against the Company, any Subsidiary of the Company or any Grantor or Guarantor or any of the Collateral and all 

  
 4 

 
reasonable costs and expenses (including reasonable fees and expenses of legal counsel selected by the Indemnitee) incurred by any Indemnitee in connection with any claim, action, investigation
or proceeding in any respect relating to any of the foregoing, whether or not suit is brought. 
 “Indemnitee” has
the meaning set forth in Section 7.9(a). 
 “Initial First Lien
Notes” has the meaning set forth in the recitals. 
 “Insolvency or Liquidation Proceeding” means: 

(1)    any case commenced by or against the Company, any Grantor or any Guarantor under the Bankruptcy Code
or any other Bankruptcy Law, any other proceeding for the reorganization, recapitalization or adjustment or marshaling of the assets or liabilities of the Company, any Grantor or any Guarantor, any receivership or assignment for the benefit of
creditors relating to the Company, any Grantor or any Guarantor or any similar case or proceeding relative to the Company, any Grantor or any Guarantor or its creditors, as such, in each case whether or not voluntary; 

(2)    any liquidation, dissolution, marshaling of assets or liabilities or other winding up of or relating
to the Company, any Grantor or any Guarantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; 

(3)    any assignment for the benefit of creditors or any other marshalling of assets and liabilities of
the Company, any Grantor or any Guarantor; or 
 (4)    any other proceeding of any type or nature in
which substantially all claims of creditors of the Company, any Grantor or any Guarantor are determined and any payment or distribution is or may be made on account of such claims. 

“Intercreditor Agreement” means that certain Intercreditor Agreement, dated as October 26, 2015 and as amended
and restated as of the date hereof, among the Collateral Trustee, on behalf of itself and the holders of the Parity Lien Obligations, the Priority Lien Collateral Agent, the Junior Lien Agent, and the other parties from time to time party thereto,
as the same may be amended, restated, supplemented or otherwise modified or replaced from time to time. 
 “Junior
Lien” has the meaning assigned to the term “Third Lien” in the Intercreditor Agreement. 
 “Junior Lien
Agent” has the meaning assigned to the term “Third Lien Collateral Agent” in the Intercreditor Agreement. 

“Junior Lien Debt” has the meaning assigned to the term “Third Lien Debt” in the Intercreditor Agreement.

 “Junior Lien Documents” has the meaning assigned to the term “Third Lien Documents” in the
Intercreditor Agreement. 

  
 5 

 “Lien” means, with respect to any asset, any mortgage, lien (statutory or
otherwise), pledge, hypothecation, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention
agreement, any lease in the nature thereof, any option or other agreement to give a security interest therein and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction or Production Payments and Reserve Sales and the like payable out of Oil and Gas Properties; provided that in no event shall an operating lease be deemed to constitute a Lien. 

“Obligations” means any principal (including reimbursement obligations and obligations to provide cash collateral with
respect to letters of credit whether or not drawn), interest at the rate provided for in the Parity Lien Documents (including default interest), premium (if any, and including any “make-whole” amount), fees, indemnifications,
reimbursements, expenses and other liabilities payable under the documentation governing any Indebtedness, in each case whether incurred before or after commencement of an Insolvency or Liquidation Proceeding, and, in each case, whether or not
allowed or allowable in an Insolvency or Liquidation Proceeding. 
 “Officers’ Certificate” means a certificate
signed by two officers of the Company, one of whom must be either the principal executive officer or a Financial Officer, as applicable. 

“Oil and Gas Properties” has the meaning assigned to such term in the Intercreditor Agreement. 

“Opinion of Counsel” means a written opinion, in form and substance reasonably acceptable to the Collateral Trustee,
of counsel who shall be reasonably acceptable to the Collateral Trustee. Opinions of Counsel required to be delivered under this Agreement may have qualifications customary for opinions of the type required and counsel delivering such Opinions of
Counsel may rely as to factual matters on certificates of the Company or governmental or other officials customary for opinions of the type required. 

“Parity Lien” means a Lien granted by the Company or any Grantor in favor of the Collateral Trustee pursuant to a
Parity Lien Security Document, at any time, upon any property of the Company or such Grantor to secure Parity Lien Obligations. 

“Parity Lien Debt” means: 

(1)    the Second Lien Notes, the “Obligations” (as defined in the Second Lien Indenture) and Second Lien
Indenture Guarantees thereof (including replacements of such Parity Lien Debt with other Parity Lien Debt to the extent contemplated and permitted by the Intercreditor Agreement); and 

(2)    any other Indebtedness (other than intercompany Indebtedness owing to the Company or its Subsidiaries) of the
Company, any Grantor or any Guarantor (including replacements of Parity Lien Debt with other Parity Lien Debt to the extent contemplated and permitted by the Intercreditor Agreement) that is permitted to be incurred under
Section 4.09(b)(2) of the Second Lien Indenture that is secured equally and ratably with the 

  
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Second Lien Notes by a Parity Lien that was permitted to be incurred under clause (b)(y) of the definition of “Permitted Liens” (as defined in the Second Lien Indenture) and also
permitted to be incurred and so secured under each applicable Secured Debt Document; provided that in the case of any Indebtedness referred to in clause (2) of this definition, that: 

(a)    on or before the date on which such Indebtedness is incurred by the Company, any Grantor or any
Guarantor, such Indebtedness is designated by the Company, in an Additional Parity Lien Debt Certificate executed and delivered in accordance with Section 3.8(b), as “Priority Lien Debt” for
the purposes of the Second Lien Indenture and “Parity Lien Debt” for purposes of this Agreement; provided, further, that no such Indebtedness may be designated as both (x) Parity Lien Debt and (y) either or both
Priority Lien Debt or Junior Lien Debt; 
 (b)    such Indebtedness is governed by an indenture, credit
agreement or other agreement that includes an Additional Secured Debt Designation; 
 (c)    the Parity
Lien Representative for such Indebtedness executes and delivers a Collateral Trust Joinder in accordance with Section 3.8(b); and 

(d)    all other requirements set forth in Section 3.8 have
been complied with. 
 “Parity Lien Debt Default” means any “Event of Default” as defined in the Second
Lien Indenture, or any similar event or condition set forth in any other Parity Lien Document that causes, or permits holders of the applicable Series of Parity Lien Debt outstanding thereunder (with or without the giving of notice or lapse of time,
or both, and whether or not notice has been given or time has lapsed) to cause, the Parity Lien Debt outstanding thereunder to become immediately due and payable. 

“Parity Lien Documents” means, collectively, the Second Lien Indenture Documents and any additional indenture,
supplemental indenture, credit agreement or other agreement governing each other Series of Parity Lien Debt and the Parity Lien Security Documents. 

“Parity Lien Obligations” means Parity Lien Debt and all other Obligations in respect thereof, including any
“Obligations” (as defined in the Second Lien Indenture). 
 “Parity Lien Representative” means: 

(1)    in the case of the Second Lien Notes, the Second Lien Notes Trustee; or 

(2)    in the case of any other Series of Parity Lien Debt, the trustee, agent or representative of the holders of such
Series of Parity Lien Debt who (A) is appointed to act for the holders of such Series of Parity Lien Debt (for purposes related to the administration of the Parity Lien Security Documents) pursuant to the indenture, credit agreement or other
agreement governing such Series of Parity Lien Debt, together with its successors in such capacity, and (B) that has executed a Collateral Trust Joinder. 

  
 7 

 “Parity Lien Secured Parties” means the holders of Parity Lien
Obligations (including, for the avoidance of doubt, the “Secured Parties” under and as defined in the Second Lien Indenture), the Collateral Trustee and each Parity Lien Representative. 

“Parity Lien Security Documents” means this Agreement, each Collateral Trust Joinder, the Second Lien Indenture (but
only insofar as, and solely to the extent that, the same grants a Lien on the Collateral), the Second Lien Indenture Security Documents, and all other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust,
collateral agency agreements, control agreements or other grants or transfers for security executed and delivered by the Company, any Grantor or any Guarantor creating (or purporting to create) a Parity Lien upon Collateral in favor of the
Collateral Trustee, for the benefit of any of the Parity Lien Secured Parties, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and
Section 7.1. 
 “Person” means any individual, corporation,
partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company, government or any agency or political subdivision thereof or any other entity. 

“Plan of Reorganization” means any plan of reorganization, plan of liquidation, agreement for composition, or
other type of plan of arrangement proposed in or in connection with any Insolvency or Liquidation Proceeding. 
 “Priority
Lien” has the meaning assigned to such term in the Intercreditor Agreement. 
 “Priority Lien Collateral
Agent” means JPMorgan Chase Bank, N.A., as agent under the Credit Agreement and any successor thereof in such capacity under the Credit Agreement, and, from and after the date of execution and delivery of a Priority Substitute Facility
(as defined in the Intercreditor Agreement), the agent, collateral agent, trustee or other representative of the lenders or holders of the indebtedness and other Obligations evidenced thereunder or governed thereby, in each case, together with its
successors in such capacity. 
 “Priority Lien Debt” has the meaning assigned to such term in the Intercreditor
Agreement. 
 “Priority Lien Documents” has the meaning assigned to such term in the Intercreditor Agreement. 

“Priority Lien Obligations” has the meaning assigned to such term in the Intercreditor Agreement. 

“Priority Lien Representative” has the meaning assigned to the term “Senior Priority Lien Representative”
term in the Second Lien Indenture. 
 “Production Payments and Reserve Sales” means the grant or transfer by the
Company or a Restricted Subsidiary of the Company to any Person of a royalty, overriding royalty, net profits interest, production payment (whether volumetric or dollar denominated), partnership or other interest in oil and gas properties, reserves
or the right to receive all or a 

  
 8 

 
portion of the production or the proceeds from the sale of production attributable to such properties, including any such grants or transfers pursuant to incentive compensation programs on terms
that are reasonably customary in the oil and gas business for geologists, geophysicists and other providers of technical services to the Company or a Subsidiary of the Company. 

“Reaffirmation Agreement” means an agreement reaffirming the security interests granted to the Collateral Trustee in
substantially the form attached as Exhibit 1 to Exhibit A of this Agreement. 
 “Required Parity Lien
Debtholders” means the holders of 50% or more in aggregate principal amount of all Parity Lien Debt then outstanding, calculated in accordance with the provisions of
Section 7.2. For purposes of this definition, Parity Lien Debt registered in the name of, or beneficially owned by, the Company or any Affiliate of the Company will be deemed not to be outstanding;
provided, that for purposes of such restriction Fairfax Financial Holdings Limited, Energy Strategic Advisory Services LLC, Oaktree Capital Management and LS Power Group and their respective Affiliates and subsidiaries (other than the Company
and its Subsidiaries) shall not be deemed to be Affiliates of the Company. 
 “Restricted Subsidiary” has the
meaning assigned to such term in the Second Lien Indenture. 
 “Second Lien Indenture” has the meaning assigned to
such term in the recitals. 
 “Second Lien Indenture Documents” means the Second Lien Indenture, the Intercreditor
Agreement, the Second Lien Indenture Security Documents and all other note documents (including the Note Documents (as defined in the Second Lien Indenture)), notes, guarantees, instruments and agreements governing or evidencing the Second Lien
Notes and other obligations (including the Obligations (as defined in the Second Lien Indenture)) under the Second Lien Indenture. 

“Second Lien Indenture Guarantees” means any guarantee of the obligations of the Company under the Second Lien
Indenture Documents and the Second Lien Notes by any Restricted Subsidiary in accordance with the provisions of the Second Lien Indenture Documents. 

“Second Lien Indenture Security Agreement” means the Security Agreement, dated as of the date hereof, among the
Company, the Grantors and Guarantors party thereto and the Collateral Trustee, on behalf of itself and the Parity Lien Secured Parties, as the same may be amended, supplemented or otherwise modified or replaced from time to time. 

“Second Lien Indenture Security Documents” means this Agreement, each Collateral Trust Joinder, the Second Lien
Indenture Security Agreement and all other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements or other grants or transfers for security executed and delivered
by the Company, any Grantor or any Guarantor creating (or purporting to create) a Lien upon Collateral in favor of the Collateral Trustee for the benefit of the Secured Parties (as defined in the Second Lien Indenture) (or the Parity Lien Secured
Parties, as the case may be), in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and Section 7.1. 

  
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 “Second Lien Majority Holders” means the consent of the Holders (as
defined in the Second Lien Indenture) of a majority in principal amount of the then outstanding Second Lien Notes (including PIK Notes (as defined in the Second Lien Indenture) if any) voting as a single class (including consents obtained in
connection with a tender offer or exchange offer for, or purchase of, the Second Lien Notes (as defined below)). 
 “Second Lien
Notes” has the meaning assigned to the term “Notes” in the Second Lien Indenture. 
 “Second Lien Notes
Trustee” means Wilmington Trust, National Association in its capacity as Trustee (under and as defined in the Second Lien Indenture), and any of its assignees or successors permitted in accordance with the Intercreditor Agreement. 

“Secured Debt” means Priority Lien Debt, Junior Lien Debt and Parity Lien Debt. 

“Secured Debt Documents” means the Priority Lien Documents, the Junior Lien Documents and the Parity Lien Documents.

 “Series of Parity Lien Debt” means, severally, the Second Lien Notes and each other issue or series of Parity
Lien Debt for which a single transfer register is maintained. 
 “Subsidiary” means, with respect to any specified
Person: (1) any corporation, association, limited liability company or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than fifty percent (50.0%) of the total voting
power of Voting Stock is at the time owned or controlled, directly or through another subsidiary, by that Person or one or more of the other subsidiaries of that Person (or a combination thereof); and (2) any partnership, joint venture, limited
liability company or similar entity of which (a) more than fifty percent (50.0%) of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, are owned or
controlled, directly or indirectly, by such Person or one or more of the other subsidiaries of that Person (or a combination thereof) whether in the form of membership, general, special or limited partnership or otherwise, and (b) such Person
or any Restricted Subsidiary of such Person is a controlling general partner or otherwise controls such entity. 
 “Trust
Estate” has the meaning set forth in Section 2.1. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or any other
applicable jurisdiction. 
 “Voting Stock” of any Person as of any date means the Capital Stock of such Person that
is at the time entitled (without regard to the occurrence of any contingency) to vote in the election of the Board of Directors of such Person. 

  
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 Section 1.2 Rules of Interpretation. 

(a)    All capitalized terms used in this Agreement and not otherwise defined herein have the meanings assigned to them in
the Second Lien Indenture. 
 (b)    Unless otherwise indicated, any reference to any agreement or instrument will be
deemed to include a reference to that agreement or instrument as assigned, amended, supplemented, amended and restated, or otherwise modified and in effect from time to time or replaced in accordance with the terms of this Agreement. 

(c)    The use in this Agreement or any of the other Parity Lien Security Documents, the word “include” or
“including,” when following any general statement, term or matter, will not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters,
whether or not non-limiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but will be deemed to refer to all
other items or matters that fall within the broadest possible scope of such general statement, term or matter. The word “will” shall be construed to have the same meaning and effect as the word “shall.” 

(d)    References to “Sections,” “clauses,” “recitals” and the “preamble” will be
to Sections, clauses, recitals and the preamble, respectively, of this Agreement unless otherwise specifically provided. References to “Articles” will be to Articles of this Agreement unless otherwise specifically provided. References to
“Exhibits” and “Schedules” will be to Exhibits and Schedules, respectively, to this Agreement unless otherwise specifically provided. 

(e)    Notwithstanding anything to the contrary in this Agreement, any references contained herein to any section, clause,
paragraph, definition or other provision of the Second Lien Indenture (including any definition contained therein) shall be deemed to be a reference to such section, clause, paragraph, definition or other provision as in effect on the date of this
Agreement; provided that any reference to any such section, clause, paragraph or other provision shall refer to such section, clause, paragraph or other provision of the Second Lien Indenture (including any definition contained therein) as
amended or modified from time to time if such amendment or modification has been made in accordance with the Second Lien Indenture. 

(f)    This Agreement and the other Parity Lien Security Documents will be construed without regard to the identity of the
party who drafted it and as though the parties participated equally in drafting it. Consequently, each of the parties acknowledges and agrees that any rule of construction that a document is to be construed against the drafting party will not be
applicable either to this Agreement or the other Parity Lien Security Documents. 
 ARTICLE 2 

THE TRUST ESTATE 

Section 2.1 Declaration of Trust. 

(a)    To secure the payment of the Parity Lien Obligations and in consideration of the premises and the mutual agreements
set forth herein, each of the Grantors hereby ratifies 

  
 11 

 
and confirms the grant of Liens in favor of the Collateral Trustee, and the Collateral Trustee hereby accepts and agrees to hold, in trust under this Agreement for the benefit of all current and
future Parity Lien Secured Parties, on all of such Grantor’s right, title and interest in, to and under all Collateral and on all Liens now granted, previously granted or hereafter granted to the Collateral Trustee by each Grantor under any
Parity Lien Security Document for the benefit of the Parity Lien Secured Parties, together with all of the Collateral Trustee’s right, title and interest in, to and under the Parity Lien Security Documents, and all interests, rights, powers and
remedies of the Collateral Trustee thereunder or in respect thereof and all cash and non-cash proceeds thereof (collectively, the “Trust Estate”). 

(b)    The Collateral Trustee and its successors and assigns under this Agreement will hold the Trust Estate in trust for
the benefit solely and exclusively of all current and future Parity Lien Secured Parties as security for the payment of all present and future Parity Lien Obligations. 

(c)    Notwithstanding the foregoing, if at any time: 

(i)    all Liens securing the Parity Lien Obligations have been released as provided in
Section 4.1; 
 (ii)    the Collateral Trustee holds no
other property in trust as part of the Trust Estate; 
 (iii)    no monetary obligation (other than
indemnification and other contingent obligations not then due and payable and outstanding letters of credit, if any, constituting Parity Lien Debt that have been cash collateralized at the lower of (A) 105% of the aggregate undrawn amount and
(B) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Parity Lien Documents) is outstanding and payable under this Agreement to the Collateral Trustee or any of its co-trustees or agents (whether in an individual or representative capacity); and 

(iv)    the Company delivers to the Collateral Trustee an Officers’ Certificate stating that all
Parity Liens of the Collateral Trustee have been released in compliance with all applicable provisions of the Parity Lien Documents and that the Grantors are not required by any Parity Lien Document to grant any Parity Lien upon any property, 

then the Trust Estate arising hereunder will terminate, except that all provisions set forth in Sections 7.8 and
7.9 that are enforceable by the Collateral Trustee or any of its co-trustees or agents (whether in an individual or representative capacity) will remain enforceable in accordance with their
terms. 
 The parties further declare and covenant that the Trust Estate will be held and distributed by the Collateral Trustee subject to
the further agreements herein. 
 Section 2.2 Collateral Shared Equally and Ratably. The parties to this Agreement agree that
the payment and satisfaction of all of the Parity Lien Obligations will be secured equally and ratably by the Parity Lien established in favor of the Collateral Trustee for 

  
 12 

 
the benefit of the Parity Lien Secured Parties, notwithstanding the time of incurrence of any Parity Lien Obligations or time or method of creation or perfection of any Parity Liens securing such
Parity Lien Obligations and notwithstanding any provision of the UCC or any other applicable law or any defect or deficiencies in, or failure to perfect or lapse in perfection of, or avoidance as a fraudulent conveyance or otherwise of, the Liens
securing the Parity Lien Obligations or any other circumstance whatsoever, whether or not any Insolvency or Liquidation Proceeding has been commenced against the Company or any other Grantor, it is the intent of the parties that all Parity Lien
Obligations will be and are secured equally and ratably by all Parity Liens at any time granted by the Company or any other Grantor to secure any Parity Lien Obligations, whether or not upon property otherwise constituting collateral for such Parity
Lien Obligations that all such Parity Liens will be enforceable by the Collateral Trustee for the benefit of all Parity Lien Secured Parties equally and ratably. 

Section 2.3 Similar Collateral and Agreements. The parties to this Agreement agree that it is their intention that the Parity
Liens be identical. In furtherance of the foregoing, the parties hereto agree that the Parity Lien Security Documents (other than the Second Lien Indenture Security Documents) shall be in all material respects the same forms of documents as the
respective Second Lien Indenture Security Documents creating Liens on the Collateral. 
 Section 2.4 Effectiveness in Insolvency or
Liquidation Proceedings. All references in this Agreement to the Company, any Guarantor and any Grantor shall include such Person as a debtor-in-possession and any
receiver or trustee for such Person in any Insolvency or Liquidation Proceeding. 
 Section 2.5 Certain Bankruptcy Matters. 

(a)    If any Grantor shall become subject to a case (a “Bankruptcy Case”) under the Bankruptcy
Code and shall, as debtor(s)-in-possession, move for approval of financing (“DIP Financing”) to be provided by one or more lenders, which, for
the avoidance of doubt, may include the holders of Second Lien Notes (the “DIP Lenders”), under Section 364 of the Bankruptcy Code or the use of cash collateral or the sale of property that constitutes Collateral under
Section 363 of the Bankruptcy Code, that is not objected to by the Second Lien Notes Trustee or otherwise in accordance with an Act of the Parity Lien Debtholders, each Parity Lien Secured Party (other than the Second Lien Notes Trustee or
Collateral Trustee upon an Act of Parity Lien Debtholders) agrees that it will not raise any objection to, or support any Person objecting to, and shall be deemed to have consented to, any such financing or to the Liens on the Collateral securing
the same (“DIP Financing Liens”) or to any use of cash collateral or sale that constitutes Collateral (including any, bid or sale procedure in respect thereof), unless the Second Lien Notes Trustee or the Collateral Trustee
upon an Act of Parity Lien Debtholders, shall then oppose or object to such DIP Financing or such DIP Financing Liens or use of cash collateral or sale of Collateral, in each case so long as (A) the Parity Lien Secured Parties of each Series of
Parity Lien Debt are granted Liens on any additional collateral pledged to any Parity Lien Secured Parties as adequate protection or otherwise in connection with such DIP Financing or use of cash collateral, (B) if any amount of such DIP
Financing or cash collateral is applied to repay any of the Parity Lien Obligations, such amount is applied pursuant to Section 3.4 of this Agreement and (C) if any Parity Lien Secured Parties are granted adequate protection, including in
the form of periodic payments, in connection with such DIP Financing or use of cash 

  
 13 

 
collateral, the proceeds of such adequate protection are applied pursuant to Section 3.4 of this Agreement; and provided, further, that the Parity Lien Secured Parties
receiving adequate protection shall not object to any other Parity Lien Secured Party receiving adequate protection comparable to any adequate protection granted to such Parity Lien Secured Parties in connection with a DIP Financing or use of cash
collateral. 
 ARTICLE 3 

OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE 

Section 3.1 Appointment and Undertaking of the Collateral Trustee. 

(a)    Each Parity Lien Secured Party (other than the Collateral Trustee) acting through its respective Parity Lien
Representative hereby appoints the Collateral Trustee to serve as collateral trustee hereunder on the terms and conditions set forth herein. Subject to, and in accordance with, this Agreement and, to the extent applicable, the Intercreditor
Agreement, the Collateral Trustee will, as collateral trustee, for the benefit solely and exclusively of the present and future Parity Lien Secured Parties: 

(i)    accept, enter into, hold, maintain, administer and enforce all Parity Lien Security Documents,
including all Collateral subject thereto, and all Liens created thereunder, perform its obligations hereunder and under the Parity Lien Security Documents and protect, exercise and enforce the interests, rights, powers and remedies granted or
available to it under, pursuant to or in connection with the Parity Lien Security Documents (including in connection with any Insolvency or Liquidation Proceeding); 

(ii)    unless it has received a contrary Act of Parity Lien Debtholders, be entitled (but not obligated)
to take all lawful and commercially reasonable actions permitted under the Parity Lien Security Documents necessary or advisable to protect or preserve its interest in the Collateral subject thereto and such interests, rights, powers and remedies;

 (iii)    deliver and receive notices pursuant to this Agreement and the Parity Lien Security
Documents; 
 (iv)     sell, assign, collect, assemble, foreclose on, institute legal proceedings with
respect to, or otherwise exercise or enforce the rights and remedies of a secured party (including a mortgagee, trust deed beneficiary and insurance beneficiary or loss payee) with respect to the Collateral under the Parity Lien Security Documents
and its other interests, rights, powers and remedies; 
 (v)    remit as provided in
Section 3.4 all cash proceeds received by the Collateral Trustee from the collection, foreclosure or enforcement of its interest in the Collateral under the Parity Lien Security Documents or any of its
other interests, rights, powers or remedies; 
 (vi)    execute and deliver (i) amendments and
supplements to the Parity Lien Security Documents as from time to time authorized pursuant to Section 7.1 

  
 14 

 
accompanied by an Officers’ Certificate and Opinion of Counsel to the effect that the amendment was permitted under Section 7.1 and
(ii) acknowledgements of Collateral Trust Joinders delivered pursuant to Section 3.8 or 7.18 hereof 

(vii)    release or subordinate any Lien granted to it by any Parity Lien Security Document upon any
Collateral if and as required by Section 3.2; and 

(viii)    enter into and perform its obligations and protect, exercise and enforce its interest, rights,
powers and remedies under the Intercreditor Agreement. 
 (b)    Each party to this Agreement acknowledges and consents
to the undertaking of the Collateral Trustee set forth in Section 3.1(a) and agrees to each of the other provisions of this Agreement applicable to the Collateral Trustee. 

(c)    Notwithstanding anything to the contrary contained in this Agreement, the Collateral Trustee will not commence any
exercise of remedies or any foreclosure actions or otherwise take any action or proceeding against any of the Collateral unless and until it shall have been directed by written notice of an Act of Parity Lien Debtholders and then only in accordance
with the provisions of this Agreement and the Intercreditor Agreement; provided, however, that Collateral Trustee may, but shall have no obligation to do so, take actions in its reasonable business judgment, as it deems necessary or
desirable, necessary to prove, protect or preserve the Liens securing the Parity Lien Obligations to the extent permitted pursuant to the Intercreditor Agreement. 

(d)    Notwithstanding anything to the contrary contained in this Agreement, neither the Company nor any of its Affiliates
may serve as Collateral Trustee; provided, that for purposes of determining such eligibility standards Fairfax Financial Holdings Limited and its Affiliates and subsidiaries (other than the Company and its Subsidiaries) shall not be deemed to
be Affiliates of the Company. 
 (e)    Each of the Parity Lien Secured Parties, by its acceptance hereof, agrees that
it will not propose, sponsor, support, vote in favor of or agree to any Plan of Reorganization, directly or indirectly, that is pursuant to Section 1129(b)(1) of the Bankruptcy Code that has not been approved in writing by the Second Lien Majority
Holders. 
 Section 3.2 Release or Subordination of Liens. The Collateral Trustee will not release or subordinate any Lien of
the Collateral Trustee or consent to the release or subordination of any Lien of the Collateral Trustee, except: 

(a)    as directed by an Act of Parity Lien Debtholders accompanied by an Officers’ Certificate to the
effect that the release or subordination was permitted by each applicable Parity Lien Document, and otherwise setting forth the requirements of Sections 4.1(b)(i) and 4.1(b)(ii); 

(b)    as required by Article 4; 

  
 15 

 (c)    to release or subordinate Liens on Collateral to the
extent permitted by each applicable Parity Lien Document; provided that the Collateral Trustee receives an Officers’ Certificate confirming the foregoing; 

(d)    as ordered pursuant to applicable law under a final and nonappealable order or judgment of a court
of competent jurisdiction; or 
 (e)    for the subordination of the Trust Estate and the Parity Liens to
the extent required by the Intercreditor Agreement. 
 Section 3.3 Enforcement of Liens. 

(a)    If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any
event has occurred that constitutes a default or event of default under any Parity Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents, the Collateral
Trustee will promptly deliver written notice thereof to each Parity Lien Representative. Thereafter, the Collateral Trustee may await direction by an Act of Parity Lien Debtholders and, subject to the terms of the Intercreditor Agreement, will act,
or decline to act, as directed by an Act of Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or
applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Debtholders. Unless it has
been directed to the contrary by an Act of Parity Lien Debtholders, the Collateral Trustee in any event may (but will not be obligated to), subject to the terms of the Intercreditor Agreement, take or refrain from taking such action with respect to
any default or event of default under any Parity Lien Document as it may deem advisable and in the interest of the holders of Parity Lien Obligations; provided, however, nothing in this Section 3.3(a) shall require
Collateral Trustee to take any action, or refrain to take any action which, in its judgment or the judgment of its counsel, may expose Collateral Trustee to liability or that is contrary to any Parity Lien Documents or applicable Governmental
Requirement. No Parity Lien Secured Party will contest, protest or object to the exercise of any enforcement right relating to the Collateral brought by the Collateral Trustee or any other exercise by the Collateral Trustee of any rights and
remedies relating to the Collateral, in each case, in accordance with the terms of this Agreement. 
 (b)    Each Parity
Lien Representative, on behalf of itself and the Parity Lien Secured Parties for which it is acting hereunder, agrees that it will not accept any Lien on any Collateral for the benefit of any Parity Lien Obligations (other than (i) funds
deposited for the satisfaction, discharge, redemption or defeasance of any Series of Parity Lien Debt and (ii) cash collateral deposited with any Parity Lien Representative or Parity Lien Secured Party in accordance with the terms of the
applicable Parity Lien Documents) other than pursuant to the Parity Lien Security Documents, and by executing this Agreement (or a Collateral Trust Joinder), each Parity Lien Representative and each Parity Lien Secured Party for which it is acting
hereunder agree to be bound by the provisions of this Agreement and the other Parity Lien Security Documents applicable to it. 

  
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 (c)    Each Parity Lien Representative (in such capacity), on behalf of
itself and each Parity Lien Secured Party for which it is acting hereunder, agrees that (i) it will not challenge or question in any proceeding the validity, allowability or enforceability of any Parity Lien Obligations or any Parity Lien
Document or the validity, attachment, perfection or priority of any Lien under any Parity Lien Document or the validity or enforceability of the priorities, rights or duties established by or other provisions of this Agreement; (ii) it will not
seek, and hereby waives any right, to have any Collateral or any part thereof marshalled upon any foreclosure or other disposition of such Collateral; (iii) it will not attempt, directly or indirectly, whether by judicial proceedings or
otherwise, to challenge the enforceability of any provision of this Agreement; (iv) [RESERVED]; (v) it will not object to or otherwise contest (or support any other Person contesting), any motion for relief from the automatic stay or from any
injunction against foreclosure or enforcement in respect of the Collateral made by the Collateral Trustee; (vi) it will not seek relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of any
Collateral, without the prior written consent of the Collateral Trustee; (vii) it will not object to, or otherwise contest (or support any Person contesting), (A) any request by the Collateral Trustee for adequate protection on account of the
Collateral or (B) any objection by the Collateral Trustee to any motion, relief, action or proceeding based on the Collateral Trustee’s claimed lack of adequate protection with respect to the Collateral; (viii) it will not assert or
enforce (or support any Person asserting or enforcing) any claim under section 506(c) of the Bankruptcy Code pari passu with or on a first priority basis to the Parity Liens for costs or expenses of preserving or disposing any Collateral; and
(ix) other than as otherwise provided herein, oppose or otherwise contest (or support any other Person contesting) any lawful exercise by the Collateral Trustee or any Holder (as defined in the Second Lien Indenture) of Second Lien Notes of the
right to credit bid at any sale of Collateral; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any of the Collateral Trustee or any other Parity Lien Secured Party to enforce this Agreement. 

Section 3.4 Application of Proceeds. 

(a)    Subject to the terms of the Intercreditor Agreement, the Collateral Trustee will apply the proceeds of any
collection, sale, foreclosure or other realization upon, or exercise of any right or remedy with respect to, any Collateral, any distribution received in connection with an Insolvency or Liquidation Proceeding concerning the Company, any Guarantor
and/or any Grantor (including, without limitation, any distribution of debt or equity securities in full or partial satisfaction or waiver of any claims of any holder of Parity Lien Obligations against any Grantor in any Insolvency or Liquidation
Proceeding) and the proceeds of any title insurance or other insurance policy required under any Parity Lien Document or otherwise covering the Collateral, and any condemnation proceeds with respect to the Collateral, in the following order of
application: 
 FIRST, to the payment of all amounts payable under this Agreement on account of the Collateral Trustee’s
fees and any reasonable legal fees, costs and expenses or other liabilities of any kind incurred by the Collateral Trustee or any co-trustee or agent of the Collateral Trustee in connection with any Parity
Lien Security Document (including, but not limited to, indemnification obligations); 

  
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 SECOND, to the respective Parity Lien Representatives equally and ratably for
application to the payment of all outstanding Parity Lien Debt and any other Parity Lien Obligations that are then due and payable in such order as may be provided in the Parity Lien Documents in an amount sufficient to pay in full in cash all
outstanding Parity Lien Debt and all other Parity Lien Obligations that are then due and payable (including, to the extent legally permitted, all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the
rate, including any applicable post-default rate, specified in the Parity Lien Documents, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding); 

THIRD, as otherwise required by the Intercreditor Agreement; and 

FOURTH, any surplus remaining after the payment in full in cash of the amounts described in the preceding clauses will be paid
to the Company or the applicable Grantor or Guarantor, as the case may be, its successors or assigns, and as directed in writing by the Company, or as a court of competent jurisdiction may direct. 

Notwithstanding the foregoing, if any Series of Parity Lien Debt has released its Lien on any Collateral as described below in
Section 4.4, then such Series of Parity Lien Debt and any related Parity Lien Obligations of that Series of Parity Lien Debt thereafter shall not be entitled to share in the proceeds of any Collateral
so released by that Series of Parity Lien Debt. 
 For the avoidance of doubt, the Collateral Trustee shall only apply
proceeds in accordance with this Section 3.4 to the extent that such proceeds are actually so received by the Collateral Trustee. 

(b)    This Section 3.4 is intended for the benefit of, and will be
enforceable as a third party beneficiary by, each present and future holder of Parity Lien Obligations, each present and future Parity Lien Representative and the Collateral Trustee as holder of Parity Liens. The Parity Lien Representative of each
future Series of Parity Lien Debt will be required to deliver a Collateral Trust Joinder including an Additional Secured Debt Designation as provided in Section 3.8 at the time of incurrence of such
Series of Parity Lien Debt. 
 (c)    In connection with the application of proceeds pursuant to
Section 3.4(a), except as otherwise directed by an Act of Parity Lien Debtholders, the Collateral Trustee may sell any non-cash proceeds for cash prior to the
application of the proceeds thereof. 
 (d)    In making the determinations and allocations in accordance with
Section 3.4(a), the Collateral Trustee may conclusively rely upon information supplied by the relevant Parity Lien Representative as to the amounts of unpaid principal and interest and other amounts
outstanding with respect to its respective Parity Lien Debt and any other Parity Lien Obligations and if such Parity Lien Representative does not provide such information to the Collateral Trustee, the Collateral Trustee may conclusively rely upon
such information provided by the Company. 
 (e)    Each Parity Lien Secured Party (a “Receiving
Party”) agrees that any and all Collateral (or assets and property purported to be Collateral) or proceeds thereof or any 

  
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distributions in any Insolvency or Liquidation Proceeding received by any Parity Lien Secured Party (in the form of cash or otherwise) pursuant to any Parity Lien Security Document or by the
exercise of any rights available to it under applicable law or in any Insolvency or Liquidation Proceeding or in connection with any disposition of, collection on, or in connection with any insurance policy claim or any condemnation award (or deed
in lieu of condemnation) with respect to, such Collateral (each a “Shared Payment”), is to be paid to the Collateral Trustee, which shall distribute such proceeds among the Parity Lien Secured Parties in accordance with
Section 3.4(a) of this Agreement. Without limiting the foregoing and for the avoidance of doubt, a Shared Payment includes any payment or distribution of any kind or character, whether in cash, property, stock, debt securities or obligations
(and the proceeds thereof), which may be payable or deliverable in respect of the Collateral and/or as distributions in an Insolvency or Liquidation Proceeding. 

(f)    If any portion of a Shared Payment is in the form of cash, then such cash shall be applied pursuant to the
priorities set forth in this Section 3.4 before any non-cash Shared Payments are applied pursuant to the priorities set forth in this
Section 3.4; provided that, irrespective of the terms of any Plan of Reorganization (including the confirmation of such Plan of Reorganization pursuant to section 1129(b) of the Bankruptcy Code
or the equivalent provision of any other Bankruptcy Laws), each of the Parity Lien Debt Representatives hereby acknowledges and agrees to turn over to the Collateral Trustee any Shared Payments otherwise received or receivable by them under such
Plan of Reorganization or otherwise to the extent necessary to effectuate the intent of this Section 3.4. If any Parity Lien Secured Party collects or receives any proceeds of any exercise of any right
or remedy with respect to any Collateral or proceeds thereof, proceeds of any title or other insurance or any other Shared Payment, and any proceeds subject to Liens that have been avoided or otherwise invalidated that should have been applied in
accordance with Section 3.4(a) above, whether prior to or after the commencement of an Insolvency or Liquidation Proceeding or otherwise, such Parity Lien Secured Party will forthwith deliver the same to the Collateral Trustee, for the
account of the applicable Parity Lien Secured Parties, to be applied in accordance with Section 3.4(a). Until so delivered, such proceeds shall be segregated and will be held in trust by that Parity Lien Secured Party for the benefit
of the applicable Parity Lien Secured Parties. 
 (g)    To the extent any Parity Lien Secured Party or Parity Lien
Representative receives a Shared Payment or other cash, property or assets in respect of any Parity Lien Obligation from any Insolvency or Liquidation Proceeding, such cash, property or other assets will be delivered to the Collateral Trustee for
application in accordance with Section 3.4(a). 
 Section 3.5 Powers of the Collateral Trustee. 

(a)    The Collateral Trustee is irrevocably authorized and empowered to enter into and perform its obligations and
protect, perfect, exercise and enforce its interest, rights, powers and remedies under the Parity Lien Security Documents and applicable law and in equity and to act as set forth in this Article 3 or,
subject to the other provisions of this Agreement, as requested in any directions given to it in writing from time to time in respect of any matter by an Act of Parity Lien Debtholders. 

  
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 (b)    No Parity Lien Representative or holder of Parity Lien Obligations
(other than the Collateral Trustee) will have any liability whatsoever for any act or omission of the Collateral Trustee, and the Collateral Trustee will have no liability whatsoever for any act or omission of any Parity Lien Representative or any
holder of Parity Lien Obligations. 
 Section 3.6 Documents and Communications. The Collateral Trustee will permit each Parity
Lien Representative and each holder of Parity Lien Obligations upon reasonable written notice and at reasonable times from time to time to inspect and copy, at the cost and expense of the party requesting such copies, any and all Parity Lien
Security Documents and other documents, notices, certificates, instructions or communications received by the Collateral Trustee in its capacity as such. 

Section 3.7 For Sole and Exclusive Benefit of Holders of Parity Lien Obligations. The Collateral Trustee will accept, hold,
administer and enforce all Liens on the Collateral at any time transferred or delivered to it and all other interests, rights, powers and remedies at any time granted to or enforceable by the Collateral Trustee and all other property of the Trust
Estate solely and exclusively for the benefit of the present and future holders of present and future Parity Lien Obligations, and will distribute all proceeds received by it in realization thereon or from enforcement thereof solely and exclusively
pursuant to the provisions of Section 3.4. 
 Section 3.8 Additional Parity Lien
Debt. 
 (a)    Subject to Section 3.8(f), the Collateral Trustee will, as trustee hereunder, perform
its undertakings set forth in Section 3.1(a) with respect to any Parity Lien Obligations constituting a Series of Parity Lien Debt that is issued or incurred on or after the date hereof, provided that:

 (i)    such Parity Lien Obligations are identified as Parity Lien Debt in accordance with the
procedures set forth in Section 3.8(b); and 

(ii)    unless such debt is issued under an existing Parity Lien Document for any Series of Parity Lien
Debt whose Parity Lien Representative is already party to this Agreement, the designated Parity Lien Representative identified pursuant to Section 3.8(b) signs a Collateral Trust Joinder and delivers
the same to the Collateral Trustee. 
 (b)    Subject to Section 3.8(f), the Company will be permitted to
designate as an additional holder of Parity Lien Debt hereunder each Person who is, or who becomes, the registered holder of Parity Lien Debt incurred by the Company, any Grantor or any Guarantor on or after the date of this Agreement in accordance
with the terms of all applicable Parity Lien Documents. Subject to Section 3.8(f), the Company may only effect such designation by delivering to the Collateral Trustee an Additional Parity Lien Debt Certificate that: 

(i)    states that the Company or applicable Grantor intends to incur additional Parity Lien Debt
(“Additional Parity Lien Debt”) that is permitted by each applicable Parity Lien Document to be secured with a Parity Lien equally and ratably with all previously existing and future Parity Lien Debt; 

  
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 (ii)    specifies the name, address and contact information
of the Parity Lien Representative for such series of Additional Parity Lien Debt for purposes of Section 7.6; 

(iii)    attaches as Exhibit 1 to such Additional Parity Lien Debt Certificate a Reaffirmation
Agreement in substantially the form attached as Exhibit 1 to Exhibit A of this Agreement, which Reaffirmation Agreement has been duly executed by the Company and each Grantor and Guarantor; and 

(iv)    states that the Company has caused a copy of the Additional Parity Lien Debt Certificate and the
related Collateral Trust Joinder to be delivered to each then existing Parity Lien Representative. 
 Although the Company shall be required to deliver a
copy of each Additional Parity Lien Debt Certificate and each Collateral Trust Joinder to each then existing Parity Lien Representative, the failure to so deliver a copy of the Additional Parity Lien Debt Certificate and/or Collateral Trust Joinder
to any then existing Parity Lien Representative shall not affect the status of such debt as Additional Parity Lien Debt if the other requirements of this Section 3.8 are complied with. Each of the
Collateral Trustee and the other then existing Parity Lien Representatives shall receive a legal opinion or opinions of counsel (subject to customary assumptions and qualifications) from the Company as to the Additional Parity Lien Debt being
permitted by the terms of the Parity Lien Documents and secured by a valid and perfected security interest in the Collateral; provided that (i) such legal opinion or opinions need not address any Collateral of a type not previously
covered by any legal opinion delivered by or on behalf of the Company and (ii) nothing shall preclude such legal opinion or opinions from being delivered on a post-closing basis after the incurrence of such Additional Parity Lien Debt if
permitted by the Parity Lien Representative for such Additional Parity Lien Debt. Notwithstanding the foregoing, nothing in this Agreement will be construed to allow the Company, any Grantor or any Guarantor to incur additional Indebtedness unless
otherwise permitted by the terms of all applicable Parity Lien Documents. Liens upon the Collateral to secure Additional Parity Lien Debt shall be created pursuant to the Parity Lien Security Documents that create Liens upon the Collateral to secure
the other Parity Lien Obligations; provided that, to the extent required by applicable law, such Liens upon the Collateral to secure Additional Parity Lien Debt may be created pursuant to separate Parity Lien Security Documents, which shall
be in substantially the same form as the applicable Parity Lien Security Documents creating the Liens upon the Collateral to secure the other Parity Lien Obligations. Additional Parity Lien Debt shall not be secured by Liens upon any Collateral
unless the other Parity Lien Obligations are also secured by Liens on such Collateral. Additional Parity Lien Debt shall be guaranteed by all of the applicable Guarantors and shall not be guaranteed by any Person that is not a Guarantor. 

(c)    With respect to any Parity Lien Obligations constituting a Series of Parity Lien Debt that is issued or incurred
after the date hereof, the Company and each of the Grantors and Guarantors agrees to take such actions (if any) as necessary and as may from time to time reasonably be requested by the Collateral Trustee, any Parity Lien Representative or any Act of
Parity Lien Debtholders, and enter into such technical amendments, modifications and/or supplements to the then existing Guarantees and Parity Lien Security Documents (or execute and deliver such additional Parity Lien Security Documents) as
necessary and as may from time to 

  
 21 

 
time be reasonably requested by such Persons (including as contemplated by clause (d) below), to ensure that the Additional Parity Lien Debt is
secured by, and entitled to the benefits of, the Parity Lien Security Documents, and each Parity Lien Secured Party (by its acceptance of the benefits hereof) hereby agrees to, and authorizes the Collateral Trustee to enter into, any such technical
amendments, modifications and/or supplements (and additional Parity Lien Security Documents). The Company and each Grantor and Guarantor hereby further agrees that, if there are any recording, filing or other similar fees payable in connection with
any of the actions to be taken pursuant to this Section 3.8(c) or Section 3.8(d), all such amounts shall be paid by, and shall be for the account of, the
Company and the respective Grantors and Guarantors, on a joint and several basis. 
 (d)    Without limitation of the
foregoing, each Grantor agrees to take the following actions with respect to any real property Collateral (including Oil and Gas Properties) with respect to all Additional Parity Lien Debt (it being understood that any such actions may be taken
following the incurrence of any such Additional Parity Lien Debt on a post-closing basis if permitted by the Parity Lien Representative for such Additional Parity Lien Debt): 

(i)    each applicable Grantor shall enter into, and deliver to the Collateral Trustee a mortgage
modification or new mortgage or deed of trust with regard to each real property subject to a mortgage or deed of trust (each such mortgage or deed of trust a “Mortgage” and each such property a “Mortgaged
Property”), in proper form for recording in all applicable jurisdictions; 
 (ii)    each
applicable Grantor will cause to be delivered a local counsel opinion (subject to customary assumptions and qualifications) to the effect that the Collateral Trustee has a valid and perfected Lien with respect to each such Mortgaged Property; and

 (iii)    each applicable Grantor will cause a title company to have delivered to the Collateral
Trustee an endorsement to each title insurance policy for any real property Collateral (excluding Oil and Gas Properties), if any, then in effect for the benefit of the Parity Lien Secured Parties, date down(s) or other evidence (which may include a
new title insurance policy) (each such delivery, a “Title Datedown Product”), in each case insuring that (x) the priority of the Liens of the applicable Mortgage(s) as security for the Parity Lien Obligations has not
changed and, if a new Mortgage is entered into, that the Lien of such new Mortgage securing the Parity Lien Debt then being incurred shall have the same priority vis-a-vis any other outstanding indebtedness (other than Parity Lien Obligations) as
any existing Mortgage securing then existing Parity Lien Obligations, (y) since the later of the original date of such title insurance product and the date of the Title Datedown Product delivered most recently prior to (and not in connection
with) such additional Indebtedness, there has been no change in the condition of title and (z) there are no intervening liens or encumbrances which may then or thereafter take priority over the Lien of the applicable Mortgage(s), in each case
other than with respect to Liens permitted by each Parity Lien Document; provided, however, to the extent the real property Collateral is located in Texas, the foregoing shall only apply to the extent permitted by the procedural rules
promulgated by the Texas department of insurance. 

  
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 The Company will deliver an Officers’ Certificate to the Collateral Trustee confirming that
the foregoing conditions have been satisfied. 
 (e)    Each party to this Agreement acknowledges and agrees that the
Indebtedness created under the Second Lien Indenture and the Second Lien Notes constitutes Parity Lien Debt. 

(f)    At the sole option of the Second Lien Majority Holders, prior to any debt being designated as Additional Parity
Lien Debt pursuant to the provisions of this Section 3.8, the Second Lien Notes Trustee and the Collateral Trustee, acting pursuant to an Act of Parity Lien Debtholders, will enter into an amendment to
this Agreement to modify Section 3.4 hereof in a manner satisfactory to the Second Lien Majority Holders. 

Section 3.9 Post-Petition Interest. No Parity Lien Secured Party shall oppose or seek to challenge or support any Person
challenging any claim by the Collateral Trustee or any other Parity Lien Secured Party for allowance in any Insolvency or Liquidation Proceeding of post-petition interest (at the rate provided for in the Parity Lien Documents with respect thereto),
fees or expenses in respect of any Parity Lien Obligations. 
 Section 3.10 Reinstatement. If, in any Insolvency or Liquidation
Proceeding or otherwise, all or part of any payment with respect to any Parity Lien Obligations previously made shall be rescinded for any reason whatsoever, then such Parity Lien Obligations shall be reinstated to the extent of the amount so
rescinded and, if theretofore terminated, this Agreement shall be reinstated in full force and effect and such prior termination shall not diminish, release, discharge, impair or otherwise affect the Lien priorities and the relative rights and
obligations of the Parity Lien Secured Parties provided for herein. 
 ARTICLE 4 

OBLIGATIONS ENFORCEABLE BY THE COMPANY AND THE OTHER 

GRANTORS 
 Section 4.1
Release of Liens on Collateral. 
 (a)    The Collateral Trustee’s Liens upon the Collateral will be
automatically released: 
 (i)    in whole, upon (A) payment in full in cash and Discharge of Parity
Lien Obligations that are outstanding, due and payable at the time all of the Parity Lien Debt is paid in full in cash and discharged, (B) termination or expiration of all commitments to extend credit under all Parity Lien Documents and
(C) the cancellation or termination or cash collateralization (at the lower of (1) 105% of the aggregate undrawn amount of outstanding letters of credit and (2) the percentage of the aggregate undrawn amount required for release of
Liens under the terms of the applicable Parity Lien Documents) of all outstanding letters of credit issued pursuant to any Parity Lien Documents; 

  
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 (ii)    as to any Collateral of a Grantor or Guarantor that
is (A) released as a Grantor or Guarantor, as applicable, under each Parity Lien Document and (B) is not obligated (as primary obligor or guarantor) with respect to any other Parity Lien Obligations and so long as the respective release
does not violate the terms of any Parity Lien Document which then remains in effect; 
 (iii)    as to
any Collateral of the Company, any Grantor or any Guarantor that is sold, transferred or otherwise disposed of by the Company, any Grantor or any Guarantor to a Person that is not (either before or after such sale, transfer or disposition) the
Company or a Restricted Subsidiary of the Company in a transaction or other circumstance that complies with Section 4.10 of the Second Lien Indenture (other than any sale, disposition or other
transaction solely between or among any Grantors or any Guarantors and other than the obligation to apply proceeds of such Asset Sale as provided in such Section); 

(iv)    as to a release of less than all or substantially all of the Collateral, if consent to the release
of all Parity Liens on such Collateral has been given by an Act of Parity Lien Debtholders; 
 (v)    in
whole, if the Liens on such Collateral have been released in accordance with the terms of each Series of Parity Lien Debt; 

(vi)    as to a release of all or substantially all of the Collateral, if (A) consent to the release
of that Collateral has been given by the requisite percentage or number of holders of each Series of Parity Lien Debt at the time outstanding as provided for in the applicable Parity Lien Documents and satisfaction of any other conditions precedent
provided for in the applicable Parity Lien Documents and (B) the Company has delivered an Officers’ Certificate to the Collateral Trustee certifying that all such necessary consents have been obtained and any conditions precedent in the
applicable Parity Lien Documents have been satisfied; 
 (vii)    as to a release of Collateral effected
in connection with the enforcement or exercise of rights or remedies by the Collateral Trustee with respect to its Liens in such Collateral, if direction of such enforcement or exercise has been given by an Act of Parity Lien Debtholders; or 

(viii)    if and to the extent, and in the manner, required by
Section 4.01(a) of the Intercreditor Agreement; or 

(ix)    if the Liens on the Collateral are released pursuant to a sale of Collateral pursuant to section
363 of the Bankruptcy Code or pursuant to a Plan of Reorganization, provided that the Liens on such Collateral attach to the proceeds of such sale and any proceeds are applied in accordance with this Agreement. 

  
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 (b)    The Collateral Trustee agrees for the benefit of the Company and the
other Grantors that if the Collateral Trustee at any time receives: 
 (i)    an Officers’
Certificate and an Opinion of Counsel each stating that (A) the signing Officer has read Article 4 of this Agreement and understands the provisions and the definitions relating hereto,
(B) such officer has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not the conditions precedent in this Agreement, the Intercreditor Agreement and all other Parity
Lien Documents, if any, relating to the release of the Collateral have been complied with and (C) in the opinion of such Officer, such conditions precedent, if any, have been complied with; and 

(ii)    the proposed instrument or instruments releasing such Lien as to such property in recordable form,
if applicable; then, promptly following receipt by the Collateral Trustee of the items required by this Section 4.1(b), upon written request of the Company, the Collateral Trustee will execute (with
such acknowledgements and/or notarizations as are required) and deliver evidence of such release to the Company or other applicable Grantor; provided that, in the case of a release of Liens under
Section 4.1(a)(vii), the Collateral Trustee shall execute and deliver such proposed instruments releasing its Liens contemporaneously with the execution and delivery of such similar instruments by the
Priority Lien Collateral Agent in accordance with the terms of the Intercreditor Agreement. 
 (c)    The Collateral
Trustee hereby agrees that: 
 (i)    in the case of any release pursuant to
Section 4.1(a)(iii), if the terms of any such sale, transfer or other disposition require the payment of the purchase price to be contemporaneous with the delivery of the applicable release, then,
subject to the Intercreditor Agreement and at the written request of and at the expense of the Company or other applicable Grantor, the Collateral Trustee will either (A) be present at and deliver the release at the closing of such transaction
or (B) deliver the release under customary escrow arrangements that permit such contemporaneous payment and delivery of the release; and 

(ii)    at any time when a Parity Lien Debt Default has occurred and is continuing, within three Business
Days of the receipt by it of any Act of Parity Lien Debtholders, the Collateral Trustee, pursuant to Section 4.1(a)(iv), will deliver a copy of such Act of Parity Lien Debtholders to each Parity Lien
Representative. 
 Section 4.2 Delivery of Copies to Parity Lien Representatives. The Company will deliver to each Parity Lien
Representative (a) a copy of each Officers’ Certificate delivered to the Collateral Trustee pursuant to Section 4.1(b), together with copies of all documents delivered to the Collateral
Trustee with such Officers’ Certificate and (b) copies of all Parity Lien Security Documents delivered to the Collateral Trustee. The Parity Lien Representatives will not be obligated to take notice thereof or to act thereon. 

Section 4.3 Collateral Trustee not Required to Serve, File or Record. Subject to
Section 3.2, the Collateral Trustee is not required to serve, file, register or record any instrument releasing or subordinating its Liens on any Collateral; provided that if the Company or any
other Grantor shall make a written demand for a termination statement under Section 9-513(c) of the 

  
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UCC, the Collateral Trustee shall comply with the written request of the Company or Grantor to comply with the requirements of such UCC provision as determined and prepared by the Company or
Grantor. 
 Section 4.4 Release of Liens . In addition to any release pursuant to
Section 4.1 hereof, as to any Series of Parity Lien Debt (including the Second Lien Notes), the Collateral Trustee’s Parity Lien will no longer secure such Series of Parity Lien Debt if such Parity
Lien Debt has been paid in full, all commitments to extend credit in respect of such Series of Parity Lien Debt have been terminated and all other Parity Lien Obligations related thereto that are outstanding and unpaid at the time such Series of
Parity Lien Debt is paid are also paid in full, or if otherwise required by the terms of such Parity Lien Debt or the Intercreditor Agreement. 

ARTICLE 5 
 IMMUNITIES
OF THE COLLATERAL TRUSTEE 
 Section 5.1 No Implied Duty. The Collateral Trustee will not have any duties nor will it have
responsibilities or obligations other than those expressly assumed by it in this Agreement, the other Parity Lien Security Documents and the Intercreditor Agreement. No implied covenants, functions, responsibilities, duties, obligations or
liabilities shall be read into this Agreement, the other Parity Lien Documents or the Intercreditor Agreement, or otherwise exist against the Collateral Trustee. The permissive right of the Collateral Trustee to take or refrain from taking action
hereunder shall not be construed as a duty. Without limiting the generality of the foregoing sentences, the use of the term “trustee” in this Agreement with reference to the Collateral Trustee is not intended to connote any fiduciary or
other implied (or express) obligation, whether before or after an event of default, arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an
administrative relationship between independent contracting parties. The Collateral Trustee will not be required to take any action that is contrary to applicable law or any provision of this Agreement, the other Parity Lien Security Documents or
the Intercreditor Agreement. 
 Section 5.2 Appointment of Agents and Advisors. The Collateral Trustee may execute any of the
trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, attorneys, accountants, appraisers or other experts or advisors selected by it in good faith as it may reasonably require and will not be responsible
for any misconduct or negligence on the part of any of them. 
 Section 5.3 Other Agreements. The Collateral Trustee has
accepted its appointment as collateral trustee hereunder and is bound by the Parity Lien Security Documents executed by the Collateral Trustee as of the date of this Agreement, and the Collateral Trustee shall at the written request of the Company
or the applicable Parity Lien Representative execute additional Parity Lien Security Documents delivered to it after the date of this Agreement (including to secure Obligations arising under Additional Parity Lien Debt to the extent such Obligations
are permitted to be incurred and secured under the Parity Lien Documents); provided that such additional Parity Lien Security Documents do not adversely affect the rights, privileges, benefits and immunities of the Collateral Trustee or
conflict with the terms of the 

  
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Intercreditor Agreement. The Collateral Trustee will not otherwise be bound by, or be held obligated by, the provisions of any credit agreement, indenture or other agreement governing Parity Lien
Debt (other than this Agreement and the other Parity Lien Security Documents to which it is a party). 
 Section 5.4 Solicitation of
Instructions. 
 (a)    The Collateral Trustee may at any time solicit written confirmatory instructions, in the form
of an Act of Parity Lien Debtholders, an Officers’ Certificate or an order of a court of competent jurisdiction, as to any action that it may be requested or required to take, or that it may propose to take, in the performance of any of its
obligations under this Agreement or the other Parity Lien Security Documents, and Collateral Trustee shall be absolutely entitled to refrain from taking any action or to withhold any approval and shall not be under any liability whatsoever to any
Person for refraining from any action or withholding any approval under any of the Parity Lien Documents until it shall have received such instructions in the form of an Act of Parity Lien Debtholders as to any action that it may be requested or
required to take. 
 (b)    No written direction given to the Collateral Trustee by an Act of Parity Lien Debtholders
that in the sole judgment of the Collateral Trustee imposes, purports to impose or might reasonably be expected to impose upon the Collateral Trustee any obligation or liability not set forth in or arising under this Agreement and the other Parity
Lien Security Documents or that in Collateral Trustee’s judgment or the judgment of its counsel, may expose Collateral Trustee to liability or that is contrary to any applicable Governmental Authority will be binding upon the Collateral
Trustee. 
 (c)    The Collateral Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Agreement at the request, order or direction of the Required Parity Lien Debtholders or pursuant to an Act of Parity Lien Debtholders pursuant to the provisions of this Agreement, unless such holders shall have furnished to the Collateral
Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities including attorneys’ fees and expenses which may be incurred therein or thereby. 

Section 5.5 Limitation of Liability. The Collateral Trustee will not be responsible or liable for any action taken or omitted to
be taken by it hereunder or under any other Parity Lien Security Document, except for its own gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent
jurisdiction. 
 Section 5.6 Documents in Satisfactory Form. The Collateral Trustee will be entitled, but not obligated, to
require that all agreements, certificates, opinions, instruments and other documents at any time submitted to it, including those expressly provided for in this Agreement, be delivered to it in a form reasonably satisfactory to it. 

Section 5.7 Entitled to Rely. The Collateral Trustee may seek and conclusively rely upon, and shall be fully protected in
conclusively relying upon, any judicial order or judgment, upon any advice, opinion or statement of legal counsel, independent consultants and other experts selected by it in good faith and upon any certification, instruction, notice or other
writing delivered to it by the Company, any Grantor or any Guarantor in compliance with the 

  
 27 

 
provisions of this Agreement or delivered to it by any Parity Lien Representative as to the holders of Parity Lien Obligations for whom it acts, without being required to determine the
authenticity thereof or the correctness of any fact stated therein or the propriety or validity of service thereof. The Collateral Trustee may act in reliance upon any instrument comporting with the provisions of this Agreement or any signature
believed by it in good faith to be genuine and may assume that any Person purporting to give notice or receipt or advice or make any statement or execute any document in connection with the provisions hereof or the other Parity Lien Security
Documents has been duly authorized to do so. To the extent an Officers’ Certificate or Opinion of Counsel is required or permitted under this Agreement to be delivered to the Collateral Trustee in respect of any matter, the Collateral Trustee
may rely conclusively on an Officers’ Certificate or Opinion of Counsel as to such matter and such Officers’ Certificate or Opinion of Counsel shall be full warranty and protection to the Collateral Trustee for any action taken, suffered
or omitted by it under the provisions of this Agreement and the other Parity Lien Security Documents. 
 Section 5.8 Parity Lien
Debt Default. The Collateral Trustee will not be required to inquire as to the occurrence or absence of any Parity Lien Debt Default and will not be affected by or required to act upon any notice or knowledge as to the occurrence of any Parity
Lien Debt Default unless and until it is directed by an Act of Parity Lien Debtholders. 
 Section 5.9 Actions by Collateral
Trustee. As to any matter not expressly provided for by this Agreement or the other Parity Lien Security Documents, the Collateral Trustee will act or refrain from acting as directed by an Act of Parity Lien Debtholders and will be fully
protected if it does so, and any action taken, suffered or omitted pursuant to hereto or thereto shall be binding on the holders of Parity Lien Obligations. The Collateral Trustee shall not be liable for any action it takes or omits to take in
accordance with an Act of Parity Lien Debtholders. 
 Section 5.10 Security or Indemnity in favor of the Collateral Trustee. The
Collateral Trustee will not be required to advance or expend any funds or otherwise incur any financial liability in the performance of its duties or the exercise of its powers or rights hereunder (or any omission to perform or exercise) unless it
has been provided with security or indemnity reasonably satisfactory to it against any and all liability or expense which may be incurred by it by reason of taking or continuing to take or omitting to take such action. 

Section 5.11 Rights of the Collateral Trustee. In the event of any conflict between any terms and provisions set forth in this
Agreement and those set forth in any other Parity Lien Security Document, the terms and provisions of this Agreement shall supersede and control the terms and provisions of such other Parity Lien Security Document. In the event there is any bona
fide, good faith disagreement between the other parties to this Agreement or any of the other Parity Lien Security Documents resulting in adverse claims being made in connection with Collateral held by the Collateral Trustee and the terms of this
Agreement or any of the other Parity Lien Security Documents do not unambiguously mandate the action the Collateral Trustee is to take or not to take in connection therewith under the circumstances then existing, or the Collateral Trustee is in
doubt as to what action it is required to take or not to take hereunder or under the other Parity Lien Security Documents, it will be entitled to refrain from taking any action (and will incur no liability for doing so) until directed otherwise in
writing by a request signed jointly by the parties hereto entitled to give such direction or by order of a court of competent jurisdiction. 

  
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 Section 5.12 Limitations on Duty of Collateral Trustee in Respect of Collateral. 

(a)    Beyond the exercise of reasonable care in the custody of Collateral in its possession, the Collateral Trustee will
have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and the
Collateral Trustee will not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any Liens on
the Collateral; provided that, notwithstanding the foregoing, the Collateral Trustee will execute, file or record UCC-3 continuation statements and other documents and instruments to preserve, protect
or perfect the security interests granted to the Collateral Trustee (subject to the priorities set forth herein) if it shall receive a specific written request to execute, file or record the particular continuation statement or other specific
document or instrument by any Parity Lien Representative, it being understood that the Company and/or the applicable Grantor shall be responsible for all filings required in connection with any Parity Lien Security Document and the continuation,
maintenance and/or perfection of any such filing or the lien and security interest granted in connection therewith. The Collateral Trustee shall deliver to each other Parity Lien Representative a copy of any such written request. The Collateral
Trustee will be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property, and the Collateral Trustee will not be
liable or responsible for any loss or diminution in the value of any of the Collateral by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Collateral Trustee in good faith. 

(b)    The Collateral Trustee will not be responsible for the existence, genuineness or value of any of the Collateral or
for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of any Grantor to the
Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Collateral Trustee hereby disclaims any representation or warranty to
the current and future holders of the Parity Lien Obligations concerning the perfection of the security interests granted to it or in the value of any Collateral. The Collateral Trustee shall not be under any obligation to the Trustee or any holder
of Parity Lien Debt to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this or any other Parity Lien Security Document or the Intercreditor Agreement or to inspect the properties,
books or records of the Company, any Grantor or any Guarantor. 
 Section 5.13 Assumption of Rights, Not Assumption of Duties.
Notwithstanding anything to the contrary contained herein: 
 (a)    each of the parties thereto will
remain liable under each of the Parity Lien Security Documents (other than this Agreement) to the extent set forth therein to perform all of their respective duties and obligations thereunder to the same extent as if this Agreement had not be
executed; 

  
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 (b)    the exercise by the Collateral Trustee of any of its
rights, remedies or powers hereunder will not release such parties from any of their respective duties or obligations under the other Parity Lien Security Documents; and 

(c)    the Collateral Trustee will not be obligated to perform any of the obligations or duties of the
Company or any Grantor. 
 Section 5.14 No Liability for Clean Up of Hazardous Materials. In the event that the Collateral
Trustee is required to acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any trust obligation for the benefit of another, which in the Collateral Trustee’s sole
discretion may cause the Collateral Trustee to be considered an “owner or operator” under any environmental laws or otherwise cause the Collateral Trustee to incur, or be exposed to, any environmental liability or any liability under any
other federal, state or local law, the Collateral Trustee reserves the right, instead of taking such action, either to immediately resign as Collateral Trustee or to arrange for the transfer of the title or control of the asset to a court appointed
receiver. The Collateral Trustee will not be liable to any Person for any environmental liability or any environmental claims or contribution actions under any federal, state or local law, rule or regulation by reason of the Collateral
Trustee’s actions or inactions and conduct as authorized, empowered and directed hereunder or relating to any kind of discharge or release or threatened discharge or release of any hazardous materials into the environment. 

Section 5.15 Other Relationships with the Company, Grantors or Guarantors. Wilmington Trust, National Association and its
Affiliates (and any successor Collateral Trustee and its Affiliates) may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial
advisory, underwriting or other business with the Company, any Grantor or any Guarantor and its Affiliates as though it was not the Collateral Trustee hereunder and without notice to or consent of the Second Lien Notes Trustee or holders of any of
the Parity Lien Obligations. The Second Lien Notes Trustee and the holders of the Parity Lien Obligations acknowledge that, pursuant to such activities, Wilmington Trust, National Association or its Affiliates (and any successor Collateral Trustee
and its Affiliates) may receive information regarding the Company, any Grantor or any Guarantor or its Affiliates (including information that may be subject to confidentiality obligations in favor of the Company, such Grantor or Guarantor or such
Affiliate) and acknowledge that (i) such knowledge is not imputed to the Collateral Trustee and (ii) Wilmington Trust, National Association and its Affiliates shall not be under any obligation to provide such information to the Parity Lien
Secured Parties. Nothing herein shall impose or imply any obligation on the part of Wilmington Trust, National Association (or any successor Collateral Trustee) to advance funds. 

Section 5.16 No Liability for Interest. The Collateral Trustee shall not be liable for interest or investment income on any money
or securities received by it, except as the Collateral Trustee may agree in writing with the Company. 

  
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 Section 5.17 Non-Reliance on Collateral Trustee. The Collateral Trustee shall not be
required to keep itself informed as to the performance or observance by the Company or a Grantor of any of its obligations under this Agreement, any Parity Lien Document or any other document referred to or provided for herein or therein. Except for
notices, reports and other documents and information expressly required to be furnished to any Parity Lien Secured Party by the Collateral Trustee hereunder, the Collateral Trustee shall have no duty or responsibility to provide any Parity Lien
Secured Party with any credit or other information concerning the affairs, financial condition or business of the Company or any Grantor that may come into the possession of the Collateral Trustee or any of its Affiliates. 

ARTICLE 6 
 RESIGNATION
AND REMOVAL OF THE COLLATERAL TRUSTEE 
 Section 6.1 Resignation or Removal of Collateral Trustee. Subject to the
appointment of a successor Collateral Trustee as provided in Section 6.2 and the acceptance of such appointment by the successor Collateral Trustee: 

(a)    the Collateral Trustee may resign at any time by giving not less than 30 days’ notice of
resignation to each Parity Lien Representative and the Company; and 
 (b)    the Collateral Trustee may
be removed at any time, with or without cause, by an Act of Parity Lien Debtholders. 
 Section 6.2 Appointment of Successor
Collateral Trustee. Upon any such resignation or removal, a successor Collateral Trustee may be appointed by an Act of Parity Lien Debtholders. If no successor Collateral Trustee has been so appointed and accepted such appointment within 30 days
after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral Trustee may (at the expense of the Company), at its option, appoint a successor Collateral Trustee, or petition a court of competent
jurisdiction for appointment of a successor Collateral Trustee, which must be a bank or trust company: 

(a)    authorized to exercise corporate trust powers; and 

(b)    having a combined capital and surplus of at least $250,000,000. 

Until the appointment of a successor Collateral Trustee as provided for in this Section 6.2 after the
resignation or removal of the Collateral Trustee, all communications and determinations required to be made by, to or through Collateral Trustee shall instead be made by or through the Parity Lien Representatives. From and following the expiration
of such thirty (30) day period, Collateral Trustee shall have the exclusive right, upon one (1) Business Days’ notice to the Parity Lien Representatives, to make its resignation effective immediately. From and following the
effectiveness of such notice, the retiring or removed Collateral Trustee shall be discharged from its duties and obligations hereunder and under the other Parity Lien Documents. 

  
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 Section 6.3 Succession. When the Person so appointed as successor Collateral Trustee
accepts such appointment: 
 (a)    such Person will succeed to and become vested with all the rights,
powers, privileges and duties of the predecessor Collateral Trustee, and the predecessor Collateral Trustee will be discharged from its duties and obligations hereunder; and 

(b)    the predecessor Collateral Trustee will (at the expense of the Company) promptly transfer all Liens
and collateral security and other property of the Trust Estate within its possession or control to the possession or control of the successor Collateral Trustee and will execute instruments and assignments as may be necessary or desirable or
reasonably requested by the successor Collateral Trustee to transfer to the successor Collateral Trustee all Liens, interests, rights, powers and remedies of the predecessor Collateral Trustee in respect of the Parity Lien Security Documents or the
Trust Estate. 
 Thereafter the predecessor Collateral Trustee will remain entitled to enforce the immunities granted to it in
Article 5 and the provisions of Sections 7.8 and 7.9, and said provisions will survive termination of this Agreement for the benefit of the
predecessor of the Collateral Trustee. 
 Section 6.4 Merger, Conversion or Consolidation of Collateral Trustee. Any Person into
which the Collateral Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Collateral Trustee shall be a party, or any Person succeeding to the
business of the Collateral Trustee shall be the successor of the Collateral Trustee pursuant to Section 6.3, provided that (i) without the execution or filing of any paper with any party hereto or
any further act on the part of any of the parties hereto, except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding, such Person satisfies the eligibility
requirements specified in clauses (a) and (b) of Section 6.2 and (ii) prior to any such merger, conversion or consolidation, the Collateral Trustee shall have
notified the Company and each Parity Lien Representative thereof in writing. 
 Section 6.5 Concerning the Collateral Trustee and
the Parity Lien Representatives. 
 (a)    Notwithstanding anything contained herein to the contrary, it is expressly
understood and agreed by the parties hereto that this Agreement has been signed by each Parity Lien Representative not in its individual capacity or personally but solely in its capacity as trustee, representative or agent for the benefit of the
related holders of the applicable Series of Parity Lien Debt in the exercise of the powers and authority conferred and vested in it under the related Parity Lien Documents, and in no event shall such Parity Lien Representative, in its individual
capacity, have any liability for the representations, warranties, covenants, agreements or other obligations of any other party under this Agreement, any Parity Lien Document or in any of the certificates, reports, documents, data notices or
agreements delivered by such other party pursuant hereto or thereto. 
 (b)    Notwithstanding anything contained herein
to the contrary, it is expressly understood and agreed by the parties hereto that this Agreement has been signed by Wilmington Trust, National Association, not in its individual capacity or personally but solely in its capacity as Collateral
Trustee, and in no event shall Wilmington Trust, National Association, in its individual capacity, have any liability for the representations, warranties, covenants, agreements 

  
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or other obligations of any other party under this Agreement, any Parity Lien Document or in any of the certificates, reports, documents, data notices or agreements delivered by such other party
pursuant hereto or thereto. 
 (c)    Notwithstanding anything contained herein to the contrary, it is expressly
understood and agreed by the parties hereto that this Agreement has been signed by the Second Lien Notes Trustee not in its individual capacity or personally but solely in its capacity as Second Lien Notes Trustee, and in no event shall the Second
Lien Notes Trustee or any other Parity Lien Representative, in its individual capacity, have any liability for the representations, warranties, covenants, agreements or other obligations of any other party under this Agreement, any Parity Lien
Document or in any of the certificates, reports, documents, data notices or agreements delivered by such other party pursuant hereto or thereto. 

(d)    In entering into this Agreement, the Collateral Trustee shall be entitled to the benefit of every provision of the
Second Lien Indenture relating to the rights, exculpations or conduct of, affecting the liability of or otherwise affording protection to the “Collateral Trustee” thereunder. In no event will the Collateral Trustee be liable for any act or
omission on the part of the Grantors or any Parity Lien Representative. 
 (e)    Except as otherwise set forth herein,
neither the Collateral Trustee nor any Parity Lien Representative shall be required to exercise any discretion or take any action, but shall be required to act or refrain from acting (and shall be fully protected in so acting or refraining from
acting) solely upon the instructions of the Required Parity Lien Debtholders; provided that neither the Collateral Trustee nor any Parity Lien Representative shall be required to take any action that (i) it in good faith believes exposes it to
liability unless it receives an indemnification satisfactory to it from the applicable holders of the Parity Lien Obligations with respect to such action or (ii) is contrary to this Agreement, the Intercreditor Agreement or applicable law. 

ARTICLE 7 

MISCELLANEOUS PROVISIONS 

Section 7.1 Amendment. 

(a)    Except as provided in the Intercreditor Agreement, no amendment or supplement to the provisions of any Parity Lien
Security Document will be effective without the approval of the Collateral Trustee acting as directed by an Act of Parity Lien Debtholders, except that: 

(i)    any amendment or supplement that has the effect solely of: 

(A)    adding or maintaining Collateral, securing additional Parity Lien Debt that was otherwise permitted
by the terms of the Parity Lien Documents to be secured by the Collateral or preserving, perfecting or establishing the Liens thereon or the rights of the Collateral Trustee therein, or 

  
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 (B)    providing for the assumption of the Company, any
Grantor or any Guarantor’s obligations under any Parity Lien Document in the case of a merger or consolidation or sale of all or substantially all of the properties or assets of the Company, any Grantor or such Guarantor to the extent permitted
by the terms of the Second Lien Indenture and the other Parity Lien Documents, as applicable, 
 will become effective when executed and
delivered by the Company or any other applicable Grantor party thereto and the Collateral Trustee; 

(ii)    no amendment or supplement that reduces, impairs or adversely affects the right of any holder of
Parity Lien Obligations: 
 (A)    to vote its outstanding Parity Lien Debt as to any matter described as
subject to an Act of Parity Lien Debtholders or direction by the Required Parity Lien Debtholders (or amends the provisions of this clause (ii) or the definition of “Act of Parity Lien
Debtholders” or “Required Parity Lien Debtholders”); 
 (B)    to share in the
order of application described in Section 3.4 in the proceeds of enforcement of or realization on any Collateral; provided, that this clause (B) shall not apply to any amendment entered into
pursuant to Section 3.8(f); or 
 (C)    to require that Liens securing Parity Lien
Obligations be released only as set forth in the provisions described in Sections 4.1 or 4.5, 

will become effective without the consent of the requisite percentage or number of holders of each Series of Parity Lien Debt adversely
affected thereby under the applicable Parity Lien Document; and 
 (iii)    no amendment or supplement
that imposes any obligation upon the Collateral Trustee or any Parity Lien Representative or adversely affects the rights of the Collateral Trustee or any Parity Lien Representative, respectively, in its individual capacity as such will become
effective without the consent of the Collateral Trustee or such Parity Lien Representative, respectively. 

(b)    Notwithstanding Section 7.1(a) but subject to
Sections 7.1(a)(ii) and 7.1(a)(iii): 

(i)    any mortgage or other Parity Lien Security Document may be amended or supplemented with the approval
of the Collateral Trustee acting as directed in writing by the Required Parity Lien Debtholders, unless such amendment or supplement would not be permitted under the terms of this Agreement, the Intercreditor Agreement or any Priority Lien Document;

 (ii)    any amendment or waiver of, or any consent under, any provision of any security document that
secures Priority Lien Obligations will apply automatically 

  
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to any comparable provision of any comparable Parity Lien Security Document without the consent of or notice to any holder of Parity Lien Obligations and without any action by the Company, any
Grantor or any Guarantor or any holder of Parity Lien Obligations; and 
 (iii)    any mortgage or other
Parity Lien Security Document may be amended or supplemented with the approval of the Collateral Trustee (but without the consent of or notice to any holder of Parity Lien Obligations and without any action by any holder of Parity Lien Obligations)
(i) to cure any ambiguity, defect or inconsistency, or (ii) to make other changes that do not have an adverse effect on the validity of the Lien created thereby. 

(c)    The Collateral Trustee will not enter into any amendment or supplement unless it has received an Officers’
Certificate to the effect that such amendment or supplement will not result in a breach of any provision or covenant contained in the Intercreditor Agreement or any of the Parity Lien Documents. Prior to executing any amendment or supplement
pursuant to this Section 7.1, the Collateral Trustee shall also receive an Opinion of Counsel of the Company to the effect that the execution of such document is authorized or permitted hereunder and is
the legal, valid and binding obligation of the Company, and with respect to amendments adding Collateral, an Opinion of Counsel of the Company addressing customary creation and perfection, and if such additional Collateral consists of equity
interests of any Person which equity interests constitute certificated securities, priority matters with respect to such additional Collateral (which opinion may be subject to customary assumptions and qualifications). 

Section 7.2 Voting. In connection with any matter under this Agreement requiring a vote of holders of Parity Lien Debt, each
Series of Parity Lien Debt will cast its votes in accordance with the Parity Lien Documents governing such Series of Parity Lien Debt. The amount of Parity Lien Debt to be voted by a Series of Parity Lien Debt will equal (1) the aggregate
principal amount of Parity Lien Debt held by such Series of Parity Lien Debt (including outstanding letters of credit whether or not then available or drawn), plus (2) other than in connection with an exercise of remedies, the aggregate
unfunded commitments to extend credit which, when funded, would constitute Indebtedness of such Series of Parity Lien Debt (to the extent such unfunded commitments have not been terminated by the holders of such Series of Parity Lien Debt).
Following and in accordance with the outcome of the applicable vote under its Parity Lien Documents, the Parity Lien Representative of each Series of Parity Lien Debt will vote the total amount of Parity Lien Debt under that Series of Parity Lien
Debt as a block in respect of any vote under this Agreement. 
 Upon request of the Collateral Trustee, each Parity Lien Representative shall provide
written notice to the Collateral Trustee of the aggregate principal amount of outstanding Parity Lien Debt for which it is the Parity Lien Representative and the information described in clause (2) of the immediately preceding paragraph. 

Section 7.3 Further Assurances. 

(a)    The Company and each of the Grantors and Guarantors will do or cause to be done all acts and things that may be
required, or that the Collateral Trustee from time to time 

  
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may reasonably request to assure and confirm that the Collateral Trustee holds, for the benefit of the holders of Parity Lien Obligations, duly created and enforceable and perfected Liens upon
the Collateral (including any property or assets that are acquired or otherwise become, or are required by any Parity Lien Document to become, Collateral after the date hereof), in each case, as contemplated by, and with the Lien priority required
under, the Parity Lien Documents and in connection with any merger, consolidation or sale of assets of the Company, any Grantor or any Guarantor, the property and assets of the Person which is consolidated or merged with or into the Company, any
Grantor or any Guarantor, to the extent that they are property or assets of the types which would constitute Collateral under the Parity Lien Security Documents, shall be treated as after-acquired property and the Company, any Grantor or such
Guarantor shall take such action as may be reasonably necessary to cause such property and assets to be made subject to the Parity Liens, in the manner and to the extent required under the Parity Lien Documents. 

(b)    Upon the reasonable request of the Collateral Trustee or any Parity Lien Representative at any time and from time
to time, the Company and each of the Grantors and Guarantors will promptly execute, acknowledge and deliver such Parity Lien Security Documents, instruments, certificates, notices and other documents, and take such other actions as may be reasonably
required, or that the Collateral Trustee may request, to create, perfect, protect, assure or enforce the Liens and benefits intended to be conferred, in each case as contemplated by the Parity Lien Documents for the benefit of holders of Parity Lien
Obligations; provided that no such Parity Lien Security Document, instrument or other document shall be materially more burdensome upon the Company, any Grantor and the Guarantors than the Parity Lien Documents executed and delivered (or
required to be executed and delivered promptly after the date hereof) by the Company, the Grantors and the Guarantors in connection with the issuance of the Second Lien Notes on or about the date hereof. 

(c)    From and after the date hereof, the Company shall, or shall cause the applicable Grantor or Guarantor to, deliver
such documents and takes such actions as are required by the Second Lien Indenture and the other Parity Lien Documents. 

(d)    Upon the request of the Collateral Trustee, the Company, the Grantors and the Guarantors will permit the Collateral
Trustee or any of its agents or representatives, at reasonable times and intervals upon reasonable prior notice, to visit their offices and sites and inspect any of the Collateral and to discuss matters relating to the Collateral with their
respective officers and independent public accountants. The Company, the Grantors and the Guarantors shall, at any reasonable time and from time to time upon reasonable prior notice, permit the Collateral Trustee or any of its agents or
representatives to examine and make copies of and abstracts from the records and books of account of the Company, the Grantors and the Guarantors and their Subsidiaries, all at the Company’s expense. 

Section 7.4 Successors and Assigns. 

(a)    Except as provided in Section 5.2, the Collateral Trustee may not, in
its capacity as such, delegate any of its duties or assign any of its rights hereunder, and any attempted delegation or assignment of any such duties or rights will be null and void. All obligations of the Collateral Trustee hereunder will inure to
the sole and exclusive benefit of, and be enforceable by, each Parity Lien Representative and each present and future holder of Parity Lien Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and
all of their respective successors and assigns. 

  
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 (b)    Neither the Company nor any Grantor or Guarantor may delegate any of
its duties or assign any of its rights hereunder, and any attempted delegation or assignment of any such duties or rights will be null and void. All obligations of the Company, the Grantors and the Guarantors hereunder will inure to the sole and
exclusive benefit of, and be enforceable by, the Collateral Trustee, each Parity Lien Representative and each present and future holder of Parity Lien Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary
hereof, and all of their respective successors and assigns. 
 Section 7.5 Delay and Waiver. No failure to exercise, no course
of dealing with respect to the exercise of, and no delay in exercising, any right, power or remedy arising under this Agreement or any of the other Parity Lien Security Documents will impair any such right, power or remedy or operate as a waiver
thereof. No single or partial exercise of any such right, power or remedy will preclude any other or future exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any
remedies provided by law. 
 Section 7.6 Notices. (a) Any communications, including notices and instructions, between the
parties hereto or notices provided herein to be given may be given to the following addresses: 
  

			
	 If to the Collateral Trustee or
	  	
	 to the Second Lien Notes Trustee:
	  	
		
		  	Wilmington Trust, N.A.
		  	1100 North Market Street
		  	Wilmington, DE 19890
		  	Attention: Tom Morris
		  	Telephone: (302) 636-6432
		  	Facsimile: (302) 636-4145
		  	Email: TMorris@WilmingtonTrust.com
		
	 with a copy to:
	  	
		
		  	Winston & Strawn LLP
		  	200 Park Avenue
		  	New York, NY 10166-4193
		  	Attention: Bart Pisella, Esq.
		  	Telephone: (212) 294-6858
		  	Facsimile: (212) 294-4700
		  	Email: BPisella@winston.com

  
 37 

			
	 If to the Company or any other Grantor:
	  	EXCO Resources, Inc.
		  	12377 Merit Drive, Suite 1700
		  	Dallas, TX 75251
		  	Attention: Treasurer
		  	Facsimile: (214) 706-3409
		
	 with a copy to:
	  	
		
		  	EXCO Resources, Inc.
		  	12377 Merit Drive, Suite 1700
		  	Dallas, TX 75251
		  	Attention: General Counsel
		  	Facsimile: (214) 706-3409

 and if to any other Parity Lien Representative, to such address as it may specify by written notice to the parties named
above. 
 (b)     All notices and communications will be mailed by first class mail, certified or registered, return
receipt requested, by overnight air courier guaranteeing next day delivery, or delivered by facsimile to the relevant address or number set forth above or, as to holders of Parity Lien Debt, its address shown on the register kept by the office or
agency where the relevant Parity Lien Debt may be presented for registration of transfer or for exchange. Failure to mail or delivery by facsimile a notice or communication to a holder of Parity Lien Debt or any defect in it will not affect its
sufficiency with respect to other holders of Parity Lien Debt. 
 (c)    If a notice or communication is mailed or
delivered by facsimile in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 

Section 7.7 Entire Agreement. This Agreement states the complete agreement of the parties relating to the undertaking of the
Collateral Trustee set forth herein and supersedes all oral negotiations and prior writings in respect of such undertaking. 

Section 7.8 Compensation; Expenses. The Grantors jointly and severally agree to pay, promptly upon demand: 

(i)    such compensation, fees, costs and expenses to the Collateral Trustee and its agents (including
attorney’s fees and expenses) as the Company and the Collateral Trustee may agree in writing from time to time; 

(ii)    all reasonable and documented
out-of-pocket costs and expenses incurred by the Collateral Trustee and its agents (including attorney’s fees and expenses) in the preparation, execution, delivery,
filing, recordation, administration or enforcement of this Agreement or any other Parity Lien Security Document or any consent, amendment, waiver or other modification relating hereto or thereto; 

  
 38 

 (iii)    all reasonable and documented out-of-pocket fees, expenses and disbursements of legal counsel and any auditors, accountants, consultants or appraisers or other professional advisors and agents engaged by
the Collateral Trustee or any Parity Lien Representative incurred in connection with the negotiation, preparation, closing, administration, performance or enforcement of this Agreement and the other Parity Lien Security Documents or any consent,
amendment, waiver or other modification relating hereto or thereto and any other document or matter requested by the Company, any Grantor or any Guarantor; 

(iv)    all other reasonable and documented
out-of-pocket costs and expenses incurred by the Collateral Trustee and its agents in connection with the negotiation, preparation and execution of the Parity Lien
Security Documents and any consents, amendments, waivers or other modifications thereto and the transactions contemplated thereby or the exercise of rights or performance of obligations by the Collateral Trustee thereunder; and 

(v)    after the occurrence of any Parity Lien Debt Default, all costs and expenses incurred by the
Collateral Trustee, its agents and any Parity Lien Representative in connection with the preservation, collection, foreclosure or enforcement of the Collateral subject to the Parity Lien Security Documents or any interest, right, power or remedy of
the Collateral Trustee or in connection with the collection or enforcement of any of the Parity Lien Obligations or the proof, protection, administration or resolution of any claim based upon the Parity Lien Obligations in any Insolvency or
Liquidation Proceeding, including all fees and disbursements of attorneys, accountants, auditors, consultants, appraisers and other professionals engaged by the Collateral Trustee, its agents or the Parity Lien Representatives. 

The agreements in this Section 7.8 will survive repayment of all other Parity Lien Obligations
and the removal or resignation of the Collateral Trustee and termination of this Agreement. 
 Section 7.9 Indemnity. 

(a)    The Grantors jointly and severally agree to defend, indemnify, pay and hold harmless the Collateral Trustee, each
Parity Lien Representative, each holder of Parity Lien Obligations and each of their respective Affiliates and each and all of the directors, officers, partners, trustees, employees, attorneys and agents, and (in each case) their respective heirs,
representatives, successors and assigns (each of the foregoing, an “Indemnitee”) from and against any and all Indemnified Liabilities; provided that no Indemnitee will be entitled to indemnification hereunder with respect to
any Indemnified Liability to the extent such Indemnified Liability is found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee. THIS
INDEMNITY COVERS ORDINARY NEGLIGENCE OF ANY OF THE FOREGOING PARTIES. 
 (b)    All amounts due under this
Section 7.9 will be payable within 10 days upon written demand. 

  
 39 

 (c)    Each Person that is secured hereunder, by accepting the benefits of
the security provided hereby, agrees on a pro rata basis, to indemnify Collateral Trustee (to the extent not reimbursed by Grantors within ten (10) days) upon demand to the extent required by
Section 10.01 of the Second Lien Indenture (or any similar provision of any other Parity Lien Document). 

(d)    To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in
Section 7.9(a) may be unenforceable in whole or in part because they violate any law or public policy, each of the Grantors will contribute the maximum portion that it is permitted to pay and satisfy
under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Indemnitees or any of them. 

(e)    No Grantor will ever assert any claim against any Indemnitee, on any theory of liability, for any lost profits or
special, indirect or consequential damages or (to the fullest extent a claim for punitive damages may lawfully be waived) any punitive damages arising out of, in connection with, or as a result of, this Agreement or any other Parity Lien Document or
any agreement or instrument or transaction contemplated hereby or relating in any respect to any Indemnified Liability, and each of the Grantors hereby forever waives, releases and agrees not to sue upon any claim for any such lost profits or
special, indirect, consequential or (to the fullest extent lawful) punitive damages, whether or not accrued and whether or not known or suspected to exist in its favor. 

(f)    The agreements in this Section 7.9 will survive repayment of all
other Parity Lien Obligations and the removal or resignation of the Collateral Trustee and termination of this Agreement. 

Section 7.10 Severability. If any provision of this Agreement is invalid, illegal or unenforceable in any respect or in any
jurisdiction, the validity, legality and enforceability of such provision in all other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired thereby. 

Section 7.11 Headings. Section headings herein have been inserted for convenience of reference only, are not to be considered a
part of this Agreement and will in no way modify or restrict any of the terms or provisions hereof. 
 Section 7.12 Obligations
Secured. All obligations of the Grantors set forth in or arising under this Agreement will be Parity Lien Obligations and are secured by all Liens granted by the Parity Lien Security Documents. 

Section 7.13 Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS AGREEMENT. 

Section 7.14 Consent to Jurisdiction. All judicial proceedings brought against any party hereto arising out of or relating to this
Agreement or any of the other Parity Lien Security Documents may be brought in any state or federal court of competent jurisdiction in the State, County and City of New York. By executing and delivering this Agreement, each party hereto irrevocably:

 (i)    accepts generally and unconditionally the exclusive jurisdiction and venue of such courts; 

  
 40 

 (ii)    waives any defense of forum non conveniens;

 (iii)    agrees that service of all process in any such proceeding in any such court may be made by
registered or certified mail, return receipt requested, to such party at its address provided in accordance with Section 7.6; 

(iv)    agrees that service as provided in clause (3) above
is sufficient to confer personal jurisdiction over such party in any such proceeding in any such court and otherwise constitutes effective and binding service in every respect; and 

(v)    agrees each party hereto retains the right to serve process in any other manner permitted by law or
to bring proceedings against any party in the courts of any other jurisdiction. 
 Section 7.15 Waiver of Jury Trial. EACH PARTY
TO THIS AGREEMENT WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING UNDER THIS AGREEMENT OR ANY OF THE OTHER PARITY LIEN SECURITY DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS
AGREEMENT OR THE INTENTS AND PURPOSES OF THE OTHER PARITY LIEN SECURITY DOCUMENTS. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT
RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE OTHER PARITY LIEN SECURITY DOCUMENTS, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES THAT
THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH PARTY HERETO HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH PARTY HERETO WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED
FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 7.15 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER WILL APPLY TO
ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS OF OR TO THIS AGREEMENT OR ANY OF THE OTHER PARITY LIEN SECURITY DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING THERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE
FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

  
 41 

 Section 7.16 Counterparts, Electronic Signatures. This Agreement may be executed in
any number of counterparts (including by facsimile), each of which when so executed and delivered will be deemed an original, but all such counterparts together will constitute but one and the same instrument. The parties hereto may sign this
Agreement and any Collateral Trust Joinder and transmit the executed copy by electronic means, including facsimile or non-editable .pdf files. The electronic copy of the executed Agreement and any Collateral
Trust Joinder is and shall be deemed an original signature. 
 Section 7.17 Effectiveness. This Agreement will become effective
upon the execution of a counterpart hereof by each of the parties hereto and receipt by each party of written notification of such execution and written or telephonic authorization of delivery thereof. 

Section 7.18 Grantors and Additional Grantors. Each Grantor represents and warrants that it has duly executed and delivered this
Agreement. The Company will cause each Person that hereafter becomes a Grantor or is required by any Parity Lien Document to become a party to this Agreement to become a party to this Agreement, for all purposes of this Agreement, by causing such
Person to execute and deliver to the Collateral Trustee a Collateral Trust Joinder, whereupon such Person will be bound by the terms hereof to the same extent as if it had executed and delivered this Agreement as of the date hereof. The Company
shall promptly provide each Parity Lien Representative with a copy of each Collateral Trust Joinder executed and delivered pursuant to this Section 7.18; provided that the failure to so deliver a copy
of the Collateral Trust Joinder to any then existing Parity Lien Representative shall not affect the inclusion of such Person as a Grantor if the other requirements of this Section 7.18 are complied
with. 
 Section 7.19 Insolvency. This Agreement will be applicable both before and after the commencement of any Insolvency or
Liquidation Proceeding by or against any Grantor. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency or Liquidation Proceeding on the same basis as prior to the date of the
commencement of any such case, as provided in this Agreement. 
 Section 7.20 Rights and Immunities of Parity Lien
Representatives. The Second Lien Notes Trustee and the Collateral Trustee will be entitled, to the extent applicable to such entity, to all of the rights, protections, immunities and indemnities set forth in the Second Lien Indenture and any
future Parity Lien Representative will be entitled to all of the rights, protections, immunities and indemnities set forth in the credit agreement, indenture or other agreement governing the applicable Parity Lien Debt with respect to which such
Person will act as representative, in each case as if specifically set forth herein. In no event will any Parity Lien Representative be liable for any act or omission on the part of the Grantors or the Collateral Trustee hereunder. In no event will
the Collateral Trustee be liable for any act or omission on the part of the Grantors or any Parity Lien Representative hereunder. 

Section 7.21 Intercreditor Agreement. Each Person that is secured hereunder, by accepting the benefits of the security provided
hereby, (i) consents (or is deemed to consent), to the subordination of Liens in favor of the Collateral Trustee as provided for in the Intercreditor Agreement, (ii) agrees (or is deemed to agree) that it will be bound by, and will take no
actions contrary to, the provisions of the Intercreditor Agreement, and (iii) authorizes (or is deemed to 

  
 42 

 
authorize) and instructs (or is deemed to instruct) the Collateral Trustee on behalf of such Person to enter into, and perform under, the Intercreditor Agreement as “Second Lien Collateral
Agent” (as defined in the Intercreditor Agreement). The Collateral Trustee agrees to enter into any amendments or joinders to the Intercreditor Agreement, without the consent of any holder of Parity Lien Obligations or the Second Lien Notes
Trustee, to add additional Indebtedness as Priority Lien Debt, Parity Lien Debt or Junior Lien Debt (to the extent permitted to be incurred and secured by the applicable Secured Debt Documents and subject to the provisions of Article 5
of this Agreement) and add other parties (or any authorized agent or trustee therefor) holding such Indebtedness thereto and to establish that the Lien on any Collateral securing such Indebtedness ranks equally with the Liens on such Collateral
securing the other Priority Lien Debt, Parity Lien Debt or Junior Lien Debt, as applicable, then outstanding. The foregoing provisions are intended as an inducement to the lenders under the Parity Lien Documents to extend credit to the Company, as
the borrower under the Parity Lien Debt, and such lenders are intended third party beneficiaries of this provision and the provisions of the Intercreditor Agreement. Notwithstanding anything to the contrary contained herein, to the extent that any
Lien on any Collateral is perfected by the possession or control of such Collateral or of any account in which such Collateral is held, and if such Collateral or any such account is in fact in the possession or under the control of the Priority Lien
Representative, or of agents or bailees of the Priority Lien Representative, the perfection actions and related deliverables described in this Agreement or the other Parity Lien Security Documents shall not be required. 

Section 7.22 Force Majeure. In no event shall the Collateral Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Collateral Trustee shall use reasonable efforts which are
consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 7.23 U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot
Act, the Collateral Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes
a relationship or opens an account with the Collateral Trustee. The parties to this Collateral Trust Agreement agree that they will provide the Collateral Trustee with such information as it may request in order for the Collateral Trustee to satisfy
the requirements of the U.S.A. Patriot Act. 
 [Remainder of page intentionally left blank; signature pages follow.] 

  
 43 

 IN WITNESS WHEREOF, the parties hereto have caused this Collateral Trust Agreement to be executed
by their respective officers or representatives as of the day and year first above written. 
  

			
	COMPANY:
	
	EXCO RESOURCES, INC.
		
	By:	 	 /s/ Tyler Farquharson

	Name:	 	Tyler Farquharson
	Title:	 	Vice President, Chief Financial Officer and Treasurer

  
 Signature Page to
Collateral Trust Agreement (Second Lien) 

 
					
	 GRANTORS:
  

EXCO HOLDING (PA), INC.

	EXCO PRODUCTION COMPANY (PA), LLC
	EXCO PRODUCTION COMPANY (WV), LLC
	EXCO RESOURCES (XA), LLC
	EXCO SERVICES, INC.
	EXCO MIDCONTINENT MLP, LLC
	EXCO PARTNERS GP, LLC
	EXCO PARTNERS OLP GP, LLC
	EXCO HOLDING MLP, INC.
	EXCO LAND COMPANY, LLC
		
	By:	 	 /s/ Tyler Farquharson

		 	Name:	 	Tyler Farquharson
		 	Title:	 	Vice President, Chief Financial Officer and Treasurer
	
	EXCO OPERATING COMPANY, LP
		
	By:	 	EXCO Partners OLP GP, LLC
		 	its general partner
		
	By:	 	 /s/ Tyler Farquharson

		 	Name:	 	Tyler Farquharson
		 	Title:	 	Vice President, Chief Financial Officer and Treasurer

  
 Signature Page to
Collateral Trust Agreement (Second Lien) 

 
					
	EXCO GP PARTNERS OLD, LP
		
	By:	 	EXCO Partners GP, LLC
		 	its general partner
		
	By:	 	 /s/ Tyler Farquharson

		 	Name:	 	Tyler Farquharson
		 	Title:	 	Vice President, Chief Financial Officer and Treasurer
	
	RAIDER MARKETING, LP
		
	By:	 	 /s/ Tyler Farquharson

		 	Name:	 	Tyler Farquharson
		 	Title:	 	Vice President, Chief Financial Officer and Treasurer
	
	RAIDER MARKETING GP, LLC
		
	By:	 	 /s/ Tyler Farquharson

		 	Name:	 	Tyler Farquharson
		 	Title:	 	Vice President, Chief Financial Officer and Treasurer

  
 Signature Page to
Collateral Trust Agreement (Second Lien) 

 
					
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Collateral Trustee

		
	By:	 	 /s/ Michael H. Wass

		 	Name:	 	Michael H. Wass
		 	Title:	 	Vice President

  
 Signature Page to
Collateral Trust Agreement (Second Lien) 

 
					
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Second Lien Notes Trustee

		
	By:	 	 /s/ Michael H. Wass

		 	Name:	 	Michael H. Wass
		 	Title:	 	Vice President

  
 Signature Page to
Collateral Trust Agreement (Second Lien)

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